#TradFi交易分享挑战 Johnson & Johnson 2026: From the "Kingdom of Medicine" to Oncology Machinery

#TradFi交易分享挑战 Johnson & Johnson 2026: From the "Kingdom of Medicine" to Tumor Machinery

As a century-old giant, it begins to redefine the "pharmaceutical industry"
Many people first truly realize how formidable Johnson & Johnson (J&J) is, not because it has a single super drug,
but because you suddenly discover: it exists in almost every corner of the modern medical system.
From surgical instruments to artificial joints, from oncology drugs to autoimmune treatments, from sutures, interventional procedures, surgical robots to CAR-T,
Johnson & Johnson is like the Buendía family in "One Hundred Years of Solitude," sprawling and complex, with intricate pathways, yet always maintaining an astonishing sense of order.
It's hard to define it in one sentence because it has never been just a pharmaceutical company.
It’s more like a "medical industrial empire."

Over the past twenty years, most global pharma companies have been doing subtraction:
divesting non-core assets, focusing on a single track, emphasizing star technology platforms.
But Johnson & Johnson has always maintained a nearly classical business logic—
it doesn’t pursue a single breakout, but instead pursues "system stability."
This style is even somewhat reminiscent of Sima Yi in "Romance of the Three Kingdoms."
It may not be the sharpest, but often the last one standing.

In 2026, Johnson & Johnson is standing at a very delicate moment in time.
The consumer health business has already split off into Kenvue,
the "lifestyle consumer goods era" that sold Johnson’s baby oil, Band-Aids, and Tylenol is fading away;
what remains of Johnson & Johnson is increasingly like a pure high-end medical technology and innovative pharmaceutical group.
Thus, a new question begins to emerge:
after the disappearance of "consumer Johnson," what will "innovative Johnson" become?
The answer may be more radical than many imagine.
Because today’s Johnson & Johnson is no longer content to be a "steady pharmaceutical company."
It is trying to become: one of the most complete tumor industry platforms in the world.
This ambition is most clearly reflected in Darzalex (Daratumumab, CD38 antibody).
If PD-1 over the past decade belonged to Merck,
then one of the most successful commercial cases in hematologic malignancies undoubtedly belongs to Darzalex.

This CD38 antibody initially was just an innovative drug in multiple myeloma,
but under Johnson & Johnson, it gradually evolved into a vast treatment ecosystem.
Combination therapies, frontline treatments, subcutaneous versions, long-term maintenance…
Johnson & Johnson’s true strength has never been just "inventing a drug,"
but rather continuously pushing a drug into new clinical scenarios.
This capability is very much like the Jia family in "Dream of the Red Chamber."
A truly powerful family is never reliant on just one person, but on a continuously operating system.

The most terrifying aspect behind Darzalex is precisely this systemic capability.
Because while many biotech companies are still at the stage of "successful clinical data,"
Johnson & Johnson is already thinking about: how to build a global doctor network;
how to promote payment access; how to expand combination therapies; how to extend product lifecycle.
Therefore, Darzalex is essentially no longer just a single product, but an entire hematologic platform.
In the solid tumor field, Johnson & Johnson shows a completely different ambition.
Especially after the advent of ADC (antibody-drug conjugates), Johnson & Johnson has clearly accelerated.
One of its core assets is: Rybrevant (Amivantamab, EGFR/MET bispecific antibody).
The significance of this drug is not just for lung cancer indications.
It truly represents: Johnson & Johnson’s entry into the "precision oncology era."

Over the past decade, the core of lung cancer competition was PD-1;
but in the next decade, the industry’s landscape will likely be determined by: bispecifics; ADCs; RLT (radioligand therapy); molecularly driven precision treatments.
Rybrevant happens to be at this era’s turning point.
It combines the precise targeting of EGFR mutations in lung cancer with the platform features of bispecific antibodies.
More importantly, it allows Johnson & Johnson to establish the next-generation core entry point into the solid tumor field for the first time.
This change is very much like Gregor in "The Metamorphosis."
One day, you wake up and suddenly realize: this century-old company, once famous for consumer goods, has quietly transformed into a different organism.
And this "metamorphosis" is far from over.
Because Johnson & Johnson’s true confidence is not just in drugs.
Its most unique aspect is that it possesses one of the rare "dual-engine structures" among global pharma companies:
innovative drugs and medical devices.

Many times, the market underestimates the importance of device businesses.
But in reality, this is one of Johnson & Johnson’s deepest moats.
Whether in orthopedics, surgery, cardiovascular intervention, or robotic surgical platforms,
Johnson & Johnson is building an extremely stable hospital system connectivity.
This means it’s not like a pure pharma company that relies heavily on a single patent drug,
but can embed itself into hospital "treatment workflows" and "infrastructure" simultaneously.
This capability is especially important in an industry winter,
because it gives Johnson & Johnson a stability akin to a "cash flow moat."

It can even be said: what Johnson & Johnson truly sells is never just drugs,
but part of the entire modern healthcare system.
And because of this, Johnson & Johnson has always maintained a very special temperament in capital markets.
It’s not as growth-imaginative as Lilly, nor as weight-loss focused as Novo Nordisk,
nor as revolutionary as BioNTech.
It’s more like the Corleone family in "The Godfather."
Calm, restrained, massive, and rarely making mistakes.
But the problem lies precisely here.
Because today’s global innovative drug industry is entering an era of increasing "technological polarization."
ADC, bispecifics, CAR-T, radiopharmaceuticals, AI-driven drug discovery, GLP-1…
Almost every new direction involves huge investments and rapid iteration.
And whether Johnson & Johnson’s traditionally "systematic and steady" approach can adapt to this increasingly aggressive era is becoming a real concern for the market.
Especially in the tumor field.
Although Johnson & Johnson currently owns: Darzalex (CD38), Rybrevant (EGFR/MET), Carvykti (Ciltacabtagene Autoleucel, BCMA CAR-T), TAR-200 (bladder cancer local delivery),
it still faces enormous challenges.
Because today’s tumor competition is no longer just about "having a product."
It’s about: who can build the next-generation treatment platform.
In other words, Johnson & Johnson’s biggest future test is not short-term finances,
but whether it can truly transform from a "steady giant" into a company that continuously creates next-generation technology platforms.

If successful, it could become one of the most stable and least disruptible medical empires in the world.
If it fails, it may fall into the typical problem of large pharma:
possessing a vast system but gradually losing the pace of the times.
Therefore, in 2026, Johnson & Johnson is standing at a very delicate position.
It remains powerful, wealthy, and one of the most complete healthcare systems globally.
But at the same time, it must answer the ultimate question all century-old giants face:
when an era ends, can you reinvent yourself?
$JNJ