Johnson & Johnson (JNJ): Outrunning Stelara's Cliff [Q3 2026]

Johnson & Johnson is on track to cross $100 billion in annual sales for the first time in 140 years, yet Q3 2026 GAAP profit evaporated to just $0.09 a share under a massive legal and M&A cleanup bill.

In ~10 minutes:

• Why a $5.5B ovarian talc reserve triggered a -517.6% tax rate ⚖️

• How the $1B Firefly Bio buyout hit Adjusted EPS directly

• Tremfya (+68%) and Icotyde outrunning Stelara's -54% cliff

• MedTech's international stall vs. the table-integrated Ottava robot

Underneath the headline noise, J&J is operating like two different companies. The pharma engine is firing so hard—with new psoriasis pills enrolling trials in a third of the normal time—that management raised full-year sales guidance to $101.2B. Meanwhile, MedTech leadership had to apologize for international surgical delays while preparing to spin off Orthopaedics by mid-2027.

Company: Johnson & Johnson (JNJ) | Q3 FY2026

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