Johnson & Johnson Reports Q1 2025 Results

Rhea-AI Summary

Johnson & Johnson (JNJ) reported strong Q1 2025 results with reported sales growth of 2.4% to $21.9 billion and operational growth of 4.2%. The company's adjusted EPS increased by 2.2% to $2.77.

Key highlights include significant pipeline progress with TREMFYA approval in Crohn's disease, positive data for RYBREVANT/LAZCLUZE in lung cancer, and the initiation of OTTAVA robotic system trials. The company completed the Intra-Cellular Therapies acquisition and increased its Full-Year 2025 operational sales guidance.

Segment performance showed Innovative Medicine sales growing 4.2% operationally to $13.87 billion, driven by DARZALEX, CARVYKTI, and other products, while MedTech sales grew 4.1% operationally to $8.02 billion. U.S. sales increased by 5.9% to $12.3 billion, while international sales showed operational growth of 2.1%.

Positive

• Sales growth of 2.4% to $21.9B with 4.2% operational growth
• Adjusted EPS increased 2.2% to $2.77
• U.S. sales grew 5.9% to $12.3B
• Innovative Medicine segment grew 4.2% operationally
• MedTech segment grew 4.1% operationally
• Increased Full-Year 2025 operational sales guidance
• Strategic acquisition of Intra-Cellular Therapies completed

Negative

• International sales declined 1.8% on reported basis
• STELARA impact caused 810 basis points drag on Innovative Medicine growth
• Currency headwinds impacted sales by -1.8%

Insights

Financial Analyst

Johnson & Johnson delivered a solid Q1 2025 performance with reported sales growth of 2.4% to $21.9 billion and operational growth of 4.2%, demonstrating the resilience of their diversified portfolio. The adjusted EPS increase of 2.2% to $2.77 indicates steady financial execution despite various market challenges.

The company's operational performance shows balanced growth across segments, with Innovative Medicine up 4.2% and MedTech rising 4.1%. This growth occurred despite significant headwinds from STELARA in the Immunology portfolio, which negatively impacted Innovative Medicine by approximately 810 basis points.

Free cash flow showed impressive improvement, reaching approximately $3.4 billion compared to $2.85 billion in the year-ago period, a 19% increase that strengthens J&J's financial flexibility.

The full-year guidance maintains confidence in continued momentum, with adjusted EPS expected between $10.50 and $10.70, representing 5.2-7.2% growth. The company also raised its operational sales guidance to account for the Intra-Cellular Therapies acquisition, expecting 3.3-4.3% growth.

This quarter showcased J&J's strategic execution, particularly in its pharmaceutical pipeline. Key regulatory approvals and promising data readouts for TREMFYA, RYBREVANT/LAZCLUZE, and the novel compound icotrokinra all point to future growth drivers. The decision to return to the tort system for talc claims indicates management's confidence in their legal position and may provide more clarity on this long-standing litigation.

Healthcare Innovation Specialist

J&J's Q1 results highlight a strategically balanced approach to innovation across multiple therapeutic areas. The approval of TREMFYA for Crohn's disease represents a significant advancement in inflammatory bowel disease treatment, becoming the first IL-23 inhibitor offering both subcutaneous and intravenous induction options for this condition. This provides flexibility that could meaningfully improve the treatment experience.

The RYBREVANT/LAZCLUZE combination's survival benefit in EGFR-mutated non-small cell lung cancer is particularly noteworthy. Achieving a significant overall survival advantage over osimertinib (the current standard of care) positions this combination as a potential new first-line treatment paradigm in this setting, addressing a substantial patient population with specific genetic mutations.

Icotrokinra's emergence shows J&J's continued strength in immunology. The reported 75% of adolescents with plaque psoriasis achieving completely clear skin with a once-daily oral formulation could potentially disrupt the current treatment landscape dominated by injectable biologics.

The progression of the OTTAVA robotic surgical system to clinical trials marks J&J's serious entry into the surgical robotics market. This diversification into high-growth medical technology segments complements their pharmaceutical innovation strategy.

The Intra-Cellular Therapies acquisition strengthens J&J's neuroscience portfolio, particularly with CAPLYTA (lumateperone), addressing a significant competitive gap. This strategic move, coupled with nipocalimab's breakthrough therapy designation for Sjögren's disease and fast track designation, demonstrates how J&J is pursuing both internal R&D and external acquisitions to build future growth drivers across multiple therapeutic categories.

• 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 sales^2,5 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)-- 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

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250414807799/en/

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Source: Johnson & Johnson

FAQ

What was JNJ's Q1 2025 revenue and growth rate?

JNJ reported Q1 2025 sales of $21.9 billion, representing a 2.4% reported growth and 4.2% operational growth.

How much did JNJ's adjusted EPS grow in Q1 2025?

JNJ's adjusted EPS increased by 2.2% to $2.77 in Q1 2025 compared to $2.71 in Q1 2024.

What is JNJ's full-year 2025 sales guidance?

JNJ expects operational sales of $91.6B-$92.4B for 2025, representing 3.3%-4.3% growth at the midpoint.

What were the major pipeline developments for JNJ in Q1 2025?

Key developments included TREMFYA approval for Crohn's disease, positive RYBREVANT/LAZCLUZE data in lung cancer, and OTTAVA robotic system trial initiation.

How did JNJ's Innovative Medicine segment perform in Q1 2025?

Innovative Medicine sales grew 4.2% operationally to $13.87B, driven by DARZALEX, CARVYKTI, ERLEADA, and RYBREVANT/LAZCLUZE.