JNJ Stock Edges Up After-Hours On Apollo’s $20B Orthopedics Talks

People familiar with the discussions told Bloomberg that Apollo is working toward a valuation of close to $20 billion for the unit, known as DePuy Synthes.

• The talks remain private and may not produce a transaction, Bloomberg said.
• J&J announced in October 2025 that it intends to separate the orthopedics business.
• At the Wells Fargo healthcare conference on September 9, MedTech chairman Tim Schmid said J&J still aims to separate orthopedics and will choose a path — spin or sale — that creates the most value.

Johnson & Johnson shares edged higher after the close on Friday as investors digested a late report that Apollo Global Management is in talks to buy the company’s orthopedics business.

The stock finished regular trading at $265.58, down 0.29%, then edged 0.5% higher in after-hours trading.

Apollo Circles A $20 Billion Prize

People familiar with the discussions told Bloomberg that Apollo is working toward a valuation of close to $20 billion for the unit, known as DePuy Synthes, that the company has been looking to separate. Other private-equity firms have also looked at the business.

The talks remain private and may not produce a transaction, the report said, while adding that the parent company could also decide to spin off the business as a separate publicly traded company.  

What DePuy Synthes Represents

DePuy Synthes makes implants and instruments for hip, knee, shoulder, trauma and spine procedures and generated about $9.3 billion in 2025 sales — roughly a tenth of J&J’s revenue and close to 30% of MedTech. J&J has said a standalone DePuy would be the world’s largest dedicated orthopedics company. The franchise traces back to J&J’s 1998 purchase of DePuy and its 2012 deal for Synthes.

The business is profitable but growing more slowly than the cardiovascular, surgery, and vision lines J&J wants to emphasize after recent acquisitions, including Abiomed and Shockwave Medical.

A Spin That Became A Sale Option

J&J announced in October 2025 that it intends to separate the orthopedics business. That work is underway and slated to be completed by 2027.

At the Wells Fargo healthcare conference on September 9, MedTech chairman Tim Schmid said J&J still aims to separate orthopedics and will choose a path — spin or sale — that creates the most value.

Recent operating updates show the unit being prepared to stand alone. Orthopedics sales were $2.42 billion in the second quarter, up in the mid-single digits, and J&J booked separation-related costs of $377 million in the first half even as it raised 2026 sales guidance toward about $101 billion.

How Did JNJ Retail Traders React?

On Stocktwits, retail sentiment around JNJ stock stayed in ‘bearish’ territory, while message volume remained ‘low.’

JNJ stock has gained 28% year-to-date.  

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