Johnson & Johnson · NYSE:JNJ
Johnson & Johnson — Q3 2025 Earnings Presentation
26 slides from Johnson & Johnson's earnings presentation, Oct 14, 2025
Slide 1: 3rd Quarter 2025 Results
3rd Quarter 2025 Results 3rd Quarter 2025 Sales Worldwide increased Excluding the impact of Worldwide increased $24.0B 6.8% 5.4% 1 translational currency Stelara impacted results by ~(640) basis points Diluted earnings per share (EPS) Adjusted diluted earnings per share1 Worldwide increased Worldwid
Slide 2: 3rd Quarter 2025 Earnings Call
3 Quarter 2025 Earnings Call October 14, 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: Q3 Earnings summary
Q3 Earnings summary Innovative Medicine 1,2 5.3% 1,3 $15 billion+ 11 operational sales in quarterly sales brands growing growth for the second time double digits operational sales MedTech growth 5.6% 1 Strong momentum across the business operational sales growth 1 Non-GAAP measure; excludes the impa
Slide 8: Innovative Medicine
Innovative Medicine Oncology Immunology Neuroscience 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 intent to separate its Orthopaedics business
Johnson & Johnson’s intent to separate its Orthopaedics business
Slide 11: Johnson & Johnson is in a powerful new era of accelerated growth
Johnson & Johnson is in a powerful new era of accelerated growth
Slide 12: Darren Snellgrove
Darren Snellgrove Vice President, Investor Relations
Slide 13: 3rd Quarter 2025 sales
3rd Quarter 2025 sales % Change Dollars in billions Regional sales results Q3 2025 Q3 2024 Reported Operational1 U.S. $13.7 $12.9 6.2% 6.2% Europe 5.4 4.9 10.7 4.4 Western Hemisphere 1.2 1.2 4.9 7.3 (ex U.S.) Asia-Pacific, Africa 3.6 3.5 4.0 3.4 International 10.3 9.6 7.6 4.4 Worldwide (WW) $24.0 $2
Slide 14: 3rd Quarter 2025 financial highlights
3rd Quarter 2025 financial highlights Dollars in billions, except EPS Reported %; Operational %1 Sales GAAP earnings GAAP EPS $24.0 $22.5 $5.2 $2.12 $2.7 $1.11 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 6.8%; 5.4%1 91.2% 91.0% Adjusted earnings2 Adjusted EPS2 $6.8 $5.9 $2.80 $2.42 Q3 2025 Q3 20
Slide 15: Innovative Medicine highlights – 3rd quarter 2025
Innovative Medicine highlights – 3rd quarter 2025 Strong operational growth1 of 5.3% driven primarily by Oncology and Neuroscience Stelara impacted results1 by ~(1,070) basis points Key drivers of operational performance1 Reported: WW 6.8%, U.S. 6.0%, Int’l 7.9% • DARZALEX increase driven by continu
Slide 16: MedTech highlights – 3rd quarter 2025
MedTech highlights – 3rd quarter 2025 Strong operational growth1 of 5.6% due to Cardiovascular, commercial execution, and innovation Key drivers of operational performance1 Reported: WW 6.8%, U.S. 6.6%, Int’l 7.0% • Electrophysiology3: Growth driven by procedure growth, commercial execution, new pro
Slide 17: Condensed consolidated statement of earnings
Condensed consolidated statement of earnings 3rd 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 $23,993 100.0 $22,471 100.0 6.8 Cost of products sold 7,303 30.4 6,963 31.0 4.9 Gro
Slide 18: Adjusted earnings before provision for taxes on income by segment
Adjusted earnings before provision for taxes on income by segment 3rd Quarter 2025 (Unaudited; Dollar in millions) 2025 2024 % Innovative Medicine Amount % to Sales Amount % to Sales Increase (Decrease) Sales to customers $15,563 100.0 $14,580 100.0 6.8 Cost of products sold 3,093 19.9 2,852 19.6 8.
Slide 19: Joseph J. Wolk
Joseph J. Wolk Executive Vice President, Chief Financial Officer
Slide 20: Capital allocation strategy
Capital allocation strategy Dollars in billions Q3 2025 Cash and marketable ~$19 securities Capital allocation Higher Debt ~($46) priority Organic growth business needs Net debt ~($27) Free cash flow1,2 ~$14 Free cash flow1 Note: Values may be rounded Q3 2025: $3.7B invested in R&D Competitive divid
Slide 21: Intent to separate our Orthopaedics business
Intent to separate our Orthopaedics business Further strengthens Positions DePuy Represents best path Separation focus of J&J as an Synthes for long-term forward for all expected to take innovation success stakeholders ~18-24 months powerhouse 21
Slide 22: 2025 P&L guidance
2025 P&L guidance Increasing operational2 sales guidance to 5.1% and maintaining adjusted operational EPS2,4 at 7.0% (midpoints) October 2025 July 2025 Comments Adjusted operational sales1,2,6 3.5% - 4.0% 3.2% - 3.7% Increasing midpoint to 3.8% $93.0B - $93.4B $92.7B - $93.1B Operational sales2,6 In
Slide 23: 2026 Considerations
2026 Considerations • Accelerating sales growth driven by in-market brands and continued progress from recently launched products Innovative • Regarding STELARA, HUMIRA erosion curve remains the best proxy1 Medicine • Icotrokinra approval expected • Accelerating sales growth driven by our continued
Slide 24: 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 26: 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 INLEXZO (gemcitabine intravesical INLEXZO (gemcitabine intravesical P US SIMPONI (golimumab) P US IMAAVY (nipocalimab )