EX-99.2 3 a2025q1exhibit992.htm EX-99.2

Exhibit 99.2

Johnson & Johnson and subsidiaries

Supplementary sales data

(Unaudited; Dollars in Millions)			FIRST QUARTER
									Percent Change
Sales to customers by geographic area			2025			2024			Total			Operations			Currency
U.S.			$12,305			11,620			5.9		%	5.9			—
Europe			5,110			5,163			(1.0)			2.2			(3.2)
Western Hemisphere excluding U.S.			1,167			1,194			(2.3)			9.2			(11.5)
Asia-Pacific, Africa			3,311			3,406			(2.8)			(0.6)			(2.2)
International			9,588			9,763			(1.8)			2.1			(3.9)
Worldwide			$21,893			21,383			2.4		%	4.2			(1.8)

Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

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Johnson & Johnson and subsidiaries

Supplementary sales data

(Unaudited; Dollars in Millions)			FIRST QUARTER
												Percent Change
Sales to customers by segment of business						2025			2024			Total			Operations			Currency
Innovative Medicine
U.S.						$	8,092		7,612			6.3		%	6.3			—
International						5,781			5,950			(2.9)			1.5			(4.4)
						13,873			13,562			2.3			4.2			(1.9)
MedTech
U.S.						4,213			4,008			5.1			5.1			—
International						3,807			3,813			(0.2)			3.0			(3.2)
						8,020			7,821			2.5			4.1			(1.6)
U.S.						12,305			11,620			5.9			5.9			—
International						9,588			9,763			(1.8)			2.1			(3.9)
Worldwide						$	21,893		21,383			2.4		%	4.2			(1.8)

Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

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Johnson & Johnson and subsidiaries

Condensed consolidated statement of earnings

(Unaudited; in Millions Except Per Share Figures)			FIRST QUARTER
			2025						2024						Percent Increase (Decrease)
			Amount			Percent to Sales			Amount			Percent to Sales
Sales to customers			$	21,893		100.0			$	21,383		100.0			2.4
Cost of products sold			7,357			33.6			6,511			30.4			13.0
Gross Profit			14,536			66.4			14,872			69.6			(2.3)
Selling, marketing and administrative expenses			5,112			23.3			5,257			24.6			(2.8)
Research and development expense			3,225			14.7			3,542			16.6			(8.9)
Interest (income) expense, net			(128)			(0.6)			(209)			(1.0)
Other (income) expense, net			(7,321)			(33.4)			2,404			11.2
Restructuring			17			0.1			164			0.8
Earnings before provision for taxes on income			13,631			62.3			3,714			17.4			267.0
Provision for taxes on income			2,632			12.1			459			2.2			473.4
Net earnings			$	10,999		50.2			$	3,255		15.2			237.9
Net earnings per share (Diluted)			$	4.54					$	1.34					238.8
Average shares outstanding (Diluted)			2,423.8						2,430.1
Effective tax rate			19.3		%				12.4		%
Adjusted earnings before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income			$	8,011		36.6			$	7,877		36.8			1.7
Net earnings			$	6,706		30.6			$	6,580		30.8			1.9
Net earnings per share (Diluted)			$	2.77					$	2.71					2.2
Effective tax rate			16.3		%				16.5		%

(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.

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Johnson & Johnson and subsidiaries

Reconciliation of non-GAAP financial measures

			First Quarter
(Dollars in Millions Except Per Share Data)			2025									2024
Net Earnings, after tax- as reported						$10,999						$3,255
Pre-tax Adjustments
Litigation related						(6,966)						2,726
Intangible Asset Amortization expense						1,120						1,078
Restructuring related 1						55						171
Acquisition, integration and divestiture related						132						148
(Gains)/losses on securities						39						(20)
Medical Device Regulation						—						51
COVID-19 Vaccine related costs						—						9
Tax Adjustments
Tax impact on special item adjustments 2						1,315						(856)
Tax legislation and other tax related						12						18
Adjusted Net Earnings, after tax						$6,706						$6,580
Average shares outstanding (Diluted)						2,423.8						2,430.1
Adjusted net earnings per share (Diluted)						$2.77						$2.71
Operational adjusted net earnings per share (Diluted)						$2.81

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 are primarily in infectious diseases and vaccines including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, hepatitis and HIV development. The restructuring expenses of $144 million in the fiscal first quarter of 2024 include the termination of partnered and non-partnered program costs and asset impairments. 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 expenses of $55 million in the fiscal first quarter of 2025 and $27 million in the fiscal first quarter of 2024 primarily includes costs related to 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.

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Johnson & Johnson and subsidiaries

Reconciliation of non-GAAP financial measures

Adjusted operational sales growth(A)

First quarter 2025 actual vs. 2024 actual

Segments
						Innovative Medicine						MedTech						Total
WW As Reported						2.3		%				2.5		%				2.4		%
U.S.						6.3		%				5.1		%				5.9		%
International						(2.9		%)				(0.2		%)				(1.8		%)
WW Currency						(1.9)						(1.6)						(1.8)
U.S.						—						—						—
International						(4.4)						(3.2)						(3.9)
WW Operational						4.2		%				4.1		%				4.2		%
U.S.						6.3		%				5.1		%				5.9		%
International						1.5		%				3.0		%				2.1		%
Shockwave												(3.3)						(1.2)
U.S.												(5.1)						(1.8)
International												(1.4)						(0.5)
All Other Acquisitions and Divestitures (A&D)						0.2						0.5						0.3
U.S.						0.0						0.9						0.3
International						0.4						0.2						0.3
WW Adjusted Operational Ex A&D						4.4		%				1.3		%				3.3		%
U.S.						6.3		%				0.9		%				4.4		%
International						1.9		%				1.8		%				1.9		%

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.

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Johnson & Johnson

Segment sales

(Dollars in Millions)

			FIRST QUARTER
															% Change
			2025						2024						Reported			Operational(1)			Currency
INNOVATIVE MEDICINE SEGMENT(2)
ONCOLOGY
US			$3,013						2,383						26.4		%	26.4		%	—		%
Intl			2,664						2,430						9.6			14.4			(4.8)
WW			5,678						4,814						17.9			20.4			(2.5)
CARVYKTI
US			318						140						*			*			—
Intl			51						16						*			*			*
WW			369						157						*			*			*
DARZALEX
US			1,829						1,464						24.9			24.9			—
Intl			1,409						1,228						14.7			19.8			(5.1)
WW			3,237						2,692						20.3			22.5			(2.2)
ERLEADA
US			292						285						2.5			2.5			—
Intl			479						404						18.5			23.1			(4.6)
WW			771						689						11.9			14.6			(2.7)
IMBRUVICA
US			235						265						(11.5)			(11.5)			—
Intl			474						518						(8.5)			(4.2)			(4.3)
WW			709						784						(9.5)			(6.7)			(2.8)
RYBREVANT / LAZCLUZE(3)
US			113						36						*			*			—
Intl			28						11						*			*			*
WW			141						47						*			*			*
TALVEY(3)
US			68						50						35.2			35.2			—
Intl			18						8						*			*			*
WW			86						58						48.4			50.2			(1.8)
TECVAYLI
US			105						101						4.9			4.9			—
Intl			46						33						38.8			45.9			(7.1)
WW			151						133						13.3			15.0			(1.7)
ZYTIGA / abiraterone acetate
US			7						9						(24.3)			(24.3)			—
Intl			118						172						(31.3)			(28.5)			(2.8)
WW			125						181						(30.9)			(28.3)			(2.6)
OTHER ONCOLOGY(3)
US			47						33						42.9			42.9			—
Intl			42						41						4.6			10.1			(5.5)
WW			89						73						21.7			24.7			(3.0)
See footnotes at end of schedule

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Johnson & Johnson

Segment sales

(Dollars in Millions)

			FIRST QUARTER
															% Change
			2025						2024						Reported			Operational(1)			Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
IMMUNOLOGY
US			$2,196						2,453						(10.5)		%	(10.5)		%	—		%
Intl			1,510						1,794						(15.8)			(11.5)			(4.3)
WW			3,707						4,247						(12.7)			(10.9)			(1.8)
REMICADE
US			314						266						18.1			18.1			—
US Exports(4)			10						27						(64.2)			(64.2)			—
Intl			143						141						1.3			6.8			(5.5)
WW			467						434						7.5			9.3			(1.8)
SIMPONI / SIMPONI ARIA
US			292						254						14.8			14.8			—
Intl			366						299						22.4			29.7			(7.3)
WW			659						554						18.9			22.9			(4.0)
STELARA
US			981						1,396						(29.8)			(29.8)			—
Intl			644						1,055						(38.9)			(35.8)			(3.1)
WW			1,625						2,451						(33.7)			(32.3)			(1.4)
TREMFYA
US			599						509						17.6			17.6			—
Intl			356						299						19.2			24.4			(5.2)
WW			956						808						18.2			20.1			(1.9)
OTHER IMMUNOLOGY
US			1						0						*			*			—
Intl			0						0						—			—			—
WW			1						0						*			*			—
NEUROSCIENCE
US			968						1,054						(8.1)			(8.1)			—
Intl			679						749						(9.3)			(5.5)			(3.8)
WW			1,647						1,803						(8.6)			(7.0)			(1.6)
CONCERTA / methylphenidate
US			38						41						(7.4)			(7.4)			—
Intl			110						136						(18.9)			(15.2)			(3.7)
WW			148						177						(16.3)			(13.4)			(2.9)
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
US			625						765						(18.2)			(18.2)			—
Intl			277						292						(4.9)			(1.1)			(3.8)
WW			903						1,056						(14.5)			(13.5)			(1.0)
SPRAVATO
US			276						191						45.0			45.0			—
Intl			43						34						25.0			31.7			(6.7)
WW			320						225						41.9			42.9			(1.0)
OTHER NEUROSCIENCE
US			28						58						(50.6)			(50.6)			—
Intl			248						287						(13.4)			(9.8)			(3.6)
WW			277						345						(19.6)			(16.7)			(2.9)
See footnotes at end of schedule

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Johnson & Johnson

Segment sales

(Dollars in Millions)

			FIRST QUARTER
															% Change
			2025						2024						Reported			Operational(1)			Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
PULMONARY HYPERTENSION
US			$	744					766						(2.9)		%	(2.9)		%	—		%
Intl			281						283						(0.6)			3.2			(3.8)
WW			1,025						1,049						(2.3)			(1.2)			(1.1)
OPSUMIT / OPSYNVI(3)
US			363						356						2.1			2.1			—
Intl			159						169						(6.0)			(2.5)			(3.5)
WW			522						524						(0.5)			0.6			(1.1)
UPTRAVI
US			365						392						(6.9)			(6.9)			—
Intl			86						76						13.4			17.5			(4.1)
WW			451						468						(3.6)			(2.9)			(0.7)
OTHER PULMONARY HYPERTENSION (3)
US			15						18						(12.7)			(12.7)			—
Intl			37						39						(4.6)			(0.3)			(4.3)
WW			52						56						(7.2)			(4.3)			(2.9)
INFECTIOUS DISEASES
US			315						324						(2.8)			(2.8)			—
Intl			487						497						(1.9)			1.9			(3.8)
WW			802						821						(2.2)			0.1			(2.3)
EDURANT / rilpivirine
US			8						8						(1.3)			(1.3)			—
Intl			350						315						11.0			14.7			(3.7)
WW			358						323						10.7			14.3			(3.6)
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US			305						314						(2.9)			(2.9)			—
Intl			98						104						(6.2)			(0.6)			(5.6)
WW			403						418						(3.7)			(2.3)			(1.4)
OTHER INFECTIOUS DISEASES(3)
US			2						2						7.7			7.7			—
Intl			39						77						(48.8)			(47.0)			(1.8)
WW			41						78						(47.6)			(45.9)			(1.7)
See footnotes at end of schedule

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Johnson & Johnson

Segment sales

(Dollars in Millions)

			FIRST QUARTER
															% Change
			2025						2024						Reported			Operational(1)			Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
CARDIOVASCULAR / METABOLISM / OTHER
US			$	855					631						35.4		%	35.4		%	—		%
Intl			158						197						(19.7)			(15.3)			(4.4)
WW			1,013						829						22.3			23.4			(1.1)
XARELTO
US			690						518						33.3			33.3			—
Intl			—						—						—			—			—
WW			690						518						33.3			33.3			—
OTHER
US			165						114						45.0			45.0			—
Intl			158						197						(19.7)			(15.3)			(4.4)
WW			323						311						3.9			6.7			(2.8)
TOTAL INNOVATIVE MEDICINE
US			8,092						7,612						6.3			6.3			—
Intl			5,781						5,950						(2.9)			1.5			(4.4)
WW			$	13,873					13,562						2.3		%	4.2		%	(1.9)		%

See footnotes at end of schedule

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Johnson & Johnson

Segment sales

(Dollars in Millions)

			FIRST QUARTER
															% Change
			2025						2024						Reported			Operational(1)			Currency
MEDTECH SEGMENT(2)
CARDIOVASCULAR
US			$	1,261					1,025						23.0		%	23.0		%	—		%
Intl			842						781						7.8			10.7			(2.9)
WW			2,103						1,806						16.4			17.7			(1.3)
ELECTROPHYSIOLOGY
US			684						692						(1.1)			(1.1)			—
Intl			638						652						(2.0)			0.7			(2.7)
WW			1,323						1,344						(1.6)			(0.2)			(1.4)
ABIOMED
US			339						303						11.9			11.9			—
Intl			81						67						19.7			23.6			(3.9)
WW			420						371						13.3			14.0			(0.7)
SHOCKWAVE(5)
US			206						—						*			*			—
Intl			52						—						*			*			—
WW			258						—						*			*			—
OTHER CARDIOVASCULAR
US			32						30						7.1			7.1			—
Intl			72						62						15.1			17.4			(2.3)
WW			103						92						12.5			14.1			(1.6)
ORTHOPAEDICS
US			1,384						1,448						(4.4)			(4.4)			—
Intl			857						892						(3.9)			(0.9)			(3.0)
WW			2,241						2,340						(4.2)			(3.1)			(1.1)
HIPS
US			263						270						(2.5)			(2.5)			—
Intl			146						152						(4.0)			(0.8)			(3.2)
WW			409						422						(3.1)			(1.9)			(1.2)
KNEES
US			231						242						(4.3)			(4.3)			—
Intl			158						160						(1.0)			2.1			(3.1)
WW			389						401						(3.0)			(1.7)			(1.3)
TRAUMA
US			502						504						(0.5)			(0.5)			—
Intl			270						261						3.7			7.2			(3.5)
WW			772						765						0.9			2.1			(1.2)
SPINE, SPORTS & OTHER
US			388						432						(10.2)			(10.2)			—
Intl			283						320						(11.6)			(8.9)			(2.7)
WW			671						752						(10.8)			(9.7)			(1.1)

See footnotes at end of schedule

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Johnson & Johnson

Segment sales

(Dollars in Millions)

			FIRST QUARTER
															% Change
			2025						2024						Reported			Operational(1)			Currency
MEDTECH SEGMENT(2)(Continued)
SURGERY
US			$1,002						987						1.5		%	1.5		%	—		%
Intl			1,394						1,429						(2.5)			0.8			(3.3)
WW			2,396						2,416						(0.8)			1.1			(1.9)
ADVANCED
US			457						446						2.7			2.7			—
Intl			616						641						(4.0)			(1.0)			(3.0)
WW			1,073						1,087						(1.2)			0.5			(1.7)
GENERAL
US			544						542						0.5			0.5			—
Intl			778						788						(1.2)			2.3			(3.5)
WW			1,323						1,330						(0.5)			1.6			(2.1)
VISION
US			566						547						3.4			3.4			—
Intl			713						710						0.4			3.9			(3.5)
WW			1,279						1,258						1.7			3.7			(2.0)
CONTACT LENSES / OTHER
US			452						438						3.1			3.1			—
Intl			467						472						(1.1)			2.4			(3.5)
WW			919						910						1.0			2.7			(1.7)
SURGICAL
US			114						110						4.3			4.3			—
Intl			246						238						3.4			7.1			(3.7)
WW			361						348						3.7			6.2			(2.5)
TOTAL MEDTECH
US			4,213						4,008						5.1			5.1			—
Intl			3,807						3,813						(0.2)			3.0			(3.2)
WW			$8,020						7,821						2.5		%	4.1		%	(1.6)		%

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)See Supplemental Sales Information Schedule

(4)Reported as U.S. sales

(5)Acquired on May 31, 2024

---

Supplemental sales information (unaudited)

(Dollars in Millions)

						2023						2024																								2024
						Full Year						Q1						Q2						Q3						Q4						Full Year
INNOVATIVE MEDICINE SEGMENT
ONCOLOGY
RYBREVANT / LAZCLUZE
US						$	66					36						52						68						101						257
INTL						27						11						17						21						21						70
WW						93						47						69						89						122						327
TALVEY
US						56						50						59						64						68						241
INTL						7						8						9						12						17						46
WW						63						58						69						75						85						287
OTHER ONCOLOGY
US						93						33						37						36						39						145
INTL						235						41						45						50						36						172
WW						328						73						83						86						75						317
PULMONARY HYPERTENSION
OPSUMIT / OPSYNVI
US						1,292						356						376						417						408						1,557
INTL						681						169						171						166						162						668
WW						1,973						524						548						583						570						2,225
OTHER PULMONARY HYPERTENSION
US						79						18						17						21						19						75
INTL						182						39						49						39						38						165
WW						260						56						67						60						57						240
INFECTIOUS DISEASES
OTHER INFECTIOUS DISEASES (1)
US						19						2						5						3						1						11
INTL						1,395						77						227						54						43						401
WW						$	1,414					78						233						56						45						412

Note: Columns and rows within tables may not add due to rounding

(1) Other Infectious Diseases is inclusive of COVID-19 Vaccine sales, which were previously disclosed separately