JNJ Positive Sentiment
Johnson & Johnson reports Q4 and Full-Year 2025 results
Wednesday, January 21, 2026 BiopharmaWatch Research 6 min read Key Takeaway: Johnson & Johnson reported strong financial results for Q4 and full-year 2025, highlighting significant growth in its Innovative Medicine and MedTech segments. The company emphasized its robust pipeline and portfolio, which are expected to drive continued growth. However, challenges such as the impact of STELARA in Immunology and uncertainties in future financial predictions were noted.
Full Press Release Details
NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--Johnson & Johnson (NYSE: JNJ) today announced results for fourth-quarter and full-year 2025. “2025 was a catapult year for Johnson & Johnson, fueled by the strongest portfolio and pipeline in our history,” said Joaquin Duato, Chairman and Chief Executive Officer, Johnson & Johnson. “Last year kicked off a new era of accelerated growth, driven by medical innovation that is transforming lives in our six key businesses: Oncology, Immunology, Neuroscience, Cardiovascular, Surgery, and Vision. In each of these important areas, our leadership is expanding driven by game-changing science and technology.”
Overall financial results
| | | Q4 | | Full Year |
| ($ in Millions, except EPS) | | 2025 | | 2024 | | % Change | | 2025 | | 2024 | | % Change |
| Reported Sales | | $24,564 | | $22,520 | | 9.1% | | $94,193 | | $88,821 | | 6.0% |
| Net Earnings | | $5,116 | | $3,431 | | 49.1% | | $26,804 | | $14,066 | | 90.6% |
| EPS (diluted) | | $2.10 | | $1.41 | | 48.9% | | $11.03 | | $5.79 | | 90.5% |
| | | | | | | | | | | | | |
| | | Q4 | | Full Year |
| Non-GAAP* ($ in Millions, except EPS) | | 2025 | | 2024 | | % Change | | 2025 | | 2024 | | % Change |
| Operational Sales1,2 | | | | | | 7.1% | | | | | | 5.3% |
| Adjusted Operational Sales1,3 | | | | | | 6.1% | | | | | | 4.2% |
| Adjusted Net Earnings1,4 | | $6,009 | | $4,946 | | 21.5% | | $26,215 | | $24,242 | | 8.1% |
| Adjusted EPS (diluted)1,4 | | $2.46 | | $2.04 | | 20.6% | | $10.79 | | $9.98 | | 8.1% |
| Free Cash Flow5,6 | | | | | | | | ~$19,700 | | $19,842 | | |
| 1 | Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules |
| 2 | Excludes the impact of translational currency |
| 3 | Excludes the net impact of acquisitions and divestitures and translational currency |
| 4 | Excludes intangible amortization expense and special items |
| 5 | Non-GAAP measure; defined as cash flow from operating activities, less additions to property, plant and equipment. Cash flow from operations, the most directly comparable GAAP financial measure, will be included in subsequent SEC filings. |
| 6 | Full year 2025 is estimated as of January 21, 2026. |
| Note: values may have been rounded |
Regional sales results
| Q4 | | | | | | | | % Change | | |
| ($ in Millions) | | 2025 | | 2024 | | Reported | | Operational1,2 | | Currency | | AdjustedOperational1,3 |
| U.S. | | $14,195 | | $13,204 | | 7.5% | | 7.5 | | - | | 5.7 |
| International | | 10,369 | | 9,316 | | 11.3 | | 6.6 | | 4.7 | | 6.8 |
| Worldwide | | $24,564 | | $22,520 | | 9.1% | | 7.1 | | 2.0 | | 6.1 |
| | | | | | | | | | | | | |
| Full Year | | | | | | | | % Change | | |
| ($ in Millions) | | 2025 | | 2024 | | Reported | | Operational1,2 | | Currency | | AdjustedOperational1,3 |
| U.S. | | $53,752 | | $50,302 | | 6.9% | | 6.9 | | - | | 4.9 |
| International | | 40,441 | | 38,519 | | 5.0 | | 3.4 | | 1.6 | | 3.3 |
| Worldwide | | $94,193 | | $88,821 | | 6.0% | | 5.3 | | 0.7 | | 4.2 |
| 1 | Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules |
| 2 | Excludes the impact of translational currency |
| 3 | Excludes the net impact of acquisitions and divestitures and translational currency |
| Note: values may have been rounded |
Segment sales results
| Q4 | | | | | | | | % Change | | |
| ($ in Millions) | | 2025 | | 2024 | | Reported | | Operational1,2 | | Currency | | AdjustedOperational1,3 |
| Innovative Medicine | | $15,763 | | $14,332 | | 10.0% | | 7.9 | | 2.1 | | 6.2 |
| MedTech | | 8,801 | | 8,188 | | 7.5 | | 5.8 | | 1.7 | | 5.9 |
| Worldwide | | $24,564 | | $22,520 | | 9.1% | | 7.1 | | 2.0 | | 6.1 |
| | | | | | | | | | | | | |
| Full Year | | | | | | | | % Change | | |
| ($ in Millions) | | 2025 | | 2024 | | Reported | | Operational1,2 | | Currency | | AdjustedOperational1,3 |
| Innovative Medicine | | $60,401 | | $56,964 | | 6.0% | | 5.3 | | 0.7 | | 4.1 |
| MedTech | | 33,792 | | 31,857 | | 6.1 | | 5.4 | | 0.7 | | 4.3 |
| Worldwide | | $94,193 | | $88,821 | | 6.0% | | 5.3 | | 0.7 | | 4.2 |
| 1 | Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules |
| 2 | Excludes the impact of translational currency |
| 3 | Excludes the net impact of acquisitions and divestitures and translational currency |
| Note: values may have been rounded |
Full-year 2025 segment commentary:
Operational sales* reflected below excludes the impact of translational currency.
Innovative Medicine
Innovative Medicine worldwide operational sales grew 5.3%*, with net acquisitions and divestitures positively impacting growth by 1.2% primarily due to CAPLYTA. Growth was driven primarily by DARZALEX, CARVYKTI, ERLEADA, and RYBREVANT/LAZCLUZE in Oncology, TREMFYA and SIMPONI/SIMPONI ARIA in Immunology, and SPRAVATO in Neuroscience. Growth was partially offset by an approximate (1,040) basis points impact from STELARA in Immunology.
MedTech
MedTech worldwide operational sales grew 5.4%*, with net acquisitions and divestitures positively impacting growth by 1.1% primarily due to Shockwave. Growth was driven primarily by electrophysiology products and Abiomed in Cardiovascular and wound closure products in General Surgery.
Full-year 2026 guidance:
Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses, and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson's results computed in accordance with GAAP.
| ($ in Billions, except EPS) | | January 2026 |
| Adjusted Operational Sales1,2Change vs. Prior Year / Mid-point | | 5.4% – 6.4% / 5.9% |
| Operational Sales2/ Mid-pointChange vs. Prior Year / Mid-point | | $99.5B – $100.5B / $100.0B5.7% – 6.7% / 6.2% |
| Estimated Reported Sales3/ Mid-pointChange vs. Prior Year / Mid-point | | $100.0B – $101.0B / $100.5B6.2% – 7.2% / 6.7% |
| Adjusted Operational EPS (Diluted)2,4/ Mid-pointChange vs. Prior Year / Mid-point | | $11.28 – $11.48 / $11.384.5% – 6.5% / 5.5% |
| Adjusted EPS (Diluted)3,4/ Mid-pointChange vs. Prior Year / Mid-point | | $11.43 – $11.63 / $11.535.9% – 7.9% / 6.9% |
| 1 | Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures |
| 2 | Non-GAAP financial measure; excludes the impact of translational currency |
| 3 | Calculated using Euro Average Rate: January 2026 = $1.17 (Illustrative purposes only) |
| 4 | Non-GAAP financial measure; excludes intangible amortization expense and special items |
| Note: percentages may have been rounded |
Other modeling considerations will be provided on thewebcast.
Notable announcements in the quarter:
The information contained in this section should be read together with Johnson & Johnson’s other disclosures filed with the Securities and Exchange Commission, including its Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Copies of these filings are available online at
www.sec.gov,www.jnj.comor on request from Johnson & Johnson. The reader is also encouraged to review all other news releases and information available in the Investor Relations section of the company’s website atInvestor News, as well asInnovative Medicine Newsroom,MedTech News & Events, and
www.factsabouttalc.com.
| Regulatory | Johnson & Johnson Submits OTTAVA Robotic Surgical System to the U.S. Food and Drug Administration1 | Press Release |
| | Johnson & Johnson Receives FDA Approval for TRUFILL n‑BCA Liquid Embolic System for the Treatment of Symptomatic Chronic Subdural Hematoma | Press Release |
| | U.S. FDA Approval of RYBREVANT FASPRO (amivantamab and hyaluronidase-lpuj) Enables the Simplest, Shortest Administration Time for a First-Line Combination Regimen when Combined with LAZCLUZE (lazertinib) | Press Release |
| | U.S. FDA approves AKEEGA as the first precision therapy for BRCA2-mutated metastatic castration-sensitive prostate cancer with 54% reduction in disease progression vs standard of care | Press Release |
| | DARZALEX FASPRO is the first and only treatment approved by the U.S. FDA for patients with high-risk smoldering multiple myeloma | Press Release |
| | FDA approval of CAPLYTA (lumateperone) has the potential to reset treatment expectations, offering hope for remission in adults with major depressive disorder | Press Release |
| Data Releases | New clinical data highlights CAPLYTA (lumateperone) as a promising option for achieving remission in adults with major depressive disorder1 | Press Release |
| | TECVAYLI monotherapy demonstrates superior progression-free and overall survival versus standard of care as early as first relapse in patients with multiple myeloma predominantly refractory to anti-CD38 therapy and lenalidomide1 | Press Release |
| | RYBREVANT (amivantamab-vmjw) longer-term results show promising and durable responses in difficult-to-treat colorectal cancer1 | Press Release |
| | Johnson & Johnson unveils new data showing nipocalimab is the first and only investigational FcRn blocker with potential to reduce systemic lupus erythematosus (SLE) activity in a Phase 2 study1 | Press Release |
| | Unprecedented results from the Phase 3 MajesTEC-3 study support TECVAYLI plus DARZALEX FASPRO as a potential standard of care as early as second line for patients with relapsed/refractory multiple myeloma | Press Release |
| | Earlier use of CARVYKTI demonstrated lasting treatment-free remissions at 2.5 years in patients with relapsed or refractory multiple myeloma | Press Release |
| | Johnson & Johnson's INLEXZO (gemcitabine intravesical system) delivers 74 percent disease-free survival at one year in BCG-unresponsive, high-risk, papillary-only NMIBC | Press Release |
| | New long-term data reinforces TREMFYA (guselkumab) as the only IL-23 inhibitor proven to substantially inhibit structural joint damage in active psoriatic arthritis | Press Release |
| | Johnson & Johnson announces first head-to-head study comparing IMAAVY with an alternative FcRn blocker in generalized myasthenia gravis (gMG) at AANEM Annual Meeting | Press Release |
| | Icotrokinra maintains standout combination of therapeutic benefit and a favorable safety profile in once-daily pill through 28 weeks in ulcerative colitis | Press Release |
| | TREMFYA (guselkumab), the first and only IL-23 inhibitor with a fully subcutaneous treatment regimen, demonstrates durable remission in Crohn's disease at two years | Press Release |
| | Published in The Lancet: Nipocalimab significantly decreased Sjögren's disease (SjD) activity and severity through substantial reduction in Sjögren's-related autoantibodies | Press Release |
| | Icotrokinra long-term results affirm promise of targeted oral peptide with high rates of durable skin clearance and favorable safety profile in difficult-to-treat scalp and genital psoriasis | Press Release |
| | Subcutaneous amivantamab delivers promising 45 percent overall response rate with median duration of 7.2 months in recurrent or metastatic head and neck cancer | Press Release |
| | TECVAYLI plus DARZALEX FASPRO combination regimen significantly improves progression-free survival and overall survival versus standard of care | Press Release |
| Other | Johnson & Johnson Reaches Agreement with U.S. Government to Improve Access to Medicines and Lower Costs for Millions of Americans; Delivers on U.S. Manufacturing and Innovation Investments1 | Press Release |
| Johnson & Johnson completes acquisition of Halda Therapeutics and its novel platform to revolutionize cancer treatment and enable next-generation oral therapies | Press Release |
| Johnson & Johnson Announces Intent to Separate Its Orthopaedics Business | Press Release |
| 1Subsequent to the quarter |
Webcast information:
Johnson & Johnson will conduct a conference call with investors to discuss this earnings release today at 8:30 a.m., Eastern Time. A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting theJohnson & Johnson website. A replay and podcast will be available approximately two hours after the live webcast in the Investor Relations section of the company's website atevents-and-presentations.
About Johnson & Johnson:
At Johnson & Johnson, we believe health is everything. Our strength in healthcare innovation empowers us to build a world where complex diseases are prevented, treated, and cured, where treatments are smarter and less invasive, and solutions are personal. Through our expertise in Innovative Medicine and MedTech, we are uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow, and profoundly impact health for humanity. Learn more at
www.jnj.com.
Non-GAAP financial measures:
* “Operational sales growth” excluding the impact of translational currency, “adjusted operational sales growth” excluding the net impact of acquisitions and divestitures and translational currency, as well as “adjusted net earnings”, “adjusted diluted earnings per share” and “adjusted operational diluted earnings per share” excluding after-tax intangible amortization expense and special items, are non-GAAP financial measures and should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Except for guidance measures, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying financial schedules of the earnings release and the Investor Relations section of the company's website atquarterly results.
Copies of the financial schedules accompanying this earnings release are available on the company’s website atquarterly results. These schedules include supplementary sales data, a condensed consolidated statement of earnings, reconciliations of non-GAAP financial measures, and sales of key products/franchises. Additional information on Johnson & Johnson, including adjusted income before tax by segment, anInnovative Medicine pipelineof selected compounds in late stage development and a copy of today’s earnings call presentation can also be found in the Investor Relations section of the company's website atquarterly results.
Note to investors concerning forward-looking statements:
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: future operating and financial performance, product development, and market position and business strategy. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations or changes to applicable laws and regulations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the Company to successfully execute strategic plans, including restructuring plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; and increased scrutiny of the health care industry by government agencies. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s most recent Annual Report on Form 10-K, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in Johnson & Johnson’s subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at
www.sec.gov,www.jnj.com,investor.jnj.com, or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.
| Johnson & Johnson and Subsidiaries |
| Supplementary Sales Data |
| | | | | | | | | | | | | | | | | | | | |
| (Unaudited; Dollars in Millions) | FOURTH QUARTER | | TWELVE MONTHS |
| | | | | | Percent Change | | | | | | Percent Change |
| | 2025 | | 2024 | | Total | | Operations | | Currency | | 2025 | | 2024 | | Total | | Operations | | Currency |
| Sales to customers by | | | | | | | | | | | | | | | | | | | |
| segment of business | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| Innovative Medicine | | | | | | | | | | | | | | | | | | | |
| U.S. | $ | 9,689 | | 8,977 | | 7.9 | % | 7.9 | | - | | $ | 36,344 | | 33,970 | | 7.0 | % | 7.0 | | - |
| International | | 6,074 | | 5,355 | | 13.4 | | 7.9 | | 5.5 | | | 24,057 | | 22,994 | | 4.6 | | 2.9 | | 1.7 |
| | | 15,763 | | 14,332 | | 10.0 | | 7.9 | | 2.1 | | | 60,401 | | 56,964 | | 6.0 | | 5.3 | | 0.7 |
| | | | | | | | | | | | | | | | | | | | |
| MedTech | | | | | | | | | | | | | | | | | | | |
| U.S. | | 4,506 | | 4,227 | | 6.6 | | 6.6 | | - | | | 17,408 | | 16,332 | | 6.6 | | 6.6 | | - |
| International | | 4,295 | | 3,961 | | 8.5 | | 4.9 | | 3.6 | | | 16,384 | | 15,525 | | 5.5 | | 4.1 | | 1.4 |
| | | 8,801 | | 8,188 | | 7.5 | | 5.8 | | 1.7 | | | 33,792 | | 31,857 | | 6.1 | | 5.4 | | 0.7 |
| | | | | | | | | | | | | | | | | | | | |
| U.S. | | 14,195 | | 13,204 | | 7.5 | | 7.5 | | - | | | 53,752 | | 50,302 | | 6.9 | | 6.9 | | - |
| International | | 10,369 | | 9,316 | | 11.3 | | 6.6 | | 4.7 | | | 40,441 | | 38,519 | | 5.0 | | 3.4 | | 1.6 |
| Worldwide | $ | 24,564 | | 22,520 | | 9.1 | % | 7.1 | | 2.0 | | $ | 94,193 | | 88,821 | | 6.0 | % | 5.3 | | 0.7 |
| | | | | | | | | | | | | | | | | | | | |
| Note:Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. |
| Johnson & Johnson and Subsidiaries |
| Supplementary Sales Data |
| | | | | | | | | | | | | | | | | | | | |
| (Unaudited; Dollars in Millions) | FOURTH QUARTER | | TWELVE MONTHS |
| | | | | | Percent Change | | | | | | Percent Change |
| | 2025 | | 2024 | | Total | | Operations | | Currency | | 2025 | | 2024 | | Total | | Operations | | Currency |
| Sales to customers by | | | | | | | | | | | | | | | | | | | |
| geographic area | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| U.S. | $ | 14,195 | | 13,204 | | 7.5 | % | 7.5 | | - | | $ | 53,752 | | 50,302 | | 6.9 | % | 6.9 | | - | |
| | | | | | | | | | | | | | | | | | | | |
| Europe | | 5,598 | | 4,921 | | 13.8 | | 5.2 | | 8.6 | | | 21,535 | | 20,212 | | 6.5 | | 2.4 | | 4.1 | |
| Western Hemisphere excluding U.S. | | 1,271 | | 1,135 | | 12.0 | | 11.0 | | 1.0 | | | 4,875 | | 4,714 | | 3.4 | | 8.4 | | (5.0 | ) |
| Asia-Pacific, Africa | | 3,500 | | 3,260 | | 7.4 | | 7.2 | | 0.2 | | | 14,031 | | 13,593 | | 3.2 | | 3.1 | | 0.1 | |
| International | | 10,369 | | 9,316 | | 11.3 | | 6.6 | | 4.7 | | | 40,441 | | 38,519 | | 5.0 | | 3.4 | | 1.6 | |
| | | | | | | | | | | | | | | | | | | | |
| Worldwide | $ | 24,564 | | 22,520 | | 9.1 | % | 7.1 | | 2.0 | | $ | 94,193 | | 88,821 | | 6.0 | % | 5.3 | | 0.7 | |
| | | | | | | | | | | | | | | | | | | | |
| Note:Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. |
| Johnson & Johnson and Subsidiaries |
| Condensed Consolidated Statement of Earnings |
| | | | | | | | | | |
| (Unaudited; in Millions Except Per Share Figures) | FOURTH QUARTER |
| | | | | | | | | | |
| | 2025 | | 2024 | | PercentIncrease(Decrease) |
| | Amount | | Percentto Sales | | Amount | | Percentto Sales | |
| Sales to customers | $ | 24,564 | | | 100.0 | | | $ | 22,520 | | | 100.0 | | | 9.1 | |
| Cost of products sold | | 7,968 | | | 32.4 | | | | 7,128 | | | 31.6 | | | 11.8 | |
| Gross Profit | | 16,596 | | | 67.6 | | | | 15,392 | | | 68.4 | | | 7.8 | |
| Selling, marketing and administrative expenses | | 6,753 | | | 27.5 | | | | 6,453 | | | 28.6 | | | 4.6 | |
| Research and development expense | | 4,252 | | | 17.3 | | | | 5,298 | | | 23.5 | | | (19.7 | ) |
| In-process research and development impairments | | 81 | | | 0.3 | | | | 17 | | | 0.1 | | | |
| Interest (income) expense, net | | (23 | ) | | (0.1 | ) | | | (144 | ) | | (0.6 | ) | | |
| Other (income) expense, net | | 483 | | | 2.0 | | | | (161 | ) | | (0.7 | ) | | |
| Restructuring | | 84 | | | 0.4 | | | | 42 | | | 0.2 | | | |
| Earnings before provision for taxes on income | | 4,966 | | | 20.2 | | | | 3,887 | | | 17.3 | | | 27.8 | |
| (Benefit from)/Provision for taxes on income | | (150 | ) | | (0.6 | ) | | | 456 | | | 2.1 | | | (132.9 | ) |
| Net earnings | $ | 5,116 | | | 20.8 | | | $ | 3,431 | | | 15.2 | | | 49.1 | |
| | | | | | | | | | |
| Net earnings per share (Diluted) | $ | 2.10 | | | | | $ | 1.41 | | | | | 48.9 | |
| | | | | | | | | | |
| Average shares outstanding (Diluted) | | 2,439.0 | | | | | | 2,427.1 | | | | | |
| | | | | | | | | | |
| Effective tax rate | | (3.0 | ) | % | | | | 11.7 | | % | | | |
| | | | | | | | | | |
| Adjusted earnings before provision for taxes and net earnings (1) | | | | | | | | | |
| Earnings before provision for taxes on income | $ | 7,046 | | | 28.7 | | | $ | 5,421 | | | 24.1 | | | 30.0 | |
| Net earnings | $ | 6,009 | | | 24.5 | | | $ | 4,946 | | | 22.0 | | | 21.5 | |
| Net earnings per share (Diluted) | $ | 2.46 | | | | | $ | 2.04 | | | | | 20.6 | |
| Effective tax rate | | 14.7 | | % | | | | 8.8 | | % | | | |
| | | | | | | | | | |
| (1) See Reconciliation of Non-GAAP Financial Measures. |
| Johnson & Johnson and Subsidiaries |
| Condensed Consolidated Statement of Earnings |
| | | | | | | | | | |
| (Unaudited; in Millions Except Per Share Figures) | TWELVE MONTHS |
| | | | | | | | | | |
| | 2025 | | 2024 | | PercentIncrease(Decrease) |
| | Amount | | Percentto Sales | | Amount | | Percentto Sales | |
| Sales to customers | $ | 94,193 | | | 100.0 | | | $ | 88,821 | | | 100.0 | | | 6.0 | |
| Cost of products sold | | 30,256 | | | 32.1 | | | | 27,471 | | | 30.9 | | | 10.1 | |
| Gross Profit | | 63,937 | | | 67.9 | | | | 61,350 | | | 69.1 | | | 4.2 | |
| Selling, marketing and administrative expenses | | 23,676 | | | 25.1 | | | | 22,869 | | | 25.7 | | | 3.5 | |
| Research and development expense | | 14,665 | | | 15.6 | | | | 17,232 | | | 19.4 | | | (14.9 | ) |
| In-process research and development impairments | | 81 | | | 0.1 | | | | 211 | | | 0.2 | | | |
| Interest (income) expense, net | | (85 | ) | | (0.1 | ) | | | (577 | ) | | (0.6 | ) | | |
| Other (income) expense, net | | (7,209 | ) | | (7.6 | ) | | | 4,694 | | | 5.3 | | | |
| Restructuring | | 228 | | | 0.2 | | | | 234 | | | 0.3 | | | |
| Earnings before provision for taxes on income | | 32,581 | | | 34.6 | | | | 16,687 | | | 18.8 | | | 95.2 | |
| Provision for taxes on income | | 5,777 | | | 6.1 | | | | 2,621 | | | 3.0 | | | 120.4 | |
| Net earnings | $ | 26,804 | | | 28.5 | | | $ | 14,066 | | | 15.8 | | | 90.6 | |
| | | | | | | | | | |
| Net earnings per share (Diluted) | $ | 11.03 | | | | | $ | 5.79 | | | | | 90.5 | |
| | | | | | | | | | |
| Average shares outstanding (Diluted) | | 2,429.4 | | | | | | 2,429.4 | | | | | |
| | | | | | | | | | |
| Effective tax rate | | 17.7 | | % | | | | 15.7 | | % | | | |
| | | | | | | | | | |
| Adjusted earnings before provision for taxes and net earnings (1) | | | | | | | | |
| Earnings before provision for taxes on income | $ | 31,681 | | | 33.6 | | | $ | 28,979 | | | 32.6 | | | 9.3 | |
| Net earnings | $ | 26,215 | | | 27.8 | | | $ | 24,242 | | | 27.3 | | | 8.1 | |
| Net earnings per share (Diluted) | $ | 10.79 | | | | | $ | 9.98 | | | | | 8.1 | |
| Effective tax rate | | 17.3 | | % | | | | 16.3 | | % | | | |
| | | | | | | | | | |
| (1) See Reconciliation of Non-GAAP Financial Measures. |
| Johnson & Johnson and Subsidiaries |
| Reconciliation of Non-GAAP Financial Measures |
| | | | | | | | | | |
| | | | Fourth Quarter | | Twelve Months Ended |
| | (Dollars in Millions Except Per Share Data) | | 2025 | | 2024 | | 2025 | | 2024 |
| | Net Earnings, after tax- as reported | | $5,116 | | $3,431 | | $26,804 | | $14,066 |
| | | | | | | | | | |
| | Pre-tax Adjustments | | | | | | | | |
| | Litigation related | | 854 | | (16) | | (6,040) | | 5,450 |
| | Intangible Asset Amortization expense | | 1,186 | | 1,171 | | 4,621 | | 4,526 |
| | Restructuring related1 | | 210 | | 62 | | 512 | | 269 |
| | Acquisition, integration and divestiture related | | (190) | | 298 | | 285 | | 1,226 |
| | IPR&D impairments | | 81 | | 17 | | 81 | | 211 |
| | (Gains)/losses on securities | | (100) | | (68) | | (427) | | 306 |
| | Orthopaedics Separation related | | 48 | | - | | 48 | | - |
| | COVID-19 Vaccine related costs | | - | | 23 | | - | | 100 |
| | Medical Device Regulation | | - | | 47 | | - | | 204 |
| | Other | | (9) | | - | | 20 | | - |
| | | | | | | | | | |
| | | | | | | | | | |
| | Tax Adjustments | | | | | | | | |
| | Tax impact on special item adjustments2 | | (445) | | (80) | | 381 | | (2,135) |
| | Tax legislation and other tax related | | (742) | | 61 | | (70) | | 19 |
| | Adjusted Net Earnings, after tax | | $6,009 | | $4,946 | | $26,215 | | $24,242 |
| | Average shares outstanding (Diluted) | | 2,439.0 | | 2,427.1 | | 2,429.4 | | 2,429.4 |
| | Adjusted net earnings per share (Diluted) | | $2.46 | | $2.04 | | $10.79 | | $9.98 |
| | Operational adjusted net earnings per share (Diluted) | | $2.35 | | | | $10.58 | | |
| | | | | | | | | | |
| | Notes: | | | | | | | | |
| 1 | In fiscal 2023, the company completed a prioritization of its research and development (R&D) investment within the Innovative Medicine segment to focus on the most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs within therapeutic areas. The R&D program exits were primarily in infectious diseases and vaccines including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, hepatitis and HIV development. The restructuring expense of $102 million in fiscal 2024 included the termination of partnered and non-partnered program costs, asset impairments and asset divestments. This program was completed in Q4 2024. |
| | |
| | In fiscal 2023, the company initiated a restructuring program of its Orthopaedics franchise within the MedTech segment to streamline operations by exiting certain markets, product lines and distribution network arrangements. The restructuring expense of $162 million in the fiscal fourth quarter of 2025 ($307 million Q4 2025 YTD) and $60 million in the fiscal fourth quarter of 2024 ($167 million Q4 2024 YTD) primarily includes costs related to market and product exits. This program was substantially completed in Q4 2025. |
| | |
| | In fiscal 2025, the company initiated a restructuring program of its Surgery franchise within the MedTech segment to simplify and focus operations by exiting certain non-strategic product lines and optimize select sites across the network. The restructuring expense of $48 million in the fiscal fourth quarter of 2025 ($205 million Q4 2025 YTD) primarily includes costs related to asset impairments and market and product exits. This program is expected to be substantially completed by the end of fiscal year 2026. |
| | |
| 2 | The tax impact related to special item adjustments reflects the current and deferred income taxes associated with the above pre-tax special items in arriving at adjusted earnings. |
| Johnson & Johnson and Subsidiaries |
| Reconciliation of Non-GAAP Financial Measure |
| | | | | | | |
| Adjusted Operational Sales Growth |
| FOURTH QUARTER 2025 ACTUAL vs. 2024 ACTUAL |
| |
| Segments |
| | | | | | | |
| | | Innovative Medicine | | MedTech | | Total |
| | | | | | | |
| WW As Reported | | 10.0% | | 7.5% | | 9.1% |
| U.S. | | 7.9% | | 6.6% | | 7.5% |
| International | | 13.4% | | 8.5% | | 11.3% |
| | | | | | | |
| WW Currency | | 2.1 | | 1.7 | | 2.0 |
| U.S. | | - | | - | | - |
| International | | 5.5 | | 3.6 | | 4.7 |
| | | | | | | |
| WW Operational | | 7.9% | | 5.8% | | 7.1% |
| U.S. | | 7.9% | | 6.6% | | 7.5% |
| International | | 7.9% | | 4.9% | | 6.6% |
| | | | | | | |
| Caplyta | | (1.7) | | | | (1.1) |
| U.S. | | (2.8) | | | | (1.9) |
| International | | 0.0 | | | | 0.0 |
| | | | | | | |
| All Other Acquisitions and Divestitures (A&D) | | 0.0 | | 0.1 | | 0.1 |
| U.S. | | 0.0 | | 0.1 | | 0.1 |
| International | | 0.1 | | 0.2 | | 0.2 |
| | | | | | | |
| WW Adjusted Operational Ex A&D | | 6.2% | | 5.9% | | 6.1% |
| U.S. | | 5.1% | | 6.7% | | 5.7% |
| International | | 8.0% | | 5.1% | | 6.8% |
| | | | | | | |
| Note:Percentages are based on actual, non-rounded figures and may not sum |
| Johnson & Johnson and Subsidiaries |
| Reconciliation of Non-GAAP Financial Measure |
| | | | | | | |
| Adjusted Operational Sales Growth |
| TWELVE MONTHS 2025 ACTUAL vs. 2024 ACTUAL |
| |
| Segments |
| | | | | | | |
| | | Innovative Medicine | | MedTech | | Total |
| | | | | | | |
| WW As Reported | | 6.0% | | 6.1% | | 6.0% |
| U.S. | | 7.0% | | 6.6% | | 6.9% |
| International | | 4.6% | | 5.5% | | 5.0% |
| | | | | | | |
| WW Currency | | 0.7 | | 0.7 | | 0.7 |
| U.S. | | - | | - | | - |
| International | | 1.7 | | 1.4 | | 1.6 |
| | | | | | | |
| WW Operational | | 5.3% | | 5.4% | | 5.3% |
| U.S. | | 7.0% | | 6.6% | | 6.9% |
| International | | 2.9% | | 4.1% | | 3.4% |
| | | | | | | |
| Shockwave | | | | (1.4) | | (0.5) |
| U.S. | | | | (2.1) | | (0.7) |
| International | | | | (0.5) | | (0.2) |
| | | | | | | |
| Caplyta | | (1.2) | | | | (0.7) |
| U.S. | | (2.1) | | | | (1.4) |
| International | | 0.0 | | | | 0.0 |
| | | | | | | |
| All Other Acquisitions and Divestitures (A&D) | | 0.0 | | 0.3 | | 0.1 |
| U.S. | | 0.0 | | 0.3 | | 0.1 |
| International | | 0.1 | | 0.2 | | 0.1 |
| | | | | | | |
| WW Adjusted Operational Ex A&D | | 4.1% | | 4.3% | | 4.2% |
| U.S. | | 4.9% | | 4.8% | | 4.9% |
| International | | 3.0% | | 3.8% | | 3.3% |
| | | | | | | |
| Note:Percentages are based on actual, non-rounded figures and may not sum |
| | REPORTED SALES vs. PRIOR PERIOD ($MM) | | REPORTED SALES vs. PRIOR PERIOD ($MM) |
| | FOURTH QUARTER | | TWELVE MONTHS |
| | | | | | % Change | | | | | | % Change |
| INNOVATIVE MEDICINE SEGMENT(2) | | 2025 | | 2024 | Reported | | Operational(1) | | Currency | | | | 2025 | | 2024 | Reported | | Operational(1) | | Currency | |
| | | | | | | | | | | | | | | | | | | | | | |
| ONCOLOGY | | | | | | | | | | | | | | | | | | | | | |
| US | | $ | 3,793 | | 3,019 | 25.6 | % | 25.6 | % | - | | | | $ | 13,659 | | 10,854 | 25.8 | % | 25.8 | % | - | |
| Intl | | | 3,069 | | 2,476 | 23.9 | % | 17.3 | % | 6.6 | % | | | | 11,721 | | 9,926 | 18.1 | % | 15.6 | % | 2.5 | % |
| WW | | | 6,861 | | 5,497 | 24.8 | % | 21.9 | % | 2.9 | % | | | | 25,380 | | 20,781 | 22.1 | % | 20.9 | % | 1.2 | % |
| CARVYKTI | | | | | | | | | | | | | | | | | | | | | |
| US | | | 420 | | 304 | 38.2 | % | 38.2 | % | - | | | | | 1,492 | | 869 | 71.6 | % | 71.6 | % | - | |
| Intl | | | 135 | | 31 | * | | * | | * | | | | | 395 | | 94 | * | | * | | * | |
| WW | | | 555 | | 334 | 65.8 | % | 63.2 | % | 2.6 | % | | | | 1,887 | | 963 | 95.9 | % | 94.3 | % | 1.6 | % |
| DARZALEX | | | | | | | | | | | | | | | | | | | | | |
| US | | | 2,332 | | 1,799 | 29.6 | % | 29.6 | % | - | | | | | 8,266 | | 6,588 | 25.5 | % | 25.5 | % | - | |
| Intl | | | 1,571 | | 1,285 | 22.3 | % | 16.2 | % | 6.1 | % | | | | 6,085 | | 5,082 | 19.7 | % | 17.5 | % | 2.2 | % |
| WW | | | 3,903 | | 3,084 | 26.6 | % | 24.1 | % | 2.5 | % | | | | 14,351 | | 11,670 | 23.0 | % | 22.0 | % | 1.0 | % |
| ERLEADA | | | | | | | | | | | | | | | | | | | | | |
| US | | | 405 | | 342 | 18.6 | % | 18.6 | % | - | | | | | 1,453 | | 1,282 | 13.4 | % | 13.4 | % | - | |
| Intl | | | 554 | | 442 | 25.3 | % | 17.5 | % | 7.8 | % | | | | 2,121 | | 1,717 | 23.5 | % | 20.1 | % | 3.4 | % |
| WW | | | 959 | | 784 | 22.4 | % | 18.0 | % | 4.4 | % | | | | 3,574 | | 2,999 | 19.2 | % | 17.2 | % | 2.0 | % |
| IMBRUVICA | | | | | | | | | | | | | | | | | | | | | |
| US | | | 207 | | 250 | (17.4 | )% | (17.4 | )% | - | | | | | 892 | | 1,020 | (12.5 | )% | (12.5 | )% | - | |
| Intl | | | 478 | | 481 | (0.8 | )% | (7.5 | )% | 6.7 | % | | | | 1,931 | | 2,018 | (4.3 | )% | (6.7 | )% | 2.4 | % |
| WW | | | 684 | | 731 | (6.5 | )% | (10.9 | )% | 4.4 | % | | | | 2,823 | | 3,038 | (7.1 | )% | (8.6 | )% | 1.5 | % |
| RYBREVANT / LAZCLUZE(3) | | | | | | | | | | | | | | | | | | | | | |
| US | | | 146 | | 101 | 45.6 | % | 45.6 | % | - | | | | | 534 | | 257 | * | | * | | - | |
| Intl | | | 70 | | 21 | * | | * | | * | | | | | 200 | | 70 | * | | * | | * | |
| WW | | | 216 | | 122 | 78.0 | % | 76.5 | % | 1.5 | % | | | | 734 | | 327 | * | | * | | * | |
| TALVEY | | | | | | | | | | | | | | | | | | | | | |
| US | | | 105 | | 68 | 53.8 | % | 53.8 | % | - | | | | | 340 | | 241 | 40.9 | % | 40.9 | % | - | |
| Intl | | | 44 | | 17 | * | | * | | * | | | | | 123 | | 46 | * | | * | | * | |
| WW | | | 149 | | 85 | 75.8 | % | 73.1 | % | 2.7 | % | | | | 463 | | 287 | 61.3 | % | 60.3 | % | 1.0 | % |
| TECVAYLI | | | | | | | | | | | | | | | | | | | | | |
| US | | | 110 | | 108 | 2.7 | % | 2.7 | % | - | | | | | 444 | | 418 | 6.3 | % | 6.3 | % | - | |
| Intl | | | 66 | | 38 | 72.2 | % | 65.1 | % | 7.1 | % | | | | 226 | | 131 | 72.8 | % | 70.4 | % | 2.4 | % |
| WW | | | 176 | | 146 | 20.8 | % | 18.9 | % | 1.9 | % | | | | 670 | | 549 | 22.1 | % | 21.5 | % | 0.6 | % |
| ZYTIGA / abiraterone acetate | | | | | | | | | | | | | | | | | | | | | |
| US | | | 5 | | 9 | (41.4 | )% | (41.4 | )% | - | | | | | 23 | | 34 | (33.2 | )% | (33.2 | )% | - | |
| Intl | | | 115 | | 127 | (9.9 | )% | (11.1 | )% | 1.2 | % | | | | 480 | | 597 | (19.7 | )% | (20.5 | )% | 0.8 | % |
| WW | | | 119 | | 135 | (11.9 | )% | (13.0 | )% | 1.1 | % | | | | 502 | | 631 | (20.4 | )% | (21.2 | )% | 0.8 | % |
| OTHER ONCOLOGY | | | | | | | | | | | | | | | | | | | | | |
| US | | | 61 | | 39 | 54.8 | % | 54.8 | % | - | | | | | 214 | | 145 | 47.5 | % | 47.5 | % | - | |
| Intl | | | 39 | | 36 | 8.4 | % | 3.0 | % | 5.4 | % | | | | 162 | | 172 | (6.0 | )% | (7.8 | )% | 1.8 | % |
| WW | | | 100 | | 75 | 32.9 | % | 30.3 | % | 2.6 | % | | | | 376 | | 317 | 18.5 | % | 17.5 | % | 1.0 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| See footnotes at end of schedule | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | REPORTED SALES vs. PRIOR PERIOD ($MM) | | REPORTED SALES vs. PRIOR PERIOD ($MM) |
| | FOURTH QUARTER | | TWELVE MONTHS |
| | | | | | % Change | | | | | | % Change |
| | | 2025 | | 2024 | Reported | | Operational(1) | | Currency | | | | 2025 | | 2024 | Reported | | Operational(1) | | Currency | |
| IMMUNOLOGY | | | | | | | | | | | | | | | | | | | | | |
| US | | $ | 2,495 | | 2,856 | (12.6 | )% | (12.6 | )% | - | | | | $ | 9,872 | | 11,355 | (13.1 | )% | (13.1 | )% | - | |
| Intl | | | 1,364 | | 1,383 | (1.4 | )% | (5.5 | )% | 4.1 | % | | | | 5,856 | | 6,473 | (9.5 | )% | (10.2 | )% | 0.7 | % |
| WW | | | 3,860 | | 4,238 | (8.9 | )% | (10.3 | )% | 1.4 | % | | | | 15,728 | | 17,828 | (11.8 | )% | (12.0 | )% | 0.2 | % |
| REMICADE | | | | | | | | | | | | | | | | | | | | | |
| US | | | 248 | | 231 | 7.1 | % | 7.1 | % | - | | | | | 1,171 | | 1,009 | 16.0 | % | 16.0 | % | - | |
| US Exports(4) | | | 11 | | 9 | 17.1 | % | 17.1 | % | - | | | | | 74 | | 98 | (24.8 | )% | (24.8 | )% | - | |
| Intl | | | 110 | | 117 | (5.6 | )% | (7.3 | )% | 1.7 | % | | | | 523 | | 497 | 5.3 | % | 6.2 | % | (0.9 | )% |
| WW | | | 370 | | 359 | 3.2 | % | 2.6 | % | 0.6 | % | | | | 1,768 | | 1,605 | 10.2 | % | 10.5 | % | (0.3 | )% |
| SIMPONI / SIMPONI ARIA | | | | | | | | | | | | | | | | | | | | | |
| US | | | 287 | | 262 | 9.6 | % | 9.6 | % | - | | | | | 1,193 | | 1,082 | 10.3 | % | 10.3 | % | - | |
| Intl | | | 345 | | 321 | 7.4 | % | 3.7 | % | 3.7 | % | | | | 1,475 | | 1,108 | 33.1 | % | 32.8 | % | 0.3 | % |
| WW | | | 632 | | 583 | 8.4 | % | 6.4 | % | 2.0 | % | | | | 2,668 | | 2,190 | 21.8 | % | 21.7 | % | 0.1 | % |
| STELARA | | | | | | | | | | | | | | | | | | | | | |
| US | | | 766 | | 1,699 | (54.9 | )% | (54.9 | )% | - | | | | | 3,847 | | 6,720 | (42.7 | )% | (42.7 | )% | - | |
| Intl | | | 462 | | 650 | (28.8 | )% | (32.3 | )% | 3.5 | % | | | | 2,230 | | 3,641 | (38.7 | )% | (39.3 | )% | 0.6 | % |
| WW | | | 1,230 | | 2,349 | (47.7 | )% | (48.6 | )% | 0.9 | % | | | | 6,078 | | 10,361 | (41.3 | )% | (41.5 | )% | 0.2 | % |
| TREMFYA | | | | | | | | | | | | | | | | | | | | | |
| US | | | 1,145 | | 654 | 75.1 | % | 75.1 | % | - | | | | | 3,529 | | 2,443 | 44.5 | % | 44.5 | % | - | |
| Intl | | | 445 | | 295 | 50.9 | % | 44.0 | % | 6.9 | % | | | | 1,626 | | 1,227 | 32.5 | % | 30.4 | % | 2.1 | % |
| WW | | | 1,589 | | 949 | 67.6 | % | 65.4 | % | 2.2 | % | | | | 5,155 | | 3,670 | 40.5 | % | 39.8 | % | 0.7 | % |
| OTHER IMMUNOLOGY | | | | | | | | | | | | | | | | | | | | | |
| US | | | 39 | | 0 | * | | * | | - | | | | | 59 | | 3 | * | | * | | - | |
| Intl | | | 2 | | 0 | * | | * | | * | | | | | 2 | | 0 | * | | * | | * | |
| WW | | | 40 | | 0 | * | | * | | * | | | | | 61 | | 3 | * | | * | | * | |
| NEUROSCIENCE | | | | | | | | | | | | | | | | | | | | | |
| US | | | 1,439 | | 1,148 | 25.4 | % | 25.4 | % | - | | | | | 5,151 | | 4,398 | 17.1 | % | 17.1 | % | - | |
| Intl | | | 675 | | 628 | 7.6 | % | 4.3 | % | 3.3 | % | | | | 2,686 | | 2,718 | (1.2 | )% | (1.8 | )% | 0.6 | % |
| WW | | | 2,115 | | 1,775 | 19.1 | % | 17.9 | % | 1.2 | % | | | | 7,837 | | 7,115 | 10.1 | % | 9.9 | % | 0.2 | % |
| CAPLYTA(5) | | | | | | | | | | | | | | | | | | | | | |
| US | | | 249 | | - | * | | * | | - | | | | | 700 | | - | * | | * | | - | |
| Intl | | | - | | - | - | | - | | - | | | | | - | | - | - | | - | | - | |
| WW | | | 249 | | - | * | | * | | - | | | | | 700 | | - | * | | * | | - | |
| CONCERTA / Methylphenidate | | | | | | | | | | | | | | | | | | | | | |
| US | | | 6 | | 33 | (79.6 | )% | (79.6 | )% | - | | | | | 82 | | 134 | (38.6 | )% | (38.6 | )% | - | |
| Intl | | | 126 | | 125 | (0.3 | )% | (1.4 | )% | 1.1 | % | | | | 502 | | 507 | (1.2 | )% | (0.7 | )% | (0.5 | )% |
| WW | | | 132 | | 159 | (17.1 | )% | (17.8 | )% | 0.7 | % | | | | 584 | | 641 | (9.0 | )% | (8.6 | )% | (0.4 | )% |
| INVEGA SUSTENNA / XEPLION /INVEGA TRINZA / TREVICTA | | | | | | | | | | | | | | | | | | | | | |
| US | | | 704 | | 796 | (11.5 | )% | (11.5 | )% | - | | | | | 2,725 | | 3,125 | (12.8 | )% | (12.8 | )% | - | |
| Intl | | | 281 | | 267 | 5.2 | % | 1.9 | % | 3.3 | % | | | | 1,085 | | 1,097 | (1.1 | )% | (1.8 | )% | 0.7 | % |
| WW | | | 986 | | 1,063 | (7.3 | )% | (8.2 | )% | 0.9 | % | | | | 3,810 | | 4,222 | (9.8 | )% | (9.9 | )% | 0.1 | % |
| SPRAVATO | | | | | | | | | | | | | | | | | | | | | |
| US | | | 438 | | 269 | 63.0 | % | 63.0 | % | - | | | | | 1,485 | | 929 | 59.9 | % | 59.9 | % | - | |
| Intl | | | 64 | | 28 | * | | * | | * | | | | | 210 | | 148 | 41.9 | % | 39.1 | % | 2.8 | % |
| WW | | | 503 | | 297 | 69.0 | % | 67.8 | % | 1.2 | % | | | | 1,696 | | 1,077 | 57.4 | % | 57.0 | % | 0.4 | % |
| OTHER NEUROSCIENCE | | | | | | | | | | | | | | | | | | | | | |
| US | | | 40 | | 49 | (18.3 | )% | (18.3 | )% | - | | | | | 159 | | 210 | (24.5 | )% | (24.5 | )% | - | |
| Intl | | | 205 | | 206 | (0.7 | )% | (4.3 | )% | 3.6 | % | | | | 889 | | 965 | (7.9 | )% | (8.7 | )% | 0.8 | % |
| WW | | | 245 | | 255 | (4.1 | )% | (6.9 | )% | 2.8 | % | | | | 1,048 | | 1,175 | (10.9 | )% | (11.5 | )% | 0.6 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| See footnotes at end of schedule | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | REPORTED SALES vs. PRIOR PERIOD ($MM) | | REPORTED SALES vs. PRIOR PERIOD ($MM) |
| | FOURTH QUARTER | | TWELVE MONTHS |
| | | | | | % Change | | | | | | % Change |
| | | 2025 | | 2024 | Reported | | Operational(1) | | Currency | | | | 2025 | | 2024 | Reported | | Operational(1) | | Currency | |
| PULMONARY HYPERTENSION | | | | | | | | | | | | | | | | | | | | | |
| US | | $ | 865 | | 819 | 5.7 | % | 5.7 | % | - | | | | $ | 3,223 | | 3,143 | 2.6 | % | 2.6 | % | - | |
| Intl | | | 319 | | 274 | 16.4 | % | 12.2 | % | 4.2 | % | | | | 1,214 | | 1,140 | 6.5 | % | 4.9 | % | 1.6 | % |
| WW | | | 1,184 | | 1,092 | 8.4 | % | 7.4 | % | 1.0 | % | | | | 4,437 | | 4,282 | 3.6 | % | 3.2 | % | 0.4 | % |
| OPSUMIT / OPSYNVI | | | | | | | | | | | | | | | | | | | | | |
| US | | | 458 | | 408 | 11.9 | % | 11.9 | % | - | | | | | 1,633 | | 1,557 | 4.8 | % | 4.8 | % | - | |
| Intl | | | 185 | | 162 | 14.8 | % | 10.9 | % | 3.9 | % | | | | 692 | | 668 | 3.7 | % | 2.1 | % | 1.6 | % |
| WW | | | 643 | | 570 | 12.7 | % | 11.6 | % | 1.1 | % | | | | 2,325 | | 2,225 | 4.5 | % | 4.0 | % | 0.5 | % |
| UPTRAVI | | | | | | | | | | | | | | | | | | | | | |
| US | | | 397 | | 391 | 1.6 | % | 1.6 | % | - | | | | | 1,536 | | 1,511 | 1.7 | % | 1.7 | % | - | |
| Intl | | | 94 | | 75 | 26.9 | % | 20.8 | % | 6.1 | % | | | | 366 | | 307 | 19.4 | % | 17.4 | % | 2.0 | % |
| WW | | | 491 | | 465 | 5.7 | % | 4.7 | % | 1.0 | % | | | | 1,902 | | 1,817 | 4.7 | % | 4.3 | % | 0.4 | % |
| OTHER PULMONARY HYPERTENSION | | | | | | | | | | | | | | | | | | | | | |
| US | | | 10 | | 19 | (43.7 | )% | (43.7 | )% | - | | | | | 54 | | 75 | (27.0 | )% | (27.0 | )% | - | |
| Intl | | | 39 | | 38 | 2.6 | % | 1.2 | % | 1.4 | % | | | | 155 | | 165 | (6.2 | )% | (6.8 | )% | 0.6 | % |
| WW | | | 49 | | 57 | (12.5 | )% | (13.5 | )% | 1.0 | % | | | | 209 | | 240 | (12.7 | )% | (13.0 | )% | 0.3 | % |
| INFECTIOUS DISEASES | | | | | | | | | | | | | | | | | | | | | |
| US | | | 303 | | 331 | (8.5 | )% | (8.5 | )% | - | | | | | 1,264 | | 1,354 | (6.6 | )% | (6.6 | )% | - | |
| Intl | | | 505 | | 443 | 13.9 | % | 5.6 | % | 8.3 | % | | | | 1,977 | | 2,042 | (3.2 | )% | (6.5 | )% | 3.3 | % |
| WW | | | 807 | | 774 | 4.3 | % | (0.4 | )% | 4.7 | % | | | | 3,241 | | 3,396 | (4.6 | )% | (6.5 | )% | 1.9 | % |
| EDURANT / rilpivirine | | | | | | | | | | | | | | | | | | | | | |
| US | | | 5 | | 7 | (39.1 | )% | (39.1 | )% | - | | | | | 26 | | 31 | (18.4 | )% | (18.4 | )% | - | |
| Intl | | | 379 | | 315 | 20.6 | % | 11.1 | % | 9.5 | % | | | | 1,461 | | 1,241 | 17.7 | % | 13.0 | % | 4.7 | % |
| WW | | | 383 | | 322 | 19.2 | % | 9.9 | % | 9.3 | % | | | | 1,486 | | 1,272 | 16.9 | % | 12.2 | % | 4.7 | % |
| PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA | | | | | | | | | | | | | | | | | | | | | |
| US | | | 294 | | 321 | (8.4 | )% | (8.4 | )% | - | | | | | 1,226 | | 1,311 | (6.5 | )% | (6.5 | )% | - | |
| Intl | | | 89 | | 86 | 3.6 | % | (2.9 | )% | 6.5 | % | | | | 353 | | 401 | (11.9 | )% | (13.7 | )% | 1.8 | % |
| WW | | | 383 | | 407 | (5.8 | )% | (7.2 | )% | 1.4 | % | | | | 1,579 | | 1,712 | (7.7 | )% | (8.1 | )% | 0.4 | % |
| OTHER INFECTIOUS DISEASES | | | | | | | | | | | | | | | | | | | | | |
| US | | | 4 | | 1 | 92.9 | % | 92.9 | % | - | | | | | 12 | | 11 | 6.6 | % | 6.6 | % | - | |
| Intl | | | 37 | | 43 | (14.5 | )% | (18.0 | )% | 3.5 | % | | | | 163 | | 401 | (59.3 | )% | (59.5 | )% | 0.2 | % |
| WW | | | 40 | | 45 | (9.9 | )% | (13.2 | )% | 3.3 | % | | | | 175 | | 412 | (57.5 | )% | (57.7 | )% | 0.2 | % |
| CARDIOVASCULAR / METABOLISM / OTHER | | | | | | | | | | | | | | | | | | | | | |
| US | | | 794 | | 805 | (1.4 | )% | (1.4 | )% | - | | | | | 3,175 | | 2,866 | 10.8 | % | 10.8 | % | - | |
| Intl | | | 142 | | 153 | (6.3 | )% | (10.7 | )% | 4.4 | % | | | | 603 | | 696 | (13.3 | )% | (13.8 | )% | 0.5 | % |
| WW | | | 936 | | 957 | (2.2 | )% | (2.9 | )% | 0.7 | % | | | | 3,778 | | 3,562 | 6.1 | % | 6.0 | % | 0.1 | % |
| XARELTO | | | | | | | | | | | | | | | | | | | | | |
| US | | | 687 | | 676 | 1.7 | % | 1.7 | % | - | | | | | 2,633 | | 2,373 | 11.0 | % | 11.0 | % | - | |
| Intl | | | - | | - | - | | - | | - | | | | | - | | - | - | | - | | - | |
| WW | | | 687 | | 676 | 1.7 | % | 1.7 | % | - | | | | | 2,633 | | 2,373 | 11.0 | % | 11.0 | % | - | |
| OTHER | | | | | | | | | | | | | | | | | | | | | |
| US | | | 107 | | 130 | (17.4 | )% | (17.4 | )% | - | | | | | 542 | | 494 | 9.8 | % | 9.8 | % | - | |
| Intl | | | 142 | | 153 | (6.3 | )% | (10.7 | )% | 4.4 | % | | | | 603 | | 696 | (13.3 | )% | (13.8 | )% | 0.5 | % |
| WW | | | 249 | | 281 | (11.4 | )% | (13.8 | )% | 2.4 | % | | | | 1,145 | | 1,189 | (3.7 | )% | (4.0 | )% | 0.3 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| TOTAL INNOVATIVE MEDICINE | | | | | | | | | | | | | | | | | | | | | |
| US | | | 9,689 | | 8,977 | 7.9 | % | 7.9 | % | - | | | | | 36,344 | | 33,970 | 7.0 | % | 7.0 | % | - | |
| Intl | | | 6,074 | | 5,355 | 13.4 | % | 7.9 | % | 5.5 | % | | | | 24,057 | | 22,994 | 4.6 | % | 2.9 | % | 1.7 | % |
| WW | | $ | 15,763 | | 14,332 | 10.0 | % | 7.9 | % | 2.1 | % | | | $ | 60,401 | | 56,964 | 6.0 | % | 5.3 | % | 0.7 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| See footnotes at end of schedule | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | REPORTED SALES vs. PRIOR PERIOD ($MM) | | REPORTED SALES vs. PRIOR PERIOD ($MM) |
| | FOURTH QUARTER | | TWELVE MONTHS |
| | | | | | % Change | | | | | | % Change |
| MEDTECH SEGMENT(2) | | 2025 | | 2024 | Reported | | Operational(1) | | Currency | | | | 2025 | | 2024 | Reported | | Operational(1) | | Currency | |
| | | | | | | | | | | | | | | | | | | | | | |
| CARDIOVASCULAR | | | | | | | | | | | | | | | | | | | | | |
| US | | $ | 1,374 | | 1,221 | 12.5 | % | 12.5 | % | - | | | | $ | 5,305 | | 4,513 | 17.5 | % | 17.5 | % | - | |
| Intl | | | 925 | | 841 | 10.1 | % | 6.8 | % | 3.3 | % | | | | 3,623 | | 3,194 | 13.4 | % | 11.9 | % | 1.5 | % |
| WW | | | 2,299 | | 2,062 | 11.5 | % | 10.1 | % | 1.4 | % | | | | 8,928 | | 7,707 | 15.8 | % | 15.2 | % | 0.6 | % |
| ELECTROPHYSIOLOGY | | | | | | | | | | | | | | | | | | | | | |
| US | | | 746 | | 681 | 9.5 | % | 9.5 | % | - | | | | | 2,891 | | 2,738 | 5.6 | % | 5.6 | % | - | |
| Intl | | | 679 | | 640 | 6.2 | % | 3.2 | % | 3.0 | % | | | | 2,743 | | 2,529 | 8.5 | % | 7.3 | % | 1.2 | % |
| WW | | | 1,425 | | 1,321 | 7.9 | % | 6.5 | % | 1.4 | % | | | | 5,634 | | 5,267 | 7.0 | % | 6.4 | % | 0.6 | % |
| ABIOMED | | | | | | | | | | | | | | | | | | | | | |
| US | | | 358 | | 308 | 16.5 | % | 16.5 | % | - | | | | | 1,393 | | 1,213 | 14.9 | % | 14.9 | % | - | |
| Intl | | | 102 | | 77 | 33.1 | % | 25.4 | % | 7.7 | % | | | | 358 | | 284 | 26.4 | % | 22.0 | % | 4.4 | % |
| WW | | | 460 | | 384 | 19.8 | % | 18.3 | % | 1.5 | % | | | | 1,751 | | 1,496 | 17.1 | % | 16.2 | % | 0.9 | % |
| SHOCKWAVE | | | | | | | | | | | | | | | | | | | | | |
| US | | | 238 | | 202 | 18.0 | % | 18.0 | % | - | | | | | 897 | | 442 | * | | * | | - | |
| Intl | | | 80 | | 56 | 42.3 | % | 40.7 | % | 1.6 | % | | | | 249 | | 122 | * | | * | | * | |
| WW | | | 318 | | 258 | 23.3 | % | 22.9 | % | 0.4 | % | | | | 1,146 | | 564 | * | | * | | * | |
| OTHER CARDIOVASCULAR | | | | | | | | | | | | | | | | | | | | | |
| US | | | 31 | | 31 | (0.1 | )% | (0.1 | )% | - | | | | | 124 | | 120 | 3.1 | % | 3.1 | % | - | |
| Intl | | | 64 | | 68 | (6.7 | )% | (8.8 | )% | 2.1 | % | | | | 273 | | 260 | 4.9 | % | 4.1 | % | 0.8 | % |
| WW | | | 95 | | 99 | (4.6 | )% | (6.1 | )% | 1.5 | % | | | | 397 | | 380 | 4.3 | % | 3.8 | % | 0.5 | % |
| ORTHOPAEDICS | | | | | | | | | | | | | | | | | | | | | |
| US | | | 1,520 | | 1,460 | 4.2 | % | 4.2 | % | - | | | | | 5,720 | | 5,689 | 0.5 | % | 0.5 | % | - | |
| Intl | | | 918 | | 856 | 7.3 | % | 2.3 | % | 5.0 | % | | | | 3,538 | | 3,470 | 2.0 | % | (0.2 | )% | 2.2 | % |
| WW | | | 2,438 | | 2,315 | 5.3 | % | 3.5 | % | 1.8 | % | | | | 9,258 | | 9,158 | 1.1 | % | 0.3 | % | 0.8 | % |
| HIPS | | | | | | | | | | | | | | | | | | | | | |
| US | | | 284 | | 272 | 4.3 | % | 4.3 | % | - | | | | | 1,080 | | 1,057 | 2.1 | % | 2.1 | % | - | |
| Intl | | | 154 | | 146 | 5.5 | % | 0.4 | % | 5.1 | % | | | | 594 | | 581 | 2.2 | % | 0.1 | % | 2.1 | % |
| WW | | | 439 | | 418 | 4.7 | % | 2.9 | % | 1.8 | % | | | | 1,674 | | 1,638 | 2.1 | % | 1.4 | % | 0.7 | % |
| KNEES | | | | | | | | | | | | | | | | | | | | | |
| US | | | 251 | | 238 | 5.1 | % | 5.1 | % | - | | | | | 924 | | 922 | 0.2 | % | 0.2 | % | - | |
| Intl | | | 181 | | 160 | 13.7 | % | 9.2 | % | 4.5 | % | | | | 663 | | 623 | 6.5 | % | 4.6 | % | 1.9 | % |
| WW | | | 432 | | 398 | 8.6 | % | 6.8 | % | 1.8 | % | | | | 1,587 | | 1,545 | 2.7 | % | 2.0 | % | 0.7 | % |
| TRAUMA | | | | | | | | | | | | | | | | | | | | | |
| US | | | 543 | | 514 | 5.6 | % | 5.6 | % | - | | | | | 2,058 | | 2,013 | 2.2 | % | 2.2 | % | - | |
| Intl | | | 270 | | 250 | 7.9 | % | 2.7 | % | 5.2 | % | | | | 1,088 | | 1,036 | 5.0 | % | 2.7 | % | 2.3 | % |
| WW | | | 813 | | 764 | 6.4 | % | 4.7 | % | 1.7 | % | | | | 3,146 | | 3,049 | 3.2 | % | 2.4 | % | 0.8 | % |
| SPINE, SPORTS & OTHER | | | | | | | | | | | | | | | | | | | | | |
| US | | | 442 | | 434 | 1.9 | % | 1.9 | % | - | | | | | 1,658 | | 1,696 | (2.2 | )% | (2.2 | )% | - | |
| Intl | | | 312 | | 300 | 4.2 | % | (0.7 | )% | 4.9 | % | | | | 1,193 | | 1,230 | (3.0 | )% | (5.3 | )% | 2.3 | % |
| WW | | | 756 | | 735 | 2.8 | % | 0.8 | % | 2.0 | % | | | | 2,852 | | 2,926 | (2.5 | )% | (3.5 | )% | 1.0 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| See footnotes at end of schedule | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | REPORTED SALES vs. PRIOR PERIOD ($MM) | | REPORTED SALES vs. PRIOR PERIOD ($MM) |
| | FOURTH QUARTER | | TWELVE MONTHS |
| | | | | | % Change | | | | | | % Change |
| | | 2025 | | 2024 | Reported | | Operational(1) | | Currency | | | | 2025 | | 2024 | Reported | | Operational(1) | | Currency | |
| SURGERY | | | | | | | | | | | | | | | | | | | | | |
| US | | $ | 1,081 | | 1,038 | 4.2 | % | 4.2 | % | - | | | | $ | 4,157 | | 4,003 | 3.9 | % | 3.9 | % | - | |
| Intl | | | 1,563 | | 1,469 | 6.4 | % | 3.4 | % | 3.0 | % | | | | 5,980 | | 5,842 | 2.4 | % | 1.5 | % | 0.9 | % |
| WW | | | 2,644 | | 2,507 | 5.5 | % | 3.7 | % | 1.8 | % | | | | 10,137 | | 9,845 | 3.0 | % | 2.5 | % | 0.5 | % |
| ADVANCED | | | | | | | | | | | | | | | | | | | | | |
| US | | | 489 | | 478 | 2.5 | % | 2.5 | % | - | | | | | 1,900 | | 1,838 | 3.4 | % | 3.4 | % | - | |
| Intl | | | 687 | | 673 | 1.9 | % | (0.8 | )% | 2.7 | % | | | | 2,678 | | 2,650 | 1.0 | % | 0.1 | % | 0.9 | % |
| WW | | | 1,175 | | 1,151 | 2.2 | % | 0.6 | % | 1.6 | % | | | | 4,577 | | 4,488 | 2.0 | % | 1.5 | % | 0.5 | % |
| GENERAL | | | | | | | | | | | | | | | | | | | | | |
| US | | | 592 | | 560 | 5.6 | % | 5.6 | % | - | | | | | 2,258 | | 2,165 | 4.3 | % | 4.3 | % | - | |
| Intl | | | 876 | | 795 | 10.2 | % | 6.9 | % | 3.3 | % | | | | 3,302 | | 3,192 | 3.4 | % | 2.7 | % | 0.7 | % |
| WW | | | 1,468 | | 1,357 | 8.3 | % | 6.3 | % | 2.0 | % | | | | 5,560 | | 5,358 | 3.8 | % | 3.3 | % | 0.5 | % |
| VISION | | | | | | | | | | | | | | | | | | | | | |
| US | | | 531 | | 509 | 4.3 | % | 4.3 | % | - | | | | | 2,225 | | 2,128 | 4.6 | % | 4.6 | % | - | |
| Intl | | | 889 | | 794 | 11.9 | % | 8.5 | % | 3.4 | % | | | | 3,243 | | 3,018 | 7.4 | % | 5.9 | % | 1.5 | % |
| WW | | | 1,420 | | 1,303 | 8.9 | % | 6.8 | % | 2.1 | % | | | | 5,468 | | 5,146 | 6.3 | % | 5.3 | % | 1.0 | % |
| CONTACT LENSES / OTHER | | | | | | | | | | | | | | | | | | | | | |
| US | | | 417 | | 396 | 5.3 | % | 5.3 | % | - | | | | | 1,754 | | 1,684 | 4.1 | % | 4.1 | % | - | |
| Intl | | | 592 | | 541 | 9.3 | % | 5.3 | % | 4.0 | % | | | | 2,157 | | 2,049 | 5.3 | % | 3.2 | % | 2.1 | % |
| WW | | | 1,008 | | 937 | 7.6 | % | 5.3 | % | 2.3 | % | | | | 3,910 | | 3,733 | 4.8 | % | 3.6 | % | 1.2 | % |
| SURGICAL | | | | | | | | | | | | | | | | | | | | | |
| US | | | 113 | | 113 | 0.6 | % | 0.6 | % | - | | | | | 471 | | 444 | 6.1 | % | 6.1 | % | - | |
| Intl | | | 297 | | 252 | 17.7 | % | 15.3 | % | 2.4 | % | | | | 1,086 | | 969 | 12.1 | % | 11.6 | % | 0.5 | % |
| WW | | | 411 | | 365 | 12.4 | % | 10.8 | % | 1.6 | % | | | | 1,558 | | 1,413 | 10.2 | % | 9.9 | % | 0.3 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| TOTAL MEDTECH | | | | | | | | | | | | | | | | | | | | | |
| US | | | 4,506 | | 4,227 | 6.6 | % | 6.6 | % | - | | | | | 17,408 | | 16,332 | 6.6 | % | 6.6 | % | - | |
| Intl | | | 4,295 | | 3,961 | 8.5 | % | 4.9 | % | 3.6 | % | | | | 16,384 | | 15,525 | 5.5 | % | 4.1 | % | 1.4 | % |
| WW | | $ | 8,801 | | 8,188 | 7.5 | % | 5.8 | % | 1.7 | % | | | $ | 33,792 | | 31,857 | 6.1 | % | 5.4 | % | 0.7 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| Note:Columns and rows within tables may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely |
| |
| * Percentage greater than 100% or not meaningful |
| (1) Operational growth excludes the effect of translational currency |
| (2) Unaudited |
| (3) Includes the sales of RYBREVANT and RYBREVANT + LAZCLUZE |
| (4) Reported as U.S. sales |
| (5) Acquired with Intra-Cellular Therapies on April 2, 2025 |
| Johnson & Johnson and Subsidiaries |
| GAAP to Non-GAAP Reconciliation |
| $ in Millions |
| Quarter to Date |
| Innovative Medicine | Fourth QuarterDec. 28, 2025GAAP | | Intangible asset amortization | | Litigation related | | In-process research and development impairments | | Restructuring related | | Acquisition, integration and divestiture related | | (Loss)/gain on securities | | Orthopaedics Separation Related | | Tax legislation and other tax related | | Other | | Fourth QuarterDec. 28, 2025Non-GAAP |
| Cost of products sold | $ | 3,976 | | | (704 | ) | | | | | | | | (11 | ) | | | | | | | | | | 3,261 | |
| Selling, marketing and admin expenses | | 3,456 | | | | | | | | | | | | | | | | | | | | | 3,456 | |
| Research and development expense | | 3,466 | | | | | | | | | | | | | | | | | | | | | 3,466 | |
| Other segment items | | (193 | ) | | | | 16 | | | (11 | ) | | | | (52 | ) | | 101 | | | | | | | 4 | | | (135 | ) |
| Adjusted Income Before Tax by Segment | | 5,058 | | | 704 | | | (16 | ) | | 11 | | | - | | | 63 | | | (101 | ) | | - | | | - | | | (4 | ) | | 5,715 | |
| | | | | | | | | | | | | | | | | | | | | | |
| MedTech | Fourth QuarterDec. 28, 2025GAAP | | Intangible asset amortization | | Litigation related | | In-process research and development impairments | | Restructuring related | | Acquisition, integration and divestiture related | | (Loss)/gain on securities | | Orthopaedics Separation Related | | Tax legislation and other tax related | | Other | | Fourth QuarterDec. 28, 2025Non-GAAP |
| Cost of products sold | $ | 3,973 | | | (482 | ) | | | | | | (56 | ) | | | | | | | | | | | | 3,435 | |
| Selling, marketing and admin expenses | | 3,035 | | | | | | | | | | | | | | | | | | | | | 3,035 | |
| Research and development expense | | 786 | | | | | | | | | | | | | | | | | | | | | 786 | |
| Other segment items | | 806 | | | | | (818 | ) | | (70 | ) | | (154 | ) | | 290 | | | (1 | ) | | (48 | ) | | | | 5 | | | 10 | |
| Adjusted Income Before Tax by Segment | | 201 | | | 482 | | | 818 | | | 70 | | | 210 | | | (290 | ) | | 1 | | | 48 | | | - | | | (5 | ) | | 1,535 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Expenses not allocated to segments | Fourth QuarterDec. 28, 2025GAAP | | Intangible asset amortization | | Litigation related | | In-process research and development impairments | | Restructuring related | | Acquisition, integration and divestiture related | | (Loss)/gain on securities | | Orthopaedics Separation Related | | Tax legislation and other tax related | | Other | | Fourth QuarterDec. 28, 2025Non-GAAP |
| Cost of products sold | $ | 19 | | | | | | | | | | | | | | | | | | | | | 19 | |
| Selling, marketing and admin expenses | | 262 | | | | | | | | | | | | | | | | | | | | | 262 | |
| Research and development expense | | - | | | | | | | | | | | | | | | | | | | | | - | |
| Other segment items | | 12 | | | | | (52 | ) | | | | | | (37 | ) | | | | | | | | | | (77 | ) |
| Adjusted Income Before Tax by Segment | | (293 | ) | | - | | | 52 | | | - | | | - | | | 37 | | | - | | | - | | | - | | | - | | | (204 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| Johnson & Johnson Consolidated | Fourth QuarterDec. 28, 2025GAAP | | Intangible asset amortization | | Litigation related | | In-process research and development impairments | | Restructuring related | | Acquisition, integration and divestiture related | | (Loss)/gain on securities | | Orthopaedics Separation Related | | Tax legislation and other tax related | | Other | | Fourth QuarterDec. 28, 2025Non-GAAP |
| Cost of products sold | $ | 7,968 | | | (1,186 | ) | | | | | | (56 | ) | | (11 | ) | | | | | | | | | | 6,715 | |
| Selling, marketing and admin expenses | | 6,753 | | | | | | | | | | | | | | | | | | | | | 6,753 | |
| Research and development expense | | 4,252 | | | | | | | | | | | | | | | | | | | | | 4,252 | |
| Other (Income) / Expense | | 483 | | | | | (854 | ) | | | | (70 | ) | | 201 | | | 100 | | | (48 | ) | | | | 9 | | | (179 | ) |
| In-process research and development impairments | | 81 | | | | | | | (81 | ) | | | | | | | | | | | | | | - | |
| Interest (Income)/Expense | | (23 | ) | | | | | | | | | | | | | | | | | | | | (23 | ) |
| Restructuring | | 84 | | | | | | | | | (84 | ) | | | | | | | | | | | | - | |
| Adjusted Income Before Tax | | 4,966 | | | 1,186 | | | 854 | | | 81 | | | 210 | | | (190 | ) | | (100 | ) | | 48 | | | - | | | (9 | ) | | 7,046 | |
| Provision for taxes on income | | (150 | ) | | 226 | | | 32 | | | 18 | | | 35 | | | 149 | | | (23 | ) | | 11 | | | 742 | | | (3 | ) | | 1,037 | |
| Net Earnings | $ | 5,116 | | | 960 | | | 822 | | | 63 | | | 175 | | | (339 | ) | | (77 | ) | | 37 | | | (742 | ) | | (6 | ) | | 6,009 | |
| Johnson & Johnson and Subsidiaries |
| GAAP to Non-GAAP Reconciliation |
| $ in Millions |
| Quarter to Date |
| Innovative Medicine | Fourth QuarterDec. 29, 2024GAAP | | Intangible asset amortization | | Litigation related | | In-process research and development impairments | | Restructuring related | | Acquisition, integration and divestiture related | | (Loss)/gain on securities | | Medical Device Regulation | | COVID-19 Vaccine Related Costs | | Tax legislation and other tax related | | Fourth QuarterDec. 29, 2024Non-GAAP |
| Cost of products sold | $ | 3,514 | | | (685 | ) | | | | | | | | | | | | | | | | | | 2,829 | |
| Selling, marketing and admin expenses | | 3,312 | | | | | | | | | | | | | | | | | | | | | 3,312 | |
| Research and development expense | | 3,698 | | | | | | | | | | | | | | | | | (6 | ) | | | | 3,692 | |
| Other segment items | | (201 | ) | | | | 41 | | | (17 | ) | | (2 | ) | | (12 | ) | | 50 | | | | | (17 | ) | | | | (158 | ) |
| Adjusted Income Before Tax by Segment | | 4,009 | | | 685 | | | (41 | ) | | 17 | | | 2 | | | 12 | | | (50 | ) | | - | | | 23 | | | - | | | 4,657 | |
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| MedTech | Fourth QuarterDec. 29, 2024GAAP | | Intangible asset amortization | | Litigation related | | In-process research and development impairments | | Restructuring related | | Acquisition, integration and divestiture related | | (Loss)/gain on securities | | Medical Device Regulation | | COVID-19 Vaccine Related Costs | | Tax legislation and other tax related | | Fourth QuarterDec. 29, 2024Non-GAAP |
| Cost of products sold | $ | 3,596 | | | (477 | ) | | | | | | (20 | ) | | (153 | ) | | | | (18 | ) | | | | | | 2,928 | |
| Selling, marketing and admin expenses | | 2,836 | | | | | | | | | | | | | | | (4 | ) | | | | | | 2,832 | |
| Research and development expense | | 1,600 | | | | | | | | | | | | | | | (25 | ) | | | | | | 1,575 | |
| Other segment items | | 84 | | | (9 | ) | | 29 | | | | | (40 | ) | | (115 | ) | | 18 | | | | | | | | | (33 | ) |
| Adjusted Income Before Tax by Segment | | 72 | | | 486 | | | (29 | ) | | - | | | 60 | | | 268 | | | (18 | ) | | 47 | | | - | | | - | | | 886 | |
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| Expenses not allocated to segments | Fourth QuarterDec. 29, 2024GAAP | | Intangible asset amortization | | Litigation related | | In-process research and development impairments | | Restructuring related | | Acquisition, integration and divestiture related | | (Loss)/gain on securities | | Medical Device Regulation | | COVID-19 Vaccine Related Costs | | Tax legislation and other tax related | | Fourth QuarterDec. 29, 2024Non-GAAP |
| Cost of products sold | $ | 18 | | | | | | | | | | | | | | | | | | | | | 18 | |
| Selling, marketing and admin expenses | | 305 | | | | | | | | | | | | | | | | | | | | | 305 | |
| Research and development expense | | - | | | | | | | | | | | | | | | | | | | | | - | |
| Other segment items | | (129 | ) | | | | (54 | ) | | | | | | (18 | ) | | | | | | | | | | (201 | ) |
| Adjusted Income Before Tax by Segment | | (194 | ) | | - | | | 54 | | | - | | | - | | | 18 | | | - | | | - | | | - | | | - | | | (122 | ) |
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| Johnson & Johnson Consolidated | Fourth QuarterDec. 29, 2024GAAP | | Intangible asset amortization | | Litigation related | | In-process research and development impairments | | Restructuring related | | Acquisition, integration and divestiture related | | (Loss)/gain on securities | | Medical Device Regulation | | COVID-19 Vaccine Related Costs | | Tax legislation and other tax related | | Fourth QuarterDec. 29, 2024Non-GAAP |
| Cost of products sold | $ | 7,128 | | | (1,162 | ) | | | | | | (20 | ) | | (153 | ) | | | | (18 | ) | | | | | | 5,775 | |
| Selling, marketing and admin expenses | | 6,453 | | | | | | | | | | | | | | | (4 | ) | | | | | | 6,449 | |
| Research and development expense | | 5,298 | | | | | | | | | | | | | | | (25 | ) | | (6 | ) | | | | 5,267 | |
| Other (Income) / Expense | | (161 | ) | | (9 | ) | | 16 | | | | | | | (145 | ) | | 68 | | | | | (17 | ) | | | | (248 | ) |
| In-process research and development impairments | | 17 | | | | | | | (17 | ) | | | | | | | | | | | | | | - | |
| Interest (Income)/Expense | | (144 | ) | | | | | | | | | | | | | | | | | | | | (144 | ) |
| Restructuring | | 42 | | | | | | | | | (42 | ) | | | | | | | | | | | | - | |
| Adjusted Income Before Tax | | 3,887 | | | 1,171 | | | (16 | ) | | 17 | | | 62 | | | 298 | | | (68 | ) | | 47 | | | 23 | | | - | | | 5,421 | |
| Provision for taxes on income | | 456 | | | 171 | | | (158 | ) | | 4 | | | 3 | | | 80 | | | (34 | ) | | 9 | | | 5 | | | (61 | ) | | 475 | |
| Net Earnings | $ | 3,431 | | | 1,000 | | | 142 | | | 13 | | | 59 | | | 218 | | | (34 | ) | | 38 | | | 18 | | | 61 | | | 4,946 | |
| Johnson & Johnson and Subsidiaries |
| GAAP to Non-GAAP Reconciliation |
| $ in Millions |
| Year to Date |
| Innovative Medicine | Twelve MonthsDec. 28, 2025GAAP | | Intangible asset amortization | | Litigation related | | In-process research and development impairments | | Restructuring related | | Acquisition, integration and divestiture related | | (Loss)/gain on securities | | Orthopaedics Separation Related | | Tax legislation and other tax related | | Other | | Twelve MonthsDec. 28, 2025Non-GAAP |
| Cost of products sold | $ | 15,646 | | | (2,706 | ) | | | | | | | | (35 | ) | | | | | | | | | | 12,905 | |
| Selling, marketing and admin expenses | | 11,375 | | | | | | | | | | | | | | | | | | | | | 11,375 | |
| Research and development expense | | 11,827 | | | | | | | | | | | | | | | | | | | | | 11,827 | |
| Other segment items | | (713 | ) | | | | 90 | | | (11 | ) | | | | (327 | ) | | 265 | | | | | | | (10 | ) | | (706 | ) |
| Adjusted Income Before Tax by Segment | | 22,266 | | | 2,706 | | | (90 | ) | | 11 | | | - | | | 362 | | | (265 | ) | | - | | | - | | | 10 | | | 25,000 | |
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| MedTech | Twelve MonthsDec. 28, 2025GAAP | | Intangible asset amortization | | Litigation related | | In-process research and development impairments | | Restructuring related | | Acquisition, integration and divestiture related | | (Loss)/gain on securities | | Orthopaedics Separation Related | | Tax legislation and other tax related | | Other | | Twelve MonthsDec. 28, 2025Non-GAAP |
| Cost of products sold | $ | 14,549 | | | (1,915 | ) | | | | | | (91 | ) | | (52 | ) | | | | | | | | | | 12,491 | |
| Selling, marketing and admin expenses | | 11,354 | | | | | | | | | | | | | | | | | | | | | 11,354 | |
| Research and development expense | | 2,838 | | | | | | | | | | | 37 | | | | | | | | | | | 2,875 | |
| Other segment items | | 938 | | | | | (896 | ) | | (70 | ) | | (421 | ) | | 135 | | | 162 | | | (48 | ) | | | | (10 | ) | | (210 | ) |
| Adjusted Income Before Tax by Segment | | 4,113 | | | 1,915 | | | 896 | | | 70 | | | 512 | | | (120 | ) | | (162 | ) | | 48 | | | - | | | 10 | | | 7,282 | |
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| Expenses not allocated to segments | Twelve MonthsDec. 28, 2025GAAP | | Intangible asset amortization | | Litigation related | | In-process research and development impairments | | Restructuring related | | Acquisition, integration and divestiture related | | (Loss)/gain on securities | | Orthopaedics Separation Related | | Tax legislation and other tax related | | Other | | Twelve MonthsDec. 28, 2025Non-GAAP |
| Cost of products sold | $ | 61 | | | | | | | | | | | | | | | | | | | | | 61 | |
| Selling, marketing and admin expenses | | 947 | | | | | | | | | | | | | | | | | | | | | 947 | |
| Research and development expense | | - | | | | | | | | | | | | | | | | | | | | | - | |
| Other segment items | | (7,210 | ) | | | | 6,846 | | | | | | | (43 | ) | | | | | | | | | | (407 | ) |
| Adjusted Income Before Tax by Segment | | 6,202 | | | - | | | (6,846 | ) | | - | | | - | | | 43 | | | - | | | - | | | - | | | - | | | (601 | ) |
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| Johnson & Johnson Consolidated | Twelve MonthsDec. 28, 2025GAAP | | Intangible asset amortization | | Litigation related | | In-process research and development impairments | | Restructuring related | | Acquisition, integration and divestiture related | | (Loss)/gain on securities | | Orthopaedics Separation Related | | Tax legislation and other tax related | | Other | | Twelve MonthsDec. 28, 2025Non-GAAP |
| Cost of products sold | $ | 30,256 | | | (4,621 | ) | | | | | | (91 | ) | | (87 | ) | | | | | | | | | | 25,457 | |
| Selling, marketing and admin expenses | | 23,676 | | | | | | | | | | | | | | | | | | | | | 23,676 | |
| Research and development expense | | 14,665 | | | | | | | | | | | 37 | | | | | | | | | | | 14,702 | |
| Other (Income) / Expense | | (7,209 | ) | | | | 6,040 | | | | | (193 | ) | | (235 | ) | | 427 | | | (48 | ) | | | | (20 | ) | | (1,238 | ) |
| In-process research and development impairments | | 81 | | | | | | | (81 | ) | | | | | | | | | | | | | | - | |
| Interest (Income)/Expense | | (85 | ) | | | | | | | | | | | | | | | | | | | | (85 | ) |
| Restructuring | | 228 | | | | | | | | | (228 | ) | | | | | | | | | | | | - | |
| Adjusted Income Before Tax | | 32,581 | | | 4,621 | | | (6,040 | ) | | 81 | | | 512 | | | 285 | | | (427 | ) | | 48 | | | - | | | 20 | | | 31,681 | |
| Provision for taxes on income | | 5,777 | | | 829 | | | (1,509 | ) | | 18 | | | 93 | | | 267 | | | (96 | ) | | 11 | | | 70 | | | 6 | | | 5,466 | |
| Net Earnings | $ | 26,804 | | | 3,792 | | | (4,531 | ) | | 63 | | | 419 | | | 18 | | | (331 | ) | | 37 | | | (70 | ) | | 14 | | | 26,215 | |
| Johnson & Johnson and Subsidiaries |
| GAAP to Non-GAAP Reconciliation |
| $ in Millions |
| Year to Date |
| Innovative Medicine | Twelve MonthsDec. 29, 2024GAAP | | Intangible asset amortization | | Litigation related | | In-process research and development impairments | | Restructuring related | | Acquisition, integration and divestiture related | | (Loss)/gain on securities | | Medical Device Regulation | | COVID-19 Vaccine Related Costs | | Tax legislation and other tax related | | Twelve MonthsDec. 29, 2024Non-GAAP |
| Cost of products sold | $ | 14,036 | | | (2,772 | ) | | | | | | | | | | | | | | (8 | ) | | | | 11,256 | |
| Selling, marketing and admin expenses | | 10,906 | | | | | | | | | | | | | | | | | | | | | 10,906 | |
| Research and development expense | | 13,529 | | | | | | | | | | | | | | | | | (25 | ) | | | | 13,504 | |
| Other segment items | | (426 | ) | | | | (358 | ) | | (211 | ) | | (102 | ) | | (66 | ) | | 76 | | | | | (67 | ) | | | | (1,154 | ) |
| Adjusted Income Before Tax by Segment | | 18,919 | | | 2,772 | | | 358 | | | 211 | | | 102 | | | 66 | | | (76 | ) | | - | | | 100 | | | - | | | 22,452 | |
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| MedTech | Twelve MonthsDec. 29, 2024GAAP | | Intangible asset amortization | | Litigation related | | In-process research and development impairments | | Restructuring related | | Acquisition, integration and divestiture related | | (Loss)/gain on securities | | Medical Device Regulation | | COVID-19 Vaccine Related Costs | | Tax legislation and other tax related | | Twelve MonthsDec. 29, 2024Non-GAAP |
| Cost of products sold | $ | 13,345 | | | (1,745 | ) | | | | | | (35 | ) | | (359 | ) | | | | (84 | ) | | | | | | 11,122 | |
| Selling, marketing and admin expenses | | 10,812 | | | | | | | | | | | | | | | (16 | ) | | | | | | 10,796 | |
| Research and development expense | | 3,703 | | | | | | | | | | | (69 | ) | | | | (104 | ) | | | | | | 3,530 | |
| Other segment items | | 257 | | | (9 | ) | | 14 | | | | | (132 | ) | | (587 | ) | | (30 | ) | | | | | | | | (487 | ) |
| Adjusted Income Before Tax by Segment | | 3,740 | | | 1,754 | | | (14 | ) | | - | | | 167 | | | 1,015 | | | 30 | | | 204 | | | - | | | - | | | 6,896 | |
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| Expenses not allocated to segments | Twelve MonthsDec. 29, 2024GAAP | | Intangible asset amortization | | Litigation related | | In-process research and development impairments | | Restructuring related | | Acquisition, integration and divestiture related | | (Loss)/gain on securities | | Medical Device Regulation | | COVID-19 Vaccine Related Costs | | Tax legislation and other tax related | | Twelve MonthsDec. 29, 2024Non-GAAP |
| Cost of products sold | $ | 90 | | | | | | | | | | | | | | | | | | | | | 90 | |
| Selling, marketing and admin expenses | | 1,151 | | | | | | | | | | | | | | | | | | | | | 1,151 | |
| Research and development expense | | - | | | | | | | | | | | | | | | | | | | | | - | |
| Other segment items | | 4,731 | | | | | (5,106 | ) | | | | | | (145 | ) | | (352 | ) | | | | | | | | (872 | ) |
| Adjusted Income Before Tax by Segment | | (5,972 | ) | | - | | | 5,106 | | | - | | | - | | | 145 | | | 352 | | | - | | | - | | | - | | | (369 | ) |
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| Johnson & Johnson Consolidated | Twelve MonthsDec. 29, 2024GAAP | | Intangible asset amortization | | Litigation related | | In-process research and development impairments | | Restructuring related | | Acquisition, integration and divestiture related | | (Loss)/gain on securities | | Medical Device Regulation | | COVID-19 Vaccine Related Costs | | Tax legislation and other tax related | | Twelve MonthsDec. 29, 2024Non-GAAP |
| Cost of products sold | $ | 27,471 | | | (4,517 | ) | | | | | | (35 | ) | | (359 | ) | | | | (84 | ) | | (8 | ) | | | | 22,468 | |
| Selling, marketing and admin expenses | | 22,869 | | | | | | | | | | | | | | | (16 | ) | | | | | | 22,853 | |
| Research and development expense | | 17,232 | | | | | | | | | | | (69 | ) | | | | (104 | ) | | (25 | ) | | | | 17,034 | |
| Other (Income) / Expense | | 4,694 | | | (9 | ) | | (5,450 | ) | | | | | | (798 | ) | | (306 | ) | | | | (67 | ) | | | | (1,936 | ) |
| In-process research and development impairments | | 211 | | | | | | | (211 | ) | | | | | | | | | | | | | | - | |
| Interest (Income)/Expense | | (577 | ) | | | | | | | | | | | | | | | | | | | | (577 | ) |
| Restructuring | | 234 | | | | | | | | | (234 | ) | | | | | | | | | | | | - | |
| Adjusted Income Before Tax | | 16,687 | | | 4,526 | | | 5,450 | | | 211 | | | 269 | | | 1,226 | | | 306 | | | 204 | | | 100 | | | - | | | 28,979 | |
| Provision for taxes on income | | 2,621 | | | 644 | | | 1,066 | | | 47 | | | 45 | | | 302 | | | (29 | ) | | 38 | | | 22 | | | (19 | ) | | 4,737 | |
| Net Earnings | $ | 14,066 | | | 3,882 | | | 4,384 | | | 164 | | | 224 | | | 924 | | | 335 | | | 166 | | | 78 | | | 19 | | | 24,242 | |