Johnson & Johnson reported second-quarter 2025 adjusted earnings per share (EPS) of $2.77, surpassing analyst estimates of $2.68, with revenue reaching $23.74 billion compared to the expected $22.84 billion. Despite Stelara revenue declining to $1.65 billion versus an estimate of $1.81 billion, Darzalex sales rose to $3.54 billion, exceeding the projected $3.38 billion. The company raised its full-year 2025 sales outlook to a range of $93.2 billion to $93.6 billion from the prior $91 billion to $91.8 billion, and adjusted EPS guidance was increased to $10.80 to $10.90, above estimates of $10.64. Johnson & Johnson highlighted operational sales growth of 4.6% driven by strong performances in its Innovative Medicine and MedTech segments, despite the loss of exclusivity for Stelara. Meanwhile, Merck & Co. reported second-quarter 2025 revenue of $15.81 billion, slightly below estimates of $15.89 billion, and adjusted EPS of $2.13, beating the $2.01 estimate but down 7% year-over-year. Merck’s Keytruda sales totaled $8 billion, with Gardasil contributing $1.1 billion. The company announced plans to cut jobs aiming to save $3 billion by the end of 2027 and narrowed its full-year 2025 sales guidance to $64.3 billion to $65.3 billion from the previous $64.1 billion to $65.6 billion. Merck’s CEO stated the restructuring will redirect investment towards new growth drivers.