JNJ isn’t a significant player in branded generics in emerging markets, so it’s less of a thematic play on The Global Demographic Tailwind than such companies as ABT and PFE.
Pharmaceuticals comprise about 1/3 of JNJ’s sales; medical devices and consumer products make up the other 2/3.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”