EX-99.23a2025q4exhibit992.htmEX-99.2 Document
Exhibit 99.2
Johnson & Johnson and subsidiaries
Supplementary sales data
(Unaudited; Dollars in Millions)
FOURTH QUARTER
Percent Change
Sales to customers by geographic area
2025
2024
Total
Operations
Currency
U.S.
$14,195
13,204
7.5
%
7.5
—
Europe
5,598
4,921
13.8
5.2
8.6
Western Hemisphere excluding U.S.
1,271
1,135
12.0
11.0
1.0
Asia-Pacific, Africa
3,500
3,260
7.4
7.2
0.2
International
10,369
9,316
11.3
6.6
4.7
Worldwide
$24,564
22,520
9.1
%
7.1
2.0
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)
TWELVE MONTHS
Percent Change
Sales to customers by geographic area
2025
2024
Total
Operations
Currency
U.S.
$53,752
50,302
6.9
%
6.9
—
Europe
21,535
20,212
6.5
2.4
4.1
Western Hemisphere excluding U.S.
4,875
4,714
3.4
8.4
(5.0)
Asia-Pacific, Africa
14,031
13,593
3.2
3.1
0.1
International
40,441
38,519
5.0
3.4
1.6
Worldwide
$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
Percent Change
Sales to customers by segment of business
2025
2024
Total
Operations
Currency
Innovative Medicine
U.S.
$
9,689
8,977
7.9
%
7.9
—
International
6,074
5,355
13.4
7.9
5.5
15,763
14,332
10.0
7.9
2.1
MedTech
U.S.
4,506
4,227
6.6
6.6
—
International
4,295
3,961
8.5
4.9
3.6
8,801
8,188
7.5
5.8
1.7
U.S.
14,195
13,204
7.5
7.5
—
International
10,369
9,316
11.3
6.6
4.7
Worldwide
$
24,564
22,520
9.1
%
7.1
2.0
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)
TWELVE MONTHS
Percent Change
Sales to customers by segment of business
2025
2024
Total
Operations
Currency
Innovative Medicine
U.S.
$
36,344
33,970
7.0
%
7.0
—
International
24,057
22,994
4.6
2.9
1.7
60,401
56,964
6.0
5.3
0.7
MedTech
U.S.
17,408
16,332
6.6
6.6
—
International
16,384
15,525
5.5
4.1
1.4
33,792
31,857
6.1
5.4
0.7
U.S.
53,752
50,302
6.9
6.9
—
International
40,441
38,519
5.0
3.4
1.6
Worldwide
$
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) (A)
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.
(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, the effects of an acquisition, 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)
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) (A)
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.
(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, the effects of an acquisition, 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
Fourth Quarter
(Dollars in Millions Except Per Share Data)
2025
2024
Net Earnings, after tax- as reported
$5,116
$3,431
Pre-tax Adjustments
Litigation related
854
(16)
Intangible Asset Amortization expense
1,186
1,171
Restructuring related 1
210
62
Acquisition, integration and divestiture related
(190)
298
IPR&D impairments
81
17
(Gains)/losses on securities
(100)
(68)
Orthopaedics Separation related
48
—
COVID-19 Vaccine related costs
—
23
Medical Device Regulation
—
47
Other
(9)
—
Tax Adjustments
Tax impact on special item adjustments 2
(445)
(80)
Tax legislation and other tax related
(742)
61
Adjusted Net Earnings, after tax
$6,009
$4,946
Average shares outstanding (Diluted)
2,439.0
2,427.1
Adjusted net earnings per share (Diluted)
$2.46
$2.04
Operational adjusted net earnings per share (Diluted)
$2.35
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 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.
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
Twelve Months Ended
(Dollars in Millions Except Per Share Data)
2025
2024
Net Earnings, after tax- as reported
$26,804
$14,066
Pre-tax Adjustments
Litigation related
(6,040)
5,450
Intangible Asset Amortization expense
4,621
4,526
Restructuring related 1
512
269
Acquisition, integration and divestiture related
285
1,226
IPR&D impairments
81
211
(Gains)/losses on securities
(427)
306
Orthopaedics Separation related
48
—
COVID-19 Vaccine related costs
—
100
Medical Device Regulation
—
204
Other
20
—
Tax Adjustments
Tax impact on special item adjustments 2
381
(2,135)
Tax legislation and other tax related
(70)
19
Adjusted Net Earnings, after tax
$26,215
$24,242
Average shares outstanding (Diluted)
2,429.4
2,429.4
Adjusted net earnings per share (Diluted)
$10.79
$9.98
Operational adjusted net earnings per share (Diluted)
$10.58
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 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.
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)
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
(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)
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
(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)
FOURTH QUARTER
% Change
2025
2024
Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)
ONCOLOGY
US
$3,793
3,019
25.6
%
25.6
%
—
%
Intl
3,069
2,476
23.9
17.3
6.6
WW
6,861
5,497
24.8
21.9
2.9
CARVYKTI
US
420
304
38.2
38.2
—
Intl
135
31
*
*
*
WW
555
334
65.8
63.2
2.6
DARZALEX
US
2,332
1,799
29.6
29.6
—
Intl
1,571
1,285
22.3
16.2
6.1
WW
3,903
3,084
26.6
24.1
2.5
ERLEADA
US
405
342
18.6
18.6
—
Intl
554
442
25.3
17.5
7.8
WW
959
784
22.4
18.0
4.4
IMBRUVICA
US
207
250
(17.4)
(17.4)
—
Intl
478
481
(0.8)
(7.5)
6.7
WW
684
731
(6.5)
(10.9)
4.4
RYBREVANT / LAZCLUZE(3)
US
146
101
45.6
45.6
—
Intl
70
21
*
*
*
WW
216
122
78.0
76.5
1.5
TALVEY
US
105
68
53.8
53.8
—
Intl
44
17
*
*
*
WW
149
85
75.8
73.1
2.7
TECVAYLI
US
110
108
2.7
2.7
—
Intl
66
38
72.2
65.1
7.1
WW
176
146
20.8
18.9
1.9
ZYTIGA / abiraterone acetate
US
5
9
(41.4)
(41.4)
—
Intl
115
127
(9.9)
(11.1)
1.2
WW
119
135
(11.9)
(13.0)
1.1
OTHER ONCOLOGY
US
61
39
54.8
54.8
—
Intl
39
36
8.4
3.0
5.4
WW
100
75
32.9
30.3
2.6
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
FOURTH QUARTER
% Change
2025
2024
Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
IMMUNOLOGY
US
$2,495
2,856
(12.6)
%
(12.6)
%
—
%
Intl
1,364
1,383
(1.4)
(5.5)
4.1
WW
3,860
4,238
(8.9)
(10.3)
1.4
REMICADE
US
248
231
7.1
7.1
—
US Exports(4)
11
9
17.1
17.1
—
Intl
110
117
(5.6)
(7.3)
1.7
WW
370
359
3.2
2.6
0.6
SIMPONI / SIMPONI ARIA
US
287
262
9.6
9.6
—
Intl
345
321
7.4
3.7
3.7
WW
632
583
8.4
6.4
2.0
STELARA
US
766
1,699
(54.9)
(54.9)
—
Intl
462
650
(28.8)
(32.3)
3.5
WW
1,230
2,349
(47.7)
(48.6)
0.9
TREMFYA
US
1,145
654
75.1
75.1
—
Intl
445
295
50.9
44.0
6.9
WW
1,589
949
67.6
65.4
2.2
OTHER IMMUNOLOGY
US
39
0
*
*
—
Intl
2
0
*
*
*
WW
40
0
*
*
*
NEUROSCIENCE
US
1,439
1,148
25.4
25.4
—
Intl
675
628
7.6
4.3
3.3
WW
2,115
1,775
19.1
17.9
1.2
CAPLYTA(5)
US
249
—
*
*
—
Intl
—
—
—
—
—
WW
249
—
*
*
—
CONCERTA / methylphenidate
US
6
33
(79.6)
(79.6)
—
Intl
126
125
(0.3)
(1.4)
1.1
WW
132
159
(17.1)
(17.8)
0.7
INVEGA SUSTENNA / XEPLION / INVEGA
TRINZA / TREVICTA
US
704
796
(11.5)
(11.5)
—
Intl
281
267
5.2
1.9
3.3
WW
986
1,063
(7.3)
(8.2)
0.9
SPRAVATO
US
438
269
63.0
63.0
—
Intl
64
28
*
*
*
WW
503
297
69.0
67.8
1.2
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
FOURTH QUARTER
% Change
2025
2024
Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
OTHER NEUROSCIENCE
US
$
40
49
(18.3)
%
(18.3)
%
—
%
Intl
205
206
(0.7)
(4.3)
3.6
WW
245
255
(4.1)
(6.9)
2.8
PULMONARY HYPERTENSION
US
865
819
5.7
5.7
—
Intl
319
274
16.4
12.2
4.2
WW
1,184
1,092
8.4
7.4
1.0
OPSUMIT / OPSYNVI
US
458
408
11.9
11.9
—
Intl
185
162
14.8
10.9
3.9
WW
643
570
12.7
11.6
1.1
UPTRAVI
US
397
391
1.6
1.6
—
Intl
94
75
26.9
20.8
6.1
WW
491
465
5.7
4.7
1.0
OTHER PULMONARY HYPERTENSION
US
10
19
(43.7)
(43.7)
—
Intl
39
38
2.6
1.2
1.4
WW
49
57
(12.5)
(13.5)
1.0
INFECTIOUS DISEASES
US
303
331
(8.5)
(8.5)
—
Intl
505
443
13.9
5.6
8.3
WW
807
774
4.3
(0.4)
4.7
EDURANT / rilpivirine
US
5
7
(39.1)
(39.1)
—
Intl
379
315
20.6
11.1
9.5
WW
383
322
19.2
9.9
9.3
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US
294
321
(8.4)
(8.4)
—
Intl
89
86
3.6
(2.9)
6.5
WW
383
407
(5.8)
(7.2)
1.4
OTHER INFECTIOUS DISEASES
US
4
1
92.9
92.9
—
Intl
37
43
(14.5)
(18.0)
3.5
WW
40
45
(9.9)
(13.2)
3.3
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
FOURTH QUARTER
% Change
2025
2024
Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
CARDIOVASCULAR / METABOLISM / OTHER
US
$
794
805
(1.4)
%
(1.4)
%
—
%
Intl
142
153
(6.3)
(10.7)
4.4
WW
936
957
(2.2)
(2.9)
0.7
XARELTO
US
687
676
1.7
1.7
—
Intl
—
—
—
—
—
WW
687
676
1.7
1.7
—
OTHER
US
107
130
(17.4)
(17.4)
—
Intl
142
153
(6.3)
(10.7)
4.4
WW
249
281
(11.4)
(13.8)
2.4
TOTAL INNOVATIVE MEDICINE
US
9,689
8,977
7.9
7.9
—
Intl
6,074
5,355
13.4
7.9
5.5
WW
$
15,763
14,332
10.0
%
7.9
%
2.1
%
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
FOURTH QUARTER
% Change
2025
2024
Reported
Operational(1)
Currency
MEDTECH SEGMENT(2)
CARDIOVASCULAR
US
$
1,374
1,221
12.5
%
12.5
%
—
%
Intl
925
841
10.1
6.8
3.3
WW
2,299
2,062
11.5
10.1
1.4
ELECTROPHYSIOLOGY
US
746
681
9.5
9.5
—
Intl
679
640
6.2
3.2
3.0
WW
1,425
1,321
7.9
6.5
1.4
ABIOMED
US
358
308
16.5
16.5
—
Intl
102
77
33.1
25.4
7.7
WW
460
384
19.8
18.3
1.5
SHOCKWAVE
US
238
202
18.0
18.0
—
Intl
80
56
42.3
40.7
1.6
WW
318
258
23.3
22.9
0.4
OTHER CARDIOVASCULAR
US
31
31
(0.1)
(0.1)
—
Intl
64
68
(6.7)
(8.8)
2.1
WW
95
99
(4.6)
(6.1)
1.5
ORTHOPAEDICS
US
1,520
1,460
4.2
4.2
—
Intl
918
856
7.3
2.3
5.0
WW
2,438
2,315
5.3
3.5
1.8
HIPS
US
284
272
4.3
4.3
—
Intl
154
146
5.5
0.4
5.1
WW
439
418
4.7
2.9
1.8
KNEES
US
251
238
5.1
5.1
—
Intl
181
160
13.7
9.2
4.5
WW
432
398
8.6
6.8
1.8
TRAUMA
US
543
514
5.6
5.6
—
Intl
270
250
7.9
2.7
5.2
WW
813
764
6.4
4.7
1.7
SPINE, SPORTS & OTHER
US
442
434
1.9
1.9
—
Intl
312
300
4.2
(0.7)
4.9
WW
756
735
2.8
0.8
2.0
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
FOURTH QUARTER
% Change
2025
2024
Reported
Operational(1)
Currency
MEDTECH SEGMENT(2)(Continued)
SURGERY
US
$1,081
1,038
4.2
%
4.2
%
—
%
Intl
1,563
1,469
6.4
3.4
3.0
WW
2,644
2,507
5.5
3.7
1.8
ADVANCED
US
489
478
2.5
2.5
—
Intl
687
673
1.9
(0.8)
2.7
WW
1,175
1,151
2.2
0.6
1.6
GENERAL
US
592
560
5.6
5.6
—
Intl
876
795
10.2
6.9
3.3
WW
1,468
1,357
8.3
6.3
2.0
VISION
US
531
509
4.3
4.3
—
Intl
889
794
11.9
8.5
3.4
WW
1,420
1,303
8.9
6.8
2.1
CONTACT LENSES / OTHER
US
417
396
5.3
5.3
—
Intl
592
541
9.3
5.3
4.0
WW
1,008
937
7.6
5.3
2.3
SURGICAL
US
113
113
0.6
0.6
—
Intl
297
252
17.7
15.3
2.4
WW
411
365
12.4
10.8
1.6
TOTAL MEDTECH
US
4,506
4,227
6.6
6.6
—
Intl
4,295
3,961
8.5
4.9
3.6
WW
$8,801
8,188
7.5
%
5.8
%
1.7
%
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
TWELVE MONTHS
% Change
2025
2024
Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)
ONCOLOGY
US
$13,659
10,854
25.8
%
25.8
%
—
%
Intl
11,721
9,926
18.1
15.6
2.5
WW
25,380
20,781
22.1
20.9
1.2
CARVYKTI
US
1,492
869
71.6
71.6
—
Intl
395
94
*
*
*
WW
1,887
963
95.9
94.3
1.6
DARZALEX
US
8,266
6,588
25.5
25.5
—
Intl
6,085
5,082
19.7
17.5
2.2
WW
14,351
11,670
23.0
22.0
1.0
ERLEADA
US
1,453
1,282
13.4
13.4
—
Intl
2,121
1,717
23.5
20.1
3.4
WW
3,574
2,999
19.2
17.2
2.0
IMBRUVICA
US
892
1,020
(12.5)
(12.5)
—
Intl
1,931
2,018
(4.3)
(6.7)
2.4
WW
2,823
3,038
(7.1)
(8.6)
1.5
RYBREVANT / LAZCLUZE(3)
US
534
257
*
*
—
Intl
200
70
*
*
*
WW
734
327
*
*
*
TALVEY
US
340
241
40.9
40.9
—
Intl
123
46
*
*
*
WW
463
287
61.3
60.3
1.0
TECVAYLI
US
444
418
6.3
6.3
—
Intl
226
131
72.8
70.4
2.4
WW
670
549
22.1
21.5
0.6
ZYTIGA / abiraterone acetate
US
23
34
(33.2)
(33.2)
—
Intl
480
597
(19.7)
(20.5)
0.8
WW
502
631
(20.4)
(21.2)
0.8
OTHER ONCOLOGY
US
214
145
47.5
47.5
—
Intl
162
172
(6.0)
(7.8)
1.8
WW
376
317
18.5
17.5
1.0
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
TWELVE MONTHS
% Change
2025
2024
Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
IMMUNOLOGY
US
$9,872
11,355
(13.1)
%
(13.1)
%
—
%
Intl
5,856
6,473
(9.5)
(10.2)
0.7
WW
15,728
17,828
(11.8)
(12.0)
0.2
REMICADE
US
1,171
1,009
16.0
16.0
—
US Exports(4)
74
98
(24.8)
(24.8)
—
Intl
523
497
5.3
6.2
(0.9)
WW
1,768
1,605
10.2
10.5
(0.3)
SIMPONI / SIMPONI ARIA
US
1,193
1,082
10.3
10.3
—
Intl
1,475
1,108
33.1
32.8
0.3
WW
2,668
2,190
21.8
21.7
0.1
STELARA
US
3,847
6,720
(42.7)
(42.7)
—
Intl
2,230
3,641
(38.7)
(39.3)
0.6
WW
6,078
10,361
(41.3)
(41.5)
0.2
TREMFYA
US
3,529
2,443
44.5
44.5
—
Intl
1,626
1,227
32.5
30.4
2.1
WW
5,155
3,670
40.5
39.8
0.7
OTHER IMMUNOLOGY
US
59
3
*
*
—
Intl
2
0
*
*
*
WW
61
3
*
*
*
NEUROSCIENCE
US
5,151
4,398
17.1
17.1
—
Intl
2,686
2,718
(1.2)
(1.8)
0.6
WW
7,837
7,115
10.1
9.9
0.2
CAPLYTA(5)
US
700
—
*
*
—
Intl
—
—
—
—
—
WW
700
—
*
*
—
CONCERTA / methylphenidate
US
82
134
(38.6)
(38.6)
—
Intl
502
507
(1.2)
(0.7)
(0.5)
WW
584
641
(9.0)
(8.6)
(0.4)
INVEGA SUSTENNA / XEPLION / INVEGA
TRINZA / TREVICTA
US
2,725
3,125
(12.8)
(12.8)
—
Intl
1,085
1,097
(1.1)
(1.8)
0.7
WW
3,810
4,222
(9.8)
(9.9)
0.1
SPRAVATO
US
1,485
929
59.9
59.9
—
Intl
210
148
41.9
39.1
2.8
WW
1,696
1,077
57.4
57.0
0.4
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
TWELVE MONTHS
% Change
2025
2024
Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
OTHER NEUROSCIENCE
US
$
159
210
(24.5)
%
(24.5)
%
—
%
Intl
889
965
(7.9)
(8.7)
0.8
WW
1,048
1,175
(10.9)
(11.5)
0.6
PULMONARY HYPERTENSION
US
3,223
3,143
2.6
2.6
—
Intl
1,214
1,140
6.5
4.9
1.6
WW
4,437
4,282
3.6
3.2
0.4
OPSUMIT / OPSYNVI
US
1,633
1,557
4.8
4.8
—
Intl
692
668
3.7
2.1
1.6
WW
2,325
2,225
4.5
4.0
0.5
UPTRAVI
US
1,536
1,511
1.7
1.7
—
Intl
366
307
19.4
17.4
2.0
WW
1,902
1,817
4.7
4.3
0.4
OTHER PULMONARY HYPERTENSION
US
54
75
(27.0)
(27.0)
—
Intl
155
165
(6.2)
(6.8)
0.6
WW
209
240
(12.7)
(13.0)
0.3
INFECTIOUS DISEASES
US
1,264
1,354
(6.6)
(6.6)
—
Intl
1,977
2,042
(3.2)
(6.5)
3.3
WW
3,241
3,396
(4.6)
(6.5)
1.9
EDURANT / rilpivirine
US
26
31
(18.4)
(18.4)
—
Intl
1,461
1,241
17.7
13.0
4.7
WW
1,486
1,272
16.9
12.2
4.7
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US
1,226
1,311
(6.5)
(6.5)
—
Intl
353
401
(11.9)
(13.7)
1.8
WW
1,579
1,712
(7.7)
(8.1)
0.4
OTHER INFECTIOUS DISEASES
US
12
11
6.6
6.6
—
Intl
163
401
(59.3)
(59.5)
0.2
WW
175
412
(57.5)
(57.7)
0.2
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
TWELVE MONTHS
% Change
2025
2024
Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
CARDIOVASCULAR / METABOLISM / OTHER
US
$
3,175
2,866
10.8
%
10.8
%
—
%
Intl
603
696
(13.3)
(13.8)
0.5
WW
3,778
3,562
6.1
6.0
0.1
XARELTO
US
2,633
2,373
11.0
11.0
—
Intl
—
—
—
—
—
WW
2,633
2,373
11.0
11.0
—
OTHER
US
542
494
9.8
9.8
—
Intl
603
696
(13.3)
(13.8)
0.5
WW
1,145
1,189
(3.7)
(4.0)
0.3
TOTAL INNOVATIVE MEDICINE
US
36,344
33,970
7.0
7.0
—
Intl
24,057
22,994
4.6
2.9
1.7
WW
$
60,401
56,964
6.0
%
5.3
%
0.7
%
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
TWELVE MONTHS
% Change
2025
2024
Reported
Operational(1)
Currency
MEDTECH SEGMENT(2)
CARDIOVASCULAR
US
$
5,305
4,513
17.5
%
17.5
%
—
%
Intl
3,623
3,194
13.4
11.9
1.5
WW
8,928
7,707
15.8
15.2
0.6
ELECTROPHYSIOLOGY
US
2,891
2,738
5.6
5.6
—
Intl
2,743
2,529
8.5
7.3
1.2
WW
5,634
5,267
7.0
6.4
0.6
ABIOMED
US
1,393
1,213
14.9
14.9
—
Intl
358
284
26.4
22.0
4.4
WW
1,751
1,496
17.1
16.2
0.9
SHOCKWAVE
US
897
442
*
*
—
Intl
249
122
*
*
*
WW
1,146
564
*
*
*
OTHER CARDIOVASCULAR
US
124
120
3.1
3.1
—
Intl
273
260
4.9
4.1
0.8
WW
397
380
4.3
3.8
0.5
ORTHOPAEDICS
US
5,720
5,689
0.5
0.5
—
Intl
3,538
3,470
2.0
(0.2)
2.2
WW
9,258
9,158
1.1
0.3
0.8
HIPS
US
1,080
1,057
2.1
2.1
—
Intl
594
581
2.2
0.1
2.1
WW
1,674
1,638
2.1
1.4
0.7
KNEES
US
924
922
0.2
0.2
—
Intl
663
623
6.5
4.6
1.9
WW
1,587
1,545
2.7
2.0
0.7
TRAUMA
US
2,058
2,013
2.2
2.2
—
Intl
1,088
1,036
5.0
2.7
2.3
WW
3,146
3,049
3.2
2.4
0.8
SPINE, SPORTS & OTHER
US
1,658
1,696
(2.2)
(2.2)
—
Intl
1,193
1,230
(3.0)
(5.3)
2.3
WW
2,852
2,926
(2.5)
(3.5)
1.0
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
TWELVE MONTHS
% Change
2025
2024
Reported
Operational(1)
Currency
MEDTECH SEGMENT(2)(Continued)
SURGERY
US
$4,157
4,003
3.9
%
3.9
%
—
%
Intl
5,980
5,842
2.4
1.5
0.9
WW
10,137
9,845
3.0
2.5
0.5
ADVANCED
US
1,900
1,838
3.4
3.4
—
Intl
2,678
2,650
1.0
0.1
0.9
WW
4,577
4,488
2.0
1.5
0.5
GENERAL
US
2,258
2,165
4.3
4.3
—
Intl
3,302
3,192
3.4
2.7
0.7
WW
5,560
5,358
3.8
3.3
0.5
VISION
US
2,225
2,128
4.6
4.6
—
Intl
3,243
3,018
7.4
5.9
1.5
WW
5,468
5,146
6.3
5.3
1.0
CONTACT LENSES / OTHER
US
1,754
1,684
4.1
4.1
—
Intl
2,157
2,049
5.3
3.2
2.1
WW
3,910
3,733
4.8
3.6
1.2
SURGICAL
US
471
444
6.1
6.1
—
Intl
1,086
969
12.1
11.6
0.5
WW
1,558
1,413
10.2
9.9
0.3
TOTAL MEDTECH
US
17,408
16,332
6.6
6.6
—
Intl
16,384
15,525
5.5
4.1
1.4
WW
$33,792
31,857
6.1
%
5.4
%
0.7
%
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
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 · oncology franchise acceleration
“DARZALEX US $2,332M +29.6%; CARVYKTI US $420M +38.2%; worldwide oncology $6,861M +24.8%”
Theme · stelara biosimilar impact
“STELARA US $766M (54.9)%; worldwide $1,230M (47.7)%”
Theme · cardiovascular medtech momentum
“SHOCKWAVE WW $318M +23.3%; ABIOMED WW $460M +19.8%; cardiovascular total $2,299M +11.5%”
Theme · neuroscience portfolio expansion
“CAPLYTA US $249M acquired with Intra-Cellular Therapies; SPRAVATO WW $503M +69.0%”
Theme · immunology portfolio transition
“TREMFYA WW $1,589M +67.6%; immunology total WW $3,860M (8.9)%”
Theme · orthopaedics restructuring completion
“restructuring program of Orthopaedics franchise substantially completed in Q4 2025; $162M Q4 expense”
Theme · international operational growth
“International operational sales +6.6%; Europe operational +5.2%; currency benefit +4.7%”
Theme · surgery segment optimization
“Surgery franchise restructuring initiated fiscal 2025; $48M Q4 expense; expected substantially completed end fiscal 2026”
Theme · electrophysiology steady performance
“ELECTROPHYSIOLOGY WW $1,425M +7.9%; US $746M +9.5%”
Theme · vision franchise recovery
“VISION WW $1,420M +8.9%; CONTACT LENSES WW $1,008M +7.6%”
Source: SEC EDGAR · public domain · Highlights by Palanor