Johnson & Johnson reports Q4 and Full-Year 2025 results

via Business Wire
  • 2025 Fourth-Quarter reported sales growth of 9.1% to $24.6 Billion with operational growth of 7.1%* and adjusted operational growth of 6.1%*; 2025 Fourth-Quarter earnings per share (EPS) of $2.10 and adjusted EPS of $2.46, both include $(0.10) due to the acquisition of Halda Therapeutics
  • 2025 Full-Year reported sales growth of 6.0% to $94.2 Billion with operational growth of 5.3%* and adjusted operational growth of 4.2%*; 2025 Full-Year earnings per share (EPS) of $11.03 and adjusted EPS of $10.79, both include $(0.10) due to the acquisition of Halda Therapeutics
  • Significant innovation including approvals of CAPLYTA for major depressive disorder and RYBREVANT FASPRO plus LAZCLUZE for non-small cell lung cancer, landmark data for TECVAYLI plus DARZALEX FASPRO as a potential standard of care as early as second line for patients with relapsed/refractory multiple myeloma, the acquisition of Halda Therapeutics, and submission of OTTAVA Robotic Surgical System
  • Company issues guidance for 2026 with estimated reported sales of $100.5 Billion or 6.7% at the midpoint, and adjusted EPS4 of $11.53 or 6.9% at the midpoint

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

Overall financial results

 

 

Q4

 

Full Year

($ in Millions, except EPS)

 

2025

 

2024

 

% Change

 

2025

 

2024

 

% Change

Reported Sales

 

$24,564

 

$22,520

 

9.1%

 

$94,193

 

$88,821

6.0%

Net Earnings

 

$5,116

 

$3,431

 

49.1%

 

$26,804

 

$14,066

90.6%

EPS (diluted)

 

$2.10

 

$1.41

 

48.9%

 

$11.03

 

$5.79

90.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4

 

Full Year

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

 

2025

 

2024

 

% Change

 

2025

 

2024

 

% Change

Operational Sales1,2

 

 

 

 

 

7.1%

 

 

 

 

5.3%

Adjusted Operational Sales1,3

 

 

 

 

 

6.1%

 

 

 

 

4.2%

Adjusted Net Earnings1,4

 

$6,009

 

$4,946

 

21.5%

 

$26,215

 

$24,242

8.1%

Adjusted EPS (diluted)1,4

 

$2.46

 

$2.04

 

20.6%

 

$10.79

 

$9.98

8.1%

Free Cash Flow5,6

 

 

 

 

 

 

 

~$19,700

 

$19,842

1

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

2

Excludes the impact of translational currency

3

Excludes the net impact of acquisitions and divestitures and translational currency

4

Excludes intangible amortization expense and special items

5

Non-GAAP measure; defined as cash flow from operating activities, less additions to property, plant and equipment. Cash flow from operations, the most directly comparable GAAP financial measure, will be included in subsequent SEC filings.

6

Full year 2025 is estimated as of January 21, 2026.

Note: values may have been rounded

Regional sales results

Q4

 

 

 

% Change

 

($ in Millions)

 

2025

 

2024

 

Reported

 

Operational1,2

 

Currency

 

Adjusted

Operational1,3

U.S.

$14,195

$13,204

7.5%

7.5

-

5.7

International

10,369

9,316

11.3

6.6

4.7

6.8

Worldwide

$24,564

$22,520

9.1%

7.1

2.0

6.1

 

 

 

 

 

 

 

Full Year

 

 

 

% Change

 

($ in Millions)

 

2025

 

2024

 

Reported

 

Operational1,2

 

Currency

 

Adjusted

Operational1,3

U.S.

$53,752

$50,302

6.9%

6.9

-

4.9

International

40,441

38,519

5.0

3.4

1.6

3.3

Worldwide

$94,193

$88,821

6.0%

5.3

0.7

4.2

1

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

2

Excludes the impact of translational currency

3

Excludes the net impact of acquisitions and divestitures and translational currency

Note: values may have been rounded

Segment sales results

Q4

 

 

 

% Change

 

($ in Millions)

 

2025

 

2024

 

Reported

 

Operational1,2

 

Currency

 

Adjusted

Operational1,3

Innovative Medicine

$15,763

$14,332

10.0%

7.9

2.1

6.2

MedTech

8,801

8,188

7.5

5.8

1.7

5.9

Worldwide

$24,564

$22,520

9.1%

7.1

2.0

6.1

 

Full Year

 

 

 

% Change

 

($ in Millions)

 

2025

 

2024

 

Reported

 

Operational1,2

 

Currency

 

Adjusted

Operational1,3

Innovative Medicine

$60,401

$56,964

6.0%

5.3

0.7

4.1

MedTech

33,792

31,857

6.1

5.4

0.7

4.3

Worldwide

$94,193

$88,821

6.0%

5.3

0.7

4.2

1

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

2

Excludes the impact of translational currency

3

Excludes the net impact of acquisitions and divestitures and translational currency

Note: values may have been rounded

Full-year 2025 segment commentary:

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

Innovative Medicine

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

MedTech

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

Full-year 2026 guidance:

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

($ in Billions, except EPS)

 

January 2026

Adjusted Operational Sales1,2

Change vs. Prior Year / Mid-point

 

5.4% – 6.4% / 5.9%

Operational Sales2 / Mid-point

Change vs. Prior Year / Mid-point

 

$99.5B – $100.5B / $100.0B

5.7% – 6.7% / 6.2%

Estimated Reported Sales3/ Mid-point

Change vs. Prior Year / Mid-point

 

$100.0B – $101.0B / $100.5B

6.2% – 7.2% / 6.7%

Adjusted Operational EPS (Diluted)2,4 / Mid-point

Change vs. Prior Year / Mid-point

 

$11.28 – $11.48 / $11.38

4.5% – 6.5% / 5.5%

Adjusted EPS (Diluted)3,4 / Mid-point

Change vs. Prior Year / Mid-point

 

$11.43 – $11.63 / $11.53

5.9% – 7.9% / 6.9%

1

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

2

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

3

Calculated using Euro Average Rate: January 2026 = $1.17 (Illustrative purposes only)

4

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

Note: percentages may have been rounded

Other modeling considerations will be provided on the webcast.

Notable announcements in the quarter:

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

Regulatory

Johnson & Johnson Submits OTTAVA Robotic Surgical System to the U.S. Food and Drug Administration1

Press Release

 

Johnson & Johnson Receives FDA Approval for TRUFILL n‑BCA Liquid Embolic System for the Treatment of Symptomatic Chronic Subdural Hematoma

Press Release

 

U.S. FDA Approval of RYBREVANT FASPRO (amivantamab and hyaluronidase-lpuj) Enables the Simplest, Shortest Administration Time for a First-Line Combination Regimen when Combined with LAZCLUZE (lazertinib)

Press Release

 

U.S. FDA approves AKEEGA as the first precision therapy for BRCA2-mutated metastatic castration-sensitive prostate cancer with 54% reduction in disease progression vs standard of care

Press Release

 

DARZALEX FASPRO is the first and only treatment approved by the U.S. FDA for patients with high-risk smoldering multiple myeloma

Press Release

 

FDA approval of CAPLYTA (lumateperone) has the potential to reset treatment expectations, offering hope for remission in adults with major depressive disorder

Press Release

Data Releases

New clinical data highlights CAPLYTA (lumateperone) as a promising option for achieving remission in adults with major depressive disorder1

Press Release

 

TECVAYLI monotherapy demonstrates superior progression-free and overall survival versus standard of care as early as first relapse in patients with multiple myeloma predominantly refractory to anti-CD38 therapy and lenalidomide1

Press Release

 

RYBREVANT (amivantamab-vmjw) longer-term results show promising and durable responses in difficult-to-treat colorectal cancer1

Press Release

 

Johnson & Johnson unveils new data showing nipocalimab is the first and only investigational FcRn blocker with potential to reduce systemic lupus erythematosus (SLE) activity in a Phase 2 study1

Press Release

 

Unprecedented results from the Phase 3 MajesTEC-3 study support TECVAYLI plus DARZALEX FASPRO as a potential standard of care as early as second line for patients with relapsed/refractory multiple myeloma

Press Release

 

Earlier use of CARVYKTI demonstrated lasting treatment-free remissions at 2.5 years in patients with relapsed or refractory multiple myeloma

Press Release

 

Johnson & Johnson's INLEXZO (gemcitabine intravesical system) delivers 74 percent disease-free survival at one year in BCG-unresponsive, high-risk, papillary-only NMIBC

Press Release

 

New long-term data reinforces TREMFYA (guselkumab) as the only IL-23 inhibitor proven to substantially inhibit structural joint damage in active psoriatic arthritis

Press Release

 

Johnson & Johnson announces first head-to-head study comparing IMAAVY with an alternative FcRn blocker in generalized myasthenia gravis (gMG) at AANEM Annual Meeting

Press Release

 

Icotrokinra maintains standout combination of therapeutic benefit and a favorable safety profile in once-daily pill through 28 weeks in ulcerative colitis

Press Release

 

TREMFYA (guselkumab), the first and only IL-23 inhibitor with a fully subcutaneous treatment regimen, demonstrates durable remission in Crohn's disease at two years

Press Release

 

Published in The Lancet: Nipocalimab significantly decreased Sjögren's disease (SjD) activity and severity through substantial reduction in Sjögren's-related autoantibodies

Press Release

 

Icotrokinra long-term results affirm promise of targeted oral peptide with high rates of durable skin clearance and favorable safety profile in difficult-to-treat scalp and genital psoriasis

Press Release

 

Subcutaneous amivantamab delivers promising 45 percent overall response rate with median duration of 7.2 months in recurrent or metastatic head and neck cancer

Press Release

 

TECVAYLI plus DARZALEX FASPRO combination regimen significantly improves progression-free survival and overall survival versus standard of care

Press Release

Other

Johnson & Johnson Reaches Agreement with U.S. Government to Improve Access to Medicines and Lower Costs for Millions of Americans; Delivers on U.S. Manufacturing and Innovation Investments1

Press Release

Johnson & Johnson completes acquisition of Halda Therapeutics and its novel platform to revolutionize cancer treatment and enable next-generation oral therapies

Press Release

Johnson & Johnson Announces Intent to Separate Its Orthopaedics Business

Press Release

1 Subsequent to the quarter

Webcast information:

Johnson & Johnson will conduct a conference call with investors to discuss this earnings release today at 8:30 a.m., Eastern Time. A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Johnson & Johnson website. A replay and podcast will be available approximately two hours after the live webcast in the Investor Relations section of the company's website at events-and-presentations.

About Johnson & Johnson:

At Johnson & Johnson, we believe health is everything. Our strength in healthcare innovation empowers us to build a world where complex diseases are prevented, treated, and cured, where treatments are smarter and less invasive, and solutions are personal. Through our expertise in Innovative Medicine and MedTech, we are uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow, and profoundly impact health for humanity. Learn more at www.jnj.com.

Non-GAAP financial measures:

* “Operational sales growth” excluding the impact of translational currency, “adjusted operational sales growth” excluding the net impact of acquisitions and divestitures and translational currency, as well as “adjusted net earnings”, “adjusted diluted earnings per share” and “adjusted operational diluted earnings per share” excluding after-tax intangible amortization expense and special items, are non-GAAP financial measures and should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Except for guidance measures, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying financial schedules of the earnings release and the Investor Relations section of the company's website at quarterly results.

Copies of the financial schedules accompanying this earnings release are available on the company’s website at quarterly results. These schedules include supplementary sales data, a condensed consolidated statement of earnings, reconciliations of non-GAAP financial measures, and sales of key products/franchises. Additional information on Johnson & Johnson, including adjusted income before tax by segment, an Innovative Medicine pipeline of selected compounds in late stage development and a copy of today’s earnings call presentation can also be found in the Investor Relations section of the company's website at quarterly results.

Note to investors concerning forward-looking statements:

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: future operating and financial performance, product development, and market position and business strategy. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations or changes to applicable laws and regulations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the Company to successfully execute strategic plans, including restructuring plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; and increased scrutiny of the health care industry by government agencies. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s most recent Annual Report on Form 10-K, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in Johnson & Johnson’s subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com, investor.jnj.com, or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.

Johnson & Johnson and Subsidiaries
Supplementary Sales Data
 
(Unaudited; Dollars in Millions)

FOURTH QUARTER

 

TWELVE MONTHS

 

 

 

 

 

Percent Change

 

 

 

 

 

Percent Change

 

2025

 

2024

 

Total

 

Operations

 

Currency

 

2025

 

2024

 

Total

 

Operations

 

Currency

Sales to customers by
segment of business
 
Innovative Medicine
U.S.

$

9,689

8,977

7.9

%

7.9

-

$

36,344

33,970

7.0

%

7.0

-

International

 

6,074

5,355

13.4

7.9

5.5

 

24,057

22,994

4.6

2.9

1.7

 

15,763

14,332

10.0

7.9

2.1

 

60,401

56,964

6.0

5.3

0.7

 
MedTech
U.S.

 

4,506

4,227

6.6

6.6

-

 

17,408

16,332

6.6

6.6

-

International

 

4,295

3,961

8.5

4.9

3.6

 

16,384

15,525

5.5

4.1

1.4

 

8,801

8,188

7.5

5.8

1.7

 

33,792

31,857

6.1

5.4

0.7

 
U.S.

 

14,195

13,204

7.5

7.5

-

 

53,752

50,302

6.9

6.9

-

International

 

10,369

9,316

11.3

6.6

4.7

 

40,441

38,519

5.0

3.4

1.6

Worldwide

$

24,564

22,520

9.1

%

7.1

2.0

$

94,193

88,821

6.0

%

5.3

0.7

 
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
Johnson & Johnson and Subsidiaries
Supplementary Sales Data
 
(Unaudited; Dollars in Millions)

FOURTH QUARTER

 

TWELVE MONTHS

 

 

 

 

 

Percent Change

 

 

 

 

 

Percent Change

 

2025

 

2024

 

Total

 

Operations

 

Currency

 

2025

 

2024

 

Total

 

Operations

 

Currency

Sales to customers by
geographic area
 
U.S.

$

14,195

13,204

7.5

%

7.5

-

$

53,752

50,302

6.9

%

6.9

-

 

 
Europe

 

5,598

4,921

13.8

5.2

8.6

 

21,535

20,212

6.5

2.4

4.1

 

Western Hemisphere excluding U.S.

 

1,271

1,135

12.0

11.0

1.0

 

4,875

4,714

3.4

8.4

(5.0

)

Asia-Pacific, Africa

 

3,500

3,260

7.4

7.2

0.2

 

14,031

13,593

3.2

3.1

0.1

 

International

 

10,369

9,316

11.3

6.6

4.7

 

40,441

38,519

5.0

3.4

1.6

 

 
Worldwide

$

24,564

22,520

9.1

%

7.1

2.0

$

94,193

88,821

6.0

%

5.3

0.7

 

 
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
 
(Unaudited; in Millions Except Per Share Figures) FOURTH QUARTER
 

2025

2024

Percent

Increase

(Decrease)

Amount

Percent

to Sales

Amount

Percent

to Sales

Sales to customers

$

24,564

 

100.0

 

$

22,520

 

100.0

 

9.1

 

Cost of products sold

 

7,968

 

32.4

 

 

7,128

 

31.6

 

11.8

 

Gross Profit

 

16,596

 

67.6

 

 

15,392

 

68.4

 

7.8

 

Selling, marketing and administrative expenses

 

6,753

 

27.5

 

 

6,453

 

28.6

 

4.6

 

Research and development expense

 

4,252

 

17.3

 

 

5,298

 

23.5

 

(19.7

)

In-process research and development impairments

 

81

 

0.3

 

 

17

 

0.1

 

Interest (income) expense, net

 

(23

)

(0.1

)

 

(144

)

(0.6

)

Other (income) expense, net

 

483

 

2.0

 

 

(161

)

(0.7

)

Restructuring

 

84

 

0.4

 

 

42

 

0.2

 

Earnings before provision for taxes on income

 

4,966

 

20.2

 

 

3,887

 

17.3

 

27.8

 

(Benefit from)/Provision for taxes on income

 

(150

)

(0.6

)

 

456

 

2.1

 

(132.9

)

Net earnings

$

5,116

 

20.8

 

$

3,431

 

15.2

 

49.1

 

 
Net earnings per share (Diluted)

$

2.10

 

$

1.41

 

48.9

 

 
Average shares outstanding (Diluted)

 

2,439.0

 

 

2,427.1

 

 
Effective tax rate

 

(3.0

)

%

 

11.7

 

%

 
Adjusted earnings before provision for taxes and net earnings (1)
Earnings before provision for taxes on income

$

7,046

 

28.7

 

$

5,421

 

24.1

 

30.0

 

Net earnings

$

6,009

 

24.5

 

$

4,946

 

22.0

 

21.5

 

Net earnings per share (Diluted)

$

2.46

 

$

2.04

 

20.6

 

Effective tax rate

 

14.7

 

%

 

8.8

 

%

 
(1) See Reconciliation of Non-GAAP Financial Measures.
Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
 
(Unaudited; in Millions Except Per Share Figures) TWELVE MONTHS
 

2025

2024

Percent

Increase

(Decrease)

Amount

Percent

to Sales

Amount

Percent

to Sales

Sales to customers

$

94,193

 

100.0

 

$

88,821

 

100.0

 

6.0

 

Cost of products sold

 

30,256

 

32.1

 

 

27,471

 

30.9

 

10.1

 

Gross Profit

 

63,937

 

67.9

 

 

61,350

 

69.1

 

4.2

 

Selling, marketing and administrative expenses

 

23,676

 

25.1

 

 

22,869

 

25.7

 

3.5

 

Research and development expense

 

14,665

 

15.6

 

 

17,232

 

19.4

 

(14.9

)

In-process research and development impairments

 

81

 

0.1

 

 

211

 

0.2

 

Interest (income) expense, net

 

(85

)

(0.1

)

 

(577

)

(0.6

)

Other (income) expense, net

 

(7,209

)

(7.6

)

 

4,694

 

5.3

 

Restructuring

 

228

 

0.2

 

 

234

 

0.3

 

Earnings before provision for taxes on income

 

32,581

 

34.6

 

 

16,687

 

18.8

 

95.2

 

Provision for taxes on income

 

5,777

 

6.1

 

 

2,621

 

3.0

 

120.4

 

Net earnings

$

26,804

 

28.5

 

$

14,066

 

15.8

 

90.6

 

 
Net earnings per share (Diluted)

$

11.03

 

$

5.79

 

90.5

 

 
Average shares outstanding (Diluted)

 

2,429.4

 

 

2,429.4

 

 
Effective tax rate

 

17.7

 

%

 

15.7

 

%

 
Adjusted earnings before provision for taxes and net earnings (1)
Earnings before provision for taxes on income

$

31,681

 

33.6

 

$

28,979

 

32.6

 

9.3

 

Net earnings

$

26,215

 

27.8

 

$

24,242

 

27.3

 

8.1

 

Net earnings per share (Diluted)

$

10.79

 

$

9.98

 

8.1

 

Effective tax rate

 

17.3

 

%

 

16.3

 

%

 
(1) See Reconciliation of Non-GAAP Financial Measures.
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures

 

 

 

 

Fourth Quarter Twelve Months Ended
(Dollars in Millions Except Per Share Data)

2025

2024

2025

2024

Net Earnings, after tax- as reported

$5,116

$3,431

$26,804

$14,066

 

 

 

 

Pre-tax Adjustments

 

 

 

 

Litigation related

854

(16)

(6,040)

5,450

Intangible Asset Amortization expense

1,186

1,171

4,621

4,526

Restructuring related 1

210

62

512

269

Acquisition, integration and divestiture related

(190)

298

285

1,226

IPR&D impairments

81

17

81

211

(Gains)/losses on securities

(100)

(68)

(427)

306

Orthopaedics Separation related

48

-

48

-

COVID-19 Vaccine related costs

-

23

-

100

Medical Device Regulation

-

47

-

204

Other

(9)

-

20

-

 

 

 

 

 

 

 

 

Tax Adjustments

 

 

 

 

Tax impact on special item adjustments 2

(445)

(80)

381

(2,135)

Tax legislation and other tax related

(742)

61

(70)

19

Adjusted Net Earnings, after tax

$6,009

$4,946

$26,215

$24,242

Average shares outstanding (Diluted)

2,439.0

2,427.1

2,429.4

2,429.4

Adjusted net earnings per share (Diluted)

$2.46

$2.04

$10.79

$9.98

Operational adjusted net earnings per share (Diluted)

$2.35

 

$10.58

 

 

 

 

 

Notes:

 

 

 

 

1

In fiscal 2023, the company completed a prioritization of its research and development (R&D) investment within the Innovative Medicine segment to focus on the most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs within therapeutic areas. The R&D program exits were primarily in infectious diseases and vaccines including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, hepatitis and HIV development. The restructuring expense of $102 million in fiscal 2024 included the termination of partnered and non-partnered program costs, asset impairments and asset divestments. This program was completed in Q4 2024.
 
In fiscal 2023, the company initiated a restructuring program of its Orthopaedics franchise within the MedTech segment to streamline operations by exiting certain markets, product lines and distribution network arrangements. The restructuring expense of $162 million in the fiscal fourth quarter of 2025 ($307 million Q4 2025 YTD) and $60 million in the fiscal fourth quarter of 2024 ($167 million Q4 2024 YTD) primarily includes costs related to market and product exits. This program was substantially completed in Q4 2025.
 
In fiscal 2025, the company initiated a restructuring program of its Surgery franchise within the MedTech segment to simplify and focus operations by exiting certain non-strategic product lines and optimize select sites across the network. The restructuring expense of $48 million in the fiscal fourth quarter of 2025 ($205 million Q4 2025 YTD) primarily includes costs related to asset impairments and market and product exits. This program is expected to be substantially completed by the end of fiscal year 2026.
 

2

The tax impact related to special item adjustments reflects the current and deferred income taxes associated with the above pre-tax special items in arriving at adjusted earnings.
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure

 

 

 

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

 

Segments

 

 

 

Innovative Medicine

MedTech

Total

 

 

 

WW As Reported

10.0%

7.5%

9.1%

U.S.

7.9%

6.6%

7.5%

International

13.4%

8.5%

11.3%

 

 

 

WW Currency

2.1

1.7

2.0

U.S.

-

-

-

International

5.5

3.6

4.7

 

 

 

WW Operational

7.9%

5.8%

7.1%

U.S.

7.9%

6.6%

7.5%

International

7.9%

4.9%

6.6%

 

 

 

Caplyta

(1.7)

 

(1.1)

U.S.

(2.8)

 

(1.9)

International

0.0

 

0.0

 

 

 

All Other Acquisitions and Divestitures (A&D)

0.0

0.1

0.1

U.S.

0.0

0.1

0.1

International

0.1

0.2

0.2

 

 

 

WW Adjusted Operational Ex A&D

6.2%

5.9%

6.1%

U.S.

5.1%

6.7%

5.7%

International

8.0%

5.1%

6.8%

 

 

 

Note: Percentages are based on actual, non-rounded figures and may not sum
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure

 

 

 

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

 

Segments

 

 

 

Innovative Medicine

MedTech

Total

 

 

 

WW As Reported

6.0%

6.1%

6.0%

U.S.

7.0%

6.6%

6.9%

International

4.6%

5.5%

5.0%

 

 

 

WW Currency

0.7

0.7

0.7

U.S.

-

-

-

International

1.7

1.4

1.6

 

 

 

WW Operational

5.3%

5.4%

5.3%

U.S.

7.0%

6.6%

6.9%

International

2.9%

4.1%

3.4%

 

 

 

Shockwave

 

(1.4)

(0.5)

U.S.

 

(2.1)

(0.7)

International

 

(0.5)

(0.2)

 

 

 

Caplyta

(1.2)

 

(0.7)

U.S.

(2.1)

 

(1.4)

International

0.0

 

0.0

 

 

 

All Other Acquisitions and Divestitures (A&D)

0.0

0.3

0.1

U.S.

0.0

0.3

0.1

International

0.1

0.2

0.1

 

 

 

WW Adjusted Operational Ex A&D

4.1%

4.3%

4.2%

U.S.

4.9%

4.8%

4.9%

International

3.0%

3.8%

3.3%

 

 

 

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

 

REPORTED SALES vs. PRIOR PERIOD ($MM)

 

REPORTED SALES vs. PRIOR PERIOD ($MM)

 

FOURTH QUARTER

 

TWELVE MONTHS

 

 

 

 

 

% Change

 

 

 

 

 

% Change

INNOVATIVE MEDICINE SEGMENT (2)

 

2025

 

2024

Reported

 

Operational (1)

 

Currency

 

 

 

2025

 

2024

Reported

 

Operational (1)

 

Currency

 

 

 

 

 

 

 

ONCOLOGY

 

 

 

 

 

 

US

$

3,793

3,019

25.6

%

25.6

%

-

 

$

13,659

10,854

25.8

%

25.8

%

-

 

Intl

 

3,069

2,476

23.9

%

17.3

%

6.6

%

 

11,721

9,926

18.1

%

15.6

%

2.5

%

WW

 

6,861

5,497

24.8

%

21.9

%

2.9

%

 

25,380

20,781

22.1

%

20.9

%

1.2

%

CARVYKTI

 

 

 

 

 

 

US

 

420

304

38.2

%

38.2

%

-

 

 

1,492

869

71.6

%

71.6

%

-

 

Intl

 

135

31

*

*

*

 

395

94

*

*

*

WW

 

555

334

65.8

%

63.2

%

2.6

%

 

1,887

963

95.9

%

94.3

%

1.6

%

DARZALEX

 

 

 

 

 

 

US

 

2,332

1,799

29.6

%

29.6

%

-

 

 

8,266

6,588

25.5

%

25.5

%

-

 

Intl

 

1,571

1,285

22.3

%

16.2

%

6.1

%

 

6,085

5,082

19.7

%

17.5

%

2.2

%

WW

 

3,903

3,084

26.6

%

24.1

%

2.5

%

 

14,351

11,670

23.0

%

22.0

%

1.0

%

ERLEADA

 

 

 

 

 

 

US

 

405

342

18.6

%

18.6

%

-

 

 

1,453

1,282

13.4

%

13.4

%

-

 

Intl

 

554

442

25.3

%

17.5

%

7.8

%

 

2,121

1,717

23.5

%

20.1

%

3.4

%

WW

 

959

784

22.4

%

18.0

%

4.4

%

 

3,574

2,999

19.2

%

17.2

%

2.0

%

IMBRUVICA

 

 

 

 

 

 

US

 

207

250

(17.4

)%

(17.4

)%

-

 

 

892

1,020

(12.5

)%

(12.5

)%

-

 

Intl

 

478

481

(0.8

)%

(7.5

)%

6.7

%

 

1,931

2,018

(4.3

)%

(6.7

)%

2.4

%

WW

 

684

731

(6.5

)%

(10.9

)%

4.4

%

 

2,823

3,038

(7.1

)%

(8.6

)%

1.5

%

RYBREVANT / LAZCLUZE (3)

 

 

 

 

 

 

US

 

146

101

45.6

%

45.6

%

-

 

 

534

257

*

*

-

 

Intl

 

70

21

*

*

*

 

200

70

*

*

*

WW

 

216

122

78.0

%

76.5

%

1.5

%

 

734

327

*

*

*

TALVEY

 

 

 

 

 

 

US

 

105

68

53.8

%

53.8

%

-

 

 

340

241

40.9

%

40.9

%

-

 

Intl

 

44

17

*

*

*

 

123

46

*

*

*

WW

 

149

85

75.8

%

73.1

%

2.7

%

 

463

287

61.3

%

60.3

%

1.0

%

TECVAYLI

 

 

 

 

 

 

US

 

110

108

2.7

%

2.7

%

-

 

 

444

418

6.3

%

6.3

%

-

 

Intl

 

66

38

72.2

%

65.1

%

7.1

%

 

226

131

72.8

%

70.4

%

2.4

%

WW

 

176

146

20.8

%

18.9

%

1.9

%

 

670

549

22.1

%

21.5

%

0.6

%

ZYTIGA / abiraterone acetate

 

 

 

 

 

 

US

 

5

9

(41.4

)%

(41.4

)%

-

 

 

23

34

(33.2

)%

(33.2

)%

-

 

Intl

 

115

127

(9.9

)%

(11.1

)%

1.2

%

 

480

597

(19.7

)%

(20.5

)%

0.8

%

WW

 

119

135

(11.9

)%

(13.0

)%

1.1

%

 

502

631

(20.4

)%

(21.2

)%

0.8

%

OTHER ONCOLOGY

 

 

 

 

 

 

US

 

61

39

54.8

%

54.8

%

-

 

 

214

145

47.5

%

47.5

%

-

 

Intl

 

39

36

8.4

%

3.0

%

5.4

%

 

162

172

(6.0

)%

(7.8

)%

1.8

%

WW

 

100

75

32.9

%

30.3

%

2.6

%

 

376

317

18.5

%

17.5

%

1.0

%

 

 

 

 

 

 

See footnotes at end of schedule

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REPORTED SALES vs. PRIOR PERIOD ($MM)

 

REPORTED SALES vs. PRIOR PERIOD ($MM)

 

FOURTH QUARTER

 

TWELVE MONTHS

 

 

 

 

 

% Change

 

 

 

 

 

% Change

 

 

2025

 

2024

Reported

 

Operational (1)

 

Currency

 

 

 

2025

 

2024

Reported

 

Operational (1)

 

Currency

 

IMMUNOLOGY

 

 

 

 

 

 

US

$

2,495

2,856

(12.6

)%

(12.6

)%

-

 

$

9,872

11,355

(13.1

)%

(13.1

)%

-

 

Intl

 

1,364

1,383

(1.4

)%

(5.5

)%

4.1

%

 

5,856

6,473

(9.5

)%

(10.2

)%

0.7

%

WW

 

3,860

4,238

(8.9

)%

(10.3

)%

1.4

%

 

15,728

17,828

(11.8

)%

(12.0

)%

0.2

%

REMICADE

 

 

 

 

 

 

US

 

248

231

7.1

%

7.1

%

-

 

 

1,171

1,009

16.0

%

16.0

%

-

 

US Exports (4)

 

11

9

17.1

%

17.1

%

-

 

 

74

98

(24.8

)%

(24.8

)%

-

 

Intl

 

110

117

(5.6

)%

(7.3

)%

1.7

%

 

523

497

5.3

%

6.2

%

(0.9

)%

WW

 

370

359

3.2

%

2.6

%

0.6

%

 

1,768

1,605

10.2

%

10.5

%

(0.3

)%

SIMPONI / SIMPONI ARIA

 

 

 

 

 

 

US

 

287

262

9.6

%

9.6

%

-

 

 

1,193

1,082

10.3

%

10.3

%

-

 

Intl

 

345

321

7.4

%

3.7

%

3.7

%

 

1,475

1,108

33.1

%

32.8

%

0.3

%

WW

 

632

583

8.4

%

6.4

%

2.0

%

 

2,668

2,190

21.8

%

21.7

%

0.1

%

STELARA

 

 

 

 

 

 

US

 

766

1,699

(54.9

)%

(54.9

)%

-

 

 

3,847

6,720

(42.7

)%

(42.7

)%

-

 

Intl

 

462

650

(28.8

)%

(32.3

)%

3.5

%

 

2,230

3,641

(38.7

)%

(39.3

)%

0.6

%

WW

 

1,230

2,349

(47.7

)%

(48.6

)%

0.9

%

 

6,078

10,361

(41.3

)%

(41.5

)%

0.2

%

TREMFYA

 

 

 

 

 

 

US

 

1,145

654

75.1

%

75.1

%

-

 

 

3,529

2,443

44.5

%

44.5

%

-

 

Intl

 

445

295

50.9

%

44.0

%

6.9

%

 

1,626

1,227

32.5

%

30.4

%

2.1

%

WW

 

1,589

949

67.6

%

65.4

%

2.2

%

 

5,155

3,670

40.5

%

39.8

%

0.7

%

OTHER IMMUNOLOGY

 

 

 

 

 

 

US

 

39

0

*

*

-

 

 

59

3

*

*

-

 

Intl

 

2

0

*

*

*

 

2

0

*

*

*

WW

 

40

0

*

*

*

 

61

3

*

*

*

NEUROSCIENCE

 

 

 

 

 

 

US

 

1,439

1,148

25.4

%

25.4

%

-

 

 

5,151

4,398

17.1

%

17.1

%

-

 

Intl

 

675

628

7.6

%

4.3

%

3.3

%

 

2,686

2,718

(1.2

)%

(1.8

)%

0.6

%

WW

 

2,115

1,775

19.1

%

17.9

%

1.2

%

 

7,837

7,115

10.1

%

9.9

%

0.2

%

CAPLYTA (5)

 

 

 

 

 

 

US

 

249

-

*

*

-

 

 

700

-

*

*

-

 

Intl

 

-

-

-

 

-

 

-

 

 

-

-

-

 

-

 

-

 

WW

 

249

-

*

*

-

 

 

700

-

*

*

-

 

CONCERTA / Methylphenidate

 

 

 

 

 

 

US

 

6

33

(79.6

)%

(79.6

)%

-

 

 

82

134

(38.6

)%

(38.6

)%

-

 

Intl

 

126

125

(0.3

)%

(1.4

)%

1.1

%

 

502

507

(1.2

)%

(0.7

)%

(0.5

)%

WW

 

132

159

(17.1

)%

(17.8

)%

0.7

%

 

584

641

(9.0

)%

(8.6

)%

(0.4

)%

INVEGA SUSTENNA / XEPLION /

INVEGA TRINZA / TREVICTA

 

 

 

 

 

 

US

 

704

796

(11.5

)%

(11.5

)%

-

 

 

2,725

3,125

(12.8

)%

(12.8

)%

-

 

Intl

 

281

267

5.2

%

1.9

%

3.3

%

 

1,085

1,097

(1.1

)%

(1.8

)%

0.7

%

WW

 

986

1,063

(7.3

)%

(8.2

)%

0.9

%

 

3,810

4,222

(9.8

)%

(9.9

)%

0.1

%

SPRAVATO

 

 

 

 

 

 

US

 

438

269

63.0

%

63.0

%

-

 

 

1,485

929

59.9

%

59.9

%

-

 

Intl

 

64

28

*

*

*

 

210

148

41.9

%

39.1

%

2.8

%

WW

 

503

297

69.0

%

67.8

%

1.2

%

 

1,696

1,077

57.4

%

57.0

%

0.4

%

OTHER NEUROSCIENCE

 

 

 

 

 

 

US

 

40

49

(18.3

)%

(18.3

)%

-

 

 

159

210

(24.5

)%

(24.5

)%

-

 

Intl

 

205

206

(0.7

)%

(4.3

)%

3.6

%

 

889

965

(7.9

)%

(8.7

)%

0.8

%

WW

 

245

255

(4.1

)%

(6.9

)%

2.8

%

 

1,048

1,175

(10.9

)%

(11.5

)%

0.6

%

 

 

 

 

 

 

See footnotes at end of schedule

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REPORTED SALES vs. PRIOR PERIOD ($MM)

 

REPORTED SALES vs. PRIOR PERIOD ($MM)

 

FOURTH QUARTER

 

TWELVE MONTHS

 

 

 

 

 

% Change

 

 

 

 

 

% Change

 

 

2025

 

2024

Reported

 

Operational (1)

 

Currency

 

 

 

2025

 

2024

Reported

 

Operational (1)

 

Currency

 

PULMONARY HYPERTENSION

 

 

 

 

 

 

US

$

865

819

5.7

%

5.7

%

-

 

$

3,223

3,143

2.6

%

2.6

%

-

 

Intl

 

319

274

16.4

%

12.2

%

4.2

%

 

1,214

1,140

6.5

%

4.9

%

1.6

%

WW

 

1,184

1,092

8.4

%

7.4

%

1.0

%

 

4,437

4,282

3.6

%

3.2

%

0.4

%

OPSUMIT / OPSYNVI

 

 

 

 

 

 

US

 

458

408

11.9

%

11.9

%

-

 

 

1,633

1,557

4.8

%

4.8

%

-

 

Intl

 

185

162

14.8

%

10.9

%

3.9

%

 

692

668

3.7

%

2.1

%

1.6

%

WW

 

643

570

12.7

%

11.6

%

1.1

%

 

2,325

2,225

4.5

%

4.0

%

0.5

%

UPTRAVI

 

 

 

 

 

 

US

 

397

391

1.6

%

1.6

%

-

 

 

1,536

1,511

1.7

%

1.7

%

-

 

Intl

 

94

75

26.9

%

20.8

%

6.1

%

 

366

307

19.4

%

17.4

%

2.0

%

WW

 

491

465

5.7

%

4.7

%

1.0

%

 

1,902

1,817

4.7

%

4.3

%

0.4

%

OTHER PULMONARY HYPERTENSION

 

 

 

 

 

 

US

 

10

19

(43.7

)%

(43.7

)%

-

 

 

54

75

(27.0

)%

(27.0

)%

-

 

Intl

 

39

38

2.6

%

1.2

%

1.4

%

 

155

165

(6.2

)%

(6.8

)%

0.6

%

WW

 

49

57

(12.5

)%

(13.5

)%

1.0

%

 

209

240

(12.7

)%

(13.0

)%

0.3

%

INFECTIOUS DISEASES

 

 

 

 

 

 

US

 

303

331

(8.5

)%

(8.5

)%

-

 

 

1,264

1,354

(6.6

)%

(6.6

)%

-

 

Intl

 

505

443

13.9

%

5.6

%

8.3

%

 

1,977

2,042

(3.2

)%

(6.5

)%

3.3

%

WW

 

807

774

4.3

%

(0.4

)%

4.7

%

 

3,241

3,396

(4.6

)%

(6.5

)%

1.9

%

EDURANT / rilpivirine

 

 

 

 

 

 

US

 

5

7

(39.1

)%

(39.1

)%

-

 

 

26

31

(18.4

)%

(18.4

)%

-

 

Intl

 

379

315

20.6

%

11.1

%

9.5

%

 

1,461

1,241

17.7

%

13.0

%

4.7

%

WW

 

383

322

19.2

%

9.9

%

9.3

%

 

1,486

1,272

16.9

%

12.2

%

4.7

%

PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA

 

 

 

 

 

 

US

 

294

321

(8.4

)%

(8.4

)%

-

 

 

1,226

1,311

(6.5

)%

(6.5

)%

-

 

Intl

 

89

86

3.6

%

(2.9

)%

6.5

%

 

353

401

(11.9

)%

(13.7

)%

1.8

%

WW

 

383

407

(5.8

)%

(7.2

)%

1.4

%

 

1,579

1,712

(7.7

)%

(8.1

)%

0.4

%

OTHER INFECTIOUS DISEASES

 

 

 

 

 

 

US

 

4

1

92.9

%

92.9

%

-

 

 

12

11

6.6

%

6.6

%

-

 

Intl

 

37

43

(14.5

)%

(18.0

)%

3.5

%

 

163

401

(59.3

)%

(59.5

)%

0.2

%

WW

 

40

45

(9.9

)%

(13.2

)%

3.3

%

 

175

412

(57.5

)%

(57.7

)%

0.2

%

CARDIOVASCULAR / METABOLISM / OTHER

 

 

 

 

 

 

US

 

794

805

(1.4

)%

(1.4

)%

-

 

 

3,175

2,866

10.8

%

10.8

%

-

 

Intl

 

142

153

(6.3

)%

(10.7

)%

4.4

%

 

603

696

(13.3

)%

(13.8

)%

0.5

%

WW

 

936

957

(2.2

)%

(2.9

)%

0.7

%

 

3,778

3,562

6.1

%

6.0

%

0.1

%

XARELTO

 

 

 

 

 

 

US

 

687

676

1.7

%

1.7

%

-

 

 

2,633

2,373

11.0

%

11.0

%

-

 

Intl

 

-

-

-

 

-

 

-

 

 

-

-

-

 

-

 

-

 

WW

 

687

676

1.7

%

1.7

%

-

 

 

2,633

2,373

11.0

%

11.0

%

-

 

OTHER

 

 

 

 

 

 

US

 

107

130

(17.4

)%

(17.4

)%

-

 

 

542

494

9.8

%

9.8

%

-

 

Intl

 

142

153

(6.3

)%

(10.7

)%

4.4

%

 

603

696

(13.3

)%

(13.8

)%

0.5

%

WW

 

249

281

(11.4

)%

(13.8

)%

2.4

%

 

1,145

1,189

(3.7

)%

(4.0

)%

0.3

%

 

 

 

 

 

 

TOTAL INNOVATIVE MEDICINE

 

 

 

 

 

 

US

 

9,689

8,977

7.9

%

7.9

%

-

 

 

36,344

33,970

7.0

%

7.0

%

-

 

Intl

 

6,074

5,355

13.4

%

7.9

%

5.5

%

 

24,057

22,994

4.6

%

2.9

%

1.7

%

WW

$

15,763

14,332

10.0

%

7.9

%

2.1

%

$

60,401

56,964

6.0

%

5.3

%

0.7

%

 

 

 

 

 

 

See footnotes at end of schedule

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REPORTED SALES vs. PRIOR PERIOD ($MM)

 

REPORTED SALES vs. PRIOR PERIOD ($MM)

 

FOURTH QUARTER

 

TWELVE MONTHS

 

 

 

 

 

% Change

 

 

 

 

 

% Change

MEDTECH SEGMENT (2)

 

2025

 

2024

Reported

 

Operational (1)

 

Currency

 

 

 

2025

 

2024

Reported

 

Operational (1)

 

Currency

 

 

 

 

 

 

 

CARDIOVASCULAR

 

 

 

 

 

 

US

$

1,374

1,221

12.5

%

12.5

%

-

 

$

5,305

4,513

17.5

%

17.5

%

-

 

Intl

 

925

841

10.1

%

6.8

%

3.3

%

 

3,623

3,194

13.4

%

11.9

%

1.5

%

WW

 

2,299

2,062

11.5

%

10.1

%

1.4

%

 

8,928

7,707

15.8

%

15.2

%

0.6

%

ELECTROPHYSIOLOGY

 

 

 

 

 

 

US

 

746

681

9.5

%

9.5

%

-

 

 

2,891

2,738

5.6

%

5.6

%

-

 

Intl

 

679

640

6.2

%

3.2

%

3.0

%

 

2,743

2,529

8.5

%

7.3

%

1.2

%

WW

 

1,425

1,321

7.9

%

6.5

%

1.4

%

 

5,634

5,267

7.0

%

6.4

%

0.6

%

ABIOMED

 

 

 

 

 

 

US

 

358

308

16.5

%

16.5

%

-

 

 

1,393

1,213

14.9

%

14.9

%

-

 

Intl

 

102

77

33.1

%

25.4

%

7.7

%

 

358

284

26.4

%

22.0

%

4.4

%

WW

 

460

384

19.8

%

18.3

%

1.5

%

 

1,751

1,496

17.1

%

16.2

%

0.9

%

SHOCKWAVE

 

 

 

 

 

 

US

 

238

202

18.0

%

18.0

%

-

 

 

897

442

*

*

-

 

Intl

 

80

56

42.3

%

40.7

%

1.6

%

 

249

122

*

*

*

WW

 

318

258

23.3

%

22.9

%

0.4

%

 

1,146

564

*

*

*

OTHER CARDIOVASCULAR

 

 

 

 

 

 

US

 

31

31

(0.1

)%

(0.1

)%

-

 

 

124

120

3.1

%

3.1

%

-

 

Intl

 

64

68

(6.7

)%

(8.8

)%

2.1

%

 

273

260

4.9

%

4.1

%

0.8

%

WW

 

95

99

(4.6

)%

(6.1

)%

1.5

%

 

397

380

4.3

%

3.8

%

0.5

%

ORTHOPAEDICS

 

 

 

 

 

 

US

 

1,520

1,460

4.2

%

4.2

%

-

 

 

5,720

5,689

0.5

%

0.5

%

-

 

Intl

 

918

856

7.3

%

2.3

%

5.0

%

 

3,538

3,470

2.0

%

(0.2

)%

2.2

%

WW

 

2,438

2,315

5.3

%

3.5

%

1.8

%

 

9,258

9,158

1.1

%

0.3

%

0.8

%

HIPS

 

 

 

 

 

 

US

 

284

272

4.3

%

4.3

%

-

 

 

1,080

1,057

2.1

%

2.1

%

-

 

Intl

 

154

146

5.5

%

0.4

%

5.1

%

 

594

581

2.2

%

0.1

%

2.1

%

WW

 

439

418

4.7

%

2.9

%

1.8

%

 

1,674

1,638

2.1

%

1.4

%

0.7

%

KNEES

 

 

 

 

 

 

US

 

251

238

5.1

%

5.1

%

-

 

 

924

922

0.2

%

0.2

%

-

 

Intl

 

181

160

13.7

%

9.2

%

4.5

%

 

663

623

6.5

%

4.6

%

1.9

%

WW

 

432

398

8.6

%

6.8

%

1.8

%

 

1,587

1,545

2.7

%

2.0

%

0.7

%

TRAUMA

 

 

 

 

 

 

US

 

543

514

5.6

%

5.6

%

-

 

 

2,058

2,013

2.2

%

2.2

%

-

 

Intl

 

270

250

7.9

%

2.7

%

5.2

%

 

1,088

1,036

5.0

%

2.7

%

2.3

%

WW

 

813

764

6.4

%

4.7

%

1.7

%

 

3,146

3,049

3.2

%

2.4

%

0.8

%

SPINE, SPORTS & OTHER

 

 

 

 

 

 

US

 

442

434

1.9

%

1.9

%

-

 

 

1,658

1,696

(2.2

)%

(2.2

)%

-

 

Intl

 

312

300

4.2

%

(0.7

)%

4.9

%

 

1,193

1,230

(3.0

)%

(5.3

)%

2.3

%

WW

 

756

735

2.8

%

0.8

%

2.0

%

 

2,852

2,926

(2.5

)%

(3.5

)%

1.0

%

 

 

 

 

 

 

See footnotes at end of schedule

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REPORTED SALES vs. PRIOR PERIOD ($MM)

 

REPORTED SALES vs. PRIOR PERIOD ($MM)

 

FOURTH QUARTER

 

TWELVE MONTHS

 

 

 

 

 

% Change

 

 

 

 

 

% Change

 

 

2025

 

2024

Reported

 

Operational (1)

 

Currency

 

 

 

2025

 

2024

Reported

 

Operational (1)

 

Currency

 

SURGERY

 

 

 

 

 

 

US

$

1,081

1,038

4.2

%

4.2

%

-

 

$

4,157

4,003

3.9

%

3.9

%

-

 

Intl

 

1,563

1,469

6.4

%

3.4

%

3.0

%

 

5,980

5,842

2.4

%

1.5

%

0.9

%

WW

 

2,644

2,507

5.5

%

3.7

%

1.8

%

 

10,137

9,845

3.0

%

2.5

%

0.5

%

ADVANCED

 

 

 

 

 

 

US

 

489

478

2.5

%

2.5

%

-

 

 

1,900

1,838

3.4

%

3.4

%

-

 

Intl

 

687

673

1.9

%

(0.8

)%

2.7

%

 

2,678

2,650

1.0

%

0.1

%

0.9

%

WW

 

1,175

1,151

2.2

%

0.6

%

1.6

%

 

4,577

4,488

2.0

%

1.5

%

0.5

%

GENERAL

 

 

 

 

 

 

US

 

592

560

5.6

%

5.6

%

-

 

 

2,258

2,165

4.3

%

4.3

%

-

 

Intl

 

876

795

10.2

%

6.9

%

3.3

%

 

3,302

3,192

3.4

%

2.7

%

0.7

%

WW

 

1,468

1,357

8.3

%

6.3

%

2.0

%

 

5,560

5,358

3.8

%

3.3

%

0.5

%

VISION

 

 

 

 

 

 

US

 

531

509

4.3

%

4.3

%

-

 

 

2,225

2,128

4.6

%

4.6

%

-

 

Intl

 

889

794

11.9

%

8.5

%

3.4

%

 

3,243

3,018

7.4

%

5.9

%

1.5

%

WW

 

1,420

1,303

8.9

%

6.8

%

2.1

%

 

5,468

5,146

6.3

%

5.3

%

1.0

%

CONTACT LENSES / OTHER

 

 

 

 

 

 

US

 

417

396

5.3

%

5.3

%

-

 

 

1,754

1,684

4.1

%

4.1

%

-

 

Intl

 

592

541

9.3

%

5.3

%

4.0

%

 

2,157

2,049

5.3

%

3.2

%

2.1

%

WW

 

1,008

937

7.6

%

5.3

%

2.3

%

 

3,910

3,733

4.8

%

3.6

%

1.2

%

SURGICAL

 

 

 

 

 

 

US

 

113

113

0.6

%

0.6

%

-

 

 

471

444

6.1

%

6.1

%

-

 

Intl

 

297

252

17.7

%

15.3

%

2.4

%

 

1,086

969

12.1

%

11.6

%

0.5

%

WW

 

411

365

12.4

%

10.8

%

1.6

%

 

1,558

1,413

10.2

%

9.9

%

0.3

%

 

 

 

 

 

 

TOTAL MEDTECH

 

 

 

 

 

 

US

 

4,506

4,227

6.6

%

6.6

%

-

 

 

17,408

16,332

6.6

%

6.6

%

-

 

Intl

 

4,295

3,961

8.5

%

4.9

%

3.6

%

 

16,384

15,525

5.5

%

4.1

%

1.4

%

WW

$

8,801

8,188

7.5

%

5.8

%

1.7

%

$

33,792

31,857

6.1

%

5.4

%

0.7

%

 

 

 

 

 

 

Note: Columns and rows within tables may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely
 
* Percentage greater than 100% or not meaningful
(1) Operational growth excludes the effect of translational currency
(2) Unaudited
(3) Includes the sales of RYBREVANT and RYBREVANT + LAZCLUZE
(4) Reported as U.S. sales
(5) Acquired with Intra-Cellular Therapies on April 2, 2025
Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
Quarter to Date
Innovative Medicine Fourth Quarter

Dec. 28, 2025

GAAP
Intangible asset amortization Litigation related In-process research and development impairments Restructuring related Acquisition, integration and divestiture related (Loss)/gain on securities Orthopaedics Separation Related Tax legislation and other tax related Other Fourth Quarter

Dec. 28, 2025

Non-GAAP
Cost of products sold

$

3,976

 

(704

)

(11

)

3,261

 

Selling, marketing and admin expenses

 

3,456

 

3,456

 

Research and development expense

 

3,466

 

3,466

 

Other segment items

 

(193

)

16

 

(11

)

(52

)

101

 

4

 

(135

)

Adjusted Income Before Tax by Segment

 

5,058

 

704

 

(16

)

11

 

-

 

63

 

(101

)

-

 

-

 

(4

)

5,715

 

 
MedTech Fourth Quarter

Dec. 28, 2025

GAAP
Intangible asset amortization Litigation related In-process research and development impairments Restructuring related Acquisition, integration and divestiture related (Loss)/gain on securities Orthopaedics Separation Related Tax legislation and other tax related Other Fourth Quarter

Dec. 28, 2025

Non-GAAP
Cost of products sold

$

3,973

 

(482

)

(56

)

3,435

 

Selling, marketing and admin expenses

 

3,035

 

3,035

 

Research and development expense

 

786

 

786

 

Other segment items

 

806

 

(818

)

(70

)

(154

)

290

 

(1

)

(48

)

5

 

10

 

Adjusted Income Before Tax by Segment

 

201

 

482

 

818

 

70

 

210

 

(290

)

1

 

48

 

-

 

(5

)

1,535

 

 
Expenses not allocated to segments Fourth Quarter

Dec. 28, 2025

GAAP
Intangible asset amortization Litigation related In-process research and development impairments Restructuring related Acquisition, integration and divestiture related (Loss)/gain on securities Orthopaedics Separation Related Tax legislation and other tax related Other Fourth Quarter

Dec. 28, 2025

Non-GAAP
Cost of products sold

$

19

 

19

 

Selling, marketing and admin expenses

 

262

 

262

 

Research and development expense

 

-

 

-

 

Other segment items

 

12

 

(52

)

(37

)

(77

)

Adjusted Income Before Tax by Segment

 

(293

)

-

 

52

 

-

 

-

 

37

 

-

 

-

 

-

 

-

 

(204

)

 
Johnson & Johnson Consolidated Fourth Quarter

Dec. 28, 2025

GAAP
Intangible asset amortization Litigation related In-process research and development impairments Restructuring related Acquisition, integration and divestiture related (Loss)/gain on securities Orthopaedics Separation Related Tax legislation and other tax related Other Fourth Quarter

Dec. 28, 2025

Non-GAAP
Cost of products sold

$

7,968

 

(1,186

)

(56

)

(11

)

6,715

 

Selling, marketing and admin expenses

 

6,753

 

6,753

 

Research and development expense

 

4,252

 

4,252

 

Other (Income) / Expense

 

483

 

(854

)

(70

)

201

 

100

 

(48

)

9

 

(179

)

In-process research and development impairments

 

81

 

(81

)

-

 

Interest (Income)/Expense

 

(23

)

(23

)

Restructuring

 

84

 

(84

)

-

 

Adjusted Income Before Tax

 

4,966

 

1,186

 

854

 

81

 

210

 

(190

)

(100

)

48

 

-

 

(9

)

7,046

 

Provision for taxes on income

 

(150

)

226

 

32

 

18

 

35

 

149

 

(23

)

11

 

742

 

(3

)

1,037

 

Net Earnings

$

5,116

 

960

 

822

 

63

 

175

 

(339

)

(77

)

37

 

(742

)

(6

)

6,009

 

Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
Quarter to Date
Innovative Medicine Fourth Quarter

Dec. 29, 2024

GAAP
Intangible asset amortization Litigation related In-process research and development impairments Restructuring related Acquisition, integration and divestiture related (Loss)/gain on securities Medical Device Regulation COVID-19 Vaccine Related Costs Tax legislation and other tax related Fourth Quarter

Dec. 29, 2024

Non-GAAP
Cost of products sold

$

3,514

 

(685

)

2,829

 

Selling, marketing and admin expenses

 

3,312

 

3,312

 

Research and development expense

 

3,698

 

(6

)

3,692

 

Other segment items

 

(201

)

41

 

(17

)

(2

)

(12

)

50

 

(17

)

(158

)

Adjusted Income Before Tax by Segment

 

4,009

 

685

 

(41

)

17

 

2

 

12

 

(50

)

-

 

23

 

-

 

4,657

 

 
MedTech Fourth Quarter

Dec. 29, 2024

GAAP
Intangible asset amortization Litigation related In-process research and development impairments Restructuring related Acquisition, integration and divestiture related (Loss)/gain on securities Medical Device Regulation COVID-19 Vaccine Related Costs Tax legislation and other tax related Fourth Quarter

Dec. 29, 2024

Non-GAAP
Cost of products sold

$

3,596

 

(477

)

(20

)

(153

)

(18

)

2,928

 

Selling, marketing and admin expenses

 

2,836

 

(4

)

2,832

 

Research and development expense

 

1,600

 

(25

)

1,575

 

Other segment items

 

84

 

(9

)

29

 

(40

)

(115

)

18

 

(33

)

Adjusted Income Before Tax by Segment

 

72

 

486

 

(29

)

-

 

60

 

268

 

(18

)

47

 

-

 

-

 

886

 

 
Expenses not allocated to segments Fourth Quarter

Dec. 29, 2024

GAAP
Intangible asset amortization Litigation related In-process research and development impairments Restructuring related Acquisition, integration and divestiture related (Loss)/gain on securities Medical Device Regulation COVID-19 Vaccine Related Costs Tax legislation and other tax related Fourth Quarter

Dec. 29, 2024

Non-GAAP
Cost of products sold

$

18

 

18

 

Selling, marketing and admin expenses

 

305

 

305

 

Research and development expense

 

-

 

-

 

Other segment items

 

(129

)

(54

)

(18

)

(201

)

Adjusted Income Before Tax by Segment

 

(194

)

-

 

54

 

-

 

-

 

18

 

-

 

-

 

-

 

-

 

(122

)

 
Johnson & Johnson Consolidated Fourth Quarter

Dec. 29, 2024

GAAP
Intangible asset amortization Litigation related In-process research and development impairments Restructuring related Acquisition, integration and divestiture related (Loss)/gain on securities Medical Device Regulation COVID-19 Vaccine Related Costs Tax legislation and other tax related Fourth Quarter

Dec. 29, 2024

Non-GAAP
Cost of products sold

$

7,128

 

(1,162

)

(20

)

(153

)

(18

)

5,775

 

Selling, marketing and admin expenses

 

6,453

 

(4

)

6,449

 

Research and development expense

 

5,298

 

(25

)

(6

)

5,267

 

Other (Income) / Expense

 

(161

)

(9

)

16

 

(145

)

68

 

(17

)

(248

)

In-process research and development impairments

 

17

 

(17

)

-

 

Interest (Income)/Expense

 

(144

)

(144

)

Restructuring

 

42

 

(42

)

-

 

Adjusted Income Before Tax

 

3,887

 

1,171

 

(16

)

17

 

62

 

298

 

(68

)

47

 

23

 

-

 

5,421

 

Provision for taxes on income

 

456

 

171

 

(158

)

4

 

3

 

80

 

(34

)

9

 

5

 

(61

)

475

 

Net Earnings

$

3,431

 

1,000

 

142

 

13

 

59

 

218

 

(34

)

38

 

18

 

61

 

4,946

 

Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
Year to Date
Innovative Medicine Twelve Months

Dec. 28, 2025

GAAP
Intangible asset amortization Litigation related In-process research and development impairments Restructuring related Acquisition, integration and divestiture related (Loss)/gain on securities Orthopaedics Separation Related Tax legislation and other tax related Other Twelve Months

Dec. 28, 2025

Non-GAAP
Cost of products sold

$

15,646

 

(2,706

)

(35

)

12,905

 

Selling, marketing and admin expenses

 

11,375

 

11,375

 

Research and development expense

 

11,827

 

11,827

 

Other segment items

 

(713

)

90

 

(11

)

(327

)

265

 

(10

)

(706

)

Adjusted Income Before Tax by Segment

 

22,266

 

2,706

 

(90

)

11

 

-

 

362

 

(265

)

-

 

-

 

10

 

25,000

 

 
MedTech Twelve Months

Dec. 28, 2025

GAAP
Intangible asset amortization Litigation related In-process research and development impairments Restructuring related Acquisition, integration and divestiture related (Loss)/gain on securities Orthopaedics Separation Related Tax legislation and other tax related Other Twelve Months

Dec. 28, 2025

Non-GAAP
Cost of products sold

$

14,549

 

(1,915

)

(91

)

(52

)

12,491

 

Selling, marketing and admin expenses

 

11,354

 

11,354

 

Research and development expense

 

2,838

 

37

 

2,875

 

Other segment items

 

938

 

(896

)

(70

)

(421

)

135

 

162

 

(48

)

(10

)

(210

)

Adjusted Income Before Tax by Segment

 

4,113

 

1,915

 

896

 

70

 

512

 

(120

)

(162

)

48

 

-

 

10

 

7,282

 

 
Expenses not allocated to segments Twelve Months

Dec. 28, 2025

GAAP
Intangible asset amortization Litigation related In-process research and development impairments Restructuring related Acquisition, integration and divestiture related (Loss)/gain on securities Orthopaedics Separation Related Tax legislation and other tax related Other Twelve Months

Dec. 28, 2025

Non-GAAP
Cost of products sold

$

61

 

61

 

Selling, marketing and admin expenses

 

947

 

947

 

Research and development expense

 

-

 

-

 

Other segment items

 

(7,210

)

6,846

 

(43

)

(407

)

Adjusted Income Before Tax by Segment

 

6,202

 

-

 

(6,846

)

-

 

-

 

43

 

-

 

-

 

-

 

-

 

(601

)

 
Johnson & Johnson Consolidated Twelve Months

Dec. 28, 2025

GAAP
Intangible asset amortization Litigation related In-process research and development impairments Restructuring related Acquisition, integration and divestiture related (Loss)/gain on securities Orthopaedics Separation Related Tax legislation and other tax related Other Twelve Months

Dec. 28, 2025

Non-GAAP
Cost of products sold

$

30,256

 

(4,621

)

(91

)

(87

)

25,457

 

Selling, marketing and admin expenses

 

23,676

 

23,676

 

Research and development expense

 

14,665

 

37

 

14,702

 

Other (Income) / Expense

 

(7,209

)

6,040

 

(193

)

(235

)

427

 

(48

)

(20

)

(1,238

)

In-process research and development impairments

 

81

 

(81

)

-

 

Interest (Income)/Expense

 

(85

)

(85

)

Restructuring

 

228

 

(228

)

-

 

Adjusted Income Before Tax

 

32,581

 

4,621

 

(6,040

)

81

 

512

 

285

 

(427

)

48

 

-

 

20

 

31,681

 

Provision for taxes on income

 

5,777

 

829

 

(1,509

)

18

 

93

 

267

 

(96

)

11

 

70

 

6

 

5,466

 

Net Earnings

$

26,804

 

3,792

 

(4,531

)

63

 

419

 

18

 

(331

)

37

 

(70

)

14

 

26,215

 

Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
Year to Date
Innovative Medicine Twelve Months

Dec. 29, 2024

GAAP
Intangible asset amortization Litigation related In-process research and development impairments Restructuring related Acquisition, integration and divestiture related (Loss)/gain on securities Medical Device Regulation COVID-19 Vaccine Related Costs Tax legislation and other tax related Twelve Months

Dec. 29, 2024

Non-GAAP
Cost of products sold

$

14,036

 

(2,772

)

(8

)

11,256

 

Selling, marketing and admin expenses

 

10,906

 

10,906

 

Research and development expense

 

13,529

 

(25

)

13,504

 

Other segment items

 

(426

)

(358

)

(211

)

(102

)

(66

)

76

 

(67

)

(1,154

)

Adjusted Income Before Tax by Segment

 

18,919

 

2,772

 

358

 

211

 

102

 

66

 

(76

)

-

 

100

 

-

 

22,452

 

 
MedTech Twelve Months

Dec. 29, 2024

GAAP
Intangible asset amortization Litigation related In-process research and development impairments Restructuring related Acquisition, integration and divestiture related (Loss)/gain on securities Medical Device Regulation COVID-19 Vaccine Related Costs Tax legislation and other tax related Twelve Months

Dec. 29, 2024

Non-GAAP
Cost of products sold

$

13,345

 

(1,745

)

(35

)

(359

)

(84

)

11,122

 

Selling, marketing and admin expenses

 

10,812

 

(16

)

10,796

 

Research and development expense

 

3,703

 

(69

)

(104

)

3,530

 

Other segment items

 

257

 

(9

)

14

 

(132

)

(587

)

(30

)

(487

)

Adjusted Income Before Tax by Segment

 

3,740

 

1,754

 

(14

)

-

 

167

 

1,015

 

30

 

204

 

-

 

-

 

6,896

 

 
Expenses not allocated to segments Twelve Months

Dec. 29, 2024

GAAP
Intangible asset amortization Litigation related In-process research and development impairments Restructuring related Acquisition, integration and divestiture related (Loss)/gain on securities Medical Device Regulation COVID-19 Vaccine Related Costs Tax legislation and other tax related Twelve Months

Dec. 29, 2024

Non-GAAP
Cost of products sold

$

90

 

90

 

Selling, marketing and admin expenses

 

1,151

 

1,151

 

Research and development expense

 

-

 

-

 

Other segment items

 

4,731

 

(5,106

)

(145

)

(352

)

(872

)

Adjusted Income Before Tax by Segment

 

(5,972

)

-

 

5,106

 

-

 

-

 

145

 

352

 

-

 

-

 

-

 

(369

)

 
Johnson & Johnson Consolidated Twelve Months

Dec. 29, 2024

GAAP
Intangible asset amortization Litigation related In-process research and development impairments Restructuring related Acquisition, integration and divestiture related (Loss)/gain on securities Medical Device Regulation COVID-19 Vaccine Related Costs Tax legislation and other tax related Twelve Months

Dec. 29, 2024

Non-GAAP
Cost of products sold

$

27,471

 

(4,517

)

(35

)

(359

)

(84

)

(8

)

22,468

 

Selling, marketing and admin expenses

 

22,869

 

(16

)

22,853

 

Research and development expense

 

17,232

 

(69

)

(104

)

(25

)

17,034

 

Other (Income) / Expense

 

4,694

 

(9

)

(5,450

)

(798

)

(306

)

(67

)

(1,936

)

In-process research and development impairments

 

211

 

(211

)

-

 

Interest (Income)/Expense

 

(577

)

(577

)

Restructuring

 

234

 

(234

)

-

 

Adjusted Income Before Tax

 

16,687

 

4,526

 

5,450

 

211

 

269

 

1,226

 

306

 

204

 

100

 

-

 

28,979

 

Provision for taxes on income

 

2,621

 

644

 

1,066

 

47

 

45

 

302

 

(29

)

38

 

22

 

(19

)

4,737

 

Net Earnings

$

14,066

 

3,882

 

4,384

 

164

 

224

 

924

 

335

 

166

 

78

 

19

 

24,242

 

 

Contacts