EX-99.23a2025q3exhibit992.htmEX-99.2 Document
Exhibit 99.2
Johnson & Johnson and subsidiaries
Supplementary sales data
(Unaudited; Dollars in Millions)
THIRD QUARTER
Percent Change
Sales to customers by geographic area
2025
2024
Total
Operations
Currency
U.S.
$13,708
12,909
6.2
%
6.2
—
Europe
5,440
4,914
10.7
4.4
6.3
Western Hemisphere excluding U.S.
1,231
1,173
4.9
7.3
(2.4)
Asia-Pacific, Africa
3,614
3,475
4.0
3.4
0.6
International
10,285
9,562
7.6
4.4
3.2
Worldwide
$23,993
22,471
6.8
%
5.4
1.4
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
Johnson & Johnson and subsidiaries
Supplementary sales data
(Unaudited; Dollars in Millions)
NINE MONTHS
Percent Change
Sales to customers by geographic area
2025
2024
Total
Operations
Currency
U.S.
$39,557
37,098
6.6
%
6.6
—
Europe
15,937
15,291
4.2
1.5
2.7
Western Hemisphere excluding U.S.
3,604
3,579
0.7
7.6
(6.9)
Asia-Pacific, Africa
10,531
10,333
1.9
1.8
0.1
International
30,072
29,203
3.0
2.3
0.7
Worldwide
$69,629
66,301
5.0
%
4.7
0.3
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
Johnson & Johnson and subsidiaries
Supplementary sales data
(Unaudited; Dollars in Millions)
THIRD QUARTER
Percent Change
Sales to customers by segment of business
2025
2024
Total
Operations
Currency
Innovative Medicine
U.S.
$
9,402
8,871
6.0
%
6.0
—
International
6,161
5,709
7.9
4.3
3.6
15,563
14,580
6.8
5.3
1.5
MedTech
U.S.
4,306
4,038
6.6
6.6
—
International
4,124
3,853
7.0
4.5
2.5
8,430
7,891
6.8
5.6
1.2
U.S.
13,708
12,909
6.2
6.2
—
International
10,285
9,562
7.6
4.4
3.2
Worldwide
$
23,993
22,471
6.8
%
5.4
1.4
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
Johnson & Johnson and subsidiaries
Supplementary sales data
(Unaudited; Dollars in Millions)
NINE MONTHS
Percent Change
Sales to customers by segment of business
2025
2024
Total
Operations
Currency
Innovative Medicine
U.S.
$
26,655
24,993
6.7
%
6.7
—
International
17,983
17,639
1.9
1.3
0.6
44,638
42,632
4.7
4.5
0.2
MedTech
U.S.
12,902
12,105
6.6
6.6
—
International
12,089
11,564
4.5
3.9
0.6
24,991
23,669
5.6
5.3
0.3
U.S.
39,557
37,098
6.6
6.6
—
International
30,072
29,203
3.0
2.3
0.7
Worldwide
$
69,629
66,301
5.0
%
4.7
0.3
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
Johnson & Johnson and subsidiaries
Condensed consolidated statement of earnings
(Unaudited; in Millions Except Per Share Figures)
THIRD QUARTER
2025
2024
Percent
Increase
(Decrease)
Amount
Percent
to Sales
Amount
Percent
to Sales
Sales to customers
$
23,993
100.0
$
22,471
100.0
6.8
Cost of products sold
7,303
30.4
6,963
31.0
4.9
Gross Profit
16,690
69.6
15,508
69.0
7.6
Selling, marketing and administrative expenses
5,922
24.7
5,478
24.3
8.1
Research and development expense
3,672
15.3
4,952
22.0
(25.8)
Interest (income) expense, net
18
0.1
(99)
(0.4)
Other (income) expense, net
(478)
(2.0)
1,798
8.0
Restructuring
63
0.3
41
0.2
Earnings before provision for taxes on income
7,493
31.2
3,338
14.9
124.5
Provision for taxes on income
2,341
9.7
644
2.9
263.5
Net earnings
$
5,152
21.5
$
2,694
12.0
91.2
Net earnings per share (Diluted)
$
2.12
$
1.11
91.0
Average shares outstanding (Diluted)
2,428.6
2,427.9
Effective tax rate
31.2
%
19.3
%
Adjusted earnings before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income
$
8,436
35.2
$
7,277
32.4
15.9
Net earnings
$
6,801
28.3
$
5,876
26.1
15.7
Net earnings per share (Diluted)
$
2.80
$
2.42
15.7
Effective tax rate
19.4
%
19.3
%
(1) See Reconciliation of Non-GAAP Financial Measures.
(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings before provision for taxes on income," "adjusted net earnings," "adjusted net earnings per share (diluted)," and "adjusted effective tax rate" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate on an adjusted basis because management believes that these measures provide useful information to investors. Among other things, these measures may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as intangible asset amortization expense, significant gains from divestitures, significant costs associated with acquisitions, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters).
Special items may be highly variable, difficult to predict, and of a size that sometimes has substantial impact on the Company's reported results of operations for a period. Management uses these measures internally for planning, forecasting and evaluating the performances of the Company's businesses, including allocating resources and evaluating results relative to employee performance compensation targets. Unlike earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate prepared in accordance with GAAP, adjusted earnings before provision for taxes on income, adjusted net earnings, adjusted net earnings per share (diluted), and adjusted effective tax rate may not be comparable with the calculation of similar measures for other companies.
The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of the Company's results of operations without including all events during a period, such as intangible asset amortization expense, significant gains from divestitures, the effects of an acquisition, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters) and do not provide a comparable view of the Company's performance to other companies in the health care industry. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.
Johnson & Johnson and subsidiaries
Condensed consolidated statement of earnings
(Unaudited; in Millions Except Per Share Figures)
NINE MONTHS
2025
2024
Percent
Increase
(Decrease)
Amount
Percent
to Sales
Amount
Percent
to Sales
Sales to customers
$
69,629
100.0
$
66,301
100.0
5.0
Cost of products sold
22,288
32.0
20,343
30.7
9.6
Gross Profit
47,341
68.0
45,958
69.3
3.0
Selling, marketing and administrative expenses
16,923
24.3
16,416
24.8
3.1
Research and development expense
10,413
15.0
11,934
18.0
(12.7)
In-process research and development impairments
—
—
194
0.3
Interest (income) expense, net
(62)
(0.1)
(433)
(0.7)
Other (income) expense, net
(7,692)
(11.1)
4,855
7.3
Restructuring
144
0.2
192
0.3
Earnings before provision for taxes on income
27,615
39.7
12,800
19.3
115.7
Provision for taxes on income
5,927
8.6
2,165
3.3
173.8
Net earnings
$
21,688
31.1
$
10,635
16.0
103.9
Net earnings per share (Diluted)
$
8.94
$
4.38
104.1
Average shares outstanding (Diluted)
2,424.8
2,429.5
Effective tax rate
21.5
%
16.9
%
Adjusted earnings before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income
$
24,635
35.4
$
23,558
35.5
4.6
Net earnings
$
20,206
29.0
$
19,296
29.1
4.7
Net earnings per share (Diluted)
$
8.33
$
7.94
4.9
Effective tax rate
18.0
%
18.1
%
(1) See Reconciliation of Non-GAAP Financial Measures.
(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings before provision for taxes on income," "adjusted net earnings," "adjusted net earnings per share (diluted)," and "adjusted effective tax rate" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate on an adjusted basis because management believes that these measures provide useful information to investors. Among other things, these measures may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as intangible asset amortization expense, significant gains from divestitures, significant costs associated with acquisitions, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters).
Special items may be highly variable, difficult to predict, and of a size that sometimes has substantial impact on the Company's reported results of operations for a period. Management uses these measures internally for planning, forecasting and evaluating the performances of the Company's businesses, including allocating resources and evaluating results relative to employee performance compensation targets. Unlike earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate prepared in accordance with GAAP, adjusted earnings before provision for taxes on income, adjusted net earnings, adjusted net earnings per share (diluted), and adjusted effective tax rate may not be comparable with the calculation of similar measures for other companies.
The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of the Company's results of operations without including all events during a period, such as intangible asset amortization expense, significant gains from divestitures, the effects of an acquisition, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters) and do not provide a comparable view of the Company's performance to other companies in the health care industry. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.
Johnson & Johnson and subsidiaries
Reconciliation of non-GAAP financial measures
Third Quarter
(Dollars in Millions Except Per Share Data)
2025
2024
Net Earnings, after tax- as reported
$5,152
$2,694
Pre-tax Adjustments
Litigation related
15
2,388
Intangible Asset Amortization expense
1,048
1,171
COVID-19 Vaccine related costs
—
4
Restructuring related 1
168
47
Medical Device Regulation
—
38
Acquisition, integration and divestiture related
97
328
(Gains)/losses on securities
(387)
(37)
Other
2
—
Tax Adjustments
Tax impact on special item adjustments 2
(168)
(762)
Tax legislation and other tax related
874
5
Adjusted Net Earnings, after tax
$6,801
$5,876
Average shares outstanding (Diluted)
2,428.6
2,427.9
Adjusted net earnings per share (Diluted)
$2.80
$2.42
Operational adjusted net earnings per share (Diluted)
$2.72
Notes:
1In fiscal 2023, the company completed a prioritization of its research and development (R&D) investment within the Innovative Medicine segment to focus on the most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs within therapeutic areas. The R&D program exits were primarily in infectious diseases and vaccines including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, hepatitis and HIV development. The restructuring expense of $19 million in the fiscal third quarter of 2024 ($100 million Q3 2024 YTD) included the termination of partnered and non-partnered program costs, asset impairments and asset divestments. This program was completed in Q4 2024.
In fiscal 2023, the company initiated a restructuring program of its Orthopaedics franchise within the MedTech segment to streamline operations by exiting certain markets, product lines and distribution network arrangements. The restructuring expense of $40 million in the fiscal third quarter of 2025 ($145 million Q3 2025 YTD) and $28 million in the fiscal third quarter of 2024 ($107 million Q3 2024 YTD) primarily includes costs related to market and product exits.
In fiscal 2025, the company initiated a restructuring program of its Surgery franchise within the MedTech segment to simplify and focus operations by exiting certain non-strategic product lines and optimize select sites across the network. The restructuring expense of $128 million in the fiscal third quarter of 2025 ($157 million Q3 2025 YTD) primarily includes costs related to asset impairments and market and product exits.
2The tax impact related to special item adjustments reflects the current and deferred income taxes associated with the above pre-tax special items in arriving at adjusted earnings.
Johnson & Johnson and subsidiaries
Reconciliation of non-GAAP financial measures
Nine Months Ended
(Dollars in Millions Except Per Share Data)
2025
2024
Net Earnings, after tax- as reported
$21,688
$10,635
Pre-tax Adjustments
Litigation related
(6,894)
5,466
Intangible Asset Amortization expense
3,435
3,355
COVID-19 Vaccine related costs
—
77
Restructuring related 1
302
207
Medical Device Regulation
—
157
Acquisition, integration and divestiture related
475
928
(Gains)/losses on securities
(327)
374
IPR&D impairments
—
194
Other
29
—
Tax Adjustments
Tax impact on special item adjustments 2
826
(2,055)
Tax legislation and other tax related
672
(42)
Adjusted Net Earnings, after tax
$20,206
$19,296
Average shares outstanding (Diluted)
2,424.8
2,429.5
Adjusted net earnings per share (Diluted)
$8.33
$7.94
Operational adjusted net earnings per share (Diluted)
$8.24
Notes:
1In fiscal 2023, the company completed a prioritization of its research and development (R&D) investment within the Innovative Medicine segment to focus on the most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs within therapeutic areas. The R&D program exits were primarily in infectious diseases and vaccines including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, hepatitis and HIV development. The restructuring expense of $19 million in the fiscal third quarter of 2024 ($100 million Q3 2024 YTD) included the termination of partnered and non-partnered program costs, asset impairments and asset divestments. This program was completed in Q4 2024.
In fiscal 2023, the company initiated a restructuring program of its Orthopaedics franchise within the MedTech segment to streamline operations by exiting certain markets, product lines and distribution network arrangements. The restructuring expense of $40 million in the fiscal third quarter of 2025 ($145 million Q3 2025 YTD) and $28 million in the fiscal third quarter of 2024 ($107 million Q3 2024 YTD) primarily includes costs related to market and product exits.
In fiscal 2025, the company initiated a restructuring program of its Surgery franchise within the MedTech segment to simplify and focus operations by exiting certain non-strategic product lines and optimize select sites across the network. The restructuring expense of $128 million in the fiscal third quarter of 2025 ($157 million Q3 2025 YTD) primarily includes costs related to asset impairments and market and product exits.
2The tax impact related to special item adjustments reflects the current and deferred income taxes associated with the above pre-tax special items in arriving at adjusted earnings.
Johnson & Johnson and subsidiaries
Reconciliation of non-GAAP financial measures
Adjusted operational sales growth(A)
Third quarter 2025 actual vs. 2024 actual
Segments
Innovative Medicine
MedTech
Total
WW As Reported
6.8
%
6.8
%
6.8
%
U.S.
6.0
%
6.6
%
6.2
%
International
7.9
%
7.0
%
7.6
%
WW Currency
1.5
1.2
1.4
U.S.
—
—
—
International
3.6
2.5
3.2
WW Operational
5.3
%
5.6
%
5.4
%
U.S.
6.0
%
6.6
%
6.2
%
International
4.3
%
4.5
%
4.4
%
Caplyta
(1.6)
(1.1)
U.S.
(2.7)
(1.9)
International
0.0
0.0
All Other Acquisitions and Divestitures (A&D)
0.0
0.1
0.1
U.S.
0.0
0.2
0.1
International
0.0
0.1
0.0
WW Adjusted Operational Ex A&D
3.7
%
5.7
%
4.4
%
U.S.
3.3
%
6.8
%
4.4
%
International
4.3
%
4.6
%
4.4
%
Note: Percentages are based on actual, non-rounded figures and may not sum
(A) NON-GAAP FINANCIAL MEASURE “Adjusted operational sales growth" excludes acquisitions, divestitures and translational currency and is a non-GAAP financial measure. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and divestitures, and the impact they may have on the analysis of underlying business performance and trends, management believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to permit investors to more fully understand how management assesses the performance of the Company, including for internal evaluation of the performance of the Company's businesses and planning and forecasting for future periods.
The use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company's results of operations without including all events during a period and may not provide a comparable view of the Company's performance to that of other companies in the health care industry.
Johnson & Johnson and subsidiaries
Reconciliation of non-GAAP financial measures
Adjusted operational sales growth(A)
Nine months 2025 actual vs. 2024 actual
Segments
Innovative Medicine
MedTech
Total
WW As Reported
4.7
%
5.6
%
5.0
%
U.S.
6.7
%
6.6
%
6.6
%
International
1.9
%
4.5
%
3.0
%
WW Currency
0.2
0.3
0.3
U.S.
—
—
—
International
0.6
0.6
0.7
WW Operational
4.5
%
5.3
%
4.7
%
U.S.
6.7
%
6.6
%
6.6
%
International
1.3
%
3.9
%
2.3
%
Shockwave
(1.9)
(0.6)
U.S.
(2.9)
(0.9)
International
(0.8)
(0.2)
Caplyta
(1.1)
(0.7)
U.S.
(1.8)
(1.2)
International
0.0
0.0
All Other Acquisitions and Divestitures (A&D)
0.0
0.3
0.1
U.S.
0.0
0.4
0.1
International
0.1
0.2
0.1
WW Adjusted Operational Ex A&D
3.4
%
3.7
%
3.5
%
U.S.
4.9
%
4.1
%
4.6
%
International
1.4
%
3.3
%
2.2
%
Note: Percentages are based on actual, non-rounded figures and may not sum
(A) NON-GAAP FINANCIAL MEASURE “Adjusted operational sales growth" excludes acquisitions, divestitures and translational currency and is a non-GAAP financial measure. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and divestitures, and the impact they may have on the analysis of underlying business performance and trends, management believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to permit investors to more fully understand how management assesses the performance of the Company, including for internal evaluation of the performance of the Company's businesses and planning and forecasting for future periods.
The use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company's results of operations without including all events during a period and may not provide a comparable view of the Company's performance to that of other companies in the health care industry.
Johnson & Johnson
Segment sales
(Dollars in Millions)
THIRD QUARTER
% Change
2025
2024
Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)
ONCOLOGY
US
$3,468
2,816
23.2
%
23.2
%
—
%
Intl
3,060
2,565
19.3
14.8
4.5
WW
6,529
5,380
21.3
19.2
2.1
CARVYKTI
US
396
258
53.3
53.3
—
Intl
128
27
*
*
*
WW
524
286
83.5
81.4
2.1
DARZALEX
US
2,088
1,684
24.0
24.0
—
Intl
1,584
1,332
18.9
14.7
4.2
WW
3,672
3,016
21.7
19.9
1.8
ERLEADA
US
378
337
12.3
12.3
—
Intl
558
453
23.0
17.6
5.4
WW
936
790
18.4
15.3
3.1
IMBRUVICA
US
211
259
(18.3)
(18.3)
—
Intl
483
494
(2.3)
(6.6)
4.3
WW
695
753
(7.8)
(10.6)
2.8
RYBREVANT / LAZCLUZE(3)
US
136
68
99.7
99.7
—
Intl
61
21
*
*
*
WW
198
89
*
*
*
TALVEY
US
85
64
34.2
34.2
—
Intl
37
12
*
*
*
WW
122
75
60.8
59.1
1.7
TECVAYLI
US
115
105
9.3
9.3
—
Intl
62
30
*
*
*
WW
177
135
31.3
29.9
1.4
ZYTIGA / abiraterone acetate
US
5
5
(25.0)
(25.0)
—
Intl
108
144
(25.1)
(26.8)
1.7
WW
113
150
(25.1)
(26.8)
1.7
OTHER ONCOLOGY
US
56
36
54.6
54.6
—
Intl
39
50
(22.2)
(25.6)
3.4
WW
94
86
9.7
7.7
2.0
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
THIRD QUARTER
% Change
2025
2024
Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
IMMUNOLOGY
US
$2,676
3,068
(12.8)
%
(12.8)
%
—
%
Intl
1,493
1,552
(3.9)
(6.3)
2.4
WW
4,168
4,621
(9.8)
(10.6)
0.8
REMICADE
US
326
281
16.2
16.2
—
US Exports(4)
19
27
(30.9)
(30.9)
—
Intl
132
112
17.7
16.7
1.0
WW
476
419
13.6
13.3
0.3
SIMPONI / SIMPONI ARIA
US
309
299
3.6
3.6
—
Intl
377
218
73.0
69.8
3.2
WW
687
516
32.9
31.5
1.4
T1STELARA
US
1,022
1,770
(42.3)
(42.3)
—
Intl
549
906
(39.4)
(41.4)
2.0
WW
1,570
2,676
(41.3)
(42.0)
0.7
TREMFYA
US
989
691
43.1
43.1
—
Intl
434
316
37.4
33.4
4.0
WW
1,424
1,007
41.3
40.1
1.2
OTHER IMMUNOLOGY
US
12
1
*
*
—
Intl
0
0
—
—
—
WW
12
1
*
*
—
NEUROSCIENCE
US
1,367
1,094
25.0
25.0
—
Intl
658
662
(0.7)
(2.6)
1.9
WW
2,024
1,755
15.3
14.6
0.7
CAPLYTA(5)
US
240
—
*
*
—
Intl
—
—
—
—
—
WW
240
—
*
*
—
CONCERTA / methylphenidate
US
14
26
(49.2)
(49.2)
—
Intl
127
117
9.0
8.5
0.5
WW
140
142
(1.4)
(1.8)
0.4
INVEGA SUSTENNA / XEPLION / INVEGA
TRINZA / TREVICTA
US
664
780
(14.9)
(14.9)
—
Intl
267
269
(0.9)
(3.0)
2.1
WW
929
1,049
(11.3)
(11.9)
0.6
SPRAVATO
US
405
243
67.1
67.1
—
Intl
53
42
28.9
23.8
5.1
WW
459
284
61.5
60.8
0.7
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
THIRD QUARTER
% Change
2025
2024
Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
OTHER NEUROSCIENCE
US
$
46
46
0.4
%
0.4
%
—
%
Intl
210
235
(10.7)
(12.3)
1.6
WW
256
281
(8.9)
(10.2)
1.3
PULMONARY HYPERTENSION
US
815
815
(0.1)
(0.1)
—
Intl
300
287
4.8
2.0
2.8
WW
1,115
1,102
1.1
0.4
0.7
OPSUMIT / OPSYNVI
US
409
417
(1.6)
(1.6)
—
Intl
168
166
1.1
(1.8)
2.9
WW
578
583
(0.8)
(1.7)
0.9
UPTRAVI
US
392
379
3.5
3.5
—
Intl
92
80
15.2
12.0
3.2
WW
484
458
5.6
5.0
0.6
OTHER PULMONARY HYPERTENSION
US
13
21
(36.5)
(36.5)
—
Intl
39
39
(1.0)
(2.5)
1.5
WW
53
60
(13.1)
(14.1)
1.0
INFECTIOUS DISEASES
US
326
365
(10.5)
(10.5)
—
Intl
501
471
6.4
0.5
5.9
WW
829
836
(0.9)
(4.3)
3.4
EDURANT / rilpivirine
US
7
8
(7.9)
(7.9)
—
Intl
378
323
16.9
9.9
7.0
WW
385
330
16.4
9.5
6.9
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US
315
355
(11.0)
(11.0)
—
Intl
81
94
(13.6)
(18.5)
4.9
WW
397
449
(11.6)
(12.6)
1.0
OTHER INFECTIOUS DISEASES
US
4
3
57.3
57.3
—
Intl
42
54
(21.2)
(22.3)
1.1
WW
47
56
(17.5)
(18.5)
1.0
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
THIRD QUARTER
% Change
2025
2024
Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
CARDIOVASCULAR / METABOLISM / OTHER
US
$
750
713
5.3
%
5.3
%
—
%
Intl
149
170
(13.1)
(15.6)
2.5
WW
899
884
1.7
1.2
0.5
XARELTO
US
635
592
7.4
7.4
—
Intl
—
—
—
—
—
WW
635
592
7.4
7.4
—
OTHER
US
115
121
(5.2)
(5.2)
—
Intl
149
170
(13.1)
(15.6)
2.5
WW
264
292
(9.8)
(11.3)
1.5
TOTAL INNOVATIVE MEDICINE
US
9,402
8,871
6.0
6.0
—
Intl
6,161
5,709
7.9
4.3
3.6
WW
$
15,563
14,580
6.8
%
5.3
%
1.5
%
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
THIRD QUARTER
% Change
2025
2024
Reported
Operational(1)
Currency
MEDTECH SEGMENT(2)
CARDIOVASCULAR
US
$
1,306
1,148
13.8
%
13.8
%
—
%
Intl
908
819
10.8
8.4
2.4
WW
2,213
1,966
12.6
11.6
1.0
ELECTROPHYSIOLOGY
US
720
660
9.1
9.1
—
Intl
698
619
12.6
10.4
2.2
WW
1,418
1,279
10.8
9.7
1.1
ABIOMED
US
336
293
14.5
14.5
—
Intl
86
68
26.8
20.2
6.6
WW
423
362
16.8
15.6
1.2
SHOCKWAVE(6)
US
220
163
34.4
34.4
—
Intl
59
66
(11.2)
(12.4)
1.2
WW
278
229
21.2
20.9
0.3
OTHER CARDIOVASCULAR
US
30
30
0.0
0.0
—
Intl
65
66
(1.0)
(2.5)
1.5
WW
95
96
(0.7)
(1.7)
1.0
ORTHOPAEDICS
US
1,396
1,359
2.7
2.7
—
Intl
878
832
5.6
1.9
3.7
WW
2,274
2,191
3.8
2.4
1.4
HIPS
US
262
250
4.7
4.7
—
Intl
144
131
9.7
5.9
3.8
WW
405
381
6.4
5.1
1.3
KNEES
US
216
212
2.1
2.1
—
Intl
160
140
14.3
10.9
3.4
WW
377
352
7.0
5.6
1.4
TRAUMA
US
512
497
3.0
3.0
—
Intl
281
265
6.4
2.5
3.9
WW
793
761
4.2
2.9
1.3
SPINE, SPORTS & OTHER
US
406
400
1.3
1.3
—
Intl
293
296
(1.1)
(4.8)
3.7
WW
698
696
0.3
(1.3)
1.6
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
THIRD QUARTER
% Change
2025
2024
Reported
Operational(1)
Currency
MEDTECH SEGMENT(2)(Continued)
SURGERY
US
$1,031
983
4.9
%
4.9
%
—
%
Intl
1,511
1,451
4.1
2.2
1.9
WW
2,542
2,434
4.4
3.3
1.1
ADVANCED
US
477
448
6.2
6.2
—
Intl
688
661
4.2
2.1
2.1
WW
1,165
1,109
5.0
3.8
1.2
GENERAL
US
555
535
3.8
3.8
—
Intl
823
791
4.0
2.2
1.8
WW
1,378
1,325
3.9
2.9
1.0
VISION
US
571
549
4.2
4.2
—
Intl
828
751
10.2
7.5
2.7
WW
1,400
1,300
7.7
6.1
1.6
CONTACT LENSES / OTHER
US
456
441
3.5
3.5
—
Intl
562
527
6.6
3.4
3.2
WW
1,018
968
5.2
3.5
1.7
SURGICAL
US
116
108
7.0
7.0
—
Intl
266
225
18.7
17.1
1.6
WW
383
333
14.9
13.8
1.1
TOTAL MEDTECH
US
4,306
4,038
6.6
6.6
—
Intl
4,124
3,853
7.0
4.5
2.5
WW
$8,430
7,891
6.8
%
5.6
%
1.2
%
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
NINE MONTHS
% Change
2025
2024
Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)
ONCOLOGY
US
$9,866
7,835
25.9
%
25.9
%
—
%
Intl
8,652
7,450
16.1
15.0
1.1
WW
18,519
15,284
21.2
20.6
0.6
CARVYKTI
US
1,072
565
89.6
89.6
—
Intl
260
63
*
*
*
WW
1,332
629
*
*
*
DARZALEX
US
5,934
4,789
23.9
23.9
—
Intl
4,514
3,797
18.9
17.9
1.0
WW
10,448
8,586
21.7
21.3
0.4
ERLEADA
US
1,048
940
11.5
11.5
—
Intl
1,567
1,275
22.9
21.1
1.8
WW
2,615
2,215
18.0
17.0
1.0
IMBRUVICA
US
685
770
(11.0)
(11.0)
—
Intl
1,453
1,537
(5.4)
(6.4)
1.0
WW
2,139
2,307
(7.3)
(7.9)
0.6
RYBREVANT / LAZCLUZE(3)
US
388
156
*
*
—
Intl
130
49
*
*
*
WW
518
205
*
*
*
TALVEY
US
235
173
35.8
35.8
—
Intl
79
29
*
*
*
WW
314
202
55.3
54.9
0.4
TECVAYLI
US
334
310
7.5
7.5
—
Intl
160
93
73.0
72.6
0.4
WW
494
403
22.6
22.5
0.1
ZYTIGA / abiraterone acetate
US
18
25
(30.4)
(30.4)
—
Intl
365
470
(22.3)
(23.0)
0.7
WW
383
496
(22.8)
(23.4)
0.6
OTHER ONCOLOGY
US
153
106
44.8
44.8
—
Intl
123
136
(9.7)
(10.6)
0.9
WW
276
242
14.0
13.6
0.4
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
NINE MONTHS
% Change
2025
2024
Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
IMMUNOLOGY
US
$7,377
8,499
(13.2)
%
(13.2)
%
—
%
Intl
4,492
5,090
(11.8)
(11.5)
(0.3)
WW
11,868
13,590
(12.7)
(12.6)
(0.1)
REMICADE
US
923
778
18.7
18.7
—
US Exports(4)
63
89
(29.6)
(29.6)
—
Intl
413
380
8.6
10.4
(1.8)
WW
1,398
1,246
12.2
12.7
(0.5)
SIMPONI / SIMPONI ARIA
US
906
820
10.5
10.5
—
Intl
1,130
787
43.5
44.6
(1.1)
WW
2,036
1,607
26.7
27.2
(0.5)
STELARA
US
3,081
5,021
(38.6)
(38.6)
—
Intl
1,768
2,991
(40.9)
(40.8)
(0.1)
WW
4,848
8,012
(39.5)
(39.5)
0.0
TREMFYA
US
2,384
1,789
33.3
33.3
—
Intl
1,181
932
26.7
26.1
0.6
WW
3,566
2,721
31.0
30.8
0.2
OTHER IMMUNOLOGY
US
21
3
*
*
—
Intl
0
0
—
—
—
WW
21
3
*
*
—
NEUROSCIENCE
US
3,712
3,250
14.2
14.2
—
Intl
2,011
2,090
(3.8)
(3.7)
(0.1)
WW
5,722
5,340
7.2
7.2
0.0
CAPLYTA(5)
US
451
—
*
*
—
Intl
—
—
—
—
—
WW
451
—
*
*
—
CONCERTA / methylphenidate
US
76
101
(24.9)
(24.9)
—
Intl
376
382
(1.4)
(0.4)
(1.0)
WW
452
482
(6.3)
(5.5)
(0.8)
INVEGA SUSTENNA / XEPLION / INVEGA
TRINZA / TREVICTA
US
2,021
2,329
(13.2)
(13.2)
—
Intl
804
830
(3.1)
(3.0)
(0.1)
WW
2,824
3,159
(10.6)
(10.5)
(0.1)
SPRAVATO
US
1,047
660
58.7
58.7
—
Intl
146
120
21.9
21.4
0.5
WW
1,193
780
53.0
52.9
0.1
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
NINE MONTHS
% Change
2025
2024
Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
OTHER NEUROSCIENCE
US
$
119
161
(26.4)
%
(26.4)
%
—
%
Intl
684
759
(9.8)
(9.9)
0.1
WW
803
920
(12.7)
(12.8)
0.1
PULMONARY HYPERTENSION
US
2,358
2,324
1.5
1.5
—
Intl
895
866
3.4
2.6
0.8
WW
3,253
3,190
2.0
1.8
0.2
OPSUMIT / OPSYNVI
US
1,175
1,149
2.3
2.3
—
Intl
507
506
0.2
(0.7)
0.9
WW
1,682
1,655
1.7
1.4
0.3
UPTRAVI
US
1,139
1,120
1.7
1.7
—
Intl
272
232
17.0
16.4
0.6
WW
1,411
1,352
4.3
4.2
0.1
OTHER PULMONARY HYPERTENSION
US
44
56
(21.5)
(21.5)
—
Intl
116
127
(8.9)
(9.1)
0.2
WW
160
183
(12.7)
(12.9)
0.2
INFECTIOUS DISEASES
US
961
1,023
(6.0)
(6.0)
—
Intl
1,472
1,599
(7.9)
(9.8)
1.9
WW
2,434
2,622
(7.2)
(8.3)
1.1
EDURANT / rilpivirine
US
21
24
(11.8)
(11.8)
—
Intl
1,082
926
16.8
13.6
3.2
WW
1,103
950
16.1
13.0
3.1
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US
932
990
(5.8)
(5.8)
—
Intl
264
315
(16.1)
(16.6)
0.5
WW
1,196
1,305
(8.3)
(8.4)
0.1
OTHER INFECTIOUS DISEASES
US
8
10
(11.0)
(11.0)
—
Intl
126
358
(64.7)
(64.6)
(0.1)
WW
135
367
(63.3)
(63.2)
(0.1)
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
NINE MONTHS
% Change
2025
2024
Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
CARDIOVASCULAR / METABOLISM / OTHER
US
$
2,381
2,061
15.5
%
15.5
%
—
%
Intl
461
543
(15.2)
(14.7)
(0.5)
WW
2,842
2,605
9.1
9.2
(0.1)
XARELTO
US
1,946
1,697
14.7
14.7
—
Intl
—
—
—
—
—
WW
1,946
1,697
14.7
14.7
—
OTHER
US
435
364
19.4
19.4
—
Intl
461
543
(15.2)
(14.7)
(0.5)
WW
896
908
(1.3)
(1.0)
(0.3)
TOTAL INNOVATIVE MEDICINE
US
26,655
24,993
6.7
6.7
—
Intl
17,983
17,639
1.9
1.3
0.6
WW
$
44,638
42,632
4.7
%
4.5
%
0.2
%
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
NINE MONTHS
% Change
2025
2024
Reported
Operational(1)
Currency
MEDTECH SEGMENT(2)
CARDIOVASCULAR
US
$
3,931
3,292
19.4
%
19.4
%
—
%
Intl
2,698
2,353
14.6
13.8
0.8
WW
6,629
5,645
17.4
17.1
0.3
ELECTROPHYSIOLOGY
US
2,145
2,057
4.3
4.3
—
Intl
2,064
1,889
9.2
8.6
0.6
WW
4,209
3,946
6.7
6.4
0.3
ABIOMED
US
1,035
905
14.3
14.3
—
Intl
256
207
23.9
20.7
3.2
WW
1,291
1,112
16.1
15.5
0.6
SHOCKWAVE(6)
US
659
240
*
*
—
Intl
169
66
*
*
*
WW
828
306
*
*
*
OTHER CARDIOVASCULAR
US
93
89
4.2
4.2
—
Intl
209
192
9.0
8.7
0.3
WW
302
281
7.5
7.2
0.3
ORTHOPAEDICS
US
4,200
4,229
(0.7)
(0.7)
—
Intl
2,620
2,614
0.3
(1.1)
1.4
WW
6,820
6,843
(0.3)
(0.8)
0.5
HIPS
US
796
785
1.3
1.3
—
Intl
440
435
1.2
0.0
1.2
WW
1,235
1,220
1.3
0.9
0.4
KNEES
US
673
684
(1.5)
(1.5)
—
Intl
482
463
4.0
3.0
1.0
WW
1,155
1,147
0.7
0.3
0.4
TRAUMA
US
1,515
1,499
1.1
1.1
—
Intl
818
786
4.1
2.7
1.4
WW
2,333
2,285
2.1
1.6
0.5
SPINE, SPORTS & OTHER
US
1,216
1,262
(3.7)
(3.7)
—
Intl
881
930
(5.3)
(6.8)
1.5
WW
2,096
2,191
(4.3)
(5.0)
0.7
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
NINE MONTHS
% Change
2025
2024
Reported
Operational(1)
Currency
MEDTECH SEGMENT(2)(Continued)
SURGERY
US
$3,076
2,965
3.8
%
3.8
%
—
%
Intl
4,417
4,373
1.0
0.9
0.1
WW
7,493
7,338
2.1
2.1
0.0
ADVANCED
US
1,411
1,360
3.7
3.7
—
Intl
1,991
1,977
0.7
0.5
0.2
WW
3,402
3,337
1.9
1.8
0.1
GENERAL
US
1,666
1,605
3.8
3.8
—
Intl
2,426
2,397
1.2
1.3
(0.1)
WW
4,092
4,001
2.3
2.3
0.0
VISION
US
1,694
1,619
4.7
4.7
—
Intl
2,354
2,224
5.8
5.0
0.8
WW
4,048
3,843
5.3
4.8
0.5
CONTACT LENSES / OTHER
US
1,337
1,288
3.8
3.8
—
Intl
1,565
1,508
3.8
2.4
1.4
WW
2,902
2,796
3.8
3.1
0.7
SURGICAL
US
358
331
8.0
8.0
—
Intl
789
717
10.1
10.3
(0.2)
WW
1,147
1,048
9.4
9.6
(0.2)
TOTAL MEDTECH
US
12,902
12,105
6.6
6.6
—
Intl
12,089
11,564
4.5
3.9
0.6
WW
$24,991
23,669
5.6
%
5.3
%
0.3
%
Note: Column and rows within tables may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
* Percentage greater than 100% or not meaningful
(1)Operational growth excludes the effect of translational currency
(2)Unaudited
(3)Includes the sales of RYBREVANT and RYBREVANT + LAZCLUZE
(4)Reported as U.S. sales
(5)Acquired with Intra-Cellular Therapies on April 2, 2025
(6)Due to the timing of the integration of the US and foreign affiliates in the year of acquisition (2024), prior quarter (Q3 2024) Shockwave International revenue includes ~$20M of sales that should be reflected in the U.S. business. Year-to-date and total Shockwave sales are not impacted, and the amount was immaterial to recast prior year reporting.
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | 0 | 0 |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 18 | — | 0 |
| Recession recession, downturn, contraction, slowdown | 0 | 0 | 0 |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | 0 | 0 |
| Buybacks share repurchase, buyback program | 0 | — | 0 |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Not placed in the text
These quotes are stored with a score, but no passage here matches them closely enough to highlight. Rather than point at the wrong passage, they are listed as stored.
Theme · oncology portfolio momentum
“ONCOLOGY WW 6,529 / 5,380 21.3% growth led by DARZALEX 21.7% and CARVYKTI 83.5%”
Theme · cardiovascular device growth
“CARDIOVASCULAR WW 2,213 / 1,966 12.6% with Shockwave 21.2% and electrophysiology 10.8%”
Theme · TREMFYA share capture
“TREMFYA WW 1,424 / 1,007 41.3% growth offsetting STELARA declines”
Theme · Caplyta acquisition contribution
“CAPLYTA US $240M new to portfolio acquired with Intra-Cellular Therapies April 2, 2025”
Theme · international operational headwinds
“International 4.4% operational vs 6.2% US; Western Hemisphere ex-US 7.3% operational offset by 2.4% currency”
Theme · orthopaedics stabilization
“ORTHOPAEDICS WW 2,274 / 2,191 3.8% with restructuring to streamline operations”
Theme · Surgery franchise restructuring
“Surgery franchise restructuring $128M Q3 to exit non-strategic product lines and optimize sites”
Source: SEC EDGAR · public domain · Highlights by Palanor