grepcent public filings, reorganized for comparison

JOHNSON & JOHNSON (JNJ)

CIK: 0000200406. SIC: 2834 Pharmaceutical Preparations. Latest 10-K as of: 2026-02-11.

SIC breadcrumb: Manufacturing > Chemicals And Allied Products > SIC 2834 Pharmaceutical Preparations

SEC company page: https://www.sec.gov/edgar/browse/?CIK=200406. Latest filing source: 0000200406-26-000016.

Informational only. Descriptive public-record data — not a rating, forecast, or investment advice. See Disclaimer.

At a glance

FY2025 · period end 2025-12-28 · filed 2026-02-11 · accession 0000200406-26-000016 · source: SEC companyfacts

Revenue
94,193,000,000 USD verified
Net income
26,804,000,000 USD verified
Assets
199,210,000,000 USD verified
Free cash flow
19,698,000,000 USD computed
Net margin
28.46% computed
Revenue YoY
+6.05% computed
ROE
32.87% 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 & cluster context

Peer percentile fingerprint

JNJ ratios vs SIC peers. Source: grepcent computed from latest SEC companyfacts ratios; peer set SIC industry 2834; per-ratio N printed.JNJ ratios vs SIC peers. Source: grepcent computed from latest SEC companyfacts ratios; peer set SIC industry 2834; per-ratio N printed.RatioJNJPeer medianPercentileNNet margin28.5%1.0%80107Revenue growth6.0%14.7%36127FCF margin20.9%-14.0%79127ROE32.9%-30.7%91171ROA13.5%-21.8%90187Liabilities / equity1.440.3873173Current ratio1.034.892188

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

MetricValueUnitFYFiled
Revenue94,193,000,000USD20252026-02-11
Net income26,804,000,000USD20252026-02-11
Assets199,210,000,000USD20252026-02-11

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.

Download these verified figures (annual + quarterly, with per-value filing provenance): JSON · CSV

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Free cash flow = operating cash flow - capital expenditures. Missing metrics are omitted rather than fabricated.

Metric2016201720182019202020212022202320242025
Revenue71,890,000,00076,450,000,00081,581,000,00082,059,000,00082,584,000,00078,740,000,00079,990,000,00085,159,000,00088,821,000,00094,193,000,000
Net income16,540,000,0001,300,000,00015,297,000,00015,119,000,00014,714,000,00020,878,000,00017,941,000,00035,153,000,00014,066,000,00026,804,000,000
Gross profit50,101,000,00051,011,000,00054,490,000,00054,503,000,00054,157,000,00055,338,000,00055,394,000,00058,606,000,00061,350,000,00063,937,000,000
Diluted EPS5.930.475.615.635.517.816.7313.725.7911.03
Operating cash flow18,767,000,00021,056,000,00022,201,000,00023,416,000,00023,536,000,00023,410,000,00021,194,000,00022,791,000,00024,266,000,00024,530,000,000
Capital expenditures3,226,000,0003,279,000,0003,670,000,0003,498,000,0003,347,000,0003,652,000,0004,009,000,0004,543,000,0004,424,000,0004,832,000,000
Share buybacks8,979,000,0006,358,000,0005,868,000,0006,746,000,0003,221,000,0003,456,000,0006,035,000,0005,054,000,0002,432,000,0005,953,000,000
Assets141,208,000,000157,303,000,000152,954,000,000157,728,000,000174,894,000,000182,018,000,000187,378,000,000167,558,000,000180,104,000,000199,210,000,000
Liabilities70,790,000,00097,143,000,00093,202,000,00098,257,000,000111,616,000,000107,995,000,000110,574,000,00098,784,000,000108,614,000,000117,666,000,000
Stockholders' equity70,418,000,00060,160,000,00059,752,000,00059,471,000,00063,278,000,00074,023,000,00076,804,000,00068,774,000,00071,490,000,00081,544,000,000
Cash and cash equivalents18,972,000,00017,824,000,00018,107,000,00017,305,000,00013,985,000,00014,487,000,00012,889,000,00021,859,000,00024,105,000,00019,709,000,000
Free cash flow15,541,000,00017,777,000,00018,531,000,00019,918,000,00020,189,000,00019,758,000,00017,185,000,00018,248,000,00019,842,000,00019,698,000,000

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.

Metric2016201720182019202020212022202320242025
Net margin23.01%1.70%18.75%18.42%17.82%26.52%22.43%41.28%15.84%28.46%
Return on equity23.49%2.16%25.60%25.42%23.25%28.20%23.36%51.11%19.68%32.87%
Return on assets11.71%0.83%10.00%9.59%8.41%11.47%9.57%20.98%7.81%13.46%
Liabilities / equity1.011.611.561.651.761.461.441.441.521.44
Current ratio2.471.411.471.261.211.350.991.161.111.03

Industry Peer Context

Each number-line places JNJ against the min, median, and max of latest reported values among companies in the same SIC industry when at least three peers report that ratio.

Net margin peer context

JNJ Net margin versus SIC peer range. Source: grepcent computed from latest SEC companyfacts ratios for SIC industry 2834; peer count 107.JNJ Net margin versus SIC peer range. Source: grepcent computed from latest SEC companyfacts ratios for SIC industry 2834; peer count 107.107 SIC peersMin -146.0%Median 1.0%Max 124.7%JNJ 28.5%

ROE peer context

JNJ ROE versus SIC peer range. Source: grepcent computed from latest SEC companyfacts ratios for SIC industry 2834; peer count 171.JNJ ROE versus SIC peer range. Source: grepcent computed from latest SEC companyfacts ratios for SIC industry 2834; peer count 171.171 SIC peersMin -441.6%Median -30.7%Max 128.7%JNJ 32.9%

ROA peer context

JNJ ROA versus SIC peer range. Source: grepcent computed from latest SEC companyfacts ratios for SIC industry 2834; peer count 187.JNJ ROA versus SIC peer range. Source: grepcent computed from latest SEC companyfacts ratios for SIC industry 2834; peer count 187.187 SIC peersMin -163.7%Median -21.8%Max 71.5%JNJ 13.5%

Financial Bridges

Waterfall figures reconcile reported SEC companyfacts components. Missing bridges are omitted when required components are not present for the same fiscal year.

Free cash flow = operating cash flow - capital expenditures

JNJ FY2025 free cash flow bridge from reported figures.JNJ FY2025 free cash flow bridge from reported figures.JNJ free cash flow bridgeFY2025: operating cash flow less capital expendituresSource: SEC companyfacts FY2025.Free cash flow bridgeReported amount$0.0B$15.0B$30.0B$24.5BOperating cash flow-$4.8BCapex$19.7BFree cash flow

Figure provenance: SEC companyfacts FY 2025. Operating cash flow: accession 0000200406-26-000016; concept NetCashProvidedByUsedInOperatingActivities; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivities | Capital expenditures: accession 0000200406-26-000016; concept PaymentsToAcquirePropertyPlantAndEquipment; source concepts us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | Free cash flow: accession 0000200406-26-000016; concept NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment

Financial Charts

JNJ revenue, last 5 periods. Source: SEC companyfacts FY2025.JNJ revenue, last 5 periods. Source: SEC companyfacts FY2025.JNJ RevenueLatest point: FY2025 = $94.2BSource: SEC companyfacts FY2025.Fiscal yearReported revenue$0.0B$50.0B$100.0BFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-28; accession 0000200406-26-000016; filed 2026-02-11. Concept: RevenueFromContractWithCustomerExcludingAssessedTax. Source concepts: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

JNJ net income, last 5 periods. Source: SEC companyfacts FY2025.JNJ net income, last 5 periods. Source: SEC companyfacts FY2025.JNJ Net incomeLatest point: FY2025 = $26.8BSource: SEC companyfacts FY2025.Fiscal yearNet income$0.0B$20.0B$40.0BFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-28; accession 0000200406-26-000016; filed 2026-02-11. Concept: NetIncomeLoss. Source concepts: us-gaap:NetIncomeLoss.

JNJ gross profit, last 5 periods. Source: SEC companyfacts FY2025.JNJ gross profit, last 5 periods. Source: SEC companyfacts FY2025.JNJ Gross profitLatest point: FY2025 = $63.9BSource: SEC companyfacts FY2025.Fiscal yearGross profit$0.0B$37.5B$75.0BFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-28; accession 0000200406-26-000016; filed 2026-02-11. Concept: GrossProfit. Source concepts: us-gaap:GrossProfit.

JNJ diluted eps, last 5 periods. Source: SEC companyfacts FY2025.JNJ diluted eps, last 5 periods. Source: SEC companyfacts FY2025.JNJ Diluted EPSLatest point: FY2025 = $11.03/shareSource: SEC companyfacts FY2025.Fiscal yearDiluted EPS (USD/share)$0.00/share$10.00/share$20.00/shareFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-28; accession 0000200406-26-000016; filed 2026-02-11. Concept: EarningsPerShareDiluted. Source concepts: us-gaap:EarningsPerShareDiluted.

JNJ operating cash flow, last 5 periods. Source: SEC companyfacts FY2025.JNJ operating cash flow, last 5 periods. Source: SEC companyfacts FY2025.JNJ Operating cash flowLatest point: FY2025 = $24.5BSource: SEC companyfacts FY2025.Fiscal yearOperating cash flow$0.0B$15.0B$30.0BFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-28; accession 0000200406-26-000016; filed 2026-02-11. Concept: NetCashProvidedByUsedInOperatingActivities. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities.

JNJ capital expenditures, last 5 periods. Source: SEC companyfacts FY2025.JNJ capital expenditures, last 5 periods. Source: SEC companyfacts FY2025.JNJ Capital expendituresLatest point: FY2025 = $4.8BSource: SEC companyfacts FY2025.Fiscal yearCapital expenditures$0.0B$3.0B$6.0BFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-28; accession 0000200406-26-000016; filed 2026-02-11. Concept: PaymentsToAcquirePropertyPlantAndEquipment. Source concepts: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

JNJ share buybacks, last 5 periods. Source: SEC companyfacts FY2025.JNJ share buybacks, last 5 periods. Source: SEC companyfacts FY2025.JNJ Share buybacksLatest point: FY2025 = $6.0BSource: SEC companyfacts FY2025.Fiscal yearShare buybacks$0.0B$4.0B$8.0BFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-28; accession 0000200406-26-000016; filed 2026-02-11. Concept: PaymentsForRepurchaseOfCommonStock. Source concepts: us-gaap:PaymentsForRepurchaseOfCommonStock.

JNJ assets, last 5 periods. Source: SEC companyfacts FY2025.JNJ assets, last 5 periods. Source: SEC companyfacts FY2025.JNJ AssetsLatest point: FY2025 = $199.2BSource: SEC companyfacts FY2025.Fiscal yearAssets$0.0B$100.0B$200.0BFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-28; accession 0000200406-26-000016; filed 2026-02-11. Concept: Assets. Source concepts: us-gaap:Assets.

JNJ liabilities, last 5 periods. Source: SEC companyfacts FY2025.JNJ liabilities, last 5 periods. Source: SEC companyfacts FY2025.JNJ LiabilitiesLatest point: FY2025 = $117.7BSource: SEC companyfacts FY2025.Fiscal yearLiabilities$0.0B$62.5B$125.0BFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-28; accession 0000200406-26-000016; filed 2026-02-11. Concept: Liabilities. Source concepts: us-gaap:Liabilities.

JNJ stockholders' equity, last 5 periods. Source: SEC companyfacts FY2025.JNJ stockholders' equity, last 5 periods. Source: SEC companyfacts FY2025.JNJ Stockholders' equityLatest point: FY2025 = $81.5BSource: SEC companyfacts FY2025.Fiscal yearStockholders' equity$0.0B$50.0B$100.0BFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-28; accession 0000200406-26-000016; filed 2026-02-11. Concept: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest. Source concepts: us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest.

JNJ cash and cash equivalents, last 5 periods. Source: SEC companyfacts FY2025.JNJ cash and cash equivalents, last 5 periods. Source: SEC companyfacts FY2025.JNJ Cash and cash equivalentsLatest point: FY2025 = $19.7BSource: SEC companyfacts FY2025.Fiscal yearCash and cash equivalents$0.0B$15.0B$30.0BFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-28; accession 0000200406-26-000016; filed 2026-02-11. Concept: CashAndCashEquivalentsAtCarryingValue. Source concepts: us-gaap:CashAndCashEquivalentsAtCarryingValue.

JNJ free cash flow, last 5 periods. Source: SEC companyfacts FY2025.JNJ free cash flow, last 5 periods. Source: SEC companyfacts FY2025.JNJ Free cash flowLatest point: FY2025 = $19.7BSource: SEC companyfacts FY2025.Fiscal yearFree cash flow$0.0B$10.0B$20.0BFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-28; accession 0000200406-26-000016; filed 2026-02-11. Concept: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

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.

View the filing-by-filing ledger →

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.

QuarterEnd DateRevenueNet IncomeDiluted EPSMethod
2022-Q32022-10-021.68reported discrete quarter
2023-Q12023-04-02-0.03reported discrete quarter
2023-Q22023-07-021.96reported discrete quarter
2023-Q32023-10-0121,351,000,00026,028,000,00010.21reported discrete quarter
2023-Q42023-12-3121,395,000,0004,049,000,000derived Q4 = FY annual - nine-month YTD
2024-Q12024-03-3121,383,000,0003,255,000,0001.34reported discrete quarter
2024-Q22024-06-3022,447,000,0004,686,000,0001.93reported discrete quarter
2024-Q32024-09-2922,471,000,0002,694,000,0001.11reported discrete quarter
2024-Q42024-12-2922,520,000,0003,431,000,000derived Q4 = FY annual - nine-month YTD
2025-Q12025-03-3021,893,000,00010,999,000,0004.54reported discrete quarter
2025-Q22025-06-2923,743,000,0005,537,000,0002.29reported discrete quarter
2025-Q32025-09-2823,993,000,0005,152,000,0002.12reported discrete quarter
2025-Q42025-12-2824,564,000,0005,116,000,000derived Q4 = FY annual - nine-month YTD
2026-Q12026-03-2924,062,000,0005,235,000,0002.14reported discrete quarter
2026-Q22026-06-2825,310,000,0005,534,000,0002.27reported discrete quarter

Quarterly Charts

JNJ quarterly revenue, last 12 periods. Source: SEC companyfacts 2026-Q2.JNJ quarterly revenue, last 12 periods. Source: SEC companyfacts 2026-Q2.JNJ Quarterly RevenueLatest point: 2026-Q2 = $25.3BSource: SEC companyfacts 2026-Q2.Fiscal quarterQuarterly Revenue$0.0B$15.0B$30.0B2023-Q32023-Q42024-Q12024-Q22024-Q32024-Q42025-Q12025-Q22025-Q32025-Q42026-Q12026-Q2

Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-28; accession 0000200406-26-000153; filed 2026-07-23. Concept: RevenueFromContractWithCustomerExcludingAssessedTax. Source concepts: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

JNJ quarterly net income, last 12 periods. Source: SEC companyfacts 2026-Q2.JNJ quarterly net income, last 12 periods. Source: SEC companyfacts 2026-Q2.JNJ Quarterly Net incomeLatest point: 2026-Q2 = $5.5BSource: SEC companyfacts 2026-Q2.Fiscal quarterQuarterly Net income$0.0B$15.0B$30.0B2023-Q32023-Q42024-Q12024-Q22024-Q32024-Q42025-Q12025-Q22025-Q32025-Q42026-Q12026-Q2

Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-28; accession 0000200406-26-000153; filed 2026-07-23. Concept: NetIncomeLoss. Source concepts: us-gaap:NetIncomeLoss.

JNJ quarterly diluted eps, last 12 periods. Source: SEC companyfacts 2026-Q2.JNJ quarterly diluted eps, last 12 periods. Source: SEC companyfacts 2026-Q2.JNJ Quarterly Diluted EPSLatest point: 2026-Q2 = $2.27/shareSource: SEC companyfacts 2026-Q2.Fiscal quarterQuarterly Diluted EPS (USD/share)-$0.50/share$0.00/share$15.00/share2022-Q32023-Q12023-Q22023-Q32024-Q12024-Q22024-Q32025-Q12025-Q22025-Q32026-Q12026-Q2

Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-28; accession 0000200406-26-000153; filed 2026-07-23. Concept: EarningsPerShareDiluted. Source concepts: us-gaap:EarningsPerShareDiluted.

Business

Read JNJ's verbatim Item 1 Business section from its latest 10-K: Business.

Risk Factors

Read JNJ's verbatim Item 1A Risk Factors from its latest 10-K: Risk Factors.

Latest quarter (10-Q)

Latest 10-Q source: 0000200406-26-000153.

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

Column 1Column 2
Form 10-Q31

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

(Dollars in Millions)June 28, 2026June 29, 2025Total ChangeOperations ChangeCurrency Change
Oncology$14,379$11,99019.9%16.9%3.0%
DARZALEX8,1716,77620.617.72.9
CARVYKTI1,25480855.152.13.0
TECVAYLI46231745.543.71.8
TALVEY32619269.367.22.1
RYBREVANT/ LAZCLUZE54632070.469.90.5
ERLEADA1,9441,67915.811.64.2
IMBRUVICA1,2591,444(12.9)(17.1)4.2
Other Oncology(1)418452(7.4)(8.0)0.6
Immunology7,2247,700(6.2)(8.1)1.9
TREMFYA3,6542,14270.667.82.8
SIMPONI/ SIMPONI ARIA1,2651,349(6.2)(8.8)2.6
REMICADE760922(17.6)(18.7)1.1
STELARA1,3963,278(57.4)(58.7)1.3
Other Immunology1509***
Neuroscience4,5123,69822.020.51.5
SPRAVATO1,05273443.242.01.2
CAPLYTA(2)631211**—
INVEGA SUSTENNA/ XEPLION/ INVEGA TRINZA/ TREVICTA2,0531,8958.47.31.1
CONCERTA/methylphenidate282312(9.5)(11.5)2.0
Other Neuroscience494547(9.6)(13.2)3.6
Pulmonary Hypertension2,2782,1386.55.41.1
UPTRAVI9779275.44.01.4
OPSUMIT/ OPSYNVI1,2081,1049.48.41.0
Other Pulmonary Hypertension93107(13.6)(14.2)0.6
Infectious Diseases1,6521,6052.9(1.1)4.0
EDURANT/rilpivirine7597185.7(0.9)6.6
PREZISTA/ PREZCOBIX/ REZOLSTA/ SYMTUZA8157991.90.41.5
Other Infectious Diseases7888(11.1)(15.5)4.4
Cardiovascular / Metabolism / Other1,7651,943(9.2)(9.9)0.7
XARELTO1,3061,311(0.3)(0.3)—
Other458632(27.5)(29.8)2.3
Total Innovative Medicine Sales$31,810$29,0759.4%7.1%2.3%
Column 1Column 2
Form 10-Q33

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

(Dollars in Millions)June 28, 2026June 29, 2025Total ChangeOperations ChangeCurrency Change
Oncology$7,406$6,31217.3%16.1%1.2%
DARZALEX4,2073,53918.917.61.3
CARVYKTI65743949.447.71.7
TECVAYLI26016656.556.10.4
TALVEY17410663.362.60.7
RYBREVANT/ LAZCLUZE28917960.861.6(0.8)
ERLEADA9959089.57.61.9
IMBRUVICA599735(18.6)(20.2)1.6
Other Oncology(1)226238(4.6)(3.9)(0.7)
Immunology3,8443,993(3.7)(4.6)0.9
TREMFYA2,0461,18672.571.01.5
SIMPONI/ SIMPONI ARIA618690(10.5)(11.7)1.2
REMICADE338455(25.8)(26.4)0.6
STELARA7401,653(55.2)(55.7)0.5
Other Immunology1048***
Neuroscience2,3372,05114.013.40.6
SPRAVATO58441440.840.00.8
CAPLYTA36121170.970.9—
INVEGA SUSTENNA/ XEPLION/ INVEGA TRINZA/ TREVICTA1,0159922.31.90.4
CONCERTA/ methylphenidate146164(10.8)(11.3)0.5
Other Neuroscience232270(14.0)(15.2)1.2
Pulmonary Hypertension1,1431,1132.62.20.4
UPTRAVI4944763.82.81.0
OPSUMIT/ OPSYNVI6025823.43.30.1
Other Pulmonary Hypertension4755(15.0)(13.9)(1.1)
Infectious Diseases763803(5.0)(6.3)1.3
EDURANT/rilpivirine350360(2.7)(4.6)1.9
PREZISTA/ PREZCOBIX/ REZOLSTA/ SYMTUZA372396(6.3)(6.8)0.5
Other Infectious Diseases4147(11.6)(14.6)3.0
Cardiovascular / Metabolism / Other889930(4.3)(4.7)0.4
XARELTO6646217.17.1—
Other225309(27.2)(28.3)1.1
Total Innovative Medicine Sales$16,384$15,2027.8%6.8%1.0%

*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: 0000200406-26-000016. The complete FY 2025 MD&A is published at /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:

Sales increase/(decrease) due to:20252024
Volume8.4%5.9%
Price(3.1)0.0
Currency0.7(1.6)
Total6.0%4.3%

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.

Column 1Column 2
2025 Annual Report23

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:

(Dollars in Millions)20252024Total ChangeOperations ChangeCurrency Change
Total Oncology$25,380$20,78122.1%20.9%1.2%
CARVYKTI1,88796395.994.31.6
DARZALEX14,35111,67023.022.01.0
ERLEADA3,5742,99919.217.22.0
IMBRUVICA2,8233,038(7.1)(8.6)1.5
RYBREVANT/ LAZCLUZE(1)734327***
TALVEY(2)46328761.360.31.0
TECVAYLI67054922.121.50.6
ZYTIGA /abiraterone acetate502631(20.4)(21.2)0.8
Other Oncology37631718.517.51.0
Total Immunology15,72817,828(11.8)(12.0)0.2
REMICADE1,7681,60510.210.5(0.3)
SIMPONI/SIMPONI ARIA2,6682,19021.821.70.1
STELARA6,07810,361(41.3)(41.5)0.2
TREMFYA5,1553,67040.539.80.7
Other Immunology613***
Total Neuroscience7,8377,11510.19.90.2
CAPLYTA(3)700—**—
CONCERTA/methylphenidate584641(9.0)(8.6)(0.4)
INVEGA SUSTENNA/XEPLION/INVEGA TRINZA/TREVICTA3,8104,222(9.8)(9.9)0.1
SPRAVATO1,6961,07757.457.00.4
Other Neuroscience1,0481,175(10.9)(11.5)0.6
Total Pulmonary Hypertension4,4374,2823.63.20.4
OPSUMIT/OPSYNVI(4)2,3252,2254.54.00.5
UPTRAVI1,9021,8174.74.30.4
Other Pulmonary Hypertension209240(12.7)(13.0)0.3
Total Infectious Diseases3,2413,396(4.6)(6.5)1.9
EDURANT/rilpivirine1,4861,27216.912.24.7
PREZISTA/PREZCOBIX/REZOLSTA/SYMTUZA1,5791,712(7.7)(8.1)0.4
Other Infectious Diseases(5)175412(57.5)(57.7)0.2
Total Cardiovascular / Metabolism / Other3,7783,5626.16.00.1
XARELTO2,6332,37311.011.0—
Other1,1451,189(3.7)(4.0)0.3
Total Innovative Medicine Sales$60,40156,9646.0%5.3%0.7%
Column 1Column 2
2025 Annual Report25

(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 or browse all MD&A years.

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.

Analysis & quant

Single-company analysis

Read the cited, descriptive article for JNJ: single-company analysis.

AI-assembled from public SEC filings. Verified claims: 11. Pack 454395e3f7d7.

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Read the descriptive, lmfin-computed profile for JNJ: risk-adjusted performance profile.

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FDA-approved drug applications

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

FDA-listed trade nameActive ingredientApplicationOriginal approval
VASCORBEPRIDIL HYDROCHLORIDENDA0190021990-12-28
ERYCETTEERYTHROMYCINNDA0505941985-02-15
GRIFULVIN VGRISEOFULVIN, MICROCRYSTALLINENDA0504481972-05-30

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.

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