Johnson & Johnson Reports Q4 and Full-Year 2024 Results

Rhea-AI Summary

Johnson & Johnson (JNJ) reported strong Q4 2024 results with sales growth of 5.3% to $22.5 Billion. The company achieved full-year 2024 sales of $88.8 Billion, representing a 4.3% growth. Q4 earnings per share (EPS) was $1.41, while adjusted EPS reached $2.04, both including a $(0.22) impact from acquired IPR&D charges.

For the full year 2024, JNJ posted EPS of $5.79 and adjusted EPS of $9.98. The company's performance was driven by strong growth in both Innovative Medicine and MedTech segments. Innovative Medicine saw operational sales growth of 7.5% (excluding COVID-19 Vaccine), while MedTech achieved 6.2% operational growth.

Looking ahead, JNJ provided 2025 guidance with operational sales growth projected at 2.5-3.5% and adjusted operational EPS of $10.75-$10.95, representing strong growth of 8.7% at the mid-point.

Positive

• Q4 sales grew 5.3% to $22.5B with operational growth of 6.7%
• Full-year 2024 sales increased 4.3% to $88.8B
• Strong 2025 guidance with projected 8.7% adjusted operational EPS growth
• Innovative Medicine sales grew 7.5% operationally (excluding COVID-19 Vaccine)
• MedTech segment achieved 6.2% operational growth

Negative

• Q4 net earnings declined 17.0% to $3.431B
• Q4 adjusted net earnings decreased 11.1% to $4.946B
• Q4 adjusted EPS fell 10.9% to $2.04

Insights

Financial Analyst

Johnson & Johnson's Q4 2024 results paint a complex picture of resilient top-line growth amid some earnings pressure. The company delivered reported sales of $22.5B, up 5.3%, with particularly strong U.S. performance at 10% growth. However, adjusted EPS declined 10.9% to $2.04, impacted by $0.22 per share in IPR&D charges from the V-Wave acquisition.

The Innovative Medicine segment's 7.5% operational growth (excluding COVID-19 vaccine) demonstrates strong momentum in key therapeutic areas, particularly in oncology with DARZALEX and CARVYKTI. The MedTech division's 6.2% operational growth, enhanced by 1.5% from acquisitions, shows solid execution in cardiovascular and surgical products.

Looking ahead, the 2025 guidance of 2.5-3.5% operational sales growth appears conservative but realistic given the macro environment. The projected adjusted operational EPS of $10.75-$10.95 implies healthy 8.7% growth at midpoint, suggesting potential margin expansion and operational efficiency gains.

The pipeline progress, particularly in oncology with RYBREVANT + LAZCLUZE survival data and the OTTAVA robotic surgery system advancement, positions J&J well for future growth. However, investors should monitor STELARA's performance given competitive pressures in immunology.

Market Research Analyst

The market positioning revealed in these results shows J&J successfully navigating multiple challenges while maintaining growth momentum. The stark contrast between U.S. (10% growth) and international (slight decline of 0.7%) performance highlights both opportunities and challenges in global markets.

A critical market dynamic is emerging in the Innovative Medicine segment, where the company's strategic shift toward specialty pharmaceuticals and oncology is paying off. The strong performance of newer products like CARVYKTI and ERLEADA is effectively offsetting pressure on established franchises like STELARA.

The MedTech segment's growth trajectory, particularly in electrophysiology and Abiomed, demonstrates successful market penetration in high-growth sectors. The OTTAVA robotic system development signals J&J's commitment to competing in the lucrative surgical robotics market, though meaningful revenue impact is still years away.

The 8.7% projected earnings growth for 2025 suggests confidence in operational execution despite moderating top-line growth, indicating potential market share gains in key therapeutic areas and continued cost optimization efforts.

• 2024 Fourth-Quarter reported sales growth of 5.3% to $22.5 Billion with operational growth of 6.7%* and adjusted operational growth of 5.7%*
• 2024 Fourth-Quarter Earnings per share (EPS) of $1.41 and Adjusted EPS of $2.04, both include $(0.22) due to acquired IPR&D charges related to V-Wave acquisition
• 2024 Full-Year reported sales growth of 4.3% to $88.8 Billion with operational growth of 5.9%* and adjusted operational growth of 5.4%*. Operational growth excluding COVID-19 Vaccine of 7.0%*
• 2024 Full-Year Earnings per share (EPS) of $5.79 and Adjusted EPS of $9.98, both include $(0.67) due to acquired IPR&D charges on various transactions throughout the year
• Significant pipeline progress including RYBREVANT + LAZCLUZE overall survival data, initiation of TAR-200 submission, and approval of investigational device exemption for our general surgery robotic system, OTTAVA
• Company issues guidance for 2025 with operational sales⁵ growth of 2.5% - 3.5%* and adjusted operational EPS of $10.75 - $10.95, reflecting strong growth of 8.7%* at the mid-point

NEW BRUNSWICK, N.J.--(BUSINESS WIRE)-- Johnson & Johnson (NYSE: JNJ) today announced results for fourth-quarter and full year 2024. "2024 was a transformative year for Johnson & Johnson, marked by strong growth, an accelerating pipeline and industry-leading investments in innovation,” said Joaquin Duato, Chairman and Chief Executive Officer, Johnson & Johnson. “As a healthcare company, with a disease-centric approach, we are improving the standard of care in a broad range of diseases with high unmet need, including multiple myeloma, lung cancer, inflammatory bowel disease, and heart failure. With our strong financial foundation, differentiated portfolio and robust pipeline, we are well positioned to sustain the high pace of growth and innovation that is the hallmark of Johnson & Johnson.”

Unless otherwise noted, the financial results and earnings guidance included below reflect the continuing operations of Johnson & Johnson.

Overall financial results

	Q4						Full Year
($ in Millions, expect EPS)	2024		2023		% Change		2024		2023		% Change
Reported Sales	$22,520		$ 21,395		5.3%		$88,821		$ 85,159		4.3%
Net Earnings	$3,431		$4,132		(17.0)%		$14,066		$13,326		5.6%
EPS (diluted)	$1.41		$1.70		(17.1)%		$5.79		$5.20		11.3%
	Q4						Full Year
Non-GAAP* ($ in Millions, except EPS)	2024		2023		% Change		2024		2023		% Change
Operational Sales1,2					6.7%						5.9%
Adjusted Operational Sales1,3					5.7%						5.4%
Adjusted Operational Sales1,3 ex. COVID-19 Vaccine					5.9%						6.5%
Adjusted Net Earnings1,4	$4,946		$5,562		(11.1)%		$ 24,242		$ 25,409		(4.6)%
Adjusted EPS (diluted)1,4	$2.04		$2.29		(10.9)%		$9.98		$9.92		0.6%
Free Cash Flow6,7							~$19,800		$18,248

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		Full year 2024 is estimated as of January 22, 2025. Full year 2023 includes approximately 8 months contribution from the Consumer Health segment.
Note: values may have been rounded

Regional sales results

Q4								% Change
($ in Millions)		2024		2023		Reported		Operational1,2		Currency		Adjusted Operational1,3
U.S.		$13,204		$12,009		10.0%		10.0		-		8.6
International		9,316		9,386		(0.7)		2.5		(3.2)		2.0
Worldwide		$22,520		$21,395		5.3%		6.7		(1.4)		5.7
Full Year								% Change
($ in Millions)		2024		2023		Reported		Operational1,2		Currency		Adjusted Operational1,3
U.S.		$50,302		$46,444		8.3%		8.3		-		7.6
International		38,519		38,715		(0.5)		2.9		(3.4)		2.7
Worldwide		$88,821		$85,159		4.3%		5.9		(1.6)		5.4

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

Q4								% Change
($ in Millions)		2024		2023		Reported		Operational1,2		Currency		Adjusted Operational1,3
Innovative Medicine		$14,332		$13,722		4.4%		6.1		(1.7)		6.3
MedTech		8,188		7,673		6.7		7.6		(0.9)		4.6
Worldwide		$22,520		$21,395		5.3%		6.7		(1.4)		5.7
Full Year								% Change
($ in Millions)		2024		2023		Reported		Operational1,2		Currency		Adjusted Operational1,3
Innovative Medicine		$56,964		$54,759		4.0%		5.7		(1.7)		5.8
MedTech		31,857		30,400		4.8		6.2		(1.4)		4.7
Worldwide		$88,821		$85,159		4.3%		5.9		(1.6)		5.4

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

Full year 2024 segment commentary:

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

Innovative Medicine

Innovative Medicine worldwide operational sales, excluding the COVID-19 Vaccine, grew 7.5%*. Growth was driven primarily by DARZALEX (daratumumab), ERLEADA (apalutamide), CARVYKTI (ciltacabtagene autoleucel), and Other Oncology in Oncology, TREMFYA (guselkumab) in Immunology, and SPRAVATO (esketamine) in Neuroscience. Growth was partially offset by STELARA (ustekinumab) in Immunology and Other Neuroscience in Neuroscience. Including the COVID-19 Vaccine, Innovative Medicine worldwide operational sales grew 5.7%*.

MedTech

MedTech worldwide operational sales grew 6.2%*, with net acquisitions and divestitures positively impacting growth by 1.5%. Growth was driven primarily by electrophysiology products and Abiomed in Cardiovascular, previously referred to as Interventional Solutions, and wound closure products in General Surgery.

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)		January 2025
Adjusted Operational Sales1,2,5 Change vs. Prior Year / Mid-point		2.0% – 3.0% / 2.5%
Operational Sales2,5 / Mid-point Change vs. Prior Year / Mid-point		$90.9B – $91.7B / $91.3B 2.5% – 3.5% / 3.0%
Estimated Reported Sales3,5/ Mid-point Change vs. Prior Year / Mid-point		$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		$10.75 – $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%

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: 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	SPRAVATO (esketamine) approved in the U.S. as the first and only monotherapy for adults with treatment-resistant depression1	Press Release
	European Commission approves LAZCLUZE (lazertinib) in combination with RYBREVANT (amivantamab) for the first-line treatment of patients with EGFR-mutated advanced non-small cell lung cancer1	Press Release
	New Drug Application initiated with U.S. FDA for TAR-200, the first and only intravesical drug releasing system for patients with BCG-unresponsive high-risk non-muscle-invasive bladder cancer1	Press Release
	Johnson & Johnson MedTech Announces CE Mark Approval for Dual Energy THERMOCOOL SMARTTOUCH SF Catheter1	Press Release
	Nipocalimab granted U.S. FDA Priority Review for the treatment of generalized myasthenia gravis1	Press Release
	Johnson & Johnson's Posdinemab and Tau Active Immunotherapy Receive U.S. FDA Fast Track Designations for the Treatment of Alzheimer's Disease1	Press Release
	European Commission approves RYBREVANT (amivantamab) in combination with LAZCLUZE (lazertinib) for the first-line treatment of patients with EGFR-mutated advanced non-small cell lung cancer	Press Release
	Johnson & Johnson submits application to the European Medicines Agency seeking approval of a new indication for IMBRUVICA (ibrutinib) in adult patients with previously untreated mantle cell lymphoma (MCL) who are eligible for autologous stem cell transplant	Press Release
	U.S. FDA Expands Indication for Impella Heart Pumps to Treat Pediatric Patients	Press Release
	Johnson & Johnson seeks U.S. FDA approval for first pediatric indications for TREMFYA (guselkumab)	Press Release
	Johnson & Johnson seeks U.S. FDA approval for subcutaneous induction regimen of TREMFYA (guselkumab) in ulcerative colitis, a first for an IL-23 inhibitor	Press Release
	Johnson & Johnson MedTech Receives IDE Approval for OTTAVA Robotic Surgical System	Press Release
	Nipocalimab is the first and only investigational therapy granted U.S. FDA Breakthrough Therapy Designation for the treatment of adults living with moderate-to-severe Sjögren's disease	Press Release
	Johnson & Johnson submits applications in the U.S. and EU seeking approval of DARZALEX FASPRO / DARZALEX as subcutaneous monotherapy for high-risk smoldering multiple myeloma	Press Release
	DARZALEX (daratumumab)-SC based quadruplet regimen approved by the European Commission for patients with newly diagnosed multiple myeloma who are transplant-eligible	Press Release
Data Releases	RYBREVANT (amivantamab-vmjw) plus LAZCLUZE (lazertinib) show statistically significant and clinically meaningful improvement in overall survival versus osimertinib1	Press Release
	Johnson & Johnson to showcase strength of its broad hematology portfolio and pipeline at the 2024 American Society of Hematology Annual Meeting	Press Release
	Icotrokinra delivered an industry-leading combination of significant skin clearance with demonstrated tolerability in a once daily pill in Phase 3 topline results	Press Release
	Johnson & Johnson advances leadership in rheumatic disease innovation with 43 abstracts at ACR 2024	Press Release
	Shockwave Medical Unveils First Clinical Outcomes of New IVL Platform in Late-Breaking Presentation at VIVA 2024	Press Release
	TREMFYA (guselkumab) is the first and only IL-23 inhibitor to demonstrate robust results with a fully subcutaneous regimen in both induction and maintenance in Crohn's disease	Press Release
	New SPECTREM study findings reveal TREMFYA (guselkumab) effectively clears overlooked and undertreated plaque psoriasis	Press Release
	Johnson & Johnson highlights innovative neuropsychiatry portfolio and pipeline at Psych Congress	Press Release
	Nipocalimab demonstrates sustained disease control in adolescents living with generalized myasthenia gravis in Phase 2/3 study	Press Release
Product Launch	MENTOR MemoryGel Enhance Breast Implant Receives FDA Approval for Largest Size Breast Implants for Reconstruction	Press Release
	Johnson & Johnson MedTech Receives FDA Approval for the VARIPULSE Pulsed Field Ablation Platform for the Treatment of Atrial Fibrillation2	Press Release
Other	Johnson & Johnson Strengthens Neuroscience Leadership with Acquisition of Intra-Cellular Therapies, Inc.1	Press Release

1		Subsequent to the quarter
2		On January 5, 2025, Johnson & Johnson MedTech temporarily paused the U.S. External Evaluation and all U.S. VARIPULSE cases. More information can be found in the Statement on VARIPULSE.

Webcast information:

Johnson & Johnson will conduct a conference call with investors to discuss this earnings release today at 8:00 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; 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 realize the anticipated benefits from the separation of Kenvue Inc. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, 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)	FOURTH QUARTER															TWELVE MONTHS
						Percent Change															Percent Change
	2024			2023		Total				Operations			Currency			2024			2023		Total				Operations		Currency
Sales to customers by
segment of business
Innovative Medicine (1)
U.S.	$	8,977		8,079		11.1		%		11.1			-			$	33,970		31,169		9.0		%		9.0		-
International		5,355		5,643		(5.1	)			(1.0	)		(4.1	)			22,994		23,590		(2.5	)			1.3		(3.8	)
		14,332		13,722		4.4				6.1			(1.7	)			56,964		54,759		4.0				5.7		(1.7	)
Innovative Medicine excluding COVID-19 Vaccine (1)
U.S.		8,977		8,079		11.1				11.1			-				33,970		31,169		9.0				9.0		-
International		5,355		5,599		(4.4	)			(0.3	)		(4.1	)			22,796		22,473		1.4				5.5		(4.1	)
		14,332		13,678		4.8				6.5			(1.7	)			56,766		53,642		5.8				7.5		(1.7	)
MedTech
U.S.		4,227		3,930		7.6				7.6			-				16,332		15,275		6.9				6.9		-
International		3,961		3,743		5.8				7.6			(1.8	)			15,525		15,125		2.6				5.4		(2.8	)
		8,188		7,673		6.7				7.6			(0.9	)			31,857		30,400		4.8				6.2		(1.4	)
U.S.		13,204		12,009		10.0				10.0			-				50,302		46,444		8.3				8.3		-
International		9,316		9,386		(0.7	)			2.5			(3.2	)			38,519		38,715		(0.5	)			2.9		(3.4	)
Worldwide		22,520		21,395		5.3				6.7			(1.4	)			88,821		85,159		4.3				5.9		(1.6	)
U.S.		13,204		12,009		10.0				10.0			-				50,302		46,444		8.3				8.3		-
International		9,316		9,342		(0.3	)			2.9			(3.2	)			38,321		37,598		1.9				5.5		(3.6	)
Worldwide excluding COVID-19 Vaccine (1)	$	22,520		21,351		5.5		%		6.9			(1.4	)		$	88,623		84,042		5.5		%		7.0		(1.5	)
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(1) Refer to supplemental sales information schedules

Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)	FOURTH QUARTER														TWELVE MONTHS
						Percent Change														Percent Change
	2024			2023		Total			Operations			Currency			2024			2023		Total			Operations			Currency
Sales to customers by
geographic area
U.S.	$	13,204		12,009		10.0	%		10.0			-			$	50,302		46,444		8.3	%		8.3			-
Europe		4,921		4,962		(0.8	)		(0.2	)		(0.6	)			20,212		20,410		(1.0	)		(0.6	)		(0.4	)
Western Hemisphere excluding U.S.		1,135		1,166		(2.7	)		17.6			(20.3	)			4,714		4,549		3.6			20.4			(16.8	)
Asia-Pacific, Africa		3,260		3,258		0.1			0.9			(0.8	)			13,593		13,756		(1.2	)		2.3			(3.5	)
International		9,316		9,386		(0.7	)		2.5			(3.2	)			38,519		38,715		(0.5	)		2.9			(3.4	)
Worldwide	$	22,520		21,395		5.3	%		6.7			(1.4	)		$	88,821		85,159		4.3	%		5.9			(1.6	)
Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)	FOURTH QUARTER														TWELVE MONTHS
						Percent Change														Percent Change
	2024			2023		Total			Operations			Currency			2024			2023		Total			Operations			Currency
Sales to customers by
geographic area (ex. COVID-19 Vaccine)
U.S.*	$	13,204		12,009		10.0	%		10.0			-			$	50,302		46,444		8.3	%		8.3			-
Europe(1)		4,921		4,918		0.1			0.7			(0.6	)			20,014		19,293		3.7			4.1			(0.4	)
Western Hemisphere excluding U.S.*		1,135		1,166		(2.7	)		17.6			(20.3	)			4,714		4,549		3.6			20.4			(16.8	)
Asia-Pacific, Africa*		3,260		3,258		0.1			0.9			(0.8	)			13,593		13,756		(1.2	)		2.3			(3.5	)
International		9,316		9,342		(0.3	)		2.9			(3.2	)			38,321		37,598		1.9			5.5			(3.6	)
Worldwide	$	22,520		21,351		5.5	%		6.9			(1.4	)		$	88,623		84,042		5.5	%		7.0			(1.5	)
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(1) Refer to supplemental sales information schedules
*No COVID-19 Vaccine sales

Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)	FOURTH QUARTER
	2024							2023							Percent
					Percent							Percent			Increase
	Amount				to Sales			Amount				to Sales			(Decrease)
Sales to customers	$	22,520			100.0			$	21,395			100.0			5.3
Cost of products sold		7,128			31.6				6,798			31.8			4.9
Gross Profit		15,392			68.4				14,597			68.2			5.4
Selling, marketing and administrative expenses		6,453			28.6				5,810			27.1			11.1
Research and development expense		5,298			23.5				4,480			20.9			18.3
In-process research and development impairments		17			0.1				58			0.3
Interest (income) expense, net		(144	)		(0.6	)			(212	)		(1.0	)
Other (income) expense, net		(161	)		(0.7	)			(421	)		(2.0	)
Restructuring		42			0.2				56			0.3
Earnings before provision for taxes on income		3,887			17.3				4,826			22.6			(19.5	)
Provision for taxes on income		456			2.1				694			3.3			(34.3	)
Net earnings from Continuing Operations	$	3,431			15.2			$	4,132			19.3			(17.0	)
Net earnings/(loss) from Discontinued Operations, net of tax		-							(83	)
Net earnings	$	3,431						$	4,049
Net earnings per share (Diluted) from Continuing Operations	$	1.41						$	1.70						(17.1	)
Net earnings/(loss) per share (Basic) from Discontinued Operations*	$	-						$	(0.03	)
Average shares outstanding (Diluted)		2,427.1							2,430.7
Effective tax rate from Continuing Operations		11.7		%					14.4		%
Adjusted earnings from Continuing Operations before provision for taxes and net earnings (1)
Earnings before provision for taxes on income from Continuing Operations	$	5,421			24.1			$	6,237			29.2			(13.1	)
Net earnings from Continuing Operations	$	4,946			22.0			$	5,562			26.0			(11.1	)
Net earnings per share (Diluted) from Continuing Operations	$	2.04						$	2.29						(10.9	)
Effective tax rate from Continuing Operations		8.8		%					10.8		%
* Basic shares of 2,407.2 are used to calculate loss per share in the fourth quarter of 2023 as use of diluted shares when in a loss position would be anti-dilutive.
(1) See Reconciliation of Non-GAAP Financial Measures.

Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)	TWELVE MONTHS
	2024							2023							Percent
					Percent							Percent			Increase
	Amount				to Sales			Amount				to Sales			(Decrease)
Sales to customers	$	88,821			100.0			$	85,159			100.0			4.3
Cost of products sold		27,471			30.9				26,553			31.2			3.5
Gross Profit		61,350			69.1				58,606			68.8			4.7
Selling, marketing and administrative expenses		22,869			25.7				21,512			25.2			6.3
Research and development expense		17,232			19.4				15,085			17.7			14.2
In-process research and development impairments		211			0.2				313			0.4
Interest (income) expense, net		(577	)		(0.6	)			(489	)		(0.6	)
Other (income) expense, net		4,694			5.3				6,634			7.8
Restructuring		234			0.3				489			0.6
Earnings before provision for taxes on income		16,687			18.8				15,062			17.7			10.8
Provision for taxes on income		2,621			3.0				1,736			2.1			51.0
Net earnings from Continuing Operations	$	14,066			15.8			$	13,326			15.6			5.6
Net earnings from Discontinued Operations, net of tax		-							21,827
Net earnings	$	14,066						$	35,153
Net earnings per share (Diluted) from Continuing Operations	$	5.79						$	5.20						11.3
Net earnings per share (Diluted) from Discontinued Operations	$	-						$	8.52
Average shares outstanding (Diluted)		2,429.4							2,560.4
Effective tax rate from Continuing Operations		15.7		%					11.5		%
Adjusted earnings from Continuing Operations before provision for taxes and net earnings (1)
Earnings before provision for taxes on income from Continuing Operations	$	28,979			32.6			$	29,811			35.0			(2.8	)
Net earnings from Continuing Operations	$	24,242			27.3			$	25,409			29.8			(4.6	)
Net earnings per share (Diluted) from Continuing Operations	$	9.98						$	9.92						0.6
Effective tax rate from Continuing Operations		16.3		%					14.8		%
(1) See Reconciliation of Non-GAAP Financial Measures.

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
				Fourth Quarter				Twelve Months Ended
		(Dollars in Millions Except Per Share Data)		2024		2023		2024		2023
		Net Earnings from Continuing Operations, after tax- as reported		$3,431		$4,132		$14,066		$13,326
		Pre-tax Adjustments
		Litigation related		(16)		166		5,450		7,152
		Intangible Asset Amortization expense		1,171		1,148		4,526		4,532
		COVID-19 Vaccine related costs 1		23		10		100		663
		Restructuring related 2		62		139		269		798
		Medical Device Regulation 3		47		88		204		311
		Acquisition, integration and divestiture related		298		237		1,226		339
		(Gains)/losses on securities		(68)		(435)		306		641
		IPR&D impairments		17		58		211		313
		Tax Adjustments
		Tax impact on special item adjustments 4		(80)		75		(2,135)		(2,694)
		Tax legislation and other tax related		61		(56)		19		28
		Adjusted Net Earnings from Continuing Operations, after tax		$4,946		$5,562		$24,242		$25,409
		Average shares outstanding (Diluted)		2,427.1		2,430.7		2,429.4		2,560.4
		Adjusted net earnings per share from Continuing Operations (Diluted)		$2.04		$2.29		$9.98		$9.92
		Operational adjusted net earnings per share from Continuing Operations (Diluted)		$2.05				$9.99
		Notes:
1		COVID-19 Vaccine related costs include remaining commitments and obligations, including external manufacturing network exit costs and required clinical trial expenses, associated with the Company's completion of its COVID-19 vaccine contractual commitments which was completed in Q4 2024.
2		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 expense of $102 million Q4 2024 YTD and $55 million in the fiscal fourth quarter of 2023 ($479 million Q4 2023 YTD) includes the termination of partnered and non-partnered program costs, asset impairments and asset divestments. 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 expense of $60 million in the fiscal fourth quarter of 2024 ($167 million Q4 2024 YTD) and $84 million in the fiscal fourth quarter of 2023 ($319 million Q4 2023 YTD) primarily includes costs related to the market and product exits.
3		European Medical Device Regulation (MDR) costs represent one-time compliance costs for the Company’s previously registered products. MDR is a replacement of the existing European Medical Devices Directive regulatory framework, and manufacturers of currently marketed medical devices were required to comply with EU MDR beginning in May 2021. The Company considers the adoption of EU MDR to be a significant one-time regulatory change and is not indicative of on-going operations. The Company has excluded only external third-party regulatory and consulting costs from its MedTech operating segments' measures of profit and loss used for making operating decisions and assessing performance. The implementation was substantially completed as of Q4 2024, and ongoing costs will be reflected in MedTech's operating results beginning in 2025.
4		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
FOURTH QUARTER 2024 ACTUAL vs. 2023 ACTUAL
Segments
		Innovative Medicine			MedTech			Total
WW As Reported		4.4	%		6.7	%		5.3	%
U.S.		11.1	%		7.6	%		10.0	%
International		(5.1	)%		5.8	%		(0.7	)%
WW Currency		(1.7	)		(0.9	)		(1.4	)
U.S.		-			-			-
International		(4.1	)		(1.8	)		(3.2	)
WW Operational		6.1	%		7.6	%		6.7	%
U.S.		11.1	%		7.6	%		10.0	%
International		(1.0	)%		7.6	%		2.5	%
Shockwave					(3.4	)		(1.2	)
U.S.					(5.1	)		(1.7	)
International					(1.5	)		(0.6	)
All Other Acquisitions and Divestitures (A&D)		0.2			0.4			0.2
U.S.		0.1			0.8			0.3
International		0.3			0.0			0.1
WW Adjusted Operational Ex A&D		6.3	%		4.6	%		5.7	%
U.S.		11.2	%		3.3	%		8.6	%
International		(0.7	)%		6.1	%		2.0	%
COVID-19 Vaccine		0.4						0.2
U.S.		0.0						0.0
International		0.7						0.4
WW Adjusted Operational Ex A&D & COVID-19 Vaccine		6.7	%		4.6	%		5.9	%
U.S.		11.2	%		3.3	%		8.6	%
International		0.0	%		6.1	%		2.4	%
Note: Percentages are based on actual, non-rounded figures and may not sum

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Adjusted Operational Sales Growth
TWELVE MONTHS 2024 ACTUAL vs. 2023 ACTUAL
Segments
		Innovative Medicine			MedTech			Total
WW As Reported		4.0	%		4.8	%		4.3	%
U.S.		9.0	%		6.9	%		8.3	%
International		(2.5	)%		2.6	%		(0.5	)%
WW Currency		(1.7	)		(1.4	)		(1.6	)
U.S.		-			-			-
International		(3.8	)		(2.8	)		(3.4	)
WW Operational		5.7	%		6.2	%		5.9	%
U.S.		9.0	%		6.9	%		8.3	%
International		1.3	%		5.4	%		2.9	%
Shockwave					(1.9	)		(0.7	)
U.S.					(2.9	)		(1.0	)
International					(0.8	)		(0.3	)
All Other Acquisitions and Divestitures (A&D)		0.1			0.4			0.2
U.S.		0.1			0.8			0.3
International		0.2			0.1			0.1
WW Adjusted Operational Ex A&D		5.8	%		4.7	%		5.4	%
U.S.		9.1	%		4.8	%		7.6	%
International		1.5	%		4.7	%		2.7	%
COVID-19 Vaccine		1.8						1.1
U.S.		0.0						0.0
International		4.2						2.6
WW Adjusted Operational Ex A&D & COVID-19 Vaccine		7.6	%		4.7	%		6.5	%
U.S.		9.1	%		4.8	%		7.6	%
International		5.7	%		4.7	%		5.3	%
Note: Percentages are based on actual, non-rounded figures and may not sum

	REPORTED SALES vs. PRIOR PERIOD ($MM)																	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FOURTH QUARTER																	TWELVE MONTHS
								% Change															% Change
INNOVATIVE MEDICINE SEGMENT (2)		2024			2023			Reported			Operational (1)			Currency				2024			2023		Reported			Operational (1)			Currency
IMMUNOLOGY
US		$	2,856			3,033		-5.9	%		-5.9	%		-				$	11,355		11,539		-1.6	%		-1.6	%		-
Intl			1,383			1,562		-11.5	%		-6.5	%		-5.0	%				6,473		6,513		-0.6	%		4.0	%		-4.6	%
WW			4,238			4,595		-7.8	%		-6.1	%		-1.7	%				17,828		18,052		-1.2	%		0.4	%		-1.6	%
REMICADE
US			231			294		-21.4	%		-21.4	%		-					1,009		1,143		-11.7	%		-11.7	%		-
US Exports (3)			9			35		-73.3	%		-73.3	%		-					98		147		-33.0	%		-33.0	%		-
Intl			117			100		16.5	%		22.9	%		-6.4	%				497		549		-9.5	%		-5.0	%		-4.5	%
WW			359			429		-16.5	%		-15.0	%		-1.5	%				1,605		1,839		-12.8	%		-11.4	%		-1.4	%
SIMPONI / SIMPONI ARIA
US			262			258		1.3	%		1.3	%		-					1,082		1,124		-3.8	%		-3.8	%		-
Intl			321			244		32.1	%		44.2	%		-12.1	%				1,108		1,073		3.3	%		13.2	%		-9.9	%
WW			583			502		16.2	%		22.1	%		-5.9	%				2,190		2,197		-0.3	%		4.5	%		-4.8	%
STELARA
US			1,699			1,786		-4.9	%		-4.9	%		-					6,720		6,966		-3.5	%		-3.5	%		-
Intl			650			967		-32.7	%		-29.6	%		-3.1	%				3,641		3,892		-6.4	%		-3.3	%		-3.1	%
WW			2,349			2,753		-14.7	%		-13.6	%		-1.1	%				10,361		10,858		-4.6	%		-3.4	%		-1.2	%
TREMFYA
US			654			657		-0.6	%		-0.6	%		-					2,443		2,147		13.7	%		13.7	%		-
Intl			295			252		16.9	%		21.7	%		-4.8	%				1,227		999		22.8	%		27.6	%		-4.8	%
WW			949			910		4.2	%		5.6	%		-1.4	%				3,670		3,147		16.6	%		18.1	%		-1.5	%
OTHER IMMUNOLOGY
US			0			2		*			*			-					3		11		-74.1	%		-74.1	%		-
Intl			0			0		-			-			-					0		0		-			-			-
WW			0			2		*			*			*					3		11		-74.1	%		-74.1	%		-
INFECTIOUS DISEASES
US			331			353		-6.4	%		-6.4	%		-					1,354		1,500		-9.8	%		-9.8	%		-
Intl			443			498		-11.2	%		-9.8	%		-1.4	%				2,042		2,918		-30.0	%		-29.3	%		-0.7	%
WW			774			852		-9.2	%		-8.4	%		-0.8	%				3,396		4,418		-23.1	%		-22.7	%		-0.4	%
COVID-19 VACCINE
US			0			0		-			-			-					0		0		-			-			-
Intl			0			44		*			*			*					198		1,117		-82.4	%		-82.4	%		0.0	%
WW			0			44		*			*			*					198		1,117		-82.4	%		-82.4	%		0.0	%
EDURANT / rilpivirine
US			7			9		-10.1	%		-10.1	%		-					31		35		-10.0	%		-10.0	%		-
Intl			315			299		5.0	%		5.6	%		-0.6	%				1,241		1,115		11.2	%		11.2	%		0.0	%
WW			322			307		4.6	%		5.1	%		-0.5	%				1,272		1,150		10.6	%		10.6	%		0.0	%
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US			321			341		-5.8	%		-5.8	%		-					1,311		1,446		-9.4	%		-9.4	%		-
Intl			86			98		-12.9	%		-8.9	%		-4.0	%				401		408		-1.7	%		1.1	%		-2.8	%
WW			407			439		-7.4	%		-6.5	%		-0.9	%				1,712		1,854		-7.7	%		-7.1	%		-0.6	%
OTHER INFECTIOUS DISEASES
US			1			4		-53.1	%		-53.1	%		-					11		19		-41.0	%		-41.0	%		-
Intl			43			58		-24.2	%		-22.4	%		-1.8	%				203		278		-26.7	%		-23.9	%		-2.8	%
WW			45			62		-26.1	%		-24.4	%		-1.7	%				214		297		-27.6	%		-25.0	%		-2.6	%
	REPORTED SALES vs. PRIOR PERIOD ($MM)																	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FOURTH QUARTER																	TWELVE MONTHS
								% Change															% Change
		2024			2023			Reported			Operational (1)			Currency				2024			2023		Reported			Operational (1)			Currency
NEUROSCIENCE
US			1,148			1,022		12.3	%		12.3	%		-					4,398		4,065		8.2	%		8.2	%		-
Intl			628			780		-19.6	%		-16.8	%		-2.8	%				2,718		3,076		-11.6	%		-7.8	%		-3.8	%
WW			1,775			1,801		-1.5	%		-0.3	%		-1.2	%				7,115		7,140		-0.4	%		1.3	%		-1.7	%
CONCERTA / Methylphenidate
US			33			39		-12.8	%		-12.8	%		-					134		230		-41.7	%		-41.7	%		-
Intl			125			142		-11.5	%		-7.7	%		-3.8	%				507		554		-8.4	%		-4.1	%		-4.3	%
WW			159			180		-11.7	%		-8.8	%		-2.9	%				641		783		-18.1	%		-15.1	%		-3.0	%
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
US			796			733		8.6	%		8.6	%		-					3,125		2,897		7.9	%		7.9	%		-
Intl			267			278		-4.0	%		-1.8	%		-2.2	%				1,097		1,218		-9.9	%		-7.1	%		-2.8	%
WW			1,063			1,011		5.1	%		5.7	%		-0.6	%				4,222		4,115		2.6	%		3.4	%		-0.8	%
SPRAVATO
US			269			180		50.1	%		50.1	%		-					929		589		57.8	%		57.8	%		-
Intl			28			26		7.1	%		12.5	%		-5.4	%				148		100		48.2	%		51.2	%		-3.0	%
WW			297			206		44.6	%		45.3	%		-0.7	%				1,077		689		56.4	%		56.8	%		-0.4	%
OTHER NEUROSCIENCE
US			49			71		-31.0	%		-31.0	%		-					210		349		-39.8	%		-39.8	%		-
Intl			206			334		-38.1	%		-35.4	%		-2.7	%				965		1,204		-19.8	%		-15.1	%		-4.7	%
WW			255			404		-36.9	%		-34.6	%		-2.3	%				1,175		1,553		-24.3	%		-20.7	%		-3.6	%
ONCOLOGY
US			3,019			2,285		32.2	%		32.2	%		-					10,854		8,462		28.3	%		28.3	%		-
Intl			2,476			2,334		6.1	%		10.6	%		-4.5	%				9,926		9,199		7.9	%		12.1	%		-4.2	%
WW			5,497			4,618		19.0	%		21.3	%		-2.3	%				20,781		17,661		17.7	%		19.8	%		-2.1	%
CARVYKTI
US			304			145		*			*			-					869		469		85.2	%		85.2	%		-
Intl			31			13		*			*			*					94		30		*			*			*
WW			334			159		*			*			*					963		500		92.7	%		92.7	%		0.0	%
DARZALEX
US			1,799			1,395		28.9	%		28.9	%		-					6,588		5,277		24.8	%		24.8	%		-
Intl			1,285			1,155		11.3	%		17.0	%		-5.7	%				5,082		4,467		13.8	%		19.1	%		-5.3	%
WW			3,084			2,550		20.9	%		23.5	%		-2.6	%				11,670		9,744		19.8	%		22.2	%		-2.4	%
ERLEADA
US			342			287		19.0	%		19.0	%		-					1,282		1,065		20.3	%		20.3	%		-
Intl			442			361		22.4	%		25.7	%		-3.3	%				1,717		1,322		29.8	%		32.9	%		-3.1	%
WW			784			647		20.9	%		22.7	%		-1.8	%				2,999		2,387		25.6	%		27.3	%		-1.7	%
IMBRUVICA
US			250			255		-2.0	%		-2.0	%		-					1,020		1,051		-3.0	%		-3.0	%		-
Intl			481			533		-9.6	%		-6.8	%		-2.8	%				2,018		2,214		-8.8	%		-6.3	%		-2.5	%
WW			731			788		-7.2	%		-5.2	%		-2.0	%				3,038		3,264		-6.9	%		-5.2	%		-1.7	%
TECVAYLI
US			108			102		5.6	%		5.6	%		-					418		334		25.3	%		25.3	%		-
Intl			38			24		59.9	%		71.6	%		-11.7	%				131		61		*			*			*
WW			146			126		15.8	%		18.0	%		-2.2	%				549		395		38.8	%		39.8	%		-1.0	%
ZYTIGA / abiraterone acetate
US			9			9		-7.3	%		-7.3	%		-					34		50		-32.2	%		-32.2	%		-
Intl			127			191		-33.6	%		-30.7	%		-2.9	%				597		837		-28.6	%		-24.6	%		-4.0	%
WW			135			201		-32.4	%		-29.6	%		-2.8	%				631		887		-28.8	%		-25.0	%		-3.8	%
OTHER ONCOLOGY
US			208			90		*			*			-					643		215		*			*			-
Intl			74			58		25.5	%		30.6	%		-5.1	%				288		269		7.1	%		10.4	%		-3.3	%
WW			282			148		90.4	%		92.4	%		-2.0	%				931		484		92.5	%		94.3	%		-1.8	%
	REPORTED SALES vs. PRIOR PERIOD ($MM)																	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FOURTH QUARTER																	TWELVE MONTHS
								% Change															% Change
		2024			2023			Reported			Operational (1)			Currency				2024			2023		Reported			Operational (1)			Currency
PULMONARY HYPERTENSION
US			819			733		11.6	%		11.6	%		-					3,143		2,697		16.5	%		16.5	%		-
Intl			274			282		-3.2	%		1.2	%		-4.4	%				1,140		1,117		2.0	%		8.2	%		-6.2	%
WW			1,092			1,017		7.4	%		8.7	%		-1.3	%				4,282		3,815		12.3	%		14.1	%		-1.8	%
OPSUMIT
US			385			368		4.8	%		4.8	%		-					1,520		1,292		17.7	%		17.7	%		-
Intl			160			169		-5.2	%		-2.5	%		-2.7	%				664		681		-2.4	%		1.1	%		-3.5	%
WW			545			536		1.7	%		2.5	%		-0.8	%				2,184		1,973		10.7	%		11.9	%		-1.2	%
UPTRAVI
US			391			348		12.3	%		12.3	%		-					1,511		1,326		13.9	%		13.9	%		-
Intl			75			70		5.7	%		11.2	%		-5.5	%				307		255		20.1	%		27.3	%		-7.2	%
WW			465			419		11.2	%		12.1	%		-0.9	%				1,817		1,582		14.9	%		16.1	%		-1.2	%
OTHER PULMONARY HYPERTENSION
US			42			18		*			*			-					112		79		41.8	%		41.8	%		-
Intl			40			45		-10.0	%		-0.4	%		-9.6	%				169		182		-6.9	%		8.2	%		-15.1	%
WW			82			61		32.3	%		39.3	%		-7.0	%				281		260		7.9	%		18.3	%		-10.4	%
CARDIOVASCULAR / METABOLISM / OTHER
US			805			652		23.3	%		23.3	%		-					2,866		2,906		-1.4	%		-1.4	%		-
Intl			153			185		-17.6	%		-15.1	%		-2.5	%				696		765		-9.1	%		-7.1	%		-2.0	%
WW			957			837		14.3	%		14.8	%		-0.5	%				3,562		3,671		-3.0	%		-2.6	%		-0.4	%
XARELTO
US			676			525		28.5	%		28.5	%		-					2,373		2,365		0.3	%		0.3	%		-
Intl			-			-		-			-			-					-		-		-			-			-
WW			676			525		28.5	%		28.5	%		-					2,373		2,365		0.3	%		0.3	%		-
OTHER
US			130			127		1.5	%		1.5	%		-					494		541		-8.8	%		-8.8	%		-
Intl			153			185		-17.6	%		-15.1	%		-2.5	%				696		765		-9.1	%		-7.1	%		-2.0	%
WW			281			312		-9.8	%		-8.3	%		-1.5	%				1,189		1,306		-8.9	%		-7.8	%		-1.1	%
TOTAL INNOVATIVE MEDICINE
US			8,977			8,079		11.1	%		11.1	%		-					33,970		31,169		9.0	%		9.0	%		-
Intl			5,355			5,643		-5.1	%		-1.0	%		-4.1	%				22,994		23,590		-2.5	%		1.3	%		-3.8	%
WW		$	14,332		$	13,722		4.4	%		6.1	%		-1.7	%			$	56,964		54,759		4.0	%		5.7	%		-1.7	%
See footnotes at end of schedule
	REPORTED SALES vs. PRIOR PERIOD ($MM)																	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FOURTH QUARTER																	TWELVE MONTHS
								% Change															% Change
MEDTECH SEGMENT (2)		2024			2023			Reported			Operational (1)			Currency				2024			2023		Reported			Operational (1)			Currency
CARDIOVASCULAR (4)
US		$	1,221			971		25.8	%		25.8	%		-				$	4,513		3,633		24.2	%		24.2	%		-
Intl			841			698		20.6	%		22.0	%		-1.4	%				3,194		2,717		17.6	%		20.9	%		-3.3	%
WW			2,062			1,669		23.6	%		24.2	%		-0.6	%				7,707		6,350		21.4	%		22.8	%		-1.4	%
ELECTROPHYSIOLOGY
US			681			667		2.1	%		2.1	%		-					2,738		2,458		11.4	%		11.4	%		-
Intl			640			572		11.7	%		13.3	%		-1.6	%				2,529		2,230		13.4	%		17.0	%		-3.6	%
WW			1,321			1,239		6.6	%		7.3	%		-0.7	%				5,267		4,688		12.3	%		14.0	%		-1.7	%
ABIOMED
US			308			276		11.3	%		11.3	%		-					1,213		1,066		13.7	%		13.7	%		-
Intl			77			64		19.8	%		21.1	%		-1.3	%				284		240		18.2	%		20.3	%		-2.1	%
WW			384			340		12.9	%		13.2	%		-0.3	%				1,496		1,306		14.5	%		14.9	%		-0.4	%
SHOCKWAVE (5)
US			202			-		*			*			-					442		-		*			*			-
Intl			56			-		*			*			-					122		-		*			*			-
WW			258			-		*			*			-					564		-		*			*			-
OTHER CARDIOVASCULAR (4)
US			31			28		11.1	%		11.1	%		-					120		109		10.7	%		10.7	%		-
Intl			68			61		12.1	%		12.3	%		-0.2	%				260		247		5.3	%		7.3	%		-2.0	%
WW			99			89		11.8	%		12.0	%		-0.2	%				380		356		6.9	%		8.4	%		-1.5	%
ORTHOPAEDICS
US			1,460			1,425		2.4	%		2.4	%		-					5,689		5,525		3.0	%		3.0	%		-
Intl			856			843		1.6	%		2.5	%		-0.9	%				3,470		3,417		1.5	%		3.0	%		-1.5	%
WW			2,315			2,268		2.1	%		2.5	%		-0.4	%				9,158		8,942		2.4	%		3.0	%		-0.6	%
HIPS
US			272			266		2.5	%		2.5	%		-					1,057		996		6.2	%		6.2	%		-
Intl			146			132		10.6	%		11.7	%		-1.1	%				581		564		3.0	%		4.6	%		-1.6	%
WW			418			398		5.2	%		5.6	%		-0.4	%				1,638		1,560		5.0	%		5.6	%		-0.6	%
KNEES
US			238			242		-1.5	%		-1.5	%		-					922		896		2.9	%		2.9	%		-
Intl			160			144		10.7	%		11.3	%		-0.6	%				623		559		11.3	%		12.4	%		-1.1	%
WW			398			387		3.1	%		3.3	%		-0.2	%				1,545		1,456		6.1	%		6.5	%		-0.4	%
TRAUMA
US			514			487		5.5	%		5.5	%		-					2,013		1,949		3.3	%		3.3	%		-
Intl			250			255		-1.9	%		-0.5	%		-1.4	%				1,036		1,030		0.6	%		2.1	%		-1.5	%
WW			764			741		3.0	%		3.5	%		-0.5	%				3,049		2,979		2.3	%		2.9	%		-0.6	%
SPINE, SPORTS & OTHER
US			434			430		1.1	%		1.1	%		-					1,696		1,684		0.7	%		0.7	%		-
Intl			300			311		-3.6	%		-2.9	%		-0.7	%				1,230		1,263		-2.6	%		-1.2	%		-1.4	%
WW			735			742		-0.9	%		-0.6	%		-0.3	%				2,926		2,947		-0.7	%		-0.1	%		-0.6	%
	REPORTED SALES vs. PRIOR PERIOD ($MM)																	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FOURTH QUARTER																	TWELVE MONTHS
								% Change															% Change
		2024			2023			Reported			Operational (1)			Currency				2024			2023		Reported			Operational (1)			Currency
SURGERY
US			1,038			1,047		-0.9	%		-0.9	%		-					4,003		4,031		-0.7	%		-0.7	%		-
Intl			1,469			1,484		-1.0	%		1.4	%		-2.4	%				5,842		6,006		-2.7	%		0.6	%		-3.3	%
WW			2,507			2,530		-0.9	%		0.4	%		-1.3	%				9,845		10,037		-1.9	%		0.1	%		-2.0	%
ADVANCED
US			478			468		2.0	%		2.0	%		-					1,838		1,833		0.2	%		0.2	%		-
Intl			673			698		-3.6	%		-1.6	%		-2.0	%				2,650		2,837		-6.6	%		-3.5	%		-3.1	%
WW			1,151			1,167		-1.4	%		-0.1	%		-1.3	%				4,488		4,671		-3.9	%		-2.0	%		-1.9	%
GENERAL
US			560			579		-3.1	%		-3.1	%		-					2,165		2,198		-1.5	%		-1.5	%		-
Intl			795			785		1.4	%		4.0	%		-2.6	%				3,192		3,168		0.8	%		4.3	%		-3.5	%
WW			1,357			1,364		-0.5	%		1.0	%		-1.5	%				5,358		5,366		-0.2	%		2.0	%		-2.2	%
VISION
US			509			487		4.5	%		4.5	%		-					2,128		2,086		2.0	%		2.0	%		-
Intl			794			721		10.2	%		12.2	%		-2.0	%				3,018		2,986		1.1	%		3.7	%		-2.6	%
WW			1,303			1,208		7.9	%		9.1	%		-1.2	%				5,146		5,072		1.5	%		3.0	%		-1.5	%
CONTACT LENSES / OTHER
US			396			374		6.0	%		6.0	%		-					1,684		1,626		3.6	%		3.6	%		-
Intl			541			508		6.4	%		8.5	%		-2.1	%				2,049		2,076		-1.3	%		1.8	%		-3.1	%
WW			937			882		6.3	%		7.4	%		-1.1	%				3,733		3,702		0.8	%		2.6	%		-1.8	%
SURGICAL
US			113			114		-0.4	%		-0.4	%		-					444		460		-3.4	%		-3.4	%		-
Intl			252			212		19.3	%		21.1	%		-1.8	%				969		910		6.5	%		8.2	%		-1.7	%
WW			365			326		12.4	%		13.6	%		-1.2	%				1,413		1,370		3.2	%		4.3	%		-1.1	%
TOTAL MEDTECH
US			4,227			3,930		7.6	%		7.6	%		-					16,332		15,275		6.9	%		6.9	%		-
Intl			3,961			3,743		5.8	%		7.6	%		-1.8	%				15,525		15,125		2.6	%		5.4	%		-2.8	%
WW		$	8,188		$	7,673		6.7	%		7.6	%		-0.9	%			$	31,857		30,400		4.8	%		6.2	%		-1.4	%

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) Reported as U.S. sales
(4) Previously referred to as Interventional Solutions
(5) Acquired on May 31, 2024

Supplemental Sales Information (Unaudited)
(Dollars in Millions)
		FOURTH QUARTER														TWELVE MONTHS
							Percent Change															Percent Change
		2024			2023		Total			Operations			Currency				2024			2023		Total			Operations			Currency
Innovative Medicine
U.S.		$	8,977		8,079		11.1			11.1			-				$	33,970		31,169		9.0			9.0			-
International			5,355		5,643		(5.1	)		(1.0	)		(4.1	)				22,994		23,590		(2.5	)		1.3			(3.8	)
Worldwide			14,332		13,722		4.4			6.1			(1.7	)				56,964		54,759		4.0			5.7			(1.7	)
COVID-19 Vaccine
U.S.			-		-		-			-			-					-		-		-			-			-
International			-		44		*			*			*					198		1,117		(82.4	)		(82.4	)		0.0
Worldwide			-		44		*			*			*					198		1,117		(82.4	)		(82.4	)		0.0
Innovative Medicine excluding COVID-19 Vaccine
U.S.			8,977		8,079		11.1			11.1			-					33,970		31,169		9.0			9.0			-
International			5,355		5,599		(4.4	)		(0.3	)		(4.1	)				22,796		22,473		1.4			5.5			(4.1	)
Worldwide			14,332		13,678		4.8			6.5			(1.7	)				56,766		53,642		5.8			7.5			(1.7	)
Worldwide
U.S.			13,204		12,009		10.0			10.0			-					50,302		46,444		8.3			8.3			-
International			9,316		9,386		(0.7	)		2.5			(3.2	)				38,519		38,715		(0.5	)		2.9			(3.4	)
Worldwide			22,520		21,395		5.3			6.7			(1.4	)				88,821		85,159		4.3			5.9			(1.6	)
COVID-19 Vaccine
U.S.			-		-		-			-			-					-		-		-			-			-
International			-		44		*			*			*					198		1,117		(82.4	)		(82.4	)		0.0
Worldwide			-		44		*			*			*					198		1,117		(82.4	)		(82.4	)		0.0
Worldwide
U.S.			13,204		12,009		10.0			10.0			-					50,302		46,444		8.3			8.3			-
International			9,316		9,342		(0.3	)		2.9			(3.2	)				38,321		37,598		1.9			5.5			(3.6	)
Worldwide excluding COVID-19 Vaccine		$	22,520		21,351		5.5			6.9			(1.4	)			$	88,623		84,042		5.5			7.0			(1.5	)
Europe		$	4,921		4,962		(0.8	)		(0.2	)		(0.6	)			$	20,212		20,410		(1.0	)		(0.6	)		(0.4	)
Europe COVID-19 Vaccine Sales			-		44		*			*			*					198		1,117		(82.4	)		(82.4	)		0.0
Europe excluding COVID-19 Vaccine Sales		$	4,921		4,918		0.1			0.7			(0.6	)			$	20,014		19,293		3.7			4.1			(0.4	)
* Percentage greater than 100% or not meaningful

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Q4 QTD - Income Before Tax* and Research & Development Expense by Segment
Dollars in Millions
			Innovative Medicine						MedTech						Unallocated							Worldwide Total
			2024			2023			2024			2023			2024			2023				2024			2023
Reported Income Before Tax by Segment From Continuing Operations	$		4,009			4,238			72			404			(194	)		184				3,887			4,826
% to Sales			28.0	%		30.9	%		0.9	%		5.3	%		-0.9	%		0.9	%			17.3	%		22.6	%
Intangible asset amortization expense			685			747			486			401			-			-				1,171			1,148
In-process research and development impairments			17			-			-			58			-			-				17			58
Litigation related			(41	)		17			(29	)		149			54			-				(16	)		166
Loss/(gain) on securities			(50	)		(112	)		(18	)		(59	)		-			(264	)			(68	)		(435	)
Restructuring related			2			55			60			84			-			-				62			139
Acquisition, integration and divestiture related			12			175			268			62			18			-				298			237
Medical Device Regulation			-			-			47			88			-			-				47			88
COVID-19 Vaccine related costs			23			10			-			-			-			-				23			10
Adjusted Income Before Tax by Segment From Continuing Operations	$		4,657			5,130			886			1,187			(122	)		(80	)			5,421			6,237
% to Sales			32.5	%		37.4	%		10.8	%		15.5	%		-0.5	%		-0.4	%			24.1	%		29.2	%
*Estimated as of 1/22/2025
As Reported Research and development expense**	$		3,698			3,357			1,600			1,123										5,298			4,480
% to Sales			25.8	%		24.5	%		19.5	%		14.6	%									23.5	%		20.9	%
**Includes the following Acquired IPR&D:
Laminar - Q4 2023												390													390
V-Wave - Q4 2024									540													540
Total									540			390										540			390

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Q4 YTD - Income Before Tax* and Research & Development Expense by Segment
Dollars in Millions
			Innovative Medicine						MedTech						Unallocated							Worldwide Total
			2024			2023			2024			2023			2024			2023				2024			2023
Reported Income Before Tax by Segment From Continuing Operations	$		18,919			18,246			3,740			4,669			(5,972	)		(7,853	)			16,687			15,062
% to Sales			33.2	%		33.3	%		11.7	%		15.4	%		-6.7	%		-9.2	%			18.8	%		17.7	%
Intangible asset amortization expense			2,772			2,983			1,754			1,549			-			-				4,526			4,532
In-process research and development impairments			211			206			-			107			-			-				211			313
Litigation related			358			(108	)		(14	)		190			5,106			7,070				5,450			7,152
Loss/(gain) on securities			(76	)		362			30			(102	)		352			381				306			641
Restructuring related			102			479			167			319			-			-				269			798
Acquisition, integration and divestiture related			66			175			1,015			164			145			-				1,226			339
Medical Device Regulation			-			-			204			311			-			-				204			311
COVID-19 Vaccine related costs			100			663			-			-			-			-				100			663
Adjusted Income Before Tax by Segment From Continuing Operations	$		22,452			23,006			6,896			7,207			(369	)		(402	)			28,979			29,811
% to Sales			39.4	%		42.0	%		21.6	%		23.7	%		-0.4	%		-0.5	%			32.6	%		35.0	%
*Estimated as of 1/22/2025
As Reported Research and development expense**	$		13,529			11,963			3,703			3,122										17,232			15,085
% to Sales			23.8	%		21.8	%		11.6	%		10.3	%									19.4	%		17.7	%
**Includes the following Acquired IPR&D:
Laminar - Q4 2023												390													390
Yellow Jersey (NM26 bispecific antibody) - Q3 2024			1,250																			1,250
V-Wave -Q4 2024									540													540
Total			1,250						540			390										1,790			390

Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
Quarter to Date
												In-process research and development impairments						Acquisition, integration and divestiture related			(Loss)/gain on securities						COVID-19 Vaccine Related Costs			Tax legislation and other tax related
	Fourth Quarter Dec. 29, 2024 GAAP					Intangible asset amortization			Litigation related						Restructuring related									Medical Device Regulation									Fourth Quarter Dec. 29, 2024 Non-GAAP
Cost of products sold	$	7,128				(1,162	)								(20	)		(153	)					(18	)		-			-			5,775
Selling, marketing and admin expenses		6,453																						(4	)								6,449
Research and development expense		5,298																-						(25	)		(6	)					5,267
Other (Income) / Expense		(161	)			(9	)		16						-			(145	)		68						(17	)					(248	)
In-process research and development impairments		17										(17	)					-															-
Restructuring		42													(42	)																	-
Provision for taxes on income		456				171			(158	)		4			3			80			(34	)		9			5			(61	)		475
Net Earnings from Continuing Operations		3,431				1,000			142			13			59			218			(34	)		38			18			61			4,946
												In-process research and development impairments						Acquisition, integration and divestiture related			(Loss)/gain on securities						COVID-19 Vaccine Related Costs			Tax legislation and other tax related
	Fourth Quarter Dec. 31, 2023 GAAP					Intangible asset amortization			Litigation related						Restructuring related									Medical Device Regulation									Fourth Quarter Dec. 31, 2023 Non-GAAP
Cost of products sold	$	6,798				(1,131	)								(83	)								(42	)		(12	)		-			5,530
Selling, marketing and admin expenses		5,810																						(8	)								5,802
Research and development expense		4,480																(16	)					(38	)		(1	)					4,425
Other (Income) / Expense		(421	)			(17	)		(166	)					-			(221	)		435						3						(387	)
In-process research and development impairments		58										(58	)																				-
Restructuring		56													(56	)																	-
Provision for taxes on income		694				175			(134	)		13			16			30			(191	)		16			-			56			675
Net Earnings from Continuing Operations		4,132				973			300			45			123			207			(244	)		72			10			(56	)		5,562
Year to Date
												In-process research and development impairments						Acquisition, integration and divestiture related			(Loss)/gain on securities						COVID-19 Vaccine Related Costs			Tax legislation and other tax related
	Twelve Months Dec. 29, 2024 GAAP					Intangible asset amortization			Litigation related						Restructuring related									Medical Device Regulation									Twelve Months Dec. 29, 2024 Non-GAAP
Cost of products sold	$	27,471				(4,517	)								(35	)		(359	)					(84	)		(8	)					22,468
Selling, marketing and admin expenses		22,869																						(16	)		-						22,853
Research and development expense		17,232																(69	)					(104	)		(25	)					17,034
Other (Income) / Expense		4,694				(9	)		(5,450	)					-			(798	)		(306	)					(67	)					(1,936	)
In-process research and development impairments		211										(211	)		-			-			-						-						-
Restructuring		234													(234	)																	-
Provision for taxes on income		2,621				644			1,066			47			45			302			(29	)		38			22			(19	)		4,737
Net Earnings from Continuing Operations		14,066				3,882			4,384			164			224			924			335			166			78			19			24,242
												In-process research and development impairments						Acquisition, integration and divestiture related			(Loss)/gain on securities						COVID-19 Vaccine Related Costs			Tax legislation and other tax related
	Twelve Months Dec. 31, 2023 GAAP					Intangible asset amortization			Litigation related						Restructuring related									Medical Device Regulation									Twelve Months Dec. 31, 2023 Non-GAAP
Cost of products sold	$	26,553				(4,511	)								(309	)								(133	)		(189	)					21,411
Selling, marketing and admin expenses		21,512																						(29	)								21,483
Research and development expense		15,085																(32	)					(149	)		(99	)					14,805
Other (Income) / Expense		6,634				(21	)		(7,152	)					-			(307	)		(641	)					(375	)					(1,862	)
In-process research and development impairments		313										(313	)		-																		-
Restructuring		489													(489	)																	-
Provision for taxes on income		1,736				707			1,505			70			157			52			(9	)		57			155			(28	)		4,402
Net Earnings from Continuing Operations		13,326				3,825			5,647			243			641			287			650			254			508			28			25,409

 

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Source: Johnson & Johnson

FAQ

What were JNJ's Q4 2024 earnings per share?

JNJ reported Q4 2024 EPS of $1.41 and adjusted EPS of $2.04, both including a $(0.22) impact from acquired IPR&D charges.

How much revenue did Johnson & Johnson generate in full-year 2024?

Johnson & Johnson generated $88.8 billion in revenue for full-year 2024, representing a 4.3% growth from 2023.

What is JNJ's earnings guidance for 2025?

JNJ provided 2025 guidance with operational sales growth of 2.5-3.5% and adjusted operational EPS of $10.75-$10.95, reflecting 8.7% growth at the mid-point.

How did JNJ's MedTech segment perform in 2024?

JNJ's MedTech segment achieved 6.2% operational sales growth in 2024, with net acquisitions and divestitures positively impacting growth by 1.5%.

What was the performance of JNJ's Innovative Medicine segment in 2024?

JNJ's Innovative Medicine segment saw operational sales growth of 7.5% excluding the COVID-19 Vaccine, driven by products like DARZALEX, ERLEADA, CARVYKTI, and TREMFYA.