# Johnson & Johnson Stock Q3 2026: Raised Guidance, a $5.5bn Talc Deal and Tremfya
> Johnson & Johnson stock Q3 2026: sales up 5.9% to $25.4bn, Tremfya +68%, 2026 guidance raised to $101.2bn and a $5.5bn talc charge. Our JNJ analysis.

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## Facts
- Ticker: JNJ
- QSILabs fair value: $130.24 USD
- Price: $273.20 (as of 2026-10-30)
- As of: Q3 2026 results (quarter ended 2026-09-27); price as of 2026-10-30 close
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/johnson-johnson-stock-q3-2026-earnings-talc-tremfya/

## Short answer
Johnson & Johnson stock in Q3 2026 is a story of a company outgrowing its biggest patent loss. Sales rose 5.9% to $25.4bn as Tremfya (+68%), Darzalex (+15%) and the multiple myeloma launches more than replaced a 54% fall in Stelara, and J&J raised its 2026 guidance to $101.2bn of sales and $11.10 of adjusted EPS at the midpoints. Reported EPS fell to $0.09 because of a $5.5bn charge to settle the ovarian talc cases. Our risk-adjusted NPV puts J&J at $130.24 per share, about 52% below the $273.20 close on 30 October 2026: the market is paying for a pipeline and a MedTech business that keep compounding long after today's medicines lose exclusivity, and our model is more cautious.

## Key takeaways
- Valuation: QSILabs values Johnson & Johnson (NYSE: JNJ) at $130.24 per share as of Q3 2026, against a $273.20 close on 30 October 2026, about 52% below the market price. Our bear and bull cases are $111.07 and $152.74. Before the Q3 results our model gave $142.08.
- Q3 2026 results: sales rose 5.9% to $25.40bn in the quarter ended 27 September 2026; adjusted EPS was $2.59 (Q3 2025: $2.80) and reported diluted EPS $0.09 (Q3 2025: $2.12).
- Growth drivers: Tremfya sales rose 68% to $2.40bn, Darzalex 15% to $4.24bn and Carvykti 35% to $710m, while Stelara fell 54% to $716m, a drag of about 690 basis points on Innovative Medicine growth.
- Talc: J&J recorded a $5.5bn accrual for a proposed resolution of the ovarian cancer talc cases, conditional on at least 95% of claimants taking part; its total talc reserve is about $9.0bn in present value.
- Guidance: J&J now expects 2026 sales of $101.0-101.4bn and adjusted EPS of $11.05-11.15, up $0.06 at the midpoint.
- Cash: operating cash flow was $18.85bn in the first nine months of 2026 and free cash flow $15.12bn, against $15.54bn of dividends and buybacks; net debt was $27.4bn at quarter end.

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