as another commenter said, that marketing spend also includes JNJs massive consumer products business and med device business Also, pharma increasingly buys ne

as another commenter said, that marketing spend also includes JNJs massive consumer products business and med device business Also, pharma increasingly buys new products through acquisitions rather than develop them in house these days. So you have to look at the balance sheet, not just the p&l. Note that JNJ spent $30B buying actelion last year among other smaller acquisitions