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Johnson & Johnson

Johnson & Johnson Reports Q1 2025 Results

  • 2025 First-Quarter reported sales growth of 2.4% to $21.9 Billion with operational growth of 4.2%* and adjusted operational growth of 3.3%*
  • 2025 First-Quarter earnings per share (EPS) increased to $4.54 which includes the reversal of special charges and adjusted EPS increased to $2.77 or 2.2%*
  • Significant new product pipeline progress including approval of TREMFYA in Crohn’s disease, data for RYBREVANT/LAZCLUZE overall survival in non-small cell lung cancer and icotrokinra in plaque psoriasis, and initiation of the clinical trial for a general surgery robotic system, OTTAVA
  • Company increases Full-Year 2025 operational sales2,5 guidance to reflect the addition of CAPLYTA following the completion of the Intra-Cellular Therapies acquisition
  • Including tariff costs, dilution from the Intra-Cellular Therapies acquisition, and updated foreign exchange, Company maintains Full-Year 2025 adjusted reported EPS4 outlook of 6.2%* growth at the mid-point

NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--Apr. 15, 2025-- Johnson & Johnson (NYSE: JNJ) today announced results for first-quarter 2025. “The power of Johnson & Johnson’s uniquely diversified portfolio was on full display this quarter, with strong operational sales growth reinforcing our confidence in 2025 guidance,” said Joaquin Duato, Chairman and Chief Executive Officer, Johnson & Johnson. “During the quarter, we fortified our position as an innovation powerhouse with major advancements across our pipeline, including TREMFYA in IBD, RYBREVANT plus LAZCLUZE in non-small-cell lung cancer, and OTTAVA, our soft tissue surgical robotic system, and further enhanced our leading neuroscience portfolio with the completion of the Intra-Cellular Therapies acquisition.”

Overall financial results

 

Q1

($ in Millions, expect EPS)

2025

 

2024

 

% Change

Reported Sales

$21,893

 

$ 21,383

 

2.4%

Net Earnings

$10,999

 

$3,255

 

237.9%

EPS (diluted)

$4.54

 

$1.34

 

238.8%

 

 

 

Q1

Non-GAAP* ($ in Millions, except EPS)

2025

 

2024

 

% Change

Operational Sales1,2

 

 

 

 

4.2%

Adjusted Operational Sales1,3

 

 

 

 

3.3%

Adjusted Net Earnings1,4

$6,706

 

$6,580

 

1.9%

Adjusted EPS (diluted)1,4

$2.77

 

$2.71

 

2.2%

Free Cash Flow6,7

~$3,400

 

$2,850

 

 

1

Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules

2

Excludes the impact of translational currency

3

Excludes the net impact of acquisitions and divestitures and translational currency

4

Excludes intangible amortization expense and special items

5

Excludes COVID-19 Vaccine

6

Non-GAAP measure; defined as cash flow from operating activities, less additions to property, plant and equipment. Cash flow from operations, the most directly comparable GAAP financial measure, will be included in subsequent SEC filings.

7

First-quarter 2025 is estimated as of April 15, 2025
Note: values may have been rounded

Regional sales results

Q1

 

 

 

% Change

 

($ in Millions)

2025

2024

Reported

Operational1,2

Currency

Adjusted

Operational1,3

U.S.

$12,305

$11,620

5.9%

5.9

-

4.4

International

9,588

9,763

(1.8)

2.1

(3.9)

1.9

Worldwide

$21,893

$21,383

2.4%

4.2

(1.8)

3.3

1

Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules

2

 

Excludes the impact of translational currency

3

Excludes the net impact of acquisitions and divestitures and translational currency

Note: values may have been rounded

Segment sales results

Q1

 

 

 

% Change

 

($ in Millions)

2025

2024

Reported

Operational1,2

Currency

Adjusted

Operational1,3

Innovative Medicine

$13,873

$13,562

2.3%

4.2

(1.9)

4.4

MedTech

8,020

7,821

2.5

4.1

(1.6)

1.3

Worldwide

$21,893

$21,383

2.4%

4.2

(1.8)

3.3

1

Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules

2

 

Excludes the impact of translational currency

3

Excludes the net impact of acquisitions and divestitures and translational currency

Note: values may have been rounded

First-Quarter 2025 segment commentary:

Operational sales* reflected below excludes the impact of translational currency.

Innovative Medicine

Innovative Medicine worldwide operational sales grew 4.2%* driven primarily by DARZALEX, CARVYKTI, ERLEADA, and RYBREVANT/LAZCLUZE in Oncology, TREMFYA and SIMPONI/SIMPONI ARIA in Immunology, SPRAVATO in Neuroscience, and XARELTO in Cardiovascular/Metabolism/Other. Growth was partially offset by an approximate (810) basis points impact from STELARA in Immunology.

MedTech

MedTech worldwide operational sales grew 4.1%*, with net acquisitions and divestitures positively impacting growth by 2.8%. Growth was driven primarily by Abiomed in Cardiovascular and wound closure products in General Surgery. Growth was partially offset by Spine, Sports & Other in Orthopaedics.

Full-year 2025 guidance:

Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses, and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson's results computed in accordance with GAAP.

($ in Billions, except EPS)

April 2025

January 2025

Adjusted Operational Sales1,2,5

Change vs. Prior Year / Mid-point

2.0% – 3.0% / 2.5%

2.0% – 3.0% / 2.5%

Operational Sales2,5 / Mid-point

Change vs. Prior Year / Mid-point

$91.6B – $92.4B / $92.0B

3.3% – 4.3% / 3.8%

$90.9B – $91.7B / $91.3B

2.5% – 3.5% / 3.0%

Estimated Reported Sales3,5/ Mid-point

Change vs. Prior Year / Mid-point

$91.0B – $91.8B / $91.4B

2.6% – 3.6% / 3.1%

$89.2B – $90.0B / $89.6B

0.5% – 1.5% / 1.0%

Adjusted Operational EPS (Diluted)2,4 / Mid-point

Change vs. Prior Year / Mid-point

$10.50 – $10.70 / $10.60

5.2% – 7.2% / 6.2%

$10.75 – $10.95 / $10.85

7.7% – 9.7% / 8.7%

Adjusted EPS (Diluted)3,4 / Mid-point

Change vs. Prior Year / Mid-point

$10.50 – $10.70 / $10.60

5.2% – 7.2% / 6.2%

$10.50 – $10.70 / $10.60

5.2% – 7.2% / 6.2%

1

Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures

2

Non-GAAP financial measure; excludes the impact of translational currency

3

Calculated using Euro Average Rate: April 2025 = $1.10 and January 2025 = $1.04 (Illustrative purposes only)

4

Non-GAAP financial measure; excludes intangible amortization expense and special items

5

Excludes COVID-19 Vaccine

Note: percentages may have been rounded

Other modeling considerations will be provided on the webcast.

Notable announcements in the quarter:

The information contained in this section should be read together with Johnson & Johnson’s other disclosures filed with the Securities and Exchange Commission, including its Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. The reader is also encouraged to review all other news releases and information available in the Investor Relations section of the company’s website at News Releases, as well as Innovative Medicine News Center, MedTech News & Events, and www.factsabouttalc.com.

Regulatory

European Commission approves subcutaneous RYBREVANT (amivantamab) for the treatment of patients with advanced EGFR-mutated non-small cell lung cancer1

Press Release

 

European Commission approves Johnson & Johnson’s subcutaneous DARZALEX (daratumumab)-based quadruplet regimen for the treatment of patients with newly diagnosed multiple myeloma, regardless of transplant eligibility1

Press Release

 

U.S. FDA approves TREMFYA (guselkumab), the first and only IL-23 inhibitor offering both subcutaneous and intravenous induction options, for adult patients with moderately to severely active Crohn's disease

Press Release

 

Nipocalimab, the first and only investigational treatment to be granted U.S. FDA Breakthrough Therapy designation for the treatment of adults with moderate-to-severe Sjögren's disease, has now received Fast Track designation

Press Release

Data Releases

Johnson & Johnson MedTech Announces Completion of First Cases with OTTAVA Robotic Surgical System1

Press Release

 

Icotrokinra results show 75% of adolescents with plaque psoriasis achieved completely clear skin and demonstrate favorable safety profile in a once daily pill1

Press Release

 

Johnson & Johnson highlights new data that showcase the strength of nipocalimab, demonstrating long-term sustained disease control in adults living with generalized myasthenia gravis (gMG)1

Press Release

TREMFYA (guselkumab) is the first and only IL-23 inhibitor to significantly reduce both the signs and symptoms and the progression of structural damage in adults living with active psoriatic arthritis1

Press Release

 

Johnson & Johnson MedTech to Highlight Latest Advancements in Heart Disease Treatment with Impella at ACC.25

Press Release

 

RYBREVANT (amivantamab-vmjw) plus LAZCLUZE (lazertinib) outperforms osimertinib with a significant and unprecedented overall survival benefit in patients with EGFR-mutated non-small cell lung cancer

Press Release

New nipocalimab data and real-world research at AAN 2025 highlight positive Phase 3 results and commitment to people living with generalized myasthenia gravis (gMG)

Press Release

RYBREVANT (amivantamab-vmjw) plus LAZCLUZE (lazertinib) significantly outperforms standard of care in first-line EGFR-mutated lung cancer with compelling new data at ELCC 2025

Press Release

Johnson & Johnson MedTech Showcases New Era of Digital Orthopaedics at AAOS 2025

Press Release

Icotrokinra meets primary endpoint of clinical response in ulcerative colitis study and shows potential to transform the treatment paradigm for patients

Press Release

Icotrokinra results show potential to set a new standard of treatment in plaque psoriasis

Press Release

TREMFYA (guselkumab) subcutaneous (SC) induction data support potential to be the first and only in its class to offer the option of both intravenous and SC induction therapy in ulcerative colitis

Press Release

New nipocalimab data published in mAbs journal details differentiated molecular design, clinical profile and potential of nipocalimab to treat IgG-driven alloantibody and autoantibody diseases

Press Release

Findings from pivotal nipocalimab Phase 3 study in a broad antibody positive population of people living with generalized myasthenia gravis (gMG) published in The Lancet Neurology

Press Release

 

Product Launch

Shockwave Medical Launches Novel Forward Intravascular Lithotripsy Platform in U.S. to Transform Treatment of Difficult-to-Cross Calcified Lesions

Press Release

 

Other

Johnson & Johnson Closes Landmark Intra-Cellular Therapies, Inc. Acquisition to Solidify Neuroscience Leadership1

Press Release

 

Johnson & Johnson to Return to Tort System to Defeat Meritless Talc Claims1

Press Release

 

Johnson & Johnson Increases U.S. Investment to More than $55 Billion Over the Next Four Years

Press Release

 

Johnson & Johnson Announces Darren Snellgrove as Vice President, Investor Relations

Press Release

 
1 Subsequent to the quarter

Webcast information:

Johnson & Johnson will conduct a conference call with investors to discuss this earnings release today at 8:30 a.m., Eastern Time. A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Johnson & Johnson website. A replay and podcast will be available approximately two hours after the live webcast in the Investor Relations section of the company's website at events-and-presentations.

About Johnson & Johnson:

At Johnson & Johnson, we believe health is everything. Our strength in healthcare innovation empowers us to build a world where complex diseases are prevented, treated, and cured, where treatments are smarter and less invasive, and solutions are personal. Through our expertise in Innovative Medicine and MedTech, we are uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow, and profoundly impact health for humanity. Learn more at www.jnj.com.

Non-GAAP financial measures:

* “Operational sales growth” excluding the impact of translational currency, “adjusted operational sales growth” excluding the net impact of acquisitions and divestitures and translational currency, as well as “adjusted net earnings”, “adjusted diluted earnings per share” and “adjusted operational diluted earnings per share” excluding after-tax intangible amortization expense and special items, are non-GAAP financial measures and should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Except for guidance measures, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying financial schedules of the earnings release and the Investor Relations section of the company's website at quarterly results.

Copies of the financial schedules accompanying this earnings release are available on the company’s website at quarterly results. These schedules include supplementary sales data, a condensed consolidated statement of earnings, reconciliations of non-GAAP financial measures, and sales of key products/franchises. Additional information on Johnson & Johnson, including adjusted income before tax by segment, an Innovative Medicine pipeline of selected compounds in late stage development and a copy of today’s earnings call presentation can also be found in the Investor Relations section of the company's website at quarterly results.

Note to investors concerning forward-looking statements:

This press release 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 strategy. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations or changes to applicable laws and regulations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the Company to successfully execute strategic plans, including restructuring plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; and increased scrutiny of the health care industry by government agencies. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s most recent Annual Report on Form 10-K, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in Johnson & Johnson’s subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.

 
Johnson & Johnson and Subsidiaries
Supplementary Sales Data
 
(Unaudited; Dollars in Millions) FIRST QUARTER

 

 

 

 

Percent Change

2025

 

2024

 

Total

 

Operations

 

Currency

Sales to customers by
segment of business
 
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.
Johnson & Johnson and Subsidiaries
Supplementary Sales Data
 
(Unaudited; Dollars in Millions) FIRST QUARTER

 

 

 

 

Percent Change

2025

 

2024

 

Total

Operations

 

Currency

Sales to customers by
geographic area
 
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.
Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
 
(Unaudited; in Millions Except Per Share Figures) FIRST QUARTER
 

2025

 

2024

 

Percent

 

 

Percent

 

 

 

Percent

 

Increase

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

 

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)
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.
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:

1

In 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.
 

2

The 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.
 
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
 
Adjusted Operational Sales Growth
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

REPORTED SALES vs. PRIOR PERIOD ($MM)

FIRST QUARTER
% Change
INNOVATIVE MEDICINE SEGMENT (2)

2025

2024

Reported

Operational (1)

Currency

 
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
 
 

REPORTED SALES vs. PRIOR PERIOD ($MM)

FIRST QUARTER
% Change

2025

2024

Reported

Operational (1)

Currency

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
 
 

REPORTED SALES vs. PRIOR PERIOD ($MM)

FIRST QUARTER
% Change

2025

2024

Reported

Operational (1)

Currency

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

%

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
 
 

REPORTED SALES vs. PRIOR PERIOD ($MM)

FIRST QUARTER

 

 

 

% Change

MEDTECH SEGMENT (2)

 

2025

2024

Reported

Operational (1)

Currency

 
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
 
 

REPORTED SALES vs. PRIOR PERIOD ($MM)

FIRST QUARTER

 

 

 

% Change

 

2025

2024

Reported

Operational (1)

Currency

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: Columns 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
Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
Year to Date
Innovative Medicine

First Quarter
March 30,
2025
GAAP

 

Intangible asset
amortization

 

Litigation
related

 

Restructuring
related

 

Acquisition,
integration and
divestiture related

 

(Loss)/gain on
securities

 

Tax legislation
and other tax
related

 

First Quarter
March 30,
2025
Non-GAAP

Cost of products sold

$

4,020

 

(649

)

3,371

 

Selling, marketing and admin expenses

 

2,261

 

2,261

 

Research and development expense

 

2,548

 

2,548

 

Other segment items

 

(166

)

-

 

-

 

-

 

(20

)

(18

)

-

 

(204

)

Adjusted Income Before Tax by Segment

 

5,210

 

649

 

-

 

-

 

20

 

18

 

-

 

5,897

 

 
MedTech

First Quarter
March 30,
2025
GAAP

 

Intangible asset
amortization

 

Litigation
related

 

Restructuring
related

 

Acquisition,
integration and
divestiture related

 

(Loss)/gain on
securities

 

Tax legislation
and other tax
related

 

First Quarter
March 30,
2025
Non-GAAP

Cost of products sold

$

3,326

 

(471

)

(8

)

(52

)

2,795

 

Selling, marketing and admin expenses

 

2,656

 

2,656

 

Research and development expense

 

677

 

(6

)

671

 

Other segment items

 

(60

)

-

 

-

 

(47

)

(54

)

(21

)

-

 

(182

)

Adjusted Income Before Tax by Segment

 

1,421

 

471

 

-

 

55

 

112

 

21

 

-

 

2,080

 

 
Expenses not allocated to segments

First Quarter
March 30,
2025
GAAP

 

Intangible asset
amortization

 

Litigation
related

 

Restructuring
related

 

Acquisition,
integration and
divestiture related

 

(Loss)/gain on
securities

 

Tax legislation
and other tax
related

 

First Quarter
March 30,
2025
Non-GAAP

Cost of products sold

$

11

 

11

 

Selling, marketing and admin expenses

 

195

 

195

 

Research and development expense

-

 

Other segment items

 

(7,206

)

-

 

6,966

 

-

 

-

 

-

 

-

 

(240

)

Adjusted Income Before Tax by Segment

 

7,000

 

-

 

(6,966

)

-

 

-

 

-

 

-

 

34

 

 
Johnson & Johnson Consolidated

First Quarter
March 30,
2025
GAAP

 

Intangible asset
amortization

 

Litigation
related

 

Restructuring
related

 

Acquisition,
integration and
divestiture related

 

(Loss)/gain on
securities

 

Tax legislation
and other tax
related

 

First Quarter
March 30,
2025
Non-GAAP

Cost of products sold

$

7,357

 

(1,120

)

(8

)

(52

)

-

 

6,177

 

Selling, marketing and admin expenses

 

5,112

 

5,112

 

Research and development expense

 

3,225

 

(6

)

3,219

 

Other (Income) / Expense

 

(7,321

)

-

 

6,966

 

(30

)

(74

)

(39

)

(498

)

In-process research and development impairments

 

-

 

-

 

Interest (Income)/Expense

 

(128

)

(128

)

Restructuring

 

17

 

(17

)

-

 

Adjusted Income Before Tax

 

13,631

 

1,120

 

(6,966

)

55

 

132

 

39

 

-

 

8,011

 

Provision for taxes on income

 

2,632

 

188

 

(1,553

)

11

 

30

 

9

 

(12

)

1,305

 

Net Earnings

 

10,999

 

932

 

(5,413

)

44

 

102

 

30

 

12

 

6,706

 

Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
Year to Date
Innovative Medicine First Quarter
March 31, 2024
GAAP 		Intangible asset
amortization 		Litigation
related 		Restructuring
related 		Acquisition,
integration and
divestiture related 		(Loss)/gain on
securities 		Medical Device
Regulation 		COVID-19
Vaccine Related
Costs 		Tax legislation
and other tax
related 		First Quarter
March 31, 2024
Non-GAAP
Cost of products sold

$

3,370

 

(698

)

(2

)

2,670

 

Selling, marketing and admin expenses

 

2,438

 

2,438

 

Research and development expense

 

2,896

 

(7

)

2,889

 

Other segment items

 

(111

)

(144

)

(47

)

55

 

(247

)

Adjusted Income Before Tax by Segment

 

4,969

 

698

 

-

 

144

 

47

 

(55

)

-

 

9

 

-

 

5,812

 

 
MedTech First Quarter
March 31, 2024
GAAP 		Intangible asset
amortization 		Litigation
related 		Restructuring
related 		Acquisition,
integration and
divestiture related 		(Loss)/gain on
securities 		Medical Device
Regulation 		COVID-19
Vaccine Related
Costs 		Tax legislation
and other tax
related 		First Quarter
March 31, 2024
Non-GAAP
Cost of products sold

$

3,120

 

(380

)

(7

)

(20

)

2,713

 

Selling, marketing and admin expenses

 

2,582

 

(4

)

2,578

 

Research and development expense

 

646

 

(18

)

(27

)

601

 

Other segment items

 

(47

)

(20

)

(43

)

(22

)

(132

)

Adjusted Income Before Tax by Segment

 

1,520

 

380

 

-

 

27

 

61

 

22

 

51

 

-

 

-

 

2,061

 

 
Expenses not allocated to segments First Quarter
March 31, 2024
GAAP 		Intangible asset
amortization 		Litigation
related 		Restructuring
related 		Acquisition,
integration and
divestiture related 		(Loss)/gain on
securities 		Medical Device
Regulation 		COVID-19
Vaccine Related
Costs 		Tax legislation
and other tax
related 		First Quarter
March 31, 2024
Non-GAAP
Cost of products sold

$

21

 

21

 

Selling, marketing and admin expenses

 

237

 

237

 

Research and development expense

 

-

 

-

 

Other segment items

 

2,517

 

(2,726

)

(40

)

(13

)

(262

)

Adjusted Income Before Tax by Segment

 

(2,775

)

-

 

2,726

 

-

 

40

 

13

 

-

 

-

 

-

 

4

 

 
Johnson & Johnson Consolidated First Quarter
March 31, 2024
GAAP 		Intangible asset
amortization 		Litigation
related 		Restructuring
related 		Acquisition,
integration and
divestiture related 		(Loss)/gain on
securities 		Medical Device
Regulation 		COVID-19
Vaccine Related
Costs 		Tax legislation
and other tax
related 		First Quarter
March 31, 2024
Non-GAAP
Cost of products sold

$

6,511

 

(1,078

)

(7

)

(20

)

(2

)

5,404

 

Selling, marketing and admin expenses

 

5,257

 

(4

)

5,253

 

Research and development expense

 

3,542

 

(18

)

(27

)

(7

)

3,490

 

Other (Income) / Expense

 

2,404

 

(2,726

)

(130

)

20

 

(432

)

In-process research and development impairments

 

-

 

-

 

Interest (Income)/Expense

 

(209

)

(209

)

Restructuring

 

164

 

(164

)

-

 

Adjusted Income Before Tax

 

3,714

 

1,078

 

2,726

 

171

 

148

 

(20

)

51

 

9

 

-

 

7,877

 

Provision for taxes on income

 

459

 

148

 

627

 

39

 

38

 

(7

)

9

 

2

 

(18

)

1,297

 

Net Earnings

 

3,255

 

930

 

2,099

 

132

 

110

 

(13

)

42

 

7

 

18

 

6,580

 

 

Media contact:
media-relations@its.jnj.com

Investor contact:
investor-relations@its.jnj.com

Source: Johnson & Johnson