Johnson & Johnson Reports Q2 2025 Results; Raises 2025 Outlook

• 2025 Second-Quarter reported sales growth of 5.8% to $23.7 Billion with operational growth of 4.6%* and adjusted operational growth of 3.0%*
• 2025 Second-Quarter reflects earnings per share (EPS) of $2.29 and adjusted EPS of $2.77
• Significant new product pipeline progress including approval of IMAAVY for generalized myasthenia gravis, priority review for TAR-200, data for CARVYKTI overall survival and progression-free benefits in multiple myeloma, and continuation of the clinical trial for a general surgery robotic system, OTTAVA
• Strong operational performance and favorable foreign exchange results in Company increasing full year estimated reported sales⁵ guidance at the midpoint by $2 billion dollars to 5.4% and full year EPS guidance by $0.25 to $10.85. Adjusted operational EPS increased to $10.68 at the midpoint.

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

Overall financial results

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

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		Excludes COVID-19 Vaccine
6		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.
7		Second-quarter YTD 2025 is estimated as of July 16, 2025
Note: values may have been rounded

Regional sales results

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

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

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 2025 segment commentary:

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

Innovative Medicine

Innovative Medicine worldwide operational sales grew 3.8%*, with net acquisitions and divestitures positively impacting growth by 1.4%. Growth was primarily driven by DARZALEX, CARVYKTI, ERLEADA and RYBREVANT/LAZCLUZE in Oncology, TREMFYA and SIMPONI/SIMPONI ARIA in Immunology, and SPRAVATO in Neuroscience. Growth was partially offset by an approximate (1,170) basis points impact from STELARA in Immunology, and an approximate (130) basis points impact from COVID-19 in Infectious Diseases.

MedTech

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

Full-year 2025 guidance:

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

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

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 2025 = $1.13 and April 2025 = $1.10 (Illustrative purposes only)
4		Non-GAAP financial measure; excludes intangible amortization expense and special items
5		Excludes COVID-19 Vaccine
Note: percentages may have been rounded

Other modeling considerations will be provided on the webcast

Notable announcements in the quarter:

The information contained in this section should be read together with Johnson & Johnson’s other disclosures filed with the Securities and Exchange Commission, including its Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. The reader is also encouraged to review all other news releases and information available in the Investor Relations section of the company’s website at News Releases, as well as Innovative Medicine News Center, MedTech News & Events, and www.factsabouttalc.com.

Regulatory	Supplemental new drug application submitted to U.S. FDA for CAPLYTA® (lumateperone) with data demonstrating significant schizophrenia relapse prevention compared to placebo1	Press Release
	DARZALEX® (daratumumab) receives the first positive CHMP opinion for patients with high-risk smouldering multiple myeloma	Press Release
	IMBRUVICA® (ibrutinib) receives positive CHMP opinion for the treatment of patients with previously untreated mantle cell lymphoma (MCL) who would be eligible for autologous stem cell transplant	Press Release
	U.S. FDA Oncologic Drugs Advisory Committee votes in favor of the benefit-risk profile of DARZALEX FASPRO® (daratumumab and hyaluronidase-fihj) for high-risk smoldering multiple myeloma	Press Release
	Johnson & Johnson receives FDA approval for IMAAVY™ (nipocalimab-aahu), a new FcRn blocker offering long-lasting disease control in the broadest population of people living with generalized myasthenia gravis (gMG)	Press Release
	Johnson & Johnson MedTech Announces Completion of First Cases with OTTAVA™ Robotic Surgical System	Press Release
Data Releases	IMAAVY™ (nipocalimab-aahu) showed greater sustained disease control versus approved FcRn blockers for generalized myasthenia gravis (gMG) at multiple timepoints over 24 weeks in newly published indirect treatment comparison (ITC)	Press Release
	Investigational combination of first-in-class bispecifics TALVEY® and TECVAYLI® shows deep and durable responses in heavily pretreated multiple myeloma patients with extramedullary disease	Press Release
	Johnson & Johnson's dual-targeting CAR T-cell therapy shows encouraging first results in large B-cell lymphoma	Press Release
	New results for Johnson & Johnson's bleximenib demonstrate promising antileukemic activity in combination with venetoclax and azacitidine for acute myeloid leukemia	Press Release
	Significant efficacy benefit of IMBRUVICA® (ibrutinib) plus venetoclax versus acalabrutinib plus venetoclax in frontline treatment of patients with chronic lymphocytic leukaemia suggested by indirect treatment comparison	Press Release
	New data show TREMFYA® (guselkumab) is the only IL-23 inhibitor proven to significantly inhibit progression of joint structural damage in active psoriatic arthritis	Press Release
	DARZALEX FASPRO® (daratumumab and hyaluronidase-fihj)-based regimen shows 95 percent progression-free survival at four years in transplant-eligible, newly diagnosed patients with multiple myeloma who achieved sustained MRD negativity	Press Release
	Early results from Johnson & Johnson's trispecific antibody show promising response in heavily pretreated multiple myeloma patients	Press Release
	Single infusion of CARVYKTI® (ciltacabtagene autoleucel) delivered lasting treatment-free remissions for at least five years in patients with relapsed or refractory multiple myeloma	Press Release
	Johnson & Johnson leads with first PARP inhibitor combo to improve efficacy in patients with HRR-altered mCSPC	Press Release
	Johnson & Johnson unveils first-in-human results for pasritamig, showing early anti-tumor activity in prostate cancer	Press Release
	Shockwave Medical Study Confirms Benefit of IVL-First Strategy in Real-World Female Patients with Complex Calcified Lesions in Late-Breaking Data Presentation at EuroPCR 2025	Press Release
	Icotrokinra results show significant skin clearance in patients with difficult-to-treat scalp and genital psoriasis	Press Release
	TREMFYA® (guselkumab) delivers sustained clinical and endoscopic remission in ulcerative colitis through two years	Press Release
	TREMFYA® (guselkumab) positioned to become the first and only IL-23 inhibitor to offer subcutaneous induction in ulcerative colitis as demonstrated in new data through 24 weeks	Press Release
	Johnson & Johnson's TAR-200 monotherapy achieves high disease-free survival of more than 80 percent in BCG-unresponsive, high-risk papillary NMIBC	Press Release
	Johnson & Johnson's TAR-200 monotherapy demonstrates highest complete response rate with sustained clinical benefits in patients with certain types of bladder cancer	Press Release
	Johnson & Johnson MedTech Presents 3-Month Data from Omny-IRE Clinical Trial at 2025 Heart Rhythm Society Annual Meeting	Press Release
Product Launch	Johnson & Johnson Launches First and Only Daily Disposable Multifocal Toric Contact Lens - ACUVUE OASYS MAX 1-Day MULTIFOCAL for ASTIGMATISM	Press Release
	Johnson & Johnson Launches VOLT™ Wrist and Proximal Humerus Plating Systems in the U.S.	Press Release
	Johnson & Johnson Launches New TECNIS Odyssey Next-Generation Intraocular Lens in Europe, the Middle East, and Canada Offering Cataract Patients Precise Vision at Every Distance in Any Lighting	Press Release
	Johnson & Johnson Launches KINCISE™ 2 System, the Only Automated Surgical Impactor Approved for Knee and Hip Revision Procedures	Press Release
	Johnson & Johnson MedTech Launches SOUNDSTAR CRYSTAL™ in the US, Redefining Image Clarity in 2D Intracardiac Imaging	Press Release
Other	Johnson & Johnson Elects Daniel Pinto, President, JPMorganChase to its Board of Directors	Press Release
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)	SECOND QUARTER												SIX 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.	$	9,161		8,510		7.6	%	7.6			-		$	17,253		16,122		7.0		%	7.0			-
International		6,041		5,980		1.0		(1.6	)		2.6			11,822		11,930		(0.9	)		(0.1	)		(0.8	)
		15,202		14,490		4.9		3.8			1.1			29,075		28,052		3.6			4.0			(0.4	)
MedTech
U.S.		4,383		4,059		8.0		8.0			-			8,596		8,067		6.6			6.6			-
International		4,158		3,898		6.7		4.1			2.6			7,965		7,711		3.3			3.6			(0.3	)
		8,541		7,957		7.3		6.1			1.2			16,561		15,778		5.0			5.1			(0.1	)
U.S.		13,544		12,569		7.8		7.8			-			25,849		24,189		6.9			6.9			-
International		10,199		9,878		3.2		0.6			2.6			19,787		19,641		0.7			1.4			(0.7	)
Worldwide	$	23,743		22,447		5.8	%	4.6			1.2		$	45,636		43,830		4.1		%	4.4			(0.3	)
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)	SECOND QUARTER														SIX MONTHS
						Percent Change														Percent Change
	2025			2024		Total			Operations			Currency			2025			2024		Total			Operations		Currency
Sales to customers by
geographic area
U.S.	$	13,544		12,569		7.8		%	7.8			-			$	25,849		24,189		6.9		%	6.9		-
Europe		5,387		5,214		3.3			(1.9	)		5.2				10,497		10,377		1.1			0.2		0.9
Western Hemisphere excluding U.S.		1,206		1,212		(0.5	)		6.2			(6.7	)			2,373		2,406		(1.3	)		7.7		(9.0	)
Asia-Pacific, Africa		3,606		3,452		4.4			2.4			2.0				6,917		6,858		0.9			0.9		0.0
International		10,199		9,878		3.2			0.6			2.6				19,787		19,641		0.7			1.4		(0.7	)
Worldwide	$	23,743		22,447		5.8		%	4.6			1.2			$	45,636		43,830		4.1		%	4.4		(0.3	)
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

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

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

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
				Second Quarter				Six Months Ended
		(Dollars in Millions Except Per Share Data)		2025		2024		2025		2024
		Net Earnings, after tax- as reported		$5,537		$4,686		$16,536		$7,941
		Pre-tax Adjustments
		Litigation related		57		352		(6,909)		3,078
		Intangible Asset Amortization expense		1,267		1,106		2,387		2,184
		COVID-19 Vaccine related costs		-		64		-		73
		Restructuring related 1		79		(11)		134		160
		Medical Device Regulation		-		68		-		119
		Acquisition, integration and divestiture related		246		452		378		600
		(Gains)/losses on securities		21		431		60		411
		IPR&D impairments		-		194		-		194
		Other		27		-		27		-
		Tax Adjustments
		Tax impact on special item adjustments 2		(321)		(437)		994		(1,293)
		Tax legislation and other tax related		(214)		(65)		(202)		(47)
		Adjusted Net Earnings , after tax		$6,699		$6,840		$13,405		$13,420
		Average shares outstanding (Diluted)		2,419.1		2,422.0		2,423.3		2,428.5
		Adjusted net earnings per share (Diluted)		$2.77		$2.82		$5.53		$5.53
		Operational adjusted net earnings per share (Diluted)		$2.71				$5.52
		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 income of $63 million in the fiscal second quarter of 2024 ($81 million expense Q2 2024 YTD) included asset divestments and the termination of partnered and non-partnered program costs and asset impairments. This program was completed in Q4 2024.
		In fiscal 2023, the company initiated a restructuring program of its Orthopaedics franchise within the MedTech segment to streamline operations by exiting certain markets, product lines and distribution network arrangements. The restructuring expenses of $50 million in the fiscal second quarter of 2025 ($105 million Q2 2025 YTD) and $52 million in the fiscal second quarter of 2024 ($79 million Q2 2024 YTD) includes costs related to market and product exits.
		In fiscal 2025, the company initiated a restructuring program of its Surgery franchise within the MedTech segment to simplify and focus operations by exiting certain non-strategic product lines and optimize select sites across the network. Restructuring expenses of $29 million were recorded in the fiscal second quarter of 2025.
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
SECOND QUARTER 2025 ACTUAL vs. 2024 ACTUAL
Segments
		Innovative Medicine		MedTech		Total
WW As Reported		4.9%		7.3%		5.8%
U.S.		7.6%		8.0%		7.8%
International		1.0%		6.7%		3.2%
WW Currency		1.1		1.2		1.2
U.S.		-		-		-
International		2.6		2.6		2.6
WW Operational		3.8%		6.1%		4.6%
U.S.		7.6%		8.0%		7.8%
International		(1.6)%		4.1%		0.6%
Shockwave				(2.2)		(0.8)
U.S.				(3.5)		(1.1)
International				(0.9)		(0.3)
Caplyta		(1.4)				(0.9)
U.S.		(2.4)				(1.7)
International		0.0				0.0
All Other Acquisitions and Divestitures (A&D)		0.0		0.2		0.1
U.S.		0.0		0.2		0.0
International		0.0		0.2		0.1
WW Adjusted Operational Ex A&D		2.4%		4.1%		3.0%
U.S.		5.2%		4.7%		5.0%
International		(1.6)%		3.4%		0.4%
Note: Percentages are based on actual, non-rounded figures and may not sum

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Adjusted Operational Sales Growth
SIX MONTHS 2025 ACTUAL vs. 2024 ACTUAL
Segments
		Innovative Medicine		MedTech		Total
WW As Reported		3.6%		5.0%		4.1%
U.S.		7.0%		6.6%		6.9%
International		(0.9)%		3.3%		0.7%
WW Currency		(0.4)		(0.1)		(0.3)
U.S.		-		-		-
International		(0.8)		(0.3)		(0.7)
WW Operational		4.0%		5.1%		4.4%
U.S.		7.0%		6.6%		6.9%
International		(0.1)%		3.6%		1.4%
Shockwave				(2.7)		(1.0)
U.S.				(4.3)		(1.5)
International				(1.1)		(0.5)
Caplyta		(0.8)				(0.5)
U.S.		(1.3)				(0.9)
International		0.0				0.0
All Other Acquisitions and Divestitures (A&D)		0.1		0.3		0.2
U.S.		0.0		0.5		0.2
International		0.2		0.2		0.2
WW Adjusted Operational Ex A&D		3.3%		2.7%		3.1%
U.S.		5.7%		2.8%		4.7%
International		0.1%		2.7%		1.1%
Note: Percentages are based on actual, non-rounded figures and may not sum

		REPORTED SALES vs. PRIOR PERIOD ($MM)														REPORTED SALES vs. PRIOR PERIOD ($MM)
	SECOND QUARTER															SIX MONTHS
							% Change															% Change
INNOVATIVE MEDICINE SEGMENT (2)		2025			2024		Reported			Operational (1)			Currency				2025			2024		Reported			Operational (1)			Currency
ONCOLOGY
US		$	3,385		2,636		28.4	%		28.4	%		-				$	6,398		5,019		27.5	%		27.5	%		-
Intl			2,928		2,455		19.3	%		15.7	%		3.6	%				5,592		4,885		14.5	%		15.1	%		-0.6	%
WW			6,312		5,090		24.0	%		22.3	%		1.7	%				11,990		9,904		21.1	%		21.3	%		-0.2	%
CARVYKTI
US			358		167			*			*		-					676		307			*			*		-
Intl			81		20			*			*			*				132		36			*			*			*
WW			439		186			*			*			*				808		343			*			*			*
DARZALEX
US			2,017		1,641		23.0	%		23.0	%		-					3,846		3,105		23.9	%		23.9	%		-
Intl			1,521		1,237		23.0	%		19.6	%		3.4	%				2,930		2,465		18.9	%		19.7	%		-0.8	%
WW			3,539		2,878		23.0	%		21.5	%		1.5	%				6,776		5,570		21.7	%		22.0	%		-0.3	%
ERLEADA
US			378		318		18.6	%		18.6	%		-					670		603		11.0	%		11.0	%		-
Intl			530		418		27.0	%		22.8	%		4.2	%				1,009		822		22.9	%		23.0	%		-0.1	%
WW			908		736		23.4	%		21.0	%		2.4	%				1,679		1,425		17.8	%		17.9	%		-0.1	%
IMBRUVICA
US			239		246		-2.7	%		-2.7	%		-					474		511		-7.3	%		-7.3	%		-
Intl			496		525		-5.4	%		-8.4	%		3.0	%				970		1,043		-6.9	%		-6.3	%		-0.6	%
WW			735		770		-4.5	%		-6.6	%		2.1	%				1,444		1,554		-7.0	%		-6.6	%		-0.4	%
RYBREVANT / LAZCLUZE (3)
US			139		52			*			*		-					252		88			*			*		-
Intl			41		17			*			*			*				69		28			*			*			*
WW			179		69			*			*			*				320		116			*			*			*
TALVEY
US			82		59		38.0	%		38.0	%		-					150		109		36.7	%		36.7	%		-
Intl			24		9			*			*			*				42		17			*			*			*
WW			106		69		55.0	%		54.3	%		0.7	%				192		127		52.0	%		52.4	%		-0.4	%
TECVAYLI
US			114		104		8.2	%		8.2	%		-					219		205		6.6	%		6.6	%		-
Intl			52		30		74.8	%		72.0	%		2.8	%				98		63		56.0	%		58.4	%		-2.4	%
WW			166		135		23.1	%		22.4	%		0.7	%				317		268		18.2	%		18.7	%		-0.5	%
ZYTIGA / abiraterone acetate
US			6		11		-38.9	%		-38.9	%		-					13		20		-31.9	%		-31.9	%		-
Intl			139		154		-9.8	%		-13.3	%		3.5	%				257		326		-21.1	%		-21.3	%		0.2	%
WW			145		165		-11.6	%		-14.9	%		3.3	%				270		346		-21.7	%		-21.9	%		0.2	%
OTHER ONCOLOGY
US			50		37		36.9	%		36.9	%		-					97		70		39.8	%		39.8	%		-
Intl			42		45		-8.7	%		-12.3	%		3.6	%				84		86		-2.5	%		-1.8	%		-0.7	%
WW			93		83		11.7	%		9.7	%		2.0	%				182		156		16.4	%		16.8	%		-0.4	%
See footnotes at end of schedule
	REPORTED SALES vs. PRIOR PERIOD ($MM)															REPORTED SALES vs. PRIOR PERIOD ($MM)
	SECOND QUARTER															SIX MONTHS
							% Change															% Change
		2025			2024		Reported			Operational (1)			Currency				2025			2024		Reported			Operational (1)			Currency
IMMUNOLOGY
US		$	2,505		2,978		-15.9	%		-15.9	%		-				$	4,701		5,431		-13.4	%		-13.4	%		-
Intl			1,489		1,744		-14.6	%		-16.2	%		1.6	%				2,999		3,538		-15.2	%		-13.8	%		-1.4	%
WW			3,993		4,722		-15.4	%		-16.0	%		0.6	%				7,700		8,969		-14.1	%		-13.6	%		-0.5	%
REMICADE
US			283		231		22.5	%		22.5	%		-					597		497		20.1	%		20.1	%		-
US Exports (4)			34		35		-2.6	%		-2.6	%		-					44		62		-28.7	%		-28.7	%		-
Intl			138		127		8.6	%		8.8	%		-0.2	%				281		268		4.8	%		7.7	%		-2.9	%
WW			455		393		15.9	%		15.9	%		0.0	%				922		827		11.5	%		12.4	%		-0.9	%
SIMPONI / SIMPONI ARIA
US			305		267		14.0	%		14.0	%		-					597		521		14.4	%		14.4	%		-
Intl			387		270		43.1	%		40.8	%		2.3	%				753		569		32.2	%		35.0	%		-2.8	%
WW			690		537		28.6	%		27.5	%		1.1	%				1,349		1,091		23.7	%		25.1	%		-1.4	%
STELARA
US			1,078		1,855		-41.9	%		-41.9	%		-					2,059		3,251		-36.7	%		-36.7	%		-
Intl			575		1,030		-44.2	%		-45.6	%		1.4	%				1,219		2,085		-41.5	%		-40.6	%		-0.9	%
WW			1,653		2,885		-42.7	%		-43.2	%		0.5	%				3,278		5,336		-38.6	%		-38.2	%		-0.4	%
TREMFYA
US			796		589		35.2	%		35.2	%		-					1,395		1,098		27.1	%		27.1	%		-
Intl			391		317		23.2	%		20.5	%		2.7	%				747		616		21.2	%		22.4	%		-1.2	%
WW			1,186		906		31.0	%		30.1	%		0.9	%				2,142		1,714		25.0	%		25.4	%		-0.4	%
OTHER IMMUNOLOGY
US			8		2			*			*		-					9		2			*			*		-
Intl			0		0		-			-			-					0		0		-			-			-
WW			8		2			*			*		-					9		2			*			*		-
NEUROSCIENCE
US			1,377		1,102		24.9	%		24.9	%		-					2,345		2,156		8.7	%		8.7	%		-
Intl			674		679		-0.8	%		-2.6	%		1.8	%				1,353		1,428		-5.2	%		-4.1	%		-1.1	%
WW			2,051		1,782		15.1	%		14.4	%		0.7	%				3,698		3,585		3.2	%		3.6	%		-0.4	%
CAPLYTA (5)
US			211		-			*			*		-					211		-			*			*		-
Intl			-		-		-			-			-					-		-		-			-			-
WW			211		-			*			*		-					211		-			*			*		-
CONCERTA / Methylphenidate
US			24		34		-27.7	%		-27.7	%		-					62		75		-16.6	%		-16.6	%		-
Intl			139		129		7.5	%		7.0	%		0.5	%				249		265		-6.0	%		-4.4	%		-1.6	%
WW			164		163		0.2	%		-0.2	%		0.4	%				312		340		-8.3	%		-7.1	%		-1.2	%
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
US			732		784		-6.7	%		-6.7	%		-					1,357		1,549		-12.4	%		-12.4	%		-
Intl			260		269		-3.5	%		-5.1	%		1.6	%				537		561		-4.2	%		-3.1	%		-1.1	%
WW			992		1,054		-5.9	%		-6.3	%		0.4	%				1,895		2,110		-10.2	%		-9.9	%		-0.3	%
SPRAVATO
US			366		226		61.1	%		61.1	%		-					642		417		53.7	%		53.7	%		-
Intl			50		44		12.8	%		11.0	%		1.8	%				93		78		18.1	%		20.1	%		-2.0	%
WW			414		271		53.3	%		53.0	%		0.3	%				734		496		48.1	%		48.4	%		-0.3	%
OTHER NEUROSCIENCE
US			45		57		-23.5	%		-23.5	%		-					73		115		-37.0	%		-37.0	%		-
Intl			226		237		-4.7	%		-7.6	%		2.9	%				474		524		-9.5	%		-8.8	%		-0.7	%
WW			270		294		-8.4	%		-10.7	%		2.3	%				547		639		-14.4	%		-13.9	%		-0.5	%
See footnotes at end of schedule
	REPORTED SALES vs. PRIOR PERIOD ($MM)															REPORTED SALES vs. PRIOR PERIOD ($MM)
	SECOND QUARTER															SIX MONTHS
							% Change															% Change
		2025			2024		Reported			Operational (1)			Currency				2025			2024		Reported			Operational (1)			Currency
PULMONARY HYPERTENSION
US		$	799		743		7.6	%		7.6	%		-				$	1,543		1,509		2.3	%		2.3	%		-
Intl			314		296		5.8	%		2.8	%		3.0	%				595		579		2.6	%		3.0	%		-0.4	%
WW			1,113		1,039		7.1	%		6.2	%		0.9	%				2,138		2,088		2.4	%		2.5	%		-0.1	%
OPSUMIT / OPSYNVI
US			403		376		6.9	%		6.9	%		-					766		732		4.6	%		4.6	%		-
Intl			180		171		5.4	%		2.1	%		3.3	%				339		340		-0.3	%		-0.2	%		-0.1	%
WW			582		548		6.4	%		5.4	%		1.0	%				1,104		1,072		3.0	%		3.1	%		-0.1	%
UPTRAVI
US			382		349		9.4	%		9.4	%		-					747		741		0.8	%		0.8	%		-
Intl			94		76		22.4	%		19.8	%		2.6	%				180		152		17.9	%		18.7	%		-0.8	%
WW			476		426		11.7	%		11.3	%		0.4	%				927		894		3.7	%		3.8	%		-0.1	%
OTHER PULMONARY HYPERTENSION
US			16		17		-12.4	%		-12.4	%		-					31		35		-12.6	%		-12.6	%		-
Intl			40		49		-18.5	%		-21.3	%		2.8	%				77		88		-12.4	%		-12.1	%		-0.3	%
WW			55		67		-16.9	%		-19.0	%		2.1	%				107		123		-12.5	%		-12.3	%		-0.2	%
INFECTIOUS DISEASES
US			320		334		-4.3	%		-4.3	%		-					635		658		-3.6	%		-3.6	%		-
Intl			484		631		-23.4	%		-26.8	%		3.4	%				971		1,128		-13.9	%		-14.1	%		0.2	%
WW			803		965		-16.8	%		-19.0	%		2.2	%				1,605		1,786		-10.1	%		-10.2	%		0.1	%
EDURANT / rilpivirine
US			6		8		-25.4	%		-25.4	%		-					14		16		-13.6	%		-13.6	%		-
Intl			354		288		23.0	%		16.7	%		6.3	%				704		603		16.7	%		15.6	%		1.1	%
WW			360		297		21.6	%		15.5	%		6.1	%				718		620		15.9	%		14.9	%		1.0	%
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US			312		321		-3.0	%		-3.0	%		-					617		635		-2.9	%		-2.9	%		-
Intl			85		117		-27.0	%		-29.4	%		2.4	%				183		221		-17.2	%		-15.8	%		-1.4	%
WW			396		438		-9.4	%		-10.0	%		0.6	%				799		856		-6.6	%		-6.3	%		-0.3	%
OTHER INFECTIOUS DISEASES
US			2		5		-51.8	%		-51.8	%		-					4		7		-37.4	%		-37.4	%		-
Intl			45		227		-80.5	%		-80.6	%		0.1	%				84		304		-72.5	%		-72.1	%		-0.4	%
WW			47		233		-79.8	%		-79.9	%		0.1	%				88		311		-71.7	%		-71.3	%		-0.4	%
CARDIOVASCULAR / METABOLISM / OTHER
US			776		717		8.2	%		8.2	%		-					1,631		1,348		21.0	%		21.0	%		-
Intl			154		176		-12.3	%		-13.2	%		0.9	%				312		373		-16.2	%		-14.3	%		-1.9	%
WW			930		892		4.2	%		4.0	%		0.2	%				1,943		1,721		12.9	%		13.3	%		-0.4	%
XARELTO
US			621		587		5.6	%		5.6	%		-					1,311		1,105		18.6	%		18.6	%		-
Intl			-		-		-			-			-					-		-		-			-			-
WW			621		587		5.6	%		5.6	%		-					1,311		1,105		18.6	%		18.6	%		-
OTHER
US			155		129		20.0	%		20.0	%		-					320		243		31.6	%		31.6	%		-
Intl			154		176		-12.3	%		-13.2	%		0.9	%				312		373		-16.2	%		-14.3	%		-1.9	%
WW			309		305		1.4	%		0.9	%		0.5	%				632		616		2.7	%		3.9	%		-1.2	%
TOTAL INNOVATIVE MEDICINE
US			9,161		8,510		7.6	%		7.6	%		-					17,253		16,122		7.0	%		7.0	%		-
Intl			6,041		5,980		1.0	%		-1.6	%		2.6	%				11,822		11,930		-0.9	%		-0.1	%		-0.8	%
WW		$	15,202		14,490		4.9	%		3.8	%		1.1	%			$	29,075		28,052		3.6	%		4.0	%		-0.4	%
See footnotes at end of schedule
	REPORTED SALES vs. PRIOR PERIOD ($MM)															REPORTED SALES vs. PRIOR PERIOD ($MM)
	SECOND QUARTER															SIX MONTHS
							% Change															% Change
MEDTECH SEGMENT (2)		2025			2024		Reported			Operational (1)			Currency				2025			2024		Reported			Operational (1)			Currency
CARDIOVASCULAR
US		$	1,364		1,119		21.9	%		21.9	%		-				$	2,625		2,144		22.4	%		22.4	%		-
Intl			948		753		25.9	%		22.9	%		3.0	%				1,790		1,534		16.7	%		16.7	%		0.0	%
WW			2,313		1,873		23.5	%		22.3	%		1.2	%				4,416		3,679		20.0	%		20.0	%		0.0	%
ELECTROPHYSIOLOGY
US			741		705		5.1	%		5.1	%		-					1,425		1,397		2.0	%		2.0	%		-
Intl			728		618		17.8	%		15.2	%		2.6	%				1,366		1,270		7.6	%		7.8	%		-0.2	%
WW			1,468		1,323		11.0	%		9.8	%		1.2	%				2,791		2,667		4.7	%		4.7	%		0.0	%
ABIOMED
US			360		309		16.6	%		16.6	%		-					699		612		14.2	%		14.2	%		-
Intl			89		72		25.0	%		18.4	%		6.6	%				170		139		22.4	%		20.9	%		1.5	%
WW			448		379		18.2	%		16.9	%		1.3	%				868		750		15.7	%		15.5	%		0.2	%
SHOCKWAVE (6)
US			233		77			*			*		-					439		77			*			*		-
Intl			58		0			*			*			*				110		0			*			*			*
WW			292		77			*			*			*				550		77			*			*		-
OTHER CARDIOVASCULAR
US			31		29		5.4	%		5.4	%		-					63		59		6.3	%		6.3	%		-
Intl			72		64		13.4	%		11.6	%		1.8	%				144		126		14.2	%		14.5	%		-0.3	%
WW			104		93		10.8	%		9.7	%		1.1	%				207		185		11.7	%		11.8	%		-0.1	%
ORTHOPAEDICS
US			1,420		1,422		-0.2	%		-0.2	%		-					2,804		2,870		-2.3	%		-2.3	%		-
Intl			885		890		-0.5	%		-4.0	%		3.5	%				1,742		1,782		-2.2	%		-2.4	%		0.2	%
WW			2,305		2,312		-0.3	%		-1.6	%		1.3	%				4,546		4,652		-2.3	%		-2.3	%		0.0	%
HIPS
US			271		265		2.1	%		2.1	%		-					534		535		-0.2	%		-0.2	%		-
Intl			150		152		-1.0	%		-4.3	%		3.3	%				296		304		-2.5	%		-2.6	%		0.1	%
WW			421		417		1.0	%		-0.2	%		1.2	%				830		839		-1.1	%		-1.1	%		0.0	%
KNEES
US			226		230		-1.9	%		-1.9	%		-					457		472		-3.1	%		-3.1	%		-
Intl			164		163		0.0	%		-2.9	%		2.9	%				322		323		-0.5	%		-0.4	%		-0.1	%
WW			389		394		-1.1	%		-2.3	%		1.2	%				778		795		-2.0	%		-2.0	%		0.0	%
TRAUMA
US			501		498		0.7	%		0.7	%		-					1,003		1,002		0.1	%		0.1	%		-
Intl			267		260		2.2	%		-1.5	%		3.7	%				537		521		2.9	%		2.8	%		0.1	%
WW			768		759		1.2	%		-0.1	%		1.3	%				1,540		1,524		1.1	%		1.0	%		0.1	%
SPINE, SPORTS & OTHER
US			422		430		-1.7	%		-1.7	%		-					810		862		-6.0	%		-6.0	%		-
Intl			305		314		-2.7	%		-6.4	%		3.7	%				588		634		-7.2	%		-7.7	%		0.5	%
WW			727		743		-2.1	%		-3.7	%		1.6	%				1,398		1,495		-6.5	%		-6.7	%		0.2	%
See footnotes at end of schedule
	REPORTED SALES vs. PRIOR PERIOD ($MM)															REPORTED SALES vs. PRIOR PERIOD ($MM)
	SECOND QUARTER															SIX MONTHS
							% Change															% Change
		2025			2024		Reported			Operational (1)			Currency				2025			2024		Reported			Operational (1)			Currency
SURGERY
US		$	1,043		995		4.8	%		4.8	%		-				$	2,045		1,982		3.2	%		3.2	%		-
Intl			1,512		1,493		1.3	%		-0.2	%		1.5	%				2,906		2,922		-0.5	%		0.3	%		-0.8	%
WW			2,555		2,488		2.7	%		1.8	%		0.9	%				4,951		4,904		1.0	%		1.5	%		-0.5	%
ADVANCED
US			477		466		2.2	%		2.2	%		-					934		912		2.4	%		2.4	%		-
Intl			687		675		1.9	%		0.2	%		1.7	%				1,303		1,316		-1.0	%		-0.4	%		-0.6	%
WW			1,164		1,141		2.0	%		1.0	%		1.0	%				2,237		2,228		0.4	%		0.8	%		-0.4	%
GENERAL
US			567		528		7.2	%		7.2	%		-					1,111		1,070		3.8	%		3.8	%		-
Intl			825		818		0.9	%		-0.6	%		1.5	%				1,603		1,606		-0.1	%		0.8	%		-0.9	%
WW			1,391		1,346		3.3	%		2.5	%		0.8	%				2,714		2,676		1.4	%		2.0	%		-0.6	%
VISION
US			557		523		6.5	%		6.5	%		-					1,123		1,070		4.9	%		4.9	%		-
Intl			813		763		6.5	%		3.4	%		3.1	%				1,526		1,473		3.6	%		3.7	%		-0.1	%
WW			1,369		1,285		6.5	%		4.6	%		1.9	%				2,648		2,543		4.1	%		4.2	%		-0.1	%
CONTACT LENSES / OTHER
US			429		409		4.8	%		4.8	%		-					881		847		3.9	%		3.9	%		-
Intl			536		509		5.4	%		1.4	%		4.0	%				1,003		981		2.3	%		1.9	%		0.4	%
WW			965		918		5.1	%		2.9	%		2.2	%				1,884		1,828		3.1	%		2.8	%		0.3	%
SURGICAL
US			128		113		12.6	%		12.6	%		-					242		223		8.5	%		8.5	%		-
Intl			277		254		8.8	%		7.3	%		1.5	%				523		492		6.2	%		7.2	%		-1.0	%
WW			403		367		9.9	%		8.9	%		1.0	%				764		715		6.9	%		7.6	%		-0.7	%
TOTAL MEDTECH
US			4,383		4,059		8.0	%		8.0	%		-					8,596		8,067		6.6	%		6.6	%		-
Intl			4,158		3,898		6.7	%		4.1	%		2.6	%				7,965		7,711		3.3	%		3.6	%		-0.3	%
WW		$	8,541		7,957		7.3	%		6.1	%		1.2	%			$	16,561		15,778		5.0	%		5.1	%		-0.1	%

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

(6) Acquired on May 31, 2024

Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
Quarter to Date
Innovative Medicine	Second Quarter June 29, 2025 GAAP				Intangible asset amortization			Litigation related			Restructuring related			Acquisition, integration and divestiture related			(Loss)/gain on securities			Tax legislation and other tax related			Other			Second Quarter June 29, 2025 Non-GAAP
Cost 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
MedTech	Second Quarter June 29, 2025 GAAP				Intangible asset amortization			Litigation related			Restructuring related			Acquisition, integration and divestiture related			(Loss)/gain on securities			Tax legislation and other tax related			Other			Second Quarter June 29, 2025 Non-GAAP
Cost 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 segments	Second Quarter June 29, 2025 GAAP				Intangible asset amortization			Litigation related			Restructuring related			Acquisition, integration and divestiture related			(Loss)/gain on securities			Tax legislation and other tax related			Other			Second Quarter June 29, 2025 Non-GAAP
Cost 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 Consolidated	Second Quarter June 29, 2025 GAAP				Intangible asset amortization			Litigation related			Restructuring related			Acquisition, integration and divestiture related			(Loss)/gain on securities			Tax legislation and other tax related			Other			Second Quarter June 29, 2025 Non-GAAP
Cost 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 Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
Quarter to Date
Innovative Medicine		Second Quarter June 30, 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			Second Quarter June 30, 2024 Non-GAAP
Cost of products sold		$	3,603			(694	)																				(4	)					2,905
Selling, marketing and admin expenses			2,665																														2,665
Research and development expense			2,722																								(10	)					2,712
Other segment items			41						(43	)		(194	)		63			(1	)		(70	)					(50	)					(254	)
Adjusted Income Before Tax by Segment			5,459			694			43			194			(63	)		1			70			-			64			-			6,462
MedTech		Second Quarter June 30, 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			Second Quarter June 30, 2024 Non-GAAP
Cost of products sold		$	3,248			(412	)								(2	)		(50	)					(30	)								2,754
Selling, marketing and admin expenses			2,671																					(5	)								2,666
Research and development expense			718															(15	)					(33	)								670
Other segment items			231						4						(50	)		(344	)		(22	)											(181	)
Adjusted Income Before Tax by Segment			1,089			412			(4	)		-			52			409			22			68			-			-			2,048
Expenses not allocated to segments		Second Quarter June 30, 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			Second Quarter June 30, 2024 Non-GAAP
Cost of products sold		$	18																														18
Selling, marketing and admin expenses			345																														345
Research and development expense			-																														-
Other segment items			437						(313	)								(42	)		(339	)											(257	)
Adjusted Income Before Tax by Segment			(800	)		-			313			-			-			42			339			-			-			-			(106	)
Johnson & Johnson Consolidated		Second Quarter June 30, 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			Second Quarter June 30, 2024 Non-GAAP
Cost of products sold		$	6,869			(1,106	)								(2	)		(50	)					(30	)		(4	)					5,677
Selling, marketing and admin expenses			5,681																					(5	)								5,676
Research and development expense			3,440															(15	)					(33	)		(10	)					3,382
Other (Income) / Expense			653						(352	)								(387	)		(431	)					(50	)					(567	)
In-process research and development impairments			194									(194	)																				-
Interest (Income)/Expense			(125	)																													(125	)
Restructuring			(13	)											13																		-
Adjusted Income Before Tax			5,748			1,106			352			194			(11	)		452			431			68			64			-			8,404
Provision for taxes on income			1,062			156			70			43			(6	)		125			21			14			14			65			1,564
Net Earnings			4,686			950			282			151			(5	)		327			410			54			50			(65	)		6,840

Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
Year to Date
Innovative Medicine	Six Months June 29, 2025 GAAP				Intangible asset amortization			Litigation related			Restructuring related			Acquisition, integration and divestiture related			(Loss)/gain on securities			Tax legislation and other tax related			Other			Six Months June 29, 2025 Non-GAAP
Cost 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
MedTech	Six Months June 29, 2025 GAAP				Intangible asset amortization			Litigation related			Restructuring related			Acquisition, integration and divestiture related			(Loss)/gain on securities			Tax legislation and other tax related			Other			Six Months June 29, 2025 Non-GAAP
Cost 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 segments	Six Months June 29, 2025 GAAP				Intangible asset amortization			Litigation related			Restructuring related			Acquisition, integration and divestiture related			(Loss)/gain on securities			Tax legislation and other tax related			Other			Six Months June 29, 2025 Non-GAAP
Cost 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 Consolidated	Six Months June 29, 2025 GAAP				Intangible asset amortization			Litigation related			Restructuring related			Acquisition, integration and divestiture related			(Loss)/gain on securities			Tax legislation and other tax related			Other			Six Months June 29, 2025 Non-GAAP
Cost 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

Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
Year to Date
Innovative Medicine	Six Months June 30, 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			Six Months June 30, 2024 Non-GAAP
Cost of products sold	$	6,973			(1,392	)																				(6	)					5,575
Selling, marketing and admin expenses		5,103																														5,103
Research and development expense		5,618																								(17	)					5,601
Other segment items		(70	)					(43	)		(194	)		(81	)		(48	)		(15	)					(50	)					(501	)
Adjusted Income Before Tax by Segment		10,428			1,392			43			194			81			48			15			-			73			-			12,274
MedTech	Six Months June 30, 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			Six Months June 30, 2024 Non-GAAP
Cost of products sold	$	6,368			(792	)								(9	)		(50	)					(50	)								5,467
Selling, marketing and admin expenses		5,253																					(9	)								5,244
Research and development expense		1,364															(33	)					(60	)								1,271
Other segment items		184						4						(70	)		(387	)		(44	)											(313	)
Adjusted Income Before Tax by Segment		2,609			792			(4	)		-			79			470			44			119			-			-			4,109
Expenses not allocated to segments	Six Months June 30, 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			Six Months June 30, 2024 Non-GAAP
Cost of products sold	$	39																														39
Selling, marketing and admin expenses		582																														582
Research and development expense		-																														-
Other segment items		2,954						(3,039	)								(82	)		(352	)											(519	)
Adjusted Income Before Tax by Segment		(3,575	)		-			3,039			-			-			82			352			-			-			-			(102	)
Johnson & Johnson Consolidated	Six Months June 30, 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			Six Months June 30, 2024 Non-GAAP
Cost of products sold	$	13,380			(2,184	)								(9	)		(50	)					(50	)		(6	)					11,081
Selling, marketing and admin expenses		10,938																					(9	)								10,929
Research and development expense		6,982															(33	)					(60	)		(17	)					6,872
Other (Income) / Expense		3,057						(3,078	)								(517	)		(411	)					(50	)					(999	)
In-process research and development impairments		194									(194	)																				-
Interest (Income)/Expense		(334	)																													(334	)
Restructuring		151												(151	)																	-
Adjusted Income Before Tax		9,462			2,184			3,078			194			160			600			411			119			73			-			16,281
Provision for taxes on income		1,521			304			697			43			33			163			14			23			16			47			2,861
Net Earnings		7,941			1,880			2,381			151			127			437			397			96			57			(47	)		13,420

 

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Source: Johnson & Johnson