强生硬扛“数亿美元”药价冲击！给出强劲业绩展望，Q4创新药销售额增10%

智通财经01-21

有着美股市场“大蓝筹”称号的医疗科技兼医药保健巨头强生(JNJ.US)于周三美股盘前公布2025年第四季度核心业绩数据以及2026年业绩展望。按调整后口径，这家医疗保健领军者在第四季度实现整体季度盈利约60亿美元——意味着实现同比增长22%，即每股2.46美元，分析师们此前普遍预计每股利润约为2.44美元。第四季度营收245.6亿美元也高于华尔街分析师们普遍预期的241.6亿美元，意味着实现同比超...

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Giving strong performance outlook, Q4 innovative drug sales increased by 10%","themeId":"","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/0c91c8c95df37ee7187e682e443b3a12","symbols_score_info":{"JNJ":1.5},"content_text":"有着美股市场“大蓝筹”称号的医疗科技兼医药保健巨头强生(JNJ.US)于周三美股盘前公布2025年第四季度核心业绩数据以及2026年业绩展望。按调整后口径，这家医疗保健领军者在第四季度实现整体季度盈利约60亿美元——意味着实现同比增长22%，即每股2.46美元，分析师们此前普遍预计每股利润约为2.44美元。第四季度营收245.6亿美元也高于华尔街分析师们普遍预期的241.6亿美元，意味着实现同比超预期增长9.1%。强生Q4整体销售额以及利润均高于华尔街预期，受益于血癌疗法Darzalex的强劲销售、银屑病药物Tremfya的稳健增长，以及其医疗器械业务的强大韧性。其规模最大的创新药(Innovative Medicine)部门本季度销售额增长10%，至157.6亿美元，高于预期的153.7亿美元。在第四季度，强生Q4医疗器械业务季度销售额实现超预期增长7.5%，至88亿美元，也高于该公司管理层此前预期的约86.9亿美元。该项业务的超预期增长主要得益于其心脏器械业务，包括通过收购Shockwave公司而纳入产品组合的关键器械业务以及Abiomed业务。在最新业绩披露报告中，强生管理层公布的预测显示，其2026年销售额与利润预期将高于华尔街分析师普遍预期，即便计入其本月早些时候与特朗普政府签署的药品降价与定价协议带来的“数亿美元”冲击也是如此。在2025年第四季度，强生销售额与利润实现强劲增长且超出华尔街预期，在特朗普关税重压之下以韧性增长姿态结束2025年。强生是与特朗普政府达成降价与定价协议的16家大型制药公司之一，这些制药公司已达成协议，在降低美国市场药品价格的同时，换取获得对于特朗普加征关税的全线豁免。“我们不能披露具体细节，但这涉及数亿美元规模。”强生首席财务官Joseph Wolk在最新采访中表示。“这也体现了我们团队的强大能力：我们在消化这一降价影响的同时，仍能在相当大的幅度上超过(分析师)对2026年的业绩预期。”该公司预计2026年按业务经营统计口径(operational)计算的销售额指引区间约为995亿美元至1005亿美元，根据伦敦LSEG汇编的分析师预期数据，高于华尔街分析师们普遍预估的约989亿美元。强生管理层预计2026年全年的调整之后每股收益区间为11.43美元至11.63美元，相比之下，华尔街分析师们此前普遍预计每股收益约为11.45美元。“2025 年是飞速发展的一年……这得益于我们历史上最强大的医药产品组合以及更加强大的研发管线。”强生首席执行官 Joaquin Duato 在一份声明中表示，并补充说，全新的突破式癌症疗法 Carvykti 的年销售额首次实现超过 10 亿美元。这份强劲财报出现在公司面临多重挑战之际，包括其医疗器械部门面临的关税不确定性，以及其重磅银屑病药物Stelara因生物类似药竞争加剧而承压。财报数据显示，Stelara销售额降幅意外超过分析师预期。“Stelara跌得这么多——也许甚至比分析师认为的还要多——而我们仍然能够继续实现增长，这更加说明我们的医药产品带来的强大整体增长效应。”该公司首席财务官Wolk表示。“如果你把Stelara从组合中剔除，我们这个产品组合可累计实现增长14%，甚至15%。这些将是我们在未来几年以及本十年剩余时间里需要重要依靠的产品组合。”尽管业绩预测超预期且呈现乐观增长态势，但是该公司股价在美股盘前交易中一度下跌超3%，但此后不久跌幅明显收窄。其股价在2025年累计上涨约43%，跑赢标普500指数以及一众创新药业务竞争者们。强生自今年以来的股价表现也远超标普500指数，上涨超5%，市值高达5257亿美元。强生在标普500指数中长期以来占据较高的权重比例，对于美股的整体走势有着一定程度的影响力。该项最新业绩公布的前一天，一名法院任命的特别监督人建议允许将专家们的证词——即把该公司的滑石产品与卵巢癌联系起来的证词——在法庭上进行正式采用。强生多年来一直在联邦与州级别法院应对其滑石产品相关的重大索赔，并表示其产品安全且不会导致任何程度的致癌效应。联邦法院的首场“风向标”审判（Bellwether Trial）预计最快将于2026 年下半年启动。","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2605910401","isCrawlerRequest":true}