Bristol-Myers Squibb vs. Johnson & Johnson: Which Healthcare Stock Is a Better Buy in 2026?

Johnson & Johnson (JNJ) shares fell 5.73% despite Q3 earnings beating expectations. The company reported adjusted EPS of $2.59 and revenues of $25.40 billion, a 5.9% YoY increase. JNJ raised full-year guidance but faced pressure from a $5.5 billion talc charge and slowing growth in key segments. The stock has a 2.04% dividend yield and a GF Score of 83/100, but is trading 31.4% above its intrinsic value.

Johnson & Johnson (JNJ) reported Q3 revenue of $25.9B and EPS of $2.59, beating estimates, but shares fell 6% due to weak medical device sales. The company raised its 2026 sales and earnings guidance. JNJ's medical tech division, about 1/3 of total sales, underperformed, with CEO hinting at a potential spinoff of its orthopedics business. Despite this, JNJ's oncology business grew 16% YoY, driven by key drugs like Darzalex, Rybrevant, and Tecvayli.

Johnson & Johnson reported that the CHMP recommended approval for TALVEY (talquetamab) plus daratumumab for relapsed/refractory multiple myeloma. The MonumenTAL-3 study showed significant improvements in progression-free and overall survival for talquetamab combinations compared to standard treatment. Key secondary endpoints also showed statistically significant improvements, with manageable safety profiles.

The EMA's CHMP recommended expanding talquetamab (Talvey) to include its use with daratumumab (Darzalex) in relapsed/refractory multiple myeloma. The phase 3 MonumenTAL-3 trial showed a 72% risk reduction in progression or death for talquetamab plus daratumumab and pomalidomide (Tal-DP) vs standard therapy. Johnson & Johnson's Ester in 't Groen highlighted significant improvements in PFS and OS, according to the company.

The EU drug regulator's expert panel endorsed six new medicines and five label expansions in October 2026, benefiting Eli Lilly, Pfizer, and Johnson & Johnson. Lilly's weight loss pill Foundayo and Pfizer's breast cancer therapy Tukysa received positive opinions. Johnson & Johnson's cancer therapy Talvey was recommended for an indication extension. Other companies like Ionis, Regeneron, and Revolution Medicines also received positive opinions for their respective drugs.

J&J EMEA announced the CHMP recommended approving TALVEY (talquetamab) in combination with daratumumab for treating adults with relapsed or refractory multiple myeloma who have had at least one prior therapy. The recommendation is based on Phase 3 results showing 81% progression-free survival and 89% overall survival at 24 months. If approved, it would be the only GPRC5D-targeting bispecific antibody combination therapy for second-line treatment.