Has Johnson & Johnson Stock Become A Different Bet?

Investors are paying a premium for Johnson & Johnson (JNJ) stock. It trades at 29.2 times earnings, compared to 22.9 for the S&P 500. Shareholders paying that premium need to understand exactly what they are buying, and the priorities at the company have changed. A year ago, during the fiscal Q3 2025 call, executives emphasized how the business would maintain growth despite the loss of exclusivity for STELARA, which is the point when rivals can sell copies of a drug. The corporate focus has shif