jnj-20250415

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):

April 15, 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

Item 2.02 Results of operations and financial condition

On April 15, 2025, Johnson & Johnson issued the attached press release (Exhibit 99.1) announcing its sales and earnings for the first quarter ended March 30, 2025.

Item 8.01 Other Events

On April 15, 2025, Johnson & Johnson issued the attached press release (Exhibit 99.3) announcing that its Board of Directors declared a 4.8% increase in the quarterly dividend, from $1.24 per share to $1.30 per share, marking the 63rd year of consecutive increases. At the new rate, the indicated dividend on an annual basis is $5.20 per share compared to the previous rate of $4.96 per share. The next quarterly dividend is payable on June 10, 2025 to shareholders of record at the close of business on May 27, 2025. The ex-dividend date is May 27, 2025.

Item 9.01 Financial statements and exhibits

(d) Exhibits.


Exhibit No.						Description of Exhibit
99.1						Press Release dated April 15 , 2025 for the period ended March 30 , 20 25
99.2						Unaudited Comparative Supplementary Sales Data and Condensed Consolidated Statement of Earnings for the fiscal first quarter
99.3						Press Release dated April 15, 2025
104						The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

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: April 15, 2025


			JOHNSON & JOHNSON
			(Registrant)

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

Exhibit 99.1


Media contact: [email protected]						Investor contact: [email protected]

For immediate release

Johnson & Johnson reports Q1 2025 results

•2025 First-Quarter reported sales growth of 2.4% to $21.9 Billion with operational growth of 4.2%* and adjusted operational growth of 3.3%*

•2025 First-Quarter earnings per share (EPS) increased to $4.54 which includes the reversal of special charges and adjusted EPS increased to $2.77 or 2.2%*

•Significant new product pipeline progress including approval of TREMFYA in Crohn’s disease, data for RYBREVANT/LAZCLUZE overall survival in non-small cell lung cancer and icotrokinra in plaque psoriasis, and initiation of the clinical trial for a general surgery robotic system, OTTAVA

•Company increases Full-Year 2025 operational sales2,5 guidance to reflect the addition of CAPLYTA following the completion of the Intra-Cellular Therapies acquisition

•Including tariff costs, dilution from the Intra-Cellular Therapies acquisition, and updated foreign exchange, Company maintains Full-Year 2025 adjusted reported EPS4 outlook of 6.2%* growth at the mid-point

New Brunswick, N.J. (April 15, 2025) – Johnson & Johnson (NYSE: JNJ) today announced results for first-quarter 2025. “The power of Johnson & Johnson’s uniquely diversified portfolio was on full display this quarter, with strong operational sales growth reinforcing our confidence in 2025 guidance,” said Joaquin Duato, Chairman and Chief Executive Officer, Johnson & Johnson. “During the quarter, we fortified our position as an innovation powerhouse with major advancements across our pipeline, including TREMFYA in IBD, RYBREVANT plus LAZCLUZE in non-small-cell lung cancer, and OTTAVA, our soft tissue surgical robotic system, and further enhanced our leading neuroscience portfolio with the completion of the Intra-Cellular Therapies acquisition.”

Overall financial results


	Q1
($ in Millions, expect EPS)	2025		2024			% Change
Reported Sales		$21,893		$ 21,383		2.4%
Net Earnings		$10,999		$3,255		237.9%
EPS (diluted)		$4.54		$1.34		238.8%

	Q1
Non-GAAP* ($ in Millions, except EPS)	2025		2024			% Change
Operational Sales1,2						4.2%
Adjusted Operational Sales1,3						3.3%
Adjusted Net Earnings1,4		$6,706			$6,580	1.9%
Adjusted EPS (diluted)1,4		$2.77			$2.71	2.2%
Free Cash Flow6,7		~$3,400			$2,850

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.

7First-quarter 2025 is estimated as of April 15, 2025

Note: values may have been rounded

Regional sales results


Q1				% Change
($ in Millions)	2025	2024	Reported	Operational1,2	Currency	Adjusted Operational1,3
U.S.	$12,305	$11,620	5.9%	5.9	-	4.4
International	9,588	9,763	(1.8)	2.1	(3.9)	1.9
Worldwide	$21,893	$21,383	2.4%	4.2	(1.8)	3.3

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


Q1				% Change
($ in Millions)	2025	2024	Reported	Operational1,2	Currency	Adjusted Operational1,3
Innovative Medicine	$13,873	$13,562	2.3%	4.2	(1.9)	4.4
MedTech	8,020	7,821	2.5	4.1	(1.6)	1.3
Worldwide	$21,893	$21,383	2.4%	4.2	(1.8)	3.3

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

First-Quarter 2025 segment commentary:

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

Innovative Medicine

Innovative Medicine worldwide operational sales grew 4.2%* driven primarily by DARZALEX, CARVYKTI, ERLEADA, and RYBREVANT/LAZCLUZE in Oncology, TREMFYA and SIMPONI/SIMPONI ARIA in Immunology, SPRAVATO in Neuroscience, and XARELTO in Cardiovascular/Metabolism/Other. Growth was partially offset by an approximate (810) basis points impact from STELARA in Immunology.

MedTech

MedTech worldwide operational sales grew 4.1%*, with net acquisitions and divestitures positively impacting growth by 2.8%. Growth was driven primarily by Abiomed in Cardiovascular and wound closure products in General Surgery. Growth was partially offset by Spine, Sports & Other in Orthopaedics.

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)	April 2025	January 2025
Adjusted Operational Sales1,2,5 Change vs. Prior Year / Mid-point	2.0% – 3.0% / 2.5%	2.0% – 3.0% / 2.5%
Operational Sales2,5 / Mid-point Change vs. Prior Year / Mid-point	$91.6B – $92.4B / $92.0B 3.3% – 4.3% / 3.8%	$90.9B – $91.7B / $91.3B 2.5% – 3.5% / 3.0%
Estimated Reported Sales3,5/ Mid-point Change vs. Prior Year / Mid-point	$91.0B – $91.8B / $91.4B 2.6% – 3.6% / 3.1%	$89.2B – $90.0B / $89.6B 0.5% – 1.5% / 1.0%
Adjusted Operational EPS (Diluted)2,4 / Mid-point Change vs. Prior Year / Mid-point	$10.50 – $10.70 / $10.60 5.2% – 7.2% / 6.2%	$10.75 – $10.95 / $10.85 7.7% – 9.7% / 8.7%
Adjusted EPS (Diluted)3,4 / Mid-point Change vs. Prior Year / Mid-point	$10.50 – $10.70 / $10.60 5.2% – 7.2% / 6.2%	$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: April 2025 = $1.10 and January 2025 = $1.04 (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	European Commission approves subcutaneous RYBREVANT (amivantamab) for the treatment of patients with advanced EGFR-mutated non-small cell lung cancer1	Press Release
	European Commission approves Johnson & Johnson’s subcutaneous DARZALEX (daratumumab)-based quadruplet regimen for the treatment of patients with newly diagnosed multiple myeloma, regardless of transplant eligibility1	Press Release


	U.S. FDA approves TREMFYA (guselkumab), the first and only IL-23 inhibitor offering both subcutaneous and intravenous induction options, for adult patients with moderately to severely active Crohn's disease	Press Release
	Nipocalimab, the first and only investigational treatment to be granted U.S. FDA Breakthrough Therapy designation for the treatment of adults with moderate-to-severe Sjögren's disease, has now received Fast Track designation	Press Release
Data Releases	Johnson & Johnson MedTech Announces Completion of First Cases with OTTAVA Robotic Surgical System1	Press Release
	Icotrokinra results show 75% of adolescents with plaque psoriasis achieved completely clear skin and demonstrate favorable safety profile in a once daily pill1	Press Release
	Johnson & Johnson highlights new data that showcase the strength of nipocalimab, demonstrating long-term sustained disease control in adults living with generalized myasthenia gravis (gMG)1	Press Release
	TREMFYA (guselkumab) is the first and only IL-23 inhibitor to significantly reduce both the signs and symptoms and the progression of structural damage in adults living with active psoriatic arthritis1	Press Release
	Johnson & Johnson MedTech to Highlight Latest Advancements in Heart Disease Treatment with Impella at ACC.25	Press Release
	RYBREVANT (amivantamab-vmjw) plus LAZCLUZE (lazertinib) outperforms osimertinib with a significant and unprecedented overall survival benefit in patients with EGFR-mutated non-small cell lung cancer	Press Release
	New nipocalimab data and real-world research at AAN 2025 highlight positive Phase 3 results and commitment to people living with generalized myasthenia gravis (gMG)	Press Release
	RYBREVANT (amivantamab-vmjw) plus LAZCLUZE (lazertinib) significantly outperforms standard of care in first-line EGFR-mutated lung cancer with compelling new data at ELCC 2025	Press Release
	Johnson & Johnson MedTech Showcases New Era of Digital Orthopaedics at AAOS 2025	Press Release
	Icotrokinra meets primary endpoint of clinical response in ulcerative colitis study and shows potential to transform the treatment paradigm for patients	Press Release
	Icotrokinra results show potential to set a new standard of treatment in plaque psoriasis	Press Release
	TREMFYA (guselkumab) subcutaneous (SC) induction data support potential to be the first and only in its class to offer the option of both intravenous and SC induction therapy in ulcerative colitis	Press Release
	New nipocalimab data published in mAbs journal details differentiated molecular design, clinical profile and potential of nipocalimab to treat IgG-driven alloantibody and autoantibody diseases	Press Release
	Findings from pivotal nipocalimab Phase 3 study in a broad antibody positive population of people living with generalized myasthenia gravis (gMG) published in The Lancet Neurology	Press Release
Product Launch	Shockwave Medical Launches Novel Forward Intravascular Lithotripsy Platform in U.S. to Transform Treatment of Difficult-to-Cross Calcified Lesions	Press Release


Other	Johnson & Johnson Closes Landmark Intra-Cellular Therapies, Inc. Acquisition to Solidify Neuroscience Leadership1	Press Release
	Johnson & Johnson to Return to Tort System to Defeat Meritless Talc Claims1	Press Release
	Johnson & Johnson Increases U.S. Investment to More than $55 Billion Over the Next Four Years	Press Release
	Johnson & Johnson Announces Darren Snellgrove as Vice President, Investor Relations	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.

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 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)	FIRST QUARTER
			Percent Change
Sales to customers by geographic area	2025	2024	Total		Operations	Currency
U.S.	$12,305	11,620	5.9	%	5.9	—
Europe	5,110	5,163	(1.0)		2.2	(3.2)
Western Hemisphere excluding U.S.	1,167	1,194	(2.3)		9.2	(11.5)
Asia-Pacific, Africa	3,311	3,406	(2.8)		(0.6)	(2.2)
International	9,588	9,763	(1.8)		2.1	(3.9)
Worldwide	$21,893	21,383	2.4	%	4.2	(1.8)

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)	FIRST QUARTER
					Percent Change
Sales to customers by segment of business		2025		2024	Total		Operations	Currency
Innovative Medicine
U.S.		$	8,092	7,612	6.3	%	6.3	—
International		5,781		5,950	(2.9)		1.5	(4.4)
		13,873		13,562	2.3		4.2	(1.9)
MedTech
U.S.		4,213		4,008	5.1		5.1	—
International		3,807		3,813	(0.2)		3.0	(3.2)
		8,020		7,821	2.5		4.1	(1.6)
U.S.		12,305		11,620	5.9		5.9	—
International		9,588		9,763	(1.8)		2.1	(3.9)
Worldwide		$	21,893	21,383	2.4	%	4.2	(1.8)

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)	FIRST QUARTER
	2025				2024				Percent Increase (Decrease)
	Amount			Percent to Sales	Amount			Percent to Sales
Sales to customers	$	21,893		100.0	$	21,383		100.0	2.4
Cost of products sold	7,357			33.6	6,511			30.4	13.0
Gross Profit	14,536			66.4	14,872			69.6	(2.3)
Selling, marketing and administrative expenses	5,112			23.3	5,257			24.6	(2.8)
Research and development expense	3,225			14.7	3,542			16.6	(8.9)
Interest (income) expense, net	(128)			(0.6)	(209)			(1.0)
Other (income) expense, net	(7,321)			(33.4)	2,404			11.2
Restructuring	17			0.1	164			0.8
Earnings before provision for taxes on income	13,631			62.3	3,714			17.4	267.0
Provision for taxes on income	2,632			12.1	459			2.2	473.4
Net earnings	$	10,999		50.2	$	3,255		15.2	237.9

Net earnings per share (Diluted)	$	4.54			$	1.34			238.8

Average shares outstanding (Diluted)	2,423.8				2,430.1

Effective tax rate	19.3		%		12.4		%

Adjusted earnings before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income	$	8,011		36.6	$	7,877		36.8	1.7
Net earnings	$	6,706		30.6	$	6,580		30.8	1.9
Net earnings per share (Diluted)	$	2.77			$	2.71			2.2
Effective tax rate	16.3		%		16.5		%

(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


	First Quarter
(Dollars in Millions Except Per Share Data)	2025		2024
Net Earnings, after tax- as reported		$10,999	$3,255

Pre-tax Adjustments
Litigation related		(6,966)	2,726
Intangible Asset Amortization expense		1,120	1,078
Restructuring related 1		55	171
Acquisition, integration and divestiture related		132	148
(Gains)/losses on securities		39	(20)
Medical Device Regulation		—	51
COVID-19 Vaccine related costs		—	9

Tax Adjustments
Tax impact on special item adjustments 2		1,315	(856)
Tax legislation and other tax related		12	18
Adjusted Net Earnings, after tax		$6,706	$6,580
Average shares outstanding (Diluted)		2,423.8	2,430.1
Adjusted net earnings per share (Diluted)		$2.77	$2.71
Operational adjusted net earnings per share (Diluted)		$2.81

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 are primarily in infectious diseases and vaccines including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, hepatitis and HIV development. The restructuring expenses of $144 million in the fiscal first quarter of 2024 include 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 $55 million in the fiscal first quarter of 2025 and $27 million in the fiscal first quarter of 2024 primarily includes costs related to market and product exits.

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)

First quarter 2025 actual vs. 2024 actual


Segments
	Innovative Medicine		MedTech		Total
WW As Reported	2.3	%	2.5	%	2.4	%
U.S.	6.3	%	5.1	%	5.9	%
International	(2.9	%)	(0.2	%)	(1.8	%)

WW Currency	(1.9)		(1.6)		(1.8)
U.S.	—		—		—
International	(4.4)		(3.2)		(3.9)

WW Operational	4.2	%	4.1	%	4.2	%
U.S.	6.3	%	5.1	%	5.9	%
International	1.5	%	3.0	%	2.1	%

Shockwave			(3.3)		(1.2)
U.S.			(5.1)		(1.8)
International			(1.4)		(0.5)

All Other Acquisitions and Divestitures (A&D)	0.2		0.5		0.3
U.S.	0.0		0.9		0.3
International	0.4		0.2		0.3

WW Adjusted Operational Ex A&D	4.4	%	1.3	%	3.3	%
U.S.	6.3	%	0.9	%	4.4	%
International	1.9	%	1.8	%	1.9	%

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)


	FIRST QUARTER
			% Change
	2025	2024	Reported		Operational(1)		Currency
INNOVATIVE MEDICINE SEGMENT(2)
ONCOLOGY
US	$3,013	2,383	26.4	%	26.4	%	—	%
Intl	2,664	2,430	9.6		14.4		(4.8)
WW	5,678	4,814	17.9		20.4		(2.5)

CARVYKTI
US	318	140	*		*		—
Intl	51	16	*		*		*
WW	369	157	*		*		*

DARZALEX
US	1,829	1,464	24.9		24.9		—
Intl	1,409	1,228	14.7		19.8		(5.1)
WW	3,237	2,692	20.3		22.5		(2.2)

ERLEADA
US	292	285	2.5		2.5		—
Intl	479	404	18.5		23.1		(4.6)
WW	771	689	11.9		14.6		(2.7)

IMBRUVICA
US	235	265	(11.5)		(11.5)		—
Intl	474	518	(8.5)		(4.2)		(4.3)
WW	709	784	(9.5)		(6.7)		(2.8)

RYBREVANT / LAZCLUZE(3)
US	113	36	*		*		—
Intl	28	11	*		*		*
WW	141	47	*		*		*

TALVEY(3)
US	68	50	35.2		35.2		—
Intl	18	8	*		*		*
WW	86	58	48.4		50.2		(1.8)

TECVAYLI
US	105	101	4.9		4.9		—
Intl	46	33	38.8		45.9		(7.1)
WW	151	133	13.3		15.0		(1.7)

ZYTIGA / abiraterone acetate
US	7	9	(24.3)		(24.3)		—
Intl	118	172	(31.3)		(28.5)		(2.8)
WW	125	181	(30.9)		(28.3)		(2.6)

OTHER ONCOLOGY(3)
US	47	33	42.9		42.9		—
Intl	42	41	4.6		10.1		(5.5)
WW	89	73	21.7		24.7		(3.0)

See footnotes at end of schedule

Johnson & Johnson

Segment sales

(Dollars in Millions)


	FIRST QUARTER
			% Change
	2025	2024	Reported		Operational(1)		Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
IMMUNOLOGY
US	$2,196	2,453	(10.5)	%	(10.5)	%	—	%
Intl	1,510	1,794	(15.8)		(11.5)		(4.3)
WW	3,707	4,247	(12.7)		(10.9)		(1.8)

REMICADE
US	314	266	18.1		18.1		—
US Exports(4)	10	27	(64.2)		(64.2)		—
Intl	143	141	1.3		6.8		(5.5)
WW	467	434	7.5		9.3		(1.8)

SIMPONI / SIMPONI ARIA
US	292	254	14.8		14.8		—
Intl	366	299	22.4		29.7		(7.3)
WW	659	554	18.9		22.9		(4.0)

STELARA
US	981	1,396	(29.8)		(29.8)		—
Intl	644	1,055	(38.9)		(35.8)		(3.1)
WW	1,625	2,451	(33.7)		(32.3)		(1.4)

TREMFYA
US	599	509	17.6		17.6		—
Intl	356	299	19.2		24.4		(5.2)
WW	956	808	18.2		20.1		(1.9)

OTHER IMMUNOLOGY
US	1	0	*		*		—
Intl	0	0	—		—		—
WW	1	0	*		*		—

NEUROSCIENCE
US	968	1,054	(8.1)		(8.1)		—
Intl	679	749	(9.3)		(5.5)		(3.8)
WW	1,647	1,803	(8.6)		(7.0)		(1.6)

CONCERTA / methylphenidate
US	38	41	(7.4)		(7.4)		—
Intl	110	136	(18.9)		(15.2)		(3.7)
WW	148	177	(16.3)		(13.4)		(2.9)

INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
US	625	765	(18.2)		(18.2)		—
Intl	277	292	(4.9)		(1.1)		(3.8)
WW	903	1,056	(14.5)		(13.5)		(1.0)

SPRAVATO
US	276	191	45.0		45.0		—
Intl	43	34	25.0		31.7		(6.7)
WW	320	225	41.9		42.9		(1.0)

OTHER NEUROSCIENCE
US	28	58	(50.6)		(50.6)		—
Intl	248	287	(13.4)		(9.8)		(3.6)
WW	277	345	(19.6)		(16.7)		(2.9)
See footnotes at end of schedule

Johnson & Johnson

Segment sales

(Dollars in Millions)


	FIRST QUARTER
				% Change
	2025		2024	Reported		Operational(1)		Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)

PULMONARY HYPERTENSION
US	$	744	766	(2.9)	%	(2.9)	%	—	%
Intl	281		283	(0.6)		3.2		(3.8)
WW	1,025		1,049	(2.3)		(1.2)		(1.1)

OPSUMIT / OPSYNVI(3)
US	363		356	2.1		2.1		—
Intl	159		169	(6.0)		(2.5)		(3.5)
WW	522		524	(0.5)		0.6		(1.1)

UPTRAVI
US	365		392	(6.9)		(6.9)		—
Intl	86		76	13.4		17.5		(4.1)
WW	451		468	(3.6)		(2.9)		(0.7)

OTHER PULMONARY HYPERTENSION (3)
US	15		18	(12.7)		(12.7)		—
Intl	37		39	(4.6)		(0.3)		(4.3)
WW	52		56	(7.2)		(4.3)		(2.9)

INFECTIOUS DISEASES
US	315		324	(2.8)		(2.8)		—
Intl	487		497	(1.9)		1.9		(3.8)
WW	802		821	(2.2)		0.1		(2.3)

EDURANT / rilpivirine
US	8		8	(1.3)		(1.3)		—
Intl	350		315	11.0		14.7		(3.7)
WW	358		323	10.7		14.3		(3.6)

PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US	305		314	(2.9)		(2.9)		—
Intl	98		104	(6.2)		(0.6)		(5.6)
WW	403		418	(3.7)		(2.3)		(1.4)

OTHER INFECTIOUS DISEASES(3)
US	2		2	7.7		7.7		—
Intl	39		77	(48.8)		(47.0)		(1.8)
WW	41		78	(47.6)		(45.9)		(1.7)
See footnotes at end of schedule

Johnson & Johnson

Segment sales

(Dollars in Millions)


	FIRST QUARTER
				% Change
	2025		2024	Reported		Operational(1)		Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)

CARDIOVASCULAR / METABOLISM / OTHER
US	$	855	631	35.4	%	35.4	%	—	%
Intl	158		197	(19.7)		(15.3)		(4.4)
WW	1,013		829	22.3		23.4		(1.1)

XARELTO
US	690		518	33.3		33.3		—
Intl	—		—	—		—		—
WW	690		518	33.3		33.3		—

OTHER
US	165		114	45.0		45.0		—
Intl	158		197	(19.7)		(15.3)		(4.4)
WW	323		311	3.9		6.7		(2.8)

TOTAL INNOVATIVE MEDICINE
US	8,092		7,612	6.3		6.3		—
Intl	5,781		5,950	(2.9)		1.5		(4.4)
WW	$	13,873	13,562	2.3	%	4.2	%	(1.9)	%

See footnotes at end of schedule

Johnson & Johnson

Segment sales

(Dollars in Millions)


	FIRST QUARTER
				% Change
	2025		2024	Reported		Operational(1)		Currency
MEDTECH SEGMENT(2)
CARDIOVASCULAR
US	$	1,261	1,025	23.0	%	23.0	%	—	%
Intl	842		781	7.8		10.7		(2.9)
WW	2,103		1,806	16.4		17.7		(1.3)

ELECTROPHYSIOLOGY
US	684		692	(1.1)		(1.1)		—
Intl	638		652	(2.0)		0.7		(2.7)
WW	1,323		1,344	(1.6)		(0.2)		(1.4)

ABIOMED
US	339		303	11.9		11.9		—
Intl	81		67	19.7		23.6		(3.9)
WW	420		371	13.3		14.0		(0.7)

SHOCKWAVE(5)
US	206		—	*		*		—
Intl	52		—	*		*		—
WW	258		—	*		*		—

OTHER CARDIOVASCULAR
US	32		30	7.1		7.1		—
Intl	72		62	15.1		17.4		(2.3)
WW	103		92	12.5		14.1		(1.6)

ORTHOPAEDICS
US	1,384		1,448	(4.4)		(4.4)		—
Intl	857		892	(3.9)		(0.9)		(3.0)
WW	2,241		2,340	(4.2)		(3.1)		(1.1)

HIPS
US	263		270	(2.5)		(2.5)		—
Intl	146		152	(4.0)		(0.8)		(3.2)
WW	409		422	(3.1)		(1.9)		(1.2)

KNEES
US	231		242	(4.3)		(4.3)		—
Intl	158		160	(1.0)		2.1		(3.1)
WW	389		401	(3.0)		(1.7)		(1.3)

TRAUMA
US	502		504	(0.5)		(0.5)		—
Intl	270		261	3.7		7.2		(3.5)
WW	772		765	0.9		2.1		(1.2)

SPINE, SPORTS & OTHER
US	388		432	(10.2)		(10.2)		—
Intl	283		320	(11.6)		(8.9)		(2.7)
WW	671		752	(10.8)		(9.7)		(1.1)

See footnotes at end of schedule

Johnson & Johnson

Segment sales

(Dollars in Millions)


	FIRST QUARTER
			% Change
	2025	2024	Reported		Operational(1)		Currency
MEDTECH SEGMENT(2)(Continued)
SURGERY
US	$1,002	987	1.5	%	1.5	%	—	%
Intl	1,394	1,429	(2.5)		0.8		(3.3)
WW	2,396	2,416	(0.8)		1.1		(1.9)

ADVANCED
US	457	446	2.7		2.7		—
Intl	616	641	(4.0)		(1.0)		(3.0)
WW	1,073	1,087	(1.2)		0.5		(1.7)

GENERAL
US	544	542	0.5		0.5		—
Intl	778	788	(1.2)		2.3		(3.5)
WW	1,323	1,330	(0.5)		1.6		(2.1)

VISION
US	566	547	3.4		3.4		—
Intl	713	710	0.4		3.9		(3.5)
WW	1,279	1,258	1.7		3.7		(2.0)

CONTACT LENSES / OTHER
US	452	438	3.1		3.1		—
Intl	467	472	(1.1)		2.4		(3.5)
WW	919	910	1.0		2.7		(1.7)

SURGICAL
US	114	110	4.3		4.3		—
Intl	246	238	3.4		7.1		(3.7)
WW	361	348	3.7		6.2		(2.5)

TOTAL MEDTECH
US	4,213	4,008	5.1		5.1		—
Intl	3,807	3,813	(0.2)		3.0		(3.2)
WW	$8,020	7,821	2.5	%	4.1	%	(1.6)	%

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)See Supplemental Sales Information Schedule

(4)Reported as U.S. sales

(5)Acquired on May 31, 2024

Supplemental sales information (unaudited)

(Dollars in Millions)


	2023		2024				2024
	Full Year		Q1	Q2	Q3	Q4	Full Year
INNOVATIVE MEDICINE SEGMENT

ONCOLOGY

RYBREVANT / LAZCLUZE
US	$	66	36	52	68	101	257
INTL	27		11	17	21	21	70
WW	93		47	69	89	122	327

TALVEY
US	56		50	59	64	68	241
INTL	7		8	9	12	17	46
WW	63		58	69	75	85	287

OTHER ONCOLOGY
US	93		33	37	36	39	145
INTL	235		41	45	50	36	172
WW	328		73	83	86	75	317

PULMONARY HYPERTENSION
OPSUMIT / OPSYNVI
US	1,292		356	376	417	408	1,557
INTL	681		169	171	166	162	668
WW	1,973		524	548	583	570	2,225

OTHER PULMONARY HYPERTENSION
US	79		18	17	21	19	75
INTL	182		39	49	39	38	165
WW	260		56	67	60	57	240

INFECTIOUS DISEASES
OTHER INFECTIOUS DISEASES (1)
US	19		2	5	3	1	11
INTL	1,395		77	227	54	43	401
WW	$	1,414	78	233	56	45	412

Note: Columns and rows within tables may not add due to rounding

(1) Other Infectious Diseases is inclusive of COVID-19 Vaccine sales, which were previously disclosed separately