Johnson & Johnson Reports Q3 2025 Results; Raises 2025 Sales Outlook

• 2025 Third-Quarter reported sales growth of 6.8% to $24.0 Billion with operational growth of 5.4%* and adjusted operational growth of 4.4%*
• 2025 Third-Quarter reflects earnings per share (EPS) of $2.12 and adjusted EPS of $2.80
• Significant innovation including approvals of INLEXZO for high-risk non-muscle invasive bladder cancer and TREMFYA subcutaneous in ulcerative colitis, submission of icotrokinra for plaque psoriasis, landmark data for RYBREVANT plus LAZCLUZE overall survival in non-small cell lung cancer, and DanGer Shock long-term survival benefit of Impella Heart Pump
• Company increases full year estimated reported sales⁵ guidance to $93.7B or 5.7% at the midpoint; reaffirms full year adjusted EPS⁴ guidance of $10.85 at the midpoint, absorbing higher tax costs

NEW BRUNSWICK, N.J.--(BUSINESS WIRE)-- Johnson & Johnson (NYSE: JNJ) today announced results for third-quarter 2025. “Johnson & Johnson delivered another strong performance in the third quarter fueled by the depth and strength of our portfolio and significant progress across our pipeline,” said Joaquin Duato, Chairman and Chief Executive Officer, Johnson & Johnson. “With a sharpened focus on the six priority areas of Oncology, Immunology, Neuroscience, Cardiovascular, Surgery and Vision, Johnson & Johnson is in a new era of accelerated growth and innovation, with pioneering treatments that will continue to transform lives.”

Overall financial results

	Q3
($ in Millions, except EPS)	2025			2024		% Change
Reported Sales		$23,993		$22,471		6.8%
Net Earnings		$5,152		$2,694		91.2%
EPS (diluted)		$2.12		$1.11		91.0%
	Q3
Non-GAAP* ($ in Millions, except EPS)	2025			2024		% Change
Operational Sales1,2						5.4%
Adjusted Operational Sales1,3						4.4%
Adjusted Net Earnings1,4		$6,801		$5,876		15.7%
Adjusted EPS (diluted)1,4		$2.80		$2.42		15.7%
Free Cash Flow6,7		~$14,200		$14,471

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		Third-quarter YTD 2025 is estimated as of October 14, 2025
Note: values may have been rounded

Regional sales results

Q3								% Change
($ in Millions)		2025		2024		Reported		Operational1,2		Currency		Adjusted Operational1,3
U.S.		$13,708		$12,909		6.2%		6.2		-		4.4
International		10,285		9,562		7.6		4.4		3.2		4.4
Worldwide		$23,993		$22,471		6.8%		5.4		1.4		4.4

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

Q3								% Change
($ in Millions)		2025		2024		Reported		Operational1,2		Currency		Adjusted Operational1,3
Innovative Medicine		$15,563		$14,580		6.8%		5.3		1.5		3.7
MedTech		8,430		7,891		6.8		5.6		1.2		5.7
Worldwide		$23,993		$22,471		6.8%		5.4		1.4		4.4

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

Third-Quarter 2025 segment commentary:

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

Innovative Medicine

Innovative Medicine worldwide operational sales grew 5.3%*, with net acquisitions and divestitures positively impacting growth by 1.6% due to CAPLYTA. Growth was primarily driven by DARZALEX, CARVYKTI, ERLEADA and RYBREVANT/LAZCLUZE in Oncology, TREMFYA and SIMPONI/SIMPONI ARIA in Immunology, and SPRAVATO in Neuroscience. Growth was partially offset by an approximate (1,070) basis points impact from STELARA in Immunology, as well as IMBRUVICA in Oncology.

MedTech

MedTech worldwide operational sales grew 5.6%*, with net acquisitions and divestitures negatively impacting growth by 0.1%. Growth was primarily driven by electrophysiology products, Abiomed and Shockwave in Cardiovascular, wound closure products in General Surgery, as well as Surgical Vision.

Full-year 2025 guidance:

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

($ in Billions, except EPS)	October 2025	July 2025
Adjusted Operational Sales1,2,5 Change vs. Prior Year / Mid-point	3.5% – 4.0% / 3.8%	3.2% – 3.7% / 3.5%
Operational Sales2,5 / Mid-point Change vs. Prior Year / Mid-point	$93.0B – $93.4B / $93.2B 4.8% – 5.3% / 5.1%	$92.7B – $93.1B / $92.9B 4.5% – 5.0% / 4.8%
Estimated Reported Sales3,5/ Mid-point Change vs. Prior Year / Mid-point	$93.5B – $93.9B / $93.7B 5.4% – 5.9% / 5.7%	$93.2B – $93.6B / $93.4B 5.1% – 5.6% / 5.4%
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%	$10.63 – $10.73 / $10.68 6.5% – 7.5% / 7.0%
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%	$10.80 – $10.90 / $10.85 8.2% – 9.2% / 8.7%

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: Oct 2025 = $1.13 and July 2025 = $1.13 (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 Investor News, as well as Innovative Medicine Newsroom, MedTech News & Events, and www.factsabouttalc.com.

Regulatory	U.S. FDA approves TREMFYA (guselkumab) for the treatment of pediatric plaque psoriasis and active psoriatic arthritis, marking a first and only approval for an IL-23 inhibitor1	Press Release
	TREMFYA (guselkumab) achieves U.S. approval for subcutaneous induction in adults with ulcerative colitis, now the first and only IL-23 inhibitor with a fully subcutaneous regimen	Press Release
	Johnson & Johnson receives positive CHMP opinion of nipocalimab to treat a broad population of antibody-positive patients living with generalised myasthenia gravis (gMG)	Press Release
	Johnson & Johnson files with U.S. FDA to include new evidence in TREMFYA (guselkumab) label as the only IL-23 inhibitor to demonstrate significant inhibition of joint structural damage in active psoriatic arthritis	Press Release
	European Commission approves DARZALEX (daratumumab) as the first licensed treatment for patients with high-risk smouldering multiple myeloma	Press Release
	European Commission approves IMBRUVICA (ibrutinib) as the first targeted therapy for patients with previously untreated mantle cell lymphoma who would be eligible for autologous stem cell transplant	Press Release
	Johnson & Johnson seeks first icotrokinra U.S. FDA approval aiming to revolutionize treatment paradigm for adults and adolescents with plaque psoriasis	Press Release
Data Releases	Johnson & Johnson to highlight breadth of its major depressive disorder portfolio at 2025 ECNP Congress1	Press Release
	Icotrokinra data in ulcerative colitis show potential for a standout combination of therapeutic benefit and a favorable safety profile in once-daily pill1	Press Release
	TREMFYA (guselkumab) is first and only IL-23 inhibitor to demonstrate sustained clinical and endoscopic outcomes with a fully subcutaneous regimen through 48 weeks in ulcerative colitis1	Press Release
	Johnson & Johnson Unveils New Data Demonstrating Superior Clarity of Vision and Comfort of ACUVUE OASYS MAX 1-Day for ASTIGMATISM, and MULTIFOCAL for ASTIGMATISM Contact Lenses1	Press Release
	Johnson & Johnson’s investigational seltorexant shows numerically higher response in patients with depression with insomnia symptoms, with fewer side effects compared to quetiapine XR	Press Release
	TECVAYLI plus DARZALEX FASPRO treatment demonstrates 100 percent overall response rate in transplant-eligible patients newly diagnosed with multiple myeloma	Press Release
	Icotrokinra shows superiority to deucravacitinib in first reported head-to-head trials reinforcing promise of novel targeted oral peptide for treatment of plaque psoriasis	Press Release
	Johnson & Johnson to showcase industry-leading neuropsychiatry innovations at the 2025 Psych Congress Annual Meeting	Press Release
	Data published in The New England Journal of Medicine demonstrate RYBREVANT (amivantamab-vmjw) plus LAZCLUZE (lazertinib) is re-setting survival expectations in first-line EGFR-mutated lung cancer	Press Release
	RYBREVANT (amivantamab-vmjw) plus LAZCLUZE (lazertinib) prevents acquired resistance versus osimertinib in first-line EGFR-mutated non-small cell lung cancer	Press Release
	New real-world data elevating patient perspectives highlight the need for scientific advancement in maternal fetal immunology at ISUOG 2025	Press Release
	Johnson & Johnson Unveils Results from the VARIPURE Substudy of SECURE, a Real-World Study on VARIPULSE Platform, at 2025 European Society of Cardiology (ESC) Congress	Press Release
	New Data from the DanGer Shock Randomized Control Trial, Published in The New England Journal of Medicine, Confirms the Long-Term Survival Benefit of the Impella CP Heart Pump	Press Release
	Johnson & Johnson showcases latest advancements in Alzheimer's research at AAIC 2025	Press Release
Product Launch	U.S. FDA approval of INLEXZO (gemcitabine intravesical system) set to transform how certain bladder cancers are treated	Press Release
	Johnson & Johnson Launches VIRTUGUIDE AI-Powered Patient-Matched Lapidus System in U.S. to Reduce Complexity in Bunion Surgery for Millions	Press Release
Other	Johnson & Johnson Elects John Morikis, Retired Chairman, President and Chief Executive Officer of The Sherwin-Williams Company, to its Board of Directors	Press Release
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)	THIRD QUARTER											NINE 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.	$	9,402		8,871		6.0	%	6.0		-		$	26,655		24,993		6.7	%	6.7		-
International		6,161		5,709		7.9		4.3		3.6			17,983		17,639		1.9		1.3		0.6
		15,563		14,580		6.8		5.3		1.5			44,638		42,632		4.7		4.5		0.2
MedTech
U.S.		4,306		4,038		6.6		6.6		-			12,902		12,105		6.6		6.6		-
International		4,124		3,853		7.0		4.5		2.5			12,089		11,564		4.5		3.9		0.6
		8,430		7,891		6.8		5.6		1.2			24,991		23,669		5.6		5.3		0.3
U.S.		13,708		12,909		6.2		6.2		-			39,557		37,098		6.6		6.6		-
International		10,285		9,562		7.6		4.4		3.2			30,072		29,203		3.0		2.3		0.7
Worldwide	$	23,993		22,471		6.8	%	5.4		1.4		$	69,629		66,301		5.0	%	4.7		0.3
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)	THIRD QUARTER												NINE MONTHS
						Percent Change												Percent Change
	2025			2024		Total		Operations		Currency			2025			2024		Total		Operations		Currency
Sales to customers by
geographic area
U.S.	$	13,708		12,909		6.2	%	6.2		-			$	39,557		37,098		6.6	%	6.6		-
Europe		5,440		4,914		10.7		4.4		6.3				15,937		15,291		4.2		1.5		2.7
Western Hemisphere excluding U.S.		1,231		1,173		4.9		7.3		(2.4	)			3,604		3,579		0.7		7.6		(6.9	)
Asia-Pacific, Africa		3,614		3,475		4.0		3.4		0.6				10,531		10,333		1.9		1.8		0.1
International		10,285		9,562		7.6		4.4		3.2				30,072		29,203		3.0		2.3		0.7
Worldwide	$	23,993		22,471		6.8	%	5.4		1.4			$	69,629		66,301		5.0	%	4.7		0.3
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)	THIRD QUARTER
	2025							2024							Percent
					Percent							Percent			Increase
	Amount				to Sales			Amount				to Sales			(Decrease)
Sales to customers	$	23,993			100.0			$	22,471			100.0			6.8
Cost of products sold		7,303			30.4				6,963			31.0			4.9
Gross Profit		16,690			69.6				15,508			69.0			7.6
Selling, marketing and administrative expenses		5,922			24.7				5,478			24.3			8.1
Research and development expense		3,672			15.3				4,952			22.0			(25.8	)
Interest (income) expense, net		18			0.1				(99	)		(0.4	)
Other (income) expense, net		(478	)		(2.0	)			1,798			8.0
Restructuring		63			0.3				41			0.2
Earnings before provision for taxes on income		7,493			31.2				3,338			14.9			124.5
Provision for taxes on income		2,341			9.7				644			2.9			263.5
Net earnings	$	5,152			21.5			$	2,694			12.0			91.2
Net earnings per share (Diluted)	$	2.12						$	1.11						91.0
Average shares outstanding (Diluted)		2,428.6							2,427.9
Effective tax rate		31.2		%					19.3		%
Adjusted earnings before provision for taxes and net earnings (1)
Earnings before provision for taxes on income	$	8,436			35.2			$	7,277			32.4			15.9
Net earnings	$	6,801			28.3			$	5,876			26.1			15.7
Net earnings per share (Diluted)	$	2.80						$	2.42						15.7
Effective tax rate		19.4		%					19.3		%
(1) See Reconciliation of Non-GAAP Financial Measures.

Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)	NINE MONTHS
	2025							2024							Percent
					Percent							Percent			Increase
	Amount				to Sales			Amount				to Sales			(Decrease)
Sales to customers	$	69,629			100.0			$	66,301			100.0			5.0
Cost of products sold		22,288			32.0				20,343			30.7			9.6
Gross Profit		47,341			68.0				45,958			69.3			3.0
Selling, marketing and administrative expenses		16,923			24.3				16,416			24.8			3.1
Research and development expense		10,413			15.0				11,934			18.0			(12.7	)
In-process research and development impairments		-			-				194			0.3
Interest (income) expense, net		(62	)		(0.1	)			(433	)		(0.7	)
Other (income) expense, net		(7,692	)		(11.1	)			4,855			7.3
Restructuring		144			0.2				192			0.3
Earnings before provision for taxes on income		27,615			39.7				12,800			19.3			115.7
Provision for taxes on income		5,927			8.6				2,165			3.3			173.8
Net earnings	$	21,688			31.1			$	10,635			16.0			103.9
Net earnings per share (Diluted)	$	8.94						$	4.38						104.1
Average shares outstanding (Diluted)		2,424.8							2,429.5
Effective tax rate		21.5		%					16.9		%
Adjusted earnings before provision for taxes and net earnings (1)
Earnings before provision for taxes on income	$	24,635			35.4			$	23,558			35.5			4.6
Net earnings	$	20,206			29.0			$	19,296			29.1			4.7
Net earnings per share (Diluted)	$	8.33						$	7.94						4.9
Effective tax rate		18.0		%					18.1		%
(1) See Reconciliation of Non-GAAP Financial Measures.

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
			Third Quarter						Nine Months Ended
	(Dollars in Millions Except Per Share Data)		2025			2024			2025			2024
	Net Earnings, after tax- as reported		$5,152			$2,694			$21,688			$10,635
	Pre-tax Adjustments
	Litigation related		15			2,388			(6,894	)		5,466
	Intangible Asset Amortization expense		1,048			1,171			3,435			3,355
	COVID-19 Vaccine related costs		-			4			-			77
	Restructuring related 1		168			47			302			207
	Medical Device Regulation		-			38			-			157
	Acquisition, integration and divestiture related		97			328			475			928
	(Gains)/losses on securities		(387	)		(37	)		(327	)		374
	IPR&D impairments		-			-			-			194
	Other		2			-			29			-
	Tax Adjustments
	Tax impact on special item adjustments 2		(168	)		(762	)		826			(2,055	)
	Tax legislation and other tax related		874			5			672			(42	)
	Adjusted Net Earnings, after tax		$6,801			$5,876			$20,206			$19,296
	Average shares outstanding (Diluted)		2,428.6			2,427.9			2,424.8			2,429.5
	Adjusted net earnings per share (Diluted)		$2.80			$2.42			$8.33			$7.94
	Operational adjusted net earnings per share (Diluted)		$2.72						$8.24

		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 $19 million in the fiscal third quarter of 2024 ($100 million Q3 2024 YTD) included the termination of partnered and non-partnered program costs, asset impairments and asset divestments. This program was completed in Q4 2024.
		In fiscal 2023, the company initiated a restructuring program of its Orthopaedics franchise within the MedTech segment to streamline operations by exiting certain markets, product lines and distribution network arrangements. The restructuring expense of $40 million in the fiscal third quarter of 2025 ($145 million Q3 2025 YTD) and $28 million in the fiscal third quarter of 2024 ($107 million Q3 2024 YTD) primarily includes costs related to market and product exits.
		In fiscal 2025, the company initiated a restructuring program of its Surgery franchise within the MedTech segment to simplify and focus operations by exiting certain non-strategic product lines and optimize select sites across the network. The restructuring expense of $128 million in the fiscal third quarter of 2025 ($157 million Q3 2025 YTD) primarily includes costs related to asset impairments and market and product exits.
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
THIRD QUARTER 2025 ACTUAL vs. 2024 ACTUAL
Segments
		Innovative Medicine		MedTech		Total
WW As Reported		6.8%		6.8%		6.8%
U.S.		6.0%		6.6%		6.2%
International		7.9%		7.0%		7.6%
WW Currency		1.5		1.2		1.4
U.S.		-		-		-
International		3.6		2.5		3.2
WW Operational		5.3%		5.6%		5.4%
U.S.		6.0%		6.6%		6.2%
International		4.3%		4.5%		4.4%
Caplyta		(1.6)				(1.1)
U.S.		(2.7)				(1.9)
International		0.0				0.0
All Other Acquisitions and Divestitures (A&D)		0.0		0.1		0.1
U.S.		0.0		0.2		0.1
International		0.0		0.1		0.0
WW Adjusted Operational Ex A&D		3.7%		5.7%		4.4%
U.S.		3.3%		6.8%		4.4%
International		4.3%		4.6%		4.4%
Note: Percentages are based on actual, non-rounded figures and may not sum

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Adjusted Operational Sales Growth
NINE MONTHS 2025 ACTUAL vs. 2024 ACTUAL
Segments
		Innovative Medicine		MedTech		Total
WW As Reported		4.7%		5.6%		5.0%
U.S.		6.7%		6.6%		6.6%
International		1.9%		4.5%		3.0%
WW Currency		0.2		0.3		0.3
U.S.		-		-		-
International		0.6		0.6		0.7
WW Operational		4.5%		5.3%		4.7%
U.S.		6.7%		6.6%		6.6%
International		1.3%		3.9%		2.3%
Shockwave				(1.9)		(0.6)
U.S.				(2.9)		(0.9)
International				(0.8)		(0.2)
Caplyta		(1.1)				(0.7)
U.S.		(1.8)				(1.2)
International		0.0				0.0
All Other Acquisitions and Divestitures (A&D)		0.0		0.3		0.1
U.S.		0.0		0.4		0.1
International		0.1		0.2		0.1
WW Adjusted Operational Ex A&D		3.4%		3.7%		3.5%
U.S.		4.9%		4.1%		4.6%
International		1.4%		3.3%		2.2%
Note: Percentages are based on actual, non-rounded figures and may not sum

		REPORTED SALES vs. PRIOR PERIOD ($MM)														REPORTED SALES vs. PRIOR PERIOD ($MM)
	THIRD QUARTER															NINE MONTHS
							% Change															% Change
INNOVATIVE MEDICINE SEGMENT (2)		2025			2024		Reported			Operational (1)			Currency				2025			2024		Reported			Operational (1)			Currency
ONCOLOGY
US		$	3,468		2,816		23.2	%		23.2	%		-				$	9,866		7,835		25.9	%		25.9	%		-
Intl			3,060		2,565		19.3	%		14.8	%		4.5	%				8,652		7,450		16.1	%		15.0	%		1.1	%
WW			6,529		5,380		21.3	%		19.2	%		2.1	%				18,519		15,284		21.2	%		20.6	%		0.6	%
CARVYKTI
US			396		258		53.3	%		53.3	%		-					1,072		565		89.6	%		89.6	%		-
Intl			128		27		*			*			*					260		63		*			*			*
WW			524		286		83.5	%		81.4	%		2.1	%				1,332		629		*			*			*
DARZALEX
US			2,088		1,684		24.0	%		24.0	%		-					5,934		4,789		23.9	%		23.9	%		-
Intl			1,584		1,332		18.9	%		14.7	%		4.2	%				4,514		3,797		18.9	%		17.9	%		1.0	%
WW			3,672		3,016		21.7	%		19.9	%		1.8	%				10,448		8,586		21.7	%		21.3	%		0.4	%
ERLEADA
US			378		337		12.3	%		12.3	%		-					1,048		940		11.5	%		11.5	%		-
Intl			558		453		23.0	%		17.6	%		5.4	%				1,567		1,275		22.9	%		21.1	%		1.8	%
WW			936		790		18.4	%		15.3	%		3.1	%				2,615		2,215		18.0	%		17.0	%		1.0	%
IMBRUVICA
US			211		259		(18.3	)%		(18.3	)%		-					685		770		(11.0	)%		(11.0	)%		-
Intl			483		494		(2.3	)%		(6.6	)%		4.3	%				1,453		1,537		(5.4	)%		(6.4	)%		1.0	%
WW			695		753		(7.8	)%		(10.6	)%		2.8	%				2,139		2,307		(7.3	)%		(7.9	)%		0.6	%
RYBREVANT / LAZCLUZE (3)
US			136		68		99.7	%		99.7	%		-					388		156		*			*			-
Intl			61		21		*			*			*					130		49		*			*			*
WW			198		89		*			*			*					518		205		*			*			*
TALVEY
US			85		64		34.2	%		34.2	%		-					235		173		35.8	%		35.8	%		-
Intl			37		12		*			*			*					79		29		*			*			*
WW			122		75		60.8	%		59.1	%		1.7	%				314		202		55.3	%		54.9	%		0.4	%
TECVAYLI
US			115		105		9.3	%		9.3	%		-					334		310		7.5	%		7.5	%		-
Intl			62		30		*			*			*					160		93		73.0	%		72.6	%		0.4	%
WW			177		135		31.3	%		29.9	%		1.4	%				494		403		22.6	%		22.5	%		0.1	%
ZYTIGA / abiraterone acetate
US			5		5		(25.0	)%		(25.0	)%		-					18		25		(30.4	)%		(30.4	)%		-
Intl			108		144		(25.1	)%		(26.8	)%		1.7	%				365		470		(22.3	)%		(23.0	)%		0.7	%
WW			113		150		(25.1	)%		(26.8	)%		1.7	%				383		496		(22.8	)%		(23.4	)%		0.6	%
OTHER ONCOLOGY
US			56		36		54.6	%		54.6	%		-					153		106		44.8	%		44.8	%		-
Intl			39		50		(22.2	)%		(25.6	)%		3.4	%				123		136		(9.7	)%		(10.6	)%		0.9	%
WW			94		86		9.7	%		7.7	%		2.0	%				276		242		14.0	%		13.6	%		0.4	%
See footnotes at end of schedule
	REPORTED SALES vs. PRIOR PERIOD ($MM)															REPORTED SALES vs. PRIOR PERIOD ($MM)
	THIRD QUARTER															NINE MONTHS
							% Change															% Change
		2025			2024		Reported			Operational (1)			Currency				2025			2024		Reported			Operational (1)			Currency
IMMUNOLOGY
US		$	2,676		3,068		(12.8	)%		(12.8	)%		-				$	7,377		8,499		(13.2	)%		(13.2	)%		-
Intl			1,493		1,552		(3.9	)%		(6.3	)%		2.4	%				4,492		5,090		(11.8	)%		(11.5	)%		(0.3	)%
WW			4,168		4,621		(9.8	)%		(10.6	)%		0.8	%				11,868		13,590		(12.7	)%		(12.6	)%		(0.1	)%
REMICADE
US			326		281		16.2	%		16.2	%		-					923		778		18.7	%		18.7	%		-
US Exports (4)			19		27		(30.9	)%		(30.9	)%		-					63		89		(29.6	)%		(29.6	)%		-
Intl			132		112		17.7	%		16.7	%		1.0	%				413		380		8.6	%		10.4	%		(1.8	)%
WW			476		419		13.6	%		13.3	%		0.3	%				1,398		1,246		12.2	%		12.7	%		(0.5	)%
SIMPONI / SIMPONI ARIA
US			309		299		3.6	%		3.6	%		-					906		820		10.5	%		10.5	%		-
Intl			377		218		73.0	%		69.8	%		3.2	%				1,130		787		43.5	%		44.6	%		(1.1	)%
WW			687		516		32.9	%		31.5	%		1.4	%				2,036		1,607		26.7	%		27.2	%		(0.5	)%
STELARA
US			1,022		1,770		(42.3	)%		(42.3	)%		-					3,081		5,021		(38.6	)%		(38.6	)%		-
Intl			549		906		(39.4	)%		(41.4	)%		2.0	%				1,768		2,991		(40.9	)%		(40.8	)%		(0.1	)%
WW			1,570		2,676		(41.3	)%		(42.0	)%		0.7	%				4,848		8,012		(39.5	)%		(39.5	)%		0.0	%
TREMFYA
US			989		691		43.1	%		43.1	%		-					2,384		1,789		33.3	%		33.3	%		-
Intl			434		316		37.4	%		33.4	%		4.0	%				1,181		932		26.7	%		26.1	%		0.6	%
WW			1,424		1,007		41.3	%		40.1	%		1.2	%				3,566		2,721		31.0	%		30.8	%		0.2	%
OTHER IMMUNOLOGY
US			12		1		*			*			-					21		3		*			*			-
Intl			0		0		-			-			-					0		0		-			-			-
WW			12		1		*			*			-					21		3		*			*			-
NEUROSCIENCE
US			1,367		1,094		25.0	%		25.0	%		-					3,712		3,250		14.2	%		14.2	%		-
Intl			658		662		(0.7	)%		(2.6	)%		1.9	%				2,011		2,090		(3.8	)%		(3.7	)%		(0.1	)%
WW			2,024		1,755		15.3	%		14.6	%		0.7	%				5,722		5,340		7.2	%		7.2	%		0.0	%
CAPLYTA (5)
US			240		-		*			*			-					451		-		*			*			-
Intl			-		-		-			-			-					-		-		-			-			-
WW			240		-		*			*			-					451		-		*			*			-
CONCERTA / Methylphenidate
US			14		26		(49.2	)%		(49.2	)%		-					76		101		(24.9	)%		(24.9	)%		-
Intl			127		117		9.0	%		8.5	%		0.5	%				376		382		(1.4	)%		(0.4	)%		(1.0	)%
WW			140		142		(1.4	)%		(1.8	)%		0.4	%				452		482		(6.3	)%		(5.5	)%		(0.8	)%
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
US			664		780		(14.9	)%		(14.9	)%		-					2,021		2,329		(13.2	)%		(13.2	)%		-
Intl			267		269		(0.9	)%		(3.0	)%		2.1	%				804		830		(3.1	)%		(3.0	)%		(0.1	)%
WW			929		1,049		(11.3	)%		(11.9	)%		0.6	%				2,824		3,159		(10.6	)%		(10.5	)%		(0.1	)%
SPRAVATO
US			405		243		67.1	%		67.1	%		-					1,047		660		58.7	%		58.7	%		-
Intl			53		42		28.9	%		23.8	%		5.1	%				146		120		21.9	%		21.4	%		0.5	%
WW			459		284		61.5	%		60.8	%		0.7	%				1,193		780		53.0	%		52.9	%		0.1	%
OTHER NEUROSCIENCE
US			46		46		0.4	%		0.4	%		-					119		161		(26.4	)%		(26.4	)%		-
Intl			210		235		(10.7	)%		(12.3	)%		1.6	%				684		759		(9.8	)%		(9.9	)%		0.1	%
WW			256		281		(8.9	)%		(10.2	)%		1.3	%				803		920		(12.7	)%		(12.8	)%		0.1	%
See footnotes at end of schedule
	REPORTED SALES vs. PRIOR PERIOD ($MM)															REPORTED SALES vs. PRIOR PERIOD ($MM)
	THIRD QUARTER															NINE MONTHS
							% Change															% Change
		2025			2024		Reported			Operational (1)			Currency				2025			2024		Reported			Operational (1)			Currency
PULMONARY HYPERTENSION
US		$	815		815		(0.1	)%		(0.1	)%		-				$	2,358		2,324		1.5	%		1.5	%		-
Intl			300		287		4.8	%		2.0	%		2.8	%				895		866		3.4	%		2.6	%		0.8	%
WW			1,115		1,102		1.1	%		0.4	%		0.7	%				3,253		3,190		2.0	%		1.8	%		0.2	%
OPSUMIT / OPSYNVI
US			409		417		(1.6	)%		(1.6	)%		-					1,175		1,149		2.3	%		2.3	%		-
Intl			168		166		1.1	%		(1.8	)%		2.9	%				507		506		0.2	%		(0.7	)%		0.9	%
WW			578		583		(0.8	)%		(1.7	)%		0.9	%				1,682		1,655		1.7	%		1.4	%		0.3	%
UPTRAVI
US			392		379		3.5	%		3.5	%		-					1,139		1,120		1.7	%		1.7	%		-
Intl			92		80		15.2	%		12.0	%		3.2	%				272		232		17.0	%		16.4	%		0.6	%
WW			484		458		5.6	%		5.0	%		0.6	%				1,411		1,352		4.3	%		4.2	%		0.1	%
OTHER PULMONARY HYPERTENSION
US			13		21		(36.5	)%		(36.5	)%		-					44		56		(21.5	)%		(21.5	)%		-
Intl			39		39		(1.0	)%		(2.5	)%		1.5	%				116		127		(8.9	)%		(9.1	)%		0.2	%
WW			53		60		(13.1	)%		(14.1	)%		1.0	%				160		183		(12.7	)%		(12.9	)%		0.2	%
INFECTIOUS DISEASES
US			326		365		(10.5	)%		(10.5	)%		-					961		1,023		(6.0	)%		(6.0	)%		-
Intl			501		471		6.4	%		0.5	%		5.9	%				1,472		1,599		(7.9	)%		(9.8	)%		1.9	%
WW			829		836		(0.9	)%		(4.3	)%		3.4	%				2,434		2,622		(7.2	)%		(8.3	)%		1.1	%
EDURANT / rilpivirine
US			7		8		(7.9	)%		(7.9	)%		-					21		24		(11.8	)%		(11.8	)%		-
Intl			378		323		16.9	%		9.9	%		7.0	%				1,082		926		16.8	%		13.6	%		3.2	%
WW			385		330		16.4	%		9.5	%		6.9	%				1,103		950		16.1	%		13.0	%		3.1	%
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US			315		355		(11.0	)%		(11.0	)%		-					932		990		(5.8	)%		(5.8	)%		-
Intl			81		94		(13.6	)%		(18.5	)%		4.9	%				264		315		(16.1	)%		(16.6	)%		0.5	%
WW			397		449		(11.6	)%		(12.6	)%		1.0	%				1,196		1,305		(8.3	)%		(8.4	)%		0.1	%
OTHER INFECTIOUS DISEASES
US			4		3		57.3	%		57.3	%		-					8		10		(11.0	)%		(11.0	)%		-
Intl			42		54		(21.2	)%		(22.3	)%		1.1	%				126		358		(64.7	)%		(64.6	)%		(0.1	)%
WW			47		56		(17.5	)%		(18.5	)%		1.0	%				135		367		(63.3	)%		(63.2	)%		(0.1	)%
CARDIOVASCULAR / METABOLISM / OTHER
US			750		713		5.3	%		5.3	%		-					2,381		2,061		15.5	%		15.5	%		-
Intl			149		170		(13.1	)%		(15.6	)%		2.5	%				461		543		(15.2	)%		(14.7	)%		(0.5	)%
WW			899		884		1.7	%		1.2	%		0.5	%				2,842		2,605		9.1	%		9.2	%		(0.1	)%
XARELTO
US			635		592		7.4	%		7.4	%		-					1,946		1,697		14.7	%		14.7	%		-
Intl			-		-		-			-			-					-		-		-			-			-
WW			635		592		7.4	%		7.4	%		-					1,946		1,697		14.7	%		14.7	%		-
OTHER
US			115		121		(5.2	)%		(5.2	)%		-					435		364		19.4	%		19.4	%		-
Intl			149		170		(13.1	)%		(15.6	)%		2.5	%				461		543		(15.2	)%		(14.7	)%		(0.5	)%
WW			264		292		(9.8	)%		(11.3	)%		1.5	%				896		908		(1.3	)%		(1.0	)%		(0.3	)%
TOTAL INNOVATIVE MEDICINE
US			9,402		8,871		6.0	%		6.0	%		-					26,655		24,993		6.7	%		6.7	%		-
Intl			6,161		5,709		7.9	%		4.3	%		3.6	%				17,983		17,639		1.9	%		1.3	%		0.6	%
WW		$	15,563		14,580		6.8	%		5.3	%		1.5	%			$	44,638		42,632		4.7	%		4.5	%		0.2	%
See footnotes at end of schedule
	REPORTED SALES vs. PRIOR PERIOD ($MM)															REPORTED SALES vs. PRIOR PERIOD ($MM)
	THIRD QUARTER															NINE MONTHS
							% Change															% Change
MEDTECH SEGMENT (2)		2025			2024		Reported			Operational (1)			Currency				2025			2024		Reported			Operational (1)			Currency
CARDIOVASCULAR
US		$	1,306		1,148		13.8	%		13.8	%		-				$	3,931		3,292		19.4	%		19.4	%		-
Intl			908		819		10.8	%		8.4	%		2.4	%				2,698		2,353		14.6	%		13.8	%		0.8	%
WW			2,213		1,966		12.6	%		11.6	%		1.0	%				6,629		5,645		17.4	%		17.1	%		0.3	%
ELECTROPHYSIOLOGY
US			720		660		9.1	%		9.1	%		-					2,145		2,057		4.3	%		4.3	%		-
Intl			698		619		12.6	%		10.4	%		2.2	%				2,064		1,889		9.2	%		8.6	%		0.6	%
WW			1,418		1,279		10.8	%		9.7	%		1.1	%				4,209		3,946		6.7	%		6.4	%		0.3	%
ABIOMED
US			336		293		14.5	%		14.5	%		-					1,035		905		14.3	%		14.3	%		-
Intl			86		68		26.8	%		20.2	%		6.6	%				256		207		23.9	%		20.7	%		3.2	%
WW			423		362		16.8	%		15.6	%		1.2	%				1,291		1,112		16.1	%		15.5	%		0.6	%
SHOCKWAVE(6)
US			220		163		34.4	%		34.4	%		-					659		240		*			*			-
Intl			59		66		(11.2	)%		(12.4	)%		1.2	%				169		66		*			*			*
WW			278		229		21.2	%		20.9	%		0.3	%				828		306		*			*			*
OTHER CARDIOVASCULAR
US			30		30		0.0	%		0.0	%		-					93		89		4.2	%		4.2	%		-
Intl			65		66		(1.0	)%		(2.5	)%		1.5	%				209		192		9.0	%		8.7	%		0.3	%
WW			95		96		(0.7	)%		(1.7	)%		1.0	%				302		281		7.5	%		7.2	%		0.3	%
ORTHOPAEDICS
US			1,396		1,359		2.7	%		2.7	%		-					4,200		4,229		(0.7	)%		(0.7	)%		-
Intl			878		832		5.6	%		1.9	%		3.7	%				2,620		2,614		0.3	%		(1.1	)%		1.4	%
WW			2,274		2,191		3.8	%		2.4	%		1.4	%				6,820		6,843		(0.3	)%		(0.8	)%		0.5	%
HIPS
US			262		250		4.7	%		4.7	%		-					796		785		1.3	%		1.3	%		-
Intl			144		131		9.7	%		5.9	%		3.8	%				440		435		1.2	%		0.0	%		1.2	%
WW			405		381		6.4	%		5.1	%		1.3	%				1,235		1,220		1.3	%		0.9	%		0.4	%
KNEES
US			216		212		2.1	%		2.1	%		-					673		684		(1.5	)%		(1.5	)%		-
Intl			160		140		14.3	%		10.9	%		3.4	%				482		463		4.0	%		3.0	%		1.0	%
WW			377		352		7.0	%		5.6	%		1.4	%				1,155		1,147		0.7	%		0.3	%		0.4	%
TRAUMA
US			512		497		3.0	%		3.0	%		-					1,515		1,499		1.1	%		1.1	%		-
Intl			281		265		6.4	%		2.5	%		3.9	%				818		786		4.1	%		2.7	%		1.4	%
WW			793		761		4.2	%		2.9	%		1.3	%				2,333		2,285		2.1	%		1.6	%		0.5	%
SPINE, SPORTS & OTHER
US			406		400		1.3	%		1.3	%		-					1,216		1,262		(3.7	)%		(3.7	)%		-
Intl			293		296		(1.1	)%		(4.8	)%		3.7	%				881		930		(5.3	)%		(6.8	)%		1.5	%
WW			698		696		0.3	%		(1.3	)%		1.6	%				2,096		2,191		(4.3	)%		(5.0	)%		0.7	%
See footnotes at end of schedule
	REPORTED SALES vs. PRIOR PERIOD ($MM)															REPORTED SALES vs. PRIOR PERIOD ($MM)
	THIRD QUARTER															NINE MONTHS
							% Change															% Change
		2025			2024		Reported			Operational (1)			Currency				2025			2024		Reported			Operational (1)			Currency
SURGERY
US		$	1,031		983		4.9	%		4.9	%		-				$	3,076		2,965		3.8	%		3.8	%		-
Intl			1,511		1,451		4.1	%		2.2	%		1.9	%				4,417		4,373		1.0	%		0.9	%		0.1	%
WW			2,542		2,434		4.4	%		3.3	%		1.1	%				7,493		7,338		2.1	%		2.1	%		0.0	%
ADVANCED
US			477		448		6.2	%		6.2	%		-					1,411		1,360		3.7	%		3.7	%		-
Intl			688		661		4.2	%		2.1	%		2.1	%				1,991		1,977		0.7	%		0.5	%		0.2	%
WW			1,165		1,109		5.0	%		3.8	%		1.2	%				3,402		3,337		1.9	%		1.8	%		0.1	%
GENERAL
US			555		535		3.8	%		3.8	%		-					1,666		1,605		3.8	%		3.8	%		-
Intl			823		791		4.0	%		2.2	%		1.8	%				2,426		2,397		1.2	%		1.3	%		(0.1	)%
WW			1,378		1,325		3.9	%		2.9	%		1.0	%				4,092		4,001		2.3	%		2.3	%		0.0	%
VISION
US			571		549		4.2	%		4.2	%		-					1,694		1,619		4.7	%		4.7	%		-
Intl			828		751		10.2	%		7.5	%		2.7	%				2,354		2,224		5.8	%		5.0	%		0.8	%
WW			1,400		1,300		7.7	%		6.1	%		1.6	%				4,048		3,843		5.3	%		4.8	%		0.5	%
CONTACT LENSES / OTHER
US			456		441		3.5	%		3.5	%		-					1,337		1,288		3.8	%		3.8	%		-
Intl			562		527		6.6	%		3.4	%		3.2	%				1,565		1,508		3.8	%		2.4	%		1.4	%
WW			1,018		968		5.2	%		3.5	%		1.7	%				2,902		2,796		3.8	%		3.1	%		0.7	%
SURGICAL
US			116		108		7.0	%		7.0	%		-					358		331		8.0	%		8.0	%		-
Intl			266		225		18.7	%		17.1	%		1.6	%				789		717		10.1	%		10.3	%		(0.2	)%
WW			383		333		14.9	%		13.8	%		1.1	%				1,147		1,048		9.4	%		9.6	%		(0.2	)%
TOTAL MEDTECH
US			4,306		4,038		6.6	%		6.6	%		-					12,902		12,105		6.6	%		6.6	%		-
Intl			4,124		3,853		7.0	%		4.5	%		2.5	%				12,089		11,564		4.5	%		3.9	%		0.6	%
WW		$	8,430		7,891		6.8	%		5.6	%		1.2	%			$	24,991		23,669		5.6	%		5.3	%		0.3	%

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) Due to the timing of the integration of the US and foreign affiliates in the year of acquisition (2024), prior quarter (Q3 2024) Shockwave International revenue includes ~$20M of sales that should be reflected in the U.S. business. Year-to-date and total Shockwave sales are not impacted, and the amount was immaterial to recast prior year reporting.

Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
Quarter to Date
Innovative Medicine	Third Quarter Sept 28, 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			Third Quarter Sept 28, 2025 Non-GAAP
Cost of products sold	$	3,672			(568	)								(11	)											3,093
Selling, marketing and admin expenses		2,869																								2,869
Research and development expense		2,944																								2,944
Other segment items		(368	)					5						(48	)		174						(1	)		(238	)
Adjusted Income Before Tax by Segment		6,446			568			(5	)		-			59			(174	)		-			1			6,895
MedTech	Third Quarter Sept 28, 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			Third Quarter Sept 28, 2025 Non-GAAP
Cost of products sold	$	3,612			(480	)					(12	)		(1	)											3,119
Selling, marketing and admin expenses		2,801																								2,801
Research and development expense		728																								728
Other segment items		2						5			(156	)		(48	)		213						(1	)		15
Adjusted Income Before Tax by Segment		1,287			480			(5	)		168			49			(213	)		-			1			1,767
Expenses not allocated to segments	Third Quarter Sept 28, 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			Third Quarter Sept 28, 2025 Non-GAAP
Cost of products sold	$	19																								19
Selling, marketing and admin expenses		252																								252
Research and development expense		-																								-
Other segment items		(31	)					(25	)					11												(45	)
Adjusted Income Before Tax by Segment		(240	)		-			25			-			(11	)		-			-			-			(226	)
Johnson & Johnson Consolidated	Third Quarter Sept 28, 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			Third Quarter Sept 28, 2025 Non-GAAP
Cost of products sold	$	7,303			(1,048	)					(12	)		(12	)											6,231
Selling, marketing and admin expenses		5,922																								5,922
Research and development expense		3,672																								3,672
Other (Income) / Expense		(478	)					(15	)		(93	)		(85	)		387						(2	)		(286	)
In-process research and development impairments		-																								-
Interest (Income)/Expense		18																								18
Restructuring		63									(63	)														-
Adjusted Income Before Tax		7,493			1,048			15			168			97			(387	)		-			2			8,436
Provision for taxes on income		2,341			193			3			34			16			(87	)		(874	)		9			1,635
Net Earnings		5,152			855			12			134			81			(300	)		874			(7	)		6,801

Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
Quarter to Date
Innovative Medicine	Third Quarter Sept 29, 2024 GAAP				Intangible asset amortization			Litigation related			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			Third Quarter Sept 29, 2024 Non-GAAP
Cost of products sold	$	3,549			(695	)																	(2	)					2,852
Selling, marketing and admin expenses		2,491																											2,491
Research and development expense		4,213																					(2	)					4,211
Other segment items		(155	)					(356	)		(19	)		(6	)		41												(495	)
Adjusted Income Before Tax by Segment		4,482			695			356			19			6			(41	)		-			4			-			5,521
MedTech	Third Quarter Sept 29, 2024 GAAP				Intangible asset amortization			Litigation related			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			Third Quarter Sept 29, 2024 Non-GAAP
Cost of products sold	$	3,381			(476	)					(6	)		(156	)					(16	)								2,727
Selling, marketing and admin expenses		2,723																		(3	)								2,720
Research and development expense		739												(36	)					(19	)								684
Other segment items		(11	)					(19	)		(22	)		(85	)		(4	)											(141	)
Adjusted Income Before Tax by Segment		1,059			476			19			28			277			4			38			-			-			1,901
Expenses not allocated to segments	Third Quarter Sept 29, 2024 GAAP				Intangible asset amortization			Litigation related			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			Third Quarter Sept 29, 2024 Non-GAAP
Cost of products sold	$	33																											33
Selling, marketing and admin expenses		264																											264
Research and development expense		-																											-
Other segment items		1,906						(2,013	)					(45	)														(152	)
Adjusted Income Before Tax by Segment		(2,203	)		-			2,013			-			45			-			-			-			-			(145	)
Johnson & Johnson Consolidated	Third Quarter Sept 29, 2024 GAAP				Intangible asset amortization			Litigation related			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			Third Quarter Sept 29, 2024 Non-GAAP
Cost of products sold	$	6,963			(1,171	)					(6	)		(156	)					(16	)		(2	)					5,612
Selling, marketing and admin expenses		5,478																		(3	)								5,475
Research and development expense		4,952												(36	)					(19	)		(2	)					4,895
Other (Income) / Expense		1,798						(2,388	)					(136	)		37												(689	)
In-process research and development impairments		-																											-
Interest (Income)/Expense		(99	)																										(99	)
Restructuring		41									(41	)																	-
Adjusted Income Before Tax		3,338			1,171			2,388			47			328			(37	)		38			4			-			7,277
Provision for taxes on income		644			169			527			9			59			(9	)		6			1			(5	)		1,401
Net Earnings		2,694			1,002			1,861			38			269			(28	)		32			3			5			5,876

Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
Year to Date
Innovative Medicine	Nine Months Sept 28, 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			Nine Months Sept 28, 2025 Non-GAAP
Cost of products sold	$	11,670			(2,002	)								(24	)											9,644
Selling, marketing and admin expenses		7,919																								7,919
Research and development expense		8,361																								8,361
Other segment items		(520	)					74						(275	)		164						(14	)		(571	)
Adjusted Income Before Tax by Segment		17,208			2,002			(74	)		-			299			(164	)		-			14			19,285
MedTech	Nine Months Sept 28, 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			Nine Months Sept 28, 2025 Non-GAAP
Cost of products sold	$	10,576			(1,433	)					(35	)		(52	)											9,056
Selling, marketing and admin expenses		8,319																								8,319
Research and development expense		2,052												37												2,089
Other segment items		132						(78	)		(267	)		(155	)		163						(15	)		(220	)
Adjusted Income Before Tax by Segment		3,912			1,433			78			302			170			(163	)		-			15			5,747
Expenses not allocated to segments	Nine Months Sept 28, 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			Nine Months Sept 28, 2025 Non-GAAP
Cost of products sold	$	42																								42
Selling, marketing and admin expenses		685																								685
Research and development expense		-																								-
Other segment items		(7,222	)					6,898						(6	)											(330	)
Adjusted Income Before Tax by Segment		6,495			-			(6,898	)		-			6			-			-			-			(397	)
Johnson & Johnson Consolidated	Nine Months Sept 28, 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			Nine Months Sept 28, 2025 Non-GAAP
Cost of products sold	$	22,288			(3,435	)					(35	)		(76	)											18,742
Selling, marketing and admin expenses		16,923																								16,923
Research and development expense		10,413												37												10,450
Other (Income) / Expense		(7,692	)					6,894			(123	)		(436	)		327						(29	)		(1,059	)
In-process research and development impairments		-																								-
Interest (Income)/Expense		(62	)																							(62	)
Restructuring		144									(144	)														-
Adjusted Income Before Tax		27,615			3,435			(6,894	)		302			475			(327	)		-			29			24,635
Provision for taxes on income		5,927			603			(1,541	)		58			118			(73	)		(672	)		9			4,429
Net Earnings		21,688			2,832			(5,353	)		244			357			(254	)		672			20			20,206

Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
Year to Date
Innovative Medicine	Nine Months Sept 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			Nine Months Sept. 29, 2024 Non-GAAP
Cost of products sold	$	10,522			(2,087	)																				(8	)					8,427
Selling, marketing and admin expenses		7,594																														7,594
Research and development expense		9,831																								(19	)					9,812
Other segment items		(225	)					(399	)		(194	)		(100	)		(54	)		26						(50	)					(996	)
Adjusted Income Before Tax by Segment		14,910			2,087			399			194			100			54			(26	)		-			77			-			17,795
MedTech	Nine Months Sept 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			Nine Months Sept. 29, 2024 Non-GAAP
Cost of products sold	$	9,749			(1,268	)								(15	)		(206	)					(66	)								8,194
Selling, marketing and admin expenses		7,976																					(12	)								7,964
Research and development expense		2,103															(69	)					(79	)								1,955
Other segment items		173						(15	)					(92	)		(472	)		(48	)											(454	)
Adjusted Income Before Tax by Segment		3,668			1,268			15			-			107			747			48			157			-			-			6,010
Expenses not allocated to segments	Nine Months Sept 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			Nine Months Sept. 29, 2024 Non-GAAP
Cost of products sold	$	72																														72
Selling, marketing and admin expenses		846																														846
Research and development expense		-																														-
Other segment items		4,860						(5,052	)								(127	)		(352	)											(671	)
Adjusted Income Before Tax by Segment		(5,778	)		-			5,052			-			-			127			352			-			-			-			(247	)
Johnson & Johnson Consolidated	Nine Months Sept 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			Nine Months Sept. 29, 2024 Non-GAAP
Cost of products sold	$	20,343			(3,355	)								(15	)		(206	)					(66	)		(8	)					16,693
Selling, marketing and admin expenses		16,416																					(12	)								16,404
Research and development expense		11,934															(69	)					(79	)		(19	)					11,767
Other (Income) / Expense		4,855						(5,466	)								(653	)		(374	)					(50	)					(1,688	)
In-process research and development impairments		194									(194	)																				-
Interest (Income)/Expense		(433	)																													(433	)
Restructuring		192												(192	)																	-
Adjusted Income Before Tax		12,800			3,355			5,466			194			207			928			374			157			77			-			23,558
Provision for taxes on income		2,165			473			1,224			43			42			222			5			29			17			42			4,262
Net Earnings		10,635			2,882			4,242			151			165			706			369			128			60			(42	)		19,296

 

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Source: Johnson & Johnson