# JOHNSON & JOHNSON (JNJ)

Informational only - not investment advice.

CIK: 0000200406
SIC: 2834 Pharmaceutical Preparations
SIC breadcrumb: [Manufacturing](/division/D/) > [Chemicals And Allied Products](/major-group/28/) > [SIC 2834 Pharmaceutical Preparations](/industry/2834/)
Latest 10-K filed: 2026-02-11
SEC page: https://www.sec.gov/edgar/browse/?CIK=200406
Filing source: https://www.sec.gov/Archives/edgar/data/200406/000020040626000016/jnj-20251228.htm

## At a glance

FY2025 · period end 2025-12-28 · filed 2026-02-11 · accession 0000200406-26-000016 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000200406.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 94,193,000,000 USD | 2025 | verified |
| Net income | 26,804,000,000 USD | 2025 | verified |
| Assets | 199,210,000,000 USD | 2025 | verified |
| Free cash flow | 19,698,000,000 USD | 2025 | computed |
| Net margin | 28.46% | 2025 | computed |
| Revenue YoY | +6.05% | 2025 | computed |
| ROE | 32.87% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | JNJ | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 28.5% | 1.0% | 80 | 107 |
| Revenue growth | 6.0% | 14.7% | 36 | 127 |
| FCF margin | 20.9% | -14.0% | 79 | 127 |
| ROE | 32.9% | -30.7% | 91 | 171 |
| ROA | 13.5% | -21.8% | 90 | 187 |
| Liabilities / equity | 1.44 | 0.38 | 73 | 173 |
| Current ratio | 1.03 | 4.89 | 2 | 188 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 2834 Pharmaceutical Preparations, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 94193000000 | USD | 2025 | 2026-02-11 |
| Net income | 26804000000 | USD | 2025 | 2026-02-11 |
| Assets | 199210000000 | USD | 2025 | 2026-02-11 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000200406.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 71,890,000,000 | 76,450,000,000 | 81,581,000,000 | 82,059,000,000 | 82,584,000,000 | 78,740,000,000 | 79,990,000,000 | 85,159,000,000 | 88,821,000,000 | 94,193,000,000 |
| Net income | 16,540,000,000 | 1,300,000,000 | 15,297,000,000 | 15,119,000,000 | 14,714,000,000 | 20,878,000,000 | 17,941,000,000 | 35,153,000,000 | 14,066,000,000 | 26,804,000,000 |
| Gross profit | 50,101,000,000 | 51,011,000,000 | 54,490,000,000 | 54,503,000,000 | 54,157,000,000 | 55,338,000,000 | 55,394,000,000 | 58,606,000,000 | 61,350,000,000 | 63,937,000,000 |
| Diluted EPS | 5.93 | 0.47 | 5.61 | 5.63 | 5.51 | 7.81 | 6.73 | 13.72 | 5.79 | 11.03 |
| Operating cash flow | 18,767,000,000 | 21,056,000,000 | 22,201,000,000 | 23,416,000,000 | 23,536,000,000 | 23,410,000,000 | 21,194,000,000 | 22,791,000,000 | 24,266,000,000 | 24,530,000,000 |
| Capital expenditures | 3,226,000,000 | 3,279,000,000 | 3,670,000,000 | 3,498,000,000 | 3,347,000,000 | 3,652,000,000 | 4,009,000,000 | 4,543,000,000 | 4,424,000,000 | 4,832,000,000 |
| Share buybacks | 8,979,000,000 | 6,358,000,000 | 5,868,000,000 | 6,746,000,000 | 3,221,000,000 | 3,456,000,000 | 6,035,000,000 | 5,054,000,000 | 2,432,000,000 | 5,953,000,000 |
| Assets | 141,208,000,000 | 157,303,000,000 | 152,954,000,000 | 157,728,000,000 | 174,894,000,000 | 182,018,000,000 | 187,378,000,000 | 167,558,000,000 | 180,104,000,000 | 199,210,000,000 |
| Liabilities | 70,790,000,000 | 97,143,000,000 | 93,202,000,000 | 98,257,000,000 | 111,616,000,000 | 107,995,000,000 | 110,574,000,000 | 98,784,000,000 | 108,614,000,000 | 117,666,000,000 |
| Stockholders' equity | 70,418,000,000 | 60,160,000,000 | 59,752,000,000 | 59,471,000,000 | 63,278,000,000 | 74,023,000,000 | 76,804,000,000 | 68,774,000,000 | 71,490,000,000 | 81,544,000,000 |
| Cash and cash equivalents | 18,972,000,000 | 17,824,000,000 | 18,107,000,000 | 17,305,000,000 | 13,985,000,000 | 14,487,000,000 | 12,889,000,000 | 21,859,000,000 | 24,105,000,000 | 19,709,000,000 |
| Free cash flow | 15,541,000,000 | 17,777,000,000 | 18,531,000,000 | 19,918,000,000 | 20,189,000,000 | 19,758,000,000 | 17,185,000,000 | 18,248,000,000 | 19,842,000,000 | 19,698,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 23.01% | 1.70% | 18.75% | 18.42% | 17.82% | 26.52% | 22.43% | 41.28% | 15.84% | 28.46% |
| Return on equity | 23.49% | 2.16% | 25.60% | 25.42% | 23.25% | 28.20% | 23.36% | 51.11% | 19.68% | 32.87% |
| Return on assets | 11.71% | 0.83% | 10.00% | 9.59% | 8.41% | 11.47% | 9.57% | 20.98% | 7.81% | 13.46% |
| Liabilities / equity | 1.01 | 1.61 | 1.56 | 1.65 | 1.76 | 1.46 | 1.44 | 1.44 | 1.52 | 1.44 |
| Current ratio | 2.47 | 1.41 | 1.47 | 1.26 | 1.21 | 1.35 | 0.99 | 1.16 | 1.11 | 1.03 |

## As-reported value updates

5 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/JNJ/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000200406.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-10-02 |  |  | 1.68 | reported discrete quarter |
| 2023-Q1 | 2023-04-02 |  |  | -0.03 | reported discrete quarter |
| 2023-Q2 | 2023-07-02 |  |  | 1.96 | reported discrete quarter |
| 2023-Q3 | 2023-10-01 | 21,351,000,000 | 26,028,000,000 | 10.21 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 21,395,000,000 | 4,049,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 21,383,000,000 | 3,255,000,000 | 1.34 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 22,447,000,000 | 4,686,000,000 | 1.93 | reported discrete quarter |
| 2024-Q3 | 2024-09-29 | 22,471,000,000 | 2,694,000,000 | 1.11 | reported discrete quarter |
| 2024-Q4 | 2024-12-29 | 22,520,000,000 | 3,431,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-30 | 21,893,000,000 | 10,999,000,000 | 4.54 | reported discrete quarter |
| 2025-Q2 | 2025-06-29 | 23,743,000,000 | 5,537,000,000 | 2.29 | reported discrete quarter |
| 2025-Q3 | 2025-09-28 | 23,993,000,000 | 5,152,000,000 | 2.12 | reported discrete quarter |
| 2025-Q4 | 2025-12-28 | 24,564,000,000 | 5,116,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-29 | 24,062,000,000 | 5,235,000,000 | 2.14 | reported discrete quarter |
| 2026-Q2 | 2026-06-28 | 25,310,000,000 | 5,534,000,000 | 2.27 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from JNJ's latest 10-K: [/company/JNJ/business/](/company/JNJ/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from JNJ's latest 10-K: [/company/JNJ/risk-factors/](/company/JNJ/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/200406/000020040626000153/jnj-20260628.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-23
Report date: 2026-06-28

Item 2 — Management’s discussion and analysis of financial condition and results of operations

Results of operations

Sales to customers

Analysis of consolidated sales

For the fiscal six months of 2026, worldwide sales were $49.4 billion, a total increase of 8.2%, including an operational* increase of 6.0% as compared to 2025 fiscal six months sales of $45.6 billion. Currency fluctuations had a positive impact of 2.2% for the fiscal six months of 2026. In the fiscal six months of 2026, acquisitions and divestitures had net positive impact of 0.5%, on worldwide operational sales growth, primarily related to CAPLYTA. In the fiscal six months of 2026, the negative impact of the STELARA sales decline, due to biosimilar competition, on worldwide operational sales was approximately 5.0%.

Sales by U.S. companies were $27.9 billion in the fiscal six months of 2026, which represented an increase of 7.8% as compared to the prior year. In the fiscal six months of 2026, acquisitions and divestitures had net positive impact of 0.9% on U.S. operational sales growth, primarily related to CAPLYTA. In the fiscal six months of 2026, the negative impact of the STELARA sales decline, due to biosimilar competition on U.S. operational sales was approximately 7.0%. Sales by international companies were $21.5 billion, which represented an increase of 8.7%, including an operational increase of 3.6%, and a positive currency impact of 5.1% as compared to the fiscal six months sales of 2025. In the fiscal six months of 2026, the net impact of acquisitions and divestitures on international operational sales growth was a negative 0.1%. In the fiscal six months of 2026, the negative impact of the STELARA sales decline, due to biosimilar competition, on international operational sales was approximately 2.5%.

In the fiscal six months of 2026, sales by companies in Europe achieved growth of 10.3%, which included an operational increase of 3.0% and a positive currency impact of 7.3%. Sales by companies in the Western Hemisphere, excluding the U.S., achieved growth of 9.6%, which included an operational increase of 2.6% and a positive currency impact of 7.0%. Sales by companies in the Asia-Pacific, Africa region achieved growth of 6.0%, including operational growth of 4.9% and a positive currency impact of 1.1%.

Fiscal six months 2026

sales by geographic region (in billions)

Fiscal six months 2026

sales by segment (in billions)

Note: values may have been rounded

*operational excludes the effect of translational currency

[[GREPCENT_TABLE]]
[["Form 10-Q","31"]]
[[/GREPCENT_TABLE]]

Table of Contents

For the fiscal second quarter of 2026, worldwide sales were $25.3 billion, a total increase of 6.6%, which included operational growth of 5.6% and a positive currency impact of 1.0% as compared to 2025 fiscal second quarter sales of $23.7 billion. In the fiscal second quarter of 2026, the net impact of acquisitions and divestitures on worldwide operational sales growth was a negative 0.1%. In the fiscal second quarter of 2026, the negative impact of the STELARA sales decline, due to biosimilar competition, on worldwide operational sales was approximately 4.6%.

Sales by U.S. companies were $14.5 billion in the fiscal second quarter of 2026, which represented an increase of 7.3% as compared to the prior year. In the fiscal second quarter of 2026, the net impact of acquisitions and divestitures on U.S. operational sales growth was a negative 0.1%. In the fiscal second quarter of 2026, the negative impact of the STELARA sales decline, due to biosimilar competition on U.S. operational sales was approximately 6.6%. Sales by international companies were $10.8 billion, a total increase of 5.7%, which included operational growth of 3.4% and a positive currency impact of 2.3%. In the fiscal second quarter of 2026, the net impact of acquisitions and divestitures on international operational sales growth was a negative 0.1%. In the fiscal second quarter of 2026, the negative impact of the STELARA sales decline, due to biosimilar competition, on international operational sales was approximately 2.1%.

In the fiscal second quarter of 2026, sales by companies in Europe achieved growth of 6.3%, which included operational growth of 3.3% and a positive currency impact of 3.0%. Sales by companies in the Western Hemisphere, excluding the U.S., achieved growth of 8.5%, which included operational growth of 2.7% and a positive currency impact of 5.8%. Sales by companies in the Asia-Pacific, Africa region achieved growth of 3.8%, which included operational growth of 3.9% and a negative currency impact of 0.1%.

Q2 2026

Sales by Geographic Region (in billions)

Q2 2026

Sales by Segment (in billions)

Note: values may have been rounded

32

Table of Contents

Analysis of sales by business segments

Innovative Medicine

Innovative Medicine segment sales in the fiscal six months of 2026 were $31.8 billion, an increase of 9.4% as compared to the same period a year ago, with an operational increase of 7.1% and a positive currency impact of 2.3%. U.S. Innovative Medicine sales increased 9.3% as compared to the same period a year ago. International Innovative Medicine sales increased by 9.6%, including an operational increase of 3.9% and a positive currency impact of 5.7%. In the fiscal six months of 2026, the net impact of acquisitions and divestitures on the Innovative Medicine segment operational sales growth was a positive 0.9%, primarily related to CAPLYTA. In the fiscal six months of 2026, the negative impact of the STELARA sales decline, due to biosimilar competition, was an approximate 8.4%, 11.1% and 4.5% on worldwide, U.S. and international Innovative Medicine segment operational sales, respectively.

Major Innovative Medicine therapeutic area sales — Fiscal Six Months Ended

[[GREPCENT_TABLE]]
[["(Dollars in Millions)","June 28, 2026","","June 29, 2025","","Total Change","Operations Change","Currency Change"],["Oncology","$14,379","","$11,990","","19.9","%","16.9","%","3.0","%"],["DARZALEX","8,171","","6,776","","20.6","","17.7","","2.9"],["CARVYKTI","1,254","","808","","55.1","52.1","3.0"],["TECVAYLI","462","","317","","45.5","","43.7","","1.8"],["TALVEY","326","","192","","69.3","","67.2","","2.1"],["RYBREVANT/ LAZCLUZE","546","","320","","70.4","69.9","0.5"],["ERLEADA","1,944","","1,679","","15.8","","11.6","","4.2"],["IMBRUVICA","1,259","","1,444","","(12.9)","","(17.1)","","4.2"],["Other Oncology(1)","418","","452","","(7.4)","","(8.0)","","0.6"],["Immunology","7,224","","7,700","","(6.2)","","(8.1)","","1.9"],["TREMFYA","3,654","","2,142","","70.6","","67.8","","2.8"],["SIMPONI/ SIMPONI ARIA","1,265","","1,349","","(6.2)","","(8.8)","","2.6"],["REMICADE","760","","922","","(17.6)","","(18.7)","","1.1"],["STELARA","1,396","","3,278","","(57.4)","","(58.7)","","1.3"],["Other Immunology","150","","9","","*","*","*"],["Neuroscience","4,512","","3,698","","22.0","20.5","","1.5"],["SPRAVATO","1,052","","734","","43.2","","42.0","","1.2"],["CAPLYTA(2)","631","","211","","*","*","\u2014"],["INVEGA SUSTENNA/ XEPLION/ INVEGA TRINZA/ TREVICTA","2,053","","1,895","","8.4","","7.3","","1.1"],["CONCERTA/methylphenidate","282","","312","","(9.5)","","(11.5)","","2.0"],["Other Neuroscience","494","","547","","(9.6)","","(13.2)","","3.6"],["Pulmonary Hypertension","2,278","","2,138","","6.5","","5.4","","1.1"],["UPTRAVI","977","","927","","5.4","","4.0","","1.4"],["OPSUMIT/ OPSYNVI","1,208","","1,104","","9.4","","8.4","","1.0"],["Other Pulmonary Hypertension","93","","107","","(13.6)","","(14.2)","","0.6"],["Infectious Diseases","1,652","","1,605","","2.9","","(1.1)","","4.0"],["EDURANT/rilpivirine","759","","718","","5.7","","(0.9)","","6.6"],["PREZISTA/ PREZCOBIX/ REZOLSTA/ SYMTUZA","815","","799","","1.9","","0.4","","1.5"],["Other Infectious Diseases","78","","88","","(11.1)","","(15.5)","","4.4"],["Cardiovascular / Metabolism / Other","1,765","","1,943","","(9.2)","","(9.9)","","0.7"],["XARELTO","1,306","","1,311","","(0.3)","","(0.3)","","\u2014"],["Other","458","","632","","(27.5)","","(29.8)","","2.3"],["Total Innovative Medicine Sales","$31,810","","$29,075","","9.4","%","7.1","%","2.3","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["Form 10-Q","33"]]
[[/GREPCENT_TABLE]]

Table of Contents

Innovative Medicine segment sales in the fiscal second quarter of 2026 were $16.4 billion, an increase of 7.8% as compared to the same period a year ago, including an operational increase of 6.8% and a positive currency impact of 1.0%. U.S. Innovative Medicine sales increased 8.9% as compared to the same period a year ago. International Innovative Medicine sales increased by 6.0%, including an operational increase of 3.6% and a positive currency impact of 2.4%. In the fiscal second quarter of 2026, the impact of divestitures on the worldwide Innovative Medicine segment operational sales growth was a negative 0.1%. In the fiscal second quarter of 2026, the negative impact of the STELARA sales decline, due to biosimilar competition, was an approximate 7.6%, 10.4% and 3.6% on worldwide, U.S. and international Innovative Medicine segment operational sales, respectively.

Major Innovative Medicine therapeutic area sales — Fiscal Second Quarter Ended

[[GREPCENT_TABLE]]
[["(Dollars in Millions)","June 28, 2026","","June 29, 2025","","Total Change","Operations Change","Currency Change"],["Oncology","$7,406","","$6,312","","17.3","%","16.1","%","1.2","%"],["DARZALEX","4,207","","3,539","","18.9","","17.6","","1.3"],["CARVYKTI","657","","439","","49.4","","47.7","","1.7"],["TECVAYLI","260","","166","","56.5","","56.1","","0.4"],["TALVEY","174","","106","","63.3","","62.6","","0.7"],["RYBREVANT/ LAZCLUZE","289","","179","","60.8","61.6","(0.8)"],["ERLEADA","995","","908","","9.5","","7.6","","1.9"],["IMBRUVICA","599","","735","","(18.6)","","(20.2)","","1.6"],["Other Oncology(1)","226","","238","","(4.6)","","(3.9)","","(0.7)"],["Immunology","3,844","","3,993","","(3.7)","","(4.6)","","0.9"],["TREMFYA","2,046","","1,186","","72.5","","71.0","","1.5"],["SIMPONI/ SIMPONI ARIA","618","","690","","(10.5)","","(11.7)","","1.2"],["REMICADE","338","","455","","(25.8)","","(26.4)","","0.6"],["STELARA","740","","1,653","","(55.2)","","(55.7)","","0.5"],["Other Immunology","104","","8","","*","*","*"],["Neuroscience","2,337","","2,051","","14.0","","13.4","","0.6"],["SPRAVATO","584","","414","","40.8","","40.0","","0.8"],["CAPLYTA","361","","211","","70.9","70.9","\u2014"],["INVEGA SUSTENNA/ XEPLION/ INVEGA TRINZA/ TREVICTA","1,015","","992","","2.3","","1.9","","0.4"],["CONCERTA/ methylphenidate","146","","164","","(10.8)","","(11.3)","","0.5"],["Other Neuroscience","232","","270","","(14.0)","","(15.2)","","1.2"],["Pulmonary Hypertension","1,143","","1,113","","2.6","","2.2","","0.4"],["UPTRAVI","494","","476","","3.8","","2.8","","1.0"],["OPSUMIT/ OPSYNVI","602","","582","","3.4","","3.3","","0.1"],["Other Pulmonary Hypertension","47","","55","","(15.0)","","(13.9)","","(1.1)"],["Infectious Diseases","763","","803","","(5.0)","","(6.3)","","1.3"],["EDURANT/rilpivirine","350","","360","","(2.7)","","(4.6)","","1.9"],["PREZISTA/ PREZCOBIX/ REZOLSTA/ SYMTUZA","372","","396","","(6.3)","","(6.8)","","0.5"],["Other Infectious Diseases","41","","47","","(11.6)","","(14.6)","","3.0"],["Cardiovascular / Metabolism / Other","889","","930","","(4.3)","","(4.7)","","0.4"],["XARELTO","664","","621","","7.1","","7.1","","\u2014"],["Other","225","","309","","(27.2)","","(28.3)","","1.1"],["Total Innovative Medicine Sales","$16,384","","$15,202","","7.8","%","6.8","%","1.0","%"]]
[[/GREPCENT_TABLE]]

*percentage greater than 100% or not meaningful

(1) Includes sales of ZYTIGA which were previously disclosed separately

(2) Acquired with Intra-Cellular Therapies on April 2, 2025

34

Table of Contents

Oncology products achieved operational sales growth of 16.1% as compared to the same period a year ago. Contributors to the growth were: DARZALEX (daratumumab) dr

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/200406/000020040626000016/jnj-20251228.htm
Complete FY 2025 MD&A: /company/JNJ/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-11
Report date: 2025-12-28

Item 7. Management’s discussion and analysis of results of operations and financial condition

Organization and business segments

Description of the company and business segments

Johnson & Johnson and its subsidiaries (the Company) have approximately 138,200 employees worldwide engaged in the research and development, manufacture and sale of a broad range of products in the healthcare field. The Company conducts business in virtually all countries of the world with the primary focus on products related to human health and well-being.

The Company is organized into two business segments: Innovative Medicine and MedTech. The Innovative Medicine segment is focused on the following therapeutic areas: Oncology, Immunology, Neuroscience, Pulmonary Hypertension, Infectious Diseases, and Cardiovascular and Metabolism. Products in this segment are distributed directly to retailers, wholesalers, distributors, hospitals and healthcare professionals for prescription use. The MedTech segment includes a broad portfolio of products used in the Surgery, Orthopaedic, Cardiovascular and Vision fields. These products are distributed to wholesalers, hospitals and retailers, and used principally in the professional fields by physicians, nurses, hospitals, eye care professionals and clinics.

In October 2025, the Company announced its intention to separate its Orthopaedics business. The Company intends to explore multiple paths to effect the planned separation with a targeted completion within 18 to 24 months after the initial announcement.

The Chief Operating Decision Maker (CODM) is the Company's Chief Executive Officer (Principal Executive Officer). The Executive Committee is Johnson & Johnson’s senior leadership team responsible for setting the strategy and priorities of the Company and driving accountability at all levels. Within the strategic parameters provided by the Executive Committee, senior management groups at U.S. and international operating companies are each responsible for their own strategic plans and the day-to-day operations of those companies.

In all of its product lines, the Company competes with other companies both locally and globally, throughout the world. Competition exists in all product lines without regard to the number and size of the competing companies involved. Competition in research, involving the development and the improvement of new and existing products and processes, is particularly significant. The development of new and innovative products, as well as protecting the underlying intellectual property of the Company's product portfolio, is important to the Company’s success in all areas of its business. The competitive environment requires substantial investments in continuing research.

Management’s objectives

With Our Credo as the foundation, the Company believes health is everything. The Company's 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 the Company's expertise in Innovative Medicine and MedTech, the Company is uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow, and profoundly impact health for humanity.

New products introduced within the past five years accounted for approximately 25% of 2025 sales. In 2025, $14.7 billion was invested in research and development reflecting management’s commitment to create life-enhancing innovations and to create value through partnerships that will profoundly impact of health for humanity.

Our approximately 138,200 employees are critical drivers of the Company’s success. Employees are empowered and inspired to lead with Our Credo and purpose as guides. This allows every employee to use the Company’s reach and size to advance the Company’s purpose, and to also lead with agility and urgency. Leveraging the extensive resources across the enterprise enables the Company to innovate and execute with excellence. This ensures the Company can remain focused on addressing the unmet needs of society every day and invest for an enduring impact, ultimately delivering value to its patients, consumers and healthcare professionals, employees, communities and shareholders.

22

Research &

development

Acquisitions*

(net of cash acquired)

Dividends paid

per share

*    Includes business combinations and asset acquisitions

Results of operations

Analysis of consolidated sales

For discussion on results of operations and financial condition pertaining to the fiscal years 2024 and 2023 see the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2024, Item 7. Management's discussion and analysis of results of operations and financial condition.

In 2025, worldwide sales increased 6.0% to $94.2 billion as compared to an increase of 4.3% in 2024. These sales changes consisted of the following:

[[GREPCENT_TABLE]]
[["Sales increase/(decrease) due to:","2025","2024"],["Volume","8.4","%","5.9","%"],["Price","(3.1)","","0.0"],["Currency","0.7","","(1.6)"],["Total","6.0","%","4.3","%"]]
[[/GREPCENT_TABLE]]

The net impact of acquisitions and divestitures on the worldwide sales growth was a positive impact of 1.1% in 2025, primarily related to CAPLYTA and Shockwave and a positive impact of 0.5% in 2024 primarily related to Shockwave.

Sales by U.S. companies were $53.8 billion in 2025 and $50.3 billion in 2024. This represents increases of 6.9% in 2025 and 8.3% in 2024. In the fiscal year 2025, acquisitions and divestitures had a net positive impact of 2.0% on the U.S. sales growth primarily related to CAPLYTA and Shockwave. Sales by international companies were $40.4 billion in 2025 and $38.5 billion in 2024. This represents an increase of 5.0% in 2025, and a decrease of 0.5% in 2024. In fiscal 2025, acquisitions and divestitures had a net positive impact of 0.1% on the international operational* sales growth, primarily related to Shockwave. In the fiscal year 2025, the negative impact of the STELARA sales decline, due to biosimilar competition, was approximately 6.2%, 7.6% and 4.4% on worldwide, U.S. and international operational sales, respectively.

The five-year compound annual growth rates for worldwide, U.S. and international sales were 6.7%, 7.9% and 5.2%, respectively. The ten-year compound annual growth rates for worldwide, U.S. and international sales were 5.2%, 5.8% and 4.5%, respectively.

[[GREPCENT_TABLE]]
[["2025 Annual Report","23"]]
[[/GREPCENT_TABLE]]

In 2025, sales by companies in Europe achieved growth of 6.5% as compared to the prior year, which included operational growth of 2.4% and a positive currency impact of 4.1%. Sales by companies in the Western Hemisphere, excluding the U.S., achieved growth of 3.4% as compared to the prior year, which included operational growth of 8.4%, and a negative currency impact of 5.0%. Sales by companies in the Asia-Pacific, Africa region achieved growth of 3.2% as compared to the prior year, including operational growth of 3.1% and a positive currency impact of 0.1%.

In 2025, the Company utilized three wholesalers distributing products for both segments that represented approximately 21.8%, 15.5% and 11.1% of the total gross revenues. In 2024, the Company had three wholesalers distributing products for both segments that represented approximately 20.5%, 15.6% and 12.3% of the total gross revenues.

2025 Sales by geographic region (in billions)

2025 Sales by segment (in billions)

Note: values may have been rounded

*operational excludes the effect of translational currency

Analysis of sales by business segments

Innovative Medicine segment

Innovative Medicine segment sales in 2025 were $60.4 billion, an increase of 6.0% from 2024, which included operational growth of 5.3% and a positive currency impact of 0.7%. U.S. sales were $36.3 billion, an increase of 7.0%. International sales were $24.1 billion, an increase of 4.6%, which included operational growth of 2.9% and a positive currency impact of 1.7%. In 2025, the net impact of acquisitions and divestitures on the worldwide Innovative Medicine segment operational sales growth was a positive 1.2%, related to CAPLYTA. In 2025, the negative impact of the STELARA sales decline, primarily due to biosimilar competition, was an approximate 10.4%, 12.3% and 7.9% on worldwide, U.S. and international Innovative Medicine segment operational sales, respectively.

24

Major Innovative Medicine therapeutic area sales:

[[GREPCENT_TABLE]]
[["(Dollars in Millions)","","2025","","2024","","","","Total Change","","Operations Change","","Currency Change"],["Total Oncology","","$25,380","","$20,781","","","","22.1","%","","20.9","%","","1.2","%"],["CARVYKTI","","1,887","","963","","","","95.9","","94.3","","1.6"],["DARZALEX","","14,351","","11,670","","","","23.0","","","22.0","","","1.0"],["ERLEADA","","3,574","","2,999","","","","19.2","","","17.2","","","2.0"],["IMBRUVICA","","2,823","","3,038","","","","(7.1)","","","(8.6)","","","1.5"],["RYBREVANT/ LAZCLUZE(1)","","734","","327","","","","*","","*","","*"],["TALVEY(2)","","463","","287","","","","61.3","","","60.3","","","1.0"],["TECVAYLI","","670","","549","","","","22.1","","","21.5","","","0.6"],["ZYTIGA /abiraterone acetate","","502","","631","","","","(20.4)","","","(21.2)","","","0.8"],["Other Oncology","","376","","317","","","","18.5","","17.5","","1.0"],["Total Immunology","","15,728","","17,828","","","","(11.8)","","","(12.0)","","","0.2"],["REMICADE","","1,768","","1,605","","","","10.2","","","10.5","","","(0.3)"],["SIMPONI/SIMPONI ARIA","","2,668","","2,190","","","","21.8","","","21.7","","","0.1"],["STELARA","","6,078","","10,361","","","","(41.3)","","","(41.5)","","","0.2"],["TREMFYA","","5,155","","3,670","","","","40.5","","","39.8","","","0.7"],["Other Immunology","","61","","3","","","","*","","*","","*"],["Total Neuroscience","","7,837","","7,115","","","","10.1","","","9.9","","","0.2"],["CAPLYTA(3)","","700","","\u2014","","","","","*","","*","","\u2014"],["CONCERTA/methylphenidate","","584","","641","","","","(9.0)","","","(8.6)","","","(0.4)"],["INVEGA SUSTENNA/XEPLION/INVEGA TRINZA/TREVICTA","","3,810","","4,222","","","","(9.8)","","","(9.9)","","","0.1"],["SPRAVATO","","1,696","","1,077","","","","57.4","","","57.0","","","0.4"],["Other Neuroscience","","1,048","","1,175","","","","(10.9)","","","(11.5)","","","0.6"],["Total Pulmonary Hypertension","","4,437","","4,282","","","","3.6","","","3.2","","","0.4"],["OPSUMIT/OPSYNVI(4)","","2,325","","2,225","","","","4.5","","","4.0","","","0.5"],["UPTRAVI","","1,902","","1,817","","","","4.7","","","4.3","","","0.4"],["Other Pulmonary Hypertension","","209","","240","","","","(12.7)","","","(13.0)","","","0.3"],["Total Infectious Diseases","","3,241","","3,396","","","","(4.6)","","","(6.5)","","","1.9"],["EDURANT/rilpivirine","","1,486","","1,272","","","","16.9","","","12.2","","","4.7"],["PREZISTA/PREZCOBIX/REZOLSTA/SYMTUZA","","1,579","","1,712","","","","(7.7)","","","(8.1)","","","0.4"],["Other Infectious Diseases(5)","","175","","412","","","","(57.5)","","","(57.7)","","","0.2"],["Total Cardiovascular / Metabolism / Other","","3,778","","3,562","","","","6.1","","","6.0","","","0.1"],["XARELTO","","2,633","","2,373","","","","11.0","","","11.0","","","\u2014"],["Other","","1,145","","1,189","","","","(3.7)","","","(4.0)","","","0.3"],["Total Innovative Medicine Sales","","$60,401","","56,964","","","","6.0","%","","5.3","%","","0.7","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["2025 Annual Report","25"]]
[[/GREPCENT_TABLE]]

(1)Previously in Other Oncology, Includes the sales of RYBREVANT and RYBREVANT + LAZCLUZE

(2)Previously in Other Oncology

(3)Acquired with Intra-Cellular Therapies on April 2, 2025

(4)OPSYNVI was previously in Other Pulmonary Hypertension

(5)Includes the Covid-19 Vaccine in 2024

*    Percentage greater than 100%

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/JNJ/mda/fy2025/
All MD&A years: /company/JNJ/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/JNJ/mda/fy2024/): filed 2025-02-13; accession 0000200406-25-000038 (https://www.sec.gov/Archives/edgar/data/200406/000020040625000038/jnj-20241229.htm)
- [FY 2023 MD&A](/company/JNJ/mda/fy2023/): filed 2024-02-16; accession 0000200406-24-000013 (https://www.sec.gov/Archives/edgar/data/200406/000020040624000013/jnj-20231231.htm)
- [FY 2023 MD&A](/company/JNJ/mda/a-0000200406-23-000016/): filed 2023-02-16; accession 0000200406-23-000016 (https://www.sec.gov/Archives/edgar/data/200406/000020040623000016/jnj-20230101.htm)
- [FY 2022 MD&A](/company/JNJ/mda/fy2022/): filed 2022-02-17; accession 0000200406-22-000022 (https://www.sec.gov/Archives/edgar/data/200406/000020040622000022/jnj-20220102.htm)


## FDA-approved drug applications

Applications listed under this company's exact-matched sponsor name. Approved applications only.

| FDA-listed trade name | Active ingredient | Application | Original approval |
| --- | --- | --- | --- |
| VASCOR | BEPRIDIL HYDROCHLORIDE | [NDA019002](/drug/nda-019002/) | 1990-12-28 |
| ERYCETTE | ERYTHROMYCIN | [NDA050594](/drug/nda-050594/) | 1985-02-15 |
| GRIFULVIN V | GRISEOFULVIN, MICROCRYSTALLINE | [NDA050448](/drug/nda-050448/) | 1972-05-30 |

Sponsor as listed in Drugs@FDA at retrieval (2026-08-07); FDA sponsor listings can lag ownership transfers.

This list covers FDA applications whose listed sponsor name maps to this company by an exact-unique match; applications listed under sponsor names not mapped to this company (subsidiaries, name variants, joint ventures) are absent.


## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2834 Pharmaceutical Preparations) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/JNJ.md · JSON record: /company/JNJ.json · verified financials: /company/JNJ/financials.json / /company/JNJ/financials.csv · machine TOC for the whole site: /llms.txt