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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): 

July 16, 2025

Johnson & Johnson

(Exact name of registrant as specified in its charter)

New Jersey			1-3215			22-1024240
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(IRS Employer Identification No.)

One Johnson & Johnson Plaza, New Brunswick, New Jersey  08933 

(Address of Principal Executive Offices)

 (Zip Code) 

Registrant's telephone number, including area code:

732-524-0400

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, Par Value $1.00			JNJ			New York Stock Exchange
1.150% Notes Due November 2028			JNJ28			New York Stock Exchange
2.700% Notes due February 2029			JNJ29B			New York Stock Exchange
3.200% Notes Due June 2032			JNJ32			New York Stock Exchange
3.050% Notes due February 2033			JNJ33B			New York Stock Exchange
1.650% Notes Due May 2035			JNJ35			New York Stock Exchange
3.350% Notes Due June 2036			JNJ36A			New York Stock Exchange
3.350% Notes due February 2037			JNJ37B			New York Stock Exchange
3.550% Notes Due June 2044			JNJ44			New York Stock Exchange
3.600% Notes due February 2045			JNJ45			New York Stock Exchange
3.700% Notes due February 2055			JNJ55			New York Stock Exchange

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Item 2.02 Results of operations and financial condition

On July 16, 2025, Johnson & Johnson issued the attached press release (Exhibit 99.1) announcing its sales and earnings for the second quarter ended June 29, 2025.

Item 9.01 Financial statements and exhibits

(d)    Exhibits.

Exhibit No.						Description of Exhibit
99.1						Press Release dated July 16, 2025 for the period ended June 29, 2025
99.2						Unaudited Comparative Supplementary Sales Data and Condensed Consolidated Statement of Earnings for the fiscal second quarter and six months
104						The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:July 16, 2025

			JOHNSON & JOHNSON
			(Registrant)
By:			/s/ Robert J. Decker, Jr.
			Robert J. Decker, Jr. Controller (Principal Accounting Officer)

Exhibit 99.1

Media contact: media-relations@its.jnj.com						Investor contact: investor-relations@its.jnj.com

For immediate release

Johnson & Johnson reports Q2 2025 results; raises 2025 outlook

•2025 Second-Quarter reported sales growth of 5.8% to $23.7 Billion with operational growth of 4.6%* and adjusted operational growth of 3.0%*

•2025 Second-Quarter reflects earnings per share (EPS) of $2.29 and adjusted EPS of $2.77

•Significant new product pipeline progress including approval of IMAAVY for generalized myasthenia gravis, priority review for TAR-200, data for CARVYKTI overall survival and progression-free benefits in multiple myeloma, and continuation of the clinical trial for a general surgery robotic system, OTTAVA  

•Strong operational performance and favorable foreign exchange results in Company increasing full year estimated reported sales5 guidance at the midpoint by $2 billion dollars to 5.4% and full year EPS guidance by $0.25 to $10.85. Adjusted operational EPS increased to $10.68 at the midpoint.

New Brunswick, N.J. (July 16, 2025) – Johnson & Johnson (NYSE: JNJ) today announced results for second-quarter 2025. “Today’s strong results reflect the depth and strength of Johnson & Johnson’s uniquely diversified business operating across both MedTech and Innovative Medicine,” said Joaquin Duato, Chairman and Chief Executive Officer, Johnson & Johnson. “Our portfolio and pipeline position us for elevated growth in the second half of the year, with game-changing approvals and submissions anticipated in areas like lung and bladder cancer, major depressive disorder, psoriasis, surgery and cardiovascular, which will extend and improve lives in transformative ways.”

Overall financial results

			Q2
($ in Millions, except EPS)			2025						2024									% Change
Reported Sales						$23,743						$22,447						5.8%
Net Earnings						$5,537						$4,686						18.2%
EPS (diluted)						$2.29						$1.93						18.7%
			Q2
Non-GAAP* ($ in Millions, except EPS)			2025						2024									% Change
Operational Sales1,2																		4.6%
Adjusted Operational Sales1,3																		3.0%
Adjusted Net Earnings1,4						$6,699									$6,840			-2.1%
Adjusted EPS (diluted)1,4						$2.77									$2.82			-1.8%
Free Cash Flow6,7						~$6,200									$7,507

1Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules

2Excludes the impact of translational currency

3Excludes the net impact of acquisitions and divestitures and translational currency

4Excludes intangible amortization expense and special items

5Excludes COVID-19 Vaccine

6Non-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.

7Second-quarter YTD 2025 is estimated as of July 16, 2025

Note: values may have been rounded

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Regional sales results

Q2												% Change
($ in Millions)			2025			2024			Reported			Operational1,2			Currency			Adjusted Operational1,3
U.S.			$13,544			$12,569			7.8%			7.8			-			5.0
International			10,199			9,878			3.2			0.6			2.6			0.4
Worldwide			$23,743			$22,447			5.8%			4.6			1.2			3.0

1Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules

2Excludes the impact of translational currency

3Excludes the net impact of acquisitions and divestitures and translational currency

Note: values may have been rounded

Segment sales results

Q2												% Change
($ in Millions)			2025			2024			Reported			Operational1,2			Currency			Adjusted Operational1,3
Innovative Medicine			$15,202			$14,490			4.9%			3.8			1.1			2.4
MedTech			8,541			7,957			7.3			6.1			1.2			4.1
Worldwide			$23,743			$22,447			5.8%			4.6			1.2			3.0

1Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules

2Excludes the impact of translational currency

3Excludes the net impact of acquisitions and divestitures and translational currency

Note: values may have been rounded

Second-Quarter 2025 segment commentary:

Operational sales* reflected below excludes the impact of translational currency.

Innovative Medicine

Innovative Medicine worldwide operational sales grew 3.8%*, with net acquisitions and divestitures positively impacting growth by 1.4%. Growth was primarily driven 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 (1,170) basis points impact from STELARA in Immunology, and an approximate (130) basis points impact from COVID-19 in Infectious Diseases.

MedTech

MedTech worldwide operational sales grew 6.1%*, with net acquisitions and divestitures positively impacting growth by 2.0%. Growth was primarily driven by electrophysiology products and Abiomed in Cardiovascular, as well as wound closure products in General Surgery.

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Full-year 2025 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)			July 2025			April 2025
Adjusted Operational Sales1,2,5 Change vs. Prior Year / Mid-point			3.2% – 3.7% / 3.5%			2.0% – 3.0% / 2.5%
Operational Sales2,5 / Mid-point Change vs. Prior Year / Mid-point			$92.7B – $93.1B / $92.9B 4.5% – 5.0% / 4.8%			$91.6B – $92.4B / $92.0B 3.3% – 4.3% / 3.8%
Estimated Reported Sales3,5/ Mid-point Change vs. Prior Year / Mid-point			$93.2B – $93.6B / $93.4B 5.1% – 5.6% / 5.4%			$91.0B – $91.8B / $91.4B 2.6% – 3.6% / 3.1%
Adjusted Operational EPS (Diluted)2,4 / Mid-point Change vs. Prior Year / Mid-point			$10.63 – $10.73 / $10.68 6.5% – 7.5% / 7.0%			$10.50 – $10.70 / $10.60 5.2% – 7.2% / 6.2%
Adjusted EPS (Diluted)3,4 / Mid-point Change vs. Prior Year / Mid-point			$10.80 – $10.90 / $10.85 8.2% – 9.2% / 8.7%			$10.50 – $10.70 / $10.60 5.2% – 7.2% / 6.2%

1Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures

2Non-GAAP financial measure; excludes the impact of translational currency

3Calculated using Euro Average Rate: July 2025 = $1.13 and April 2025 = $1.10 (Illustrative purposes only)

4Non-GAAP financial measure; excludes intangible amortization expense and special items

5Excludes COVID-19 Vaccine

Note: percentages may have been rounded

Other modeling considerations will be provided on the webcast

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.com or 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 at News Releases, as well as Innovative Medicine News Center, MedTech News & Events, and www.factsabouttalc.com.

Regulatory			Supplemental new drug application submitted to U.S. FDA for CAPLYTA® (lumateperone) with data demonstrating significant schizophrenia relapse prevention compared to placebo1			Press Release
			DARZALEX® (daratumumab) receives the first positive CHMP opinion for patients with high-risk smouldering multiple myeloma			Press Release
			IMBRUVICA® (ibrutinib) receives positive CHMP opinion for the treatment of patients with previously untreated mantle cell lymphoma (MCL) who would be eligible for autologous stem cell transplant			Press Release
			U.S. FDA Oncologic Drugs Advisory Committee votes in favor of the benefit-risk profile of DARZALEX FASPRO® (daratumumab and hyaluronidase-fihj) for high-risk smoldering multiple myeloma			Press Release
			Johnson & Johnson receives FDA approval for IMAAVY™ (nipocalimab-aahu), a new FcRn blocker offering long-lasting disease control in the broadest population of people living with generalized myasthenia gravis (gMG)			Press Release

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			Johnson & Johnson MedTech Announces Completion of First Cases with OTTAVA™ Robotic Surgical System			Press Release
Data Releases			IMAAVY™ (nipocalimab-aahu) showed greater sustained disease control versus approved FcRn blockers for generalized myasthenia gravis (gMG) at multiple timepoints over 24 weeks in newly published indirect treatment comparison (ITC)			Press Release
			Investigational combination of first-in-class bispecifics TALVEY® and TECVAYLI® shows deep and durable responses in heavily pretreated multiple myeloma patients with extramedullary disease			Press Release
			Johnson & Johnson's dual-targeting CAR T-cell therapy shows encouraging first results in large B-cell lymphoma			Press Release
			New results for Johnson & Johnson's bleximenib demonstrate promising antileukemic activity in combination with venetoclax and azacitidine for acute myeloid leukemia			Press Release
			Significant efficacy benefit of IMBRUVICA® (ibrutinib) plus venetoclax versus acalabrutinib plus venetoclax in frontline treatment of patients with chronic lymphocytic leukaemia suggested by indirect treatment comparison			Press Release
			New data show TREMFYA® (guselkumab) is the only IL-23 inhibitor proven to significantly inhibit progression of joint structural damage in active psoriatic arthritis			Press Release
			DARZALEX FASPRO® (daratumumab and hyaluronidase-fihj)-based regimen shows 95 percent progression-free survival at four years in transplant-eligible, newly diagnosed patients with multiple myeloma who achieved sustained MRD negativity			Press Release
			Early results from Johnson & Johnson's trispecific antibody show promising response in heavily pretreated multiple myeloma patients			Press Release
			Single infusion of CARVYKTI® (ciltacabtagene autoleucel) delivered lasting treatment-free remissions for at least five years in patients with relapsed or refractory multiple myeloma			Press Release
			Johnson & Johnson leads with first PARP inhibitor combo to improve efficacy in patients with HRR-altered mCSPC			Press Release
			Johnson & Johnson unveils first-in-human results for pasritamig, showing early anti-tumor activity in prostate cancer			Press Release
			Shockwave Medical Study Confirms Benefit of IVL-First Strategy in Real-World Female Patients with Complex Calcified Lesions in Late-Breaking Data Presentation at EuroPCR 2025			Press Release
			Icotrokinra results show significant skin clearance in patients with difficult-to-treat scalp and genital psoriasis			Press Release
			TREMFYA® (guselkumab) delivers sustained clinical and endoscopic remission in ulcerative colitis through two years			Press Release
			TREMFYA® (guselkumab) positioned to become the first and only IL-23 inhibitor to offer subcutaneous induction in ulcerative colitis as demonstrated in new data through 24 weeks			Press Release
			Johnson & Johnson's TAR-200 monotherapy achieves high disease-free survival of more than 80 percent in BCG-unresponsive, high-risk papillary NMIBC			Press Release
			Johnson & Johnson's TAR-200 monotherapy demonstrates highest complete response rate with sustained clinical benefits in patients with certain types of bladder cancer			Press Release

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			Johnson & Johnson MedTech Presents 3-Month Data from Omny-IRE Clinical Trial at 2025 Heart Rhythm Society Annual Meeting			Press Release
Product Launch			Johnson & Johnson Launches First and Only Daily Disposable Multifocal Toric Contact Lens - ACUVUE OASYS MAX 1-Day MULTIFOCAL for ASTIGMATISM			Press Release
			Johnson & Johnson Launches VOLT™ Wrist and Proximal Humerus Plating Systems in the U.S.			Press Release
			Johnson & Johnson Launches New TECNIS Odyssey Next-Generation Intraocular Lens in Europe, the Middle East, and Canada Offering Cataract Patients Precise Vision at Every Distance in Any Lighting			Press Release
			Johnson & Johnson Launches KINCISE™ 2 System, the Only Automated Surgical Impactor Approved for Knee and Hip Revision Procedures			Press Release
			Johnson & Johnson MedTech Launches SOUNDSTAR CRYSTAL™ in the US, Redefining Image Clarity in 2D Intracardiac Imaging			Press Release
Other			Johnson & Johnson Elects Daniel Pinto, President, JPMorganChase to its Board of Directors			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 the Johnson & 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 at events-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 at quarterly results.

Copies of the financial schedules accompanying this earnings release are available on the company’s website at quarterly 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, an Innovative Medicine pipeline of 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 at quarterly results.

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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. 

Exhibit 99.2

Johnson & Johnson and subsidiaries

Supplementary sales data

(Unaudited; Dollars in Millions)			SECOND QUARTER
									Percent Change
Sales to customers by geographic area			2025			2024			Total			Operations			Currency
U.S.			$13,544			12,569			7.8		%	7.8			—
Europe			5,387			5,214			3.3			(1.9)			5.2
Western Hemisphere excluding U.S.			1,206			1,212			(0.5)			6.2			(6.7)
Asia-Pacific, Africa			3,606			3,452			4.4			2.4			2.0
International			10,199			9,878			3.2			0.6			2.6
Worldwide			$23,743			22,447			5.8		%	4.6			1.2

Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

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Johnson & Johnson and subsidiaries

Supplementary sales data

(Unaudited; Dollars in Millions)			SIX MONTHS
									Percent Change
Sales to customers by geographic area			2025			2024			Total			Operations			Currency
U.S.			$25,849			24,189			6.9		%	6.9			—
Europe			10,497			10,377			1.1			0.2			0.9
Western Hemisphere excluding U.S.			2,373			2,406			(1.3)			7.7			(9.0)
Asia-Pacific, Africa			6,917			6,858			0.9			0.9			0.0
International			19,787			19,641			0.7			1.4			(0.7)
Worldwide			$45,636			43,830			4.1		%	4.4			(0.3)

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Johnson & Johnson and subsidiaries

Supplementary sales data

(Unaudited; Dollars in Millions)			SECOND QUARTER
												Percent Change
Sales to customers by segment of business						2025			2024			Total			Operations			Currency
Innovative Medicine
U.S.						$	9,161		8,510			7.6		%	7.6			—
International						6,041			5,980			1.0			(1.6)			2.6
						15,202			14,490			4.9			3.8			1.1
MedTech
U.S.						4,383			4,059			8.0			8.0			—
International						4,158			3,898			6.7			4.1			2.6
						8,541			7,957			7.3			6.1			1.2
U.S.						13,544			12,569			7.8			7.8			—
International						10,199			9,878			3.2			0.6			2.6
Worldwide						$	23,743		22,447			5.8		%	4.6			1.2

Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

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Johnson & Johnson and subsidiaries

Supplementary sales data

(Unaudited; Dollars in Millions)			SIX MONTHS
												Percent Change
Sales to customers by segment of business						2025			2024			Total			Operations			Currency
Innovative Medicine
U.S.						$	17,253		16,122			7.0		%	7.0			—
International						11,822			11,930			(0.9)			(0.1)			(0.8)
						29,075			28,052			3.6			4.0			(0.4)
MedTech
U.S.						8,596			8,067			6.6			6.6			—
International						7,965			7,711			3.3			3.6			(0.3)
						16,561			15,778			5.0			5.1			(0.1)
U.S.						25,849			24,189			6.9			6.9			—
International						19,787			19,641			0.7			1.4			(0.7)
Worldwide						$	45,636		43,830			4.1		%	4.4			(0.3)

Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

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Johnson & Johnson and subsidiaries

Condensed consolidated statement of earnings

(Unaudited; in Millions Except Per Share Figures)			SECOND QUARTER
			2025						2024						Percent Increase (Decrease)
			Amount			Percent to Sales			Amount			Percent to Sales
Sales to customers			$	23,743		100.0			$	22,447		100.0			5.8
Cost of products sold			7,628			32.1			6,869			30.6			11.0
Gross Profit			16,115			67.9			15,578			69.4			3.4
Selling, marketing and administrative expenses			5,889			24.8			5,681			25.3			3.7
Research and development expense			3,516			14.8			3,440			15.3			2.2
In-process research and development impairments			—			—			194			0.9
Interest (income) expense, net			48			0.2			(125)			(0.6)
Other (income) expense, net			107			0.5			653			2.9
Restructuring			64			0.3			(13)			0.0
Earnings before provision for taxes on income			6,491			27.3			5,748			25.6			12.9
Provision for taxes on income			954			4.0			1,062			4.7			(10.2)
Net earnings			$	5,537		23.3			$	4,686		20.9			18.2
Net earnings per share (Diluted)			$	2.29					$	1.93					18.7
Average shares outstanding (Diluted)			2,419.1						2,422.0
Effective tax rate			14.7		%				18.5		%
Adjusted earnings before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income			$	8,188		34.5			$	8,404		37.4			(2.6)
Net earnings			$	6,699		28.2			$	6,840		30.5			(2.1)
Net earnings per share (Diluted)			$	2.77					$	2.82					(1.8)
Effective tax rate			18.2		%				18.6		%

(1) See Reconciliation of Non-GAAP Financial Measures.

(A)    NON-GAAP FINANCIAL MEASURES "Adjusted earnings before provision for taxes on income," "adjusted net earnings," "adjusted net earnings per share (diluted)," and "adjusted effective tax rate" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate on an adjusted basis because management believes that these measures provide useful information to investors. Among other things, these measures may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as intangible asset amortization expense, significant gains from divestitures, significant costs associated with acquisitions, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters). Special items may be highly variable, difficult to predict, and of a size that sometimes has substantial impact on the Company's reported results of operations for a period. Management uses these measures internally for planning, forecasting and evaluating the performances of the Company's businesses, including allocating resources and evaluating results relative to employee performance compensation targets. Unlike earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate prepared in accordance with GAAP, adjusted earnings before provision for taxes on income, adjusted net earnings, adjusted net earnings per share (diluted), and adjusted effective tax rate may not be comparable with the calculation of similar measures for other companies. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of the Company's results of operations without including all events during a period, such as intangible asset amortization expense, significant gains from divestitures, the effects of an acquisition, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters) and do not provide a comparable view of the Company's performance to other companies in the health care industry. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.

---

Johnson & Johnson and subsidiaries

Condensed consolidated statement of earnings

(Unaudited; in Millions Except Per Share Figures)			SIX MONTHS
			2025						2024						Percent Increase (Decrease)
			Amount			Percent to Sales			Amount			Percent to Sales
Sales to customers			$	45,636		100.0			$	43,830		100.0			4.1
Cost of products sold			14,985			32.8			13,380			30.5			12.0
Gross Profit			30,651			67.2			30,450			69.5			0.7
Selling, marketing and administrative expenses			11,001			24.1			10,938			25.0			0.6
Research and development expense			6,741			14.8			6,982			16.0			(3.5)
In-process research and development impairments			—			—			194			0.4
Interest (income) expense, net			(80)			(0.2)			(334)			(0.8)
Other (income) expense, net			(7,214)			(15.8)			3,057			7.0
Restructuring			81			0.2			151			0.3
Earnings before provision for taxes on income			20,122			44.1			9,462			21.6			112.7
Provision for taxes on income			3,586			7.9			1,521			3.5			135.8
Net earnings			$	16,536		36.2			$	7,941		18.1			108.2
Net earnings per share (Diluted)			$	6.82					$	3.27					108.6
Average shares outstanding (Diluted)			2,423.3						2,428.5
Effective tax rate			17.8		%				16.1		%
Adjusted earnings before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income			$	16,199		35.5			$	16,281		37.1			(0.5)
Net earnings			$	13,405		29.4			$	13,420		30.6			(0.1)
Net earnings per share (Diluted)			$	5.53					$	5.53					0.0
Effective tax rate			17.2		%				17.6		%

(1) See Reconciliation of Non-GAAP Financial Measures.

(A)    NON-GAAP FINANCIAL MEASURES "Adjusted earnings before provision for taxes on income," "adjusted net earnings," "adjusted net earnings per share (diluted)," and "adjusted effective tax rate" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate on an adjusted basis because management believes that these measures provide useful information to investors. Among other things, these measures may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as intangible asset amortization expense, significant gains from divestitures, significant costs associated with acquisitions, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters). Special items may be highly variable, difficult to predict, and of a size that sometimes has substantial impact on the Company's reported results of operations for a period. Management uses these measures internally for planning, forecasting and evaluating the performances of the Company's businesses, including allocating resources and evaluating results relative to employee performance compensation targets. Unlike earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate prepared in accordance with GAAP, adjusted earnings before provision for taxes on income, adjusted net earnings, adjusted net earnings per share (diluted), and adjusted effective tax rate may not be comparable with the calculation of similar measures for other companies. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of the Company's results of operations without including all events during a period, such as intangible asset amortization expense, significant gains from divestitures, the effects of an acquisition, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters) and do not provide a comparable view of the Company's performance to other companies in the health care industry. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.

---

Johnson & Johnson and subsidiaries

Reconciliation of non-GAAP financial measures

			Second Quarter
(Dollars in Millions Except Per Share Data)			2025									2024
Net Earnings, after tax- as reported						$5,537						$4,686
Pre-tax Adjustments
Litigation related						57						352
Intangible Asset Amortization expense						1,267						1,106
COVID-19 Vaccine related costs						—						64
Restructuring related 1						79						(11)
Medical Device Regulation						—						68
Acquisition, integration and divestiture related						246						452
(Gains)/losses on securities						21						431
IPR&D impairments						—						194
Other						27						—
Tax Adjustments
Tax impact on special item adjustments 2						(321)						(437)
Tax legislation and other tax related						(214)						(65)
Adjusted Net Earnings, after tax						$6,699						$6,840
Average shares outstanding (Diluted)						2,419.1						2,422.0
Adjusted net earnings per share (Diluted)						$2.77						$2.82
Operational adjusted net earnings per share (Diluted)						$2.71

Notes:

1In 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 income of $63 million in the fiscal second quarter of 2024 ($81 million expense Q2 2024 YTD) included asset divestments and the termination of partnered and non-partnered program costs and asset impairments. 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 expenses of $50 million in the fiscal second quarter of 2025 ($105 million Q2 2025 YTD) and $52 million in the fiscal second quarter of 2024 ($79 million Q2 2024 YTD) includes costs related to market and product exits.

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. Restructuring expenses of $29 million were recorded in the fiscal second quarter of 2025.

2The 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 measures

			Six Months Ended
(Dollars in Millions Except Per Share Data)			2025									2024
Net Earnings, after tax- as reported						$16,536						$7,941
Pre-tax Adjustments
Litigation related						(6,909)						3,078
Intangible Asset Amortization expense						2,387						2,184
COVID-19 Vaccine related costs						—						73
Restructuring related 1						134						160
Medical Device Regulation						—						119
Acquisition, integration and divestiture related						378						600
(Gains)/losses on securities						60						411
IPR&D impairments						—						194
Other						27						—
Tax Adjustments
Tax impact on special item adjustments 2						994						(1,293)
Tax legislation and other tax related						(202)						(47)
Adjusted Net Earnings, after tax						$13,405						$13,420
Average shares outstanding (Diluted)						2,423.3						2,428.5
Adjusted net earnings per share (Diluted)						$5.53						$5.53
Operational adjusted net earnings per share (Diluted)						$5.52

Notes:

1In 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 income of $63 million in the fiscal second quarter of 2024 ($81 million expense Q2 2024 YTD) included asset divestments and the termination of partnered and non-partnered program costs and asset impairments. 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 expenses of $50 million in the fiscal second quarter of 2025 ($105 million Q2 2025 YTD) and $52 million in the fiscal second quarter of 2024 ($79 million Q2 2024 YTD) includes costs related to market and product exits.

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. Restructuring expenses of $29 million were recorded in the fiscal second quarter of 2025.

2The 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 measures

Adjusted operational sales growth(A)

Second quarter 2025 actual vs. 2024 actual

Segments
						Innovative Medicine						MedTech						Total
WW As Reported						4.9		%				7.3		%				5.8		%
U.S.						7.6		%				8.0		%				7.8		%
International						1.0		%				6.7		%				3.2		%
WW Currency						1.1						1.2						1.2
U.S.						—						—						—
International						2.6						2.6						2.6
WW Operational						3.8		%				6.1		%				4.6		%
U.S.						7.6		%				8.0		%				7.8		%
International						(1.6)		%				4.1		%				0.6		%
Shockwave												(2.2)						(0.8)
U.S.												(3.5)						(1.1)
International												(0.9)						(0.3)
Caplyta						(1.4)												(0.9)
U.S.						(2.4)												(1.7)
International						0.0												0.0
All Other Acquisitions and Divestitures (A&D)						0.0						0.2						0.1
U.S.						0.0						0.2						0.0
International						0.0						0.2						0.1
WW Adjusted Operational Ex A&D						2.4		%				4.1		%				3.0		%
U.S.						5.2		%				4.7		%				5.0		%
International						(1.6)		%				3.4		%				0.4		%

Note: Percentages are based on actual, non-rounded figures and may not sum

(A)    NON-GAAP FINANCIAL MEASURE “Adjusted operational sales growth" excludes acquisitions, divestitures and translational currency and is a non-GAAP financial measure. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and divestitures, and the impact they may have on the analysis of underlying business performance and trends, management believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to permit investors to more fully understand how management assesses the performance of the Company, including for internal evaluation of the performance of the Company's businesses and planning and forecasting for future periods. The use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company's results of operations without including all events during a period and may not provide a comparable view of the Company's performance to that of other companies in the health care industry.

---

Johnson & Johnson and subsidiaries

Reconciliation of non-GAAP financial measures

Adjusted operational sales growth(A)

Six months 2025 actual vs. 2024 actual

Segments
						Innovative Medicine						MedTech						Total
WW As Reported						3.6		%				5.0		%				4.1		%
U.S.						7.0		%				6.6		%				6.9		%
International						(0.9		%)				3.3		%				0.7		%
WW Currency						(0.4)						(0.1)						(0.3)
U.S.						—						—						—
International						(0.8)						(0.3)						(0.7)
WW Operational						4.0		%				5.1		%				4.4		%
U.S.						7.0		%				6.6		%				6.9		%
International						(0.1		%)				3.6		%				1.4		%
Shockwave												(2.7)						(1.0)
U.S.												(4.3)						(1.5)
International												(1.1)						(0.5)
Caplyta						(0.8)												(0.5)
U.S.						(1.3)												(0.9)
International						0.0												0.0
All Other Acquisitions and Divestitures (A&D)						0.1						0.3						0.2
U.S.						0.0						0.5						0.2
International						0.2						0.2						0.2
WW Adjusted Operational Ex A&D						3.3		%				2.7		%				3.1		%
U.S.						5.7		%				2.8		%				4.7		%
International						0.1		%				2.7		%				1.1		%

Note: Percentages are based on actual, non-rounded figures and may not sum

(A)    NON-GAAP FINANCIAL MEASURE “Adjusted operational sales growth" excludes acquisitions, divestitures and translational currency and is a non-GAAP financial measure. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and divestitures, and the impact they may have on the analysis of underlying business performance and trends, management believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to permit investors to more fully understand how management assesses the performance of the Company, including for internal evaluation of the performance of the Company's businesses and planning and forecasting for future periods. The use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company's results of operations without including all events during a period and may not provide a comparable view of the Company's performance to that of other companies in the health care industry.

---

Johnson & Johnson

Segment sales

(Dollars in Millions)

			SECOND QUARTER
															% Change
			2025						2024						Reported			Operational(1)			Currency
INNOVATIVE MEDICINE SEGMENT(2)
ONCOLOGY
US			$3,385						2,636						28.4		%	28.4		%	—		%
Intl			2,928						2,455						19.3			15.7			3.6
WW			6,312						5,090						24.0			22.3			1.7
CARVYKTI
US			358						167						*			*			—
Intl			81						20						*			*			*
WW			439						186						*			*			*
DARZALEX
US			2,017						1,641						23.0			23.0			—
Intl			1,521						1,237						23.0			19.6			3.4
WW			3,539						2,878						23.0			21.5			1.5
ERLEADA
US			378						318						18.6			18.6			—
Intl			530						418						27.0			22.8			4.2
WW			908						736						23.4			21.0			2.4
IMBRUVICA
US			239						246						(2.7)			(2.7)			—
Intl			496						525						(5.4)			(8.4)			3.0
WW			735						770						(4.5)			(6.6)			2.1
RYBREVANT / LAZCLUZE(3)
US			139						52						*			*			—
Intl			41						17						*			*			*
WW			179						69						*			*			*
TALVEY
US			82						59						38.0			38.0			—
Intl			24						9						*			*			*
WW			106						69						55.0			54.3			0.7
TECVAYLI
US			114						104						8.2			8.2			—
Intl			52						30						74.8			72.0			2.8
WW			166						135						23.1			22.4			0.7
ZYTIGA / abiraterone acetate
US			6						11						(38.9)			(38.9)			—
Intl			139						154						(9.8)			(13.3)			3.5
WW			145						165						(11.6)			(14.9)			3.3
OTHER ONCOLOGY
US			50						37						36.9			36.9			—
Intl			42						45						(8.7)			(12.3)			3.6
WW			93						83						11.7			9.7			2.0
See footnotes at end of schedule

---

Johnson & Johnson

Segment sales

(Dollars in Millions)

			SECOND QUARTER
															% Change
			2025						2024						Reported			Operational(1)			Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
IMMUNOLOGY
US			$2,505						2,978						(15.9)		%	(15.9)		%	—		%
Intl			1,489						1,744						(14.6)			(16.2)			1.6
WW			3,993						4,722						(15.4)			(16.0)			0.6
REMICADE
US			283						231						22.5			22.5			—
US Exports(4)			34						35						(2.6)			(2.6)			—
Intl			138						127						8.6			8.8			(0.2)
WW			455						393						15.9			15.9			0.0
SIMPONI / SIMPONI ARIA
US			305						267						14.0			14.0			—
Intl			387						270						43.1			40.8			2.3
WW			690						537						28.6			27.5			1.1
STELARA
US			1,078						1,855						(41.9)			(41.9)			—
Intl			575						1,030						(44.2)			(45.6)			1.4
WW			1,653						2,885						(42.7)			(43.2)			0.5
TREMFYA
US			796						589						35.2			35.2			—
Intl			391						317						23.2			20.5			2.7
WW			1,186						906						31.0			30.1			0.9
OTHER IMMUNOLOGY
US			8						2						*			*			—
Intl			0						0						—			—			—
WW			8						2						*			*			—
NEUROSCIENCE
US			1,377						1,102						24.9			24.9			—
Intl			674						679						(0.8)			(2.6)			1.8
WW			2,051						1,782						15.1			14.4			0.7
CAPLYTA(5)
US			211						—						*			*			—
Intl			—						—						—			—			—
WW			211						—						*			*			—
CONCERTA / methylphenidate
US			24						34						(27.7)			(27.7)			—
Intl			139						129						7.5			7.0			0.5
WW			164						163						0.2			(0.2)			0.4
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
US			732						784						(6.7)			(6.7)			—
Intl			260						269						(3.5)			(5.1)			1.6
WW			992						1,054						(5.9)			(6.3)			0.4
SPRAVATO
US			366						226						61.1			61.1			—
Intl			50						44						12.8			11.0			1.8
WW			414						271						53.3			53.0			0.3
See footnotes at end of schedule

---

Johnson & Johnson

Segment sales

(Dollars in Millions)

			SECOND QUARTER
															% Change
			2025						2024						Reported			Operational(1)			Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
OTHER NEUROSCIENCE
US			$	45					57						(23.5)		%	(23.5)		%	—		%
Intl			226						237						(4.7)			(7.6)			2.9
WW			270						294						(8.4)			(10.7)			2.3
PULMONARY HYPERTENSION
US			799						743						7.6			7.6			—
Intl			314						296						5.8			2.8			3.0
WW			1,113						1,039						7.1			6.2			0.9
OPSUMIT / OPSYNVI
US			403						376						6.9			6.9			—
Intl			180						171						5.4			2.1			3.3
WW			582						548						6.4			5.4			1.0
UPTRAVI
US			382						349						9.4			9.4			—
Intl			94						76						22.4			19.8			2.6
WW			476						426						11.7			11.3			0.4
OTHER PULMONARY HYPERTENSION
US			16						17						(12.4)			(12.4)			—
Intl			40						49						(18.5)			(21.3)			2.8
WW			55						67						(16.9)			(19.0)			2.1
INFECTIOUS DISEASES
US			320						334						(4.3)			(4.3)			—
Intl			484						631						(23.4)			(26.8)			3.4
WW			803						965						(16.8)			(19.0)			2.2
EDURANT / rilpivirine
US			6						8						(25.4)			(25.4)			—
Intl			354						288						23.0			16.7			6.3
WW			360						297						21.6			15.5			6.1
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US			312						321						(3.0)			(3.0)			—
Intl			85						117						(27.0)			(29.4)			2.4
WW			396						438						(9.4)			(10.0)			0.6
OTHER INFECTIOUS DISEASES
US			2						5						(51.8)			(51.8)			—
Intl			45						227						(80.5)			(80.6)			0.1
WW			47						233						(79.8)			(79.9)			0.1
See footnotes at end of schedule

---

Johnson & Johnson

Segment sales

(Dollars in Millions)

			SECOND QUARTER
															% Change
			2025						2024						Reported			Operational(1)			Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
CARDIOVASCULAR / METABOLISM / OTHER
US			$	776					717						8.2		%	8.2		%	—		%
Intl			154						176						(12.3)			(13.2)			0.9
WW			930						892						4.2			4.0			0.2
XARELTO
US			621						587						5.6			5.6			—
Intl			—						—						—			—			—
WW			621						587						5.6			5.6			—
OTHER
US			155						129						20.0			20.0			—
Intl			154						176						(12.3)			(13.2)			0.9
WW			309						305						1.4			0.9			0.5
TOTAL INNOVATIVE MEDICINE
US			9,161						8,510						7.6			7.6			—
Intl			6,041						5,980						1.0			(1.6)			2.6
WW			$	15,202					14,490						4.9		%	3.8		%	1.1		%

See footnotes at end of schedule

---

Johnson & Johnson

Segment sales

(Dollars in Millions)

			SECOND QUARTER
															% Change
			2025						2024						Reported			Operational(1)			Currency
MEDTECH SEGMENT(2)
CARDIOVASCULAR
US			$	1,364					1,119						21.9		%	21.9		%	—		%
Intl			948						753						25.9			22.9			3.0
WW			2,313						1,873						23.5			22.3			1.2
ELECTROPHYSIOLOGY
US			741						705						5.1			5.1			—
Intl			728						618						17.8			15.2			2.6
WW			1,468						1,323						11.0			9.8			1.2
ABIOMED
US			360						309						16.6			16.6			—
Intl			89						72						25.0			18.4			6.6
WW			448						379						18.2			16.9			1.3
SHOCKWAVE(6)
US			233						77						*			*			—
Intl			58						0						*			*			—
WW			292						77						*			*			—
OTHER CARDIOVASCULAR
US			31						29						5.4			5.4			—
Intl			72						64						13.4			11.6			1.8
WW			104						93						10.8			9.7			1.1
ORTHOPAEDICS
US			1,420						1,422						(0.2)			(0.2)			—
Intl			885						890						(0.5)			(4.0)			3.5
WW			2,305						2,312						(0.3)			(1.6)			1.3
HIPS
US			271						265						2.1			2.1			—
Intl			150						152						(1.0)			(4.3)			3.3
WW			421						417						1.0			(0.2)			1.2
KNEES
US			226						230						(1.9)			(1.9)			—
Intl			164						163						0.0			(2.9)			2.9
WW			389						394						(1.1)			(2.3)			1.2
TRAUMA
US			501						498						0.7			0.7			—
Intl			267						260						2.2			(1.5)			3.7
WW			768						759						1.2			(0.1)			1.3
SPINE, SPORTS & OTHER
US			422						430						(1.7)			(1.7)			—
Intl			305						314						(2.7)			(6.4)			3.7
WW			727						743						(2.1)			(3.7)			1.6

See footnotes at end of schedule

---

Johnson & Johnson

Segment sales

(Dollars in Millions)

			SECOND QUARTER
															% Change
			2025						2024						Reported			Operational(1)			Currency
MEDTECH SEGMENT(2)(Continued)
SURGERY
US			$1,043						995						4.8		%	4.8		%	—		%
Intl			1,512						1,493						1.3			(0.2)			1.5
WW			2,555						2,488						2.7			1.8			0.9
ADVANCED
US			477						466						2.2			2.2			—
Intl			687						675						1.9			0.2			1.7
WW			1,164						1,141						2.0			1.0			1.0
GENERAL
US			567						528						7.2			7.2			—
Intl			825						818						0.9			(0.6)			1.5
WW			1,391						1,346						3.3			2.5			0.8
VISION
US			557						523						6.5			6.5			—
Intl			813						763						6.5			3.4			3.1
WW			1,369						1,285						6.5			4.6			1.9
CONTACT LENSES / OTHER
US			429						409						4.8			4.8			—
Intl			536						509						5.4			1.4			4.0
WW			965						918						5.1			2.9			2.2
SURGICAL
US			128						113						12.6			12.6			—
Intl			277						254						8.8			7.3			1.5
WW			403						367						9.9			8.9			1.0
TOTAL MEDTECH
US			4,383						4,059						8.0			8.0			—
Intl			4,158						3,898						6.7			4.1			2.6
WW			$8,541						7,957						7.3		%	6.1		%	1.2		%

See footnotes at end of schedule

---

Johnson & Johnson

Segment sales

(Dollars in Millions)

			SIX MONTHS
															% Change
			2025						2024						Reported			Operational(1)			Currency
INNOVATIVE MEDICINE SEGMENT(2)
ONCOLOGY
US			$6,398						5,019						27.5		%	27.5		%	—		%
Intl			5,592						4,885						14.5			15.1			(0.6)
WW			11,990						9,904						21.1			21.3			(0.2)
CARVYKTI
US			676						307						*			*			—
Intl			132						36						*			*			*
WW			808						343						*			*			*
DARZALEX
US			3,846						3,105						23.9			23.9			—
Intl			2,930						2,465						18.9			19.7			(0.8)
WW			6,776						5,570						21.7			22.0			(0.3)
ERLEADA
US			670						603						11.0			11.0			—
Intl			1,009						822						22.9			23.0			(0.1)
WW			1,679						1,425						17.8			17.9			(0.1)
IMBRUVICA
US			474						511						(7.3)			(7.3)			—
Intl			970						1,043						(6.9)			(6.3)			(0.6)
WW			1,444						1,554						(7.0)			(6.6)			(0.4)
RYBREVANT / LAZCLUZE(3)
US			252						88						*			*			—
Intl			69						28						*			*			*
WW			320						116						*			*			*
TALVEY
US			150						109						36.7			36.7			—
Intl			42						17						*			*			*
WW			192						127						52.0			52.4			(0.4)
TECVAYLI
US			219						205						6.6			6.6			—
Intl			98						63						56.0			58.4			(2.4)
WW			317						268						18.2			18.7			(0.5)
ZYTIGA / abiraterone acetate
US			13						20						(31.9)			(31.9)			—
Intl			257						326						(21.1)			(21.3)			0.2
WW			270						346						(21.7)			(21.9)			0.2
OTHER ONCOLOGY
US			97						70						39.8			39.8			—
Intl			84						86						(2.5)			(1.8)			(0.7)
WW			182						156						16.4			16.8			(0.4)
See footnotes at end of schedule

---

Johnson & Johnson

Segment sales

(Dollars in Millions)

			SIX MONTHS
															% Change
			2025						2024						Reported			Operational(1)			Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
IMMUNOLOGY
US			$4,701						5,431						(13.4)		%	(13.4)		%	—		%
Intl			2,999						3,538						(15.2)			(13.8)			(1.4)
WW			7,700						8,969						(14.1)			(13.6)			(0.5)
REMICADE
US			597						497						20.1			20.1			—
US Exports(4)			44						62						(28.7)			(28.7)			—
Intl			281						268						4.8			7.7			(2.9)
WW			922						827						11.5			12.4			(0.9)
SIMPONI / SIMPONI ARIA
US			597						521						14.4			14.4			—
Intl			753						569						32.2			35.0			(2.8)
WW			1,349						1,091						23.7			25.1			(1.4)
STELARA
US			2,059						3,251						(36.7)			(36.7)			—
Intl			1,219						2,085						(41.5)			(40.6)			(0.9)
WW			3,278						5,336						(38.6)			(38.2)			(0.4)
TREMFYA
US			1,395						1,098						27.1			27.1			—
Intl			747						616						21.2			22.4			(1.2)
WW			2,142						1,714						25.0			25.4			(0.4)
OTHER IMMUNOLOGY
US			9						2						*			*			—
Intl			0						0						—			—			—
WW			9						2						*			*			—
NEUROSCIENCE
US			2,345						2,156						8.7			8.7			—
Intl			1,353						1,428						(5.2)			(4.1)			(1.1)
WW			3,698						3,585						3.2			3.6			(0.4)
CAPLYTA(5)
US			211						—						*			*			—
Intl			—						—						—			—			—
WW			211						—						*			*			—
CONCERTA / methylphenidate
US			62						75						(16.6)			(16.6)			—
Intl			249						265						(6.0)			(4.4)			(1.6)
WW			312						340						(8.3)			(7.1)			(1.2)
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
US			1,357						1,549						(12.4)			(12.4)			—
Intl			537						561						(4.2)			(3.1)			(1.1)
WW			1,895						2,110						(10.2)			(9.9)			(0.3)
SPRAVATO
US			642						417						53.7			53.7			—
Intl			93						78						18.1			20.1			(2.0)
WW			734						496						48.1			48.4			(0.3)
See footnotes at end of schedule

---

Johnson & Johnson

Segment sales

(Dollars in Millions)

			SIX MONTHS
															% Change
			2025						2024						Reported			Operational(1)			Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
OTHER NEUROSCIENCE
US			$	73					115						(37.0)		%	(37.0)		%	—		%
Intl			474						524						(9.5)			(8.8)			(0.7)
WW			547						639						(14.4)			(13.9)			(0.5)
PULMONARY HYPERTENSION
US			1,543						1,509						2.3			2.3			—
Intl			595						579						2.6			3.0			(0.4)
WW			2,138						2,088						2.4			2.5			(0.1)
OPSUMIT / OPSYNVI
US			766						732						4.6			4.6			—
Intl			339						340						(0.3)			(0.2)			(0.1)
WW			1,104						1,072						3.0			3.1			(0.1)
UPTRAVI
US			747						741						0.8			0.8			—
Intl			180						152						17.9			18.7			(0.8)
WW			927						894						3.7			3.8			(0.1)
OTHER PULMONARY HYPERTENSION
US			31						35						(12.6)			(12.6)			—
Intl			77						88						(12.4)			(12.1)			(0.3)
WW			107						123						(12.5)			(12.3)			(0.2)
INFECTIOUS DISEASES
US			635						658						(3.6)			(3.6)			—
Intl			971						1,128						(13.9)			(14.1)			0.2
WW			1,605						1,786						(10.1)			(10.2)			0.1
EDURANT / rilpivirine
US			14						16						(13.6)			(13.6)			—
Intl			704						603						16.7			15.6			1.1
WW			718						620						15.9			14.9			1.0
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US			617						635						(2.9)			(2.9)			—
Intl			183						221						(17.2)			(15.8)			(1.4)
WW			799						856						(6.6)			(6.3)			(0.3)
OTHER INFECTIOUS DISEASES
US			4						7						(37.4)			(37.4)			—
Intl			84						304						(72.5)			(72.1)			(0.4)
WW			88						311						(71.7)			(71.3)			(0.4)
See footnotes at end of schedule

---

Johnson & Johnson

Segment sales

(Dollars in Millions)

			SIX MONTHS
															% Change
			2025						2024						Reported			Operational(1)			Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
CARDIOVASCULAR / METABOLISM / OTHER
US			$	1,631					1,348						21.0		%	21.0		%	—		%
Intl			312						373						(16.2)			(14.3)			(1.9)
WW			1,943						1,721						12.9			13.3			(0.4)
XARELTO
US			1,311						1,105						18.6			18.6			—
Intl			—						—						—			—			—
WW			1,311						1,105						18.6			18.6			—
OTHER
US			320						243						31.6			31.6			—
Intl			312						373						(16.2)			(14.3)			(1.9)
WW			632						616						2.7			3.9			(1.2)
TOTAL INNOVATIVE MEDICINE
US			17,253						16,122						7.0			7.0			—
Intl			11,822						11,930						(0.9)			(0.1)			(0.8)
WW			$	29,075					28,052						3.6		%	4.0		%	(0.4)		%

See footnotes at end of schedule

---

Johnson & Johnson

Segment sales

(Dollars in Millions)

			SIX MONTHS
															% Change
			2025						2024						Reported			Operational(1)			Currency
MEDTECH SEGMENT(2)
CARDIOVASCULAR
US			$	2,625					2,144						22.4		%	22.4		%	—		%
Intl			1,790						1,534						16.7			16.7			0.0
WW			4,416						3,679						20.0			20.0			0.0
ELECTROPHYSIOLOGY
US			1,425						1,397						2.0			2.0			—
Intl			1,366						1,270						7.6			7.8			(0.2)
WW			2,791						2,667						4.7			4.7			0.0
ABIOMED
US			699						612						14.2			14.2			—
Intl			170						139						22.4			20.9			1.5
WW			868						750						15.7			15.5			0.2
SHOCKWAVE(6)
US			439						77						*			*			—
Intl			110						0						*			*			—
WW			550						77						*			*			—
OTHER CARDIOVASCULAR
US			63						59						6.3			6.3			—
Intl			144						126						14.2			14.5			(0.3)
WW			207						185						11.7			11.8			(0.1)
ORTHOPAEDICS
US			2,804						2,870						(2.3)			(2.3)			—
Intl			1,742						1,782						(2.2)			(2.4)			0.2
WW			4,546						4,652						(2.3)			(2.3)			0.0
HIPS
US			534						535						(0.2)			(0.2)			—
Intl			296						304						(2.5)			(2.6)			0.1
WW			830						839						(1.1)			(1.1)			0.0
KNEES
US			457						472						(3.1)			(3.1)			—
Intl			322						323						(0.5)			(0.4)			(0.1)
WW			778						795						(2.0)			(2.0)			0.0
TRAUMA
US			1,003						1,002						0.1			0.1			—
Intl			537						521						2.9			2.8			0.1
WW			1,540						1,524						1.1			1.0			0.1
SPINE, SPORTS & OTHER
US			810						862						(6.0)			(6.0)			—
Intl			588						634						(7.2)			(7.7)			0.5
WW			1,398						1,495						(6.5)			(6.7)			0.2

See footnotes at end of schedule

---

Johnson & Johnson

Segment sales

(Dollars in Millions)

			SIX MONTHS
															% Change
			2025						2024						Reported			Operational(1)			Currency
MEDTECH SEGMENT(2)(Continued)
SURGERY
US			$2,045						1,982						3.2		%	3.2		%	—		%
Intl			2,906						2,922						(0.5)			0.3			(0.8)
WW			4,951						4,904						1.0			1.5			(0.5)
ADVANCED
US			934						912						2.4			2.4			—
Intl			1,303						1,316						(1.0)			(0.4)			(0.6)
WW			2,237						2,228						0.4			0.8			(0.4)
GENERAL
US			1,111						1,070						3.8			3.8			—
Intl			1,603						1,606						(0.1)			0.8			(0.9)
WW			2,714						2,676						1.4			2.0			(0.6)
VISION
US			1,123						1,070						4.9			4.9			—
Intl			1,526						1,473						3.6			3.7			(0.1)
WW			2,648						2,543						4.1			4.2			(0.1)
CONTACT LENSES / OTHER
US			881						847						3.9			3.9			—
Intl			1,003						981						2.3			1.9			0.4
WW			1,884						1,828						3.1			2.8			0.3
SURGICAL
US			242						223						8.5			8.5			—
Intl			523						492						6.2			7.2			(1.0)
WW			764						715						6.9			7.6			(0.7)
TOTAL MEDTECH
US			8,596						8,067						6.6			6.6			—
Intl			7,965						7,711						3.3			3.6			(0.3)
WW			$16,561						15,778						5.0		%	5.1		%	(0.1)		%

Note: Column 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

(6)Acquired on May 31, 2024