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.
JNJ Updated Sep 11, 2026 3 AI consumers· 1 recurring
Per the valuechain.wiki graph, Johnson & Johnson is directly linked to 4 companies (2 supply, 2 revenue relationships) and reaches 9 companies within two hops; the links are backed by 14 dated sources, 5 of them primary filings (as of 2026-09-11).
Financials & Segments
- Total revenue · $94.193 billion (FY2025)
- Segments · Innovative Medicine · MedTech
Revenue from
- 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 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | -3.2 |
| McKesson Corporation | lead1 | +44.2 | +51.8 | +24.1 | +23.7 | +44.5 | +11 |
| 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 | -54.7 |
| 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 | -17.1 |
| Oscotec | benef2 | -17 | -38.1 | -0.3 | +39.8 | +108.2 | -34.2 |
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.
Analysis generated from returns as of 2026-09-04