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Johnson & Johnson

Johnson & Johnson reports Q1 2026 results, raises 2026 outlook

  • 2026 First-Quarter reported sales growth of 9.9% to $24.1 Billion with operational growth of 6.4%* and adjusted operational growth of 5.3%*
  • 2026 First-Quarter earnings per share (EPS) of $2.14 and adjusted EPS of $2.70
  • Company increases 2026 guidance with estimated reported salesof $100.8 Billion or 7.0% at the midpoint, and adjusted EPS4 of $11.55 or 7.1% at the midpoint
  • Solidifying path to double-digit growth by the end of the decade, with significant progress for patients with the approvals of ICOTYDE the first-and-only targeted oral peptide for plaque psoriasis, TECVAYLI plus DARZALEX FASPRO as early as second line for patients with relapsed/refractory multiple myeloma, VARIPULSE Pro in Europe with a new pulse sequence that is now 5 times faster, and TECNIS PureSee Intraocular Lens for U.S. Cataract Patients
  • Company announces planned Enterprise Business Review for December 8, 2026

NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--Apr. 14, 2026-- Johnson & Johnson (NYSE: JNJ) today announced results for first-quarter 2026. “Johnson & Johnson had a strong start to 2026 and is delivering on its promise for a year of accelerated growth and impact,” said Joaquin Duato, Chairman and Chief Executive Officer, Johnson & Johnson. “The depth and strength of our portfolio and pipeline is unrivaled and our relentless focus on innovation delivered multiple game-changing approvals this quarter, including ICOTYDE in the U.S. for moderate to severe plaque psoriasis and VARIPULSE Pro in Europe. These advancements have the potential to transform patient outcomes and create sustainable, long-term value for shareholders.”

Overall financial results

 

Q1

($ in Millions, except EPS)

2026

 

2025

% Change

Reported Sales

 

$24,062

 

$21,893

9.9%

Net Earnings

 

$5,235

 

$10,999

-52.4%

EPS (diluted)

 

$2.14

 

$4.54

-52.9%

 

 

 

 

 

Q1

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

2026

 

2025

% Change

Operational Sales1,2

 

 

 

 

 

6.4%

Adjusted Operational Sales1,3

 

 

 

 

 

5.3%

Adjusted Net Earnings1,4

 

$6,614

 

$6,706

 

-1.4%

Adjusted EPS (diluted)1,4

 

$2.70

 

$2.77

 

-2.5%

Free Cash Flow5,6

 

~$1,500

 

$3,379

 

 

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

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.

6

First-quarter 2026 is estimated as of April 14, 2026

Note: values may have been rounded

Regional sales results

Q1

 

 

 

% Change

 

($ in Millions)

2026

2025

Reported

Operational1,2

Currency

Adjusted

Operational1,3

U.S.

$13,330

$12,305

8.3%

8.3

-

6.2

International

10,732

9,588

11.9

3.9

8.0

4.0

Worldwide

$24,062

$21,893

9.9%

6.4

3.5

5.3

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)

2026

2025

Reported

Operational1,2

Currency

Adjusted

Operational1,3

Innovative Medicine

$15,426

$13,873

11.2%

7.4

3.8

5.6

MedTech

8,636

8,020

7.7

4.6

3.1

4.7

Worldwide

$24,062

$21,893

9.9%

6.4

3.5

5.3

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 2026 segment commentary:

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

Innovative Medicine

Innovative Medicine worldwide operational sales grew 7.4%*, with net acquisitions and divestitures positively impacting growth by 1.8% primarily due to CAPLYTA. Growth was driven primarily by DARZALEX, CARVYKTI, ERLEADA, and RYBREVANT/LAZCLUZE in Oncology, TREMFYA in Immunology, and SPRAVATO in Neuroscience. Growth was partially offset by an approximate (920) basis points impact from STELARA in Immunology, as well as IMBRUVICA in Oncology.

MedTech

MedTech worldwide operational sales grew 4.6%*, with divestitures negatively impacting growth by 0.1%. Growth was driven primarily by electrophysiology products, Abiomed, and Shockwave in Cardiovascular, as well as trauma in Orthopaedics.

Full-year 2026 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 2026

January 2026

Adjusted Operational Sales1,2

Change vs. Prior Year / Mid-point

5.6% – 6.6% / 6.1%

5.4% – 6.4% / 5.9%

Operational Sales2 / Mid-point

Change vs. Prior Year / Mid-point

$99.7B – $100.7B / $100.2B

5.9% – 6.9% / 6.4%

$99.5B – $100.5B / $100.0B

5.7% – 6.7% / 6.2%

Estimated Reported Sales3/ Mid-point

Change vs. Prior Year / Mid-point

$100.3B – $101.3B / $100.8B

6.5% – 7.5% / 7.0%

$100.0B – $101.0B / $100.5B

6.2% – 7.2% / 6.7%

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

Change vs. Prior Year / Mid-point

$11.30 – $11.50 / $11.40

4.7% – 6.7% / 5.7%

$11.28 – $11.48 / $11.38

4.5% – 6.5% / 5.5%

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

Change vs. Prior Year / Mid-point

$11.45 – $11.65 / $11.55

6.1% – 8.1% / 7.1%

$11.43 – $11.63 / $11.53

5.9% – 7.9% / 6.9%

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 2026 = $1.17 and January 2026 = $1.17 (Illustrative purposes only)

4

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

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 Investor News, as well as Innovative Medicine Newsroom, MedTech News & Events, and www.factsabouttalc.com.

Regulatory

Johnson & Johnson Announces FDA Approval of TECNIS PureSee Intraocular Lens, a Breakthrough Solution for U.S. Cataract Patients

Press Release

 

Johnson & Johnson Announces U.S. FDA Approval of TECVAYLI plus DARZALEX FASPRO for Relapsed/Refractory Multiple Myeloma, Offering a Potential New Standard of Care as Early as Second Line

Press Release

 

Johnson & Johnson therapy nipocalimab granted U.S. FDA Fast Track designation in systemic lupus erythematosus (SLE)

Press Release

 

Johnson & Johnson seeks FDA approval of IMAAVY (nipocalimab-aahu) as the first-ever FDA-approved treatment for warm autoimmune hemolytic anemia (wAIHA)

Press Release

 

RYBREVANT FASPRO (amivantamab and hyaluronidase-lpuj) receives U.S. FDA Breakthrough Therapy Designation for patients with advanced head and neck cancer

Press Release

 

FDA approves RYBREVANT FASPRO (amivantamab and hyaluronidase-lpuj) as the only EGFR-targeted therapy that can be administered once a month

Press Release

 

DARZALEX FASPRO-based quadruplet regimen approved in the U.S. for newly diagnosed patients with multiple myeloma who are transplant ineligible

Press Release

Data Releases

Johnson & Johnson Highlights Favorable 12-Month Interim Results for the VARIPULSE Platform at EHRA 20261

Press Release

 

Johnson & Johnson Showcases New Clinical Data for TECNIS PureSee IOL at ASCRS 2026 Demonstrating Excellent Contrast Sensitivity and Extended Range of Vision1

Press Release

 

STEMI DTU Randomized Control Trial Demonstrates for the First Time that a Combination of Delayed Reperfusion and Left Ventricular Unloading Does Not Increase Myocardial Infarct Size

Press Release

 

ICOTYDE (icotrokinra) one-year results confirm lasting skin clearance and favorable safety profile in once‑daily pill for plaque psoriasis

Press Release

 

Johnson & Johnson highlights promising first-in-human Erda-iDRS (formerly TAR-210) results in intermediate-risk non-muscle-invasive bladder cancer

Press Release

 

Early study results from Johnson & Johnson show promising antitumor activity with combination of pasritamig and docetaxel in advanced prostate cancer

Press Release

 

TREMFYA (guselkumab) long-term data show sustained clinical and endoscopic remission in ulcerative colitis through 3 years

Press Release

 

RYBREVANT FASPRO (amivantamab and hyaluronidase-lpuj) plus immunotherapy shows strong clinical benefit with 56 percent overall response rate in first-line recurrent or metastatic head and neck cancer

Press Release

 

Johnson & Johnson Presents Early Outcomes from the OMNY-AF Pilot Study at 2026 AF Symposium

Press Release

 

Real-world head-to-head analysis shows 51% reduction in risk of death for patients with metastatic castration-sensitive prostate cancer treated with ERLEADA (apalutamide) versus darolutamide without docetaxel through 24 months

Press Release

Product Launch

Johnson & Johnson Advances Pulsed Field Ablation Portfolio with the Launch of VARIPULSE Pro in Europe1

Press Release

 

FDA approval of ICOTYDE (icotrokinra) ushers in new era for first-line systemic treatment of plaque psoriasis with a targeted oral peptide

Press Release

Other

Johnson & Johnson Expands U.S. Footprint with more than $1 Billion Investment in Next Generation Cell Therapy Manufacturing Facility in Pennsylvania

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; increased scrutiny of the health care industry by government agencies; and the Company's ability to successfully separate the Company's Orthopaedics business and realize the anticipated benefits from the planned separation. 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, investor.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

 

2026

 

2025

 

Total

Operations

 

Currency

Sales to customers by

 

segment of business

 

 

Innovative Medicine

 

U.S.

$

8,871

8,092

9.6

%

9.6

-

International

 

6,555

5,781

13.4

 

4.3

9.1

 

15,426

13,873

11.2

 

7.4

3.8

 

MedTech

 

U.S.

 

4,459

4,213

5.9

 

5.9

-

International

 

4,177

3,807

9.7

 

3.2

6.5

 

8,636

8,020

7.7

 

4.6

3.1

 

U.S.

 

13,330

12,305

8.3

 

8.3

-

International

 

10,732

9,588

11.9

 

3.9

8.0

Worldwide

$

24,062

21,893

9.9

%

6.4

3.5

 

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

 

2026

 

2025

 

Total

Operations

 

Currency

Sales to customers by

 

geographic area

 

 

U.S.

$

13,330

12,305

8.3

%

8.3

-

 

Europe

 

5,848

5,110

14.5

 

2.7

11.8

Western Hemisphere excluding U.S.

 

1,293

1,167

10.8

 

2.5

8.3

Asia-Pacific, Africa

 

3,591

3,311

8.5

 

6.1

2.4

International

 

10,732

9,588

11.9

 

3.9

8.0

 

Worldwide

$

24,062

21,893

9.9

%

6.4

3.5

 

Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

 

 

REPORTED SALES vs. PRIOR PERIOD ($MM)

 

FIRST QUARTER

 

 

 

 

 

% Change

INNOVATIVE MEDICINE SEGMENT (2)

 

2026

 

2025

Reported

Operational (1)

Currency

 

 

 

ONCOLOGY

 

 

 

US

$

3,615

3,013

20.0%

20.0%

-

Intl

 

3,358

2,664

26.0%

15.3%

10.7%

WW

 

6,973

5,678

22.8%

17.8%

5.0%

DARZALEX

 

 

 

US

 

2,208

1,829

20.7%

20.7%

-

Intl

 

1,756

1,409

24.7%

14.0%

10.7%

WW

 

3,964

3,237

22.5%

17.8%

4.7%

CARVYKTI

 

 

 

US

 

433

318

36.2%

36.2%

-

Intl

 

164

51

*

*

*

WW

 

597

369

62.1%

57.4%

4.7%

TECVAYLI

 

 

 

US

 

127

105

20.6%

20.6%

-

Intl

 

74

46

63.1%

52.1%

11.0%

WW

 

202

151

33.5%

30.1%

3.4%

TALVEY

 

 

 

US

 

101

68

48.5%

48.5%

-

Intl

 

51

18

*

*

*

WW

 

152

86

76.7%

72.8%

3.9%

RYBREVANT / LAZCLUZE

 

 

 

US

 

175

113

55.1%

55.1%

-

Intl

 

82

28

*

*

*

WW

 

257

141

82.7%

80.5%

2.2%

ERLEADA

 

 

 

US

 

342

292

17.3%

17.3%

-

Intl

 

607

479

26.7%

15.5%

11.2%

WW

 

949

771

23.1%

16.2%

6.9%

IMBRUVICA

 

 

 

US

 

143

235

(39.1)%

(39.1)%

-

Intl

 

517

474

9.1%

(1.4)%

10.5%

WW

 

660

709

(6.9)%

(13.9)%

7.0%

OTHER ONCOLOGY (3)

 

 

 

US

 

85

54

58.8%

58.8%

-

Intl

 

106

160

(33.9)%

(36.3)%

2.4%

WW

 

192

214

(10.6)%

(12.5)%

1.9%

 

 

 

See footnotes at end of schedule

 

 

 

 

 

 

 

 

 

 

REPORTED SALES vs. PRIOR PERIOD ($MM)

 

FIRST QUARTER

 

 

 

 

 

 

% Change

 

 

2026

 

2025

 

Reported

 

Operational (1)

 

Currency

IMMUNOLOGY

 

 

 

US

$

1,855

2,196

(15.5)%

(15.5)%

-

Intl

 

1,524

1,510

0.9%

(6.4)%

7.3%

WW

 

3,380

3,707

(8.8)%

(11.8)%

3.0%

TREMFYA

 

 

 

US

 

1,042

599

73.9%

73.9%

-

Intl

 

566

356

58.9%

46.8%

12.1%

WW

 

1,608

956

68.3%

63.8%

4.5%

SIMPONI / SIMPONI ARIA

 

 

 

US

 

269

292

(7.8)%

(7.8)%

-

Intl

 

378

366

3.0%

(4.1)%

7.1%

WW

 

647

659

(1.7)%

(5.7)%

4.0%

REMICADE

 

 

 

US

 

269

314

(14.4)%

(14.4)%

-

US Exports (4)

 

18

10

78.6%

78.6%

-

Intl

 

136

143

(4.8)%

(10.5)%

5.7%

WW

 

422

467

(9.5)%

(11.2)%

1.7%

STELARA

 

 

 

US

 

220

981

(77.6)%

(77.6)%

-

Intl

 

435

644

(32.4)%

(37.7)%

5.3%

WW

 

656

1,625

(59.7)%

(61.7)%

2.0%

OTHER IMMUNOLOGY

 

 

 

US

 

38

1

*

*

-

Intl

 

9

0

*

*

*

WW

 

46

1

*

*

*

NEUROSCIENCE

 

 

 

US

 

1,494

968

54.3%

54.3%

-

Intl

 

681

679

0.3%

(6.3)%

6.6%

WW

 

2,175

1,647

32.0%

29.3%

2.7%

SPRAVATO

 

 

 

US

 

406

276

47.0%

47.0%

-

Intl

 

61

43

42.4%

28.7%

13.7%

WW

 

468

320

46.4%

44.5%

1.9%

CAPLYTA (5)

 

 

 

US

 

270

-

*

*

-

Intl

 

-

-

-

-

-

WW

 

270

-

*

*

-

INVEGA SUSTENNA / XEPLION /
INVEGA TRINZA / TREVICTA

 

 

 

US

 

758

625

21.2%

21.2%

-

Intl

 

280

277

1.1%

(4.9)%

6.0%

WW

 

1,038

903

15.0%

13.2%

1.8%

CONCERTA / Methylphenidate

 

 

 

US

 

22

38

(43.4)%

(43.4)%

-

Intl

 

115

110

4.3%

(0.6)%

4.9%

WW

 

136

148

(8.0)%

(11.7)%

3.7%

OTHER NEUROSCIENCE

 

 

 

US

 

38

28

32.6%

32.6%

-

Intl

 

224

248

(9.7)%

(16.3)%

6.6%

WW

 

262

277

(5.4)%

(11.3)%

5.9%

 

 

 

See footnotes at end of schedule

 

 

 

 

 

 

 

 

 

 

REPORTED SALES vs. PRIOR PERIOD ($MM)

 

FIRST QUARTER

 

 

 

 

 

 

% Change

 

 

2026

 

2025

 

Reported

 

Operational (1)

 

Currency

PULMONARY HYPERTENSION (PH)

 

 

 

US

$

831

744

11.7%

11.7%

-

Intl

 

304

281

8.2%

1.0%

7.2%

WW

 

1,135

1,025

10.7%

8.7%

2.0%

UPTRAVI

 

 

 

US

 

385

365

5.4%

5.4%

-

Intl

 

98

86

14.3%

5.1%

9.2%

WW

 

483

451

7.1%

5.4%

1.7%

OPSUMIT / OPSYNVI

 

 

 

US

 

433

363

19.3%

19.3%

-

Intl

 

172

159

8.7%

1.7%

7.0%

WW

 

606

522

16.1%

14.0%

2.1%

OTHER PULMONARY HYPERTENSION

 

 

 

US

 

12

15

(21.1)%

(21.1)%

-

Intl

 

34

37

(8.3)%

(11.8)%

3.5%

WW

 

46

52

(12.1)%

(14.5)%

2.4%

INFECTIOUS DISEASES (ID)

 

 

 

US

 

342

315

8.6%

8.6%

-

Intl

 

547

487

12.2%

1.3%

10.9%

WW

 

889

802

10.8%

4.1%

6.7%

EDURANT / rilpivirine

 

 

 

US

 

7

8

(13.1)%

(13.1)%

-

Intl

 

402

350

14.8%

3.2%

11.6%

WW

 

409

358

14.1%

2.8%

11.3%

PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA

 

 

 

US

 

334

305

9.5%

9.5%

-

Intl

 

109

98

11.2%

0.7%

10.5%

WW

 

443

403

10.0%

7.4%

2.6%

OTHER INFECTIOUS DISEASES

 

 

 

US

 

1

2

(56.9)%

(56.9)%

-

Intl

 

36

39

(8.3)%

(14.7)%

6.4%

WW

 

37

41

(10.4)%

(16.5)%

6.1%

CARDIOVASCULAR / METABOLISM / OTHER (CVM)

 

 

 

US

 

734

855

(14.2)%

(14.2)%

-

Intl

 

142

158

(10.4)%

(17.5)%

7.1%

WW

 

876

1,013

(13.6)%

(14.7)%

1.1%

XARELTO

 

 

 

US

 

642

690

(7.0)%

(7.0)%

-

Intl

 

-

-

-

-

-

WW

 

642

690

(7.0)%

(7.0)%

-

OTHER

 

 

 

US

 

91

165

(44.5)%

(44.5)%

-

Intl

 

142

158

(10.4)%

(17.5)%

7.1%

WW

 

233

323

(27.8)%

(31.2)%

3.4%

TOTAL PH, ID, CVM

 

 

 

US

 

1,907

1,914

(0.4)%

(0.4)%

-

Intl

 

993

926

7.1%

(2.0)%

9.1%

WW

 

2,899

2,840

2.1%

(0.9)%

3.0%

TOTAL INNOVATIVE MEDICINE

 

 

 

US

 

8,871

8,092

9.6%

9.6%

-

Intl

 

6,555

5,781

13.4%

4.3%

9.1%

WW

$

15,426

13,873

11.2%

7.4%

3.8%

 

 

 

See footnotes at end of schedule

 

 

 

 

 

 

 

 

 

 

REPORTED SALES vs. PRIOR PERIOD ($MM)

 

FIRST QUARTER

 

 

 

 

 

 

% Change

MEDTECH SEGMENT (2)

 

2026

 

2025

 

Reported

 

Operational (1)

 

Currency

 

 

 

CARDIOVASCULAR

 

 

 

US

$

1,399

1,261

10.9%

10.9%

-

Intl

 

978

842

16.1%

9.9%

6.2%

WW

 

2,377

2,103

13.0%

10.5%

2.5%

ELECTROPHYSIOLOGY

 

 

 

US

 

736

684

7.6%

7.6%

-

Intl

 

753

638

18.0%

11.7%

6.3%

WW

 

1,489

1,323

12.6%

9.5%

3.1%

ABIOMED

 

 

 

US

 

389

339

14.5%

14.5%

-

Intl

 

100

81

23.5%

13.9%

9.6%

WW

 

488

420

16.3%

14.4%

1.9%

SHOCKWAVE

 

 

 

US

 

242

206

17.8%

17.8%

-

Intl

 

63

52

21.3%

19.3%

2.0%

WW

 

305

258

18.5%

18.1%

0.4%

OTHER CARDIOVASCULAR

 

 

 

US

 

32

32

0.7%

0.7%

-

Intl

 

62

72

(13.4)%

(17.5)%

4.1%

WW

 

94

103

(9.1)%

(11.9)%

2.8%

SURGERY

 

 

 

US

 

1,046

1,002

4.4%

4.4%

-

Intl

 

1,465

1,394

5.1%

(1.1)%

6.2%

WW

 

2,511

2,396

4.8%

1.2%

3.6%

ADVANCED

 

 

 

US

 

477

457

4.2%

4.2%

-

Intl

 

646

616

4.9%

(1.0)%

5.9%

WW

 

1,123

1,073

4.6%

1.2%

3.4%

GENERAL

 

 

 

US

 

569

544

4.5%

4.5%

-

Intl

 

819

778

5.2%

(1.3)%

6.5%

WW

 

1,388

1,323

4.9%

1.1%

3.8%

 

 

 

See footnotes at end of schedule

 

 

 

 

 

 

 

 

 

 

REPORTED SALES vs. PRIOR PERIOD ($MM)

 

FIRST QUARTER

 

 

 

 

 

 

% Change

 

 

2026

 

2025

 

Reported

 

Operational (1)

 

Currency

VISION

 

 

 

US

$

579

566

2.4%

2.4%

-

Intl

 

785

713

10.1%

4.6%

5.5%

WW

 

1,365

1,279

6.7%

3.6%

3.1%

CONTACT LENSES / OTHER

 

 

 

US

 

468

452

3.7%

3.7%

-

Intl

 

501

467

7.2%

1.7%

5.5%

WW

 

969

919

5.5%

2.7%

2.8%

SURGICAL

 

 

 

US

 

111

114

(2.9)%

(2.9)%

-

Intl

 

285

246

15.6%

10.1%

5.5%

WW

 

396

361

9.7%

6.0%

3.7%

ORTHOPAEDICS

 

 

 

US

 

1,435

1,384

3.7%

3.7%

-

Intl

 

948

857

10.6%

2.4%

8.2%

WW

 

2,383

2,241

6.3%

3.2%

3.1%

HIPS

 

 

 

US

 

277

263

5.2%

5.2%

-

Intl

 

159

146

8.9%

0.3%

8.6%

WW

 

436

409

6.5%

3.5%

3.0%

KNEES

 

 

 

US

 

239

231

3.3%

3.3%

-

Intl

 

181

158

14.6%

6.5%

8.1%

WW

 

420

389

7.9%

4.6%

3.3%

TRAUMA

 

 

 

US

 

532

502

6.1%

6.1%

-

Intl

 

301

270

11.4%

3.1%

8.3%

WW

 

833

772

8.0%

5.0%

3.0%

SPINE, SPORTS & OTHER

 

 

 

US

 

387

388

(0.1)%

(0.1)%

-

Intl

 

307

283

8.4%

0.7%

7.7%

WW

 

694

671

3.5%

0.2%

3.3%

TOTAL MEDTECH

 

 

 

US

 

4,459

4,213

5.9%

5.9%

-

Intl

 

4,177

3,807

9.7%

3.2%

6.5%

WW

$

8,636

8,020

7.7%

4.6%

3.1%

 

 

 

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) Includes the sales of ZYTIGA which were previously disclosed separately
(4) Reported as U.S. sales
(5) Acquired with Intra-Cellular Therapies on April 2, 2025
Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
 
(Unaudited; in Millions Except Per Share Figures) FIRST QUARTER
 

2026

2025

 

Percent

to Sales

Percent

to Sales

Percent

Increase

(Decrease)

Amount

Amount

Sales to customers

$

24,062

100.0

$

21,893

 

100.0

 

9.9

 

Cost of products sold

 

8,106

33.7

 

7,357

 

33.6

 

10.2

 

Gross Profit

 

15,956

66.3

 

14,536

 

66.4

 

9.8

 

Selling, marketing and administrative expenses

 

6,034

25.1

 

5,112

 

23.3

 

18.0

 

Research and development expense

 

3,527

14.7

 

3,225

 

14.7

 

9.4

 

In-process research and development impairments

 

36

0.1

 

-

 

-

 

Interest (income) expense, net

 

43

0.2

 

(128

)

(0.6

)

Other (income) expense, net

 

294

1.2

 

(7,321

)

(33.4

)

Restructuring

 

32

0.1

 

17

 

0.1

 

Earnings before provision for taxes on income

 

5,990

24.9

 

13,631

 

62.3

 

(56.1

)

Provision for taxes on income

 

755

3.1

 

2,632

 

12.1

 

(71.3

)

Net earnings

$

5,235

21.8

$

10,999

 

50.2

 

(52.4

)

 
Net earnings per share (Diluted)

$

2.14

$

4.54

 

(52.9

)

 
Average shares outstanding (Diluted)

 

2,445.2

 

2,423.8

 

 
Effective tax rate

 

12.6

%

 

19.3

 

%

 
Adjusted earnings before provision for taxes and net earnings (1)
Earnings before provision for taxes on income

$

7,821

32.5

$

8,011

 

36.6

 

(2.4

)

Net earnings

$

6,614

27.5

$

6,706

 

30.6

 

(1.4

)

Net earnings per share (Diluted)

$

2.70

$

2.77

 

(2.5

)

Effective tax rate

 

15.4

%

 

16.3

 

%

 
(1) See Reconciliation of Non-GAAP Financial Measures.

Johnson & Johnson and Subsidiaries

Reconciliation of Non-GAAP Financial Measure

 

 

 

Adjusted Operational Sales Growth

FIRST QUARTER 2026 ACTUAL vs. 2025 ACTUAL

 

Segments

 

 

 

Innovative Medicine

MedTech

Total

 

 

 

WW As Reported

11.2%

7.7%

9.9%

U.S.

9.6%

5.9%

8.3%

International

13.4%

9.7%

11.9%

 

 

 

WW Currency

3.8

3.1

3.5

U.S.

-

-

-

International

9.1

6.5

8.0

 

 

 

WW Operational

7.4%

4.6%

6.4%

U.S.

9.6%

5.9%

8.3%

International

4.3%

3.2%

3.9%

 

 

 

Caplyta

(1.9)

 

(1.2)

U.S.

(3.3)

 

(2.2)

International

0.0

 

0.0

 

 

 

All Other Acquisitions and Divestitures (A&D)

0.1

0.1

0.1

U.S.

0.0

0.2

0.1

International

0.2

0.0

0.1

 

 

 

WW Adjusted Operational Ex A&D

5.6%

4.7%

5.3%

U.S.

6.3%

6.1%

6.2%

International

4.5%

3.2%

4.0%

 

 

 

 

 

 

Note: Percentages are based on actual, non-rounded figures and may not sum

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
 
First Quarter
(Dollars in Millions Except Per Share Data)

2026

 

2025

 

Net Earnings, after tax- as reported

$5,235

 

$10,999

 

 
Pre-tax Adjustments
Intangible Asset Amortization expense

1,247

 

1,120

 

Litigation related

330

 

(6,966

)

Orthopaedics Separation related

119

 

-

 

Acquisition, integration and divestiture related

96

 

132

 

Restructuring related 1

62

 

55

 

IPR&D impairments

36

 

-

 

(Gains)/losses on securities

(59

)

39

 

 
Tax Adjustments
Tax impact on special item adjustments 2

(424

)

1,315

 

Tax legislation and other tax related

(28

)

12

 

Adjusted Net Earnings, after tax

$6,614

 

$6,706

 

Average shares outstanding (Diluted)

2,445.2

 

2,423.8

 

Adjusted net earnings per share (Diluted)

$2.70

 

$2.77

 

Operational adjusted net earnings per share (Diluted)

$2.57

 

 
Notes:

1

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 expense of $7 million in the fiscal first quarter of 2026 and $55 million in the fiscal first quarter of 2025 primarily includes costs related to market and product exits. This program was substantially completed in Q4 2025.
 
In fiscal 2025, the company initiated a restructuring program of its Surgery franchise within the MedTech segment to simplify and focus operations by exiting certain non-strategic product lines and optimize select sites across the network. The restructuring expense of $55 million in the fiscal first quarter of 2026 primarily includes costs related to product exits. This program is expected to be substantially completed by the end of fiscal year 2026.
 

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
GAAP to Non-GAAP Reconciliation
$ in Millions
Year to Date
Innovative Medicine First Quarter
Mar. 29, 2026
GAAP 		Intangible asset amortization Litigation related In-process research and development impairments Restructuring related Acquisition, integration and divestiture related (Loss)/gain on securities Orthopaedics Separation Related Tax legislation and other tax related First Quarter
Mar. 29, 2026
Non-GAAP
Cost of products sold

$

4,390

 

(763

)

(10

)

$

3,617

 

Selling, marketing and admin expenses

 

2,918

 

 

2,918

 

Research and development expense

 

2,813

 

 

2,813

 

Other segment items

 

(12

)

(40

)

(46

)

55

 

 

(43

)

Adjusted Income Before Tax by Segment

 

5,317

 

763

 

40

 

-

 

-

 

56

 

(55

)

-

 

-

 

 

6,121

 

 
MedTech First Quarter
Mar. 29, 2026
GAAP 		Intangible asset amortization Litigation related In-process research and development impairments Restructuring related Acquisition, integration and divestiture related (Loss)/gain on securities Orthopaedics Separation Related Tax legislation and other tax related First Quarter
Mar. 29, 2026
Non-GAAP
Cost of products sold

$

3,701

 

(484

)

(25

)

$

3,192

 

Selling, marketing and admin expenses

 

2,906

 

 

2,906

 

Research and development expense

 

714

 

 

714

 

Other segment items

 

76

 

41

 

(36

)

(37

)

(27

)

4

 

(119

)

 

(98

)

Adjusted Income Before Tax by Segment

 

1,239

 

484

 

(41

)

36

 

62

 

27

 

(4

)

119

 

-

 

 

1,922

 

 
Expenses not allocated to segments First Quarter
Mar. 29, 2026
GAAP 		Intangible asset amortization Litigation related In-process research and development impairments Restructuring related Acquisition, integration and divestiture related (Loss)/gain on securities Orthopaedics Separation Related Tax legislation and other tax related First Quarter
Mar. 29, 2026
Non-GAAP
Cost of products sold

$

15

 

$

15

 

Selling, marketing and admin expenses

 

210

 

 

210

 

Research and development expense

 

-

 

 

-

 

Other segment items

 

341

 

(331

)

(13

)

 

(3

)

Adjusted Income Before Tax by Segment

 

(566

)

-

 

331

 

-

 

-

 

13

 

-

 

-

 

-

 

 

(222

)

 
Johnson & Johnson Consolidated First Quarter
Mar. 29, 2026
GAAP 		Intangible asset amortization Litigation related In-process research and development impairments Restructuring related Acquisition, integration and divestiture related (Loss)/gain on securities Orthopaedics Separation Related Tax legislation and other tax related First Quarter
Mar. 29, 2026
Non-GAAP
Cost of products sold

$

8,106

 

(1,247

)

(25

)

(10

)

$

6,824

 

Selling, marketing and admin expenses

 

6,034

 

 

6,034

 

Research and development expense

 

3,527

 

 

3,527

 

Other (Income) / Expense

 

294

 

(330

)

(5

)

(86

)

59

 

(119

)

 

(187

)

In-process research and development impairments

 

36

 

(36

)

 

-

 

Interest (Income)/Expense

 

43

 

 

43

 

Restructuring

 

32

 

(32

)

 

-

 

Adjusted Income Before Tax

 

5,990

 

1,247

 

330

 

36

 

62

 

96

 

(59

)

119

 

-

 

 

7,821

 

Provision for taxes on income

 

755

 

240

 

72

 

8

 

70

 

22

 

(13

)

25

 

28

 

 

1,207

 

Net Earnings

$

5,235

 

1,007

 

258

 

28

 

(8

)

74

 

(46

)

94

 

(28

)

 

6,614

 

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

 

 

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

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

Source: Johnson & Johnson