We are leaving our position in Bristol Myers Squibb (Bristry Myers) and investing in a new position in Johnson & Johnson (Johnson & Johnson), stating that they will no longer own a position in BMY and will own 145 shares of JNJ, representing about 1% of their portfolio. The Charitable Trust will not own BMY but will own 150 shares at roughly $237.65. The firm is focusing on the future of Bristol Myers, which had a disappointing first 10 months of 2025 due to pharmaceutical-tariff worries and a missed late-stage Cobenfy trial. However, Johnson & J has seen a significant increase in its share since the start of the year, with a roughly 30% gain over Bristol Myers' 25% return over the same period. The company generated about $94 billion in sales in 2025, largely from its pharmaceutical division, Innovative Medicines, and medical products segment, MedTech, with revenues increasing by 5.3% year over year in 2025. The FDA recently approved Icotyde for the treatment of moderate-to-severe plaque psoriasis in adults and children 12 and older, potentially a significant competitor to existing treatments.