NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--Johnson & Johnson (NYSE: JNJ) today announced results for third-quarter 2025. “Johnson & Johnson delivered another strong performance in the third quarter fueled by the depth and strength of our portfolio and significant progress across our pipeline,” said Joaquin Duato, Chairman and Chief Executive Officer, Johnson & Johnson. “With a sharpened focus on the six priority areas of Oncology, Immunology, Neuroscience, Cardiovascular, Surgery and Vision, Johnson & Johnson is in a new era of accelerated growth and innovation, with pioneering treatments that will continue to transform lives.”
Overall financial results
Q3
($ in Millions, except EPS)
2025
2024
% Change
Reported Sales
$23,993
$22,471
6.8%
Net Earnings
$5,152
$2,694
91.2%
EPS (diluted)
$2.12
$1.11
91.0%
Q3
Non-GAAP* ($ in Millions, except EPS)
2025
2024
% Change
Operational Sales1,2
5.4%
Adjusted Operational Sales1,3
4.4%
Adjusted Net Earnings1,4
$6,801
$5,876
15.7%
Adjusted EPS (diluted)1,4
$2.80
$2.42
15.7%
Free Cash Flow6,7
~$14,200
$14,471
1
Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2
Excludes the impact of translational currency
3
Excludes the net impact of acquisitions and divestitures and translational currency
4
Excludes intangible amortization expense and special items
5
Excludes COVID-19 Vaccine
6
Non-GAAP measure; defined as cash flow from operating activities, less additions to property, plant and equipment. Cash flow from operations, the most directly comparable GAAP financial measure, will be included in subsequent SEC filings.
7
Third-quarter YTD 2025 is estimated as of October 14, 2025
Regional sales results
Q3
% Change
($ in Millions)
2025
2024
Reported
Operational1,2
Currency
Adjusted
Operational1,3
U.S.
$13,708
$12,909
6.2%
6.2
-
4.4
International
10,285
9,562
7.6
4.4
3.2
4.4
Worldwide
$23,993
$22,471
6.8%
5.4
1.4
4.4
1
Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2
Excludes the impact of translational currency
3
Excludes the net impact of acquisitions and divestitures and translational currency
Segment sales results
Q3
% Change
($ in Millions)
2025
2024
Reported
Operational1,2
Currency
Adjusted
Operational1,3
Innovative Medicine
$15,563
$14,580
6.8%
5.3
1.5
3.7
MedTech
8,430
7,891
6.8
5.6
1.2
5.7
Worldwide
$23,993
$22,471
6.8%
5.4
1.4
4.4
1
Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2
Excludes the impact of translational currency
3
Excludes the net impact of acquisitions and divestitures and translational currency
Third-Quarter 2025 segment commentary:
Operational sales* reflected below excludes the impact of translational currency.
Innovative Medicine
Innovative Medicine worldwide operational sales grew 5.3%*, with net acquisitions and divestitures positively impacting growth by 1.6% due to CAPLYTA. Growth was primarily driven by DARZALEX, CARVYKTI, ERLEADA and RYBREVANT/LAZCLUZE in Oncology, TREMFYA and SIMPONI/SIMPONI ARIA in Immunology, and SPRAVATO in Neuroscience. Growth was partially offset by an approximate (1,070) basis points impact from STELARA in Immunology, as well as IMBRUVICA in Oncology.
MedTech
MedTech worldwide operational sales grew 5.6%*, with net acquisitions and divestitures negatively impacting growth by 0.1%. Growth was primarily driven by electrophysiology products, Abiomed and Shockwave in Cardiovascular, wound closure products in General Surgery, as well as Surgical Vision.
Full-year 2025 guidance:
Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses, and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson's results computed in accordance with GAAP.
($ in Billions, except EPS)
October 2025
July 2025
Adjusted Operational Sales1,2,5
Change vs. Prior Year / Mid-point
3.5% – 4.0% / 3.8%
3.2% – 3.7% / 3.5%
Operational Sales2,5 / Mid-point
Change vs. Prior Year / Mid-point
$93.0B – $93.4B / $93.2B
4.8% – 5.3% / 5.1%
$92.7B – $93.1B / $92.9B
4.5% – 5.0% / 4.8%
Estimated Reported Sales3,5/ Mid-point
Change vs. Prior Year / Mid-point
$93.5B – $93.9B / $93.7B
5.4% – 5.9% / 5.7%
$93.2B – $93.6B / $93.4B
5.1% – 5.6% / 5.4%
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%
$10.63 – $10.73 / $10.68
6.5% – 7.5% / 7.0%
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%
$10.80 – $10.90 / $10.85
8.2% – 9.2% / 8.7%
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: Oct 2025 = $1.13 and July 2025 = $1.13 (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 Investor News, as well as Innovative Medicine Newsroom, MedTech News & Events, and www.factsabouttalc.com.
Regulatory
U.S. FDA approves TREMFYA (guselkumab) for the treatment of pediatric plaque psoriasis and active psoriatic arthritis, marking a first and only approval for an IL-23 inhibitor1
Press Release
TREMFYA (guselkumab) achieves U.S. approval for subcutaneous induction in adults with ulcerative colitis, now the first and only IL-23 inhibitor with a fully subcutaneous regimen
Press Release
Johnson & Johnson receives positive CHMP opinion of nipocalimab to treat a broad population of antibody-positive patients living with generalised myasthenia gravis (gMG)
Press Release
Johnson & Johnson files with U.S. FDA to include new evidence in TREMFYA (guselkumab) label as the only IL-23 inhibitor to demonstrate significant inhibition of joint structural damage in active psoriatic arthritis
Press Release
European Commission approves DARZALEX (daratumumab) as the first licensed treatment for patients with high-risk smouldering multiple myeloma
Press Release
European Commission approves IMBRUVICA (ibrutinib) as the first targeted therapy for patients with previously untreated mantle cell lymphoma who would be eligible for autologous stem cell transplant
Press Release
Johnson & Johnson seeks first icotrokinra U.S. FDA approval aiming to revolutionize treatment paradigm for adults and adolescents with plaque psoriasis
Press Release
Data Releases
Johnson & Johnson to highlight breadth of its major depressive disorder portfolio at 2025 ECNP Congress1
Press Release
Icotrokinra data in ulcerative colitis show potential for a standout combination of therapeutic benefit and a favorable safety profile in once-daily pill1
Press Release
TREMFYA (guselkumab) is first and only IL-23 inhibitor to demonstrate sustained clinical and endoscopic outcomes with a fully subcutaneous regimen through 48 weeks in ulcerative colitis1
Press Release
Johnson & Johnson Unveils New Data Demonstrating Superior Clarity of Vision and Comfort of ACUVUE OASYS MAX 1-Day for ASTIGMATISM, and MULTIFOCAL for ASTIGMATISM Contact Lenses1
Press Release
Johnson & Johnson’s investigational seltorexant shows numerically higher response in patients with depression with insomnia symptoms, with fewer side effects compared to quetiapine XR
Press Release
TECVAYLI plus DARZALEX FASPRO treatment demonstrates 100 percent overall response rate in transplant-eligible patients newly diagnosed with multiple myeloma
Press Release
Icotrokinra shows superiority to deucravacitinib in first reported head-to-head trials reinforcing promise of novel targeted oral peptide for treatment of plaque psoriasis
Press Release
Johnson & Johnson to showcase industry-leading neuropsychiatry innovations at the 2025 Psych Congress Annual Meeting
Press Release
Data published in The New England Journal of Medicine demonstrate RYBREVANT (amivantamab-vmjw) plus LAZCLUZE (lazertinib) is re-setting survival expectations in first-line EGFR-mutated lung cancer
Press Release
RYBREVANT (amivantamab-vmjw) plus LAZCLUZE (lazertinib) prevents acquired resistance versus osimertinib in first-line EGFR-mutated non-small cell lung cancer
Press Release
New real-world data elevating patient perspectives highlight the need for scientific advancement in maternal fetal immunology at ISUOG 2025
Press Release
Johnson & Johnson Unveils Results from the VARIPURE Substudy of SECURE, a Real-World Study on VARIPULSE Platform, at 2025 European Society of Cardiology (ESC) Congress
Press Release
New Data from the DanGer Shock Randomized Control Trial, Published in The New England Journal of Medicine, Confirms the Long-Term Survival Benefit of the Impella CP Heart Pump
Press Release
Johnson & Johnson showcases latest advancements in Alzheimer's research at AAIC 2025
Press Release
Product Launch
U.S. FDA approval of INLEXZO (gemcitabine intravesical system) set to transform how certain bladder cancers are treated
Press Release
Johnson & Johnson Launches VIRTUGUIDE AI-Powered Patient-Matched Lapidus System in U.S. to Reduce Complexity in Bunion Surgery for Millions
Press Release
Other
Johnson & Johnson Elects John Morikis, Retired Chairman, President and Chief Executive Officer of The Sherwin-Williams Company, 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.
THIRD QUARTER
NINE MONTHS
Percent Change
Percent Change
2025
2024
Total
Operations
Currency
2025
2024
Total
Operations
Currency
$
9,402
8,871
6.0
%
6.0
-
$
26,655
24,993
6.7
%
6.7
-
6,161
5,709
7.9
4.3
3.6
17,983
17,639
1.9
1.3
0.6
15,563
14,580
6.8
5.3
1.5
44,638
42,632
4.7
4.5
0.2
4,306
4,038
6.6
6.6
-
12,902
12,105
6.6
6.6
-
4,124
3,853
7.0
4.5
2.5
12,089
11,564
4.5
3.9
0.6
8,430
7,891
6.8
5.6
1.2
24,991
23,669
5.6
5.3
0.3
13,708
12,909
6.2
6.2
-
39,557
37,098
6.6
6.6
-
10,285
9,562
7.6
4.4
3.2
30,072
29,203
3.0
2.3
0.7
$
23,993
22,471
6.8
%
5.4
1.4
$
69,629
66,301
5.0
%
4.7
0.3
THIRD QUARTER
NINE MONTHS
Percent Change
Percent Change
2025
2024
Total
Operations
Currency
2025
2024
Total
Operations
Currency
$
13,708
12,909
6.2
%
6.2
-
$
39,557
37,098
6.6
%
6.6
-
5,440
4,914
10.7
4.4
6.3
15,937
15,291
4.2
1.5
2.7
1,231
1,173
4.9
7.3
(2.4
)
3,604
3,579
0.7
7.6
(6.9
)
3,614
3,475
4.0
3.4
0.6
10,531
10,333
1.9
1.8
0.1
10,285
9,562
7.6
4.4
3.2
30,072
29,203
3.0
2.3
0.7
$
23,993
22,471
6.8
%
5.4
1.4
$
69,629
66,301
5.0
%
4.7
0.3
2025
2024
Percent
Percent
Percent
Increase
Amount
to Sales
Amount
to Sales
(Decrease)
$
23,993
100.0
$
22,471
100.0
6.8
7,303
30.4
6,963
31.0
4.9
16,690
69.6
15,508
69.0
7.6
5,922
24.7
5,478
24.3
8.1
3,672
15.3
4,952
22.0
(25.8
)
18
0.1
(99
)
(0.4
)
(478
)
(2.0
)
1,798
8.0
63
0.3
41
0.2
7,493
31.2
3,338
14.9
124.5
2,341
9.7
644
2.9
263.5
$
5,152
21.5
$
2,694
12.0
91.2
$
2.12
$
1.11
91.0
2,428.6
2,427.9
31.2
%
19.3
%
$
8,436
35.2
$
7,277
32.4
15.9
$
6,801
28.3
$
5,876
26.1
15.7
$
2.80
$
2.42
15.7
19.4
%
19.3
%
2025
2024
Percent
Percent
Percent
Increase
Amount
to Sales
Amount
to Sales
(Decrease)
$
69,629
100.0
$
66,301
100.0
5.0
22,288
32.0
20,343
30.7
9.6
47,341
68.0
45,958
69.3
3.0
16,923
24.3
16,416
24.8
3.1
10,413
15.0
11,934
18.0
(12.7
)
-
-
194
0.3
(62
)
(0.1
)
(433
)
(0.7
)
(7,692
)
(11.1
)
4,855
7.3
144
0.2
192
0.3
27,615
39.7
12,800
19.3
115.7
5,927
8.6
2,165
3.3
173.8
$
21,688
31.1
$
10,635
16.0
103.9
$
8.94
$
4.38
104.1
2,424.8
2,429.5
21.5
%
16.9
%
$
24,635
35.4
$
23,558
35.5
4.6
$
20,206
29.0
$
19,296
29.1
4.7
$
8.33
$
7.94
4.9
18.0
%
18.1
%
Third Quarter
Nine Months Ended
2025
2024
2025
2024
$5,152
$2,694
$21,688
$10,635
15
2,388
(6,894
)
5,466
1,048
1,171
3,435
3,355
-
4
-
77
168
47
302
207
-
38
-
157
97
328
475
928
(387
)
(37
)
(327
)
374
-
-
-
194
2
-
29
-
(168
)
(762
)
826
(2,055
)
874
5
672
(42
)
$6,801
$5,876
$20,206
$19,296
2,428.6
2,427.9
2,424.8
2,429.5
$2.80
$2.42
$8.33
$7.94
$2.72
$8.24
1
2
6.8%
6.8%
6.8%
6.0%
6.6%
6.2%
7.9%
7.0%
7.6%
1.5
1.2
1.4
-
-
-
3.6
2.5
3.2
5.3%
5.6%
5.4%
6.0%
6.6%
6.2%
4.3%
4.5%
4.4%
(1.6)
(1.1)
(2.7)
(1.9)
0.0
0.0
0.0
0.1
0.1
0.0
0.2
0.1
0.0
0.1
0.0
3.7%
5.7%
4.4%
3.3%
6.8%
4.4%
4.3%
4.6%
4.4%
4.7%
5.6%
5.0%
6.7%
6.6%
6.6%
1.9%
4.5%
3.0%
0.2
0.3
0.3
-
-
-
0.6
0.6
0.7
4.5%
5.3%
4.7%
6.7%
6.6%
6.6%
1.3%
3.9%
2.3%
(1.9)
(0.6)
(2.9)
(0.9)
(0.8)
(0.2)
(1.1)
(0.7)
(1.8)
(1.2)
0.0
0.0
0.0
0.3
0.1
0.0
0.4
0.1
0.1
0.2
0.1
3.4%
3.7%
3.5%
4.9%
4.1%
4.6%
1.4%
3.3%
2.2%
REPORTED SALES vs. PRIOR PERIOD ($MM)
REPORTED SALES vs. PRIOR PERIOD ($MM)
% Change
% Change
2025
2024
Reported
Operational (1)
Currency
2025
2024
Reported
Operational (1)
Currency
$
3,468
2,816
23.2
%
23.2
%
-
$
9,866
7,835
25.9
%
25.9
%
-
3,060
2,565
19.3
%
14.8
%
4.5
%
8,652
7,450
16.1
%
15.0
%
1.1
%
6,529
5,380
21.3
%
19.2
%
2.1
%
18,519
15,284
21.2
%
20.6
%
0.6
%
396
258
53.3
%
53.3
%
-
1,072
565
89.6
%
89.6
%
-
128
27
*
*
*
260
63
*
*
*
524
286
83.5
%
81.4
%
2.1
%
1,332
629
*
*
*
2,088
1,684
24.0
%
24.0
%
-
5,934
4,789
23.9
%
23.9
%
-
1,584
1,332
18.9
%
14.7
%
4.2
%
4,514
3,797
18.9
%
17.9
%
1.0
%
3,672
3,016
21.7
%
19.9
%
1.8
%
10,448
8,586
21.7
%
21.3
%
0.4
%
378
337
12.3
%
12.3
%
-
1,048
940
11.5
%
11.5
%
-
558
453
23.0
%
17.6
%
5.4
%
1,567
1,275
22.9
%
21.1
%
1.8
%
936
790
18.4
%
15.3
%
3.1
%
2,615
2,215
18.0
%
17.0
%
1.0
%
211
259
(18.3
)%
(18.3
)%
-
685
770
(11.0
)%
(11.0
)%
-
483
494
(2.3
)%
(6.6
)%
4.3
%
1,453
1,537
(5.4
)%
(6.4
)%
1.0
%
695
753
(7.8
)%
(10.6
)%
2.8
%
2,139
2,307
(7.3
)%
(7.9
)%
0.6
%
136
68
99.7
%
99.7
%
-
388
156
*
*
-
61
21
*
*
*
130
49
*
*
*
198
89
*
*
*
518
205
*
*
*
85
64
34.2
%
34.2
%
-
235
173
35.8
%
35.8
%
-
37
12
*
*
*
79
29
*
*
*
122
75
60.8
%
59.1
%
1.7
%
314
202
55.3
%
54.9
%
0.4
%
115
105
9.3
%
9.3
%
-
334
310
7.5
%
7.5
%
-
62
30
*
*
*
160
93
73.0
%
72.6
%
0.4
%
177
135
31.3
%
29.9
%
1.4
%
494
403
22.6
%
22.5
%
0.1
%
5
5
(25.0
)%
(25.0
)%
-
18
25
(30.4
)%
(30.4
)%
-
108
144
(25.1
)%
(26.8
)%
1.7
%
365
470
(22.3
)%
(23.0
)%
0.7
%
113
150
(25.1
)%
(26.8
)%
1.7
%
383
496
(22.8
)%
(23.4
)%
0.6
%
56
36
54.6
%
54.6
%
-
153
106
44.8
%
44.8
%
-
39
50
(22.2
)%
(25.6
)%
3.4
%
123
136
(9.7
)%
(10.6
)%
0.9
%
94
86
9.7
%
7.7
%
2.0
%
276
242
14.0
%
13.6
%
0.4
%
REPORTED SALES vs. PRIOR PERIOD ($MM)
REPORTED SALES vs. PRIOR PERIOD ($MM)
THIRD QUARTER
NINE MONTHS
% Change
% Change
2025
2024
Reported
Operational (1)
Currency
2025
2024
Reported
Operational (1)
Currency
$
2,676
3,068
(12.8
)%
(12.8
)%
-
$
7,377
8,499
(13.2
)%
(13.2
)%
-
1,493
1,552
(3.9
)%
(6.3
)%
2.4
%
4,492
5,090
(11.8
)%
(11.5
)%
(0.3
)%
4,168
4,621
(9.8
)%
(10.6
)%
0.8
%
11,868
13,590
(12.7
)%
(12.6
)%
(0.1
)%
326
281
16.2
%
16.2
%
-
923
778
18.7
%
18.7
%
-
19
27
(30.9
)%
(30.9
)%
-
63
89
(29.6
)%
(29.6
)%
-
132
112
17.7
%
16.7
%
1.0
%
413
380
8.6
%
10.4
%
(1.8
)%
476
419
13.6
%
13.3
%
0.3
%
1,398
1,246
12.2
%
12.7
%
(0.5
)%
309
299
3.6
%
3.6
%
-
906
820
10.5
%
10.5
%
-
377
218
73.0
%
69.8
%
3.2
%
1,130
787
43.5
%
44.6
%
(1.1
)%
687
516
32.9
%
31.5
%
1.4
%
2,036
1,607
26.7
%
27.2
%
(0.5
)%
1,022
1,770
(42.3
)%
(42.3
)%
-
3,081
5,021
(38.6
)%
(38.6
)%
-
549
906
(39.4
)%
(41.4
)%
2.0
%
1,768
2,991
(40.9
)%
(40.8
)%
(0.1
)%
1,570
2,676
(41.3
)%
(42.0
)%
0.7
%
4,848
8,012
(39.5
)%
(39.5
)%
0.0
%
989
691
43.1
%
43.1
%
-
2,384
1,789
33.3
%
33.3
%
-
434
316
37.4
%
33.4
%
4.0
%
1,181
932
26.7
%
26.1
%
0.6
%
1,424
1,007
41.3
%
40.1
%
1.2
%
3,566
2,721
31.0
%
30.8
%
0.2
%
12
1
*
*
-
21
3
*
*
-
0
0
-
-
-
0
0
-
-
-
12
1
*
*
-
21
3
*
*
-
1,367
1,094
25.0
%
25.0
%
-
3,712
3,250
14.2
%
14.2
%
-
658
662
(0.7
)%
(2.6
)%
1.9
%
2,011
2,090
(3.8
)%
(3.7
)%
(0.1
)%
2,024
1,755
15.3
%
14.6
%
0.7
%
5,722
5,340
7.2
%
7.2
%
0.0
%
240
-
*
*
-
451
-
*
*
-
-
-
-
-
-
-
-
-
-
-
240
-
*
*
-
451
-
*
*
-
14
26
(49.2
)%
(49.2
)%
-
76
101
(24.9
)%
(24.9
)%
-
127
117
9.0
%
8.5
%
0.5
%
376
382
(1.4
)%
(0.4
)%
(1.0
)%
140
142
(1.4
)%
(1.8
)%
0.4
%
452
482
(6.3
)%
(5.5
)%
(0.8
)%
664
780
(14.9
)%
(14.9
)%
-
2,021
2,329
(13.2
)%
(13.2
)%
-
267
269
(0.9
)%
(3.0
)%
2.1
%
804
830
(3.1
)%
(3.0
)%
(0.1
)%
929
1,049
(11.3
)%
(11.9
)%
0.6
%
2,824
3,159
(10.6
)%
(10.5
)%
(0.1
)%
405
243
67.1
%
67.1
%
-
1,047
660
58.7
%
58.7
%
-
53
42
28.9
%
23.8
%
5.1
%
146
120
21.9
%
21.4
%
0.5
%
459
284
61.5
%
60.8
%
0.7
%
1,193
780
53.0
%
52.9
%
0.1
%
46
46
0.4
%
0.4
%
-
119
161
(26.4
)%
(26.4
)%
-
210
235
(10.7
)%
(12.3
)%
1.6
%
684
759
(9.8
)%
(9.9
)%
0.1
%
256
281
(8.9
)%
(10.2
)%
1.3
%
803
920
(12.7
)%
(12.8
)%
0.1
%
REPORTED SALES vs. PRIOR PERIOD ($MM)
REPORTED SALES vs. PRIOR PERIOD ($MM)
THIRD QUARTER
NINE MONTHS
% Change
% Change
2025
2024
Reported
Operational (1)
Currency
2025
2024
Reported
Operational (1)
Currency
$
815
815
(0.1
)%
(0.1
)%
-
$
2,358
2,324
1.5
%
1.5
%
-
300
287
4.8
%
2.0
%
2.8
%
895
866
3.4
%
2.6
%
0.8
%
1,115
1,102
1.1
%
0.4
%
0.7
%
3,253
3,190
2.0
%
1.8
%
0.2
%
409
417
(1.6
)%
(1.6
)%
-
1,175
1,149
2.3
%
2.3
%
-
168
166
1.1
%
(1.8
)%
2.9
%
507
506
0.2
%
(0.7
)%
0.9
%
578
583
(0.8
)%
(1.7
)%
0.9
%
1,682
1,655
1.7
%
1.4
%
0.3
%
392
379
3.5
%
3.5
%
-
1,139
1,120
1.7
%
1.7
%
-
92
80
15.2
%
12.0
%
3.2
%
272
232
17.0
%
16.4
%
0.6
%
484
458
5.6
%
5.0
%
0.6
%
1,411
1,352
4.3
%
4.2
%
0.1
%
13
21
(36.5
)%
(36.5
)%
-
44
56
(21.5
)%
(21.5
)%
-
39
39
(1.0
)%
(2.5
)%
1.5
%
116
127
(8.9
)%
(9.1
)%
0.2
%
53
60
(13.1
)%
(14.1
)%
1.0
%
160
183
(12.7
)%
(12.9
)%
0.2
%
326
365
(10.5
)%
(10.5
)%
-
961
1,023
(6.0
)%
(6.0
)%
-
501
471
6.4
%
0.5
%
5.9
%
1,472
1,599
(7.9
)%
(9.8
)%
1.9
%
829
836
(0.9
)%
(4.3
)%
3.4
%
2,434
2,622
(7.2
)%
(8.3
)%
1.1
%
7
8
(7.9
)%
(7.9
)%
-
21
24
(11.8
)%
(11.8
)%
-
378
323
16.9
%
9.9
%
7.0
%
1,082
926
16.8
%
13.6
%
3.2
%
385
330
16.4
%
9.5
%
6.9
%
1,103
950
16.1
%
13.0
%
3.1
%
315
355
(11.0
)%
(11.0
)%
-
932
990
(5.8
)%
(5.8
)%
-
81
94
(13.6
)%
(18.5
)%
4.9
%
264
315
(16.1
)%
(16.6
)%
0.5
%
397
449
(11.6
)%
(12.6
)%
1.0
%
1,196
1,305
(8.3
)%
(8.4
)%
0.1
%
4
3
57.3
%
57.3
%
-
8
10
(11.0
)%
(11.0
)%
-
42
54
(21.2
)%
(22.3
)%
1.1
%
126
358
(64.7
)%
(64.6
)%
(0.1
)%
47
56
(17.5
)%
(18.5
)%
1.0
%
135
367
(63.3
)%
(63.2
)%
(0.1
)%
750
713
5.3
%
5.3
%
-
2,381
2,061
15.5
%
15.5
%
-
149
170
(13.1
)%
(15.6
)%
2.5
%
461
543
(15.2
)%
(14.7
)%
(0.5
)%
899
884
1.7
%
1.2
%
0.5
%
2,842
2,605
9.1
%
9.2
%
(0.1
)%
635
592
7.4
%
7.4
%
-
1,946
1,697
14.7
%
14.7
%
-
-
-
-
-
-
-
-
-
-
-
635
592
7.4
%
7.4
%
-
1,946
1,697
14.7
%
14.7
%
-
115
121
(5.2
)%
(5.2
)%
-
435
364
19.4
%
19.4
%
-
149
170
(13.1
)%
(15.6
)%
2.5
%
461
543
(15.2
)%
(14.7
)%
(0.5
)%
264
292
(9.8
)%
(11.3
)%
1.5
%
896
908
(1.3
)%
(1.0
)%
(0.3
)%
9,402
8,871
6.0
%
6.0
%
-
26,655
24,993
6.7
%
6.7
%
-
6,161
5,709
7.9
%
4.3
%
3.6
%
17,983
17,639
1.9
%
1.3
%
0.6
%
$
15,563
14,580
6.8
%
5.3
%
1.5
%
$
44,638
42,632
4.7
%
4.5
%
0.2
%
REPORTED SALES vs. PRIOR PERIOD ($MM)
REPORTED SALES vs. PRIOR PERIOD ($MM)
THIRD QUARTER
NINE MONTHS
% Change
% Change
2025
2024
Reported
Operational (1)
Currency
2025
2024
Reported
Operational (1)
Currency
$
1,306
1,148
13.8
%
13.8
%
-
$
3,931
3,292
19.4
%
19.4
%
-
908
819
10.8
%
8.4
%
2.4
%
2,698
2,353
14.6
%
13.8
%
0.8
%
2,213
1,966
12.6
%
11.6
%
1.0
%
6,629
5,645
17.4
%
17.1
%
0.3
%
720
660
9.1
%
9.1
%
-
2,145
2,057
4.3
%
4.3
%
-
698
619
12.6
%
10.4
%
2.2
%
2,064
1,889
9.2
%
8.6
%
0.6
%
1,418
1,279
10.8
%
9.7
%
1.1
%
4,209
3,946
6.7
%
6.4
%
0.3
%
336
293
14.5
%
14.5
%
-
1,035
905
14.3
%
14.3
%
-
86
68
26.8
%
20.2
%
6.6
%
256
207
23.9
%
20.7
%
3.2
%
423
362
16.8
%
15.6
%
1.2
%
1,291
1,112
16.1
%
15.5
%
0.6
%
220
163
34.4
%
34.4
%
-
659
240
*
*
-
59
66
(11.2
)%
(12.4
)%
1.2
%
169
66
*
*
*
278
229
21.2
%
20.9
%
0.3
%
828
306
*
*
*
30
30
0.0
%
0.0
%
-
93
89
4.2
%
4.2
%
-
65
66
(1.0
)%
(2.5
)%
1.5
%
209
192
9.0
%
8.7
%
0.3
%
95
96
(0.7
)%
(1.7
)%
1.0
%
302
281
7.5
%
7.2
%
0.3
%
1,396
1,359
2.7
%
2.7
%
-
4,200
4,229
(0.7
)%
(0.7
)%
-
878
832
5.6
%
1.9
%
3.7
%
2,620
2,614
0.3
%
(1.1
)%
1.4
%
2,274
2,191
3.8
%
2.4
%
1.4
%
6,820
6,843
(0.3
)%
(0.8
)%
0.5
%
262
250
4.7
%
4.7
%
-
796
785
1.3
%
1.3
%
-
144
131
9.7
%
5.9
%
3.8
%
440
435
1.2
%
0.0
%
1.2
%
405
381
6.4
%
5.1
%
1.3
%
1,235
1,220
1.3
%
0.9
%
0.4
%
216
212
2.1
%
2.1
%
-
673
684
(1.5
)%
(1.5
)%
-
160
140
14.3
%
10.9
%
3.4
%
482
463
4.0
%
3.0
%
1.0
%
377
352
7.0
%
5.6
%
1.4
%
1,155
1,147
0.7
%
0.3
%
0.4
%
512
497
3.0
%
3.0
%
-
1,515
1,499
1.1
%
1.1
%
-
281
265
6.4
%
2.5
%
3.9
%
818
786
4.1
%
2.7
%
1.4
%
793
761
4.2
%
2.9
%
1.3
%
2,333
2,285
2.1
%
1.6
%
0.5
%
406
400
1.3
%
1.3
%
-
1,216
1,262
(3.7
)%
(3.7
)%
-
293
296
(1.1
)%
(4.8
)%
3.7
%
881
930
(5.3
)%
(6.8
)%
1.5
%
698
696
0.3
%
(1.3
)%
1.6
%
2,096
2,191
(4.3
)%
(5.0
)%
0.7
%
REPORTED SALES vs. PRIOR PERIOD ($MM)
REPORTED SALES vs. PRIOR PERIOD ($MM)
THIRD QUARTER
NINE MONTHS
% Change
% Change
2025
2024
Reported
Operational (1)
Currency
2025
2024
Reported
Operational (1)
Currency
$
1,031
983
4.9
%
4.9
%
-
$
3,076
2,965
3.8
%
3.8
%
-
1,511
1,451
4.1
%
2.2
%
1.9
%
4,417
4,373
1.0
%
0.9
%
0.1
%
2,542
2,434
4.4
%
3.3
%
1.1
%
7,493
7,338
2.1
%
2.1
%
0.0
%
477
448
6.2
%
6.2
%
-
1,411
1,360
3.7
%
3.7
%
-
688
661
4.2
%
2.1
%
2.1
%
1,991
1,977
0.7
%
0.5
%
0.2
%
1,165
1,109
5.0
%
3.8
%
1.2
%
3,402
3,337
1.9
%
1.8
%
0.1
%
555
535
3.8
%
3.8
%
-
1,666
1,605
3.8
%
3.8
%
-
823
791
4.0
%
2.2
%
1.8
%
2,426
2,397
1.2
%
1.3
%
(0.1
)%
1,378
1,325
3.9
%
2.9
%
1.0
%
4,092
4,001
2.3
%
2.3
%
0.0
%
571
549
4.2
%
4.2
%
-
1,694
1,619
4.7
%
4.7
%
-
828
751
10.2
%
7.5
%
2.7
%
2,354
2,224
5.8
%
5.0
%
0.8
%
1,400
1,300
7.7
%
6.1
%
1.6
%
4,048
3,843
5.3
%
4.8
%
0.5
%
456
441
3.5
%
3.5
%
-
1,337
1,288
3.8
%
3.8
%
-
562
527
6.6
%
3.4
%
3.2
%
1,565
1,508
3.8
%
2.4
%
1.4
%
1,018
968
5.2
%
3.5
%
1.7
%
2,902
2,796
3.8
%
3.1
%
0.7
%
116
108
7.0
%
7.0
%
-
358
331
8.0
%
8.0
%
-
266
225
18.7
%
17.1
%
1.6
%
789
717
10.1
%
10.3
%
(0.2
)%
383
333
14.9
%
13.8
%
1.1
%
1,147
1,048
9.4
%
9.6
%
(0.2
)%
4,306
4,038
6.6
%
6.6
%
-
12,902
12,105
6.6
%
6.6
%
-
4,124
3,853
7.0
%
4.5
%
2.5
%
12,089
11,564
4.5
%
3.9
%
0.6
%
$
8,430
7,891
6.8
%
5.6
%
1.2
%
$
24,991
23,669
5.6
%
5.3
%
0.3
%
GAAP to Non-GAAP Reconciliation
$ in Millions
Third Quarter
Sept 28, 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
Third Quarter
Sept 28, 2025
Non-GAAP
$
3,672
(568
)
(11
)
3,093
2,869
2,869
2,944
2,944
(368
)
5
(48
)
174
(1
)
(238
)
6,446
568
(5
)
-
59
(174
)
-
1
6,895
$
3,612
(480
)
(12
)
(1
)
3,119
2,801
2,801
728
728
2
5
(156
)
(48
)
213
(1
)
15
1,287
480
(5
)
168
49
(213
)
-
1
1,767
$
19
19
252
252
-
-
(31
)
(25
)
11
(45
)
(240
)
-
25
-
(11
)
-
-
-
(226
)
$
7,303
(1,048
)
(12
)
(12
)
6,231
5,922
5,922
3,672
3,672
(478
)
(15
)
(93
)
(85
)
387
(2
)
(286
)
-
-
18
18
63
(63
)
-
7,493
1,048
15
168
97
(387
)
-
2
8,436
2,341
193
3
34
16
(87
)
(874
)
9
1,635
5,152
855
12
134
81
(300
)
874
(7
)
6,801
GAAP to Non-GAAP Reconciliation
$ in Millions
$
3,549
(695
)
(2
)
2,852
2,491
2,491
4,213
(2
)
4,211
(155
)
(356
)
(19
)
(6
)
41
(495
)
4,482
695
356
19
6
(41
)
-
4
-
5,521
$
3,381
(476
)
(6
)
(156
)
(16
)
2,727
2,723
(3
)
2,720
739
(36
)
(19
)
684
(11
)
(19
)
(22
)
(85
)
(4
)
(141
)
1,059
476
19
28
277
4
38
-
-
1,901
$
33
33
264
264
-
-
1,906
(2,013
)
(45
)
(152
)
(2,203
)
-
2,013
-
45
-
-
-
-
(145
)
$
6,963
(1,171
)
(6
)
(156
)
(16
)
(2
)
5,612
5,478
(3
)
5,475
4,952
(36
)
(19
)
(2
)
4,895
1,798
(2,388
)
(136
)
37
(689
)
-
-
(99
)
(99
)
41
(41
)
-
3,338
1,171
2,388
47
328
(37
)
38
4
-
7,277
644
169
527
9
59
(9
)
6
1
(5
)
1,401
2,694
1,002
1,861
38
269
(28
)
32
3
5
5,876
Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
$
11,670
(2,002
)
(24
)
9,644
7,919
7,919
8,361
8,361
(520
)
74
(275
)
164
(14
)
(571
)
17,208
2,002
(74
)
-
299
(164
)
-
14
19,285
$
10,576
(1,433
)
(35
)
(52
)
9,056
8,319
8,319
2,052
37
2,089
132
(78
)
(267
)
(155
)
163
(15
)
(220
)
3,912
1,433
78
302
170
(163
)
-
15
5,747
$
42
42
685
685
-
-
(7,222
)
6,898
(6
)
(330
)
6,495
-
(6,898
)
-
6
-
-
-
(397
)
$
22,288
(3,435
)
(35
)
(76
)
18,742
16,923
16,923
10,413
37
10,450
(7,692
)
6,894
(123
)
(436
)
327
(29
)
(1,059
)
-
-
(62
)
(62
)
144
(144
)
-
27,615
3,435
(6,894
)
302
475
(327
)
-
29
24,635
5,927
603
(1,541
)
58
118
(73
)
(672
)
9
4,429
21,688
2,832
(5,353
)
244
357
(254
)
672
20
20,206
Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
$
10,522
(2,087
)
(8
)
8,427
7,594
7,594
9,831
(19
)
9,812
(225
)
(399
)
(194
)
(100
)
(54
)
26
(50
)
(996
)
14,910
2,087
399
194
100
54
(26
)
-
77
-
17,795
$
9,749
(1,268
)
(15
)
(206
)
(66
)
8,194
7,976
(12
)
7,964
2,103
(69
)
(79
)
1,955
173
(15
)
(92
)
(472
)
(48
)
(454
)
3,668
1,268
15
-
107
747
48
157
-
-
6,010
$
72
72
846
846
-
-
4,860
(5,052
)
(127
)
(352
)
(671
)
(5,778
)
-
5,052
-
-
127
352
-
-
-
(247
)
$
20,343
(3,355
)
(15
)
(206
)
(66
)
(8
)
16,693
16,416
(12
)
16,404
11,934
(69
)
(79
)
(19
)
11,767
4,855
(5,466
)
(653
)
(374
)
(50
)
(1,688
)
194
(194
)
-
(433
)
(433
)
192
(192
)
-
12,800
3,355
5,466
194
207
928
374
157
77
-
23,558
2,165
473
1,224
43
42
222
5
29
17
42
4,262
10,635
2,882
4,242
151
165
706
369
128
60
(42
)
19,296