Johnson & Johnson (JNJ) Presents at Deutsche Bank 2026 Healthcare Summit Transcript

Johnson & Johnson ( JNJ ) Deutsche Bank 2026 Healthcare Summit September 17, 2026 12:00 PM EDT Company Participants Joseph Wolk - Executive VP & CFO Conference Call Participants Andrew Callaway Jonathan Guskind Presentation Andrew Callaway Good afternoon, everybody. My name is Andrew Callaway. I'm responsible for healthcare investment banking here at Deutsche Bank. I'm joined by my partner, Jonathan Guskind, who's responsible for our MedTech effort. And we are so pleased to have our good friend, Joe Wolk here today. For those who don't know Joe, he's the Executive Vice President and CFO at Johnson & Johnson. So really excited to have this fireside with him. Today, we're going to start with some high-level questions. Then we're going to jump into MedTech. Then we'll do a bit of a deep dive on pharma, and then we'll close with some capital allocation questions. So let's jump in, Joe. Question-and-Answer Session Andrew Callaway You guys had a great Q2. You've been able to indicate that you're going to generate sales north of $100 billion this year, which is exciting. Innovative Medicine represents about 2/3 of that and MedTech, the remaining 1/3. How do you see the balance potentially changing over time? Do you feel like you got the right balance between the 2 businesses? Or do you think as you look forward, that could change? Joseph Wolk Executive VP & CFO Yes. First off, thank you, Cal and Jon, for your interest as well as all of you for your interest in Johnson & Johnson. It certainly is a pleasure to be here today. And it's, I think, a really good story that we have to talk about at these conferences nowadays. I got to say the Board, the executive committee, we don't really wake up to a formula that says it's got to be 2/3 pharmaceuticals and 1/3 MedTech. We want to make sure, and