2025 Second-Quarter reported sales growth of 5.8% to $23.7 Billion with operational growth of 4.6%* and adjusted operational growth of 3.0%* 2025 Second-Quarter reflects earnings per share (EPS) of $2.29 and adjusted EPS of $2.77 Significant new product pipeline progress including approval of IMAAVY for generalized myasthenia gravis, priority review for TAR-200, data for CARVYKTI overall survival and progression-free benefits in multiple myeloma, and continuation of the clinical trial for a general surgery robotic system, OTTAVA Strong operational performance and favorable foreign exchange results in Company increasing full year estimated reported sales5 guidance at the midpoint by $2 billion dollars to 5.4% and full year EPS guidance by $0.25 to $10.85. Adjusted operational EPS increased to $10.68 at the midpoint.
NEW BRUNSWICK, N.J.--(BUSINESS WIRE)-- Johnson & Johnson (NYSE: JNJ) today announced results for second-quarter 2025. “Today’s strong results reflect the depth and strength of Johnson & Johnson’s uniquely diversified business operating across both MedTech and Innovative Medicine,” said Joaquin Duato, Chairman and Chief Executive Officer, Johnson & Johnson. “Our portfolio and pipeline position us for elevated growth in the second half of the year, with game-changing approvals and submissions anticipated in areas like lung and bladder cancer, major depressive disorder, psoriasis, surgery and cardiovascular, which will extend and improve lives in transformative ways.”
Overall financial results
Q2
($ in Millions, except EPS)
2025
2024
% Change
Reported Sales
$23,743
$22,447
5.8%
Net Earnings
$5,537
$4,686
18.2%
EPS (diluted)
$2.29
$1.93
18.7%
Q2
Non-GAAP* ($ in Millions, except EPS)
2025
2024
% Change
Operational Sales1,2
4.6%
Adjusted Operational Sales1,3
3.0%
Adjusted Net Earnings1,4
$6,699
$6,840
-2.1%
Adjusted EPS (diluted)1,4
$2.77
$2.82
-1.8%
Free Cash Flow6,7
~$6,200
$7,507
1
Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2
Excludes the impact of translational currency
3
Excludes the net impact of acquisitions and divestitures and translational currency
4
Excludes intangible amortization expense and special items
5
Excludes COVID-19 Vaccine
6
Non-GAAP measure; defined as cash flow from operating activities, less additions to property, plant and equipment. Cash flow from operations, the most directly comparable GAAP financial measure, will be included in subsequent SEC filings.
7
Second-quarter YTD 2025 is estimated as of July 16, 2025
Regional sales results
Q2
% Change
($ in Millions)
2025
2024
Reported
Operational1,2
Currency
Adjusted
Operational1,3
U.S.
$13,544
$12,569
7.8%
7.8
-
5.0
International
10,199
9,878
3.2
0.6
2.6
0.4
Worldwide
$23,743
$22,447
5.8%
4.6
1.2
3.0
1
Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2
Excludes the impact of translational currency
3
Excludes the net impact of acquisitions and divestitures and translational currency
Segment sales results
Q2
% Change
($ in Millions)
2025
2024
Reported
Operational1,2
Currency
Adjusted
Operational1,3
Innovative Medicine
$15,202
$14,490
4.9%
3.8
1.1
2.4
MedTech
8,541
7,957
7.3
6.1
1.2
4.1
Worldwide
$23,743
$22,447
5.8%
4.6
1.2
3.0
1
Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2
Excludes the impact of translational currency
3
Excludes the net impact of acquisitions and divestitures and translational currency
Second-Quarter 2025 segment commentary:
Operational sales* reflected below excludes the impact of translational currency.
Innovative Medicine
Innovative Medicine worldwide operational sales grew 3.8%*, with net acquisitions and divestitures positively impacting growth by 1.4%. Growth was primarily driven by DARZALEX, CARVYKTI, ERLEADA and RYBREVANT/LAZCLUZE in Oncology, TREMFYA and SIMPONI/SIMPONI ARIA in Immunology, and SPRAVATO in Neuroscience. Growth was partially offset by an approximate (1,170) basis points impact from STELARA in Immunology, and an approximate (130) basis points impact from COVID-19 in Infectious Diseases.
MedTech
MedTech worldwide operational sales grew 6.1%*, with net acquisitions and divestitures positively impacting growth by 2.0%. Growth was primarily driven by electrophysiology products and Abiomed in Cardiovascular, as well as wound closure products in General Surgery.
Full-year 2025 guidance:
Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses, and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson's results computed in accordance with GAAP.
($ in Billions, except EPS)
July 2025
April 2025
Adjusted Operational Sales1,2,5
Change vs. Prior Year / Mid-point
3.2% – 3.7% / 3.5%
2.0% – 3.0% / 2.5%
Operational Sales2,5 / Mid-point
Change vs. Prior Year / Mid-point
$92.7B – $93.1B / $92.9B
4.5% – 5.0% / 4.8%
$91.6B – $92.4B / $92.0B
3.3% – 4.3% / 3.8%
Estimated Reported Sales3,5/ Mid-point
Change vs. Prior Year / Mid-point
$93.2B – $93.6B / $93.4B
5.1% – 5.6% / 5.4%
$91.0B – $91.8B / $91.4B
2.6% – 3.6% / 3.1%
Adjusted Operational EPS (Diluted)2,4 / Mid-point
Change vs. Prior Year / Mid-point
$10.63 – $10.73 / $10.68
6.5% – 7.5% / 7.0%
$10.50 – $10.70 / $10.60
5.2% – 7.2% / 6.2%
Adjusted EPS (Diluted)3,4 / Mid-point
Change vs. Prior Year / Mid-point
$10.80 – $10.90 / $10.85
8.2% – 9.2% / 8.7%
$10.50 – $10.70 / $10.60
5.2% – 7.2% / 6.2%
1
Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures
2
Non-GAAP financial measure; excludes the impact of translational currency
3
Calculated using Euro Average Rate: July 2025 = $1.13 and April 2025 = $1.10 (Illustrative purposes only)
4
Non-GAAP financial measure; excludes intangible amortization expense and special items
5
Excludes COVID-19 Vaccine
Other modeling considerations will be provided on the webcast
Notable announcements in the quarter:
The information contained in this section should be read together with Johnson & Johnson’s other disclosures filed with the Securities and Exchange Commission, including its Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. The reader is also encouraged to review all other news releases and information available in the Investor Relations section of the company’s website at News Releases, as well as Innovative Medicine News Center, MedTech News & Events, and www.factsabouttalc.com.
Regulatory
Supplemental new drug application submitted to U.S. FDA for CAPLYTA® (lumateperone) with data demonstrating significant schizophrenia relapse prevention compared to placebo1
Press Release
DARZALEX® (daratumumab) receives the first positive CHMP opinion for patients with high-risk smouldering multiple myeloma
Press Release
IMBRUVICA® (ibrutinib) receives positive CHMP opinion for the treatment of patients with previously untreated mantle cell lymphoma (MCL) who would be eligible for autologous stem cell transplant
Press Release
U.S. FDA Oncologic Drugs Advisory Committee votes in favor of the benefit-risk profile of DARZALEX FASPRO® (daratumumab and hyaluronidase-fihj) for high-risk smoldering multiple myeloma
Press Release
Johnson & Johnson receives FDA approval for IMAAVY™ (nipocalimab-aahu), a new FcRn blocker offering long-lasting disease control in the broadest population of people living with generalized myasthenia gravis (gMG)
Press Release
Johnson & Johnson MedTech Announces Completion of First Cases with OTTAVA™ Robotic Surgical System
Press Release
Data Releases
IMAAVY™ (nipocalimab-aahu) showed greater sustained disease control versus approved FcRn blockers for generalized myasthenia gravis (gMG) at multiple timepoints over 24 weeks in newly published indirect treatment comparison (ITC)
Press Release
Investigational combination of first-in-class bispecifics TALVEY® and TECVAYLI® shows deep and durable responses in heavily pretreated multiple myeloma patients with extramedullary disease
Press Release
Johnson & Johnson's dual-targeting CAR T-cell therapy shows encouraging first results in large B-cell lymphoma
Press Release
New results for Johnson & Johnson's bleximenib demonstrate promising antileukemic activity in combination with venetoclax and azacitidine for acute myeloid leukemia
Press Release
Significant efficacy benefit of IMBRUVICA® (ibrutinib) plus venetoclax versus acalabrutinib plus venetoclax in frontline treatment of patients with chronic lymphocytic leukaemia suggested by indirect treatment comparison
Press Release
New data show TREMFYA® (guselkumab) is the only IL-23 inhibitor proven to significantly inhibit progression of joint structural damage in active psoriatic arthritis
Press Release
DARZALEX FASPRO® (daratumumab and hyaluronidase-fihj)-based regimen shows 95 percent progression-free survival at four years in transplant-eligible, newly diagnosed patients with multiple myeloma who achieved sustained MRD negativity
Press Release
Early results from Johnson & Johnson's trispecific antibody show promising response in heavily pretreated multiple myeloma patients
Press Release
Single infusion of CARVYKTI® (ciltacabtagene autoleucel) delivered lasting treatment-free remissions for at least five years in patients with relapsed or refractory multiple myeloma
Press Release
Johnson & Johnson leads with first PARP inhibitor combo to improve efficacy in patients with HRR-altered mCSPC
Press Release
Johnson & Johnson unveils first-in-human results for pasritamig, showing early anti-tumor activity in prostate cancer
Press Release
Shockwave Medical Study Confirms Benefit of IVL-First Strategy in Real-World Female Patients with Complex Calcified Lesions in Late-Breaking Data Presentation at EuroPCR 2025
Press Release
Icotrokinra results show significant skin clearance in patients with difficult-to-treat scalp and genital psoriasis
Press Release
TREMFYA® (guselkumab) delivers sustained clinical and endoscopic remission in ulcerative colitis through two years
Press Release
TREMFYA® (guselkumab) positioned to become the first and only IL-23 inhibitor to offer subcutaneous induction in ulcerative colitis as demonstrated in new data through 24 weeks
Press Release
Johnson & Johnson's TAR-200 monotherapy achieves high disease-free survival of more than 80 percent in BCG-unresponsive, high-risk papillary NMIBC
Press Release
Johnson & Johnson's TAR-200 monotherapy demonstrates highest complete response rate with sustained clinical benefits in patients with certain types of bladder cancer
Press Release
Johnson & Johnson MedTech Presents 3-Month Data from Omny-IRE Clinical Trial at 2025 Heart Rhythm Society Annual Meeting
Press Release
Product Launch
Johnson & Johnson Launches First and Only Daily Disposable Multifocal Toric Contact Lens - ACUVUE OASYS MAX 1-Day MULTIFOCAL for ASTIGMATISM
Press Release
Johnson & Johnson Launches VOLT™ Wrist and Proximal Humerus Plating Systems in the U.S.
Press Release
Johnson & Johnson Launches New TECNIS Odyssey Next-Generation Intraocular Lens in Europe, the Middle East, and Canada Offering Cataract Patients Precise Vision at Every Distance in Any Lighting
Press Release
Johnson & Johnson Launches KINCISE™ 2 System, the Only Automated Surgical Impactor Approved for Knee and Hip Revision Procedures
Press Release
Johnson & Johnson MedTech Launches SOUNDSTAR CRYSTAL™ in the US, Redefining Image Clarity in 2D Intracardiac Imaging
Press Release
Other
Johnson & Johnson Elects Daniel Pinto, President, JPMorganChase to its Board of Directors
Press Release
1 Subsequent to the quarter
Webcast information:
Johnson & Johnson will conduct a conference call with investors to discuss this earnings release today at 8:30 a.m., Eastern Time. A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Johnson & Johnson website. A replay and podcast will be available approximately two hours after the live webcast in the Investor Relations section of the company's website at events-and-presentations.
About Johnson & Johnson:
At Johnson & Johnson, we believe health is everything. Our strength in healthcare innovation empowers us to build a world where complex diseases are prevented, treated, and cured, where treatments are smarter and less invasive, and solutions are personal. Through our expertise in Innovative Medicine and MedTech, we are uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow, and profoundly impact health for humanity. Learn more at www.jnj.com.
Non-GAAP financial measures:
* “Operational sales growth” excluding the impact of translational currency, “adjusted operational sales growth” excluding the net impact of acquisitions and divestitures and translational currency, as well as “adjusted net earnings”, “adjusted diluted earnings per share” and “adjusted operational diluted earnings per share” excluding after-tax intangible amortization expense and special items, are non-GAAP financial measures and should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Except for guidance measures, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying financial schedules of the earnings release and the Investor Relations section of the company's website at quarterly results.
Copies of the financial schedules accompanying this earnings release are available on the company’s website at quarterly results. These schedules include supplementary sales data, a condensed consolidated statement of earnings, reconciliations of non-GAAP financial measures, and sales of key products/franchises. Additional information on Johnson & Johnson, including adjusted income before tax by segment, an Innovative Medicine pipeline of selected compounds in late stage development and a copy of today’s earnings call presentation can also be found in the Investor Relations section of the company's website at quarterly results.
Note to investors concerning forward-looking statements:
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: future operating and financial performance, product development, and market position and business strategy. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations or changes to applicable laws and regulations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the Company to successfully execute strategic plans, including restructuring plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; and increased scrutiny of the health care industry by government agencies. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s most recent Annual Report on Form 10-K, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in Johnson & Johnson’s subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com, investor.jnj.com, or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.
Percent Change
Percent Change
2025
2024
Total
Operations
Currency
2025
2024
Total
Operations
Currency
$
9,161
8,510
7.6
%
7.6
-
$
17,253
16,122
7.0
%
7.0
-
6,041
5,980
1.0
(1.6
)
2.6
11,822
11,930
(0.9
)
(0.1
)
(0.8
)
15,202
14,490
4.9
3.8
1.1
29,075
28,052
3.6
4.0
(0.4
)
4,383
4,059
8.0
8.0
-
8,596
8,067
6.6
6.6
-
4,158
3,898
6.7
4.1
2.6
7,965
7,711
3.3
3.6
(0.3
)
8,541
7,957
7.3
6.1
1.2
16,561
15,778
5.0
5.1
(0.1
)
13,544
12,569
7.8
7.8
-
25,849
24,189
6.9
6.9
-
10,199
9,878
3.2
0.6
2.6
19,787
19,641
0.7
1.4
(0.7
)
$
23,743
22,447
5.8
%
4.6
1.2
$
45,636
43,830
4.1
%
4.4
(0.3
)
Percent Change
Percent Change
2025
2024
Total
Operations
Currency
2025
2024
Total
Operations
Currency
$
13,544
12,569
7.8
%
7.8
-
$
25,849
24,189
6.9
%
6.9
-
5,387
5,214
3.3
(1.9
)
5.2
10,497
10,377
1.1
0.2
0.9
1,206
1,212
(0.5
)
6.2
(6.7
)
2,373
2,406
(1.3
)
7.7
(9.0
)
3,606
3,452
4.4
2.4
2.0
6,917
6,858
0.9
0.9
0.0
10,199
9,878
3.2
0.6
2.6
19,787
19,641
0.7
1.4
(0.7
)
$
23,743
22,447
5.8
%
4.6
1.2
$
45,636
43,830
4.1
%
4.4
(0.3
)
2025
2024
Percent
Percent
Percent
Increase
Amount
to Sales
Amount
to Sales
(Decrease)
$
23,743
100.0
$
22,447
100.0
5.8
7,628
32.1
6,869
30.6
11.0
16,115
67.9
15,578
69.4
3.4
5,889
24.8
5,681
25.3
3.7
3,516
14.8
3,440
15.3
2.2
-
-
194
0.9
48
0.2
(125
)
(0.6
)
107
0.5
653
2.9
64
0.3
(13
)
0.0
6,491
27.3
5,748
25.6
12.9
954
4.0
1,062
4.7
(10.2
)
$
5,537
23.3
$
4,686
20.9
18.2
$
2.29
$
1.93
18.7
2,419.1
2,422.0
14.7
%
18.5
%
$
8,188
34.5
$
8,404
37.4
(2.6
)
$
6,699
28.2
$
6,840
30.5
(2.1
)
$
2.77
$
2.82
(1.8
)
18.2
%
18.6
%
2025
2024
Percent
Percent
Percent
Increase
Amount
to Sales
Amount
to Sales
(Decrease)
$
45,636
100.0
$
43,830
100.0
4.1
14,985
32.8
13,380
30.5
12.0
30,651
67.2
30,450
69.5
0.7
11,001
24.1
10,938
25.0
0.6
6,741
14.8
6,982
16.0
(3.5
)
-
-
194
0.4
(80
)
(0.2
)
(334
)
(0.8
)
(7,214
)
(15.8
)
3,057
7.0
81
0.2
151
0.3
20,122
44.1
9,462
21.6
112.7
3,586
7.9
1,521
3.5
135.8
$
16,536
36.2
$
7,941
18.1
108.2
$
6.82
$
3.27
108.6
2,423.3
2,428.5
17.8
%
16.1
%
$
16,199
35.5
$
16,281
37.1
(0.5
)
$
13,405
29.4
$
13,420
30.6
(0.1
)
$
5.53
$
5.53
0.0
17.2
%
17.6
%
2025
2024
2025
2024
$5,537
$4,686
$16,536
$7,941
57
352
(6,909)
3,078
1,267
1,106
2,387
2,184
-
64
-
73
79
(11)
134
160
-
68
-
119
246
452
378
600
21
431
60
411
-
194
-
194
27
-
27
-
(321)
(437)
994
(1,293)
(214)
(65)
(202)
(47)
$6,699
$6,840
$13,405
$13,420
2,419.1
2,422.0
2,423.3
2,428.5
$2.77
$2.82
$5.53
$5.53
$2.71
$5.52
1
2
4.9%
7.3%
5.8%
7.6%
8.0%
7.8%
1.0%
6.7%
3.2%
1.1
1.2
1.2
-
-
-
2.6
2.6
2.6
3.8%
6.1%
4.6%
7.6%
8.0%
7.8%
(1.6)%
4.1%
0.6%
(2.2)
(0.8)
(3.5)
(1.1)
(0.9)
(0.3)
(1.4)
(0.9)
(2.4)
(1.7)
0.0
0.0
0.0
0.2
0.1
0.0
0.2
0.0
0.0
0.2
0.1
2.4%
4.1%
3.0%
5.2%
4.7%
5.0%
(1.6)%
3.4%
0.4%
Innovative Medicine
MedTech
Total
3.6%
5.0%
4.1%
7.0%
6.6%
6.9%
(0.9)%
3.3%
0.7%
(0.4)
(0.1)
(0.3)
-
-
-
(0.8)
(0.3)
(0.7)
4.0%
5.1%
4.4%
7.0%
6.6%
6.9%
(0.1)%
3.6%
1.4%
(2.7)
(1.0)
(4.3)
(1.5)
(1.1)
(0.5)
(0.8)
(0.5)
(1.3)
(0.9)
0.0
0.0
0.1
0.3
0.2
0.0
0.5
0.2
0.2
0.2
0.2
3.3%
2.7%
3.1%
5.7%
2.8%
4.7%
0.1%
2.7%
1.1%
REPORTED SALES vs. PRIOR PERIOD ($MM)
REPORTED SALES vs. PRIOR PERIOD ($MM)
SECOND QUARTER
SIX MONTHS
% Change
% Change
2025
2024
Reported
Operational (1)
Currency
2025
2024
Reported
Operational (1)
Currency
$
3,385
2,636
28.4
%
28.4
%
-
$
6,398
5,019
27.5
%
27.5
%
-
2,928
2,455
19.3
%
15.7
%
3.6
%
5,592
4,885
14.5
%
15.1
%
-0.6
%
6,312
5,090
24.0
%
22.3
%
1.7
%
11,990
9,904
21.1
%
21.3
%
-0.2
%
358
167
*
*
-
676
307
*
*
-
81
20
*
*
*
132
36
*
*
*
439
186
*
*
*
808
343
*
*
*
2,017
1,641
23.0
%
23.0
%
-
3,846
3,105
23.9
%
23.9
%
-
1,521
1,237
23.0
%
19.6
%
3.4
%
2,930
2,465
18.9
%
19.7
%
-0.8
%
3,539
2,878
23.0
%
21.5
%
1.5
%
6,776
5,570
21.7
%
22.0
%
-0.3
%
378
318
18.6
%
18.6
%
-
670
603
11.0
%
11.0
%
-
530
418
27.0
%
22.8
%
4.2
%
1,009
822
22.9
%
23.0
%
-0.1
%
908
736
23.4
%
21.0
%
2.4
%
1,679
1,425
17.8
%
17.9
%
-0.1
%
239
246
-2.7
%
-2.7
%
-
474
511
-7.3
%
-7.3
%
-
496
525
-5.4
%
-8.4
%
3.0
%
970
1,043
-6.9
%
-6.3
%
-0.6
%
735
770
-4.5
%
-6.6
%
2.1
%
1,444
1,554
-7.0
%
-6.6
%
-0.4
%
139
52
*
*
-
252
88
*
*
-
41
17
*
*
*
69
28
*
*
*
179
69
*
*
*
320
116
*
*
*
82
59
38.0
%
38.0
%
-
150
109
36.7
%
36.7
%
-
24
9
*
*
*
42
17
*
*
*
106
69
55.0
%
54.3
%
0.7
%
192
127
52.0
%
52.4
%
-0.4
%
114
104
8.2
%
8.2
%
-
219
205
6.6
%
6.6
%
-
52
30
74.8
%
72.0
%
2.8
%
98
63
56.0
%
58.4
%
-2.4
%
166
135
23.1
%
22.4
%
0.7
%
317
268
18.2
%
18.7
%
-0.5
%
6
11
-38.9
%
-38.9
%
-
13
20
-31.9
%
-31.9
%
-
139
154
-9.8
%
-13.3
%
3.5
%
257
326
-21.1
%
-21.3
%
0.2
%
145
165
-11.6
%
-14.9
%
3.3
%
270
346
-21.7
%
-21.9
%
0.2
%
50
37
36.9
%
36.9
%
-
97
70
39.8
%
39.8
%
-
42
45
-8.7
%
-12.3
%
3.6
%
84
86
-2.5
%
-1.8
%
-0.7
%
93
83
11.7
%
9.7
%
2.0
%
182
156
16.4
%
16.8
%
-0.4
%
REPORTED SALES vs. PRIOR PERIOD ($MM)
REPORTED SALES vs. PRIOR PERIOD ($MM)
SECOND QUARTER
SIX MONTHS
% Change
% Change
2025
2024
Reported
Operational (1)
Currency
2025
2024
Reported
Operational (1)
Currency
$
2,505
2,978
-15.9
%
-15.9
%
-
$
4,701
5,431
-13.4
%
-13.4
%
-
1,489
1,744
-14.6
%
-16.2
%
1.6
%
2,999
3,538
-15.2
%
-13.8
%
-1.4
%
3,993
4,722
-15.4
%
-16.0
%
0.6
%
7,700
8,969
-14.1
%
-13.6
%
-0.5
%
283
231
22.5
%
22.5
%
-
597
497
20.1
%
20.1
%
-
34
35
-2.6
%
-2.6
%
-
44
62
-28.7
%
-28.7
%
-
138
127
8.6
%
8.8
%
-0.2
%
281
268
4.8
%
7.7
%
-2.9
%
455
393
15.9
%
15.9
%
0.0
%
922
827
11.5
%
12.4
%
-0.9
%
305
267
14.0
%
14.0
%
-
597
521
14.4
%
14.4
%
-
387
270
43.1
%
40.8
%
2.3
%
753
569
32.2
%
35.0
%
-2.8
%
690
537
28.6
%
27.5
%
1.1
%
1,349
1,091
23.7
%
25.1
%
-1.4
%
1,078
1,855
-41.9
%
-41.9
%
-
2,059
3,251
-36.7
%
-36.7
%
-
575
1,030
-44.2
%
-45.6
%
1.4
%
1,219
2,085
-41.5
%
-40.6
%
-0.9
%
1,653
2,885
-42.7
%
-43.2
%
0.5
%
3,278
5,336
-38.6
%
-38.2
%
-0.4
%
796
589
35.2
%
35.2
%
-
1,395
1,098
27.1
%
27.1
%
-
391
317
23.2
%
20.5
%
2.7
%
747
616
21.2
%
22.4
%
-1.2
%
1,186
906
31.0
%
30.1
%
0.9
%
2,142
1,714
25.0
%
25.4
%
-0.4
%
8
2
*
*
-
9
2
*
*
-
0
0
-
-
-
0
0
-
-
-
8
2
*
*
-
9
2
*
*
-
1,377
1,102
24.9
%
24.9
%
-
2,345
2,156
8.7
%
8.7
%
-
674
679
-0.8
%
-2.6
%
1.8
%
1,353
1,428
-5.2
%
-4.1
%
-1.1
%
2,051
1,782
15.1
%
14.4
%
0.7
%
3,698
3,585
3.2
%
3.6
%
-0.4
%
211
-
*
*
-
211
-
*
*
-
-
-
-
-
-
-
-
-
-
-
211
-
*
*
-
211
-
*
*
-
24
34
-27.7
%
-27.7
%
-
62
75
-16.6
%
-16.6
%
-
139
129
7.5
%
7.0
%
0.5
%
249
265
-6.0
%
-4.4
%
-1.6
%
164
163
0.2
%
-0.2
%
0.4
%
312
340
-8.3
%
-7.1
%
-1.2
%
732
784
-6.7
%
-6.7
%
-
1,357
1,549
-12.4
%
-12.4
%
-
260
269
-3.5
%
-5.1
%
1.6
%
537
561
-4.2
%
-3.1
%
-1.1
%
992
1,054
-5.9
%
-6.3
%
0.4
%
1,895
2,110
-10.2
%
-9.9
%
-0.3
%
366
226
61.1
%
61.1
%
-
642
417
53.7
%
53.7
%
-
50
44
12.8
%
11.0
%
1.8
%
93
78
18.1
%
20.1
%
-2.0
%
414
271
53.3
%
53.0
%
0.3
%
734
496
48.1
%
48.4
%
-0.3
%
45
57
-23.5
%
-23.5
%
-
73
115
-37.0
%
-37.0
%
-
226
237
-4.7
%
-7.6
%
2.9
%
474
524
-9.5
%
-8.8
%
-0.7
%
270
294
-8.4
%
-10.7
%
2.3
%
547
639
-14.4
%
-13.9
%
-0.5
%
REPORTED SALES vs. PRIOR PERIOD ($MM)
REPORTED SALES vs. PRIOR PERIOD ($MM)
SECOND QUARTER
SIX MONTHS
% Change
% Change
2025
2024
Reported
Operational (1)
Currency
2025
2024
Reported
Operational (1)
Currency
$
799
743
7.6
%
7.6
%
-
$
1,543
1,509
2.3
%
2.3
%
-
314
296
5.8
%
2.8
%
3.0
%
595
579
2.6
%
3.0
%
-0.4
%
1,113
1,039
7.1
%
6.2
%
0.9
%
2,138
2,088
2.4
%
2.5
%
-0.1
%
403
376
6.9
%
6.9
%
-
766
732
4.6
%
4.6
%
-
180
171
5.4
%
2.1
%
3.3
%
339
340
-0.3
%
-0.2
%
-0.1
%
582
548
6.4
%
5.4
%
1.0
%
1,104
1,072
3.0
%
3.1
%
-0.1
%
382
349
9.4
%
9.4
%
-
747
741
0.8
%
0.8
%
-
94
76
22.4
%
19.8
%
2.6
%
180
152
17.9
%
18.7
%
-0.8
%
476
426
11.7
%
11.3
%
0.4
%
927
894
3.7
%
3.8
%
-0.1
%
16
17
-12.4
%
-12.4
%
-
31
35
-12.6
%
-12.6
%
-
40
49
-18.5
%
-21.3
%
2.8
%
77
88
-12.4
%
-12.1
%
-0.3
%
55
67
-16.9
%
-19.0
%
2.1
%
107
123
-12.5
%
-12.3
%
-0.2
%
320
334
-4.3
%
-4.3
%
-
635
658
-3.6
%
-3.6
%
-
484
631
-23.4
%
-26.8
%
3.4
%
971
1,128
-13.9
%
-14.1
%
0.2
%
803
965
-16.8
%
-19.0
%
2.2
%
1,605
1,786
-10.1
%
-10.2
%
0.1
%
6
8
-25.4
%
-25.4
%
-
14
16
-13.6
%
-13.6
%
-
354
288
23.0
%
16.7
%
6.3
%
704
603
16.7
%
15.6
%
1.1
%
360
297
21.6
%
15.5
%
6.1
%
718
620
15.9
%
14.9
%
1.0
%
312
321
-3.0
%
-3.0
%
-
617
635
-2.9
%
-2.9
%
-
85
117
-27.0
%
-29.4
%
2.4
%
183
221
-17.2
%
-15.8
%
-1.4
%
396
438
-9.4
%
-10.0
%
0.6
%
799
856
-6.6
%
-6.3
%
-0.3
%
2
5
-51.8
%
-51.8
%
-
4
7
-37.4
%
-37.4
%
-
45
227
-80.5
%
-80.6
%
0.1
%
84
304
-72.5
%
-72.1
%
-0.4
%
47
233
-79.8
%
-79.9
%
0.1
%
88
311
-71.7
%
-71.3
%
-0.4
%
776
717
8.2
%
8.2
%
-
1,631
1,348
21.0
%
21.0
%
-
154
176
-12.3
%
-13.2
%
0.9
%
312
373
-16.2
%
-14.3
%
-1.9
%
930
892
4.2
%
4.0
%
0.2
%
1,943
1,721
12.9
%
13.3
%
-0.4
%
621
587
5.6
%
5.6
%
-
1,311
1,105
18.6
%
18.6
%
-
-
-
-
-
-
-
-
-
-
-
621
587
5.6
%
5.6
%
-
1,311
1,105
18.6
%
18.6
%
-
155
129
20.0
%
20.0
%
-
320
243
31.6
%
31.6
%
-
154
176
-12.3
%
-13.2
%
0.9
%
312
373
-16.2
%
-14.3
%
-1.9
%
309
305
1.4
%
0.9
%
0.5
%
632
616
2.7
%
3.9
%
-1.2
%
9,161
8,510
7.6
%
7.6
%
-
17,253
16,122
7.0
%
7.0
%
-
6,041
5,980
1.0
%
-1.6
%
2.6
%
11,822
11,930
-0.9
%
-0.1
%
-0.8
%
$
15,202
14,490
4.9
%
3.8
%
1.1
%
$
29,075
28,052
3.6
%
4.0
%
-0.4
%
REPORTED SALES vs. PRIOR PERIOD ($MM)
REPORTED SALES vs. PRIOR PERIOD ($MM)
SECOND QUARTER
SIX MONTHS
% Change
% Change
2025
2024
Reported
Operational (1)
Currency
2025
2024
Reported
Operational (1)
Currency
$
1,364
1,119
21.9
%
21.9
%
-
$
2,625
2,144
22.4
%
22.4
%
-
948
753
25.9
%
22.9
%
3.0
%
1,790
1,534
16.7
%
16.7
%
0.0
%
2,313
1,873
23.5
%
22.3
%
1.2
%
4,416
3,679
20.0
%
20.0
%
0.0
%
741
705
5.1
%
5.1
%
-
1,425
1,397
2.0
%
2.0
%
-
728
618
17.8
%
15.2
%
2.6
%
1,366
1,270
7.6
%
7.8
%
-0.2
%
1,468
1,323
11.0
%
9.8
%
1.2
%
2,791
2,667
4.7
%
4.7
%
0.0
%
360
309
16.6
%
16.6
%
-
699
612
14.2
%
14.2
%
-
89
72
25.0
%
18.4
%
6.6
%
170
139
22.4
%
20.9
%
1.5
%
448
379
18.2
%
16.9
%
1.3
%
868
750
15.7
%
15.5
%
0.2
%
233
77
*
*
-
439
77
*
*
-
58
0
*
*
*
110
0
*
*
*
292
77
*
*
*
550
77
*
*
-
31
29
5.4
%
5.4
%
-
63
59
6.3
%
6.3
%
-
72
64
13.4
%
11.6
%
1.8
%
144
126
14.2
%
14.5
%
-0.3
%
104
93
10.8
%
9.7
%
1.1
%
207
185
11.7
%
11.8
%
-0.1
%
1,420
1,422
-0.2
%
-0.2
%
-
2,804
2,870
-2.3
%
-2.3
%
-
885
890
-0.5
%
-4.0
%
3.5
%
1,742
1,782
-2.2
%
-2.4
%
0.2
%
2,305
2,312
-0.3
%
-1.6
%
1.3
%
4,546
4,652
-2.3
%
-2.3
%
0.0
%
271
265
2.1
%
2.1
%
-
534
535
-0.2
%
-0.2
%
-
150
152
-1.0
%
-4.3
%
3.3
%
296
304
-2.5
%
-2.6
%
0.1
%
421
417
1.0
%
-0.2
%
1.2
%
830
839
-1.1
%
-1.1
%
0.0
%
226
230
-1.9
%
-1.9
%
-
457
472
-3.1
%
-3.1
%
-
164
163
0.0
%
-2.9
%
2.9
%
322
323
-0.5
%
-0.4
%
-0.1
%
389
394
-1.1
%
-2.3
%
1.2
%
778
795
-2.0
%
-2.0
%
0.0
%
501
498
0.7
%
0.7
%
-
1,003
1,002
0.1
%
0.1
%
-
267
260
2.2
%
-1.5
%
3.7
%
537
521
2.9
%
2.8
%
0.1
%
768
759
1.2
%
-0.1
%
1.3
%
1,540
1,524
1.1
%
1.0
%
0.1
%
422
430
-1.7
%
-1.7
%
-
810
862
-6.0
%
-6.0
%
-
305
314
-2.7
%
-6.4
%
3.7
%
588
634
-7.2
%
-7.7
%
0.5
%
727
743
-2.1
%
-3.7
%
1.6
%
1,398
1,495
-6.5
%
-6.7
%
0.2
%
REPORTED SALES vs. PRIOR PERIOD ($MM)
REPORTED SALES vs. PRIOR PERIOD ($MM)
SECOND QUARTER
SIX MONTHS
% Change
% Change
2025
2024
Reported
Operational (1)
Currency
2025
2024
Reported
Operational (1)
Currency
$
1,043
995
4.8
%
4.8
%
-
$
2,045
1,982
3.2
%
3.2
%
-
1,512
1,493
1.3
%
-0.2
%
1.5
%
2,906
2,922
-0.5
%
0.3
%
-0.8
%
2,555
2,488
2.7
%
1.8
%
0.9
%
4,951
4,904
1.0
%
1.5
%
-0.5
%
477
466
2.2
%
2.2
%
-
934
912
2.4
%
2.4
%
-
687
675
1.9
%
0.2
%
1.7
%
1,303
1,316
-1.0
%
-0.4
%
-0.6
%
1,164
1,141
2.0
%
1.0
%
1.0
%
2,237
2,228
0.4
%
0.8
%
-0.4
%
567
528
7.2
%
7.2
%
-
1,111
1,070
3.8
%
3.8
%
-
825
818
0.9
%
-0.6
%
1.5
%
1,603
1,606
-0.1
%
0.8
%
-0.9
%
1,391
1,346
3.3
%
2.5
%
0.8
%
2,714
2,676
1.4
%
2.0
%
-0.6
%
557
523
6.5
%
6.5
%
-
1,123
1,070
4.9
%
4.9
%
-
813
763
6.5
%
3.4
%
3.1
%
1,526
1,473
3.6
%
3.7
%
-0.1
%
1,369
1,285
6.5
%
4.6
%
1.9
%
2,648
2,543
4.1
%
4.2
%
-0.1
%
429
409
4.8
%
4.8
%
-
881
847
3.9
%
3.9
%
-
536
509
5.4
%
1.4
%
4.0
%
1,003
981
2.3
%
1.9
%
0.4
%
965
918
5.1
%
2.9
%
2.2
%
1,884
1,828
3.1
%
2.8
%
0.3
%
128
113
12.6
%
12.6
%
-
242
223
8.5
%
8.5
%
-
277
254
8.8
%
7.3
%
1.5
%
523
492
6.2
%
7.2
%
-1.0
%
403
367
9.9
%
8.9
%
1.0
%
764
715
6.9
%
7.6
%
-0.7
%
4,383
4,059
8.0
%
8.0
%
-
8,596
8,067
6.6
%
6.6
%
-
4,158
3,898
6.7
%
4.1
%
2.6
%
7,965
7,711
3.3
%
3.6
%
-0.3
%
$
8,541
7,957
7.3
%
6.1
%
1.2
%
$
16,561
15,778
5.0
%
5.1
%
-0.1
%
Second Quarter June 29, 2025 GAAP
Intangible asset amortization
Litigation related
Restructuring related
Acquisition, integration and divestiture related
(Loss)/gain on securities
Tax legislation and other tax related
Other
Second Quarter June 29, 2025 Non-GAAP
$
3,978
(785
)
(13
)
3,180
2,789
2,789
2,869
2,869
14
69
(207
)
8
(13
)
(129
)
5,552
785
(69
)
-
220
(8
)
-
13
6,493
$
3,638
(482
)
(15
)
1
3,142
2,862
2,862
647
43
690
190
(83
)
(64
)
(53
)
(29
)
(14
)
(53
)
1,204
482
83
79
9
29
-
14
1,900
$
12
12
238
238
-
-
15
(43
)
(17
)
(45
)
(265
)
-
43
-
17
-
-
-
(205
)
$
7,628
(1,267
)
(15
)
(12
)
6,334
5,889
5,889
3,516
43
3,559
107
(57
)
(277
)
(21
)
(27
)
(275
)
-
-
48
48
64
(64
)
-
6,491
1,267
57
79
246
21
-
27
8,188
954
222
9
13
72
5
214
-
1,489
5,537
1,045
48
66
174
16
(214
)
27
6,699
$
3,603
(694
)
(4
)
2,905
2,665
2,665
2,722
(10
)
2,712
41
(43
)
(194
)
63
(1
)
(70
)
(50
)
(254
)
5,459
694
43
194
(63
)
1
70
-
64
-
6,462
$
3,248
(412
)
(2
)
(50
)
(30
)
2,754
2,671
(5
)
2,666
718
(15
)
(33
)
670
231
4
(50
)
(344
)
(22
)
(181
)
1,089
412
(4
)
-
52
409
22
68
-
-
2,048
$
18
18
345
345
-
-
437
(313
)
(42
)
(339
)
(257
)
(800
)
-
313
-
-
42
339
-
-
-
(106
)
$
6,869
(1,106
)
(2
)
(50
)
(30
)
(4
)
5,677
5,681
(5
)
5,676
3,440
(15
)
(33
)
(10
)
3,382
653
(352
)
(387
)
(431
)
(50
)
(567
)
194
(194
)
-
(125
)
(125
)
(13
)
13
-
5,748
1,106
352
194
(11
)
452
431
68
64
-
8,404
1,062
156
70
43
(6
)
125
21
14
14
65
1,564
4,686
950
282
151
(5
)
327
410
54
50
(65
)
6,840
Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
$
7,998
(1,434
)
(13
)
6,551
5,050
5,050
5,417
5,417
(152
)
69
(227
)
(10
)
(13
)
(333
)
10,762
1,434
(69
)
-
240
10
-
13
12,390
$
6,964
(953
)
(23
)
(51
)
5,937
5,518
5,518
1,324
37
1,361
130
(83
)
(111
)
(107
)
(50
)
(14
)
(235
)
2,625
953
83
134
121
50
-
14
3,980
$
23
23
433
433
-
-
(7,191
)
6,923
(17
)
(285
)
6,735
-
(6,923
)
-
17
-
-
-
(171
)
$
14,985
(2,387
)
(23
)
(64
)
12,511
11,001
11,001
6,741
37
6,778
(7,214
)
6,909
(30
)
(351
)
(60
)
(27
)
(773
)
-
-
(80
)
(80
)
81
(81
)
-
20,122
2,387
(6,909
)
134
378
60
-
27
16,199
3,586
410
(1,544
)
24
102
14
202
2,794
16,536
1,977
(5,365
)
110
276
46
(202
)
27
13,405
$
6,973
(1,392
)
(6
)
5,575
5,103
5,103
5,618
(17
)
5,601
(70
)
(43
)
(194
)
(81
)
(48
)
(15
)
(50
)
(501
)
10,428
1,392
43
194
81
48
15
-
73
-
12,274
$
6,368
(792
)
(9
)
(50
)
(50
)
5,467
5,253
(9
)
5,244
1,364
(33
)
(60
)
1,271
184
4
(70
)
(387
)
(44
)
(313
)
2,609
792
(4
)
-
79
470
44
119
-
-
4,109
$
39
39
582
582
-
-
2,954
(3,039
)
(82
)
(352
)
(519
)
(3,575
)
-
3,039
-
-
82
352
-
-
-
(102
)
$
13,380
(2,184
)
(9
)
(50
)
(50
)
(6
)
11,081
10,938
(9
)
10,929
6,982
(33
)
(60
)
(17
)
6,872
3,057
(3,078
)
(517
)
(411
)
(50
)
(999
)
194
(194
)
-
(334
)
(334
)
151
(151
)
-
9,462
2,184
3,078
194
160
600
411
119
73
-
16,281
1,521
304
697
43
33
163
14
23
16
47
2,861
7,941
1,880
2,381
151
127
437
397
96
57
(47
)
13,420
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