EX-99.23a2025q2exhibit992.htmEX-99.2 Document
Exhibit 99.2
Johnson & Johnson and subsidiaries
Supplementary sales data
(Unaudited; Dollars in Millions)
SECOND QUARTER
Percent Change
Sales to customers by geographic area
2025
2024
Total
Operations
Currency
U.S.
$13,544
12,569
7.8
%
7.8
—
Europe
5,387
5,214
3.3
(1.9)
5.2
Western Hemisphere excluding U.S.
1,206
1,212
(0.5)
6.2
(6.7)
Asia-Pacific, Africa
3,606
3,452
4.4
2.4
2.0
International
10,199
9,878
3.2
0.6
2.6
Worldwide
$23,743
22,447
5.8
%
4.6
1.2
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)
SIX MONTHS
Percent Change
Sales to customers by geographic area
2025
2024
Total
Operations
Currency
U.S.
$25,849
24,189
6.9
%
6.9
—
Europe
10,497
10,377
1.1
0.2
0.9
Western Hemisphere excluding U.S.
2,373
2,406
(1.3)
7.7
(9.0)
Asia-Pacific, Africa
6,917
6,858
0.9
0.9
0.0
International
19,787
19,641
0.7
1.4
(0.7)
Worldwide
$45,636
43,830
4.1
%
4.4
(0.3)
Johnson & Johnson and subsidiaries
Supplementary sales data
(Unaudited; Dollars in Millions)
SECOND QUARTER
Percent Change
Sales to customers by segment of business
2025
2024
Total
Operations
Currency
Innovative Medicine
U.S.
$
9,161
8,510
7.6
%
7.6
—
International
6,041
5,980
1.0
(1.6)
2.6
15,202
14,490
4.9
3.8
1.1
MedTech
U.S.
4,383
4,059
8.0
8.0
—
International
4,158
3,898
6.7
4.1
2.6
8,541
7,957
7.3
6.1
1.2
U.S.
13,544
12,569
7.8
7.8
—
International
10,199
9,878
3.2
0.6
2.6
Worldwide
$
23,743
22,447
5.8
%
4.6
1.2
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)
SIX MONTHS
Percent Change
Sales to customers by segment of business
2025
2024
Total
Operations
Currency
Innovative Medicine
U.S.
$
17,253
16,122
7.0
%
7.0
—
International
11,822
11,930
(0.9)
(0.1)
(0.8)
29,075
28,052
3.6
4.0
(0.4)
MedTech
U.S.
8,596
8,067
6.6
6.6
—
International
7,965
7,711
3.3
3.6
(0.3)
16,561
15,778
5.0
5.1
(0.1)
U.S.
25,849
24,189
6.9
6.9
—
International
19,787
19,641
0.7
1.4
(0.7)
Worldwide
$
45,636
43,830
4.1
%
4.4
(0.3)
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
Johnson & Johnson and subsidiaries
Condensed consolidated statement of earnings
(Unaudited; in Millions Except Per Share Figures)
SECOND QUARTER
2025
2024
Percent
Increase
(Decrease)
Amount
Percent
to Sales
Amount
Percent
to Sales
Sales to customers
$
23,743
100.0
$
22,447
100.0
5.8
Cost of products sold
7,628
32.1
6,869
30.6
11.0
Gross Profit
16,115
67.9
15,578
69.4
3.4
Selling, marketing and administrative expenses
5,889
24.8
5,681
25.3
3.7
Research and development expense
3,516
14.8
3,440
15.3
2.2
In-process research and development impairments
—
—
194
0.9
Interest (income) expense, net
48
0.2
(125)
(0.6)
Other (income) expense, net
107
0.5
653
2.9
Restructuring
64
0.3
(13)
0.0
Earnings before provision for taxes on income
6,491
27.3
5,748
25.6
12.9
Provision for taxes on income
954
4.0
1,062
4.7
(10.2)
Net earnings
$
5,537
23.3
$
4,686
20.9
18.2
Net earnings per share (Diluted)
$
2.29
$
1.93
18.7
Average shares outstanding (Diluted)
2,419.1
2,422.0
Effective tax rate
14.7
%
18.5
%
Adjusted earnings before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income
$
8,188
34.5
$
8,404
37.4
(2.6)
Net earnings
$
6,699
28.2
$
6,840
30.5
(2.1)
Net earnings per share (Diluted)
$
2.77
$
2.82
(1.8)
Effective tax rate
18.2
%
18.6
%
(1) See Reconciliation of Non-GAAP Financial Measures.
(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings before provision for taxes on income," "adjusted net earnings," "adjusted net earnings per share (diluted)," and "adjusted effective tax rate" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate on an adjusted basis because management believes that these measures provide useful information to investors. Among other things, these measures may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as intangible asset amortization expense, significant gains from divestitures, significant costs associated with acquisitions, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters).
Special items may be highly variable, difficult to predict, and of a size that sometimes has substantial impact on the Company's reported results of operations for a period. Management uses these measures internally for planning, forecasting and evaluating the performances of the Company's businesses, including allocating resources and evaluating results relative to employee performance compensation targets. Unlike earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate prepared in accordance with GAAP, adjusted earnings before provision for taxes on income, adjusted net earnings, adjusted net earnings per share (diluted), and adjusted effective tax rate may not be comparable with the calculation of similar measures for other companies.
The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of the Company's results of operations without including all events during a period, such as intangible asset amortization expense, significant gains from divestitures, the effects of an acquisition, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters) and do not provide a comparable view of the Company's performance to other companies in the health care industry. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.
Johnson & Johnson and subsidiaries
Condensed consolidated statement of earnings
(Unaudited; in Millions Except Per Share Figures)
SIX MONTHS
2025
2024
Percent
Increase
(Decrease)
Amount
Percent
to Sales
Amount
Percent
to Sales
Sales to customers
$
45,636
100.0
$
43,830
100.0
4.1
Cost of products sold
14,985
32.8
13,380
30.5
12.0
Gross Profit
30,651
67.2
30,450
69.5
0.7
Selling, marketing and administrative expenses
11,001
24.1
10,938
25.0
0.6
Research and development expense
6,741
14.8
6,982
16.0
(3.5)
In-process research and development impairments
—
—
194
0.4
Interest (income) expense, net
(80)
(0.2)
(334)
(0.8)
Other (income) expense, net
(7,214)
(15.8)
3,057
7.0
Restructuring
81
0.2
151
0.3
Earnings before provision for taxes on income
20,122
44.1
9,462
21.6
112.7
Provision for taxes on income
3,586
7.9
1,521
3.5
135.8
Net earnings
$
16,536
36.2
$
7,941
18.1
108.2
Net earnings per share (Diluted)
$
6.82
$
3.27
108.6
Average shares outstanding (Diluted)
2,423.3
2,428.5
Effective tax rate
17.8
%
16.1
%
Adjusted earnings before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income
$
16,199
35.5
$
16,281
37.1
(0.5)
Net earnings
$
13,405
29.4
$
13,420
30.6
(0.1)
Net earnings per share (Diluted)
$
5.53
$
5.53
0.0
Effective tax rate
17.2
%
17.6
%
(1) See Reconciliation of Non-GAAP Financial Measures.
(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings before provision for taxes on income," "adjusted net earnings," "adjusted net earnings per share (diluted)," and "adjusted effective tax rate" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate on an adjusted basis because management believes that these measures provide useful information to investors. Among other things, these measures may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as intangible asset amortization expense, significant gains from divestitures, significant costs associated with acquisitions, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters).
Special items may be highly variable, difficult to predict, and of a size that sometimes has substantial impact on the Company's reported results of operations for a period. Management uses these measures internally for planning, forecasting and evaluating the performances of the Company's businesses, including allocating resources and evaluating results relative to employee performance compensation targets. Unlike earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate prepared in accordance with GAAP, adjusted earnings before provision for taxes on income, adjusted net earnings, adjusted net earnings per share (diluted), and adjusted effective tax rate may not be comparable with the calculation of similar measures for other companies.
The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of the Company's results of operations without including all events during a period, such as intangible asset amortization expense, significant gains from divestitures, the effects of an acquisition, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters) and do not provide a comparable view of the Company's performance to other companies in the health care industry. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.
Johnson & Johnson and subsidiaries
Reconciliation of non-GAAP financial measures
Second Quarter
(Dollars in Millions Except Per Share Data)
2025
2024
Net Earnings, after tax- as reported
$5,537
$4,686
Pre-tax Adjustments
Litigation related
57
352
Intangible Asset Amortization expense
1,267
1,106
COVID-19 Vaccine related costs
—
64
Restructuring related 1
79
(11)
Medical Device Regulation
—
68
Acquisition, integration and divestiture related
246
452
(Gains)/losses on securities
21
431
IPR&D impairments
—
194
Other
27
—
Tax Adjustments
Tax impact on special item adjustments 2
(321)
(437)
Tax legislation and other tax related
(214)
(65)
Adjusted Net Earnings, after tax
$6,699
$6,840
Average shares outstanding (Diluted)
2,419.1
2,422.0
Adjusted net earnings per share (Diluted)
$2.77
$2.82
Operational adjusted net earnings per share (Diluted)
$2.71
Notes:
1In fiscal 2023, the company completed a prioritization of its research and development (R&D) investment within the Innovative Medicine segment to focus on the most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs within therapeutic areas. The R&D program exits were primarily in infectious diseases and vaccines including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, hepatitis and HIV development. The restructuring income of $63 million in the fiscal second quarter of 2024 ($81 million expense Q2 2024 YTD) included asset divestments and the termination of partnered and non-partnered program costs and asset impairments. This program was completed in Q4 2024.
In fiscal 2023, the company initiated a restructuring program of its Orthopaedics franchise within the MedTech segment to streamline operations by exiting certain markets, product lines and distribution network arrangements. The restructuring expenses of $50 million in the fiscal second quarter of 2025 ($105 million Q2 2025 YTD) and $52 million in the fiscal second quarter of 2024 ($79 million Q2 2024 YTD) includes costs related to market and product exits.
In fiscal 2025, the company initiated a restructuring program of its Surgery franchise within the MedTech segment to simplify and focus operations by exiting certain non-strategic product lines and optimize select sites across the network. Restructuring expenses of $29 million were recorded in the fiscal second quarter of 2025.
2The 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 measures
Six Months Ended
(Dollars in Millions Except Per Share Data)
2025
2024
Net Earnings, after tax- as reported
$16,536
$7,941
Pre-tax Adjustments
Litigation related
(6,909)
3,078
Intangible Asset Amortization expense
2,387
2,184
COVID-19 Vaccine related costs
—
73
Restructuring related 1
134
160
Medical Device Regulation
—
119
Acquisition, integration and divestiture related
378
600
(Gains)/losses on securities
60
411
IPR&D impairments
—
194
Other
27
—
Tax Adjustments
Tax impact on special item adjustments 2
994
(1,293)
Tax legislation and other tax related
(202)
(47)
Adjusted Net Earnings, after tax
$13,405
$13,420
Average shares outstanding (Diluted)
2,423.3
2,428.5
Adjusted net earnings per share (Diluted)
$5.53
$5.53
Operational adjusted net earnings per share (Diluted)
$5.52
Notes:
1In fiscal 2023, the company completed a prioritization of its research and development (R&D) investment within the Innovative Medicine segment to focus on the most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs within therapeutic areas. The R&D program exits were primarily in infectious diseases and vaccines including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, hepatitis and HIV development. The restructuring income of $63 million in the fiscal second quarter of 2024 ($81 million expense Q2 2024 YTD) included asset divestments and the termination of partnered and non-partnered program costs and asset impairments. This program was completed in Q4 2024.
In fiscal 2023, the company initiated a restructuring program of its Orthopaedics franchise within the MedTech segment to streamline operations by exiting certain markets, product lines and distribution network arrangements. The restructuring expenses of $50 million in the fiscal second quarter of 2025 ($105 million Q2 2025 YTD) and $52 million in the fiscal second quarter of 2024 ($79 million Q2 2024 YTD) includes costs related to market and product exits.
In fiscal 2025, the company initiated a restructuring program of its Surgery franchise within the MedTech segment to simplify and focus operations by exiting certain non-strategic product lines and optimize select sites across the network. Restructuring expenses of $29 million were recorded in the fiscal second quarter of 2025.
2The 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 measures
Adjusted operational sales growth(A)
Second quarter 2025 actual vs. 2024 actual
Segments
Innovative Medicine
MedTech
Total
WW As Reported
4.9
%
7.3
%
5.8
%
U.S.
7.6
%
8.0
%
7.8
%
International
1.0
%
6.7
%
3.2
%
WW Currency
1.1
1.2
1.2
U.S.
—
—
—
International
2.6
2.6
2.6
WW Operational
3.8
%
6.1
%
4.6
%
U.S.
7.6
%
8.0
%
7.8
%
International
(1.6)
%
4.1
%
0.6
%
Shockwave
(2.2)
(0.8)
U.S.
(3.5)
(1.1)
International
(0.9)
(0.3)
Caplyta
(1.4)
(0.9)
U.S.
(2.4)
(1.7)
International
0.0
0.0
All Other Acquisitions and Divestitures (A&D)
0.0
0.2
0.1
U.S.
0.0
0.2
0.0
International
0.0
0.2
0.1
WW Adjusted Operational Ex A&D
2.4
%
4.1
%
3.0
%
U.S.
5.2
%
4.7
%
5.0
%
International
(1.6)
%
3.4
%
0.4
%
Note: Percentages are based on actual, non-rounded figures and may not sum
(A) NON-GAAP FINANCIAL MEASURE “Adjusted operational sales growth" excludes acquisitions, divestitures and translational currency and is a non-GAAP financial measure. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and divestitures, and the impact they may have on the analysis of underlying business performance and trends, management believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to permit investors to more fully understand how management assesses the performance of the Company, including for internal evaluation of the performance of the Company's businesses and planning and forecasting for future periods.
The use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company's results of operations without including all events during a period and may not provide a comparable view of the Company's performance to that of other companies in the health care industry.
Johnson & Johnson and subsidiaries
Reconciliation of non-GAAP financial measures
Adjusted operational sales growth(A)
Six months 2025 actual vs. 2024 actual
Segments
Innovative Medicine
MedTech
Total
WW As Reported
3.6
%
5.0
%
4.1
%
U.S.
7.0
%
6.6
%
6.9
%
International
(0.9
%)
3.3
%
0.7
%
WW Currency
(0.4)
(0.1)
(0.3)
U.S.
—
—
—
International
(0.8)
(0.3)
(0.7)
WW Operational
4.0
%
5.1
%
4.4
%
U.S.
7.0
%
6.6
%
6.9
%
International
(0.1
%)
3.6
%
1.4
%
Shockwave
(2.7)
(1.0)
U.S.
(4.3)
(1.5)
International
(1.1)
(0.5)
Caplyta
(0.8)
(0.5)
U.S.
(1.3)
(0.9)
International
0.0
0.0
All Other Acquisitions and Divestitures (A&D)
0.1
0.3
0.2
U.S.
0.0
0.5
0.2
International
0.2
0.2
0.2
WW Adjusted Operational Ex A&D
3.3
%
2.7
%
3.1
%
U.S.
5.7
%
2.8
%
4.7
%
International
0.1
%
2.7
%
1.1
%
Note: Percentages are based on actual, non-rounded figures and may not sum
(A) NON-GAAP FINANCIAL MEASURE “Adjusted operational sales growth" excludes acquisitions, divestitures and translational currency and is a non-GAAP financial measure. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and divestitures, and the impact they may have on the analysis of underlying business performance and trends, management believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to permit investors to more fully understand how management assesses the performance of the Company, including for internal evaluation of the performance of the Company's businesses and planning and forecasting for future periods.
The use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company's results of operations without including all events during a period and may not provide a comparable view of the Company's performance to that of other companies in the health care industry.
Johnson & Johnson
Segment sales
(Dollars in Millions)
SECOND QUARTER
% Change
2025
2024
Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)
ONCOLOGY
US
$3,385
2,636
28.4
%
28.4
%
—
%
Intl
2,928
2,455
19.3
15.7
3.6
WW
6,312
5,090
24.0
22.3
1.7
CARVYKTI
US
358
167
*
*
—
Intl
81
20
*
*
*
WW
439
186
*
*
*
DARZALEX
US
2,017
1,641
23.0
23.0
—
Intl
1,521
1,237
23.0
19.6
3.4
WW
3,539
2,878
23.0
21.5
1.5
ERLEADA
US
378
318
18.6
18.6
—
Intl
530
418
27.0
22.8
4.2
WW
908
736
23.4
21.0
2.4
IMBRUVICA
US
239
246
(2.7)
(2.7)
—
Intl
496
525
(5.4)
(8.4)
3.0
WW
735
770
(4.5)
(6.6)
2.1
RYBREVANT / LAZCLUZE(3)
US
139
52
*
*
—
Intl
41
17
*
*
*
WW
179
69
*
*
*
TALVEY
US
82
59
38.0
38.0
—
Intl
24
9
*
*
*
WW
106
69
55.0
54.3
0.7
TECVAYLI
US
114
104
8.2
8.2
—
Intl
52
30
74.8
72.0
2.8
WW
166
135
23.1
22.4
0.7
ZYTIGA / abiraterone acetate
US
6
11
(38.9)
(38.9)
—
Intl
139
154
(9.8)
(13.3)
3.5
WW
145
165
(11.6)
(14.9)
3.3
OTHER ONCOLOGY
US
50
37
36.9
36.9
—
Intl
42
45
(8.7)
(12.3)
3.6
WW
93
83
11.7
9.7
2.0
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
SECOND QUARTER
% Change
2025
2024
Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
IMMUNOLOGY
US
$2,505
2,978
(15.9)
%
(15.9)
%
—
%
Intl
1,489
1,744
(14.6)
(16.2)
1.6
WW
3,993
4,722
(15.4)
(16.0)
0.6
REMICADE
US
283
231
22.5
22.5
—
US Exports(4)
34
35
(2.6)
(2.6)
—
Intl
138
127
8.6
8.8
(0.2)
WW
455
393
15.9
15.9
0.0
SIMPONI / SIMPONI ARIA
US
305
267
14.0
14.0
—
Intl
387
270
43.1
40.8
2.3
WW
690
537
28.6
27.5
1.1
STELARA
US
1,078
1,855
(41.9)
(41.9)
—
Intl
575
1,030
(44.2)
(45.6)
1.4
WW
1,653
2,885
(42.7)
(43.2)
0.5
TREMFYA
US
796
589
35.2
35.2
—
Intl
391
317
23.2
20.5
2.7
WW
1,186
906
31.0
30.1
0.9
OTHER IMMUNOLOGY
US
8
2
*
*
—
Intl
0
0
—
—
—
WW
8
2
*
*
—
NEUROSCIENCE
US
1,377
1,102
24.9
24.9
—
Intl
674
679
(0.8)
(2.6)
1.8
WW
2,051
1,782
15.1
14.4
0.7
CAPLYTA(5)
US
211
—
*
*
—
Intl
—
—
—
—
—
WW
211
—
*
*
—
CONCERTA / methylphenidate
US
24
34
(27.7)
(27.7)
—
Intl
139
129
7.5
7.0
0.5
WW
164
163
0.2
(0.2)
0.4
INVEGA SUSTENNA / XEPLION / INVEGA
TRINZA / TREVICTA
US
732
784
(6.7)
(6.7)
—
Intl
260
269
(3.5)
(5.1)
1.6
WW
992
1,054
(5.9)
(6.3)
0.4
SPRAVATO
US
366
226
61.1
61.1
—
Intl
50
44
12.8
11.0
1.8
WW
414
271
53.3
53.0
0.3
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
SECOND QUARTER
% Change
2025
2024
Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
OTHER NEUROSCIENCE
US
$
45
57
(23.5)
%
(23.5)
%
—
%
Intl
226
237
(4.7)
(7.6)
2.9
WW
270
294
(8.4)
(10.7)
2.3
PULMONARY HYPERTENSION
US
799
743
7.6
7.6
—
Intl
314
296
5.8
2.8
3.0
WW
1,113
1,039
7.1
6.2
0.9
OPSUMIT / OPSYNVI
US
403
376
6.9
6.9
—
Intl
180
171
5.4
2.1
3.3
WW
582
548
6.4
5.4
1.0
UPTRAVI
US
382
349
9.4
9.4
—
Intl
94
76
22.4
19.8
2.6
WW
476
426
11.7
11.3
0.4
OTHER PULMONARY HYPERTENSION
US
16
17
(12.4)
(12.4)
—
Intl
40
49
(18.5)
(21.3)
2.8
WW
55
67
(16.9)
(19.0)
2.1
INFECTIOUS DISEASES
US
320
334
(4.3)
(4.3)
—
Intl
484
631
(23.4)
(26.8)
3.4
WW
803
965
(16.8)
(19.0)
2.2
EDURANT / rilpivirine
US
6
8
(25.4)
(25.4)
—
Intl
354
288
23.0
16.7
6.3
WW
360
297
21.6
15.5
6.1
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US
312
321
(3.0)
(3.0)
—
Intl
85
117
(27.0)
(29.4)
2.4
WW
396
438
(9.4)
(10.0)
0.6
OTHER INFECTIOUS DISEASES
US
2
5
(51.8)
(51.8)
—
Intl
45
227
(80.5)
(80.6)
0.1
WW
47
233
(79.8)
(79.9)
0.1
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
SECOND QUARTER
% Change
2025
2024
Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
CARDIOVASCULAR / METABOLISM / OTHER
US
$
776
717
8.2
%
8.2
%
—
%
Intl
154
176
(12.3)
(13.2)
0.9
WW
930
892
4.2
4.0
0.2
XARELTO
US
621
587
5.6
5.6
—
Intl
—
—
—
—
—
WW
621
587
5.6
5.6
—
OTHER
US
155
129
20.0
20.0
—
Intl
154
176
(12.3)
(13.2)
0.9
WW
309
305
1.4
0.9
0.5
TOTAL INNOVATIVE MEDICINE
US
9,161
8,510
7.6
7.6
—
Intl
6,041
5,980
1.0
(1.6)
2.6
WW
$
15,202
14,490
4.9
%
3.8
%
1.1
%
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
SECOND QUARTER
% Change
2025
2024
Reported
Operational(1)
Currency
MEDTECH SEGMENT(2)
CARDIOVASCULAR
US
$
1,364
1,119
21.9
%
21.9
%
—
%
Intl
948
753
25.9
22.9
3.0
WW
2,313
1,873
23.5
22.3
1.2
ELECTROPHYSIOLOGY
US
741
705
5.1
5.1
—
Intl
728
618
17.8
15.2
2.6
WW
1,468
1,323
11.0
9.8
1.2
ABIOMED
US
360
309
16.6
16.6
—
Intl
89
72
25.0
18.4
6.6
WW
448
379
18.2
16.9
1.3
SHOCKWAVE(6)
US
233
77
*
*
—
Intl
58
0
*
*
—
WW
292
77
*
*
—
OTHER CARDIOVASCULAR
US
31
29
5.4
5.4
—
Intl
72
64
13.4
11.6
1.8
WW
104
93
10.8
9.7
1.1
ORTHOPAEDICS
US
1,420
1,422
(0.2)
(0.2)
—
Intl
885
890
(0.5)
(4.0)
3.5
WW
2,305
2,312
(0.3)
(1.6)
1.3
HIPS
US
271
265
2.1
2.1
—
Intl
150
152
(1.0)
(4.3)
3.3
WW
421
417
1.0
(0.2)
1.2
KNEES
US
226
230
(1.9)
(1.9)
—
Intl
164
163
0.0
(2.9)
2.9
WW
389
394
(1.1)
(2.3)
1.2
TRAUMA
US
501
498
0.7
0.7
—
Intl
267
260
2.2
(1.5)
3.7
WW
768
759
1.2
(0.1)
1.3
SPINE, SPORTS & OTHER
US
422
430
(1.7)
(1.7)
—
Intl
305
314
(2.7)
(6.4)
3.7
WW
727
743
(2.1)
(3.7)
1.6
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
SECOND QUARTER
% Change
2025
2024
Reported
Operational(1)
Currency
MEDTECH SEGMENT(2)(Continued)
SURGERY
US
$1,043
995
4.8
%
4.8
%
—
%
Intl
1,512
1,493
1.3
(0.2)
1.5
WW
2,555
2,488
2.7
1.8
0.9
ADVANCED
US
477
466
2.2
2.2
—
Intl
687
675
1.9
0.2
1.7
WW
1,164
1,141
2.0
1.0
1.0
GENERAL
US
567
528
7.2
7.2
—
Intl
825
818
0.9
(0.6)
1.5
WW
1,391
1,346
3.3
2.5
0.8
VISION
US
557
523
6.5
6.5
—
Intl
813
763
6.5
3.4
3.1
WW
1,369
1,285
6.5
4.6
1.9
CONTACT LENSES / OTHER
US
429
409
4.8
4.8
—
Intl
536
509
5.4
1.4
4.0
WW
965
918
5.1
2.9
2.2
SURGICAL
US
128
113
12.6
12.6
—
Intl
277
254
8.8
7.3
1.5
WW
403
367
9.9
8.9
1.0
TOTAL MEDTECH
US
4,383
4,059
8.0
8.0
—
Intl
4,158
3,898
6.7
4.1
2.6
WW
$8,541
7,957
7.3
%
6.1
%
1.2
%
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
SIX MONTHS
% Change
2025
2024
Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)
ONCOLOGY
US
$6,398
5,019
27.5
%
27.5
%
—
%
Intl
5,592
4,885
14.5
15.1
(0.6)
WW
11,990
9,904
21.1
21.3
(0.2)
CARVYKTI
US
676
307
*
*
—
Intl
132
36
*
*
*
WW
808
343
*
*
*
DARZALEX
US
3,846
3,105
23.9
23.9
—
Intl
2,930
2,465
18.9
19.7
(0.8)
WW
6,776
5,570
21.7
22.0
(0.3)
ERLEADA
US
670
603
11.0
11.0
—
Intl
1,009
822
22.9
23.0
(0.1)
WW
1,679
1,425
17.8
17.9
(0.1)
IMBRUVICA
US
474
511
(7.3)
(7.3)
—
Intl
970
1,043
(6.9)
(6.3)
(0.6)
WW
1,444
1,554
(7.0)
(6.6)
(0.4)
RYBREVANT / LAZCLUZE(3)
US
252
88
*
*
—
Intl
69
28
*
*
*
WW
320
116
*
*
*
TALVEY
US
150
109
36.7
36.7
—
Intl
42
17
*
*
*
WW
192
127
52.0
52.4
(0.4)
TECVAYLI
US
219
205
6.6
6.6
—
Intl
98
63
56.0
58.4
(2.4)
WW
317
268
18.2
18.7
(0.5)
ZYTIGA / abiraterone acetate
US
13
20
(31.9)
(31.9)
—
Intl
257
326
(21.1)
(21.3)
0.2
WW
270
346
(21.7)
(21.9)
0.2
OTHER ONCOLOGY
US
97
70
39.8
39.8
—
Intl
84
86
(2.5)
(1.8)
(0.7)
WW
182
156
16.4
16.8
(0.4)
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
SIX MONTHS
% Change
2025
2024
Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
IMMUNOLOGY
US
$4,701
5,431
(13.4)
%
(13.4)
%
—
%
Intl
2,999
3,538
(15.2)
(13.8)
(1.4)
WW
7,700
8,969
(14.1)
(13.6)
(0.5)
REMICADE
US
597
497
20.1
20.1
—
US Exports(4)
44
62
(28.7)
(28.7)
—
Intl
281
268
4.8
7.7
(2.9)
WW
922
827
11.5
12.4
(0.9)
SIMPONI / SIMPONI ARIA
US
597
521
14.4
14.4
—
Intl
753
569
32.2
35.0
(2.8)
WW
1,349
1,091
23.7
25.1
(1.4)
STELARA
US
2,059
3,251
(36.7)
(36.7)
—
Intl
1,219
2,085
(41.5)
(40.6)
(0.9)
WW
3,278
5,336
(38.6)
(38.2)
(0.4)
TREMFYA
US
1,395
1,098
27.1
27.1
—
Intl
747
616
21.2
22.4
(1.2)
WW
2,142
1,714
25.0
25.4
(0.4)
OTHER IMMUNOLOGY
US
9
2
*
*
—
Intl
0
0
—
—
—
WW
9
2
*
*
—
NEUROSCIENCE
US
2,345
2,156
8.7
8.7
—
Intl
1,353
1,428
(5.2)
(4.1)
(1.1)
WW
3,698
3,585
3.2
3.6
(0.4)
CAPLYTA(5)
US
211
—
*
*
—
Intl
—
—
—
—
—
WW
211
—
*
*
—
CONCERTA / methylphenidate
US
62
75
(16.6)
(16.6)
—
Intl
249
265
(6.0)
(4.4)
(1.6)
WW
312
340
(8.3)
(7.1)
(1.2)
INVEGA SUSTENNA / XEPLION / INVEGA
TRINZA / TREVICTA
US
1,357
1,549
(12.4)
(12.4)
—
Intl
537
561
(4.2)
(3.1)
(1.1)
WW
1,895
2,110
(10.2)
(9.9)
(0.3)
SPRAVATO
US
642
417
53.7
53.7
—
Intl
93
78
18.1
20.1
(2.0)
WW
734
496
48.1
48.4
(0.3)
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
SIX MONTHS
% Change
2025
2024
Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
OTHER NEUROSCIENCE
US
$
73
115
(37.0)
%
(37.0)
%
—
%
Intl
474
524
(9.5)
(8.8)
(0.7)
WW
547
639
(14.4)
(13.9)
(0.5)
PULMONARY HYPERTENSION
US
1,543
1,509
2.3
2.3
—
Intl
595
579
2.6
3.0
(0.4)
WW
2,138
2,088
2.4
2.5
(0.1)
OPSUMIT / OPSYNVI
US
766
732
4.6
4.6
—
Intl
339
340
(0.3)
(0.2)
(0.1)
WW
1,104
1,072
3.0
3.1
(0.1)
UPTRAVI
US
747
741
0.8
0.8
—
Intl
180
152
17.9
18.7
(0.8)
WW
927
894
3.7
3.8
(0.1)
OTHER PULMONARY HYPERTENSION
US
31
35
(12.6)
(12.6)
—
Intl
77
88
(12.4)
(12.1)
(0.3)
WW
107
123
(12.5)
(12.3)
(0.2)
INFECTIOUS DISEASES
US
635
658
(3.6)
(3.6)
—
Intl
971
1,128
(13.9)
(14.1)
0.2
WW
1,605
1,786
(10.1)
(10.2)
0.1
EDURANT / rilpivirine
US
14
16
(13.6)
(13.6)
—
Intl
704
603
16.7
15.6
1.1
WW
718
620
15.9
14.9
1.0
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US
617
635
(2.9)
(2.9)
—
Intl
183
221
(17.2)
(15.8)
(1.4)
WW
799
856
(6.6)
(6.3)
(0.3)
OTHER INFECTIOUS DISEASES
US
4
7
(37.4)
(37.4)
—
Intl
84
304
(72.5)
(72.1)
(0.4)
WW
88
311
(71.7)
(71.3)
(0.4)
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
SIX MONTHS
% Change
2025
2024
Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
CARDIOVASCULAR / METABOLISM / OTHER
US
$
1,631
1,348
21.0
%
21.0
%
—
%
Intl
312
373
(16.2)
(14.3)
(1.9)
WW
1,943
1,721
12.9
13.3
(0.4)
XARELTO
US
1,311
1,105
18.6
18.6
—
Intl
—
—
—
—
—
WW
1,311
1,105
18.6
18.6
—
OTHER
US
320
243
31.6
31.6
—
Intl
312
373
(16.2)
(14.3)
(1.9)
WW
632
616
2.7
3.9
(1.2)
TOTAL INNOVATIVE MEDICINE
US
17,253
16,122
7.0
7.0
—
Intl
11,822
11,930
(0.9)
(0.1)
(0.8)
WW
$
29,075
28,052
3.6
%
4.0
%
(0.4)
%
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
SIX MONTHS
% Change
2025
2024
Reported
Operational(1)
Currency
MEDTECH SEGMENT(2)
CARDIOVASCULAR
US
$
2,625
2,144
22.4
%
22.4
%
—
%
Intl
1,790
1,534
16.7
16.7
0.0
WW
4,416
3,679
20.0
20.0
0.0
ELECTROPHYSIOLOGY
US
1,425
1,397
2.0
2.0
—
Intl
1,366
1,270
7.6
7.8
(0.2)
WW
2,791
2,667
4.7
4.7
0.0
ABIOMED
US
699
612
14.2
14.2
—
Intl
170
139
22.4
20.9
1.5
WW
868
750
15.7
15.5
0.2
SHOCKWAVE(6)
US
439
77
*
*
—
Intl
110
0
*
*
—
WW
550
77
*
*
—
OTHER CARDIOVASCULAR
US
63
59
6.3
6.3
—
Intl
144
126
14.2
14.5
(0.3)
WW
207
185
11.7
11.8
(0.1)
ORTHOPAEDICS
US
2,804
2,870
(2.3)
(2.3)
—
Intl
1,742
1,782
(2.2)
(2.4)
0.2
WW
4,546
4,652
(2.3)
(2.3)
0.0
HIPS
US
534
535
(0.2)
(0.2)
—
Intl
296
304
(2.5)
(2.6)
0.1
WW
830
839
(1.1)
(1.1)
0.0
KNEES
US
457
472
(3.1)
(3.1)
—
Intl
322
323
(0.5)
(0.4)
(0.1)
WW
778
795
(2.0)
(2.0)
0.0
TRAUMA
US
1,003
1,002
0.1
0.1
—
Intl
537
521
2.9
2.8
0.1
WW
1,540
1,524
1.1
1.0
0.1
SPINE, SPORTS & OTHER
US
810
862
(6.0)
(6.0)
—
Intl
588
634
(7.2)
(7.7)
0.5
WW
1,398
1,495
(6.5)
(6.7)
0.2
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
SIX MONTHS
% Change
2025
2024
Reported
Operational(1)
Currency
MEDTECH SEGMENT(2)(Continued)
SURGERY
US
$2,045
1,982
3.2
%
3.2
%
—
%
Intl
2,906
2,922
(0.5)
0.3
(0.8)
WW
4,951
4,904
1.0
1.5
(0.5)
ADVANCED
US
934
912
2.4
2.4
—
Intl
1,303
1,316
(1.0)
(0.4)
(0.6)
WW
2,237
2,228
0.4
0.8
(0.4)
GENERAL
US
1,111
1,070
3.8
3.8
—
Intl
1,603
1,606
(0.1)
0.8
(0.9)
WW
2,714
2,676
1.4
2.0
(0.6)
VISION
US
1,123
1,070
4.9
4.9
—
Intl
1,526
1,473
3.6
3.7
(0.1)
WW
2,648
2,543
4.1
4.2
(0.1)
CONTACT LENSES / OTHER
US
881
847
3.9
3.9
—
Intl
1,003
981
2.3
1.9
0.4
WW
1,884
1,828
3.1
2.8
0.3
SURGICAL
US
242
223
8.5
8.5
—
Intl
523
492
6.2
7.2
(1.0)
WW
764
715
6.9
7.6
(0.7)
TOTAL MEDTECH
US
8,596
8,067
6.6
6.6
—
Intl
7,965
7,711
3.3
3.6
(0.3)
WW
$16,561
15,778
5.0
%
5.1
%
(0.1)
%
Note: Column and rows within tables may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
* Percentage greater than 100% or not meaningful
(1)Operational growth excludes the effect of translational currency
(2)Unaudited
(3)Includes the sales of RYBREVANT and RYBREVANT + LAZCLUZE
(4)Reported as U.S. sales
(5)Acquired with Intra-Cellular Therapies on April 2, 2025
(6)Acquired on May 31, 2024
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | 0 | 0 |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 18 | — | 0 |
| Recession recession, downturn, contraction, slowdown | 0 | 0 | 0 |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | 0 | 0 |
| Buybacks share repurchase, buyback program | 0 | — | 0 |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Not placed in the text
These quotes are stored with a score, but no passage here matches them closely enough to highlight. Rather than point at the wrong passage, they are listed as stored.
Theme · STELARA biosimilar erosion
“STELARA US $1,078M vs $1,855M, (41.9)%; Intl $575M vs $1,030M, (44.2)%”
Theme · oncology portfolio acceleration
“ONCOLOGY WW $6,312M vs $5,090M, 24.0% reported, 22.3% operational”
Theme · cardiovascular medtech expansion
“CARDIOVASCULAR WW $2,313M vs $1,873M, 23.5% reported, 22.3% operational”
Theme · Shockwave acquisition contribution
“SHOCKWAVE WW $292M vs $77M; acquired May 31, 2024”
Theme · immunology franchise decline
“IMMUNOLOGY WW $3,993M vs $4,722M, (15.4)% reported, (16.0)% operational”
Theme · international growth headwinds
“International operational growth 0.6% vs 7.8% U.S.”
Theme · DARZALEX momentum
“DARZALEX WW $3,539M vs $2,878M, 23.0% reported, 21.5% operational”
Theme · orthopaedics headwinds
“ORTHOPAEDICS WW $2,305M vs $2,312M, (0.3)% reported, (1.6)% operational”
Theme · TREMFYA immunology offset
“TREMFYA WW $1,186M vs $906M, 31.0% reported, 30.1% operational”
Theme · cost structure pressure
“Cost of products sold 32.1% of sales vs 30.6% prior year, up 110 bps”
Source: SEC EDGAR · public domain · Highlights by Palanor