Medicines and medtech group
Johnson & Johnson
Johnson & Johnson sells innovative medicines and medical technology, generating $94.193 billion in 2025 revenue. Its medicines move through large wholesalers, while royalties and shared development and production costs flow to biotechnology partners behind key therapies.
Business categories Pharmaceuticals & Biotechnology · Biopharma & Life Sciences · primary
JNJ Updated Sep 23, 2026 6 AI consumers· 2 recurring
Per the valuechain.wiki graph, Johnson & Johnson is directly linked to 5 companies (2 supply, 3 revenue relationships) and reaches 11 companies within two hops; the links are backed by 15 dated sources, 6 of them primary filings (as of 2026-09-23).
Financials & Segments
- Total revenue · $94.193 billion (FY2025)
- Segments · Innovative Medicine · MedTech
Revenue from
- Kenvue Inc. High confidence
Johnson & Johnson supplies Kenvue with certain OTC products and components, including Tylenol, Motrin, and Zyrtec, under a post-separation transition manufacturing agreement, while payments under the agreement are not separately disclosed.Confirms EN U.S. Securities and Exchange Commission Published Feb 20, 2026: Kenvue Inc. 2025 Form 10-K - Cencora Medium confidence
Cencora businesses are authorized U.S. wholesale and specialty distributors for J&J Innovative Medicine. Because J&J reports wholesaler concentration anonymously, no amount or share is attributed specifically to Cencora. - McKesson Corporation Medium confidence
McKesson is an authorized U.S. wholesaler for J&J Innovative Medicine. J&J disclosed that three wholesalers handled a substantial share of FY2025 gross revenue but did not map the percentages to names, so no McKesson-specific amount is assigned.Mentions EN Morningstar Equity Research Published Apr 30, 2024: US Drug Distribution: Industry Landscape
Pays to
- Genmab A/S High confidence· Amount $2.4B · FY2025 · Reported DARZALEX-related royalties from J&J to Genmab
J&J subsidiary Janssen Biotech holds an exclusive license to Genmab patents used for DARZALEX and pays sales-linked royalties. J&J reported approximately $2.4 billion of Genmab royalties for FY2025; Genmab's filing and Korean brokerage research corroborate the license and royalty structure.Confirms KO Eugene Investment & Securities Published Feb 23, 2026: BioPharma Compass: Investment Strategy After Earnings Season - LigaChem Biosciences High confidence· Amount $1.7B · LCB84 총 계약규모(마일스톤 포함)
Janssen (J&J) in-licensed worldwide exclusive development and commercialization rights to the Trop2 ADC candidate LCB84 from LigaChem Biosciences in December 2023: up to USD 1.7225bn (USD 100m upfront, USD 200m option exercise, USD 1,422.5m in milestones) plus tiered royalties on net sales.Mentions KO AJU Business Daily Published Dec 22, 2025: Hyundai Motor Securities lifts LigaChem target to KRW 240,000 on LCB84 upsideConfirms EN The Korea Economic Daily (KED Global) Published Dec 26, 2023: LegoChem Bio, Janssen sign $1.7 bn ADC licensing dealConfirms KO DART (FSS) Published Dec 26, 2023: Material disclosure: LCB84 Trop2-ADC license agreementMentions EN Business Wire Published Dec 25, 2023: LegoChem Biosciences Announces License Agreement for LCB84 Trop2-Targeted ADC - Yuhan Corporation High confidence· Amount $950M · 총 기술수출 규모(정정)
Janssen (J&J) in-licensed Lazertinib from Yuhan in 2018. The deal is sized at US$950m (revised down from US$1.255bn on 2024-09-20 when the 4th-generation EGFR co-development ended), with a US$50m upfront and milestones. With the Rybrevant plus Lazcluze combination approved in the US (2024-08), Europe (2025-01), Japan (2025-03) and China (2025-07), J&J pays Yuhan royalties on net sales; Yuhan booked KRW 104.1bn of license income in 2025 (4.8% of revenue).Confirms KO Edaily (Shinhan Securities) Published May 28, 2026: Shinhan cuts Yuhan target on soft Lazertinib royalties, keeps long-term viewMentions KO Asiae (KB Securities) Published May 27, 2026: Yuhan royalty inflow to accelerate, target KRW 125,000 (KB Securities)Confirms EN Johnson & Johnson Investor News Published May 31, 2025: RYBREVANT plus LAZCLUZE prevents acquired resistance vs osimertinib in first-line EGFR-mutated NSCLC - Legend Biotech Corporation High confidence· Market share 50% · Janssen Agreement status at FY2025 · Janssen share of CARVYKTI development, production, and commercialization costs outside Greater China
J&J subsidiary Janssen jointly develops, produces, and commercializes CARVYKTI with Legend Biotech. Outside Greater China, the parties split costs and pre-tax profit or loss equally, and a 2025 supply agreement requires Janssen to pay a cost-plus transfer price for supplied product.
Investments
- Intra-Cellular Therapies, Inc. High confidence· Amount $14.5B · transaction completed 2025-04-02 · Total consideration transferred for Intra-Cellular Therapies
J&J acquired all outstanding shares of Intra-Cellular Therapies in cash on April 2, 2025. The transaction added CAPLYTA and a central nervous system pipeline to the Innovative Medicine segment.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| CVS Health | lead2 | +54.9 | -7.6 | -12.5 | -40.8 | +84.3 | +24.7 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +10.3 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | +0.6 |
| McKesson Corporation | lead1 | +44.2 | +51.8 | +24.1 | +23.7 | +44.5 | +14.8 |
| Kenvue Inc. | lead1 | · | · | · | +3.1 | -15.9 | +12.4 |
| Cencora, Inc. | lead1 | +44.1 | +26.3 | +25.3 | +10.4 | +51.5 | -1.4 |
| Johnson & Johnson | node | +11.4 | +6 | -8.6 | -4.8 | +47.5 | +35.1 |
| Yuhan Corporation | benef1 | -9 | -2.3 | +19.7 | +119.9 | -16.7 | -24.2 |
| LigaChem Biosciences | benef1 | -26.2 | -18.1 | +37.1 | +151 | +60.5 | -63.9 |
| Orion | benef2 | -18.4 | +29 | -25.5 | +10.6 | +18.7 | +11.9 |
| Samsung Biologics | benef2 | -6.8 | +8.6 | +5.8 | +28.7 | +5 | -30.1 |
| Oscotec | benef2 | -17 | -38.1 | -0.3 | +39.8 | +108.2 | -32.2 |
YTD as of 2026-09-04 · source: Yahoo Finance
Johnson & Johnson operates across Medicines and medtech group. It is +35.1% in 2026. The stock (+35.1%) and its supply side (avg -39.4%) are moving in step. Among connected nodes the furthest ahead is Yuhan Corporation (-24.2%) and the furthest behind is LigaChem Biosciences (-54.7%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Its medicines move through large wholesalers, while royalties and shared development and production costs flow to biotechnology partners behind key therapies.
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