8-K
JOHNSON & JOHNSON (JNJ)
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):
October 14, 2025
Johnson & Johnson
(Exact name of registrant as specified in its charter)
| New Jersey | 1-3215 | 22-1024240 |
|---|---|---|
| (State or Other Jurisdiction<br><br>of Incorporation) | (Commission File Number) | (IRS Employer<br><br>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 October 14, 2025, Johnson & Johnson (the “Company”) issued the attached press release (Exhibit 99.1) announcing its sales and earnings for the third quarter ended September 28, 2025.
Item 8.01 Other events
On October 14, 2025, the Company issued the attached press release (Exhibit 99.3) announcing its intent to separate the Company's Orthopaedics business.
Item 9.01 Financial statements and exhibits
(d) Exhibits.
| Exhibit No. | Description of Exhibit |
|---|---|
| 99.1 | Press Release datedOctober14, 2025 for the period endedSeptember28, 2025 |
| 99.2 | Unaudited Comparative Supplementary Sales Data and Condensed Consolidated Statement of Earnings for the fiscalthirdquarter andninemonths |
| 99.3 | PressRelease dated October 14, 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: October 14, 2025
| JOHNSON & JOHNSON | |
|---|---|
| (Registrant) | |
| By: | /s/ Robert J. Decker, Jr. |
| Robert J. Decker, Jr.<br><br>Controller<br><br>(Principal Accounting Officer) |
Document
Exhibit 99.1
| Media contact:<br><br>media-relations@its.jnj.com | Investor contact:<br><br>investor-relations@its.jnj.com |
|---|
For immediate release
Johnson & Johnson reports Q3 2025 results; raises 2025 sales outlook
•2025 Third-Quarter reported sales growth of 6.8% to $24.0 Billion with operational growth of 5.4%* and adjusted operational growth of 4.4%*
•2025 Third-Quarter reflects earnings per share (EPS) of $2.12 and adjusted EPS of $2.80
•Significant innovation including approvals of INLEXZO for high-risk non-muscle invasive bladder cancer and TREMFYA subcutaneous in ulcerative colitis, submission of icotrokinra for plaque psoriasis, landmark data for RYBREVANT plus LAZCLUZE overall survival in non-small cell lung cancer, and DanGer Shock long-term survival benefit of Impella Heart Pump
•Company increases full year estimated reported sales5 guidance to $93.7B or 5.7% at the midpoint; reaffirms full year adjusted EPS4 guidance of $10.85 at the midpoint, absorbing higher tax costs
New Brunswick, N.J. (October 14, 2025) – Johnson & Johnson (NYSE: JNJ) today announced results for third-quarter 2025. “Johnson & Johnson delivered another strong performance in the third quarter fueled by the depth and strength of our portfolio and significant progress across our pipeline,” said Joaquin Duato, Chairman and Chief Executive Officer, Johnson & Johnson. “With a sharpened focus on the six priority areas of Oncology, Immunology, Neuroscience, Cardiovascular, Surgery and Vision, Johnson & Johnson is in a new era of accelerated growth and innovation, with pioneering treatments that will continue to transform lives.”
Overall financial results
| Q3 | |||
|---|---|---|---|
| ($ in Millions, except EPS) | 2025 | ||
| Reported Sales | 23,993 | 22,471 | |
| Net Earnings | 5,152 | 2,694 | |
| EPS (diluted) | 2.12 | 1.11 | |
| Q3 | |||
| Non-GAAP* ($ in Millions, except EPS) | 2025 | ||
| Operational Sales1,2 | |||
| Adjusted Operational Sales1,3 | |||
| Adjusted Net Earnings1,4 | 6,801 | ||
| Adjusted EPS (diluted)1,4 | 2.80 | ||
| Free Cash Flow6,7 | ~14,200 |
All values are in US Dollars.
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.
7Third-quarter YTD 2025 is estimated as of October 14, 2025
Note: values may have been rounded
Regional sales results
| Q3 | % Change | |||||
|---|---|---|---|---|---|---|
| ($ in Millions) | 2025 | 2024 | Reported | Operational1,2 | Currency | Adjusted<br><br>Operational1,3 |
| U.S. | $13,708 | $12,909 | 6.2% | 6.2 | - | 4.4 |
| International | 10,285 | 9,562 | 7.6 | 4.4 | 3.2 | 4.4 |
| Worldwide | $23,993 | $22,471 | 6.8% | 5.4 | 1.4 | 4.4 |
1Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2Excludes the impact of translational currency
3Excludes the net impact of acquisitions and divestitures and translational currency
Note: values may have been rounded
Segment sales results
| Q3 | % Change | |||||
|---|---|---|---|---|---|---|
| ($ in Millions) | 2025 | 2024 | Reported | Operational1,2 | Currency | Adjusted<br><br>Operational1,3 |
| Innovative Medicine | $15,563 | $14,580 | 6.8% | 5.3 | 1.5 | 3.7 |
| MedTech | 8,430 | 7,891 | 6.8 | 5.6 | 1.2 | 5.7 |
| Worldwide | $23,993 | $22,471 | 6.8% | 5.4 | 1.4 | 4.4 |
1Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2Excludes the impact of translational currency
3Excludes the net impact of acquisitions and divestitures and translational currency
Note: values may have been rounded
Third-Quarter 2025 segment commentary:
Operational sales* reflected below excludes the impact of translational currency.
Innovative Medicine
Innovative Medicine worldwide operational sales grew 5.3%*, with net acquisitions and divestitures positively impacting growth by 1.6% due to CAPLYTA. Growth was primarily driven by DARZALEX, CARVYKTI, ERLEADA and RYBREVANT/LAZCLUZE in Oncology, TREMFYA and SIMPONI/SIMPONI ARIA in Immunology, and SPRAVATO in Neuroscience. Growth was partially offset by an approximate (1,070) basis points impact from STELARA in Immunology, as well as IMBRUVICA in Oncology.
MedTech
MedTech worldwide operational sales grew 5.6%*, with net acquisitions and divestitures negatively impacting growth by 0.1%. Growth was primarily driven by electrophysiology products, Abiomed and Shockwave in Cardiovascular, wound closure products in General Surgery, as well as Surgical Vision.
Full-year 2025 guidance:
Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related
expenses, and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson's results computed in accordance with GAAP.
| ($ in Billions, except EPS) | October 2025 | July 2025 |
|---|---|---|
| Adjusted Operational Sales1,2,5<br><br>Change vs. Prior Year / Mid-point | 3.5% – 4.0% / 3.8% | 3.2% – 3.7% / 3.5% |
| Operational Sales2,5 / Mid-point<br><br>Change vs. Prior Year / Mid-point | $93.0B – $93.4B / $93.2B<br><br>4.8% – 5.3% / 5.1% | $92.7B – $93.1B / $92.9B<br><br>4.5% – 5.0% / 4.8% |
| Estimated Reported Sales3,5/ Mid-point<br><br>Change vs. Prior Year / Mid-point | $93.5B – $93.9B / $93.7B<br><br>5.4% – 5.9% / 5.7% | $93.2B – $93.6B / $93.4B<br><br>5.1% – 5.6% / 5.4% |
| Adjusted Operational EPS (Diluted)2,4 / Mid-point<br><br>Change vs. Prior Year / Mid-point | $10.63 – $10.73 / $10.68<br><br>6.5% – 7.5% / 7.0% | $10.63 – $10.73 / $10.68<br><br>6.5% – 7.5% / 7.0% |
| Adjusted EPS (Diluted)3,4 / Mid-point<br><br>Change vs. Prior Year / Mid-point | $10.80 – $10.90 / $10.85<br><br>8.2% – 9.2% / 8.7% | $10.80 – $10.90 / $10.85<br><br>8.2% – 9.2% / 8.7% |
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: Oct 2025 = $1.13 and July 2025 = $1.13 (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 Investor News, as well as Innovative Medicine Newsroom, MedTech News & Events, and www.factsabouttalc.com.
| Regulatory | U.S. FDA approves TREMFYA (guselkumab) for the treatment of pediatric plaque psoriasis and active psoriatic arthritis, marking a first and only approval for an IL-23 inhibitor1 | Press Release | ||
|---|---|---|---|---|
| TREMFYA (guselkumab) achieves U.S. approval for subcutaneous induction in adults with ulcerative colitis, now the first and only IL-23 inhibitor with a fully subcutaneous regimen | Press Release | |||
| Johnson & Johnson receives positive CHMP opinion of nipocalimab to treat a broad population of antibody-positive patients living with generalised myasthenia gravis (gMG) | Press Release | |||
| Johnson & Johnson files with U.S. FDA to include new evidence in TREMFYA (guselkumab) label as the only IL-23 inhibitor to demonstrate significant inhibition of joint structural damage in active psoriatic arthritis | Press Release | |||
| European Commission approves DARZALEX (daratumumab) as the first licensed treatment for patients with high-risk smouldering multiple myeloma | Press Release | |||
| European Commission approves IMBRUVICA (ibrutinib) as the first targeted therapy for patients with previously untreated mantle cell lymphoma who would be eligible for autologous stem cell transplant | Press Release | |||
| --- | --- | --- | --- | --- |
| Johnson & Johnson seeks first icotrokinra U.S. FDA approval aiming to revolutionize treatment paradigm for adults and adolescents with plaque psoriasis | Press Release | |||
| Data Releases | Johnson & Johnson to highlight breadth of its major depressive disorder portfolio at 2025 ECNP Congress1 | Press Release | ||
| Icotrokinra data in ulcerative colitis show potential for a standout combination of therapeutic benefit and a favorable safety profile in once-daily pill1 | Press Release | |||
| TREMFYA (guselkumab) is first and only IL-23 inhibitor to demonstrate sustained clinical and endoscopic outcomes with a fully subcutaneous regimen through 48 weeks in ulcerative colitis1 | Press Release | |||
| Johnson & Johnson Unveils New Data Demonstrating Superior Clarity of Vision and Comfort of ACUVUE OASYS MAX 1-Day for ASTIGMATISM, and MULTIFOCAL for ASTIGMATISM Contact Lenses1 | Press Release | |||
| Johnson & Johnson’s investigational seltorexant shows numerically higher response in patients with depression with insomnia symptoms, with fewer side effects compared to quetiapine XR | Press Release | |||
| TECVAYLI plus DARZALEX FASPRO treatment demonstrates 100 percent overall response rate in transplant-eligible patients newly diagnosed with multiple myeloma | Press Release | |||
| Icotrokinra shows superiority to deucravacitinib in first reported head-to-head trials reinforcing promise of novel targeted oral peptide for treatment of plaque psoriasis | Press Release | |||
| Johnson & Johnson to showcase industry-leading neuropsychiatry innovations at the 2025 Psych Congress Annual Meeting | Press Release | |||
| Data published in The New England Journal of Medicine demonstrate RYBREVANT (amivantamab-vmjw) plus LAZCLUZE (lazertinib) is re-setting survival expectations in first-line EGFR-mutated lung cancer | Press Release | |||
| RYBREVANT (amivantamab-vmjw) plus LAZCLUZE (lazertinib) prevents acquired resistance versus osimertinib in first-line EGFR-mutated non-small cell lung cancer | Press Release | |||
| New real-world data elevating patient perspectives highlight the need for scientific advancement in maternal fetal immunology at ISUOG 2025 | Press Release | |||
| Johnson & Johnson Unveils Results from the VARIPURE Substudy of SECURE, a Real-World Study on VARIPULSE Platform, at 2025 European Society of Cardiology (ESC) Congress | Press Release | |||
| New Data from the DanGer Shock Randomized Control Trial, Published in The New England Journal of Medicine, Confirms the Long-Term Survival Benefit of the Impella CP Heart Pump | Press Release | |||
| Johnson & Johnson showcases latest advancements in Alzheimer's research at AAIC 2025 | Press Release | |||
| Product Launch | U.S. FDA approval of INLEXZO (gemcitabine intravesical system) set to transform how certain bladder cancers are treated | Press Release | ||
| Johnson & Johnson Launches VIRTUGUIDE AI-Powered Patient-Matched Lapidus System in U.S. to Reduce Complexity in Bunion Surgery for Millions | Press Release | |||
| Other | Johnson & Johnson Elects John Morikis, Retired Chairman, President and Chief Executive Officer of The Sherwin-Williams Company, 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.
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.
Document
Exhibit 99.2
Johnson & Johnson and subsidiaries
Supplementary sales data
| (Unaudited; Dollars in Millions) | THIRD QUARTER | |||||
|---|---|---|---|---|---|---|
| Percent Change | ||||||
| Sales to customers by geographic area | 2025 | 2024 | Total | Operations | Currency | |
| U.S. | $13,708 | 12,909 | 6.2 | % | 6.2 | — |
| Europe | 5,440 | 4,914 | 10.7 | 4.4 | 6.3 | |
| Western Hemisphere excluding U.S. | 1,231 | 1,173 | 4.9 | 7.3 | (2.4) | |
| Asia-Pacific, Africa | 3,614 | 3,475 | 4.0 | 3.4 | 0.6 | |
| International | 10,285 | 9,562 | 7.6 | 4.4 | 3.2 | |
| Worldwide | $23,993 | 22,471 | 6.8 | % | 5.4 | 1.4 |
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) | NINE MONTHS | |||||
|---|---|---|---|---|---|---|
| Percent Change | ||||||
| Sales to customers by geographic area | 2025 | 2024 | Total | Operations | Currency | |
| U.S. | $39,557 | 37,098 | 6.6 | % | 6.6 | — |
| Europe | 15,937 | 15,291 | 4.2 | 1.5 | 2.7 | |
| Western Hemisphere excluding U.S. | 3,604 | 3,579 | 0.7 | 7.6 | (6.9) | |
| Asia-Pacific, Africa | 10,531 | 10,333 | 1.9 | 1.8 | 0.1 | |
| International | 30,072 | 29,203 | 3.0 | 2.3 | 0.7 | |
| Worldwide | $69,629 | 66,301 | 5.0 | % | 4.7 | 0.3 |
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) | THIRD QUARTER | |||||||
|---|---|---|---|---|---|---|---|---|
| Percent Change | ||||||||
| Sales to customers by segment of business | 2025 | 2024 | Total | Operations | Currency | |||
| Innovative Medicine | ||||||||
| U.S. | $ | 9,402 | 8,871 | 6.0 | % | 6.0 | — | |
| International | 6,161 | 5,709 | 7.9 | 4.3 | 3.6 | |||
| 15,563 | 14,580 | 6.8 | 5.3 | 1.5 | ||||
| MedTech | ||||||||
| U.S. | 4,306 | 4,038 | 6.6 | 6.6 | — | |||
| International | 4,124 | 3,853 | 7.0 | 4.5 | 2.5 | |||
| 8,430 | 7,891 | 6.8 | 5.6 | 1.2 | ||||
| U.S. | 13,708 | 12,909 | 6.2 | 6.2 | — | |||
| International | 10,285 | 9,562 | 7.6 | 4.4 | 3.2 | |||
| Worldwide | $ | 23,993 | 22,471 | 6.8 | % | 5.4 | 1.4 |
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) | NINE MONTHS | |||||||
|---|---|---|---|---|---|---|---|---|
| Percent Change | ||||||||
| Sales to customers by segment of business | 2025 | 2024 | Total | Operations | Currency | |||
| Innovative Medicine | ||||||||
| U.S. | $ | 26,655 | 24,993 | 6.7 | % | 6.7 | — | |
| International | 17,983 | 17,639 | 1.9 | 1.3 | 0.6 | |||
| 44,638 | 42,632 | 4.7 | 4.5 | 0.2 | ||||
| MedTech | ||||||||
| U.S. | 12,902 | 12,105 | 6.6 | 6.6 | — | |||
| International | 12,089 | 11,564 | 4.5 | 3.9 | 0.6 | |||
| 24,991 | 23,669 | 5.6 | 5.3 | 0.3 | ||||
| U.S. | 39,557 | 37,098 | 6.6 | 6.6 | — | |||
| International | 30,072 | 29,203 | 3.0 | 2.3 | 0.7 | |||
| Worldwide | $ | 69,629 | 66,301 | 5.0 | % | 4.7 | 0.3 |
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) | THIRD QUARTER | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | Percent<br>Increase<br>(Decrease) | |||||||
| Amount | Percent<br>to Sales | Amount | Percent<br>to Sales | ||||||
| Sales to customers | $ | 23,993 | 100.0 | $ | 22,471 | 100.0 | 6.8 | ||
| Cost of products sold | 7,303 | 30.4 | 6,963 | 31.0 | 4.9 | ||||
| Gross Profit | 16,690 | 69.6 | 15,508 | 69.0 | 7.6 | ||||
| Selling, marketing and administrative expenses | 5,922 | 24.7 | 5,478 | 24.3 | 8.1 | ||||
| Research and development expense | 3,672 | 15.3 | 4,952 | 22.0 | (25.8) | ||||
| Interest (income) expense, net | 18 | 0.1 | (99) | (0.4) | |||||
| Other (income) expense, net | (478) | (2.0) | 1,798 | 8.0 | |||||
| Restructuring | 63 | 0.3 | 41 | 0.2 | |||||
| Earnings before provision for taxes on income | 7,493 | 31.2 | 3,338 | 14.9 | 124.5 | ||||
| Provision for taxes on income | 2,341 | 9.7 | 644 | 2.9 | 263.5 | ||||
| Net earnings | $ | 5,152 | 21.5 | $ | 2,694 | 12.0 | 91.2 | ||
| Net earnings per share (Diluted) | $ | 2.12 | $ | 1.11 | 91.0 | ||||
| Average shares outstanding (Diluted) | 2,428.6 | 2,427.9 | |||||||
| Effective tax rate | 31.2 | % | 19.3 | % | |||||
| Adjusted earnings before provision for taxes and net earnings (1) (A) | |||||||||
| Earnings before provision for taxes on income | $ | 8,436 | 35.2 | $ | 7,277 | 32.4 | 15.9 | ||
| Net earnings | $ | 6,801 | 28.3 | $ | 5,876 | 26.1 | 15.7 | ||
| Net earnings per share (Diluted) | $ | 2.80 | $ | 2.42 | 15.7 | ||||
| Effective tax rate | 19.4 | % | 19.3 | % |
(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) | NINE MONTHS | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | Percent<br>Increase<br>(Decrease) | |||||||
| Amount | Percent<br>to Sales | Amount | Percent<br>to Sales | ||||||
| Sales to customers | $ | 69,629 | 100.0 | $ | 66,301 | 100.0 | 5.0 | ||
| Cost of products sold | 22,288 | 32.0 | 20,343 | 30.7 | 9.6 | ||||
| Gross Profit | 47,341 | 68.0 | 45,958 | 69.3 | 3.0 | ||||
| Selling, marketing and administrative expenses | 16,923 | 24.3 | 16,416 | 24.8 | 3.1 | ||||
| Research and development expense | 10,413 | 15.0 | 11,934 | 18.0 | (12.7) | ||||
| In-process research and development impairments | — | — | 194 | 0.3 | |||||
| Interest (income) expense, net | (62) | (0.1) | (433) | (0.7) | |||||
| Other (income) expense, net | (7,692) | (11.1) | 4,855 | 7.3 | |||||
| Restructuring | 144 | 0.2 | 192 | 0.3 | |||||
| Earnings before provision for taxes on income | 27,615 | 39.7 | 12,800 | 19.3 | 115.7 | ||||
| Provision for taxes on income | 5,927 | 8.6 | 2,165 | 3.3 | 173.8 | ||||
| Net earnings | $ | 21,688 | 31.1 | $ | 10,635 | 16.0 | 103.9 | ||
| Net earnings per share (Diluted) | $ | 8.94 | $ | 4.38 | 104.1 | ||||
| Average shares outstanding (Diluted) | 2,424.8 | 2,429.5 | |||||||
| Effective tax rate | 21.5 | % | 16.9 | % | |||||
| Adjusted earnings before provision for taxes and net earnings (1) (A) | |||||||||
| Earnings before provision for taxes on income | $ | 24,635 | 35.4 | $ | 23,558 | 35.5 | 4.6 | ||
| Net earnings | $ | 20,206 | 29.0 | $ | 19,296 | 29.1 | 4.7 | ||
| Net earnings per share (Diluted) | $ | 8.33 | $ | 7.94 | 4.9 | ||||
| Effective tax rate | 18.0 | % | 18.1 | % |
(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
| Third Quarter | ||
|---|---|---|
| (Dollars in Millions Except Per Share Data) | 2025 | |
| Net Earnings, after tax- as reported | 5,152 | |
| Pre-tax Adjustments | ||
| Litigation related | 15 | |
| Intangible Asset Amortization expense | 1,048 | |
| COVID-19 Vaccine related costs | — | |
| Restructuring related 1 | 168 | |
| Medical Device Regulation | — | |
| Acquisition, integration and divestiture related | 97 | |
| (Gains)/losses on securities | (387) | |
| Other | 2 | |
| Tax Adjustments | ||
| Tax impact on special item adjustments 2 | (168) | |
| Tax legislation and other tax related | 874 | |
| Adjusted Net Earnings, after tax | 6,801 | |
| Average shares outstanding (Diluted) | 2,428.6 | |
| Adjusted net earnings per share (Diluted) | 2.80 | |
| Operational adjusted net earnings per share (Diluted) | 2.72 |
All values are in US Dollars.
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 expense of $19 million in the fiscal third quarter of 2024 ($100 million Q3 2024 YTD) included the termination of partnered and non-partnered program costs, asset impairments and asset divestments. This program was completed in Q4 2024.
In fiscal 2023, the company initiated a restructuring program of its Orthopaedics franchise within the MedTech segment to streamline operations by exiting certain markets, product lines and distribution network arrangements. The restructuring expense of $40 million in the fiscal third quarter of 2025 ($145 million Q3 2025 YTD) and $28 million in the fiscal third quarter of 2024 ($107 million Q3 2024 YTD) primarily 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. The restructuring expense of $128 million in the fiscal third quarter of 2025 ($157 million Q3 2025 YTD) primarily includes costs related to asset impairments and 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
| Nine Months Ended | ||
|---|---|---|
| (Dollars in Millions Except Per Share Data) | 2025 | |
| Net Earnings, after tax- as reported | 21,688 | |
| Pre-tax Adjustments | ||
| Litigation related | (6,894) | |
| Intangible Asset Amortization expense | 3,435 | |
| COVID-19 Vaccine related costs | — | |
| Restructuring related 1 | 302 | |
| Medical Device Regulation | — | |
| Acquisition, integration and divestiture related | 475 | |
| (Gains)/losses on securities | (327) | |
| IPR&D impairments | — | |
| Other | 29 | |
| Tax Adjustments | ||
| Tax impact on special item adjustments 2 | 826 | |
| Tax legislation and other tax related | 672 | |
| Adjusted Net Earnings, after tax | 20,206 | |
| Average shares outstanding (Diluted) | 2,424.8 | |
| Adjusted net earnings per share (Diluted) | 8.33 | |
| Operational adjusted net earnings per share (Diluted) | 8.24 |
All values are in US Dollars.
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 expense of $19 million in the fiscal third quarter of 2024 ($100 million Q3 2024 YTD) included the termination of partnered and non-partnered program costs, asset impairments and asset divestments. This program was completed in Q4 2024.
In fiscal 2023, the company initiated a restructuring program of its Orthopaedics franchise within the MedTech segment to streamline operations by exiting certain markets, product lines and distribution network arrangements. The restructuring expense of $40 million in the fiscal third quarter of 2025 ($145 million Q3 2025 YTD) and $28 million in the fiscal third quarter of 2024 ($107 million Q3 2024 YTD) primarily 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. The restructuring expense of $128 million in the fiscal third quarter of 2025 ($157 million Q3 2025 YTD) primarily includes costs related to asset impairments and 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)
Third quarter 2025 actual vs. 2024 actual
| Segments | ||||||
|---|---|---|---|---|---|---|
| Innovative Medicine | MedTech | Total | ||||
| WW As Reported | 6.8 | % | 6.8 | % | 6.8 | % |
| U.S. | 6.0 | % | 6.6 | % | 6.2 | % |
| International | 7.9 | % | 7.0 | % | 7.6 | % |
| WW Currency | 1.5 | 1.2 | 1.4 | |||
| U.S. | — | — | — | |||
| International | 3.6 | 2.5 | 3.2 | |||
| WW Operational | 5.3 | % | 5.6 | % | 5.4 | % |
| U.S. | 6.0 | % | 6.6 | % | 6.2 | % |
| International | 4.3 | % | 4.5 | % | 4.4 | % |
| Caplyta | (1.6) | (1.1) | ||||
| U.S. | (2.7) | (1.9) | ||||
| International | 0.0 | 0.0 | ||||
| All Other Acquisitions and Divestitures (A&D) | 0.0 | 0.1 | 0.1 | |||
| U.S. | 0.0 | 0.2 | 0.1 | |||
| International | 0.0 | 0.1 | 0.0 | |||
| WW Adjusted Operational Ex A&D | 3.7 | % | 5.7 | % | 4.4 | % |
| U.S. | 3.3 | % | 6.8 | % | 4.4 | % |
| International | 4.3 | % | 4.6 | % | 4.4 | % |
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)
Nine months 2025 actual vs. 2024 actual
| Segments | ||||||
|---|---|---|---|---|---|---|
| Innovative Medicine | MedTech | Total | ||||
| WW As Reported | 4.7 | % | 5.6 | % | 5.0 | % |
| U.S. | 6.7 | % | 6.6 | % | 6.6 | % |
| International | 1.9 | % | 4.5 | % | 3.0 | % |
| WW Currency | 0.2 | 0.3 | 0.3 | |||
| U.S. | — | — | — | |||
| International | 0.6 | 0.6 | 0.7 | |||
| WW Operational | 4.5 | % | 5.3 | % | 4.7 | % |
| U.S. | 6.7 | % | 6.6 | % | 6.6 | % |
| International | 1.3 | % | 3.9 | % | 2.3 | % |
| Shockwave | (1.9) | (0.6) | ||||
| U.S. | (2.9) | (0.9) | ||||
| International | (0.8) | (0.2) | ||||
| Caplyta | (1.1) | (0.7) | ||||
| U.S. | (1.8) | (1.2) | ||||
| International | 0.0 | 0.0 | ||||
| All Other Acquisitions and Divestitures (A&D) | 0.0 | 0.3 | 0.1 | |||
| U.S. | 0.0 | 0.4 | 0.1 | |||
| International | 0.1 | 0.2 | 0.1 | |||
| WW Adjusted Operational Ex A&D | 3.4 | % | 3.7 | % | 3.5 | % |
| U.S. | 4.9 | % | 4.1 | % | 4.6 | % |
| International | 1.4 | % | 3.3 | % | 2.2 | % |
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)
| THIRD QUARTER | ||||||||
|---|---|---|---|---|---|---|---|---|
| % Change | ||||||||
| 2025 | 2024 | Reported | Operational(1) | Currency | ||||
| INNOVATIVE MEDICINE SEGMENT(2) | ||||||||
| ONCOLOGY | ||||||||
| US | $3,468 | 2,816 | 23.2 | % | 23.2 | % | — | % |
| Intl | 3,060 | 2,565 | 19.3 | 14.8 | 4.5 | |||
| WW | 6,529 | 5,380 | 21.3 | 19.2 | 2.1 | |||
| CARVYKTI | ||||||||
| US | 396 | 258 | 53.3 | 53.3 | — | |||
| Intl | 128 | 27 | * | * | * | |||
| WW | 524 | 286 | 83.5 | 81.4 | 2.1 | |||
| DARZALEX | ||||||||
| US | 2,088 | 1,684 | 24.0 | 24.0 | — | |||
| Intl | 1,584 | 1,332 | 18.9 | 14.7 | 4.2 | |||
| WW | 3,672 | 3,016 | 21.7 | 19.9 | 1.8 | |||
| ERLEADA | ||||||||
| US | 378 | 337 | 12.3 | 12.3 | — | |||
| Intl | 558 | 453 | 23.0 | 17.6 | 5.4 | |||
| WW | 936 | 790 | 18.4 | 15.3 | 3.1 | |||
| IMBRUVICA | ||||||||
| US | 211 | 259 | (18.3) | (18.3) | — | |||
| Intl | 483 | 494 | (2.3) | (6.6) | 4.3 | |||
| WW | 695 | 753 | (7.8) | (10.6) | 2.8 | |||
| RYBREVANT / LAZCLUZE(3) | ||||||||
| US | 136 | 68 | 99.7 | 99.7 | — | |||
| Intl | 61 | 21 | * | * | * | |||
| WW | 198 | 89 | * | * | * | |||
| TALVEY | ||||||||
| US | 85 | 64 | 34.2 | 34.2 | — | |||
| Intl | 37 | 12 | * | * | * | |||
| WW | 122 | 75 | 60.8 | 59.1 | 1.7 | |||
| TECVAYLI | ||||||||
| US | 115 | 105 | 9.3 | 9.3 | — | |||
| Intl | 62 | 30 | * | * | * | |||
| WW | 177 | 135 | 31.3 | 29.9 | 1.4 | |||
| ZYTIGA / abiraterone acetate | ||||||||
| US | 5 | 5 | (25.0) | (25.0) | — | |||
| Intl | 108 | 144 | (25.1) | (26.8) | 1.7 | |||
| WW | 113 | 150 | (25.1) | (26.8) | 1.7 | |||
| OTHER ONCOLOGY | ||||||||
| US | 56 | 36 | 54.6 | 54.6 | — | |||
| Intl | 39 | 50 | (22.2) | (25.6) | 3.4 | |||
| WW | 94 | 86 | 9.7 | 7.7 | 2.0 | |||
| See footnotes at end of schedule |
Johnson & Johnson
Segment sales
(Dollars in Millions)
| % Change | |||||||
| 2024 | Reported | Operational(1) | Currency | ||||
| INNOVATIVE MEDICINE SEGMENT(2)(Continued) | |||||||
| IMMUNOLOGY | |||||||
| US | 3,068 | (12.8) | % | (12.8) | % | — | % |
| Intl | 1,552 | (3.9) | (6.3) | 2.4 | |||
| WW | 4,621 | (9.8) | (10.6) | 0.8 | |||
| REMICADE | |||||||
| US | 281 | 16.2 | 16.2 | — | |||
| US Exports(4) | 27 | (30.9) | (30.9) | — | |||
| Intl | 112 | 17.7 | 16.7 | 1.0 | |||
| WW | 419 | 13.6 | 13.3 | 0.3 | |||
| SIMPONI / SIMPONI ARIA | |||||||
| US | 299 | 3.6 | 3.6 | — | |||
| Intl | 218 | 73.0 | 69.8 | 3.2 | |||
| WW | 516 | 32.9 | 31.5 | 1.4 | |||
| STELARA | |||||||
| US | 1,770 | (42.3) | (42.3) | — | |||
| Intl | 906 | (39.4) | (41.4) | 2.0 | |||
| WW | 2,676 | (41.3) | (42.0) | 0.7 | |||
| TREMFYA | |||||||
| US | 691 | 43.1 | 43.1 | — | |||
| Intl | 316 | 37.4 | 33.4 | 4.0 | |||
| WW | 1,007 | 41.3 | 40.1 | 1.2 | |||
| OTHER IMMUNOLOGY | |||||||
| US | 1 | * | * | — | |||
| Intl | 0 | — | — | — | |||
| WW | 1 | * | * | — | |||
| NOSCIENCE | |||||||
| US | 1,094 | 25.0 | 25.0 | — | |||
| Intl | 662 | (0.7) | (2.6) | 1.9 | |||
| WW | 1,755 | 15.3 | 14.6 | 0.7 | |||
| CAPLYTA(5) | |||||||
| US | — | * | * | — | |||
| Intl | — | — | — | — | |||
| WW | — | * | * | — | |||
| CONCERTA / methylphenidate | |||||||
| US | 26 | (49.2) | (49.2) | — | |||
| Intl | 117 | 9.0 | 8.5 | 0.5 | |||
| WW | 142 | (1.4) | (1.8) | 0.4 | |||
| INVEGA SUSTENNA / XEPLION / INVEGATRINZA / TREVICTA | |||||||
| US | 780 | (14.9) | (14.9) | — | |||
| Intl | 269 | (0.9) | (3.0) | 2.1 | |||
| WW | 1,049 | (11.3) | (11.9) | 0.6 | |||
| SPRAVATO | |||||||
| US | 243 | 67.1 | 67.1 | — | |||
| Intl | 42 | 28.9 | 23.8 | 5.1 | |||
| WW | 284 | 61.5 | 60.8 | 0.7 | |||
| See footnotes at end of schedule |
All values are in Euros.
Johnson & Johnson
Segment sales
(Dollars in Millions)
| % Change | ||||||||
| 2024 | Reported | Operational(1) | Currency | |||||
| INNOVATIVE MEDICINE SEGMENT(2)(Continued) | ||||||||
| OTHER NOSCIENCE | ||||||||
| US | 46 | 46 | 0.4 | % | 0.4 | % | — | % |
| Intl | 235 | (10.7) | (12.3) | 1.6 | ||||
| WW | 281 | (8.9) | (10.2) | 1.3 | ||||
| PULMONARY HYPERTENSION | ||||||||
| US | 815 | (0.1) | (0.1) | — | ||||
| Intl | 287 | 4.8 | 2.0 | 2.8 | ||||
| WW | 1,102 | 1.1 | 0.4 | 0.7 | ||||
| OPSUMIT / OPSYNVI | ||||||||
| US | 417 | (1.6) | (1.6) | — | ||||
| Intl | 166 | 1.1 | (1.8) | 2.9 | ||||
| WW | 583 | (0.8) | (1.7) | 0.9 | ||||
| UPTRAVI | ||||||||
| US | 379 | 3.5 | 3.5 | — | ||||
| Intl | 80 | 15.2 | 12.0 | 3.2 | ||||
| WW | 458 | 5.6 | 5.0 | 0.6 | ||||
| OTHER PULMONARY HYPERTENSION | ||||||||
| US | 21 | (36.5) | (36.5) | — | ||||
| Intl | 39 | (1.0) | (2.5) | 1.5 | ||||
| WW | 60 | (13.1) | (14.1) | 1.0 | ||||
| INFECTIOUS DISEASES | ||||||||
| US | 365 | (10.5) | (10.5) | — | ||||
| Intl | 471 | 6.4 | 0.5 | 5.9 | ||||
| WW | 836 | (0.9) | (4.3) | 3.4 | ||||
| EDURANT / rilpivirine | ||||||||
| US | 8 | (7.9) | (7.9) | — | ||||
| Intl | 323 | 16.9 | 9.9 | 7.0 | ||||
| WW | 330 | 16.4 | 9.5 | 6.9 | ||||
| PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA | ||||||||
| US | 355 | (11.0) | (11.0) | — | ||||
| Intl | 94 | (13.6) | (18.5) | 4.9 | ||||
| WW | 449 | (11.6) | (12.6) | 1.0 | ||||
| OTHER INFECTIOUS DISEASES | ||||||||
| US | 3 | 57.3 | 57.3 | — | ||||
| Intl | 54 | (21.2) | (22.3) | 1.1 | ||||
| WW | 56 | (17.5) | (18.5) | 1.0 | ||||
| See footnotes at end of schedule |
All values are in Euros.
Johnson & Johnson
Segment sales
(Dollars in Millions)
| THIRD QUARTER | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| % Change | |||||||||
| 2025 | 2024 | Reported | Operational(1) | Currency | |||||
| INNOVATIVE MEDICINE SEGMENT(2)(Continued) | |||||||||
| CARDIOVASCULAR / METABOLISM / OTHER | |||||||||
| US | $ | 750 | 713 | 5.3 | % | 5.3 | % | — | % |
| Intl | 149 | 170 | (13.1) | (15.6) | 2.5 | ||||
| WW | 899 | 884 | 1.7 | 1.2 | 0.5 | ||||
| XARELTO | |||||||||
| US | 635 | 592 | 7.4 | 7.4 | — | ||||
| Intl | — | — | — | — | — | ||||
| WW | 635 | 592 | 7.4 | 7.4 | — | ||||
| OTHER | |||||||||
| US | 115 | 121 | (5.2) | (5.2) | — | ||||
| Intl | 149 | 170 | (13.1) | (15.6) | 2.5 | ||||
| WW | 264 | 292 | (9.8) | (11.3) | 1.5 | ||||
| TOTAL INNOVATIVE MEDICINE | |||||||||
| US | 9,402 | 8,871 | 6.0 | 6.0 | — | ||||
| Intl | 6,161 | 5,709 | 7.9 | 4.3 | 3.6 | ||||
| WW | $ | 15,563 | 14,580 | 6.8 | % | 5.3 | % | 1.5 | % |
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
| THIRD QUARTER | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| % Change | |||||||||
| 2025 | 2024 | Reported | Operational(1) | Currency | |||||
| MEDTECH SEGMENT(2) | |||||||||
| CARDIOVASCULAR | |||||||||
| US | $ | 1,306 | 1,148 | 13.8 | % | 13.8 | % | — | % |
| Intl | 908 | 819 | 10.8 | 8.4 | 2.4 | ||||
| WW | 2,213 | 1,966 | 12.6 | 11.6 | 1.0 | ||||
| ELECTROPHYSIOLOGY | |||||||||
| US | 720 | 660 | 9.1 | 9.1 | — | ||||
| Intl | 698 | 619 | 12.6 | 10.4 | 2.2 | ||||
| WW | 1,418 | 1,279 | 10.8 | 9.7 | 1.1 | ||||
| ABIOMED | |||||||||
| US | 336 | 293 | 14.5 | 14.5 | — | ||||
| Intl | 86 | 68 | 26.8 | 20.2 | 6.6 | ||||
| WW | 423 | 362 | 16.8 | 15.6 | 1.2 | ||||
| SHOCKWAVE(6) | |||||||||
| US | 220 | 163 | 34.4 | 34.4 | — | ||||
| Intl | 59 | 66 | (11.2) | (12.4) | 1.2 | ||||
| WW | 278 | 229 | 21.2 | 20.9 | 0.3 | ||||
| OTHER CARDIOVASCULAR | |||||||||
| US | 30 | 30 | 0.0 | 0.0 | — | ||||
| Intl | 65 | 66 | (1.0) | (2.5) | 1.5 | ||||
| WW | 95 | 96 | (0.7) | (1.7) | 1.0 | ||||
| ORTHOPAEDICS | |||||||||
| US | 1,396 | 1,359 | 2.7 | 2.7 | — | ||||
| Intl | 878 | 832 | 5.6 | 1.9 | 3.7 | ||||
| WW | 2,274 | 2,191 | 3.8 | 2.4 | 1.4 | ||||
| HIPS | |||||||||
| US | 262 | 250 | 4.7 | 4.7 | — | ||||
| Intl | 144 | 131 | 9.7 | 5.9 | 3.8 | ||||
| WW | 405 | 381 | 6.4 | 5.1 | 1.3 | ||||
| KNEES | |||||||||
| US | 216 | 212 | 2.1 | 2.1 | — | ||||
| Intl | 160 | 140 | 14.3 | 10.9 | 3.4 | ||||
| WW | 377 | 352 | 7.0 | 5.6 | 1.4 | ||||
| TRAUMA | |||||||||
| US | 512 | 497 | 3.0 | 3.0 | — | ||||
| Intl | 281 | 265 | 6.4 | 2.5 | 3.9 | ||||
| WW | 793 | 761 | 4.2 | 2.9 | 1.3 | ||||
| SPINE, SPORTS & OTHER | |||||||||
| US | 406 | 400 | 1.3 | 1.3 | — | ||||
| Intl | 293 | 296 | (1.1) | (4.8) | 3.7 | ||||
| WW | 698 | 696 | 0.3 | (1.3) | 1.6 |
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
| THIRD QUARTER | ||||||||
|---|---|---|---|---|---|---|---|---|
| % Change | ||||||||
| 2025 | 2024 | Reported | Operational(1) | Currency | ||||
| MEDTECH SEGMENT(2)(Continued) | ||||||||
| SURGERY | ||||||||
| US | $1,031 | 983 | 4.9 | % | 4.9 | % | — | % |
| Intl | 1,511 | 1,451 | 4.1 | 2.2 | 1.9 | |||
| WW | 2,542 | 2,434 | 4.4 | 3.3 | 1.1 | |||
| ADVANCED | ||||||||
| US | 477 | 448 | 6.2 | 6.2 | — | |||
| Intl | 688 | 661 | 4.2 | 2.1 | 2.1 | |||
| WW | 1,165 | 1,109 | 5.0 | 3.8 | 1.2 | |||
| GENERAL | ||||||||
| US | 555 | 535 | 3.8 | 3.8 | — | |||
| Intl | 823 | 791 | 4.0 | 2.2 | 1.8 | |||
| WW | 1,378 | 1,325 | 3.9 | 2.9 | 1.0 | |||
| VISION | ||||||||
| US | 571 | 549 | 4.2 | 4.2 | — | |||
| Intl | 828 | 751 | 10.2 | 7.5 | 2.7 | |||
| WW | 1,400 | 1,300 | 7.7 | 6.1 | 1.6 | |||
| CONTACT LENSES / OTHER | ||||||||
| US | 456 | 441 | 3.5 | 3.5 | — | |||
| Intl | 562 | 527 | 6.6 | 3.4 | 3.2 | |||
| WW | 1,018 | 968 | 5.2 | 3.5 | 1.7 | |||
| SURGICAL | ||||||||
| US | 116 | 108 | 7.0 | 7.0 | — | |||
| Intl | 266 | 225 | 18.7 | 17.1 | 1.6 | |||
| WW | 383 | 333 | 14.9 | 13.8 | 1.1 | |||
| TOTAL MEDTECH | ||||||||
| US | 4,306 | 4,038 | 6.6 | 6.6 | — | |||
| Intl | 4,124 | 3,853 | 7.0 | 4.5 | 2.5 | |||
| WW | $8,430 | 7,891 | 6.8 | % | 5.6 | % | 1.2 | % |
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
| NINE MONTHS | ||||||||
|---|---|---|---|---|---|---|---|---|
| % Change | ||||||||
| 2025 | 2024 | Reported | Operational(1) | Currency | ||||
| INNOVATIVE MEDICINE SEGMENT(2) | ||||||||
| ONCOLOGY | ||||||||
| US | $9,866 | 7,835 | 25.9 | % | 25.9 | % | — | % |
| Intl | 8,652 | 7,450 | 16.1 | 15.0 | 1.1 | |||
| WW | 18,519 | 15,284 | 21.2 | 20.6 | 0.6 | |||
| CARVYKTI | ||||||||
| US | 1,072 | 565 | 89.6 | 89.6 | — | |||
| Intl | 260 | 63 | * | * | * | |||
| WW | 1,332 | 629 | * | * | * | |||
| DARZALEX | ||||||||
| US | 5,934 | 4,789 | 23.9 | 23.9 | — | |||
| Intl | 4,514 | 3,797 | 18.9 | 17.9 | 1.0 | |||
| WW | 10,448 | 8,586 | 21.7 | 21.3 | 0.4 | |||
| ERLEADA | ||||||||
| US | 1,048 | 940 | 11.5 | 11.5 | — | |||
| Intl | 1,567 | 1,275 | 22.9 | 21.1 | 1.8 | |||
| WW | 2,615 | 2,215 | 18.0 | 17.0 | 1.0 | |||
| IMBRUVICA | ||||||||
| US | 685 | 770 | (11.0) | (11.0) | — | |||
| Intl | 1,453 | 1,537 | (5.4) | (6.4) | 1.0 | |||
| WW | 2,139 | 2,307 | (7.3) | (7.9) | 0.6 | |||
| RYBREVANT / LAZCLUZE(3) | ||||||||
| US | 388 | 156 | * | * | — | |||
| Intl | 130 | 49 | * | * | * | |||
| WW | 518 | 205 | * | * | * | |||
| TALVEY | ||||||||
| US | 235 | 173 | 35.8 | 35.8 | — | |||
| Intl | 79 | 29 | * | * | * | |||
| WW | 314 | 202 | 55.3 | 54.9 | 0.4 | |||
| TECVAYLI | ||||||||
| US | 334 | 310 | 7.5 | 7.5 | — | |||
| Intl | 160 | 93 | 73.0 | 72.6 | 0.4 | |||
| WW | 494 | 403 | 22.6 | 22.5 | 0.1 | |||
| ZYTIGA / abiraterone acetate | ||||||||
| US | 18 | 25 | (30.4) | (30.4) | — | |||
| Intl | 365 | 470 | (22.3) | (23.0) | 0.7 | |||
| WW | 383 | 496 | (22.8) | (23.4) | 0.6 | |||
| OTHER ONCOLOGY | ||||||||
| US | 153 | 106 | 44.8 | 44.8 | — | |||
| Intl | 123 | 136 | (9.7) | (10.6) | 0.9 | |||
| WW | 276 | 242 | 14.0 | 13.6 | 0.4 | |||
| See footnotes at end of schedule |
Johnson & Johnson
Segment sales
(Dollars in Millions)
| % Change | |||||||
| 2024 | Reported | Operational(1) | Currency | ||||
| INNOVATIVE MEDICINE SEGMENT(2)(Continued) | |||||||
| IMMUNOLOGY | |||||||
| US | 8,499 | (13.2) | % | (13.2) | % | — | % |
| Intl | 5,090 | (11.8) | (11.5) | (0.3) | |||
| WW | 13,590 | (12.7) | (12.6) | (0.1) | |||
| REMICADE | |||||||
| US | 778 | 18.7 | 18.7 | — | |||
| US Exports(4) | 89 | (29.6) | (29.6) | — | |||
| Intl | 380 | 8.6 | 10.4 | (1.8) | |||
| WW | 1,246 | 12.2 | 12.7 | (0.5) | |||
| SIMPONI / SIMPONI ARIA | |||||||
| US | 820 | 10.5 | 10.5 | — | |||
| Intl | 787 | 43.5 | 44.6 | (1.1) | |||
| WW | 1,607 | 26.7 | 27.2 | (0.5) | |||
| STELARA | |||||||
| US | 5,021 | (38.6) | (38.6) | — | |||
| Intl | 2,991 | (40.9) | (40.8) | (0.1) | |||
| WW | 8,012 | (39.5) | (39.5) | 0.0 | |||
| TREMFYA | |||||||
| US | 1,789 | 33.3 | 33.3 | — | |||
| Intl | 932 | 26.7 | 26.1 | 0.6 | |||
| WW | 2,721 | 31.0 | 30.8 | 0.2 | |||
| OTHER IMMUNOLOGY | |||||||
| US | 3 | * | * | — | |||
| Intl | 0 | — | — | — | |||
| WW | 3 | * | * | — | |||
| NOSCIENCE | |||||||
| US | 3,250 | 14.2 | 14.2 | — | |||
| Intl | 2,090 | (3.8) | (3.7) | (0.1) | |||
| WW | 5,340 | 7.2 | 7.2 | 0.0 | |||
| CAPLYTA(5) | |||||||
| US | — | * | * | — | |||
| Intl | — | — | — | — | |||
| WW | — | * | * | — | |||
| CONCERTA / methylphenidate | |||||||
| US | 101 | (24.9) | (24.9) | — | |||
| Intl | 382 | (1.4) | (0.4) | (1.0) | |||
| WW | 482 | (6.3) | (5.5) | (0.8) | |||
| INVEGA SUSTENNA / XEPLION / INVEGATRINZA / TREVICTA | |||||||
| US | 2,329 | (13.2) | (13.2) | — | |||
| Intl | 830 | (3.1) | (3.0) | (0.1) | |||
| WW | 3,159 | (10.6) | (10.5) | (0.1) | |||
| SPRAVATO | |||||||
| US | 660 | 58.7 | 58.7 | — | |||
| Intl | 120 | 21.9 | 21.4 | 0.5 | |||
| WW | 780 | 53.0 | 52.9 | 0.1 | |||
| See footnotes at end of schedule |
All values are in Euros.
Johnson & Johnson
Segment sales
(Dollars in Millions)
| % Change | ||||||||
| 2024 | Reported | Operational(1) | Currency | |||||
| INNOVATIVE MEDICINE SEGMENT(2)(Continued) | ||||||||
| OTHER NOSCIENCE | ||||||||
| US | 119 | 161 | (26.4) | % | (26.4) | % | — | % |
| Intl | 759 | (9.8) | (9.9) | 0.1 | ||||
| WW | 920 | (12.7) | (12.8) | 0.1 | ||||
| PULMONARY HYPERTENSION | ||||||||
| US | 2,324 | 1.5 | 1.5 | — | ||||
| Intl | 866 | 3.4 | 2.6 | 0.8 | ||||
| WW | 3,190 | 2.0 | 1.8 | 0.2 | ||||
| OPSUMIT / OPSYNVI | ||||||||
| US | 1,149 | 2.3 | 2.3 | — | ||||
| Intl | 506 | 0.2 | (0.7) | 0.9 | ||||
| WW | 1,655 | 1.7 | 1.4 | 0.3 | ||||
| UPTRAVI | ||||||||
| US | 1,120 | 1.7 | 1.7 | — | ||||
| Intl | 232 | 17.0 | 16.4 | 0.6 | ||||
| WW | 1,352 | 4.3 | 4.2 | 0.1 | ||||
| OTHER PULMONARY HYPERTENSION | ||||||||
| US | 56 | (21.5) | (21.5) | — | ||||
| Intl | 127 | (8.9) | (9.1) | 0.2 | ||||
| WW | 183 | (12.7) | (12.9) | 0.2 | ||||
| INFECTIOUS DISEASES | ||||||||
| US | 1,023 | (6.0) | (6.0) | — | ||||
| Intl | 1,599 | (7.9) | (9.8) | 1.9 | ||||
| WW | 2,622 | (7.2) | (8.3) | 1.1 | ||||
| EDURANT / rilpivirine | ||||||||
| US | 24 | (11.8) | (11.8) | — | ||||
| Intl | 926 | 16.8 | 13.6 | 3.2 | ||||
| WW | 950 | 16.1 | 13.0 | 3.1 | ||||
| PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA | ||||||||
| US | 990 | (5.8) | (5.8) | — | ||||
| Intl | 315 | (16.1) | (16.6) | 0.5 | ||||
| WW | 1,305 | (8.3) | (8.4) | 0.1 | ||||
| OTHER INFECTIOUS DISEASES | ||||||||
| US | 10 | (11.0) | (11.0) | — | ||||
| Intl | 358 | (64.7) | (64.6) | (0.1) | ||||
| WW | 367 | (63.3) | (63.2) | (0.1) | ||||
| See footnotes at end of schedule |
All values are in Euros.
Johnson & Johnson
Segment sales
(Dollars in Millions)
| NINE MONTHS | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| % Change | |||||||||
| 2025 | 2024 | Reported | Operational(1) | Currency | |||||
| INNOVATIVE MEDICINE SEGMENT(2)(Continued) | |||||||||
| CARDIOVASCULAR / METABOLISM / OTHER | |||||||||
| US | $ | 2,381 | 2,061 | 15.5 | % | 15.5 | % | — | % |
| Intl | 461 | 543 | (15.2) | (14.7) | (0.5) | ||||
| WW | 2,842 | 2,605 | 9.1 | 9.2 | (0.1) | ||||
| XARELTO | |||||||||
| US | 1,946 | 1,697 | 14.7 | 14.7 | — | ||||
| Intl | — | — | — | — | — | ||||
| WW | 1,946 | 1,697 | 14.7 | 14.7 | — | ||||
| OTHER | |||||||||
| US | 435 | 364 | 19.4 | 19.4 | — | ||||
| Intl | 461 | 543 | (15.2) | (14.7) | (0.5) | ||||
| WW | 896 | 908 | (1.3) | (1.0) | (0.3) | ||||
| TOTAL INNOVATIVE MEDICINE | |||||||||
| US | 26,655 | 24,993 | 6.7 | 6.7 | — | ||||
| Intl | 17,983 | 17,639 | 1.9 | 1.3 | 0.6 | ||||
| WW | $ | 44,638 | 42,632 | 4.7 | % | 4.5 | % | 0.2 | % |
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
| NINE MONTHS | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| % Change | |||||||||
| 2025 | 2024 | Reported | Operational(1) | Currency | |||||
| MEDTECH SEGMENT(2) | |||||||||
| CARDIOVASCULAR | |||||||||
| US | $ | 3,931 | 3,292 | 19.4 | % | 19.4 | % | — | % |
| Intl | 2,698 | 2,353 | 14.6 | 13.8 | 0.8 | ||||
| WW | 6,629 | 5,645 | 17.4 | 17.1 | 0.3 | ||||
| ELECTROPHYSIOLOGY | |||||||||
| US | 2,145 | 2,057 | 4.3 | 4.3 | — | ||||
| Intl | 2,064 | 1,889 | 9.2 | 8.6 | 0.6 | ||||
| WW | 4,209 | 3,946 | 6.7 | 6.4 | 0.3 | ||||
| ABIOMED | |||||||||
| US | 1,035 | 905 | 14.3 | 14.3 | — | ||||
| Intl | 256 | 207 | 23.9 | 20.7 | 3.2 | ||||
| WW | 1,291 | 1,112 | 16.1 | 15.5 | 0.6 | ||||
| SHOCKWAVE(6) | |||||||||
| US | 659 | 240 | * | * | — | ||||
| Intl | 169 | 66 | * | * | * | ||||
| WW | 828 | 306 | * | * | * | ||||
| OTHER CARDIOVASCULAR | |||||||||
| US | 93 | 89 | 4.2 | 4.2 | — | ||||
| Intl | 209 | 192 | 9.0 | 8.7 | 0.3 | ||||
| WW | 302 | 281 | 7.5 | 7.2 | 0.3 | ||||
| ORTHOPAEDICS | |||||||||
| US | 4,200 | 4,229 | (0.7) | (0.7) | — | ||||
| Intl | 2,620 | 2,614 | 0.3 | (1.1) | 1.4 | ||||
| WW | 6,820 | 6,843 | (0.3) | (0.8) | 0.5 | ||||
| HIPS | |||||||||
| US | 796 | 785 | 1.3 | 1.3 | — | ||||
| Intl | 440 | 435 | 1.2 | 0.0 | 1.2 | ||||
| WW | 1,235 | 1,220 | 1.3 | 0.9 | 0.4 | ||||
| KNEES | |||||||||
| US | 673 | 684 | (1.5) | (1.5) | — | ||||
| Intl | 482 | 463 | 4.0 | 3.0 | 1.0 | ||||
| WW | 1,155 | 1,147 | 0.7 | 0.3 | 0.4 | ||||
| TRAUMA | |||||||||
| US | 1,515 | 1,499 | 1.1 | 1.1 | — | ||||
| Intl | 818 | 786 | 4.1 | 2.7 | 1.4 | ||||
| WW | 2,333 | 2,285 | 2.1 | 1.6 | 0.5 | ||||
| SPINE, SPORTS & OTHER | |||||||||
| US | 1,216 | 1,262 | (3.7) | (3.7) | — | ||||
| Intl | 881 | 930 | (5.3) | (6.8) | 1.5 | ||||
| WW | 2,096 | 2,191 | (4.3) | (5.0) | 0.7 |
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
| NINE MONTHS | ||||||||
|---|---|---|---|---|---|---|---|---|
| % Change | ||||||||
| 2025 | 2024 | Reported | Operational(1) | Currency | ||||
| MEDTECH SEGMENT(2)(Continued) | ||||||||
| SURGERY | ||||||||
| US | $3,076 | 2,965 | 3.8 | % | 3.8 | % | — | % |
| Intl | 4,417 | 4,373 | 1.0 | 0.9 | 0.1 | |||
| WW | 7,493 | 7,338 | 2.1 | 2.1 | 0.0 | |||
| ADVANCED | ||||||||
| US | 1,411 | 1,360 | 3.7 | 3.7 | — | |||
| Intl | 1,991 | 1,977 | 0.7 | 0.5 | 0.2 | |||
| WW | 3,402 | 3,337 | 1.9 | 1.8 | 0.1 | |||
| GENERAL | ||||||||
| US | 1,666 | 1,605 | 3.8 | 3.8 | — | |||
| Intl | 2,426 | 2,397 | 1.2 | 1.3 | (0.1) | |||
| WW | 4,092 | 4,001 | 2.3 | 2.3 | 0.0 | |||
| VISION | ||||||||
| US | 1,694 | 1,619 | 4.7 | 4.7 | — | |||
| Intl | 2,354 | 2,224 | 5.8 | 5.0 | 0.8 | |||
| WW | 4,048 | 3,843 | 5.3 | 4.8 | 0.5 | |||
| CONTACT LENSES / OTHER | ||||||||
| US | 1,337 | 1,288 | 3.8 | 3.8 | — | |||
| Intl | 1,565 | 1,508 | 3.8 | 2.4 | 1.4 | |||
| WW | 2,902 | 2,796 | 3.8 | 3.1 | 0.7 | |||
| SURGICAL | ||||||||
| US | 358 | 331 | 8.0 | 8.0 | — | |||
| Intl | 789 | 717 | 10.1 | 10.3 | (0.2) | |||
| WW | 1,147 | 1,048 | 9.4 | 9.6 | (0.2) | |||
| TOTAL MEDTECH | ||||||||
| US | 12,902 | 12,105 | 6.6 | 6.6 | — | |||
| Intl | 12,089 | 11,564 | 4.5 | 3.9 | 0.6 | |||
| WW | $24,991 | 23,669 | 5.6 | % | 5.3 | % | 0.3 | % |
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)Due to the timing of the integration of the US and foreign affiliates in the year of acquisition (2024), prior quarter (Q3 2024) Shockwave International revenue includes ~$20M of sales that should be reflected in the U.S. business. Year-to-date and total Shockwave sales are not impacted, and the amount was immaterial to recast prior year reporting.
Document
Exhibit 99.3
Johnson & Johnson announces intent to separate its Orthopaedics business
Strengthens focus of Johnson & Johnson as an innovation powerhouse and
accelerates the portfolio shift of its MedTech Segment to higher-growth and higher-margin markets
Standalone orthopaedics business would operate as DePuy Synthes and be the largest, most comprehensive orthopaedics-focused company in the world
Namal Nawana appointed to serve as Worldwide President of DePuy Synthes
NEW BRUNSWICK, NJ, October 14, 2025 – Johnson & Johnson (the “Company”) (NYSE: JNJ) today announced the Company’s intent to separate its Orthopaedics business to enhance the strategic and operational focus of each company and drive value for stakeholders.
The intended separation would further strengthen the focus of Johnson & Johnson as an innovation powerhouse, serving areas of high unmet needs across Innovative Medicine and MedTech, accelerating the ongoing shift of the Company’s MedTech portfolio toward higher-growth and higher-margin markets. The transaction would establish a standalone orthopaedics business, operating as DePuy Synthes, that would be the largest, most comprehensive orthopaedics-focused company with leading market share positions across major categories.
“This transaction enables Johnson & Johnson to further strengthen its focus and investment toward higher-growth areas where we can meaningfully extend and improve patient lives,” said Joaquin Duato, Chairman and Chief Executive Officer, Johnson & Johnson. “The planned separation reflects our long-standing commitment to portfolio optimization and value creation. We are confident that our Orthopaedics business will be better positioned to improve top-line growth and operating margins as a standalone business.”
Following the completion of the separation, Johnson & Johnson will retain a leadership position in six key growth areas across its Innovative Medicine and MedTech segments – Oncology, Immunology, Neuroscience, Cardiovascular, Surgery and Vision. The Company expects that the separation would increase its top-line growth and operating margins. Johnson & Johnson remains committed to maintaining a strong balance sheet and its consistent capital allocation priorities of R&D investment, annually increasing competitive dividends, value-creating acquisitions and share repurchases.
“This move would further enhance the market-leading position for DePuy Synthes and strengthen our overall MedTech business with a focus on Cardiovascular, Surgery and Vision,” added Tim Schmid, Executive Vice President, Worldwide Chairman, MedTech. “Through the separation process, we will remain focused on setting our talented teams up for long-term success, while continuing to serve our customers and create healthier futures for patients around the world.”
DePuy Synthes
Upon completion of the planned separation, DePuy Synthes would be the largest, most comprehensive orthopaedics-focused company, with leading market share positions across major product categories. Following the transaction, DePuy Synthes is expected to benefit from a more focused business model and be better positioned to advance patient care while delivering clinical and economic value to health
care systems worldwide. DePuy Synthes would continue to address a $50 billion+ global market opportunity and serve approximately seven million patients annually through its wide range of products and services. For fiscal year 2024, the Orthopaedics business generated approximately $9.2 billion in sales. DePuy Synthes would be expected to have an investment-grade profile and balance sheet that would allow it to build on its long history of innovation and maintain and extend its leadership position.
DePuy Synthes Worldwide President Appointment
The Company also announced that Namal Nawana has been appointed to serve as Worldwide President, DePuy Synthes, effective immediately. Mr. Nawana will lead the business through the separation process, reporting directly to Mr. Duato, and is expected to continue to lead DePuy Synthes following the completion of the separation.
Mr. Nawana most recently served as Executive Chairman and Founder of Sapphiros, a privately-held platform company dedicated to building the next generation of consumer diagnostic technologies. Previously he served as Chief Executive Officer and a member of the Board of Directors of Smith & Nephew Plc, a global medical technology business. Prior to that, he served as President and Chief Executive Officer and a member of the Board of Directors of Alere, Inc., a leading point of care diagnostics company, until its acquisition by Abbott. Before joining Alere, he spent more than 15 years at Johnson & Johnson in progressively senior leadership roles globally, including his final role at the Company, Worldwide President of Johnson & Johnson’s DePuy Synthes Spine business.
Mr. Duato added, “Namal brings extensive experience leading global public companies and a demonstrated track record of success in growing medical devices businesses. We are pleased to have an executive of Namal’s caliber step into this role and are confident he is the ideal leader to guide the new DePuy Synthes into the future.”
Mr. Nawana commented, “I am honored to take on this role to lead the new DePuy Synthes, a global market leader with a deep heritage of innovation and a strong commercial platform that is well positioned to succeed as a standalone company. I look forward to working together with the broader team to meet our mission and keep people around the globe moving.”
Transaction Details
Johnson & Johnson intends to explore multiple paths to effect the planned separation. The Company is targeting completion within 18 to 24 months, subject to the satisfaction of certain conditions including, among others, consultations with works councils and other employee representative bodies, as may be required, final approval of the Johnson & Johnson Board of Directors, and the receipt of other regulatory approvals. There can be no assurance regarding the ultimate timing or structure of the proposed separation or that the transaction will be completed.
As the Company pursues this separation, Johnson & Johnson will continue to operate its Orthopaedics business in alignment with its current strategy, including continued investments in growth, margin improvement and innovation.
Advisors
Citi and Goldman Sachs & Co. LLC are acting as financial advisors to Johnson & Johnson and Freshfields LLP is acting as legal counsel.
Third-Quarter 2025 Results and Conference Call
In a separate press release issued today, Johnson & Johnson announced its third-quarter results.
Johnson & Johnson will host a conference call for investors to review third-quarter results and discuss the proposed separation 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.
Contacts
Media contact: media-relations@its.jnj.com
Investor contact: investor-relations@its.jnj.com
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, the anticipated separation of Johnson & Johnson’s Orthopaedics business and future operating and financial performance, market position and business strategy for each company. 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: the Company’s ability to satisfy the necessary conditions to consummate the separation of the Orthopaedics business on a timely basis or at all; the structure of the separation transaction; the successful separation of the Orthopaedics business and realization of anticipated benefits from the separation; 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.