Johnson & Johnson reports Q4 and Full-Year 2025 results

1/21/26 6:20:00 AM ET

Biotechnology: Pharmaceutical Preparations

Health Care

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2025 Fourth-Quarter reported sales growth of 9.1% to $24.6 Billion with operational growth of 7.1%* and adjusted operational growth of 6.1%*; 2025 Fourth-Quarter earnings per share (EPS) of $2.10 and adjusted EPS of $2.46, both include $(0.10) due to the acquisition of Halda Therapeutics
2025 Full-Year reported sales growth of 6.0% to $94.2 Billion with operational growth of 5.3%* and adjusted operational growth of 4.2%*; 2025 Full-Year earnings per share (EPS) of $11.03 and adjusted EPS of $10.79, both include $(0.10) due to the acquisition of Halda Therapeutics
Significant innovation including approvals of CAPLYTA for major depressive disorder and RYBREVANT FASPRO plus LAZCLUZE for non-small cell lung cancer, landmark data for TECVAYLI plus DARZALEX FASPRO as a potential standard of care as early as second line for patients with relapsed/refractory multiple myeloma, the acquisition of Halda Therapeutics, and submission of OTTAVA Robotic Surgical System
Company issues guidance for 2026 with estimated reported sales of $100.5 Billion or 6.7% at the midpoint, and adjusted EPS⁴of $11.53 or 6.9% at the midpoint

Johnson & Johnson (NYSE:JNJ) today announced results for fourth-quarter and full-year 2025. "2025 was a catapult year for Johnson & Johnson, fueled by the strongest portfolio and pipeline in our history," said Joaquin Duato, Chairman and Chief Executive Officer, Johnson & Johnson. "Last year kicked off a new era of accelerated growth, driven by medical innovation that is transforming lives in our six key businesses: Oncology, Immunology, Neuroscience, Cardiovascular, Surgery, and Vision. In each of these important areas, our leadership is expanding driven by game-changing science and technology."

Overall financial results

	Q4			Full Year
($ in Millions, except EPS)	2025	2024	% Change	2025	2024	% Change
Reported Sales	$24,564	$22,520	9.1%	$94,193	$88,821	6.0%
Net Earnings	$5,116	$3,431	49.1%	$26,804	$14,066	90.6%
EPS (diluted)	$2.10	$1.41	48.9%	$11.03	$5.79	90.5%

	Q4			Full Year
*Non-GAAP ($ in Millions, except EPS)**	2025	2024	% Change	2025	2024	% Change
Operational Sales^1,2			7.1%			5.3%
Adjusted Operational Sales^1,3			6.1%			4.2%
Adjusted Net Earnings^1,4	$6,009	$4,946	21.5%	$26,215	$24,242	8.1%
Adjusted EPS (diluted)^1,4	$2.46	$2.04	20.6%	$10.79	$9.98	8.1%
Free Cash Flow^5,6				~$19,700	$19,842

¹	Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
²	Excludes the impact of translational currency
³	Excludes the net impact of acquisitions and divestitures and translational currency
⁴	Excludes intangible amortization expense and special items
⁵	Non-GAAP measure; defined as cash flow from operating activities, less additions to property, plant and equipment. Cash flow from operations, the most directly comparable GAAP financial measure, will be included in subsequent SEC filings.
⁶	Full year 2025 is estimated as of January 21, 2026.
Note: values may have been rounded

Regional sales results

Q4				% Change
($ in Millions)	2025	2024	Reported	Operational^1,2	Currency	Adjusted Operational^1,3
U.S.	$14,195	$13,204	7.5%	7.5	-	5.7
International	10,369	9,316	11.3	6.6	4.7	6.8
Worldwide	$24,564	$22,520	9.1%	7.1	2.0	6.1

Full Year				% Change
($ in Millions)	2025	2024	Reported	Operational^1,2	Currency	Adjusted Operational^1,3
U.S.	$53,752	$50,302	6.9%	6.9	-	4.9
International	40,441	38,519	5.0	3.4	1.6	3.3
Worldwide	$94,193	$88,821	6.0%	5.3	0.7	4.2

¹	Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
²	Excludes the impact of translational currency
³	Excludes the net impact of acquisitions and divestitures and translational currency
Note: values may have been rounded

Segment sales results

Q4				% Change
($ in Millions)	2025	2024	Reported	Operational^1,2	Currency	Adjusted Operational^1,3
Innovative Medicine	$15,763	$14,332	10.0%	7.9	2.1	6.2
MedTech	8,801	8,188	7.5	5.8	1.7	5.9
Worldwide	$24,564	$22,520	9.1%	7.1	2.0	6.1

Full Year				% Change
($ in Millions)	2025	2024	Reported	Operational^1,2	Currency	Adjusted Operational^1,3
Innovative Medicine	$60,401	$56,964	6.0%	5.3	0.7	4.1
MedTech	33,792	31,857	6.1	5.4	0.7	4.3
Worldwide	$94,193	$88,821	6.0%	5.3	0.7	4.2

¹	Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
²	Excludes the impact of translational currency
³	Excludes the net impact of acquisitions and divestitures and translational currency
Note: values may have been rounded

Full-year 2025 segment commentary:

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

Innovative Medicine

Innovative Medicine worldwide operational sales grew 5.3%*, with net acquisitions and divestitures positively impacting growth by 1.2% primarily due to CAPLYTA. Growth was driven primarily by DARZALEX, CARVYKTI, ERLEADA, and RYBREVANT/LAZCLUZE in Oncology, TREMFYA and SIMPONI/SIMPONI ARIA in Immunology, and SPRAVATO in Neuroscience. Growth was partially offset by an approximate (1,040) basis points impact from STELARA in Immunology.

MedTech

MedTech worldwide operational sales grew 5.4%*, with net acquisitions and divestitures positively impacting growth by 1.1% primarily due to Shockwave. Growth was driven primarily by electrophysiology products and Abiomed in Cardiovascular and wound closure products in General Surgery.

Full-year 2026 guidance:

Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses, and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson's results computed in accordance with GAAP.

($ in Billions, except EPS)		January 2026
Adjusted Operational Sales^1,2 Change vs. Prior Year / Mid-point		5.4% – 6.4% / 5.9%
Operational Sales²/ Mid-point Change vs. Prior Year / Mid-point		$99.5B – $100.5B / $100.0B 5.7% – 6.7% / 6.2%
Estimated Reported Sales³/ Mid-point Change vs. Prior Year / Mid-point		$100.0B – $101.0B / $100.5B 6.2% – 7.2% / 6.7%
Adjusted Operational EPS (Diluted)^2,4/ Mid-point Change vs. Prior Year / Mid-point		$11.28 – $11.48 / $11.38 4.5% – 6.5% / 5.5%
Adjusted EPS (Diluted)^3,4 / Mid-point Change vs. Prior Year / Mid-point		$11.43 – $11.63 / $11.53 5.9% – 7.9% / 6.9%

¹	Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures
²	Non-GAAP financial measure; excludes the impact of translational currency
³	Calculated using Euro Average Rate: January 2026 = $1.17 (Illustrative purposes only)
⁴	Non-GAAP financial measure; excludes intangible amortization expense and special items
Note: percentages may have been rounded

Other modeling considerations will be provided on 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 Submits OTTAVA Robotic Surgical System to the U.S. Food and Drug Administration¹	Press Release
	Johnson & Johnson Receives FDA Approval for TRUFILL n‑BCA Liquid Embolic System for the Treatment of Symptomatic Chronic Subdural Hematoma	Press Release
	U.S. FDA Approval of RYBREVANT FASPRO (amivantamab and hyaluronidase-lpuj) Enables the Simplest, Shortest Administration Time for a First-Line Combination Regimen when Combined with LAZCLUZE (lazertinib)	Press Release
	U.S. FDA approves AKEEGA as the first precision therapy for BRCA2-mutated metastatic castration-sensitive prostate cancer with 54% reduction in disease progression vs standard of care	Press Release
	DARZALEX FASPRO is the first and only treatment approved by the U.S. FDA for patients with high-risk smoldering multiple myeloma	Press Release
	FDA approval of CAPLYTA (lumateperone) has the potential to reset treatment expectations, offering hope for remission in adults with major depressive disorder	Press Release
Data Releases	New clinical data highlights CAPLYTA (lumateperone) as a promising option for achieving remission in adults with major depressive disorder¹	Press Release
	TECVAYLI monotherapy demonstrates superior progression-free and overall survival versus standard of care as early as first relapse in patients with multiple myeloma predominantly refractory to anti-CD38 therapy and lenalidomide¹	Press Release
	RYBREVANT (amivantamab-vmjw) longer-term results show promising and durable responses in difficult-to-treat colorectal cancer¹	Press Release
	Johnson & Johnson unveils new data showing nipocalimab is the first and only investigational FcRn blocker with potential to reduce systemic lupus erythematosus (SLE) activity in a Phase 2 study¹	Press Release
	Unprecedented results from the Phase 3 MajesTEC-3 study support TECVAYLI plus DARZALEX FASPRO as a potential standard of care as early as second line for patients with relapsed/refractory multiple myeloma	Press Release
	Earlier use of CARVYKTI demonstrated lasting treatment-free remissions at 2.5 years in patients with relapsed or refractory multiple myeloma	Press Release
	Johnson & Johnson's INLEXZO (gemcitabine intravesical system) delivers 74 percent disease-free survival at one year in BCG-unresponsive, high-risk, papillary-only NMIBC	Press Release
	New long-term data reinforces TREMFYA (guselkumab) as the only IL-23 inhibitor proven to substantially inhibit structural joint damage in active psoriatic arthritis	Press Release
	Johnson & Johnson announces first head-to-head study comparing IMAAVY with an alternative FcRn blocker in generalized myasthenia gravis (gMG) at AANEM Annual Meeting	Press Release
	Icotrokinra maintains standout combination of therapeutic benefit and a favorable safety profile in once-daily pill through 28 weeks in ulcerative colitis	Press Release
	TREMFYA (guselkumab), the first and only IL-23 inhibitor with a fully subcutaneous treatment regimen, demonstrates durable remission in Crohn's disease at two years	Press Release
	Published in The Lancet: Nipocalimab significantly decreased Sjögren's disease (SjD) activity and severity through substantial reduction in Sjögren's-related autoantibodies	Press Release
	Icotrokinra long-term results affirm promise of targeted oral peptide with high rates of durable skin clearance and favorable safety profile in difficult-to-treat scalp and genital psoriasis	Press Release
	Subcutaneous amivantamab delivers promising 45 percent overall response rate with median duration of 7.2 months in recurrent or metastatic head and neck cancer	Press Release
	TECVAYLI plus DARZALEX FASPRO combination regimen significantly improves progression-free survival and overall survival versus standard of care	Press Release
Other	Johnson & Johnson Reaches Agreement with U.S. Government to Improve Access to Medicines and Lower Costs for Millions of Americans; Delivers on U.S. Manufacturing and Innovation Investments¹	Press Release
	Johnson & Johnson completes acquisition of Halda Therapeutics and its novel platform to revolutionize cancer treatment and enable next-generation oral therapies	Press Release
	Johnson & Johnson Announces Intent to Separate Its Orthopaedics Business	Press Release
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; and increased scrutiny of the health care industry by government agencies. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's most recent Annual Report on Form 10-K, including in the sections captioned "Cautionary Note Regarding Forward-Looking Statements" and "Item 1A. Risk Factors," and in Johnson & Johnson's subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com, investor.jnj.com, or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.

Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	FOURTH QUARTER							TWELVE MONTHS
				Percent Change							Percent Change
	2025		2024	Total		Operations	Currency	2025		2024	Total		Operations	Currency
Sales to customers by
segment of business

Innovative Medicine
U.S.	$	9,689	8,977	7.9	%	7.9	-	$	36,344	33,970	7.0	%	7.0	-
International		6,074	5,355	13.4		7.9	5.5		24,057	22,994	4.6		2.9	1.7
		15,763	14,332	10.0		7.9	2.1		60,401	56,964	6.0		5.3	0.7

MedTech
U.S.		4,506	4,227	6.6		6.6	-		17,408	16,332	6.6		6.6	-
International		4,295	3,961	8.5		4.9	3.6		16,384	15,525	5.5		4.1	1.4
		8,801	8,188	7.5		5.8	1.7		33,792	31,857	6.1		5.4	0.7

U.S.		14,195	13,204	7.5		7.5	-		53,752	50,302	6.9		6.9	-
International		10,369	9,316	11.3		6.6	4.7		40,441	38,519	5.0		3.4	1.6
Worldwide	$	24,564	22,520	9.1	%	7.1	2.0	$	94,193	88,821	6.0	%	5.3	0.7

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

Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	FOURTH QUARTER							TWELVE MONTHS
				Percent Change							Percent Change
	2025		2024	Total		Operations	Currency	2025		2024	Total		Operations	Currency
Sales to customers by
geographic area

U.S.	$	14,195	13,204	7.5	%	7.5	-	$	53,752	50,302	6.9	%	6.9	-

Europe		5,598	4,921	13.8		5.2	8.6		21,535	20,212	6.5		2.4	4.1
Western Hemisphere excluding U.S.		1,271	1,135	12.0		11.0	1.0		4,875	4,714	3.4		8.4	(5.0	)
Asia-Pacific, Africa		3,500	3,260	7.4		7.2	0.2		14,031	13,593	3.2		3.1	0.1
International		10,369	9,316	11.3		6.6	4.7		40,441	38,519	5.0		3.4	1.6

Worldwide	$	24,564	22,520	9.1	%	7.1	2.0	$	94,193	88,821	6.0	%	5.3	0.7

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

Johnson & Johnson and Subsidiaries

Condensed Consolidated Statement of Earnings

(Unaudited; in Millions Except Per Share Figures)

FOURTH QUARTER

2025

2024

Percent

Increase

(Decrease)

Amount

Percent

to Sales

Amount

Percent

to Sales

Sales to customers

24,564

100.0

22,520

100.0

9.1

Cost of products sold

7,968

32.4

7,128

31.6

11.8

Gross Profit

16,596

67.6

15,392

68.4

7.8

Selling, marketing and administrative expenses

6,753

27.5

6,453

28.6

4.6

Research and development expense

4,252

17.3

5,298

23.5

(19.7

)

In-process research and development impairments

0.3

0.1

Interest (income) expense, net

(23

)

(0.1

)

(144

)

(0.6

)

Other (income) expense, net

483

2.0

(161

)

(0.7

)

Restructuring

0.4

0.2

Earnings before provision for taxes on income

4,966

20.2

3,887

17.3

27.8

(Benefit from)/Provision for taxes on income

(150

)

(0.6

)

456

2.1

(132.9

)

Net earnings

5,116

20.8

3,431

15.2

49.1

Net earnings per share (Diluted)

2.10

1.41

48.9

Average shares outstanding (Diluted)

2,439.0

2,427.1

Effective tax rate

(3.0

)

11.7

Adjusted earnings before provision for taxes and net earnings (1)

Earnings before provision for taxes on income

7,046

28.7

5,421

24.1

30.0

Net earnings

6,009

24.5

4,946

22.0

21.5

Net earnings per share (Diluted)

2.46

2.04

20.6

Effective tax rate

14.7

8.8

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

Johnson & Johnson and Subsidiaries

Condensed Consolidated Statement of Earnings

(Unaudited; in Millions Except Per Share Figures)

TWELVE MONTHS

2025

2024

Percent

Increase

(Decrease)

Amount

Percent

to Sales

Amount

Percent

to Sales

Sales to customers

94,193

100.0

88,821

100.0

6.0

Cost of products sold

30,256

32.1

27,471

30.9

10.1

Gross Profit

63,937

67.9

61,350

69.1

4.2

Selling, marketing and administrative expenses

23,676

25.1

22,869

25.7

3.5

Research and development expense

14,665

15.6

17,232

19.4

(14.9

)

In-process research and development impairments

0.1

211

0.2

Interest (income) expense, net

(85

)

(0.1

)

(577

)

(0.6

)

Other (income) expense, net

(7,209

)

(7.6

)

4,694

5.3

Restructuring

228

0.2

234

0.3

Earnings before provision for taxes on income

32,581

34.6

16,687

18.8

95.2

Provision for taxes on income

5,777

6.1

2,621

3.0

120.4

Net earnings

26,804

28.5

14,066

15.8

90.6

Net earnings per share (Diluted)

11.03

5.79

90.5

Average shares outstanding (Diluted)

2,429.4

Effective tax rate

17.7

15.7

Adjusted earnings before provision for taxes and net earnings (1)

Earnings before provision for taxes on income

31,681

33.6

28,979

32.6

9.3

Net earnings

26,215

27.8

24,242

27.3

8.1

Net earnings per share (Diluted)

10.79

9.98

8.1

Effective tax rate

17.3

16.3

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

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures

		Fourth Quarter		Twelve Months Ended
	(Dollars in Millions Except Per Share Data)	2025	2024	2025	2024
	Net Earnings, after tax- as reported	$5,116	$3,431	$26,804	$14,066

	Pre-tax Adjustments
	Litigation related	854	(16)	(6,040)	5,450
	Intangible Asset Amortization expense	1,186	1,171	4,621	4,526
	Restructuring related¹	210	62	512	269
	Acquisition, integration and divestiture related	(190)	298	285	1,226
	IPR&D impairments	81	17	81	211
	(Gains)/losses on securities	(100)	(68)	(427)	306
	Orthopaedics Separation related	48	-	48	-
	COVID-19 Vaccine related costs	-	23	-	100
	Medical Device Regulation	-	47	-	204
	Other	(9)	-	20	-


	Tax Adjustments
	Tax impact on special item adjustments ²	(445)	(80)	381	(2,135)
	Tax legislation and other tax related	(742)	61	(70)	19
	Adjusted Net Earnings, after tax	$6,009	$4,946	$26,215	$24,242
	Average shares outstanding (Diluted)	2,439.0	2,427.1	2,429.4	2,429.4
	Adjusted net earnings per share (Diluted)	$2.46	$2.04	$10.79	$9.98
	Operational adjusted net earnings per share (Diluted)	$2.35		$10.58

	Notes:
¹	In fiscal 2023, the company completed a prioritization of its research and development (R&D) investment within the Innovative Medicine segment to focus on the most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs within therapeutic areas. The R&D program exits were primarily in infectious diseases and vaccines including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, hepatitis and HIV development. The restructuring expense of $102 million in fiscal 2024 included the termination of partnered and non-partnered program costs, asset impairments and asset divestments. This program was completed in Q4 2024.

	In fiscal 2023, the company initiated a restructuring program of its Orthopaedics franchise within the MedTech segment to streamline operations by exiting certain markets, product lines and distribution network arrangements. The restructuring expense of $162 million in the fiscal fourth quarter of 2025 ($307 million Q4 2025 YTD) and $60 million in the fiscal fourth quarter of 2024 ($167 million Q4 2024 YTD) primarily includes costs related to market and product exits. This program was substantially completed in Q4 2025.

	In fiscal 2025, the company initiated a restructuring program of its Surgery franchise within the MedTech segment to simplify and focus operations by exiting certain non-strategic product lines and optimize select sites across the network. The restructuring expense of $48 million in the fiscal fourth quarter of 2025 ($205 million Q4 2025 YTD) primarily includes costs related to asset impairments and market and product exits. This program is expected to be substantially completed by the end of fiscal year 2026.

²	The tax impact related to special item adjustments reflects the current and deferred income taxes associated with the above pre-tax special items in arriving at adjusted earnings.

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure

Adjusted Operational Sales Growth
FOURTH QUARTER 2025 ACTUAL vs. 2024 ACTUAL

Segments

	Innovative Medicine	MedTech	Total

WW As Reported	10.0%	7.5%	9.1%
U.S.	7.9%	6.6%	7.5%
International	13.4%	8.5%	11.3%

WW Currency	2.1	1.7	2.0
U.S.	-	-	-
International	5.5	3.6	4.7

WW Operational	7.9%	5.8%	7.1%
U.S.	7.9%	6.6%	7.5%
International	7.9%	4.9%	6.6%

Caplyta	(1.7)		(1.1)
U.S.	(2.8)		(1.9)
International	0.0		0.0

All Other Acquisitions and Divestitures (A&D)	0.0	0.1	0.1
U.S.	0.0	0.1	0.1
International	0.1	0.2	0.2

WW Adjusted Operational Ex A&D	6.2%	5.9%	6.1%
U.S.	5.1%	6.7%	5.7%
International	8.0%	5.1%	6.8%

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

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure

Adjusted Operational Sales Growth
TWELVE MONTHS 2025 ACTUAL vs. 2024 ACTUAL

Segments

	Innovative Medicine	MedTech	Total

WW As Reported	6.0%	6.1%	6.0%
U.S.	7.0%	6.6%	6.9%
International	4.6%	5.5%	5.0%

WW Currency	0.7	0.7	0.7
U.S.	-	-	-
International	1.7	1.4	1.6

WW Operational	5.3%	5.4%	5.3%
U.S.	7.0%	6.6%	6.9%
International	2.9%	4.1%	3.4%

Shockwave		(1.4)	(0.5)
U.S.		(2.1)	(0.7)
International		(0.5)	(0.2)

Caplyta	(1.2)		(0.7)
U.S.	(2.1)		(1.4)
International	0.0		0.0

All Other Acquisitions and Divestitures (A&D)	0.0	0.3	0.1
U.S.	0.0	0.3	0.1
International	0.1	0.2	0.1

WW Adjusted Operational Ex A&D	4.1%	4.3%	4.2%
U.S.	4.9%	4.8%	4.9%
International	3.0%	3.8%	3.3%

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

	REPORTED SALES vs. PRIOR PERIOD ($MM)										REPORTED SALES vs. PRIOR PERIOD ($MM)
	FOURTH QUARTER										TWELVE MONTHS
					% Change										% Change
INNOVATIVE MEDICINE SEGMENT ⁽²⁾		2025		2024	Reported		Operational ⁽¹⁾		Currency			2025		2024	Reported		Operational ⁽¹⁾		Currency

ONCOLOGY
US		$	3,793	3,019	25.6	%	25.6	%	-			$	13,659	10,854	25.8	%	25.8	%	-
Intl			3,069	2,476	23.9	%	17.3	%	6.6	%			11,721	9,926	18.1	%	15.6	%	2.5	%
WW			6,861	5,497	24.8	%	21.9	%	2.9	%			25,380	20,781	22.1	%	20.9	%	1.2	%
CARVYKTI
US			420	304	38.2	%	38.2	%	-				1,492	869	71.6	%	71.6	%	-
Intl			135	31	*		*		*				395	94	*		*		*
WW			555	334	65.8	%	63.2	%	2.6	%			1,887	963	95.9	%	94.3	%	1.6	%
DARZALEX
US			2,332	1,799	29.6	%	29.6	%	-				8,266	6,588	25.5	%	25.5	%	-
Intl			1,571	1,285	22.3	%	16.2	%	6.1	%			6,085	5,082	19.7	%	17.5	%	2.2	%
WW			3,903	3,084	26.6	%	24.1	%	2.5	%			14,351	11,670	23.0	%	22.0	%	1.0	%
ERLEADA
US			405	342	18.6	%	18.6	%	-				1,453	1,282	13.4	%	13.4	%	-
Intl			554	442	25.3	%	17.5	%	7.8	%			2,121	1,717	23.5	%	20.1	%	3.4	%
WW			959	784	22.4	%	18.0	%	4.4	%			3,574	2,999	19.2	%	17.2	%	2.0	%
IMBRUVICA
US			207	250	(17.4	)%	(17.4	)%	-				892	1,020	(12.5	)%	(12.5	)%	-
Intl			478	481	(0.8	)%	(7.5	)%	6.7	%			1,931	2,018	(4.3	)%	(6.7	)%	2.4	%
WW			684	731	(6.5	)%	(10.9	)%	4.4	%			2,823	3,038	(7.1	)%	(8.6	)%	1.5	%
RYBREVANT / LAZCLUZE ⁽³⁾
US			146	101	45.6	%	45.6	%	-				534	257	*		*		-
Intl			70	21	*		*		*				200	70	*		*		*
WW			216	122	78.0	%	76.5	%	1.5	%			734	327	*		*		*
TALVEY
US			105	68	53.8	%	53.8	%	-				340	241	40.9	%	40.9	%	-
Intl			44	17	*		*		*				123	46	*		*		*
WW			149	85	75.8	%	73.1	%	2.7	%			463	287	61.3	%	60.3	%	1.0	%
TECVAYLI
US			110	108	2.7	%	2.7	%	-				444	418	6.3	%	6.3	%	-
Intl			66	38	72.2	%	65.1	%	7.1	%			226	131	72.8	%	70.4	%	2.4	%
WW			176	146	20.8	%	18.9	%	1.9	%			670	549	22.1	%	21.5	%	0.6	%
ZYTIGA / abiraterone acetate
US			5	9	(41.4	)%	(41.4	)%	-				23	34	(33.2	)%	(33.2	)%	-
Intl			115	127	(9.9	)%	(11.1	)%	1.2	%			480	597	(19.7	)%	(20.5	)%	0.8	%
WW			119	135	(11.9	)%	(13.0	)%	1.1	%			502	631	(20.4	)%	(21.2	)%	0.8	%
OTHER ONCOLOGY
US			61	39	54.8	%	54.8	%	-				214	145	47.5	%	47.5	%	-
Intl			39	36	8.4	%	3.0	%	5.4	%			162	172	(6.0	)%	(7.8	)%	1.8	%
WW			100	75	32.9	%	30.3	%	2.6	%			376	317	18.5	%	17.5	%	1.0	%

See footnotes at end of schedule


	REPORTED SALES vs. PRIOR PERIOD ($MM)										REPORTED SALES vs. PRIOR PERIOD ($MM)
	FOURTH QUARTER										TWELVE MONTHS
					% Change										% Change
		2025		2024	Reported		Operational ⁽¹⁾		Currency			2025		2024	Reported		Operational ⁽¹⁾		Currency
IMMUNOLOGY
US		$	2,495	2,856	(12.6	)%	(12.6	)%	-			$	9,872	11,355	(13.1	)%	(13.1	)%	-
Intl			1,364	1,383	(1.4	)%	(5.5	)%	4.1	%			5,856	6,473	(9.5	)%	(10.2	)%	0.7	%
WW			3,860	4,238	(8.9	)%	(10.3	)%	1.4	%			15,728	17,828	(11.8	)%	(12.0	)%	0.2	%
REMICADE
US			248	231	7.1	%	7.1	%	-				1,171	1,009	16.0	%	16.0	%	-
US Exports ⁽⁴⁾			11	9	17.1	%	17.1	%	-				74	98	(24.8	)%	(24.8	)%	-
Intl			110	117	(5.6	)%	(7.3	)%	1.7	%			523	497	5.3	%	6.2	%	(0.9	)%
WW			370	359	3.2	%	2.6	%	0.6	%			1,768	1,605	10.2	%	10.5	%	(0.3	)%
SIMPONI / SIMPONI ARIA
US			287	262	9.6	%	9.6	%	-				1,193	1,082	10.3	%	10.3	%	-
Intl			345	321	7.4	%	3.7	%	3.7	%			1,475	1,108	33.1	%	32.8	%	0.3	%
WW			632	583	8.4	%	6.4	%	2.0	%			2,668	2,190	21.8	%	21.7	%	0.1	%
STELARA
US			766	1,699	(54.9	)%	(54.9	)%	-				3,847	6,720	(42.7	)%	(42.7	)%	-
Intl			462	650	(28.8	)%	(32.3	)%	3.5	%			2,230	3,641	(38.7	)%	(39.3	)%	0.6	%
WW			1,230	2,349	(47.7	)%	(48.6	)%	0.9	%			6,078	10,361	(41.3	)%	(41.5	)%	0.2	%
TREMFYA
US			1,145	654	75.1	%	75.1	%	-				3,529	2,443	44.5	%	44.5	%	-
Intl			445	295	50.9	%	44.0	%	6.9	%			1,626	1,227	32.5	%	30.4	%	2.1	%
WW			1,589	949	67.6	%	65.4	%	2.2	%			5,155	3,670	40.5	%	39.8	%	0.7	%
OTHER IMMUNOLOGY
US			39	0	*		*		-				59	3	*		*		-
Intl			2	0	*		*		*				2	0	*		*		*
WW			40	0	*		*		*				61	3	*		*		*
NEUROSCIENCE
US			1,439	1,148	25.4	%	25.4	%	-				5,151	4,398	17.1	%	17.1	%	-
Intl			675	628	7.6	%	4.3	%	3.3	%			2,686	2,718	(1.2	)%	(1.8	)%	0.6	%
WW			2,115	1,775	19.1	%	17.9	%	1.2	%			7,837	7,115	10.1	%	9.9	%	0.2	%
CAPLYTA ⁽⁵⁾
US			249	-	*		*		-				700	-	*		*		-
Intl			-	-	-		-		-				-	-	-		-		-
WW			249	-	*		*		-				700	-	*		*		-
CONCERTA / Methylphenidate
US			6	33	(79.6	)%	(79.6	)%	-				82	134	(38.6	)%	(38.6	)%	-
Intl			126	125	(0.3	)%	(1.4	)%	1.1	%			502	507	(1.2	)%	(0.7	)%	(0.5	)%
WW			132	159	(17.1	)%	(17.8	)%	0.7	%			584	641	(9.0	)%	(8.6	)%	(0.4	)%
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
US			704	796	(11.5	)%	(11.5	)%	-				2,725	3,125	(12.8	)%	(12.8	)%	-
Intl			281	267	5.2	%	1.9	%	3.3	%			1,085	1,097	(1.1	)%	(1.8	)%	0.7	%
WW			986	1,063	(7.3	)%	(8.2	)%	0.9	%			3,810	4,222	(9.8	)%	(9.9	)%	0.1	%
SPRAVATO
US			438	269	63.0	%	63.0	%	-				1,485	929	59.9	%	59.9	%	-
Intl			64	28	*		*		*				210	148	41.9	%	39.1	%	2.8	%
WW			503	297	69.0	%	67.8	%	1.2	%			1,696	1,077	57.4	%	57.0	%	0.4	%
OTHER NEUROSCIENCE
US			40	49	(18.3	)%	(18.3	)%	-				159	210	(24.5	)%	(24.5	)%	-
Intl			205	206	(0.7	)%	(4.3	)%	3.6	%			889	965	(7.9	)%	(8.7	)%	0.8	%
WW			245	255	(4.1	)%	(6.9	)%	2.8	%			1,048	1,175	(10.9	)%	(11.5	)%	0.6	%

See footnotes at end of schedule


	REPORTED SALES vs. PRIOR PERIOD ($MM)										REPORTED SALES vs. PRIOR PERIOD ($MM)
	FOURTH QUARTER										TWELVE MONTHS
					% Change										% Change
		2025		2024	Reported		Operational ⁽¹⁾		Currency			2025		2024	Reported		Operational ⁽¹⁾		Currency
PULMONARY HYPERTENSION
US		$	865	819	5.7	%	5.7	%	-			$	3,223	3,143	2.6	%	2.6	%	-
Intl			319	274	16.4	%	12.2	%	4.2	%			1,214	1,140	6.5	%	4.9	%	1.6	%
WW			1,184	1,092	8.4	%	7.4	%	1.0	%			4,437	4,282	3.6	%	3.2	%	0.4	%
OPSUMIT / OPSYNVI
US			458	408	11.9	%	11.9	%	-				1,633	1,557	4.8	%	4.8	%	-
Intl			185	162	14.8	%	10.9	%	3.9	%			692	668	3.7	%	2.1	%	1.6	%
WW			643	570	12.7	%	11.6	%	1.1	%			2,325	2,225	4.5	%	4.0	%	0.5	%
UPTRAVI
US			397	391	1.6	%	1.6	%	-				1,536	1,511	1.7	%	1.7	%	-
Intl			94	75	26.9	%	20.8	%	6.1	%			366	307	19.4	%	17.4	%	2.0	%
WW			491	465	5.7	%	4.7	%	1.0	%			1,902	1,817	4.7	%	4.3	%	0.4	%
OTHER PULMONARY HYPERTENSION
US			10	19	(43.7	)%	(43.7	)%	-				54	75	(27.0	)%	(27.0	)%	-
Intl			39	38	2.6	%	1.2	%	1.4	%			155	165	(6.2	)%	(6.8	)%	0.6	%
WW			49	57	(12.5	)%	(13.5	)%	1.0	%			209	240	(12.7	)%	(13.0	)%	0.3	%
INFECTIOUS DISEASES
US			303	331	(8.5	)%	(8.5	)%	-				1,264	1,354	(6.6	)%	(6.6	)%	-
Intl			505	443	13.9	%	5.6	%	8.3	%			1,977	2,042	(3.2	)%	(6.5	)%	3.3	%
WW			807	774	4.3	%	(0.4	)%	4.7	%			3,241	3,396	(4.6	)%	(6.5	)%	1.9	%
EDURANT / rilpivirine
US			5	7	(39.1	)%	(39.1	)%	-				26	31	(18.4	)%	(18.4	)%	-
Intl			379	315	20.6	%	11.1	%	9.5	%			1,461	1,241	17.7	%	13.0	%	4.7	%
WW			383	322	19.2	%	9.9	%	9.3	%			1,486	1,272	16.9	%	12.2	%	4.7	%
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US			294	321	(8.4	)%	(8.4	)%	-				1,226	1,311	(6.5	)%	(6.5	)%	-
Intl			89	86	3.6	%	(2.9	)%	6.5	%			353	401	(11.9	)%	(13.7	)%	1.8	%
WW			383	407	(5.8	)%	(7.2	)%	1.4	%			1,579	1,712	(7.7	)%	(8.1	)%	0.4	%
OTHER INFECTIOUS DISEASES
US			4	1	92.9	%	92.9	%	-				12	11	6.6	%	6.6	%	-
Intl			37	43	(14.5	)%	(18.0	)%	3.5	%			163	401	(59.3	)%	(59.5	)%	0.2	%
WW			40	45	(9.9	)%	(13.2	)%	3.3	%			175	412	(57.5	)%	(57.7	)%	0.2	%
CARDIOVASCULAR / METABOLISM / OTHER
US			794	805	(1.4	)%	(1.4	)%	-				3,175	2,866	10.8	%	10.8	%	-
Intl			142	153	(6.3	)%	(10.7	)%	4.4	%			603	696	(13.3	)%	(13.8	)%	0.5	%
WW			936	957	(2.2	)%	(2.9	)%	0.7	%			3,778	3,562	6.1	%	6.0	%	0.1	%
XARELTO
US			687	676	1.7	%	1.7	%	-				2,633	2,373	11.0	%	11.0	%	-
Intl			-	-	-		-		-				-	-	-		-		-
WW			687	676	1.7	%	1.7	%	-				2,633	2,373	11.0	%	11.0	%	-
OTHER
US			107	130	(17.4	)%	(17.4	)%	-				542	494	9.8	%	9.8	%	-
Intl			142	153	(6.3	)%	(10.7	)%	4.4	%			603	696	(13.3	)%	(13.8	)%	0.5	%
WW			249	281	(11.4	)%	(13.8	)%	2.4	%			1,145	1,189	(3.7	)%	(4.0	)%	0.3	%

TOTAL INNOVATIVE MEDICINE
US			9,689	8,977	7.9	%	7.9	%	-				36,344	33,970	7.0	%	7.0	%	-
Intl			6,074	5,355	13.4	%	7.9	%	5.5	%			24,057	22,994	4.6	%	2.9	%	1.7	%
WW		$	15,763	14,332	10.0	%	7.9	%	2.1	%		$	60,401	56,964	6.0	%	5.3	%	0.7	%

See footnotes at end of schedule


	REPORTED SALES vs. PRIOR PERIOD ($MM)										REPORTED SALES vs. PRIOR PERIOD ($MM)
	FOURTH QUARTER										TWELVE MONTHS
					% Change										% Change
MEDTECH SEGMENT ⁽²⁾		2025		2024	Reported		Operational ⁽¹⁾		Currency			2025		2024	Reported		Operational ⁽¹⁾		Currency

CARDIOVASCULAR
US		$	1,374	1,221	12.5	%	12.5	%	-			$	5,305	4,513	17.5	%	17.5	%	-
Intl			925	841	10.1	%	6.8	%	3.3	%			3,623	3,194	13.4	%	11.9	%	1.5	%
WW			2,299	2,062	11.5	%	10.1	%	1.4	%			8,928	7,707	15.8	%	15.2	%	0.6	%
ELECTROPHYSIOLOGY
US			746	681	9.5	%	9.5	%	-				2,891	2,738	5.6	%	5.6	%	-
Intl			679	640	6.2	%	3.2	%	3.0	%			2,743	2,529	8.5	%	7.3	%	1.2	%
WW			1,425	1,321	7.9	%	6.5	%	1.4	%			5,634	5,267	7.0	%	6.4	%	0.6	%
ABIOMED
US			358	308	16.5	%	16.5	%	-				1,393	1,213	14.9	%	14.9	%	-
Intl			102	77	33.1	%	25.4	%	7.7	%			358	284	26.4	%	22.0	%	4.4	%
WW			460	384	19.8	%	18.3	%	1.5	%			1,751	1,496	17.1	%	16.2	%	0.9	%
SHOCKWAVE
US			238	202	18.0	%	18.0	%	-				897	442	*		*		-
Intl			80	56	42.3	%	40.7	%	1.6	%			249	122	*		*		*
WW			318	258	23.3	%	22.9	%	0.4	%			1,146	564	*		*		*
OTHER CARDIOVASCULAR
US			31	31	(0.1	)%	(0.1	)%	-				124	120	3.1	%	3.1	%	-
Intl			64	68	(6.7	)%	(8.8	)%	2.1	%			273	260	4.9	%	4.1	%	0.8	%
WW			95	99	(4.6	)%	(6.1	)%	1.5	%			397	380	4.3	%	3.8	%	0.5	%
ORTHOPAEDICS
US			1,520	1,460	4.2	%	4.2	%	-				5,720	5,689	0.5	%	0.5	%	-
Intl			918	856	7.3	%	2.3	%	5.0	%			3,538	3,470	2.0	%	(0.2	)%	2.2	%
WW			2,438	2,315	5.3	%	3.5	%	1.8	%			9,258	9,158	1.1	%	0.3	%	0.8	%
HIPS
US			284	272	4.3	%	4.3	%	-				1,080	1,057	2.1	%	2.1	%	-
Intl			154	146	5.5	%	0.4	%	5.1	%			594	581	2.2	%	0.1	%	2.1	%
WW			439	418	4.7	%	2.9	%	1.8	%			1,674	1,638	2.1	%	1.4	%	0.7	%
KNEES
US			251	238	5.1	%	5.1	%	-				924	922	0.2	%	0.2	%	-
Intl			181	160	13.7	%	9.2	%	4.5	%			663	623	6.5	%	4.6	%	1.9	%
WW			432	398	8.6	%	6.8	%	1.8	%			1,587	1,545	2.7	%	2.0	%	0.7	%
TRAUMA
US			543	514	5.6	%	5.6	%	-				2,058	2,013	2.2	%	2.2	%	-
Intl			270	250	7.9	%	2.7	%	5.2	%			1,088	1,036	5.0	%	2.7	%	2.3	%
WW			813	764	6.4	%	4.7	%	1.7	%			3,146	3,049	3.2	%	2.4	%	0.8	%
SPINE, SPORTS & OTHER
US			442	434	1.9	%	1.9	%	-				1,658	1,696	(2.2	)%	(2.2	)%	-
Intl			312	300	4.2	%	(0.7	)%	4.9	%			1,193	1,230	(3.0	)%	(5.3	)%	2.3	%
WW			756	735	2.8	%	0.8	%	2.0	%			2,852	2,926	(2.5	)%	(3.5	)%	1.0	%

See footnotes at end of schedule


	REPORTED SALES vs. PRIOR PERIOD ($MM)										REPORTED SALES vs. PRIOR PERIOD ($MM)
	FOURTH QUARTER										TWELVE MONTHS
					% Change										% Change
		2025		2024	Reported		Operational ⁽¹⁾		Currency			2025		2024	Reported		Operational ⁽¹⁾		Currency
SURGERY
US		$	1,081	1,038	4.2	%	4.2	%	-			$	4,157	4,003	3.9	%	3.9	%	-
Intl			1,563	1,469	6.4	%	3.4	%	3.0	%			5,980	5,842	2.4	%	1.5	%	0.9	%
WW			2,644	2,507	5.5	%	3.7	%	1.8	%			10,137	9,845	3.0	%	2.5	%	0.5	%
ADVANCED
US			489	478	2.5	%	2.5	%	-				1,900	1,838	3.4	%	3.4	%	-
Intl			687	673	1.9	%	(0.8	)%	2.7	%			2,678	2,650	1.0	%	0.1	%	0.9	%
WW			1,175	1,151	2.2	%	0.6	%	1.6	%			4,577	4,488	2.0	%	1.5	%	0.5	%
GENERAL
US			592	560	5.6	%	5.6	%	-				2,258	2,165	4.3	%	4.3	%	-
Intl			876	795	10.2	%	6.9	%	3.3	%			3,302	3,192	3.4	%	2.7	%	0.7	%
WW			1,468	1,357	8.3	%	6.3	%	2.0	%			5,560	5,358	3.8	%	3.3	%	0.5	%
VISION
US			531	509	4.3	%	4.3	%	-				2,225	2,128	4.6	%	4.6	%	-
Intl			889	794	11.9	%	8.5	%	3.4	%			3,243	3,018	7.4	%	5.9	%	1.5	%
WW			1,420	1,303	8.9	%	6.8	%	2.1	%			5,468	5,146	6.3	%	5.3	%	1.0	%
CONTACT LENSES / OTHER
US			417	396	5.3	%	5.3	%	-				1,754	1,684	4.1	%	4.1	%	-
Intl			592	541	9.3	%	5.3	%	4.0	%			2,157	2,049	5.3	%	3.2	%	2.1	%
WW			1,008	937	7.6	%	5.3	%	2.3	%			3,910	3,733	4.8	%	3.6	%	1.2	%
SURGICAL
US			113	113	0.6	%	0.6	%	-				471	444	6.1	%	6.1	%	-
Intl			297	252	17.7	%	15.3	%	2.4	%			1,086	969	12.1	%	11.6	%	0.5	%
WW			411	365	12.4	%	10.8	%	1.6	%			1,558	1,413	10.2	%	9.9	%	0.3	%

TOTAL MEDTECH
US			4,506	4,227	6.6	%	6.6	%	-				17,408	16,332	6.6	%	6.6	%	-
Intl			4,295	3,961	8.5	%	4.9	%	3.6	%			16,384	15,525	5.5	%	4.1	%	1.4	%
WW		$	8,801	8,188	7.5	%	5.8	%	1.7	%		$	33,792	31,857	6.1	%	5.4	%	0.7	%

Note: Columns and rows within tables may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely

* Percentage greater than 100% or not meaningful

(1) Operational growth excludes the effect of translational currency

(2) Unaudited

(3) Includes the sales of RYBREVANT and RYBREVANT + LAZCLUZE

(4) Reported as U.S. sales

(5) Acquired with Intra-Cellular Therapies on April 2, 2025

Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
Quarter to Date
Innovative Medicine	Fourth Quarter Dec. 28, 2025 GAAP			Intangible asset amortization		Litigation related		In-process research and development impairments		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Orthopaedics Separation Related		Tax legislation and other tax related		Other		Fourth Quarter Dec. 28, 2025 Non-GAAP
Cost of products sold	$	3,976		(704	)							(11	)									3,261
Selling, marketing and admin expenses		3,456																				3,456
Research and development expense		3,466																				3,466
Other segment items		(193	)			16		(11	)			(52	)	101						4		(135	)
Adjusted Income Before Tax by Segment		5,058		704		(16	)	11		-		63		(101	)	-		-		(4	)	5,715

MedTech	Fourth Quarter Dec. 28, 2025 GAAP			Intangible asset amortization		Litigation related		In-process research and development impairments		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Orthopaedics Separation Related		Tax legislation and other tax related		Other		Fourth Quarter Dec. 28, 2025 Non-GAAP
Cost of products sold	$	3,973		(482	)					(56	)											3,435
Selling, marketing and admin expenses		3,035																				3,035
Research and development expense		786																				786
Other segment items		806				(818	)	(70	)	(154	)	290		(1	)	(48	)			5		10
Adjusted Income Before Tax by Segment		201		482		818		70		210		(290	)	1		48		-		(5	)	1,535

Expenses not allocated to segments	Fourth Quarter Dec. 28, 2025 GAAP			Intangible asset amortization		Litigation related		In-process research and development impairments		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Orthopaedics Separation Related		Tax legislation and other tax related		Other		Fourth Quarter Dec. 28, 2025 Non-GAAP
Cost of products sold	$	19																				19
Selling, marketing and admin expenses		262																				262
Research and development expense		-																				-
Other segment items		12				(52	)					(37	)									(77	)
Adjusted Income Before Tax by Segment		(293	)	-		52		-		-		37		-		-		-		-		(204	)

Johnson & Johnson Consolidated	Fourth Quarter Dec. 28, 2025 GAAP			Intangible asset amortization		Litigation related		In-process research and development impairments		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Orthopaedics Separation Related		Tax legislation and other tax related		Other		Fourth Quarter Dec. 28, 2025 Non-GAAP
Cost of products sold	$	7,968		(1,186	)					(56	)	(11	)									6,715
Selling, marketing and admin expenses		6,753																				6,753
Research and development expense		4,252																				4,252
Other (Income) / Expense		483				(854	)			(70	)	201		100		(48	)			9		(179	)
In-process research and development impairments		81						(81	)													-
Interest (Income)/Expense		(23	)																			(23	)
Restructuring		84								(84	)											-
Adjusted Income Before Tax		4,966		1,186		854		81		210		(190	)	(100	)	48		-		(9	)	7,046
Provision for taxes on income		(150	)	226		32		18		35		149		(23	)	11		742		(3	)	1,037
Net Earnings	$	5,116		960		822		63		175		(339	)	(77	)	37		(742	)	(6	)	6,009

Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
Quarter to Date
Innovative Medicine	Fourth Quarter Dec. 29, 2024 GAAP			Intangible asset amortization		Litigation related		In-process research and development impairments		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Medical Device Regulation		COVID-19 Vaccine Related Costs		Tax legislation and other tax related		Fourth Quarter Dec. 29, 2024 Non-GAAP
Cost of products sold	$	3,514		(685	)																	2,829
Selling, marketing and admin expenses		3,312																				3,312
Research and development expense		3,698																(6	)			3,692
Other segment items		(201	)			41		(17	)	(2	)	(12	)	50				(17	)			(158	)
Adjusted Income Before Tax by Segment		4,009		685		(41	)	17		2		12		(50	)	-		23		-		4,657

MedTech	Fourth Quarter Dec. 29, 2024 GAAP			Intangible asset amortization		Litigation related		In-process research and development impairments		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Medical Device Regulation		COVID-19 Vaccine Related Costs		Tax legislation and other tax related		Fourth Quarter Dec. 29, 2024 Non-GAAP
Cost of products sold	$	3,596		(477	)					(20	)	(153	)			(18	)					2,928
Selling, marketing and admin expenses		2,836														(4	)					2,832
Research and development expense		1,600														(25	)					1,575
Other segment items		84		(9	)	29				(40	)	(115	)	18								(33	)
Adjusted Income Before Tax by Segment		72		486		(29	)	-		60		268		(18	)	47		-		-		886

Expenses not allocated to segments	Fourth Quarter Dec. 29, 2024 GAAP			Intangible asset amortization		Litigation related		In-process research and development impairments		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Medical Device Regulation		COVID-19 Vaccine Related Costs		Tax legislation and other tax related		Fourth Quarter Dec. 29, 2024 Non-GAAP
Cost of products sold	$	18																				18
Selling, marketing and admin expenses		305																				305
Research and development expense		-																				-
Other segment items		(129	)			(54	)					(18	)									(201	)
Adjusted Income Before Tax by Segment		(194	)	-		54		-		-		18		-		-		-		-		(122	)

Johnson & Johnson Consolidated	Fourth Quarter Dec. 29, 2024 GAAP			Intangible asset amortization		Litigation related		In-process research and development impairments		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Medical Device Regulation		COVID-19 Vaccine Related Costs		Tax legislation and other tax related		Fourth Quarter Dec. 29, 2024 Non-GAAP
Cost of products sold	$	7,128		(1,162	)					(20	)	(153	)			(18	)					5,775
Selling, marketing and admin expenses		6,453														(4	)					6,449
Research and development expense		5,298														(25	)	(6	)			5,267
Other (Income) / Expense		(161	)	(9	)	16						(145	)	68				(17	)			(248	)
In-process research and development impairments		17						(17	)													-
Interest (Income)/Expense		(144	)																			(144	)
Restructuring		42								(42	)											-
Adjusted Income Before Tax		3,887		1,171		(16	)	17		62		298		(68	)	47		23		-		5,421
Provision for taxes on income		456		171		(158	)	4		3		80		(34	)	9		5		(61	)	475
Net Earnings	$	3,431		1,000		142		13		59		218		(34	)	38		18		61		4,946

Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
Year to Date
Innovative Medicine	Twelve Months Dec. 28, 2025 GAAP			Intangible asset amortization		Litigation related		In-process research and development impairments		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Orthopaedics Separation Related		Tax legislation and other tax related		Other		Twelve Months Dec. 28, 2025 Non-GAAP
Cost of products sold	$	15,646		(2,706	)							(35	)									12,905
Selling, marketing and admin expenses		11,375																				11,375
Research and development expense		11,827																				11,827
Other segment items		(713	)			90		(11	)			(327	)	265						(10	)	(706	)
Adjusted Income Before Tax by Segment		22,266		2,706		(90	)	11		-		362		(265	)	-		-		10		25,000

MedTech	Twelve Months Dec. 28, 2025 GAAP			Intangible asset amortization		Litigation related		In-process research and development impairments		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Orthopaedics Separation Related		Tax legislation and other tax related		Other		Twelve Months Dec. 28, 2025 Non-GAAP
Cost of products sold	$	14,549		(1,915	)					(91	)	(52	)									12,491
Selling, marketing and admin expenses		11,354																				11,354
Research and development expense		2,838										37										2,875
Other segment items		938				(896	)	(70	)	(421	)	135		162		(48	)			(10	)	(210	)
Adjusted Income Before Tax by Segment		4,113		1,915		896		70		512		(120	)	(162	)	48		-		10		7,282

Expenses not allocated to segments	Twelve Months Dec. 28, 2025 GAAP			Intangible asset amortization		Litigation related		In-process research and development impairments		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Orthopaedics Separation Related		Tax legislation and other tax related		Other		Twelve Months Dec. 28, 2025 Non-GAAP
Cost of products sold	$	61																				61
Selling, marketing and admin expenses		947																				947
Research and development expense		-																				-
Other segment items		(7,210	)			6,846						(43	)									(407	)
Adjusted Income Before Tax by Segment		6,202		-		(6,846	)	-		-		43		-		-		-		-		(601	)

Johnson & Johnson Consolidated	Twelve Months Dec. 28, 2025 GAAP			Intangible asset amortization		Litigation related		In-process research and development impairments		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Orthopaedics Separation Related		Tax legislation and other tax related		Other		Twelve Months Dec. 28, 2025 Non-GAAP
Cost of products sold	$	30,256		(4,621	)					(91	)	(87	)									25,457
Selling, marketing and admin expenses		23,676																				23,676
Research and development expense		14,665										37										14,702
Other (Income) / Expense		(7,209	)			6,040				(193	)	(235	)	427		(48	)			(20	)	(1,238	)
In-process research and development impairments		81						(81	)													-
Interest (Income)/Expense		(85	)																			(85	)
Restructuring		228								(228	)											-
Adjusted Income Before Tax		32,581		4,621		(6,040	)	81		512		285		(427	)	48		-		20		31,681
Provision for taxes on income		5,777		829		(1,509	)	18		93		267		(96	)	11		70		6		5,466
Net Earnings	$	26,804		3,792		(4,531	)	63		419		18		(331	)	37		(70	)	14		26,215

Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
Year to Date
Innovative Medicine	Twelve Months Dec. 29, 2024 GAAP			Intangible asset amortization		Litigation related		In-process research and development impairments		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Medical Device Regulation		COVID-19 Vaccine Related Costs		Tax legislation and other tax related		Twelve Months Dec. 29, 2024 Non-GAAP
Cost of products sold	$	14,036		(2,772	)													(8	)			11,256
Selling, marketing and admin expenses		10,906																				10,906
Research and development expense		13,529																(25	)			13,504
Other segment items		(426	)			(358	)	(211	)	(102	)	(66	)	76				(67	)			(1,154	)
Adjusted Income Before Tax by Segment		18,919		2,772		358		211		102		66		(76	)	-		100		-		22,452

MedTech	Twelve Months Dec. 29, 2024 GAAP			Intangible asset amortization		Litigation related		In-process research and development impairments		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Medical Device Regulation		COVID-19 Vaccine Related Costs		Tax legislation and other tax related		Twelve Months Dec. 29, 2024 Non-GAAP
Cost of products sold	$	13,345		(1,745	)					(35	)	(359	)			(84	)					11,122
Selling, marketing and admin expenses		10,812														(16	)					10,796
Research and development expense		3,703										(69	)			(104	)					3,530
Other segment items		257		(9	)	14				(132	)	(587	)	(30	)							(487	)
Adjusted Income Before Tax by Segment		3,740		1,754		(14	)	-		167		1,015		30		204		-		-		6,896

Expenses not allocated to segments	Twelve Months Dec. 29, 2024 GAAP			Intangible asset amortization		Litigation related		In-process research and development impairments		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Medical Device Regulation		COVID-19 Vaccine Related Costs		Tax legislation and other tax related		Twelve Months Dec. 29, 2024 Non-GAAP
Cost of products sold	$	90																				90
Selling, marketing and admin expenses		1,151																				1,151
Research and development expense		-																				-
Other segment items		4,731				(5,106	)					(145	)	(352	)							(872	)
Adjusted Income Before Tax by Segment		(5,972	)	-		5,106		-		-		145		352		-		-		-		(369	)

Johnson & Johnson Consolidated	Twelve Months Dec. 29, 2024 GAAP			Intangible asset amortization		Litigation related		In-process research and development impairments		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Medical Device Regulation		COVID-19 Vaccine Related Costs		Tax legislation and other tax related		Twelve Months Dec. 29, 2024 Non-GAAP
Cost of products sold	$	27,471		(4,517	)					(35	)	(359	)			(84	)	(8	)			22,468
Selling, marketing and admin expenses		22,869														(16	)					22,853
Research and development expense		17,232										(69	)			(104	)	(25	)			17,034
Other (Income) / Expense		4,694		(9	)	(5,450	)					(798	)	(306	)			(67	)			(1,936	)
In-process research and development impairments		211						(211	)													-
Interest (Income)/Expense		(577	)																			(577	)
Restructuring		234								(234	)											-
Adjusted Income Before Tax		16,687		4,526		5,450		211		269		1,226		306		204		100		-		28,979
Provision for taxes on income		2,621		644		1,066		47		45		302		(29	)	38		22		(19	)	4,737
Net Earnings	$	14,066		3,882		4,384		164		224		924		335		166		78		19		24,242

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Date	Price Target	Rating	Analyst
11/13/2025	$230.00	Sector Outperform	Scotiabank
10/20/2025	$203.00	Neutral → Outperform	Daiwa Securities
10/3/2025	$212.00	Equal Weight → Overweight	Wells Fargo
9/23/2025	$206.00	Neutral → Buy	Guggenheim
7/23/2025		Hold → Buy	Erste Group
5/13/2025	$153.00	Outperform → Market Perform	Leerink Partners
12/10/2024	$166.00	Neutral	BofA Securities
11/15/2024	$190.00	Outperform	Wolfe Research

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