Johnson & Johnson
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Acquisitions
5
Total Acquisitions
$74.3B
Disclosed Deal Value
2025
$14.6B
J&J agreed to acquire Intra-Cellular Therapies for $132.00 per share in cash, adding the neuroscience drug CAPLYTA and related pipeline assets to its Innovative Medicine business.
At $14.6 billion, it became J&J's largest deal since Actelion in 2017 and marked a major push into neuroscience treatments.
The acquisition closed April 2, 2025, expanding J&J's Innovative Medicine segment, which reached $60.40 billion in revenue that year.
2024
$13.1B
J&J acquired Shockwave Medical, a leading maker of intravascular lithotripsy devices used to treat calcified coronary and peripheral artery disease, to further build out its cardiovascular MedTech business.
The deal added a differentiated device technology (breaking up arterial calcium with sonic-pressure waves) that complemented Abiomed's heart-pump portfolio.
Shockwave strengthened J&J's cardiovascular MedTech offering as the segment scaled toward more than a third of total company revenue.
2023
Johnson & Johnson separated its consumer-health business -- Band-Aid, Tylenol, Listerine, Neutrogena -- into the standalone public company Kenvue, rather than acquiring a company.
The separation left J&J as a more focused healthcare company built around two segments, Innovative Medicine and MedTech, freeing capital and management attention previously split across three business lines.
The divestiture funded J&J's subsequent acquisition spree, including Abiomed, Shockwave Medical, and Intra-Cellular Therapies, all completed within two years of the Kenvue spinoff.
2022
$16.6B
J&J acquired heart-pump maker Abiomed to expand its MedTech cardiovascular device portfolio, paying $380 per share upfront plus contingent value rights of up to $35 per share tied to milestones.
It was J&J's largest deal since Actelion in 2017 and its first major MedTech-focused acquisition following the Kenvue separation announcement.
Abiomed's heart-pump technology was integrated into J&J's MedTech segment, which grew to $33.79 billion in revenue by 2025.
2017
$30.0B
J&J acquired the Swiss biotech Actelion to add pulmonary arterial hypertension treatments and strengthen its specialty pharmaceutical pipeline.
At $30 billion it was J&J's largest acquisition at the time and remained its benchmark 'biggest deal' until the 2025 Intra-Cellular Therapies purchase.
Actelion's drugs were folded into J&J's Innovative Medicine segment, reinforcing the higher-margin pharmaceutical business that now generates about 64% of company revenue.
The company is investing in oncology, immunology, neuroscience, cardiovascular MedTech, electrophysiology, surgery, R&D, acquisitions, and global commercial execution.
J&J operates a dual-engine healthcare model split into two reporting segments. Innovative Medicine (pharmaceuticals and biologics) is the larger, higher-margin business, generating $60.40 billion in 2025 (about 64% of total revenue) from blockbuster immunology, oncology, and neuroscience drugs sold primarily to healthcare systems, pharmacies, and distributors -- pricing power that comes with patent-cliff risk once exclusivity expires. MedTech (medical devices) generated $33.79 billion (about 36%), selling surgical robots, artificial joints, cardiovascular devices, and orthopedic implants directly to hospital systems, a steadier business that doesn't face the same all-or-nothing patent expiration risk. Both segments grew about 6% in 2025, taking total revenue to $94.193 billion. J&J has actively reshaped this two-segment structure through acquisitions and divestitures: it separated its consumer-health business (Band-Aid, Tylenol, Listerine) into the standalone company Kenvue in 2023 to sharpen focus on higher-margin medicine and devices, then used the resulting balance-sheet flexibility for large acquisitions including Abiomed ($16.6 billion, 2022), Shockwave Medical ($13.1 billion, 2024), and Intra-Cellular Therapies ($14.6 billion, 2025). That pattern -- shedding slower-growth consumer products while buying innovation-stage drug and device makers -- has defined J&J's capital allocation for more than a decade. J&J's talc-related litigation liability, stemming from baby-powder lawsuits predating the Kenvue separation, remains a contingent financial risk investors weigh against the company's segment growth.
Johnson & Johnson has completed approximately 5 corporate acquisitions on record.
When evaluating M&A targets, Johnson & Johnson prioritizes complementary technology, specialized engineering talent, and immediate synergies that support workflow automation.
Acquisitions enable Johnson & Johnson to absorb critical capabilities faster than building in-house, accelerating its time-to-market across Healthcare and Pharmaceuticals.