J&J plans Orthopaedics spin-off, reverses $7B talc reserve, faces STELARA biosimilar erosion

Filed February 11, 2026 · Period ending December 28, 2025 · Compared to 10-K Feb 13, 2025 · ~1 min read

Key Changes

• high

  Announced October 2025 plan to separate Orthopaedics business within 18-24 months; completion uncertain, subject to regulatory approvals and Board consent. Separation costs will be significant.

  Business: Orthopaedics separation verify on EDGAR →
• high

  Reversed ~$7.0B of talc litigation reserve, reducing balance from $11.6B to $3.4B. Removed detailed bankruptcy plan language from prior filing, suggesting settlement progress or scope change.

  Notes: Talc reserve verify on EDGAR →
• high

  STELARA sales collapsed 41% to $6.1B (from $10.4B) due to biosimilar competition, dragging worldwide operational sales growth down 6.2 percentage points. Revenue contribution fell from 11.7% to 6.5%.

  MD&A: STELARA biosimilar impact verify on EDGAR →