JNJ · CIK 200406
What Johnson & Johnson told the SEC could break it.
Johnson & Johnson's disclosures center on the durability of a few big drug franchises: its single largest product, DARZALEX, was about 15% of fiscal 2025 revenue with key patents running only to 2031-32 in select countries, while STELARA — roughly 6.5% of revenue — is already losing ground to biosimilar versions launching globally. Around that sits a cross-border pricing and currency layer: government price controls and reimbursement limits in major markets like the EU, UK, Japan and China, plus highly inflationary operations in Argentina, Turkey, Venezuela and Egypt. Older Ethicon pelvic-mesh product-liability litigation across several countries rounds out the register, though the company says the vast majority is now resolved.
5 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- foreign government price controls (EU, UK, Japan, China)medium
Major non-U.S. markets including the EU, UK, Japan and China have pervasive government involvement in healthcare funding that directly or indirectly imposes price controls, limits access/reimbursement, or reduces the value of J&J's IP protection.
“Outside the U.S., numerous major markets, including the EU, United Kingdom, Japan and China, have pervasive government involvement in funding healthcare and, in that regard, directly or indirectly impose price controls, limit access to, or reimbursement for, the Company's products, or reduce the value of its intellectual property protection.”
SEC filing →As of 2026 - biosimilar competition to STELARA (~6.5% of revenue)medium
STELARA (ustekinumab) was ~6.5% of fiscal 2025 revenue; third parties have filed biologics license applications for biosimilar versions with the FDA, EMA and others, and continued global biosimilar launches will keep negatively impacting STELARA sales.
“The Company expects continued launches of biosimilar versions of STELARA globally which will continue to negatively impact the Company's sales of STELARA.”
SEC filing →As of 2026
Customer concentration
- DARZALEX ~15.0% of total revenue (largest product)medium
J&J's largest product franchise, DARZALEX (daratumumab) and DARZALEX FASPRO, accounted for approximately 15.0% of total revenues in fiscal 2025 — significant single-product concentration, with compound/use patent protection extending only to 2031/2032 in select countries.
“Sales of the Company's largest product, collectively DARZALEX (daratumumab) and DARZALEX FASPRO (daratumumab and hyaluronidase-fihj), accounted for approximately 15.0% of the Company's total revenues for fiscal 2025.”
SEC filing →As of 2026
Geographic concentration
- highly inflationary operations: Argentina, Turkey, Venezuela, Egyptlow
J&J accounts for operations in Argentina, Turkey, Venezuela and Egypt as highly inflationary (three-year cumulative inflation over 100%), creating currency-devaluation and margin pressure in those markets.
“the Company has accounted for operations in Argentina, Turkey, Venezuela and Egypt as highly inflationary, as the prior three-year cumulative inflation rate surpassed 100%.”
SEC filing →As of 2026
Litigation
- Ethicon pelvic mesh product-liability litigation (multi-country)low
J&J faces class actions and individual personal-injury claims over Ethicon's pelvic mesh devices across the UK, Netherlands, Ireland, Israel, Australia, Canada and South Africa, with accruals established; the vast majority are now resolved.
“class actions and individual personal injury cases or claims seeking damages for alleged injury resulting from Ethicon's pelvic mesh devices have been commenced in various countries outside of the United States, including claims and cases in the United Kingdom, the Netherlands, and Ireland, and class actions in Israel, Australia, Canada and South Africa.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Symtuza (darunavir/C/FTC/TAF), a fixed dose combination product commercialized by Janssen Sciences Ireland Unlimited Company (“Janssen”). ... We retain a specified percentage of Janssen's share of revenues, including up to 30 % in major markets.”
Cited →“J&J MedTech is the exclusive third-party co-promoter for ZILRETTA in the U.S. The initial term of the J&J Agreement extends through 2031 with an option to extend under mutual agreement.”
Cited →
Its suppliers
“Genmab A/S owns two patent families related to DARZALEX, and Janssen Biotech, Inc. (a wholly-owned subsidiary of the Company) has an exclusive license to those patent families. Royalty rate ranges from 12% to 20% of t”
Cited →
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