Johnson & Johnson reports Q2 2026 results, raises 2026 outlook

View all news 07/15/2026 2026 Second-Quarter reported sales growth of 6.6% to $25.3 Billion with operational growth of 5.6%* and adjusted operational growth of 5.7%* 2026 Second-Quarter earnings per share (EPS) of $2.27 and adjusted EPS* of $2.90 Strong operational performance results in the Company increasing 2026 guidance with estimated reported sales of $101.1 Billion or 7.3% at the midpoint, and increasing adjusted EPS* guidance by $0.13 to $11.68 or 8.2% at the midpoint. The adjusted operational EPS* is increasing by $0.18 to $11.58 or 7.3% at the midpoint Advancing significant innovation for patients with approvals of TREMFYA to inhibit the progression of structural joint damage in adults with active psoriatic arthritis, CAPLYTA for the prevention of relapse in schizophrenia, and Dual Energy THERMOCOOL SMARTTOUCH SF platform; fortifying future with data from RYBREVANT FASPRO in advanced head and neck cancer, TALVEY plus DARZALEX FASPRO in earlier-line relapsed or refractory multiple myeloma, and OTTAVA in upper abdominal procedures Johnson & Johnson (NYSE: JNJ) today announced results for second-quarter 2026. “Johnson & Johnson delivered strong second-quarter results, demonstrating the power of our innovation, the depth of our portfolio and the momentum in our pipeline as we advance transformative treatments that address the world’s toughest health challenges,” said Joaquin Duato, Chairman and Chief Executive Officer, Johnson & Johnson. “With raised guidance and quarterly sales surpassing $25 billion, we are on track to meet our 2026 target of more than $100 billion in annual revenue for the first time in our Company’s 140-year history.” Overall financial results Q2 ($ in Millions, except EPS) 2026 2025 % Change Reported Sales $25,310 $23,743 6.6% Net Earnings $5,534 $5,537 -0.1% EPS (diluted) $2.27 $2.29 -0.9% Q2 Non-GAAP* ($ in Millions, except EPS) 2026 2025 % Change Operational Sales1,2 5.6% Adjusted Operational Sales1,3 5.7% Adjusted Net Earnings1,4 $7,081 $6,699 5.7% Adjusted EPS (diluted)1,4 $2.90 $2.77 4.7% Free Cash Flow5,6 ~$8,700 $6,214 1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules 2 Excludes the impact of translational currency 3 Excludes the net impact of acquisitions and divestitures and translational currency 4 Excludes intangible amortization expense and special items 5 Non-GAAP financial measure; defined as cash flow from operating activities, less additions to property, plant and equipment. Cash flow from operations, the most directly comparable GAAP financial measure, will be included in subsequent SEC filings. 6 Second-quarter YTD 2026 is estimated as of July 15, 2026 Note: values may have been rounded Regional sales results Q2 % Change ($ in Millions) 2026 2025 Reported Operational1,2 Currency Adjusted Operational1,3 U.S. $14,533 $13,544 7.3% 7.3 - 7.4 International 10,777 10,199 5.7 3.4 2.3 3.5 Worldwide $25,310 $23,743 6.6% 5.6 1.0 5.7 1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules 2 Excludes the impact of translational currency 3 Excludes the net impact of acquisitions and divestitures and translational currency Note: values may have been rounded Segment sales results Q2 % Change ($ in Millions) 2026 2025 Reported Operational1,2 Currency Adjusted Operational1,3 Innovative Medicine $16,384 $15,202 7.8% 6.8 1.0 6.9 MedTech 8,926 8,541 4.5 3.6 0.9 3.7 Worldwide $25,310 $23,743 6.6% 5.6 1.0 5.7 1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules 2 Excludes the impact of translational currency 3 Excludes the net impact of acquisitions and divestitures and translational currency Note: values may have been rounded Second-Quarter 2026 segment commentary: Operational sales* reflected below excludes the impact of translational currency. Innovative Medicine Innovative Medicine worldwide operational sales grew 6.8%*, with divestitures negatively impacting growth by 10 basis points. Growth was primarily driven by DARZALEX, CARVYKTI, TECVAYLI and RYBREVANT/LAZCLUZE in Oncology, TREMFYA and Other Immunology in Immunology, and SPRAVATO and CAPLYTA in Neuroscience. Growth was partially offset by STELARA (an approximate 760 basis points impact) and REMICADE in Immunology, as well as IMBRUVICA and ZYTIGA in Oncology. MedTech MedTech worldwide operational sales grew 3.6%*, with net acquisitions and divestitures negatively impacting growth by 10 basis points. Growth was primarily driven by wound closure products and biosurgery products in Surgery, electrophysiology products and Shockwave in Cardiovascular, contact lenses in Vision, and trauma in Orthopaedics. Full-year 2026 guidance: Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses, and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson's results computed in accordance with GAAP. ($ in Billions, except EPS) July 2026 April 2026 Adjusted Operational Sales1,2 Change vs. Prior Year / Mid-point 6.2% – 6.8% / 6.5% 5.6% – 6.6% / 6.1% Operational Sales2 / Mid-point Change vs. Prior Year / Mid-point $100.3B – $100.9B / $100.6B 6.5% – 7.1% / 6.8% $99.7B – $100.7B / $100.2B 5.9% – 6.9% / 6.4% Estimated Reported Sales3/ Mid-point Change vs. Prior Year / Mid-point $100.8B – $101.4B / $101.1B 7.0% – 7.6% / 7.3% $100.3B – $101.3B / $100.8B 6.5% – 7.5% / 7.0% Adjusted Operational EPS (Diluted)2,4 / Mid-point Change vs. Prior Year / Mid-point $11.50 – $11.65 / $11.58 6.6% – 8.0% / 7.3% $11.30 – $11.50 / $11.40 4.7% – 6.7% / 5.7% Adjusted EPS (Diluted)3,4 / Mid-point Change vs. Prior Year / Mid-point $11.60 – $11.75 / $11.68 7.5% – 8.9% / 8.2% $11.45 – $11.65 / $11.55 6.1% – 8.1% / 7.1% 1 Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures 2 Non-GAAP financial measure; excludes the impact of translational currency 3 Calculated using Euro Average Rate: July 2026 = $1.15 and April 2026 = $1.17 (Illustrative purposes only) 4 Non-GAAP financial measure; excludes intangible amortization expense and special items Note: percentages may have been rounded Other modeling considerations will be provided on 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 Johnson & Johnson Announces FDA Approval for the Dual Energy THERMOCOOL SMARTTOUCH SF Platform1 Press Release CHMP recommendation advances Johnson & Johnson’s TECVAYLI (teclistamab) plus daratumumab as a potential standard of care for relapsed/refractory multiple myeloma Press Release FDA approves label expansion, cementing TREMFYA as the only IL‑23 inhibitor proven to help stop further joint damage Press Release FDA approves CAPLYTA (lumateperone) sNDA with robust new data supporting reduced risk of relapse in schizophrenia Press Release Johnson & Johnson Announces CE Mark Approval for the New ETHICON 4000 Stapler Press Release FDA grants Priority Review for IMAAVY (nipocalimab-aahu) as the potential first approved treatment for people living with warm autoimmune hemolytic anemia (wAIHA) Press Release Data Releases Johnson & Johnson presents new IMAAVY (nipocalimab-aahu) data at European Academy of Neurology (EAN) 2026 Congress reinforcing sustained disease control in generalized myasthenia gravis Press Release New TALVEY (talquetamab-tgvs) plus DARZALEX FASPRO (daratumumab and hyaluronidase-fihj) data demonstrate the strength of a bispecific combination in earlier-line relapsed or refractory multiple myeloma Press Release IMAAVY (nipocalimab-aahu) demonstrates durable hemoglobin response and rapid onset of effect in pivotal Phase 2/3 study in warm autoimmune hemolytic anemia (wAIHA), an autoantibody-driven disease with no FDA-approved therapies Press Release Johnson & Johnson late-breaking results show nipocalimab significantly reduced systemic lupus erythematosus (SLE) disease activity in a Phase 2 study Press Release Johnson & Johnson presents new data further reinforcing the role of nipocalimab in lowering the autoantibodies driving Sjögren's disease Press Release RYBREVANT FASPRO (amivantamab and hyaluronidase-lpuj) pivotal data show strong and durable responses in advanced head and neck cancer where options remain limited Press Release Johnson & Johnson's Phase 3 prostate cancer study shows ERLEADA (apalutamide) before and after surgery significantly reduces risk of metastasis or death, breaking a decades-long treatment paradigm Press Release RYBREVANT (amivantamab-vmjw) plus LAZCLUZE (lazertinib) demonstrates prolonged clinical benefit as a first-line treatment for atypical EGFR-mutated non-small cell lung cancer Press Release New TECVAYLI (teclistamab-cqyv) data demonstrate superior progression-free and overall survival as early as first relapse in multiple myeloma Press Release Johnson & Johnson study shows TREMFYA (guselkumab) is the first and only IL-23 inhibitor to demonstrate efficacy in perianal fistulizing Crohn's disease Press Release Johnson & Johnson investigational co-antibody therapy JNJ-4804 shows potential to raise the bar for clinical efficacy in treating refractory inflammatory bowel disease Press Release Johnson & Johnson Announces Pivotal Clinical Study Results for a New Soft-Tissue Surgical Robotic System Press Release CAPLYTA (lumateperone) showed greatest improvement across key efficacy outcomes among adjunctive MDD treatments in new network meta-analysis Press Release IMAAVY (nipocalimab-aahu) shows over two years of sustained disease control in a broad population with generalized myasthenia gravis (gMG) Press Release Product Launch Johnson & Johnson Advances the Standard of Calcium Modification with Global Launch of Shockwave C2 Aero Coronary IVL Catheter Press Release Other DePuy Synthes Appoints Christina Zamarro as Chief Financial Officer1 Press Release Johnson & Johnson Invests more than $1 Billion to Strengthen U.S. Vision Manufacturing in Jacksonville, Florida Press Release Johnson & Johnson Expands U.S. Availability of TECNIS PureSee IOL, an Advanced Lens Option for Cataract Surgeons and Patients Press Release Johnson & Johnson to Acquire Firefly Bio, Inc. to Expand Oncology Pipeline with Novel Degrader Antibody Conjugate Platform Press Release DePuy Synthes Announces Agreement to Acquire Miniature Radiofrequency Tracking Technology Across its Joint Reconstruction Portfolio Press Release DePuy Synthes Enters Exclusive U.S., Canada and Australia Distribution Agreement for CGBIO’s NOVOSIS Press Release Groundbreaking global survey captures the significant patient burden experienced with current standard-of-care bladder cancer treatments, underscoring urgency for continued innovation Press Release Johnson & Johnson Appoints Ryan Koors as Vice President, Investor Relations Press Release Johnson & Johnson Launches Landmark Head-to-Head Pulsed Field Ablation Trial in Persistent Atrial Fibrillation Press Release Johnson & Johnson Showcases CARTO-Powered Innovation, Including Debut of CARTOSOUND SONATA, to Advance Arrhythmia Care at HRS 2026 Press Release 1 Subsequent 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; increased scrutiny of the health care industry by government agencies; and the Company's ability to successfully separate the Company's Orthopaedics business and realize the anticipated benefits from the planned separation. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s most recent Annual Report on Form 10-K, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in Johnson & Johnson’s subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com, investor.jnj.com, or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments. Johnson & Johnson and SubsidiariesSupplementary Sales Data(Unaudited; Dollars in Millions)SECOND QUARTERSIX MONTHSPercent ChangePercent Change 2026 2025 Total Operations Currency 2026 2025 Total Operations Currency Sales to customers bysegment of businessInnovative MedicineU.S. $ 9,979 9,161 8.9 % 8.9 - $ 18,850 17,253 9.3 % 9.3 - International 6,405 6,041 6.0 3.6 2.4 12,960 11,822 9.6 3.9 5.7 16,384 15,202 7.8 6.8 1.0 31,810 29,075 9.4 7.1 2.3 MedTechU.S. 4,554 4,383 3.9 3.9 - 9,013 8,596 4.8 4.8 - International 4,372 4,158 5.2 3.2 2.0 8,549 7,965 7.3 3.2 4.1 8,926 8,541 4.5 3.6 0.9 17,562 16,561 6.0 4.1 1.9 U.S. 14,533 13,544 7.3 7.3 - 27,863 25,849 7.8 7.8 - International 10,777 10,199 5.7 3.4 2.3 21,509 19,787 8.7 3.6 5.1 Worldwide $ 25,310 23,743 6.6 % 5.6 1.0 $ 49,372 45,636 8.2 % 6.0 2.2 Note:Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.Johnson & Johnson and SubsidiariesSupplementary Sales Data(Unaudited; Dollars in Millions)SECOND QUARTERSIX MONTHSPercent ChangePercent Change 2026 2025 Total Operational Currency 2026 2025 Total Operational Currency Sales to customers bygeographic areaU.S. $ 14,533 13,544 7.3 % 7.3 - $ 27,863 25,849 7.8 % 7.8 - Europe 5,726 5,387 6.3 3.3 3.0 11,574 10,497 10.3 3.0 7.3 Western Hemisphere excluding U.S. 1,309 1,206 8.5 2.7 5.8 2,602 2,373 9.6 2.6 7.0 Asia-Pacific, Africa 3,742 3,606 3.8 3.9 (0.1) 7,333 6,917 6.0 4.9 1.1 International 10,777 10,199 5.7 3.4 2.3 21,509 19,787 8.7 3.6 5.1 Worldwide $ 25,310 23,743 6.6 % 5.6 1.0 $ 49,372 45,636 8.2 % 6.0 2.2 Note:Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.Johnson & Johnson and SubsidiariesCondensed Consolidated Statement of Earnings(Unaudited; in Millions Except Per Share Figures)SECOND QUARTER 2026 2025 Percent Increase (Decrease) Amount Percent to Sales Amount Percent to Sales Sales to customers $ 25,310 100.0 $ 23,743 100.0 6.6 Cost of products sold 8,051 31.8 7,628 32.1 5.5 Gross Profit 17,259 68.2 16,115 67.9 7.1 Selling, marketing and administrative expenses 6,432 25.4 5,889 24.8 9.2 Research and development expense 3,653 14.4 3,516 14.8 3.9 Interest (income) expense, net 62 0.2 48 0.2 Other (income) expense, net 331 1.3 107 0.5 Restructuring 34 0.2 64 0.3 Earnings before provision for taxes on income 6,747 26.7 6,491 27.3 3.9 Provision for taxes on income 1,213 4.8 954 4.0 27.1 Net earnings $ 5,534 21.9 $ 5,537 23.3 (0.1 ) Net earnings per share (Diluted) $ 2.27 $ 2.29 (0.9 ) Average shares outstanding (Diluted) 2,440.1 2,419.1 Effective tax rate 18.0 % 14.7 % Adjusted earnings before provision for taxes and net earnings (1)Earnings before provision for taxes on income $ 8,660 34.2 $ 8,188 34.5 5.8 Net earnings $ 7,081 28.0 $ 6,699 28.2 5.7 Net earnings per share (Diluted) $ 2.90 $ 2.77 4.7 Effective tax rate 18.2 % 18.2 % (1) See Reconciliation of Non-GAAP Financial Measures.Johnson & Johnson and SubsidiariesCondensed Consolidated Statement of Earnings(Unaudited; in Millions Except Per Share Figures)SIX MONTHS 2026 2025 Percent Increase (Decrease) Amount Percent to Sales Amount Percent to Sales Sales to customers $ 49,372 100.0 $ 45,636 100.0 8.2 Cost of products sold 16,157 32.7 14,985 32.8 7.8 Gross Profit 33,215 67.3 30,651 67.2 8.4 Selling, marketing and administrative expenses 12,466 25.3 11,001 24.1 13.3 Research and development expense 7,180 14.5 6,741 14.8 6.5 In-process research and development impairments 36 0.1 - - Interest (income) expense, net 105 0.2 (80 ) (0.2 ) Other (income) expense, net 625 1.3 (7,214 ) (15.8 ) Restructuring 66 0.1 81 0.2 Earnings before provision for taxes on income 12,737 25.8 20,122 44.1 (36.7 ) Provision for taxes on income 1,968 4.0 3,586 7.9 (45.1 ) Net earnings $ 10,769 21.8 $ 16,536 36.2 (34.9 ) Net earnings per share (Diluted) $ 4.41 $ 6.82 (35.3 ) Average shares outstanding (Diluted) 2,443.9 2,423.3 Effective tax rate 15.5 % 17.8 % Adjusted earnings before provision for taxes and net earnings (1)Earnings before provision for taxes on income $ 16,481 33.4 $ 16,199 35.5 1.7 Net earnings $ 13,695 27.7 $ 13,405 29.4 2.2 Net earnings per share (Diluted) $ 5.60 $ 5.53 1.3 Effective tax rate 16.9 % 17.2 % (1) See Reconciliation of Non-GAAP Financial Measures.Johnson & Johnson and SubsidiariesReconciliation of Non-GAAP Financial MeasuresSecond QuarterSix Months Ended(Dollars in Millions Except Per Share Data) 2026 2025 2026 2025 Net Earnings, after tax- as reported $5,534 $5,537 $10,769 $16,536 Pre-tax AdjustmentsLitigation related 267 57 597 (6,909 ) Intangible Asset Amortization expense 1,245 1,267 2,492 2,387 Restructuring related1 276 79 338 134 Orthopaedics separation related 258 - 377 - Acquisition, integration and divestiture related 80 246 176 378 (Gains)/losses on securities (213 ) 21 (272 ) 60 IPR&D impairments - - 36 - Other - 27 - 27 Tax AdjustmentsTax impact on special item adjustments2 (368 ) (321 ) (792 ) 994 Tax legislation and other tax related 2 (214 ) (26 ) (202 ) Adjusted Net Earnings, after tax $7,081 $6,699 $13,695 $13,405 Average shares outstanding (Diluted) 2,440.1 2,419.1 2,443.9 2,423.3 Adjusted net earnings per share (Diluted) $2.90 $2.77 $5.60 $5.53 Operational adjusted net earnings per share (Diluted) $2.86 $5.43 Notes: 1 In the fiscal second quarter of 2026, the Company commenced a supply chain restructuring program primarily in the Innovative Medicine segment to exit certain manufacturing locations as part of its optimization efforts to streamline operations. The program is expected to be substantially completed by the end of fiscal year 2029 with estimated costs between $650 - $750 million, and include site and supplier exit costs, decommissioning and asset impairment costs. Restructuring expenses of $200 million, primarily related to asset impairments, were recorded in the fiscal second quarter of 2026.In fiscal 2025, the Company initiated a restructuring program of its Surgery franchise within the MedTech segment to simplify and focus operations by exiting certain non-strategic product lines and optimize select sites across the network. Restructuring expenses of $59 million were recorded in the fiscal second quarter of 2026 ($114 million Q2 2026 YTD) and $29 million in the fiscal second quarter of 2025 ($29 million Q2 2025 YTD) and primarily include costs related to product exits. This program is expected to be substantially completed by the end of fiscal year 2026.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 $17 million in the fiscal second quarter of 2026 ($24 million Q2 2026 YTD) and $50 million in the fiscal second quarter of 2025 ($105 million Q2 2025 YTD) includes costs related to market and product exits. This program will be completed as of Q4 2026 at a total cost of approximately $1 billion. 2 The tax impact related to special item adjustments reflects the current and deferred income taxes associated with the above pre-tax special items in arriving at adjusted earnings.Johnson & Johnson and SubsidiariesReconciliation of Non-GAAP Financial MeasureAdjusted Operational Sales GrowthSECOND QUARTER 2026 ACTUAL vs. 2025 ACTUALSegments Innovative Medicine MedTech Total WW As Reported 7.8% 4.5% 6.6% U.S. 8.9% 3.9% 7.3% International 6.0% 5.2% 5.7% WW Currency 1.0 0.9 1.0 U.S. - - - International 2.4 2.0 2.3 WW Operational 6.8% 3.6% 5.6% U.S. 8.9% 3.9% 7.3% International 3.6% 3.2% 3.4% All Other Acquisitions and Divestitures (A&D) 0.1 0.1 0.1 U.S. 0.0 0.2 0.1 International 0.2 0.0 0.1 WW Adjusted Operational Ex A&D 6.9% 3.7% 5.7% U.S. 8.9% 4.1% 7.4% International 3.8% 3.2% 3.5% Note:Percentages are based on actual, non-rounded figures and may not sumJohnson & Johnson and SubsidiariesReconciliation of Non-GAAP Financial MeasureAdjusted Operational Sales GrowthSIX MONTHS 2026 ACTUAL vs. 2025 ACTUALSegments Innovative Medicine MedTech Total WW As Reported 9.4% 6.0% 8.2% U.S. 9.3% 4.8% 7.8% International 9.6% 7.3% 8.7% WW Currency 2.3 1.9 2.2 U.S. - - - International 5.7 4.1 5.1 WW Operational 7.1% 4.1% 6.0% U.S. 9.3% 4.8% 7.8% International 3.9% 3.2% 3.6% Caplyta (0.9) (0.6) U.S. (1.6) (1.0) International 0.0 0.0 All Other Acquisitions and Divestitures (A&D) 0.0 0.1 0.1 U.S. 0.0 0.2 0.1 International 0.2 0.0 0.1 WW Adjusted Operational Ex A&D 6.2% 4.2% 5.5% U.S. 7.7% 5.0% 6.9% International 4.1% 3.2% 3.7% Note:Percentages are based on actual, non-rounded figures and may not sum REPORTED SALES vs. PRIOR PERIOD ($MM) REPORTED SALES vs. PRIOR PERIOD ($MM) SECOND QUARTERSIX MONTHS% Change% ChangeINNOVATIVE MEDICINE SEGMENT (2) 2026 2025 Reported Operational (1) Currency 2026 2025 Reported Operational (1) Currency ONCOLOGYUS $ 4,069 3,385 20.3% 20.3% - $ 7,684 6,398 20.1% 20.1% - Intl 3,337 2,928 14.0% 11.2% 2.8% 6,695 5,592 19.7% 13.2% 6.5% WW 7,406 6,312 17.3% 16.1% 1.2% 14,379 11,990 19.9% 16.9% 3.0% DARZALEXUS 2,435 2,017 20.7% 20.7% - 4,643 3,846 20.7% 20.7% - Intl 1,772 1,521 16.4% 13.5% 2.9% 3,528 2,930 20.4% 13.7% 6.7% WW 4,207 3,539 18.9% 17.6% 1.3% 8,171 6,776 20.6% 17.7% 2.9% CARVYKTIUS 472 358 31.7% 31.7% - 905 676 33.8% 33.8% - Intl 185 81 * * * 349 132 * * * WW 657 439 49.4% 47.7% 1.7% 1,254 808 55.1% 52.1% 3.0% TECVAYLIUS 186 114 63.9% 63.9% - 313 219 43.1% 43.1% - Intl 74 52 40.7% 39.2% 1.5% 148 98 51.1% 45.2% 5.9% WW 260 166 56.5% 56.1% 0.4% 462 317 45.5% 43.7% 1.8% TALVEYUS 112 82 36.2% 36.2% - 213 150 41.7% 41.7% - Intl 62 24 * * * 113 42 * * * WW 174 106 63.3% 62.6% 0.7% 326 192 69.3% 67.2% 2.1% RYBREVANT / LAZCLUZEUS 190 139 36.8% 36.8% - 365 252 45.0% 45.0% - Intl 99 41 * * * 181 69 * * * WW 289 179 60.8% 61.6% (0.8)% 546 320 70.4% 69.9% 0.5% ERLEADAUS 396 378 4.7% 4.7% - 738 670 10.2% 10.2% - Intl 599 530 12.9% 9.7% 3.2% 1,206 1,009 19.4% 12.5% 6.9% WW 995 908 9.5% 7.6% 1.9% 1,944 1,679 15.8% 11.6% 4.2% IMBRUVICAUS 149 239 (37.6)% (37.6)% - 292 474 (38.4)% (38.4)% - Intl 449 496 (9.5)% (11.8)% 2.3% 966 970 (0.4)% (6.7)% 6.3% WW 599 735 (18.6)% (20.2)% 1.6% 1,259 1,444 (12.9)% (17.1)% 4.2% OTHER ONCOLOGY (3)US 131 56 * * - 216 110 94.5% 94.5% - Intl 97 181 (46.5)% (45.7)% (0.8)% 203 341 (40.5)% (41.3)% 0.8% WW 226 238 (4.6)% (3.9)% (0.7)% 418 452 (7.4)% (8.0)% 0.6% See footnotes at end of schedule REPORTED SALES vs. PRIOR PERIOD ($MM) REPORTED SALES vs. PRIOR PERIOD ($MM) SECOND QUARTERSIX MONTHS% Change% Change 2026 2025 Reported Operational (1) Currency 2026 2025 Reported Operational (1) Currency IMMUNOLOGYUS $ 2,372 2,505 (5.3)% (5.3)% - $ 4,227 4,701 (10.1)% (10.1)% - Intl 1,473 1,489 (1.0)% (3.5)% 2.5% 2,997 2,999 (0.1)% (5.0)% 4.9% WW 3,844 3,993 (3.7)% (4.6)% 0.9% 7,224 7,700 (6.2)% (8.1)% 1.9% TREMFYAUS 1,465 796 84.2% 84.2% - 2,507 1,395 79.7% 79.7% - Intl 581 391 48.7% 44.2% 4.5% 1,147 747 53.6% 45.5% 8.1% WW 2,046 1,186 72.5% 71.0% 1.5% 3,654 2,142 70.6% 67.8% 2.8% SIMPONI / SIMPONI ARIAUS 260 305 (14.6)% (14.6)% - 529 597 (11.2)% (11.2)% - Intl 358 387 (7.3)% (9.5)% 2.2% 736 753 (2.3)% (6.9)% 4.6% WW 618 690 (10.5)% (11.7)% 1.2% 1,265 1,349 (6.2)% (8.8)% 2.6% REMICADEUS 215 283 (24.1)% (24.1)% - 484 597 (19.0)% (19.0)% - US Exports (4) 10 34 (71.0)% (71.0)% - 28 44 (37.1)% (37.1)% - Intl 112 138 (18.4)% (20.5)% 2.1% 248 281 (11.5)% (15.4)% 3.9% WW 338 455 (25.8)% (26.4)% 0.6% 760 922 (17.6)% (18.7)% 1.1% STELARAUS 336 1,078 (68.8)% (68.8)% - 556 2,059 (73.0)% (73.0)% - Intl 404 575 (29.7)% (31.1)% 1.4% 839 1,219 (31.1)% (34.6)% 3.5% WW 740 1,653 (55.2)% (55.7)% 0.5% 1,396 3,278 (57.4)% (58.7)% 1.3% OTHER IMMUNOLOGYUS 85 8 * * - 123 9 * * - Intl 18 0 * * * 27 0 * * * WW 104 8 * * * 150 9 * * * NEUROSCIENCEUS 1,659 1,377 20.5% 20.5% - 3,153 2,345 34.5% 34.5% - Intl 678 674 0.6% (1.1)% 1.7% 1,359 1,353 0.4% (3.7)% 4.1% WW 2,337 2,051 14.0% 13.4% 0.6% 4,512 3,698 22.0% 20.5% 1.5% SPRAVATOUS 514 366 40.7% 40.7% - 920 642 43.4% 43.4% - Intl 70 50 41.2% 34.7% 6.5% 131 93 41.8% 31.9% 9.9% WW 584 414 40.8% 40.0% 0.8% 1,052 734 43.2% 42.0% 1.2% CAPLYTA (5)US 361 211 70.9% 70.9% - 631 211 * * - Intl - - - - - - - - - - WW 361 211 70.9% 70.9% - 631 211 * * - INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTAUS 738 732 0.8% 0.8% - 1,496 1,357 10.2% 10.2% - Intl 278 260 6.6% 5.1% 1.5% 558 537 3.7% (0.1)% 3.8% WW 1,015 992 2.3% 1.9% 0.4% 2,053 1,895 8.4% 7.3% 1.1% CONCERTA / MethylphenidateUS 12 24 (48.6)% (48.6)% - 34 62 (45.5)% (45.5)% - Intl 133 139 (4.2)% (4.8)% 0.6% 248 249 (0.4)% (3.0)% 2.6% WW 146 164 (10.8)% (11.3)% 0.5% 282 312 (9.5)% (11.5)% 2.0% OTHER NEUROSCIENCEUS 34 45 (22.9)% (22.9)% - 72 73 (1.1)% (1.1)% - Intl 198 226 (12.3)% (13.7)% 1.4% 422 474 (10.9)% (15.1)% 4.2% WW 232 270 (14.0)% (15.2)% 1.2% 494 547 (9.6)% (13.2)% 3.6% See footnotes at end of schedule REPORTED SALES vs. PRIOR PERIOD ($MM) REPORTED SALES vs. PRIOR PERIOD ($MM) SECOND QUARTERSIX MONTHS% Change% Change 2026 2025 Reported Operational (1) Currency 2026 2025 Reported Operational (1) Currency PULMONARY HYPERTENSION (PH)US $ 814 799 1.8% 1.8% - $ 1,645 1,543 6.5% 6.5% - Intl 329 314 4.9% 3.4% 1.5% 633 595 6.4% 2.3% 4.1% WW 1,143 1,113 2.6% 2.2% 0.4% 2,278 2,138 6.5% 5.4% 1.1% UPTRAVIUS 386 382 1.0% 1.0% - 771 747 3.2% 3.2% - Intl 108 94 15.0% 10.1% 4.9% 206 180 14.7% 7.7% 7.0% WW 494 476 3.8% 2.8% 1.0% 977 927 5.4% 4.0% 1.4% OPSUMIT / OPSYNVIUS 416 403 3.2% 3.2% - 849 766 10.9% 10.9% - Intl 187 180 3.9% 3.6% 0.3% 359 339 6.1% 2.7% 3.4% WW 602 582 3.4% 3.3% 0.1% 1,208 1,104 9.4% 8.4% 1.0% OTHER PULMONARY HYPERTENSIONUS 13 16 (16.9)% (16.9)% - 25 31 (19.0)% (19.0)% - Intl 34 40 (14.3)% (12.7)% (1.6)% 68 77 (11.5)% (12.3)% 0.8% WW 47 55 (15.0)% (13.9)% (1.1)% 93 107 (13.6)% (14.2)% 0.6% INFECTIOUS DISEASES (ID)US 300 320 (6.3)% (6.3)% - 642 635 1.1% 1.1% - Intl 463 484 (4.1)% (6.2)% 2.1% 1,010 971 4.1% (2.5)% 6.6% WW 763 803 (5.0)% (6.3)% 1.3% 1,652 1,605 2.9% (1.1)% 4.0% EDURANT / rilpivirineUS 3 6 (49.6)% (49.6)% - 10 14 (29.3)% (29.3)% - Intl 347 354 (1.9)% (3.8)% 1.9% 749 704 6.4% (0.3)% 6.7% WW 350 360 (2.7)% (4.6)% 1.9% 759 718 5.7% (0.9)% 6.6% PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZAUS 296 312 (5.1)% (5.1)% - 630 617 2.1% 2.1% - Intl 76 85 (10.4)% (12.8)% 2.4% 185 183 1.2% (5.6)% 6.8% WW 372 396 (6.3)% (6.8)% 0.5% 815 799 1.9% 0.4% 1.5% OTHER INFECTIOUS DISEASESUS 1 2 (47.9)% (47.9)% - 2 4 (51.6)% (51.6)% - Intl 40 45 (9.6)% (12.8)% 3.2% 76 84 (9.0)% (13.7)% 4.7% WW 41 47 (11.6)% (14.6)% 3.0% 78 88 (11.1)% (15.5)% 4.4% CARDIOVASCULAR / METABOLISM / OTHER (CVM)US 765 776 (1.3)% (1.3)% - 1,499 1,631 (8.1)% (8.1)% - Intl 124 154 (19.4)% (21.5)% 2.1% 266 312 (14.8)% (19.5)% 4.7% WW 889 930 (4.3)% (4.7)% 0.4% 1,765 1,943 (9.2)% (9.9)% 0.7% XARELTOUS 664 621 7.1% 7.1% - 1,306 1,311 (0.3)% (0.3)% - Intl - - - - - - - - - - WW 664 621 7.1% 7.1% - 1,306 1,311 (0.3)% (0.3)% - OTHERUS 101 155 (35.0)% (35.0)% - 192 320 (39.9)% (39.9)% - Intl 124 154 (19.4)% (21.5)% 2.1% 266 312 (14.8)% (19.5)% 4.7% WW 225 309 (27.2)% (28.3)% 1.1% 458 632 (27.5)% (29.8)% 2.3% TOTAL PH, ID, CVMUS 1,878 1,895 (0.9)% (0.9)% - 3,785 3,809 (0.6)% (0.6)% - Intl 916 952 (3.6)% (5.5)% 1.9% 1,909 1,878 1.7% (3.8)% 5.5% WW 2,795 2,846 (1.8)% (2.4)% 0.6% 5,694 5,686 0.1% (1.7)% 1.8% TOTAL INNOVATIVE MEDICINEUS 9,979 9,161 8.9% 8.9% - 18,850 17,253 9.3% 9.3% - Intl 6,405 6,041 6.0% 3.6% 2.4% 12,960 11,822 9.6% 3.9% 5.7% WW $ 16,384 15,202 7.8% 6.8% 1.0% $ 31,810 29,075 9.4% 7.1% 2.3% See footnotes at end of schedule REPORTED SALES vs. PRIOR PERIOD ($MM) REPORTED SALES vs. PRIOR PERIOD ($MM) SECOND QUARTERSIX MONTHS% Change% ChangeMEDTECH SEGMENT (2) 2026 2025 Reported Operational (1) Currency 2026 2025 Reported Operational (1) Currency CARDIOVASCULARUS $ 1,426 1,364 4.5% 4.5% - $ 2,825 2,625 7.6% 7.6% - Intl 978 948 3.2% 1.1% 2.1% 1,956 1,790 9.3% 5.2% 4.1% WW 2,404 2,313 4.0% 3.1% 0.9% 4,781 4,416 8.3% 6.6% 1.7% ELECTROPHYSIOLOGYUS 783 741 5.8% 5.8% - 1,519 1,425 6.6% 6.6% - Intl 749 728 2.9% 0.4% 2.5% 1,502 1,366 10.0% 5.6% 4.4% WW 1,533 1,468 4.4% 3.1% 1.3% 3,022 2,791 8.3% 6.2% 2.1% ABIOMEDUS 342 360 (4.8)% (4.8)% - 731 699 4.6% 4.6% - Intl 97 89 9.5% 9.2% 0.3% 197 170 16.1% 11.4% 4.7% WW 440 448 (2.0)% (2.0)% 0.0% 928 868 6.8% 5.9% 0.9% SHOCKWAVEUS 268 233 14.6% 14.6% - 510 439 16.1% 16.1% - Intl 67 58 14.5% 15.4% (0.9)% 130 110 17.7% 17.2% 0.5% WW 335 292 14.6% 14.7% (0.1)% 640 550 16.4% 16.3% 0.1% OTHER CARDIOVASCULARUS 33 31 5.5% 5.5% - 65 63 3.1% 3.1% - Intl 65 72 (10.5)% (13.2)% 2.7% 127 144 (11.9)% (15.3)% 3.4% WW 98 104 (5.7)% (7.5)% 1.8% 192 207 (7.4)% (9.7)% 2.3% SURGERYUS 1,094 1,043 5.0% 5.0% - 2,140 2,045 4.7% 4.7% - Intl 1,559 1,512 3.1% 0.5% 2.6% 3,024 2,906 4.1% (0.3)% 4.4% WW 2,653 2,555 3.9% 2.3% 1.6% 5,164 4,951 4.3% 1.8% 2.5% ADVANCEDUS 499 477 4.7% 4.7% - 976 934 4.5% 4.5% - Intl 691 687 0.5% (1.9)% 2.4% 1,337 1,303 2.6% (1.4)% 4.0% WW 1,189 1,164 2.2% 0.8% 1.4% 2,312 2,237 3.4% 1.0% 2.4% GENERALUS 596 567 5.2% 5.2% - 1,165 1,111 4.8% 4.8% - Intl 868 825 5.3% 2.5% 2.8% 1,687 1,603 5.2% 0.7% 4.5% WW 1,464 1,391 5.2% 3.6% 1.6% 2,852 2,714 5.1% 2.4% 2.7% See footnotes at end of schedule REPORTED SALES vs. PRIOR PERIOD ($MM) REPORTED SALES vs. PRIOR PERIOD ($MM) SECOND QUARTERSIX MONTHS% Change% Change 2026 2025 Reported Operational (1) Currency 2026 2025 Reported Operational (1) Currency VISIONUS $ 565 557 1.4% 1.4% - $ 1,144 1,123 1.9% 1.9% - Intl 887 813 9.1% 8.5% 0.6% 1,672 1,526 9.6% 6.7% 2.9% WW 1,451 1,369 6.0% 5.6% 0.4% 2,816 2,648 6.3% 4.6% 1.7% CONTACT LENSES / OTHERUS 445 429 3.6% 3.6% - 913 881 3.7% 3.7% - Intl 580 536 8.1% 7.9% 0.2% 1,081 1,003 7.7% 5.0% 2.7% WW 1,025 965 6.1% 6.0% 0.1% 1,994 1,884 5.8% 4.4% 1.4% SURGICALUS 120 128 (6.0)% (6.0)% - 231 242 (4.5)% (4.5)% - Intl 306 277 10.9% 9.6% 1.3% 591 523 13.1% 9.8% 3.3% WW 426 403 5.6% 4.7% 0.9% 822 764 7.5% 5.3% 2.2% ORTHOPAEDICSUS 1,470 1,420 3.5% 3.5% - 2,905 2,804 3.6% 3.6% - Intl 948 885 7.2% 5.3% 1.9% 1,896 1,742 8.9% 3.9% 5.0% WW 2,418 2,305 4.9% 4.2% 0.7% 4,801 4,546 5.6% 3.7% 1.9% HIPSUS 283 271 4.6% 4.6% - 560 534 4.9% 4.9% - Intl 158 150 5.5% 3.0% 2.5% 317 296 7.2% 1.7% 5.5% WW 441 421 4.9% 4.0% 0.9% 877 830 5.7% 3.8% 1.9% KNEESUS 228 226 1.1% 1.1% - 467 457 2.2% 2.2% - Intl 182 164 11.4% 10.3% 1.1% 363 322 13.0% 8.4% 4.6% WW 410 389 5.5% 5.0% 0.5% 830 778 6.7% 4.8% 1.9% TRAUMAUS 536 501 6.7% 6.7% - 1,068 1,003 6.4% 6.4% - Intl 291 267 9.2% 7.4% 1.8% 592 537 10.3% 5.2% 5.1% WW 827 768 7.6% 6.9% 0.7% 1,660 1,540 7.8% 6.0% 1.8% SPINE, SPORTS & OTHERUS 423 422 0.2% 0.2% - 810 810 0.0% 0.0% - Intl 317 305 4.0% 1.9% 2.1% 624 588 6.1% 1.3% 4.8% WW 740 727 1.8% 0.9% 0.9% 1,434 1,398 2.6% 0.6% 2.0% TOTAL MEDTECHUS 4,554 4,383 3.9% 3.9% - 9,013 8,596 4.8% 4.8% - Intl 4,372 4,158 5.2% 3.2% 2.0% 8,549 7,965 7.3% 3.2% 4.1% WW $ 8,926 8,541 4.5% 3.6% 0.9% $ 17,562 16,561 6.0% 4.1% 1.9% Note:Columns and rows within tables may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely* Percentage greater than 100% or not meaningful(1) Operational growth excludes the effect of translational currency(2) Unaudited(3) Includes the sales of ZYTIGA which were previously disclosed separately(4) Reported as U.S. sales(5) Acquired with Intra-Cellular Therapies on April 2, 2025Johnson & Johnson and SubsidiariesGAAP to Non-GAAP Reconciliation$ in MillionsQuarter to DateInnovative MedicineSecond Quarter June 28, 2026 GAAPIntangible asset amortizationLitigation relatedRestructuring relatedAcquisition, integration and divestiture related(Loss)/gain on securitiesOrthopaedics Separation RelatedTax legislation and other tax relatedSecond Quarter June 28, 2026 Non-GAAPCost of products sold $ 4,296 (764 ) (18 ) (9 ) 3,505 Selling, marketing and admin expenses 3,130 3,130 Research and development expense 2,875 2,875 Other segment items (166 ) 91 (182 ) (54 ) 227 (84 ) Adjusted Income Before Tax by Segment 6,249 764 (91 ) 200 63 (227 ) - - 6,958 MedTechSecond Quarter June 28, 2026 GAAPIntangible asset amortizationLitigation relatedRestructuring relatedAcquisition, integration and divestiture related(Loss)/gain on securitiesOrthopaedics Separation RelatedTax legislation and other tax relatedSecond Quarter June 28, 2026 Non-GAAPCost of products sold $ 3,737 (481 ) (17 ) (3 ) 3,236 Selling, marketing and admin expenses 3,069 (17 ) 3,052 Research and development expense 778 (2 ) 776 Other segment items 165 76 (59 ) (37 ) (14 ) (236 ) (105 ) Adjusted Income Before Tax by Segment 1,177 481 (76 ) 76 37 14 258 - 1,967 Expenses not allocated to segmentsSecond Quarter June 28, 2026 GAAPIntangible asset amortizationLitigation relatedRestructuring relatedAcquisition, integration and divestiture related(Loss)/gain on securitiesOrthopaedics Separation RelatedTax legislation and other tax relatedSecond Quarter June 28, 2026 Non-GAAPCost of products sold $ 18 18 Selling, marketing and admin expenses 233 233 Research and development expense - - Other segment items 428 (434 ) 20 14 Adjusted Income Before Tax by Segment (679 ) - 434 - (20 ) - - - (265 ) Johnson & Johnson ConsolidatedSecond Quarter June 28, 2026 GAAPIntangible asset amortizationLitigation relatedRestructuring relatedAcquisition, integration and divestiture related(Loss)/gain on securitiesOrthopaedics Separation RelatedTax legislation and other tax relatedSecond Quarter June 28, 2026 Non-GAAPCost of products sold $ 8,051 (1,245 ) (35 ) (9 ) (3 ) 6,759 Selling, marketing and admin expenses 6,432 (17 ) 6,415 Research and development expense 3,653 (2 ) 3,651 Other (Income) / Expense 331 (267 ) (207 ) (71 ) 213 (236 ) (237 ) In-process research and development impairments - - Interest (Income)/Expense 62 62 Restructuring 34 (34 ) - Adjusted Income Before Tax 6,747 1,245 267 276 80 (213 ) 258 - 8,660 Provision for taxes on income 1,213 239 59 54 23 (50 ) 43 (2 ) 1,579 Net Earnings $ 5,534 1,006 208 222 57 (163 ) 215 2 7,081 Johnson & Johnson and SubsidiariesGAAP to Non-GAAP Reconciliation$ in MillionsQuarter to DateInnovative MedicineSecond Quarter June 29, 2025 GAAPIntangible asset amortizationLitigation relatedRestructuring relatedAcquisition, integration and divestiture related(Loss)/gain on securitiesTax legislation and other tax relatedOtherSecond Quarter June 29, 2025 Non-GAAPCost of products sold $ 3,978 (785 ) (13 ) 3,180 Selling, marketing and admin expenses 2,789 2,789 Research and development expense 2,869 2,869 Other segment items 14 69 (207 ) 8 (13 ) (129 ) Adjusted Income Before Tax by Segment 5,552 785 (69 ) - 220 (8 ) - 13 6,493 MedTechSecond Quarter June 29, 2025 GAAPIntangible asset amortizationLitigation relatedRestructuring relatedAcquisition, integration and divestiture related(Loss)/gain on securitiesTax legislation and other tax relatedOtherSecond Quarter June 29, 2025 Non-GAAPCost of products sold $ 3,638 (482 ) (15 ) 1 3,142 Selling, marketing and admin expenses 2,862 2,862 Research and development expense 647 43 690 Other segment items 190 (83 ) (64 ) (53 ) (29 ) (14 ) (53 ) Adjusted Income Before Tax by Segment 1,204 482 83 79 9 29 - 14 1,900 Expenses not allocated to segmentsSecond Quarter June 29, 2025 GAAPIntangible asset amortizationLitigation relatedRestructuring relatedAcquisition, integration and divestiture related(Loss)/gain on securitiesTax legislation and other tax relatedOtherSecond Quarter June 29, 2025 Non-GAAPCost of products sold $ 12 12 Selling, marketing and admin expenses 238 238 Research and development expense - - Other segment items 15 (43 ) (17 ) (45 ) Adjusted Income Before Tax by Segment (265 ) - 43 - 17 - - - (205 ) Johnson & Johnson ConsolidatedSecond Quarter June 29, 2025 GAAPIntangible asset amortizationLitigation relatedRestructuring relatedAcquisition, integration and divestiture related(Loss)/gain on securitiesTax legislation and other tax relatedOtherSecond Quarter June 29, 2025 Non-GAAPCost of products sold $ 7,628 (1,267 ) (15 ) (12 ) 6,334 Selling, marketing and admin expenses 5,889 5,889 Research and development expense 3,516 43 3,559 Other (Income) / Expense 107 (57 ) (277 ) (21 ) (27 ) (275 ) In-process research and development impairments - - Interest (Income)/Expense 48 48 Restructuring 64 (64 ) - Adjusted Income Before Tax 6,491 1,267 57 79 246 21 - 27 8,188 Provision for taxes on income 954 222 9 13 72 5 214 - 1,489 Net Earnings $ 5,537 1,045 48 66 174 16 (214 ) 27 6,699 Johnson & Johnson and SubsidiariesGAAP to Non-GAAP Reconciliation$ in MillionsYear to DateInnovative MedicineSix Months June 28, 2026 GAAPIntangible asset amortizationLitigation relatedIn-process research and development impairmentsRestructuring relatedAcquisition, integration and divestiture related(Loss)/gain on securitiesOrthopaedics Separation RelatedTax legislation and other tax relatedSix Months June 28, 2026 Non-GAAPCost of products sold $ 8,686 (1,527 ) (18 ) (19 ) 7,122 Selling, marketing and admin expenses 6,048 6,048 Research and development expense 5,688 5,688 Other segment items (178 ) 51 (182 ) (100 ) 282 (127 ) Adjusted Income Before Tax by Segment 11,566 1,527 (51 ) - 200 119 (282 ) - - 13,079 MedTechSix Months June 28, 2026 GAAPIntangible asset amortizationLitigation relatedIn-process research and development impairmentsRestructuring relatedAcquisition, integration and divestiture related(Loss)/gain on securitiesOrthopaedics Separation RelatedTax legislation and other tax relatedSix Months June 28, 2026 Non-GAAPCost of products sold $ 7,438 (965 ) (42 ) (3 ) 6,428 Selling, marketing and admin expenses 5,975 (17 ) 5,958 Research and development expense 1,492 (2 ) 1,490 Other segment items 241 117 (36 ) (96 ) (64 ) (10 ) (355 ) (203 ) Adjusted Income Before Tax by Segment 2,416 965 (117 ) 36 138 64 10 377 - 3,889 Expenses not allocated to segmentsSix Months June 28, 2026 GAAPIntangible asset amortizationLitigation relatedIn-process research and development impairmentsRestructuring relatedAcquisition, integration and divestiture related(Loss)/gain on securitiesOrthopaedics Separation RelatedTax legislation and other tax relatedSix Months June 28, 2026 Non-GAAPCost of products sold $ 33 33 Selling, marketing and admin expenses 443 443 Research and development expense - - Other segment items 769 (765 ) 7 11 Adjusted Income Before Tax by Segment (1,245 ) - 765 - - (7 ) - - - (487 ) Johnson & Johnson ConsolidatedSix Months June 28, 2026 GAAPIntangible asset amortizationLitigation relatedIn-process research and development impairmentsRestructuring relatedAcquisition, integration and divestiture related(Loss)/gain on securitiesOrthopaedics Separation RelatedTax legislation and other tax relatedSix Months June 28, 2026 Non-GAAPCost of products sold $ 16,157 (2,492 ) (60 ) (19 ) (3 ) 13,583 Selling, marketing and admin expenses 12,466 (17 ) 12,449 Research and development expense 7,180 (2 ) 7,178 Other (Income) / Expense 625 (597 ) (212 ) (157 ) 272 (355 ) (424 ) In-process research and development impairments 36 (36 ) - Interest (Income)/Expense 105 105 Restructuring 66 (66 ) - Adjusted Income Before Tax 12,737 2,492 597 36 338 176 (272 ) 377 - 16,481 Provision for taxes on income 1,968 479 131 8 124 45 (63 ) 68 26 2,786 Net Earnings $ 10,769 2,013 466 28 214 131 (209 ) 309 (26 ) 13,695 Johnson & Johnson and SubsidiariesGAAP to Non-GAAP Reconciliation$ in MillionsYear to DateInnovative MedicineSix Months June 29, 2025 GAAPIntangible asset amortizationLitigation relatedRestructuring relatedAcquisition, integration and divestiture related(Loss)/gain on securitiesTax legislation and other tax relatedOtherSix Months June 29, 2025 Non-GAAPCost of products sold $ 7,998 (1,434 ) (13 ) 6,551 Selling, marketing and admin expenses 5,050 5,050 Research and development expense 5,417 5,417 Other segment items (152 ) - 69 (227 ) (10 ) (13 ) (333 ) Adjusted Income Before Tax by Segment 10,762 1,434 (69 ) - 240 10 - 13 12,390 MedTechSix Months June 29, 2025 GAAPIntangible asset amortizationLitigation relatedRestructuring relatedAcquisition, integration and divestiture related(Loss)/gain on securitiesTax legislation and other tax relatedOtherSix Months June 29, 2025 Non-GAAPCost of products sold $ 6,964 (953 ) (23 ) (51 ) 5,937 Selling, marketing and admin expenses 5,518 5,518 Research and development expense 1,324 37 1,361 Other segment items 130 (83 ) (111 ) (107 ) (50 ) (14 ) (235 ) Adjusted Income Before Tax by Segment 2,625 953 83 134 121 50 - 14 3,980 Expenses not allocated to segmentsSix Months June 29, 2025 GAAPIntangible asset amortizationLitigation relatedRestructuring relatedAcquisition, integration and divestiture related(Loss)/gain on securitiesTax legislation and other tax relatedOtherSix Months June 29, 2025 Non-GAAPCost of products sold $ 23 23 Selling, marketing and admin expenses 433 433 Research and development expense - - Other segment items (7,191 ) 6,923 (17 ) (285 ) Adjusted Income Before Tax by Segment 6,735 - (6,923 ) - 17 - - - (171 ) Johnson & Johnson ConsolidatedSix Months June 29, 2025 GAAPIntangible asset amortizationLitigation relatedRestructuring relatedAcquisition, integration and divestiture related(Loss)/gain on securitiesTax legislation and other tax relatedOtherSix Months June 29, 2025 Non-GAAPCost of products sold $ 14,985 (2,387 ) (23 ) (64 ) 12,511 Selling, marketing and admin expenses 11,001 11,001 Research and development expense 6,741 37 6,778 Other (Income) / Expense (7,214 ) 6,909 (30 ) (351 ) (60 ) (27 ) (773 ) In-process research and development impairments - - Interest (Income)/Expense (80 ) (80 ) Restructuring 81 (81 ) - Adjusted Income Before Tax 20,122 2,387 (6,909 ) 134 378 60 - 27 16,199 Provision for taxes on income 3,586 410 (1,544 ) 24 102 14 202 2,794 Net Earnings $ 16,536 1,977 (5,365 ) 110 276 46 (202 ) 27 13,405 Source: Johnson & Johnson Multimedia Files: View all news