Pharmaceuticals
JNJ reported Q2 FY2026 revenue of $25.3B, up 6.6% year over year on 5.6% operational growth, while net income was essentially flat at $5.5B as STELARA biosimilar pressure, higher commercial spending, restructuring, and litigation-related charges offset broad product and MedTech growth. Source: 10-Q Item 2 MD&A, pp.32, 38-42; 10-Q Income Statement (XBRL).
Key risk: Debt remains meaningful relative to equity and liquidity is only modestly above current obligations
JNJ reported long-term debt of $37.3B and a debt-to-equity ratio of 1.37x. Its current ratio was 1.09x, indicating current assets exceeded current liabilities, but with a relatively limited buffer based solely on the reported balance-sheet amounts.
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