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Johnson & Johnson raised its full-year 2026 sales and adjusted earnings outlook in its July 15, 2026, second-quarter release. The company reported $25.310 billion in Q2 sales, up 6.6% from a year earlier. That increase was not solely a drug-sales story: J&J cited growth drivers across both Innovative Medicine and MedTech.
What J&J reported for Q2 2026
For the quarter ended in the second quarter of 2026, Johnson & Johnson reported sales of $25.310 billion, compared with $23.743 billion in Q2 2025. Reported sales growth was 6.6%. The company also reported net earnings of $5.534 billion and diluted earnings per share (EPS) of $2.27, versus $5.537 billion and $2.29, respectively, a year earlier.
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On an adjusted basis, J&J reported net earnings of $7.081 billion, up 5.7%, and adjusted diluted EPS of $2.90, up 4.7%. Adjusted figures are non-GAAP measures, so they are not interchangeable with reported earnings or EPS.
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J&J attributed growth to several product areas: wound closure and biosurgery products in Surgery; electrophysiology products and Shockwave in Cardiovascular; contact lenses in Vision; and trauma products in Orthopaedics. These are company-stated drivers and include MedTech businesses, not just medicines.
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For its Innovative Medicine business, J&J reported worldwide operational sales growth of 6.8%. The company said divestitures reduced that growth by 10 basis points. Operational growth excludes currency-translation effects, so it should not be confused with the 6.6% growth in total reported company sales.
J&J’s 2026 guidance after the July update
The July 15 release raised the company’s full-year guidance. The table compares the newly stated midpoints with the prior midpoints from April; the figures are J&J’s estimates as of the July release, not a later update.
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| 2026 measure | July 15 guidance range | July midpoint | Prior April midpoint |
|---|---|---|---|
| Estimated reported sales | $100.8 billion–$101.4 billion | $101.1 billion; 7.3% midpoint growth | $100.8 billion |
| Adjusted diluted EPS | $11.60–$11.75 | $11.68; 8.2% midpoint growth | $11.55 |
| Adjusted operational diluted EPS | $11.50–$11.65 | $11.58; 7.3% midpoint growth | $11.40 |
The sales range represents estimated reported growth of 7.0% to 7.6%. Adjusted operational sales growth excludes the net impact of acquisitions and divestitures as well as currency translation. That is a different measure from reported sales growth.
What the raised outlook means for investors
The update signals management expected higher full-year sales and adjusted earnings than it had projected in April. It is guidance, not a guarantee that J&J will achieve those results. Chief executive Joaquin Duato said quarterly sales had surpassed $25 billion and that the company was “on track to meet our 2026 target of more than $100 billion in annual revenue for the first time in our Company’s 140-year history.” That is management’s stated target and assessment, rather than a confirmed outcome.
When evaluating the update, compare like with like: reported sales against reported sales, adjusted EPS against adjusted EPS, and the July guidance midpoint against the April midpoint. Operational and adjusted operational growth figures apply different exclusions, and currency movements, acquisitions, and divestitures can affect comparisons.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to interpret adjusted earnings
J&J says adjusted net earnings, adjusted diluted EPS, and adjusted operational diluted EPS exclude after-tax intangible amortization expense and special items. The company classifies these as non-GAAP financial measures and advises reading them alongside their most comparable GAAP measures—not using them as replacements.
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The company also says it does not provide forward-looking GAAP financial measures because it cannot predict with reasonable certainty, without unreasonable effort, the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses, and purchase-accounting fair-value adjustments. Those uncertainties are among the reasons a forward-looking adjusted outlook should not be treated as a forecast of GAAP earnings.
All figures and management statements above refer to Johnson & Johnson’s July 15, 2026 release, “Johnson & Johnson reports Q2 2026 results, raises 2026 outlook.”
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