强生Q3两线超预期并上调2026指引，但MedTech收入不及预期，盘中跌约6%

A Q3 beat on both lines and a boost in 2026 sales and adjusted earnings guidance are not enough to push J&J higher Tuesday as disappointing MedTech revenues are weighing on shares. At noon ET, shares are down ~6%. While sales in the healthcare giant's pharmaceuticals business in the quarter jumped 7.7% compared to the prior-year period, the MedTech segment saw only a 2.5% increase. MedTech brought in ~$8.64B, falling short of the Street's expectation of $8.74B. Surgery, the company's largest MedTech segment in terms of revenue, fell 0.6% year over year to ~$2.5B. Its second largest MedTech business, cardiovascular, grew 3.3% year-over-year to ~$2.3B. The largest percentage MedTech increase was in its Shockwave Medical division, now known as circulatory restoration solutions, with a 16.8% increase to $325M. J&J CFO Joseph Wolk attributed the disappointing MedTech performance to international sales, particularly the Middle East. "It’s not that demand isn’t there, it's just that the budgets in some of those surrounding countries are being allocated toward defense," he told Barron's . "We think that has to come back because they still prioritize healthcare for their citizens."