Johnson & Johnson · NYSE:JNJ
Johnson & Johnson — Q1 2025 Earnings Presentation
32 slides from Johnson & Johnson's earnings presentation, Apr 15, 2025
Slide 1: Slide footer goes here if required
Slide footer goes here if required 1
Slide 2: 1st Quarter 2025 Earnings Call
1 Quarter 2025 st Earnings Call April 15, 2025
Slide 3: Cautionary note on Forward-looking statements and Non-GAAP measures
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 R&D highlights 3 Sales performance and earnings review 4 Capital allocation and guidance 5 Q&A Joaquin Duato Jennifer Taubert Tim Schmid Chairman and Executive Vice President, Executive Vice President, Chief Executive Officer Worldwide Chairman, Worldwide Chairman, Innovative
Slide 6: Joaquin Duato
Joaquin Duato Chairman and Chief Executive Officer
Slide 7: Innovative Medicine
Innovative Medicine 4.2% 1,2 Operational sales growth 11 Key brands growing double digits Recent Milestones: 1 Non-GAAP measure; excludes the impact of translational currency; see reconciliation schedules on the Investor Relations section of the company's website. 2 Includes an approximate (810) bas
Slide 8: MedTech
MedTech 4.1% 1 Operational sales growth Strong performance across Abiomed, Shockwave, Vision and Would Closure Recent Milestones: ` ` ` ` Impella CP® with Shockwave Javelin VARIPULSE OTTAVA SmartAssist® Peripheral IVL 1 Non-GAAP measure; excludes the impact of translational currency; see reconciliat
Slide 9: Fortifying our leadership as an innovation powerhouse
Fortifying our leadership as an innovation powerhouse
Slide 10: Johnson & Johnson
Johnson&Johnson
Slide 11: John Reed
John Reed Executive Vice President, Innovative Medicine, R&D
Slide 12: CAPLYTA
CAPLYTA® Adjunctive treatment for major depressive disorder, has the potential to become a new standard of care for most common depressive disorders Study 501 (MADRS) Study 502 (MADRS) -0 -0 First and only U.S. FDA-approved Placebo + ADT Placebo + ADT treatment for bipolar I and II LS Mean (+/- SE)
Slide 13: RYBREVANT plus LAZCLUZE
RYBREVANT® plus LAZCLUZE First and only regimen with a survival benefit over current standard of care in first-line treatment of EGFR-mutated non-small cell lung cancer 1L RYBREVANT plus LAZCLUZE Overall Survival Median OS (95% CI) Amivantamab + lazertinib Not reached (42.9–NR) Significant and unpre
Slide 14: TREMFYA
TREMFYA® Only dual-acting IL-23 inhibitor* for adult patients with moderately to severely active Crohn’s disease Overall population (Pooled GALAXI 2 & 3)1 GRAVITI - SC Induction2 Δ35% Δ8.5% P<0.001 Structurally and functionally different 60 P=0.024 than other IL-23 inhibitors* – Potently 60 56% Δ12.
Slide 15: icotrokinra
icotrokinra Demonstrating potential to transform treatment paradigm in plaque psoriasis ICONIC-LEAD Icotrokinra is the first targeted oral IGA 0 (total population)1 IGA 0 (adolescents)2 peptide that selectively blocks the IL-23R and shows potential to offer 60 75% patients the combination 80 46% Pro
Slide 16: Jessica Moore
Jessica Moore Vice President, Investor Relations
Slide 17: 1st Quarter 2025 sales
1st Quarter 2025 sales % Change Dollars in billions Regional sales results Q1 2025 Q1 2024 Reported Operational1 U.S. $12.3 $11.6 5.9% 5.9% Europe 5.1 5.2 (1.0) 2.2 Western Hemisphere 1.2 1.2 (2.3) 9.2 (ex U.S.) Asia-Pacific, Africa 3.3 3.4 (2.8) (0.6) International 9.6 9.8 (1.8) 2.1 Worldwide (WW)
Slide 18: 1st Quarter 2025 financial highlights
1st Quarter 2025 financial highlights Dollars in billions, except EPS Reported %; Operational %1 Sales GAAP earnings GAAP EPS $21.9 $21.4 $11.0 $4.54 $3.3 $1.34 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 2.4%; 4.2%1 237.9% 238.8% Adjusted earnings2 Adjusted EPS2 $6.7 $6.6 $2.77 $2.71 Q1 2025 Q1
Slide 19: Innovative Medicine highlights – 1st quarter 2025
Innovative Medicine highlights – 1st quarter 2025 Strong operational growth1 of 4.2% driven primarily by Oncology Stelara impacted results1 by ~(810) basis points Key drivers of operational performance1 Reported: WW 2.3%, U.S. 6.3%, Int’l (2.9)% • DARZALEX increase driven by continued strong share g
Slide 20: MedTech highlights – 1st quarter 2025
MedTech highlights – 1st quarter 2025 Solid operational growth1 of 4.1% due to Shockwave, commercial execution, and innovation One-time3 events impacted WW MedTech results1 by ~(210) basis points, ~(240) in the U.S., and ~(180) Int’l Key drivers of operational performance1 Reported: WW 2.5%, U.S. 5.
Slide 21: Orthopaedics one-time events
Orthopaedics one-time events Approximate basis point impact of one-time events across all Orthopaedic platforms Q1 2025 Operational1 Growth Approximate basis point impact from one-time events WW US OUS WW US OUS Orthopaedics (3.1)% (4.4)% (0.9)% (480) (650) (210) Hips (1.9)% (2.5)% (0.8)% (420) (590
Slide 22: Condensed consolidated statement of earnings
Condensed consolidated statement of earnings 1st 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 $21,893 100.0 $21,383 100.0 2.4 Cost of products sold 7,357 33.6 6,511 30.4 13.0 Gr
Slide 23: Adjusted earnings before provision for taxes on income by segment
Adjusted earnings before provision for taxes on income by segment 1st Quarter 2025 (Unaudited; Dollar in millions) 2025 2024 % Innovative Medicine Amount % to Sales Amount % to Sales Increase (Decrease) Sales to customers $13,873 100.0 $13,562 100.0 2.3 Cost of products sold 3,371 24.3 2,670 19.7 26
Slide 24: Joseph J. Wolk
Joseph J. Wolk Executive Vice President, Chief Financial Officer
Slide 25: Capital allocation strategy
Capital allocation strategy Dollars in billions Q1 2025 Cash and marketable $38.8 securities1 Capital allocation Higher Debt ($52.3) priority Organic growth business needs Net debt1 ($13.5) Free cash flow2,3 ~$3.4 Free cash flow2 Note: Values may be rounded Q1 2025: $3.2B invested in R&D Competitive
Slide 26: 2025 P&L guidance
2025 P&L guidance Operational2 sales guidance of 3.8% and adjusted operational EPS2,4 of 6.2% (midpoints) April 2025 January 2025 Comments Adjusted operational sales1,2,6 2.0% - 3.0% 2.0% - 3.0% Maintaining $91.6B - $92.4B $90.9B - $91.7B Increasing midpoint by $0.7B to 3.8% due to Operational sales
Slide 27: 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 28: Anticipated 2025 milestones driving long-term value creation
Anticipated 2025 milestones driving long-term value creation 1 Innovative Medicine MedTech nipocalimab in gMG RYBREVANT Sub-Q in NSCLC OTTAVA progression TREMFYA Sub-Q in UC Advancements across Cardiovascular TAR-200 NMIBC (incl. Electrophysiology, Heart icotrokinra in PsO and UC Recovery, and Circu
Slide 29: 2027 / 2028 At-A-Glance
2027 / 2028 At-A-Glance Potential sales of select Innovative Medicine assets vs. current market estimates1 Current 2027 / 2028 market estimates Our internal forecast vs. current In-market brands for specific product sales1,2 2027 /2028 market estimates1,2 ~$1.8B / ~$2.3B 2x higher ~$2.1B / ~$2.3B 50
Slide 30: 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 Jessica Moore Executive Vice President, Executive Vice President, Vice P
Slide 31: Slide footer goes here if required
Slide footer goes here if required 31
Slide 32: 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) US nipocalimab US nipocalimab US