Citi Johnson & Johnson (JNJ.N): A Quarter of Two Halves
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Key Points
- The Stelara patent-cliff impact remains manageable; Tremfya momentum is strong.
- Darzalex keeps growing as J&J targets becoming the number-one oncology company by 2030.
- MedTech underperformance reflects China VBP, Middle East tender issues and Asia-Pacific competition.
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Citi rates JNJ.N a Buy with a target price of US$303.00, and expects 2026 organic revenue growth of 6.4–6.8%.