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

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

($ 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%

Non-GAAP* ($ in Millions, except EPS)

2025

2024

% Change

Operational Sales 1,2

5.4%

Adjusted Operational Sales 1,3

4.4%

Adjusted Net Earnings 1,4

$6,801

$5,876

15.7%

Adjusted EPS (diluted) 1,4

$2.80

$2.42

15.7%

Free Cash Flow 6,7

~$14,200

$14,471

Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules

Excludes the impact of translational currency

Excludes the net impact of acquisitions and divestitures and translational currency

Excludes intangible amortization expense and special items

Excludes COVID-19 Vaccine

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.

Third-quarter YTD 2025 is estimated as of October 14, 2025

Regional sales results

% Change

($ in Millions)

2025

2024

Reported

Operational 1,2

Currency

Adjusted

Operational 1,3

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

Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules

Excludes the impact of translational currency

Excludes the net impact of acquisitions and divestitures and translational currency

Segment sales results

% Change

($ in Millions)

2025

2024

Reported

Operational 1,2

Currency

Adjusted

Operational 1,3

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

Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules

Excludes the impact of translational currency

Excludes the net impact of acquisitions and divestitures and translational currency

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 Sales 1,2,5

Change vs. Prior Year / Mid-point

3.5% – 4.0% / 3.8%

3.2% – 3.7% / 3.5%

Operational Sales 2,5 / 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 Sales 3,5/ 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%

Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures

Non-GAAP financial measure; excludes the impact of translational currency

Calculated using Euro Average Rate: Oct 2025 = $1.13 and July 2025 = $1.13 (Illustrative purposes only)

Non-GAAP financial measure; excludes intangible amortization expense and special items

Excludes COVID-19 Vaccine

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 inhibitor 1

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 Congress 1

Press Release

Icotrokinra data in ulcerative colitis show potential for a standout combination of therapeutic benefit and a favorable safety profile in once-daily pill 1

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 colitis 1

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 Lenses 1

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.

THIRD QUARTER

NINE MONTHS

Percent Change

2025

2024

Total

Operations

Currency

2025

2024

Total

Operations

Currency

9,402

8,871

6.0

26,655

24,993

6.7

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

4,306

4,038

6.6

12,902

12,105

6.6

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

13,708

12,909

6.2

39,557

37,098

6.6

10,285

9,562

7.6

4.4

3.2

30,072

29,203

3.0

2.3

0.7

23,993

22,471

6.8

5.4

1.4

69,629

66,301

5.0

4.7

0.3

THIRD QUARTER

NINE MONTHS

Percent Change

2025

2024

Total

Operations

Currency

2025

2024

Total

Operations

Currency

13,708

12,909

6.2

39,557

37,098

6.6

5,440

4,914

10.7

4.4

6.3

15,937

15,291

4.2

1.5

2.7

1,231

1,173

4.9

7.3

(2.4

)

3,604

3,579

0.7

7.6

(6.9

)

3,614

3,475

4.0

3.4

0.6

10,531

10,333

1.9

1.8

0.1

10,285

9,562

7.6

4.4

3.2

30,072

29,203

3.0

2.3

0.7

23,993

22,471

6.8

5.4

1.4

69,629

66,301

5.0

4.7

0.3

2025

2024

Percent

Increase

Amount

to Sales

Amount

to Sales

(Decrease)

23,993

100.0

22,471

100.0

6.8

7,303

30.4

6,963

31.0

4.9

16,690

69.6

15,508

69.0

7.6

5,922

24.7

5,478

24.3

8.1

3,672

15.3

4,952

22.0

(25.8

)

0.1

(99

)

(0.4

)

(478

)

(2.0

)

1,798

8.0

0.3

0.2

7,493

31.2

3,338

14.9

124.5

2,341

9.7

644

2.9

263.5

5,152

21.5

2,694

12.0

91.2

2.12

1.11

91.0

2,428.6

2,427.9

31.2

19.3

8,436

35.2

7,277

32.4

15.9

6,801

28.3

5,876

26.1

15.7

2.80

2.42

15.7

19.4

19.3

2025

2024

Percent

Increase

Amount

to Sales

Amount

to Sales

(Decrease)

69,629

100.0

66,301

100.0

5.0

22,288

32.0

20,343

30.7

9.6

47,341

68.0

45,958

69.3

3.0

16,923

24.3

16,416

24.8

3.1

10,413

15.0

11,934

18.0

(12.7

)

194

0.3

(62

)

(0.1

)

(433

)

(0.7

)

(7,692

)

(11.1

)

4,855

7.3

144

0.2

192

0.3

27,615

39.7

12,800

19.3

115.7

5,927

8.6

2,165

3.3

173.8

21,688

31.1

10,635

16.0

103.9

8.94

4.38

104.1

2,424.8

2,429.5

21.5

16.9

24,635

35.4

23,558

35.5

4.6

20,206

29.0

19,296

29.1

4.7

8.33

7.94

4.9

18.0

18.1

Third Quarter

Nine Months Ended

2025

2024

2025

2024

$5,152

$2,694

$21,688

$10,635

2,388

(6,894

)

5,466

1,048

1,171

3,435

3,355

168

302

207

157

328

475

928

(387

)

(37

)

(327

)

374

194

(168

)

(762

)

826

(2,055

)

874

672

(42

)

$6,801

$5,876

$20,206

$19,296

2,428.6

2,427.9

2,424.8

2,429.5

$2.80

$2.42

$8.33

$7.94

$2.72

$8.24

6.8%

6.0%

6.6%

6.2%

7.9%

7.0%

7.6%

1.5

1.2

1.4

3.6

2.5

3.2

5.3%

5.6%

5.4%

6.0%

6.6%

6.2%

4.3%

4.5%

4.4%

(1.6)

(1.1)

(2.7)

(1.9)

0.0

0.1

0.0

0.2

0.1

0.0

0.1

0.0

3.7%

5.7%

4.4%

3.3%

6.8%

4.4%

4.3%

4.6%

4.4%

4.7%

5.6%

5.0%

6.7%

6.6%

1.9%

4.5%

3.0%

0.2

0.3

0.6

0.7

4.5%

5.3%

4.7%

6.7%

6.6%

1.3%

3.9%

2.3%

(1.9)

(0.6)

(2.9)

(0.9)

(0.8)

(0.2)

(1.1)

(0.7)

(1.8)

(1.2)

0.0

0.3

0.1

0.0

0.4

0.1

0.2

0.1

3.4%

3.7%

3.5%

4.9%

4.1%

4.6%

1.4%

3.3%

2.2%

REPORTED SALES vs. PRIOR PERIOD ($MM)

% Change

2025

2024

Reported

Operational (1)

Currency

2025

2024

Reported

Operational (1)

Currency

3,468

2,816

23.2

9,866

7,835

25.9

3,060

2,565

19.3

14.8

4.5

8,652

7,450

16.1

15.0

1.1

6,529

5,380

21.3

19.2

2.1

18,519

15,284

21.2

20.6

0.6

396

258

53.3

1,072

565

89.6

128

260

524

286

83.5

81.4

2.1

1,332

629

2,088

1,684

24.0

5,934

4,789

23.9

1,584

1,332

18.9

14.7

4.2

4,514

3,797

18.9

17.9

1.0

3,672

3,016

21.7

19.9

1.8

10,448

8,586

21.7

21.3

0.4

378

337

12.3

1,048

940

11.5

558

453

23.0

17.6

5.4

1,567

1,275

22.9

21.1

1.8

936

790

18.4

15.3

3.1

2,615

2,215

18.0

17.0

1.0

211

259

(18.3

685

770

(11.0

483

494

(2.3

(6.6

4.3

1,453

1,537

(5.4

(6.4

1.0

695

753

(7.8

(10.6

2.8

2,139

2,307

(7.3

(7.9

0.6

136

99.7

388

156

130

198

518

205

34.2

235

173

35.8

122

60.8

59.1

1.7

314

202

55.3

54.9

0.4

115

105

9.3

334

310

7.5

160

73.0

72.6

0.4

177

135

31.3

29.9

1.4

494

403

22.6

22.5

0.1

(25.0

(30.4

108

144

(25.1

(26.8

1.7

365

470

(22.3

(23.0

0.7

113

150

(25.1

(26.8

1.7

383

496

(22.8

(23.4

0.6

54.6

153

106

44.8

(22.2

(25.6

3.4

123

136

(9.7

(10.6

0.9

9.7

7.7

2.0

276

242

14.0

13.6

0.4

REPORTED SALES vs. PRIOR PERIOD ($MM)

THIRD QUARTER

NINE MONTHS

% Change

2025

2024

Reported

Operational (1)

Currency

2025

2024

Reported

Operational (1)

Currency

2,676

3,068

(12.8

7,377

8,499

(13.2

1,493

1,552

(3.9

(6.3

2.4

4,492

5,090

(11.8

(11.5

(0.3

4,168

4,621

(9.8

(10.6

0.8

11,868

13,590

(12.7

(12.6

(0.1

326

281

16.2

923

778

18.7

(30.9

(29.6

132

112

17.7

16.7

1.0

413

380

8.6

10.4

(1.8

476

419

13.6

13.3

0.3

1,398

1,246

12.2

12.7

(0.5

309

299

3.6

906

820

10.5

377

218

73.0

69.8

3.2

1,130

787

43.5

44.6

(1.1

687

516

32.9

31.5

1.4

2,036

1,607

26.7

27.2

(0.5

1,022

1,770

(42.3

3,081

5,021

(38.6

549

906

(39.4

(41.4

2.0

1,768

2,991

(40.9

(40.8

(0.1

1,570

2,676

(41.3

(42.0

0.7

4,848

8,012

(39.5

0.0

989

691

43.1

2,384

1,789

33.3

434

316

37.4

33.4

4.0

1,181

932

26.7

26.1

0.6

1,424

1,007

41.3

40.1

1.2

3,566

2,721

31.0

30.8

0.2

1,367

1,094

25.0

3,712

3,250

14.2

658

662

(0.7

(2.6

1.9

2,011

2,090

(3.8

(3.7

(0.1

2,024

1,755

15.3

14.6

0.7

5,722

5,340

7.2

0.0

240

451

240

451

(49.2

101

(24.9

127

117

9.0

8.5

0.5

376

382

(1.4

(0.4

(1.0

140

142

(1.4

(1.8

0.4

452

482

(6.3

(5.5

(0.8

664

780

(14.9

2,021

2,329

(13.2

267

269

(0.9

(3.0

2.1

804

830

(3.1

(3.0

(0.1

929

1,049

(11.3

(11.9

0.6

2,824

3,159

(10.6

(10.5

(0.1

405

243

67.1

1,047

660

58.7

28.9

23.8

5.1

146

120

21.9

21.4

0.5

459

284

61.5

60.8

0.7

1,193

780

53.0

52.9

0.1

0.4

119

161

(26.4

210

235

(10.7

(12.3

1.6

684

759

(9.8

(9.9

0.1

256

281

(8.9

(10.2

1.3

803

920

(12.7

(12.8

0.1

REPORTED SALES vs. PRIOR PERIOD ($MM)

THIRD QUARTER

NINE MONTHS

% Change

2025

2024

Reported

Operational (1)

Currency

2025

2024

Reported

Operational (1)

Currency

815

(0.1

2,358

2,324

1.5

300

287

4.8

2.0

2.8

895

866

3.4

2.6

0.8

1,115

1,102

1.1

0.4

0.7

3,253

3,190

2.0

1.8

0.2

409

417

(1.6

1,175

1,149

2.3

168

166

1.1

(1.8

2.9

507

506

0.2

(0.7

0.9

578

583

(0.8

(1.7

0.9

1,682

1,655

1.7

1.4

0.3

392

379

3.5

1,139

1,120

1.7

15.2

12.0

3.2

272

232

17.0

16.4

0.6

484

458

5.6

5.0

0.6

1,411

1,352

4.3

4.2

0.1

(36.5

(21.5

(1.0

(2.5

1.5

116

127

(8.9

(9.1

0.2

(13.1

(14.1

1.0

160

183

(12.7

(12.9

0.2

326

365

(10.5

961

1,023

(6.0

501

471

6.4

0.5

5.9

1,472

1,599

(7.9

(9.8

1.9

829

836

(0.9

(4.3

3.4

2,434

2,622

(7.2

(8.3

1.1

(7.9

(11.8

378

323

16.9

9.9

7.0

1,082

926

16.8

13.6

3.2

385

330

16.4

9.5

6.9

1,103

950

16.1

13.0

3.1

315

355

(11.0

932

990

(5.8

(13.6

(18.5

4.9

264

315

(16.1

(16.6

0.5

397

449

(11.6

(12.6

1.0

1,196

1,305

(8.3

(8.4

0.1

57.3

(11.0

(21.2

(22.3

1.1

126

358

(64.7

(64.6

(0.1

(17.5

(18.5

1.0

135

367

(63.3

(63.2

(0.1

750

713

5.3

2,381

2,061

15.5

149

170

(13.1

(15.6

2.5

461

543

(15.2

(14.7

(0.5

899

884

1.7

1.2

0.5

2,842

2,605

9.1

9.2

(0.1

635

592

7.4

1,946

1,697

14.7

635

592

7.4

1,946

1,697

14.7

115

121

(5.2

435

364

19.4

149

170

(13.1

(15.6

2.5

461

543

(15.2

(14.7

(0.5

264

292

(9.8

(11.3

1.5

896

908

(1.3

(1.0

(0.3

9,402

8,871

6.0

26,655

24,993

6.7

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

REPORTED SALES vs. PRIOR PERIOD ($MM)

THIRD QUARTER

NINE MONTHS

% Change

2025

2024

Reported

Operational (1)

Currency

2025

2024

Reported

Operational (1)

Currency

1,306

1,148

13.8

3,931

3,292

19.4

908

819

10.8

8.4

2.4

2,698

2,353

14.6

13.8

0.8

2,213

1,966

12.6

11.6

1.0

6,629

5,645

17.4

17.1

0.3

720

660

9.1

2,145

2,057

4.3

698

619

12.6

10.4

2.2

2,064

1,889

9.2

8.6

0.6

1,418

1,279

10.8

9.7

1.1

4,209

3,946

6.7

6.4

0.3

336

293

14.5

1,035

905

14.3

26.8

20.2

6.6

256

207

23.9

20.7

3.2

423

362

16.8

15.6

1.2

1,291

1,112

16.1

15.5

0.6

220

163

34.4

659

240

(11.2

(12.4

1.2

169

278

229

21.2

20.9

0.3

828

306

0.0

4.2

(1.0

(2.5

1.5

209

192

9.0

8.7

0.3

(0.7

(1.7

1.0

302

281

7.5

7.2

0.3

1,396

1,359

2.7

4,200

4,229

(0.7

878

832

5.6

1.9

3.7

2,620

2,614

0.3

(1.1

1.4

2,274

2,191

3.8

2.4

1.4

6,820

6,843

(0.3

(0.8

0.5

262

250

4.7

796

785

1.3

144

131

9.7

5.9

3.8

440

435

1.2

0.0

1.2

405

381

6.4

5.1

1.3

1,235

1,220

1.3

0.9

0.4

216

212

2.1

673

684

(1.5

160

140

14.3

10.9

3.4

482

463

4.0

3.0

1.0

377

352

7.0

5.6

1.4

1,155

1,147

0.7

0.3

0.4

512

497

3.0

1,515

1,499

1.1

281

265

6.4

2.5

3.9

818

786

4.1

2.7

1.4

793

761

4.2

2.9

1.3

2,333

2,285

2.1

1.6

0.5

406

400

1.3

1,216

1,262

(3.7

293

296

(1.1

(4.8

3.7

881

930

(5.3

(6.8

1.5

698

696

0.3

(1.3

1.6

2,096

2,191

(4.3

(5.0

0.7

REPORTED SALES vs. PRIOR PERIOD ($MM)

THIRD QUARTER

NINE MONTHS

% Change

2025

2024

Reported

Operational (1)

Currency

2025

2024

Reported

Operational (1)

Currency

1,031

983

4.9

3,076

2,965

3.8

1,511

1,451

4.1

2.2

1.9

4,417

4,373

1.0

0.9

0.1

2,542

2,434

4.4

3.3

1.1

7,493

7,338

2.1

0.0

477

448

6.2

1,411

1,360

3.7

688

661

4.2

2.1

1,991

1,977

0.7

0.5

0.2

1,165

1,109

5.0

3.8

1.2

3,402

3,337

1.9

1.8

0.1

555

535

3.8

1,666

1,605

3.8

823

791

4.0

2.2

1.8

2,426

2,397

1.2

1.3

(0.1

1,378

1,325

3.9

2.9

1.0

4,092

4,001

2.3

0.0

571

549

4.2

1,694

1,619

4.7

828

751

10.2

7.5

2.7

2,354

2,224

5.8

5.0

0.8

1,400

1,300

7.7

6.1

1.6

4,048

3,843

5.3

4.8

0.5

456

441

3.5

1,337

1,288

3.8

562

527

6.6

3.4

3.2

1,565

1,508

3.8

2.4

1.4

1,018

968

5.2

3.5

1.7

2,902

2,796

3.8

3.1

0.7

116

108

7.0

358

331

8.0

266

225

18.7

17.1

1.6

789

717

10.1

10.3

(0.2

383

333

14.9

13.8

1.1

1,147

1,048

9.4

9.6

(0.2

4,306

4,038

6.6

12,902

12,105

6.6

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

GAAP to Non-GAAP Reconciliation

$ in Millions

Third Quarter

Sept 28, 2025

GAAP

Intangible asset amortization

Litigation

Restructuring

Acquisition, integration and divestiture related

(Loss)/gain on securities

Tax legislation and other tax related

Other

Third Quarter

Sept 28, 2025

Non-GAAP

3,672

(568

)

(11

)

3,093

2,869

2,944

(368

)

(48

)

174

)

(238

)

6,446

568

)

(174

)

6,895

3,612

(480

)

(12

)

3,119

2,801

728

(156

)

(48

)

213

)

1,287

480

)

168

(213

)

1,767

252

(31

)

(25

)

(45

)

(240

)

(11

)

(226

)

7,303

(1,048

)

(12

)

(12

)

6,231

5,922

3,672

(478

)

(15

)

(93

)

(85

)

387

)

(286

)

(63

)

7,493

1,048

168

(387

)

8,436

2,341

193

(87

)

(874

)

1,635

5,152

855

134

(300

)

874

)

6,801

GAAP to Non-GAAP Reconciliation

$ in Millions

3,549

(695

)

2,852

2,491

4,213

)

4,211

(155

)

(356

)

(19

)

(495

)

4,482

695

356

(41

)

5,521

3,381

(476

)

(156

)

(16

)

2,727

2,723

)

2,720

739

(36

)

(19

)

684

(11

)

(19

)

(22

)

(85

)

(141

)

1,059

476

277

1,901

264

1,906

(2,013

)

(45

)

(152

)

(2,203

)

2,013

(145

)

6,963

(1,171

)

(156

)

(16

)

5,612

5,478

)

5,475

4,952

(36

)

(19

)

4,895

1,798

(2,388

)

(136

)

(689

)

(99

)

(99

)

(41

)

3,338

1,171

2,388

328

(37

)

7,277

644

169

527

)

1,401

2,694

1,002

1,861

269

(28

)

5,876

Johnson & Johnson and Subsidiaries

GAAP to Non-GAAP Reconciliation

$ in Millions

11,670

(2,002

)

(24

)

9,644

7,919

8,361

(520

)

(275

)

164

(14

)

(571

)

17,208

2,002

(74

)

299

(164

)

19,285

10,576

(1,433

)

(35

)

(52

)

9,056

8,319

2,052

2,089

132

(78

)

(267

)

(155

)

163

(15

)

(220

)

3,912

1,433

302

170

(163

)

5,747

685

(7,222

)

6,898

)

(330

)

6,495

(6,898

)

(397

)

22,288

(3,435

)

(35

)

(76

)

18,742

16,923

10,413

10,450

(7,692

)

6,894

(123

)

(436

)

327

(29

)

(1,059

)

(62

)

(62

)

144

(144

)

27,615

3,435

(6,894

)

302

475

(327

)

24,635

5,927

603

(1,541

)

118

(73

)

(672

)

4,429

21,688

2,832

(5,353

)

244

357

(254

)

672

20,206

Johnson & Johnson and Subsidiaries

GAAP to Non-GAAP Reconciliation

$ in Millions

10,522

(2,087

)

8,427

7,594

9,831

(19

)

9,812

(225

)

(399

)

(194

)

(100

)

(54

)

(50

)

(996

)

14,910

2,087

399

194

100

(26

)

17,795

9,749

(1,268

)

(15

)

(206

)

(66

)

8,194

7,976

(12

)

7,964

2,103

(69

)

(79

)

1,955

173

(15

)

(92

)

(472

)

(48

)

(454

)

3,668

1,268

107

747

157

6,010

846

4,860

(5,052

)

(127

)

(352

)

(671

)

(5,778

)

5,052

127

352

(247

)

20,343

(3,355

)

(15

)

(206

)

(66

)

16,693

16,416

(12

)

16,404

11,934

(69

)

(79

)

(19

)

11,767

4,855

(5,466

)

(653

)

(374

)

(50

)

(1,688

)

194

(194

)

(433

)

(433

)

192

(192

)

12,800

3,355

5,466

194

207

928

374

157

23,558

2,165

473

1,224

222

4,262

10,635

2,882

4,242

151

165

706

369

128

(42

)

19,296