Slide 1: Full-year 2025 results
Full-year 2025 results 2025 was a catapult year A A a5 a for Johnson & Johnson, fueled Worldwide Innovative Medicine sales Worldwide MedTech sales by the strongest portfolio and Innovative Medicine worldwide reported sales increased MedTech worldwide reported sales pipeline in our history. Last 6.0%
Slide 2: 4th Quarter 2025 Earnings Call
4" Quarter 2025 Earnings Call January 21, 2026 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: 2025 was a catapult year
2025 was a catapult year 5.3% 1,2 full-year operational sales growth SHOCKWAVE each surpass $1 billion in annual sales for first time CARVYKTI 28 platforms with at least $1 billion annual revenue 1 Non-GAAP measure; excludes the impact of translational currency; see reconciliation schedules on the I
Slide 8: Innovative Medicine 2025-at-a-glance
Innovative Medicine 2025-at-a-glance 1,2 ~$60 13 51 billion annual brands growing approvals and 32 sales double digits filings across full-year major markets3 operational sales growth 17 11 key studies with new phase 3 positive readouts programs initiated 1 Non-GAAP measure; excludes the impact of t
Slide 9: Innovative Medicine
Innovative Medicine Oncology Immunology Neuroscience 9
Slide 10: MedTech 2025-at-a-glance
MedTech 2025-at-a-glance 1 ~$34 15 billion annual sales launches in major markets2 full-year operational sales growth 40+ 60+ regulatory approvals active clinical trials in major markets2 1 Non-GAAP measure; excludes the impact of translational currency; see reconciliation schedules on the Investor
Slide 11: MedTech
MedTech Cardiovascular Surgery Vision Addressing one of the largest unmet Advancing the science of surgery Developing transformational innovations needs in healthcare and pioneering what's next to improve the health of patients’ eyes MedTech Innovation: MedTech Innovation: MedTech Innovation: ACUVUE
Slide 12: Note: related to sales; excludes the impact of translational currency
Note: related to sales; excludes the impact of translational currency 12
Slide 13: Darren Snellgrove
Darren Snellgrove Vice President, Investor Relations
Slide 14: 4th Quarter 2025 sales
4th Quarter 2025 sales % Change Dollars in billions Regional sales results Q4 2025 Q4 2024 Reported Operational1 U.S. $14.2 $13.2 7.5% 7.5% Europe 5.6 4.9 13.8 5.2 Western Hemisphere 1.3 1.1 12.0 11.0 (ex U.S.) Asia-Pacific, Africa 3.5 3.3 7.4 7.2 International 10.4 9.3 11.3 6.6 Worldwide (WW) $24.6
Slide 15: 4th Quarter 2025 financial highlights
4th Quarter 2025 financial highlights Dollars in billions, except EPS Reported %; Operational %1 Sales GAAP earnings GAAP EPS $24.6 $22.5 $5.1 $2.10 $3.4 $1.413 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 9.1%; 7.1%1 49.1% 48.9% Adjusted earnings2 Adjusted EPS2 $6.0 $2.46 $4.9 $2.043 Q4 2025 Q4
Slide 16: Full-year 2025 sales
Full-year 2025 sales % Change Dollars in billions Regional sales results 2025 2024 Reported Operational1 U.S. $53.8 $50.3 6.9% 6.9% Europe 21.5 20.2 6.5 2.4 Western Hemisphere 4.9 4.7 3.4 8.4 (ex U.S.) Asia-Pacific, Africa 14.0 13.6 3.2 3.1 International 40.4 38.5 5.0 3.4 Worldwide (WW) $94.2 $88.8
Slide 17: Full-year 2025 financial highlights
Full-year 2025 financial highlights Dollars in billions, except EPS Reported %; Operational %1 Sales GAAP earnings GAAP EPS $94.2 $88.8 $26.8 $11.03 $14.1 $5.793 2025 2024 2025 2024 2025 2024 6.0%; 5.3%1 90.6% 90.5% Adjusted earnings2 Adjusted EPS2 $26.2 $10.79 $24.2 $9.983 2025 2024 2025 2024 8.1%
Slide 18: Innovative Medicine highlights – 4th quarter 2025
Innovative Medicine highlights – 4th quarter 2025 Strong operational growth1 of 7.9% driven primarily by Oncology and Neuroscience Stelara impacted results1 by ~(1,110) basis points Key drivers of operational performance1 Reported: WW 10.0%, U.S. 7.9%, Int’l 13.4% • DARZALEX increase primarily drive
Slide 19: MedTech highlights – 4th quarter 2025
MedTech highlights – 4th quarter 2025 Strong operational growth1 of 5.8% due to commercial execution and innovation Key drivers of operational performance1 Reported: WW 7.5%, U.S. 6.6%, Int’l 8.5% • Electrophysiology: Growth driven by procedure growth, commercial execution, and new product Operation
Slide 20: Condensed consolidated statement of earnings
Condensed consolidated statement of earnings 4th 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 $24,564 100.0 $22,520 100.0 9.1 Cost of products sold 7,968 32.4 7,128 31.6 11.8 Gr
Slide 21: Adjusted earnings before provision for taxes on income by segment
Adjusted earnings before provision for taxes on income by segment 4th Quarter 2025 (Unaudited; Dollar in millions) 2025 2024 % Innovative Medicine Amount % to Sales Amount % to Sales Increase (Decrease) Sales to customers $15,763 100.0 $14,332 100.0 10.0 Cost of products sold 3,261 20.7 2,829 19.7 1
Slide 22: Joseph J. Wolk
Joseph J. Wolk Executive Vice President, Chief Financial Officer
Slide 23: Capital allocation strategy
Capital allocation strategy Dollars in billions Q4 2025 Cash and marketable ~$20 securities Capital allocation Higher Debt ~($48) priority Organic growth business needs Net debt ~($28) Free cash flow1,2 ~$20 Free cash flow1 Note: Values may be rounded Full-year 2025: Competitive dividends $14.7B inv
Slide 24: 2026 P&L guidance
2026 P&L guidance Operational2 sales guidance of 6.2% and adjusted operational EPS2,4 at 5.5% (midpoints) January 2026 Comments Adjusted operational sales1,2 5.4% - 6.4% Midpoint of 5.9% $99.5B - $100.5B Operational sales2 Midpoint of $100.0B or 6.2% 5.7% - 6.7% $100.0B - $101.0B Midpoint of $100.5B
Slide 25: 2026 Phasing Considerations
2026 Phasing Considerations Anticipate fairly consistent operational1 sales growth in the first and second half; 53rd week impacts the second half Expect more pronounced impact from newly launched products as the year progresses Innovative • • Regarding STELARA, HUMIRA erosion curve remains the best
Slide 26: Anticipated 2026 milestones driving long-term value creation
Anticipated 2026 milestones driving long-term value creation 1 Innovative Medicine MedTech ICOTYDE in PsO OTTAVA TECVAYLI + DARZALEX in RRMM ETHIZIA TREMFYA in PsA SD STSF Dual Energy Catheter TECVAYLI in RRMM C2 Aero Catheters INLEXZO in HR NMIBC TECNIS PureSee IOL nipocalimab in WAIHA and SLE CAPL
Slide 27: 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 29: Innovative Medicine and MedTech FY 2025 Sales
Innovative Medicine and MedTech FY 2025 Sales Strong full-year 2025 operational sales growth1 across Innovative Medicine and MedTech Innovative Medicine MedTech Reported: WW 6.0%, U.S. 7.0%, Int’l 4.6% Reported: WW 6.1%, U.S. 6.6%, Int’l 5.5% Operational1: WW 5.3%, U.S. 7.0%, Int’l 2.9% Operational1
Slide 30: Condensed consolidated statement of earnings
Condensed consolidated statement of earnings Full-year 2025 2025 2024 % Increase (Unaudited; Dollar and shares in millions except per share figures) Amount % to Sales Amount % to Sales (Decrease) Sales to customers $94,193 100.0 $88,821 100.0 6.0 Cost of products sold 30,256 32.1 27,471 30.9 10.1 Gr
Slide 31: Adjusted earnings before provision for taxes on income by segment
Adjusted earnings before provision for taxes on income by segment Full-year 2025 (Unaudited; Dollar in millions) 2025 2024 % Innovative Medicine Amount % to Sales Amount % to Sales Increase (Decrease) Sales to customers $60,401 100.0 $56,964 100.0 6.0 Cost of products sold 12,905 21.4 11,256 19.8 14
Slide 32: 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 INLEXZO (gemcitabine intravesical INLEXZO (gemcitabine delivery P US SIMPONI (golimumab) P US IMAAVY (nipocalimab ) US n
Slide 33: Innovative Medicine Pipeline Key Events in 2026
Johnson & Johnson Innovative Medicine Pipeline Key Events in 2026* POTENTIAL APPROVALS US/EU PLANNED SUBMISSIONS US/EU POTENTIAL CLINICAL DATA PRESENTATIONS¹ Phase III Phase I/ II US TREMFYA (guselkumab) US nipocalimab US ERLEADA (apalutamide) icotrokinra ERLEADA (apalutamide) JNJ-4804 Co-antibody T