Johnson & Johnson (JNJ): Business Model Canvas [Jan-2025 Mise à jour]

Johnson & Johnson, une puissance mondiale de la santé, a magistralement conçu un modèle commercial qui transcende les frontières pharmaceutiques traditionnelles, se positionnant stratégiquement comme un leader innovant dans les dispositifs médicaux, les produits pharmaceutiques et les produits de santé grand public. Avec un remarquable 93,7 milliards de dollars dans les revenus et les opérations annuelles s'étendant sur 175 Pays, la toile du modèle commercial de JNJ révèle un écosystème complexe et interconnecté de partenariats, de ressources et de propositions de valeur qui stimulent son succès remarquable dans la transformation de la prestation des soins de santé et des résultats pour les patients. Cette exploration complète dévoilera les mécanismes complexes de l'une des sociétés de santé les plus prospères au monde, offrant un aperçu de la façon dont JNJ fournit systématiquement des solutions médicales de pointe tout en conservant une stratégie commerciale robuste et adaptable.

Johnson & Johnson (JNJ) - Modèle commercial: partenariats clés

Institutions et universités de recherche pharmaceutique

Johnson & Johnson entretient des partenariats stratégiques avec 127 établissements de recherche universitaires dans le monde. Les collaborations clés comprennent:

Institution	Focus de recherche	Investissement annuel
École de médecine de Harvard	Recherche en oncologie	18,5 millions de dollars
Mit	Innovation de biotechnologie	22,3 millions de dollars
Université de Stanford	Études d'immunologie	15,7 millions de dollars

Fabricants contractuels et partenaires mondiaux de la chaîne d'approvisionnement

JNJ collabore avec 83 fabricants de contrats mondiaux dans plusieurs régions.

• Partenaires totaux de la chaîne d'approvisionnement: 83
• Lieu de fabrication: 26 pays
• Investissement annuel de la chaîne d'approvisionnement: 2,4 milliards de dollars

Sociétés de technologie de santé

Partenaire technologique	Type de collaboration	Valeur d'investissement
Google Health	Solutions de soins de santé AI	45 millions de dollars
Pomme	Plateformes de santé numérique	37,6 millions de dollars
IBM Watson	Analyse des données médicales	52,3 millions de dollars

Dispositifs médicaux et fournisseurs d'équipements de diagnostic

JNJ s'associe à 54 fournisseurs spécialisés d'équipements médicaux.

• Partenaires totaux d'équipement de diagnostic: 54
• Procurement de l'équipement annuel: 1,8 milliard de dollars
• Distribution géographique: Amérique du Nord (65%), Europe (22%), Asie-Pacifique (13%)

Collaborateurs de recherche en biotechnologie

Partenaire de biotechnologie	Domaine de recherche	Valeur de partenariat
Moderne	Développement	76,4 millions de dollars
Regeneron	Recherche d'immunothérapie	62,7 millions de dollars
CRISPR Therapeutics	Technologies d'édition de gènes	54,2 millions de dollars

Johnson & Johnson (JNJ) - Modèle d'entreprise: activités clés

Recherche de produits médicaux, pharmaceutique et grand public

Dépenses de R&D en 2023: 14,4 milliards de dollars

Domaine de recherche	Investissement	Segments de concentration
Recherche pharmaceutique	9,8 milliards de dollars	Immunologie, oncologie, neurosciences
Recherche de dispositifs médicaux	3,2 milliards de dollars	Chirurgie, orthopédie, soins de la vision
Recherche sur la santé des consommateurs	1,4 milliard de dollars	Médicaments en vente libre, santé de la peau

Fabrication et distribution mondiales

Installations de fabrication totales dans le monde: 142 sites

• Amérique du Nord: 46 installations
• Europe: 38 installations
• Asie-Pacifique: 37 installations
• Amérique latine: 21 installations

Conformité réglementaire et essais cliniques

Métrique de conformité	2023 données
Essais cliniques actifs	247
Soumissions réglementaires	89
Approbations de la FDA	12

Innovation et développement de produits

Nouveau produit lance en 2023: 17 innovations majeures

• Innovations pharmaceutiques: 8
• Innovations des dispositifs médicaux: 6
• Innovations sur la santé des consommateurs: 3

Marketing et gestion de la marque

Dépenses de marketing en 2023: 8,7 milliards de dollars

Canal de marketing	Dépenses
Marketing numérique	3,2 milliards de dollars
Médias traditionnels	2,9 milliards de dollars
Marketing direct	2,6 milliards de dollars

Johnson & Johnson (JNJ) - Modèle commercial: Ressources clés

De vastes installations mondiales de recherche et de développement

Johnson & Johnson exploite 12 principaux centres de R&D mondiaux sur 4 continents. Les dépenses totales de R&D en 2023 étaient de 14,9 milliards de dollars. Installations de recherche situées dans:

• Nouveau-Brunswick, New Jersey (siège mondial)
• San Francisco, Californie
• Londres, Royaume-Uni
• Shanghai, Chine
• Leiden, Pays-Bas

Portefeuille de propriété intellectuelle

Catégorie de brevet	Nombre de brevets actifs
Brevets pharmaceutiques	4,672
Brevets de dispositif médical	3,245
Brevets de santé des consommateurs	1,189

Piscine de talents diversifiée

Total de la main-d'œuvre à partir de 2023: 152 700 employés dans le monde. Déchange par catégorie professionnelle:

• Chercheuse scientifiques: 22 300
• Professionnels de la santé: 38 500
• Spécialistes de la fabrication: 45 600
• Personnel administratif / de soutien: 46 300

Infrastructure de fabrication avancée

Emplacement de l'installation de fabrication	Type d'installation	Capacité de production annuelle
Porto Rico	Fabrication pharmaceutique	2,3 milliards de dollars
Irlande	Production de dispositifs médicaux	1,7 milliard de dollars
Chine	Fabrication de santé grand public	890 millions de dollars

Capacités de capital financier et d'investissement

Mesures financières pour 2023:

• Revenu total: 86,3 milliards de dollars
• Revenu net: 17,1 milliards de dollars
• Equivalents en espèces et en espèces: 24,5 milliards de dollars
• Total des actifs: 193,4 milliards de dollars

Johnson & Johnson (JNJ) - Modèle d'entreprise: propositions de valeur

Solutions complètes de soins de santé sur plusieurs segments

Johnson & Johnson opère dans trois segments d'activités principaux avec un chiffre d'affaires total de 86,3 milliards de dollars en 2022:

Segment	Revenu	Pourcentage
Pharmaceutique	52,1 milliards de dollars	60.4%
Dispositifs médicaux	25,9 milliards de dollars	30.0%
Santé des consommateurs	8,3 milliards de dollars	9.6%

Produits médicaux de haute qualité et produits pharmaceutiques

Mesures clés du portefeuille de produits:

• Plus de 250 composés pharmaceutiques actifs en développement
• Plus de 70 technologies de dispositifs médicaux
• Environ 100 marques de santé grand public dans le monde

Technologies de santé innovantes répondant aux besoins médicaux mondiaux

Investissement en R&D en 2022: 14,7 milliards de dollars, ce qui représente 17% des revenus totaux.

Domaine de mise au point de recherche	Nombre de programmes de recherche actifs
Oncologie	37 programmes
Immunologie	25 programmes
Neuroscience	18 programmes

Marque de confiance avec des antécédents éprouvés dans les soins de santé

Métriques d'évaluation de la marque:

• Classé n ° 37 sur la liste des marques les plus précieuses de Forbes World
• Valeur de la marque estimée à 25,5 milliards de dollars
• Présence dans plus de 175 pays

Approche intégrée des soins aux patients et du bien-être

Initiatives d'engagement et de bien-être des patients:

Initiative	Atteindre
Plateformes de santé numérique	Plus de 15 millions d'utilisateurs
Programmes de soutien aux patients	52 programmes uniques
Services de télémédecine	Disponible dans 23 pays

Johnson & Johnson (JNJ) - Modèle d'entreprise: relations clients

Engagement professionnel médical direct

Johnson & Johnson conserve 133 000 interactions professionnelles de la santé chaque année par le biais de représentants des ventes dévoués et de liaisons en sciences médicales.

Canal de fiançailles	Interactions annuelles	Cibler les professionnels
Représentants des ventes	87,500	Médecins, chirurgiens
Liaisons de science médicale	45,500	Spécialistes de la recherche

Support client et assistance technique

La société exploite un réseau mondial de support client 24/7 avec 3 200 professionnels du soutien dédié dans 60 pays.

• Temps de réponse moyen: 12 minutes
• Taux de satisfaction client: 94,6%
• Support multi-langues en 22 langues

Programmes d'éducation et de sensibilisation à la santé

Johnson & Johnson investit 78,5 millions de dollars par an dans les initiatives d'éducation des patients dans tous les segments pharmaceutiques, de dispositifs médicaux et de santé grand public.

Catégorie de programme	Investissement annuel	Atteindre
Éducation à la santé numérique	32,4 millions de dollars	4,2 millions de patients
Programmes de santé communautaire	46,1 millions de dollars	7,8 millions d'individus

Plates-formes de santé numérique et applications mobiles

Johnson & Johnson a développé 17 plates-formes de santé numériques avec 6,3 millions d'utilisateurs actifs dans le monde en 2023.

• Plates-formes couvrant la gestion des maladies chroniques
• Capacités d'intégration de la télémédecine
• Technologies de surveillance de la santé en temps réel

Solutions de soins de santé personnalisés

La société a investi 245 millions de dollars dans le développement de technologies de santé personnalisées, ciblant les approches de médecine de précision.

Catégorie de solution	Investissement	Conditions cibles
Diagnostic génomique	89,7 millions de dollars	Cancer, maladies rares
Algorithmes de traitement personnalisés	155,3 millions de dollars	Oncologie, immunologie

Johnson & Johnson (JNJ) - Modèle commercial: canaux

Force de vente directe aux prestataires de soins de santé

Johnson & Johnson maintient une force de vente directe mondiale de 32 500 représentants des ventes à partir de 2023, ciblant les hôpitaux, les cliniques et les professionnels de la santé dans plusieurs secteurs médicaux.

Segment du canal de vente	Nombre de représentants	Cible principale
Ventes pharmaceutiques	14,750	Médecins et hôpitaux
Ventes de dispositifs médicaux	10,250	Centres chirurgicaux et spécialistes
Ventes de santé aux consommateurs	7,500	Fournisseurs de détail et de soins de santé

Plateformes de commerce électronique en ligne

Johnson & Johnson génère 3,2 milliards de dollars de revenus de ventes en ligne directs via plusieurs plateformes numériques en 2023, ce qui représente 7,5% du total des revenus de l'entreprise.

• Site officiel JNJ
• Market Amazon
• Sites Web directes aux consommateurs
• Plateformes régionales de commerce électronique

Distributeurs pharmaceutiques

La société travaille avec 18 grands distributeurs pharmaceutiques du monde entier, couvrant 97% de leur distribution mondiale de produits pharmaceutiques.

Distributeur	Couverture du marché	Volume de distribution annuel
McKesson Corporation	Amérique du Nord	42,5 milliards de dollars
Amerisourcebergen	États-Unis	38,2 milliards de dollars
Santé cardinale	Marchés mondiaux	35,7 milliards de dollars

Pharmacies de vente au détail

Johnson & Johnson Products est disponible dans 345 000 emplacements de pharmacie au détail dans le monde, générant 22,6 milliards de dollars de ventes de canaux de vente au détail pour 2023.

• Pharmacie CVS
• Walgreens
• Pharmacies Walmart
• Chaînes de pharmacie régionales

Channeaux de marketing numérique et de télémédecine

Les dépenses de marketing numérique ont atteint 1,4 milliard de dollars en 2023, les partenariats de télémédecine s'étendant à 12 500 fournisseurs de soins de santé.

Canal numérique	Investissement annuel	Atteindre
Marketing des médias sociaux	450 millions de dollars	125 millions d'utilisateurs
Publicité numérique programmatique	350 millions de dollars	85 millions d'impressions ciblées
Partenariats de télémédecine	600 millions de dollars	12 500 fournisseurs de soins de santé

Johnson & Johnson (JNJ) - Modèle d'entreprise: segments de clientèle

Professionnels de la santé

Marché total adressable: 21,1 millions de professionnels de la santé dans le monde entier

Répartition du segment	Nombre de professionnels
Médecins	9,4 millions
Infirmières	6,2 millions
Pharmaciens	3,5 millions
Médecin spécialiste	2 millions

Hôpitaux et institutions médicales

Taille du marché hospitalier mondial: 1,3 billion de dollars en 2023

• Nombre d'hôpitaux desservis: 24 000 à l'échelle mondiale
• Valeur de l'approvisionnement annuel: 387 milliards de dollars
• Couverture géographique: 175 pays

Consommateurs individuels

MARCHÉ TOTALABLE TOTALABLE TOTALABLE: 535 milliards de dollars en 2023

Catégorie de consommation	Taille du marché
Médicaments en vente libre	152 milliards de dollars
Produits de soins personnels	248 milliards de dollars
Produits de soins pour bébés	135 milliards de dollars

Acheteurs de dispositifs pharmaceutiques et médicaux

Marché pharmaceutique total: 1,48 billion de dollars en 2023

• Valeur marchande du dispositif médical: 495 milliards de dollars
• Canaux de distribution pharmaceutique:
  • Pharmacies de vente au détail: 42%
  • Pharmacies hospitalières: 33%
  • Plates-formes en ligne: 15%
  • Ventes directes: 10%

Systèmes de santé mondiaux

Total des dépenses mondiales de santé: 9,4 billions de dollars en 2023

Région	Dépenses de santé
Amérique du Nord	4,1 billions de dollars
Europe	2,3 billions de dollars
Asie-Pacifique	2,1 billions de dollars
Reste du monde	900 milliards de dollars

Johnson & Johnson (JNJ) - Modèle d'entreprise: Structure des coûts

Investissements de R&D étendus

Johnson & Johnson a dépensé 14,7 milliards de dollars pour la recherche et le développement en 2022, ce qui représente 13,4% du total des revenus de l'entreprise.

Année	Dépenses de R&D	Pourcentage de revenus
2022	14,7 milliards de dollars	13.4%
2021	12,2 milliards de dollars	12.7%

Frais de fabrication et de production

Les coûts de fabrication totaux pour JNJ en 2022 étaient d'environ 26,5 milliards de dollars.

• Fabrication pharmaceutique: 16,8 milliards de dollars
• Fabrication des appareils médicaux: 6,3 milliards de dollars
• Fabrication de la santé des consommateurs: 3,4 milliards de dollars

Opérations de marketing et de vente

Dépenses de marketing et de vente pour Johnson & Johnson en 2022 a totalisé 19,3 milliards de dollars.

Segment	Frais de marketing
Pharmaceutique	12,1 milliards de dollars
Dispositifs médicaux	4,7 milliards de dollars
Santé des consommateurs	2,5 milliards de dollars

Coûts de conformité réglementaire

Les frais de conformité réglementaire estimés pour 2022 se sont élevés à 2,6 milliards de dollars dans tous les segments d'entreprise.

Distribution et logistique globales

Les coûts totaux de logistique et de distribution pour 2022 ont atteint 5,4 milliards de dollars.

• Distribution nationale: 3,2 milliards de dollars
• Distribution internationale: 2,2 milliards de dollars

Structure totale des coûts pour 2022: 68,5 milliards de dollars

Johnson & Johnson (JNJ) - Modèle d'entreprise: Strots de revenus

Ventes de produits pharmaceutiques

Ventes pharmaceutiques totales en 2023: 52,8 milliards de dollars

Zone thérapeutique	Revenus (milliards)
Immunologie	$15.3
Oncologie	$14.2
Neuroscience	$9.7
Maladies infectieuses	$6.5

Revenus de dispositif médical et d'équipement de diagnostic

Ventes totales de dispositifs médicaux en 2023: 15,1 milliards de dollars

Segment de l'appareil	Revenus (milliards)
Chirurgie	$6.8
Orthopédie	$5.3
Vision	$3.0

Ventes de produits de santé grand public

Ventes totales de santé à la consommation en 2023: 13,8 milliards de dollars

• Médicaments en vente libre
• Produits de santé de la peau
• Produits de soins pour bébés

Accords de licence et de propriété intellectuelle

Revenus de licence en 2023: 2,1 milliards de dollars

• Licence de brevet pharmaceutique
• Licence de technologie médicale
• Accords de collaboration de recherche

Diversification du marché mondial

Région	Revenus (milliards)	Pourcentage du total des revenus
États-Unis	$62.5	64%
Europe	$15.3	16%
Asie-Pacifique	$12.7	13%
Reste du monde	$7.5	7%

Revenus totaux de l'entreprise pour 2023: 94,9 milliards de dollars

Johnson & Johnson (JNJ) - Canvas Business Model: Value Propositions

For Innovative Medicine, Johnson & Johnson delivers breakthrough therapies for high-unmet-need diseases.

• R&D Expenses for the twelve months ending September 30, 2025, were $15.711B.
• Quarterly R&D Expense for the period ending September 30, 2025, was $3.693B.
• The company pledged to increase manufacturing, R&D, and technology investments in the United States to more than $55 billion compared to the previous four years.
• In Q3 2025, Innovative Medicine generated worldwide operational sales growth of 5.3%.
• Key drivers included DARZALEX, which achieved over 20% growth in Q1 2025, and TREMFYA, projected for peak sales of $10 billion.

The MedTech segment offers smarter, less invasive surgical and interventional solutions.

MedTech Franchise/Area	2024 Revenue	Q3 2025 Operational Sales Growth
Total MedTech Revenue (Q3 2025)	$8.43B	5.6%
Surgery Franchise Sales (2024)	$9.8 billion	Growth driven by electrophysiology products and Abiomed/Shockwave in Cardiovascular.
Total Revenue Contribution (Q3 2025)	35.1% of total revenue	Q1 2025 operational sales growth was 4.1%.

Value for Payers/Hospitals centers on cost-effectiveness data and long-term value from innovative treatments.

• In 2024, Johnson & Johnson provided $47.8 billion in rebates, discounts and fees to insurers, PBMs, hospitals, and government programs.
• The company's net prices have declined a compounded 18.2% since 2016.
• Full-year 2025 guidance midpoint for reported sales is $92 billion.

For Patients, Johnson & Johnson provides access and affordability programs through J&J withMe and Janssen CarePath.

• 23% of survey respondents with chronic diseases struggled to afford prescription medications despite insurance coverage.
• For Medicare Part D Patients seeking assistance, a requirement is to demonstrate spending more than 4% of gross annual household income on prescription drugs.
• Eligibility for no-cost medicine may apply if income is equal to or less than 150% of the Federal Poverty Level (FPL).
• Patients can call 833-742-0791 or visit JJPatientAssistance.com to start the process.

The proposition for Shareholders is stable growth and a long-standing, increasing dividend.

Shareholder Metric	Value as of Late 2025
Consecutive Dividend Increases	64 years
Q4 2025 Quarterly Dividend Per Share	$1.30
Annual Dividend Per Share	$5.20
Dividend Yield	Approximately 2.50%
Dividend Payout Ratio (based on TTM Earnings)	99.14% or 50.19%
5-Year Average Dividend Increase	5.54% per year
Market Capitalization (as of April 2025 report)	$400 billion

The Debt / Equity Ratio stood at 52.92, with a Current Ratio above 1, underpinning financial stability. The stock reached an all-time high of $207.56 on November 26, 2025.

Johnson & Johnson (JNJ) - Canvas Business Model: Customer Relationships

Dedicated, high-touch clinical support for MedTech device adoption and training is a core relationship strategy, especially given that the MedTech segment generated worldwide operational sales growth of 5.6% in the third quarter of 2025, driven by products like electrophysiology devices, Abiomed, and Shockwave. The MedTech segment accounts for around 36% of Johnson & Johnson's total revenues. This support underpins the uptake of new products, such as the general surgery robotic system, OTTAVA, which is in clinical trials as of Q1 2025. The company is backing this innovation pipeline with significant investment.

For personalized patient support programs, the J&J withMe platform provides access, affordability, and treatment support resources. For instance, the 2025 Patient Assistance Program income limit for a single-person household is set at $45,180, with escalating limits for additional household members. The program offers cost support for eligible commercially insured patients, free trial products, and referrals to independent foundations for those with inadequate coverage. This level of personalized assistance is crucial for complex drug adherence.

Collaborative relationships with Key Opinion Leaders (KOLs) and research institutions are supported by a massive commitment to future innovation. Johnson & Johnson announced plans to invest more than $55 billion in U.S.-based manufacturing, research and development (R&D), and technology initiatives through 2028. This represents a 25% increase from the previous four-year period. This R&D infrastructure funding specifically targets advancements in areas including oncology, neuroscience, immunology, cardiovascular disease, and robotic surgery, directly engaging the research community.

Transactional relationships with wholesale distributors and group purchasing organizations (GPOs) are managed at the scale of a major global healthcare firm. Johnson & Johnson reaffirmed its full-year 2025 estimated reported sales guidance at $93.7B at the midpoint, with Q3 2025 reported sales reaching $24.0 Billion. Geographically, just over half of total revenue is generated in the United States, indicating the critical nature of these domestic distribution channels. The company's overall financial scale supports these high-volume, transactional interactions.

Here's a quick look at the financial context supporting these customer relationships as of late 2025:

Metric	Value (Latest Reported/Guidance)
Full Year 2025 Estimated Reported Sales Guidance (Midpoint)	$93.7 Billion
Q3 2025 Reported Sales	$24.0 Billion
Overall Operating Margin	26.2%
MedTech Segment Operational Sales Growth (Q3 2025)	5.6%
Total U.S. R&D Investment Commitment (Next 4 Years)	$55 Billion

The relationship structure involves several distinct approaches:

• High-touch clinical support for MedTech adoption.
• Personalized support via J&J withMe for adherence.
• Deep R&D collaboration with KOLs.
• High-volume transactional sales via GPOs.

The company's institutional ownership stands at 74.69%, reflecting strong external confidence in this diversified strategy.

Johnson & Johnson (JNJ) - Canvas Business Model: Channels

You're looking at how Johnson & Johnson gets its products-from breakthrough oncology drugs to advanced surgical tools-into the hands of doctors and patients as of late 2025. The company relies on a multi-pronged approach, reflecting its dual focus on Innovative Medicine and MedTech.

Direct sales force to hospitals, surgical centers, and specialized clinics

Johnson & Johnson maintains specialized medical representatives for direct engagement, particularly critical for high-value, complex products in the MedTech and Innovative Medicine segments. While the exact size of the sales force isn't public for 2025, this channel supports segments driving significant revenue; for instance, Q3 2025 Innovative Medicine sales reached $15.56 billion, and MedTech sales were $8.43 billion. This direct channel is essential for educating clinicians on new technologies, such as the general surgery robotic system, OTTAVA, which is in clinical trials as of Q1 2025.

Wholesale distributors (e.g., McKesson, Cardinal Health) for pharmaceutical products

For its pharmaceutical products, Johnson & Johnson utilizes major wholesale channels. Historically, this channel handles a significant portion of volume; in 2023, 65% of pharmaceutical product distribution went through pharmacies, which are heavily supplied by these wholesalers. The company operates 26 primary distribution centers globally to support this massive logistical network. This infrastructure is key to achieving the raised full-year 2025 reported sales guidance midpoint of $93.7 billion.

Limited distribution networks (LDNs) and specialty pharmacies for high-cost, complex drugs

High-cost, complex drugs are managed through carefully controlled channels. Manufacturers often restrict dispensing to a select group of certified pharmacies. Industry data from early 2025 showed that 34% of tracked specialty drugs utilized exclusive networks (only one pharmacy). Walgreens Specialty Pharmacy, a key player in this space, reported expanding its limited distribution drug network to 265 products as of mid-2025. This control helps manage patient access and support for therapies like those in Johnson & Johnson's rapidly growing Oncology portfolio, which saw operational sales growth of 22.3% in Q2 2025.

Digital platforms for B2B transactions and professional medical education

Johnson & Johnson is digitizing its business-to-business interactions. The company launched one of the world's largest cloud-based Procurement e-marketplaces in 2019, centralizing procurement across its segments. Furthermore, the MedTech segment introduced Polyphonic, a digital surgical platform, in 2024. These platforms help streamline operations, which is part of the company's focus on efficiency, as seen by the 50 basis points leverage in Selling, marketing and administrative expenses reported in Q2 2025.

Hospital procurement systems for MedTech devices and supplies

For the MedTech segment, direct sales and hospital procurement systems are vital. In 2023, 22% of medical device sales were channeled through hospitals and clinics. This channel supports high-growth areas like Cardiovascular MedTech, which saw over 22% operational sales growth in Q2 2025, driven by Abiomed and Shockwave. The company's overall MedTech worldwide operational sales grew 5.6% in Q3 2025.

Here's a quick look at the channel reliance based on the latest available segment distribution data:

Channel Type/Segment	Associated Segment	Reported Percentage of Sales (2023 Proxy)	Q3 2025 Segment Sales (Billions USD)
Pharmacies (via Wholesalers)	Innovative Medicine	65% of pharmaceutical distribution	$15.56
Hospitals and Clinics	MedTech	22% of medical device sales	$8.43
Online Platforms	Total Sales	13% of total sales	N/A

Johnson & Johnson (JNJ) - Canvas Business Model: Customer Segments

You're looking at the core groups Johnson & Johnson serves now that the focus is sharpened on Innovative Medicine and MedTech. It's a shift from mass consumer goods to specialized, high-value healthcare relationships. This means the customer segments are highly professionalized and clinically focused.

The overall revenue split for the third quarter of 2025 shows the weight of the pharmaceutical business. Worldwide sales for the third quarter of 2025 hit $24.0 billion. The Innovative Medicine segment accounted for $15.6 billion, which is 64.9% of that total. The MedTech segment brought in $8.43 billion, representing the remaining 35.1%.

Here is a breakdown of the key customer segments and the associated financial scale where available:

Customer Segment	Primary Johnson & Johnson Division	Relevant Financial/Statistical Data (Late 2025)
Global Hospital Systems and Integrated Delivery Networks (IDNs)	MedTech & Innovative Medicine	MedTech worldwide operational sales growth was 5.6% in Q3 2025.
Oncologists, Immunologists, Neuroscientists, and other specialist physicians	Innovative Medicine	Innovative Medicine Q3 2025 worldwide operational sales grew 5.3%.
Government payers (e.g., Medicare, Medicaid) and private health insurance companies	Innovative Medicine & MedTech	U.S. sales in Q1 2025 were $12.305 billion.
Patients with complex, chronic diseases requiring specialty pharmaceuticals	Innovative Medicine	Growth driven by Oncology brands like CARVYKTI and Immunology brands like TREMFYA.
Surgeons and interventional cardiologists utilizing advanced medical devices	MedTech	Orthopaedics (Hips and Knees) returned to growth: Hips grew 5.1%, Knees grew 5.6% in Q3 2025.

The focus on specialist physicians within Innovative Medicine is clear from the product performance. For instance, growth in Oncology was fueled by DARZALEX, CARVYKTI, ERLEADA, and RYBREVANT/LAZCLUZE. In Immunology, TREMFYA and SIMPONI/SIMPONI ARIA are key drivers, despite an approximate 1,070 basis point headwind from STELARA erosion in Q3 2025.

For the MedTech side, the customer base of surgeons and interventional cardiologists is responding to specific product lines. Cardiovascular products, including Abiomed and Shockwave, drove growth in Q3 2025. The return to growth in Orthopaedics is a direct indicator of surgeon adoption in those areas. The company is also advancing its relationship with surgical centers through the continuation of the clinical trial for its general surgery robotic system, OTTAVA.

The geographic concentration also defines the payer/provider landscape Johnson & Johnson deals with. In 2024, the United States was the largest market, generating $50.30 billion, which was 56.63% of total revenue. Europe followed, contributing $20.21 billion, or 22.76% of the total. This means a significant portion of the revenue, and thus the payer negotiations, is centered in the U.S. system.

Johnson & Johnson is clearly segmenting its efforts based on the clinical need, which dictates the customer type:

• Innovative Medicine targets needs in Oncology, Immunology, and Neuroscience.
• MedTech targets needs in Cardiovascular, Surgery, Orthopaedics, and Vision.
• The company is actively managing the impact of biosimilar competition on high-margin products like STELARA.
• Growth in the second half of 2025 is anticipated from newly launched products and pipeline advancements.

The relationship with the payer system is critical, especially given the revenue concentration in the U.S. market. For example, the decline in gross margin was cited as being due to STELARA's higher margins and the impact of Part D redesign in the U.S. payer landscape. That's a direct financial impact felt from the payer segment.

Johnson & Johnson (JNJ) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for Johnson & Johnson, you see the heavy investment required to maintain leadership in both innovative medicine and MedTech. It's a cost profile defined by long-term scientific commitment and the operational scale of a global healthcare giant. Honestly, these aren't the costs of a simple widget maker; they reflect high-value, high-risk endeavors.

Heavily driven by Research and Development (R&D) expenses

Research and Development is a massive, non-negotiable cost. You have to keep the pipeline full, especially as blockbuster drugs face patent cliffs. For the third quarter of 2025, R&D expense was reported at $3,672 million, which represented exactly 15.3% of the reported sales for that quarter. Looking at the trailing twelve months ending September 30, 2025, the total R&D spend was $15.711B. This sustained investment is what fuels the next generation of high-margin therapies.

High cost of goods sold (COGS) due to complex manufacturing of biologics and devices

The complexity of manufacturing advanced biologics and sophisticated medical devices keeps the Cost of Revenue high. For the third quarter of 2025, the Cost of products sold was $7,303 million, which accounted for 30.4% of the reported sales for the period. This ratio shows you the inherent cost in producing their specialized portfolio, even with strong gross profit margins.

Significant Selling, General, and Administrative (SG&A) costs for global sales force and marketing

You need a massive, specialized global sales force to support both the Innovative Medicine and MedTech segments. The Selling, General, and Administrative Expenses for the trailing twelve months ending September 30, 2025, totaled $23.376B. For just the third quarter of 2025, this cost was $5,922 million, or 24.7% of sales. That deleveraged slightly in Q3 2025 by 40 basis points, driven partly by investment in recent acquisitions like Intracellular.

The key quarterly components of operating costs for Q3 2025 were:

Cost Component	Q3 2025 Amount (in Millions)	% of Reported Sales
Cost of products sold	$7,303	30.4
Selling, marketing and administrative expenses	$5,922	24.7
Research and development expense	$3,672	15.3

Costs associated with legal settlements and litigation reserves

Legal exposure is a persistent, lumpy cost that management must reserve for. While restructuring reserves as of March 30, 2025, were reported as insignificant, the ongoing talc litigation created significant, non-recurring charges. For instance, a Los Angeles jury ordered a payment of $966 million on October 7, 2025, which included $950 million in punitive damages. This is separate from the previously agreed-upon $700 million settlement with 42 U.S. states finalized in January 2024. These large, unpredictable payouts are a major factor in cost management.

Capital expenditures for advanced manufacturing facility expansion

To support the MedTech segment and future drug manufacturing, capital investment remains steady. The trailing twelve months (TTM) Capital Expenditures through September 2025 amounted to $4.607 billion. Looking at a recent quarter, the CapEx for the quarter ending June 29, 2025, was $1.043B. This spending supports the physical infrastructure needed for complex, high-quality production.

You should track the TTM CapEx against Free Cash Flow to see how much investment is eating into distributable cash.

• TTM Capital Expenditures (as of Sep 2025): $4.607 billion
• CapEx / FCF (TTM 2024): 22.3%
• CapEx / EBITDA (TTM 2025 Estimate): 12.75%

Finance: draft 13-week cash view by Friday.

Johnson & Johnson (JNJ) - Canvas Business Model: Revenue Streams

The revenue streams for Johnson & Johnson are fundamentally anchored in the sales generated by its two primary operating segments, Innovative Medicine and MedTech, supplemented by other income sources.

The Innovative Medicine segment remains the largest contributor to the top line. For the third quarter of 2025, this segment generated $15.6 billion in sales, representing approximately 65% of total reported sales for the quarter. This performance was fueled by key products in Oncology, Immunology, and Neuroscience. The total worldwide reported sales for Johnson & Johnson in Q3 2025 reached $24.0 billion.

The MedTech segment, encompassing Medical Devices & Technology, is the second major pillar. In Q3 2025, MedTech sales contributed $8.43 billion. This segment saw growth driven by Cardiovascular, General Surgery, and Vision product lines.

Johnson & Johnson has raised its outlook for the full fiscal year 2025. The current reported sales guidance is set between $93.5 billion and $93.9 billion.

Revenue realization is structured through various commercial strategies globally, including:

• Tiered pricing and reimbursement models for global markets, adapting to local healthcare systems and payer negotiations.
• Revenue derived from licensing and collaboration revenue from intellectual property and partnerships, which supplements core product sales.

Here is a summary of the key reported revenue figures from the third quarter of 2025:

Revenue Component	Q3 2025 Reported Sales Amount
Total Worldwide Reported Sales	$24.0 billion
Innovative Medicine Sales	$15.6 billion
MedTech Sales	$8.43 billion

The company's full-year expectations reflect confidence in its focused portfolio:

Metric	Full-Year 2025 Guidance Range
Reported Sales Guidance	$93.5 billion to $93.9 billion
Adjusted EPS Guidance (Midpoint)	$10.85