Healthcare
Healthcare Pharma
Leftover pharma, not the GLP-1 page
JNJ $94.2 billion, BMS $48.2 billion, Gilead $29.4 billion, Vertex $12.0 billion. Lilly, Pfizer, Merck, AbbVie, and Amgen stay on the roster as dual-homes. Their GLP-1 and vaccine P&Ls live on those sector pages.
JNJ is two companies
2025: Innovative Medicine $60.4 billion and MedTech $33.8 billion. STELARA was an approximate 1,040 basis-point drag on Innovative Medicine operational growth. Oncology and immunology are the offset.
Gilead is still an HIV company
2025 HIV product sales $20.8 billion, including Biktarvy $14.3 billion. Oncology $3.2 billion. Group revenue $29.4 billion. This is not a vaccine or GLP-1 print.
BMS: growth book versus legacy book
2025 Growth Portfolio $26.4 billion, up 17 percent. Legacy Portfolio $21.8 billion, down 15 percent. Eliquis $14.4 billion and Opdivo $10.0 billion sit inside those two books. Group revenue was flat at $48.2 billion.
