Slide 1: 2nd Quarter 2025 Results
2™4 Quarter 2025 Results Today's strong results reflect the depth and strength Worldwide Innovative Medicine sales Worldwide MedTech sales of Johnson & Johnson's Innovative Medicine worldwide reported sales increased MedTech worldwide reported sales uniquely diversified business 4.9% or 3.8% operati
Slide 2: 2nd Quarter 2025 Earnings Call
2"¢ Quarter 2025 Earnings Call July 16, 2025 Johnson&Johnson
Slide 3: Cautionary note on Forward-looking statements
Cautionary note on Forward-looking statements This presentation 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 st
Slide 4: Strategic partnerships, collaborations & licensing arrangements
Strategic partnerships, collaborations & licensing arrangements During the course of this presentation, we will discuss a number of products and compounds developed in collaboration with strategic partners or licensed from other companies. The following is an acknowledgement of those relationships:
Slide 5: Agenda
Agenda 1 CEO Remarks 2 Sales performance and earnings review 3 Cash position and guidance update 4 Q&A Joaquin Duato Jennifer Taubert Tim Schmid Chairman and Executive Vice President, Executive Vice President, Chief Executive Officer Worldwide Chairman, Worldwide Chairman, Innovative Medicine MedTec
Slide 6: Joaquin Duato
Joaquin Duato Chairman and Chief Executive Officer
Slide 7: Q2 Earnings Summary
Q2 Earnings Summary Innovative Medicine 1,2 3.8% 1,3 $15 billion+ 13 operational sales in quarterly sales brands growing growth for first time double digits operational sales growth MedTech 6.1% 1 Strong momentum in Cardiovascular, Surgery and Vision operational sales growth 1 Non-GAAP measure; excl
Slide 8: Innovative Medicine
Innovative Medicine Oncology Immunology Neuroscience 10+ products in market 6 products in market 5 products in market 26 approved indications 14 approved indications 6 approved indications Innovative Medicines: Innovative Medicines: Innovative Medicines: 8
Slide 9: MedTech
MedTech Cardiovascular Surgery Vision Addressing one of the largest unmet Advancing the science of surgery and Developing transformational innovations needs in healthcare pioneering what's next to improve the health of patients’ eyes MedTech Innovation: MedTech Innovation: MedTech Innovation: ACUVUE
Slide 10: Johnson & Johnson's relentless focus on innovation yields results
Johnson & Johnson’s relentless focus on innovation yields results
Slide 11: Darren Snellgrove
Darren Snellgrove Vice President, Investor Relations
Slide 12: 2nd Quarter 2025 sales
2nd Quarter 2025 sales % Change Dollars in billions Regional sales results Q2 2025 Q2 2024 Reported Operational1 U.S. $13.5 $12.6 7.8% 7.8% Europe 5.4 5.2 3.3 (1.9) Western Hemisphere 1.2 1.2 (0.5) 6.2 (ex U.S.) Asia-Pacific, Africa 3.6 3.5 4.4 2.4 International 10.2 9.9 3.2 0.6 Worldwide (WW) $23.7
Slide 13: 2nd Quarter 2025 financial highlights
2nd Quarter 2025 financial highlights Dollars in billions, except EPS Reported %; Operational %1 Sales GAAP earnings GAAP EPS $23.7 $22.4 $5.5 $4.7 $2.29 $1.93 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 5.8%; 4.6%1 18.2% 18.7% Adjusted earnings2 Adjusted EPS2 $6.7 $6.8 $2.77 $2.82 Q2 2025 Q2 20
Slide 14: Innovative Medicine highlights – 2nd quarter 2025
Innovative Medicine highlights – 2nd quarter 2025 Strong operational growth1 of 3.8% driven primarily by Oncology and Neuroscience Stelara impacted results1 by ~(1,170) basis points Key drivers of operational performance1 Reported: WW 4.9%, U.S. 7.6%, Int’l 1.0% • DARZALEX increase driven by continu
Slide 15: MedTech highlights – 2nd quarter 2025
MedTech highlights – 2nd quarter 2025 Strong operational growth1 of 6.1% due to Cardiovascular, commercial execution, and innovation Key drivers of operational performance1 Reported: WW 7.3%, U.S. 8.0%, Int’l 6.7% • Electrophysiology: Growth driven by strength in competitive mapping, new product per
Slide 16: Condensed consolidated statement of earnings
Condensed consolidated statement of earnings 2nd Quarter 2025 2025 2024 % Increase (Unaudited; Dollar and shares in millions except per share figures) Amount % to Sales Amount % to Sales (Decrease) Sales to customers $23,743 100.0 $22,447 100.0 5.8 Cost of products sold 7,628 32.1 6,869 30.6 11.0 Gr
Slide 17: Adjusted earnings before provision for taxes on income by segment
Adjusted earnings before provision for taxes on income by segment 2nd Quarter 2025 (Unaudited; Dollar in millions) 2025 2024 % Innovative Medicine Amount % to Sales Amount % to Sales Increase (Decrease) Sales to customers $15,202 100.0 $14,490 100.0 4.9 Cost of products sold 3,180 20.9 2,905 20.0 9.
Slide 18: Joseph J. Wolk
Joseph J. Wolk Executive Vice President, Chief Financial Officer
Slide 19: Capital allocation strategy
Capital allocation strategy Dollars in billions Q2 2025 Cash and marketable $19 securities Capital allocation Higher Debt ($51) priority Organic growth business needs Net debt ($32) Free cash flow1,2 ~$6 Free cash flow1 Note: Values may be rounded Q2 2025: $3.5B invested in R&D Competitive dividends
Slide 20: 2025 P&L guidance
2025 P&L guidance Increasing operational2 sales guidance to 4.8% and adjusted operational EPS2,4 to 7.0% (midpoints) July 2025 April 2025 Comments Adjusted operational sales1,2,6 3.2% - 3.7% 2.0% - 3.0% Increasing midpoint to 3.5% $92.7B - $93.1B $91.6B - $92.4B Tightening range; Operational sales2,
Slide 21: Phasing Considerations
Phasing Considerations Anticipate second half operational1 sales growth higher than the first half • Expect more pronounced impact from newly launched products as the year progresses Innovative • STELARA biosimilar competition to accelerate; HUMIRA erosion curve remains the best proxy2 Medicine • Ne
Slide 22: Anticipated 2025 milestones driving long-term value creation
Anticipated 2025 milestones driving long-term value creation 1 Innovative Medicine MedTech TAR-200 NMIBC VOLT Plating System RYBREVANT Sub-Q in NSCLC STSF Dual Energy TREMFYA Sub-Q in UC OTTAVA CAPLYTA in aMDD IMPELLA ECP icotrokinra in PsO and UC ATTUNE Revision Hinge TREMFYA PsA ETHICON 4000 Stapl
Slide 23: Q&A
Q&A Joaquin Duato Jennifer Taubert Tim Schmid Chairman and Executive Vice President, Executive Vice President, Chief Executive Officer Worldwide Chairman, Worldwide Chairman, Innovative Medicine MedTech Joseph J. Wolk John Reed Darren Snellgrove Executive Vice President, Executive Vice President, Vi
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Slide 25: Johnson & Johnson Innovative Medicine Pipeline Key Events in 2025
Johnson & Johnson Innovative Medicine Pipeline Key Events in 2025* POTENTIAL APPROVALS US/EU PLANNED SUBMISSIONS US/EU POTENTIAL CLINICAL DATA PRESENTATIONS¹ Phase III Phase I/ II TAR-200 (RIS/gemcitabine plus TAR-200 (RIS/gemcitabine plus US SIMPONI (golimumab) P US IMAAVY (nipocalimab ) US nipocal