Johnson & Johnson
JNJ
Health Care
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Johnson & Johnson spent $8.25 million on federal lobbying in 2024, according to OpenSecrets. The company's political action committee distributed $519,500 to federal candidates in the 2023-2024 cycle, with total PAC contributions reaching $1.76 million including state-level disbursements. These expenditures fund a lobbying operation focused on drug pricing, regulatory access, and patent protection.
The lobbying apparatus has been deployed against direct public interest. In July 2023, Johnson & Johnson sued the Biden administration to block Medicare drug price negotiations authorized by the Inflation Reduction Act, arguing the program violated the First and Fifth Amendments. The company's blood thinner Xarelto was among the first ten drugs selected for negotiation due to its position as one of the most costly Medicare Part D drugs. Johnson & Johnson also used patent-stacking strategies on its blockbuster immunology drug Stelara, acquiring patents a decade after the drug's original approval that were specific to biosimilar manufacturing processes unrelated to producing Stelara itself. Public Citizen documented how Johnson & Johnson leveraged these secondary patents to delay U.S. biosimilar competition until 2025, years after lower-cost alternatives became available in other countries.
Major lawsuits and large verdicts related to talc products causing cancer and role in opioid crisis.
Research Sources
6 organizations
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.