16/07/2025 - Johnson & Johnson: 2025 Second-Quarter Infographic & Earnings Presentation

2nd @uarter 2025 Results

/€ Today's strong results reflect the depth and strength of Johnson & Johnson's

$15.2

Worldwide Innovative Medicine sales

Innovative Medicine worldwide reported sales increased

$8.5

Worldwide MedTech sales

MedTech worldwide reported sales

uniquely diversified business blllion

operating across both

MedTech and Innovative Medicine. Our portfolio and

4.9% or 3.8% operationally2. Stelara impacted results2 by -(1,170) basis points. Primary operational drivers:

billion

increased 7.3% or 6.1% operationally2 Primary operational drivers:

Joaquin Duato Chairman & Chief

pipeline position us for elevated growth in the second half of the year, with game-changing approvals and submissions

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Executive Officer

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anticipated in areas like lung and bladder cancer, major depressive disorder, psoriasis,

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Surgical Vision

surgery and cardiovascular, which will extend and improve lives in transformative ways. $$

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July 16, 2025

Cautionary note on Forward-looking statements

This presentation contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: future operating and financial performance, product development, and market position and business strategy. The viewer 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 https://www.sec.gov, https://www.jnj.com, https://www.investor.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this presentation speaks only as of the date of this presentation. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.

Cautionary note on Non-GAAP financial measures

This presentation refers to certain non-GAAP financial measures. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures.

A reconciliation 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.

3

Strategic partnerships, collaborations & licensing arrangements

During the course of this presentation, we will discuss a number of products and compounds developed in collaboration with strategic partners or licensed from other companies. The following is an acknowledgement of those relationships:

Immunology Neuroscience

Infectious Diseases

Cardiovascular/ Metabolism/Other

Oncology

Pulmonary Hypertension

Global Public Health

REMICADE and SIMPONI/ SIMPONI ARIA marketing partners are Schering-Plough (Ireland) Company, a subsidiary of Merck & Co., Inc. and Mitsubishi Tanabe Pharma Corporation; TREMFYA discovered using MorphoSys AG antibody technology; JNJ-2113 was discovered through a collaboration with Protagonist Therapeutics - Janssen retains exclusive rights to develop and commercialize for a broad range of indications

INVEGA SUSTENNA/ XEPLION/ INVEGA TRINZA/ TREVICTA/ INVEGA HAFYERA/ BYANNLI are subject to a technology license agreement from Alkermes Pharma Ireland Limited, and RISPERDAL CONSTA developed in collaboration with Alkermes, Inc.

PREZCOBIX / REZOLSTA fixed-dose combination, SYMTUZA and ODEFSEY developed in collaboration with Gilead Sciences, Inc., and JULUCA and CABENUVA developed in collaboration with ViiV Healthcare UK. Research and development activities for the Company's COVID-19 vaccine, including the ENSEMBLE clinical trial and the delivery of doses for the U.S., have been funded in part with federal funds from the U.S. Department of Health and Human Services, Office of the Assistant Secretary for Preparedness and Response, Biomedical Advanced Research and Development Authority (BARDA), under Contract No. HHSO100201700018C, and in collaboration with the National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health (NIH) at the U.S. Department of Health and Human Services (HHS)

INVOKANA/ INVOKAMET/ VOKANAMET/ INVOKAMET XR fixed-dose combination licensed from Mitsubishi Tanabe Pharma Corporation; XARELTO co-developed with Bayer HealthCare AG; PROCRIT/ EPREX licensed from Amgen Inc., and X-Linked Retinitis Pigmentosa: AAV-RPGR licensed from MeiraGTx

IMBRUVICA developed in collaboration and co-marketed in the U.S. with Pharmacyclics, LLC, an AbbVie company; ZYTIGA licensed from BTG International Ltd.; VELCADE developed in collaboration with Millennium: The Takeda Oncology Company; DARZALEX and DARZALEX FASPRO licensed from Genmab A/S; BALVERSA licensed and discovered in collaboration with Astex Pharmaceuticals, Inc.; ERLEADA licensed from Regents of California and Memorial Sloan Kettering; CARVYKTI licensed and developed in collaboration with Legend Biotech USA Inc. and Legend Biotech Ireland Limited; AKEEGA licensed from TESARO, Inc., an oncology-focused business within GSK, and from BTG International Ltd.; RYBREVANT developed under license with Genmab A/S; LAZCLUZE licensed from Yuhan Corporation; DuoBody platform licensed from Genmab A/S relates to several bispecific antibody programs; OMT animal platform licensed from OMT Inc. relates to several antibody programs; ENHANZE platform licensed from Halozyme Therapeutics, Inc.

UPTRAVI license and supply agreement with Nippon Shinyaku (co-promotion in Japan), and OPSUMIT co-promotion agreement with Nippon Shinyaku in Japan

Janssen's Monovalent Ebola Vaccine is developed in collaboration with Bavarian Nordic A/S, and MVA-BN-Filo® is licensed-in from Bavarian Nordic A/S. The program has benefited from funding and preclinical services from the National Institute of Allergy and Infectious Diseases (NIAID), part of NIH, NIAID support included 2 product development contracts starting in 2008 and 8 pre-clinical services contracts. This program is also receiving funding from the IMI2 Joint Undertaking under EBOVAC1 (grant nr. 115854), EBOVAC2 (grant nr. 115861), EBOVAC3 (grant nr. 800176), EBOMAN (grant nr. 115850) and EBODAC (grant nr. 115847). The IMI2 Joint Undertaking receives support from the European Union's Horizon 2020 research and innovation program and the European Federation of Pharmaceutical Industries and Associations (EFPIA). Further funding for the Ebola vaccine regimen has been provided by BARDA, within the U.S. Department of Health and Human Services' Office of the Assistant Secretary for Preparedness and Response, under Contract Numbers HHSO100201700013C and HHSO100201500008C. The initial work on Ebola was conducted which was extended from 2002 until 2011. 2002 and 2007 via a Cooperative Research and Development Agreement (CRADA is AI-0114) between Janssen/Crucell and the Vaccine Research Center (VRC)/NIAID, part of the NIH. Janssen/Crucell have licenses to much of VRC's Ebola IP specific for human adenovirus under the Ad26/Ad35 Ebola vaccine CRADA invention. VAC69120 (Filovirus multivalent vaccine) developed in collaboration with Bavarian Nordic; funding: NIH Division of Microbiology and Infectious Diseases (DMID), under Contract Number HHSN272200800056C.

4

Agenda

1 CEO Remarks

2 Sales performance and earnings review

3 Cash position and guidance update

4 Q&A

Joaquin Duato

Chairman and Chief Executive Officer

Joseph J. Wolk Executive Vice President, Chief Financial Officer

Jennifer Taubert Executive Vice President, Worldwide Chairman, Innovative Medicine

John Reed Executive Vice President, Innovative Medicine, R&D

Tim Schmid

Executive Vice President, Worldwide Chairman, MedTech

Darren Snellgrove Vice President, Investor Relations

5

Joaquin Duato

Chairman and Chief Executive Officer

Q2 Earnings Summary

Innovative Medicine

1,2

operational sales growth

3.8%1,3

operational sales growth

MedTech

6.1%1

$15 billion+

in quarterly sales for first time

Strong momentum in

13

brands growing double digits

operational sales growth

1 Non-GAAP measure; excludes the impact of translational currency; see reconciliation schedules on the Investor Relations section of the company's website

2 Includes an approximate (710) basis point headwind from STELARA

3 Includes an approximate (1,170) basis point headwind from STELARA

Cardiovascular, Surgery and Vision

7

Innovative Medicine

Oncology

10+ products in market

26 approved indications

Immunology

6 products in market

14 approved indications

Neuroscience

1. products in market

2. approved indications

Innovative Medicines:

Innovative Medicines: Innovative Medicines:

8

MedTech

Cardiovascular Surgery Vision

Addressing one of the largest unmet needs in healthcare

Advancing the science of surgery and pioneering what's next

Developing transformational innovations to improve the health of patients' eyes

novation:

ACUVUE® OASYS 1-Day Family

MedTech Innovation: MedTech Innovation: MedTech In

E

H

l Energy THERMOCO

VARIPULS Platform

Dua OL

SMARTTOUC SF Catheter

Shockwave Intravascular Lithotripsy System

Impella® Heart Pump Technology

OMNYPULS

E

Catheter

ETHICO 4000

N

Surgical Stapler

OTTAV

A

Robotic Surgical System

y

e

TECNIS Odysse TECNIS PureSe

9

Darren Sne lgrove

Vice President, Investor Relations

2nd Quarter 2025 sales

Dollars in billions

1 Non-GAAP measure; excludes the impact of translational currency; see reconciliation schedules on the Investor Relations section of the company's websiteNote: Values may be rounded

% Change

Regional sales results	Q2 2025	Q2 2024	Reported	Operational1
U.S. $13.5		$12.6	7.8%	7.8%
Europe	5.4	5.2	3.3	(1.9)
Western Hemisphere (ex U.S.)	1.2	1.2	(0.5)	6.2
Asia-Pacific, Africa	3.6	3.5	4.4	2.4
International	10.2	9.9	3.2	0.6
Worldwide (WW)	$23.7	$22.4	5.8%	4.6%

12

2nd Quarter 2025 financial highlights

Dollars in billions, except EPS Reported %; Operational %1

Sales

GAAP earnings

GAAP EPS

$23.7

$22.4

$5.5

$4.7

$2.29

$1.93

Q2 2025 Q2 2024

Q2 2025 Q2 2024

Q2 2025 Q2 2024

5.8%; 4.6%1

Adjusted earnings2

$6.7 $6.8

18.2% 18.7%

Adjusted EPS2

$2.77

$2.82

Q2 2025 Q2 2024

(2.1)%

Q2 2025 Q2 2024

(1.8)%; (3.9)%1

1 Non-GAAP measure; excludes the impact of translational currency; see reconciliation schedules on the Investor Relations section of the company's website

2 Non-GAAP measure; excludes intangible amortization expense and special items; see reconciliation schedules on the Investor Relations section of the company's website

13

Innovative Medicine highlights - 2nd quarter 2025

Strong operational growth1 of 3.8% driven primarily by Oncology and Neuroscience

Stelara impacted results1 by ~(1,170) basis points

Reported: Operational1:

WW 4.9%, U.S. 7.6%, Int'l 1.0%

WW 3.8%, U.S. 7.6%, Int'l (1.6)%

WW sales $MM

Oncology

Key drivers of operational performance1

• DARZALEX increase driven by continued strong share gains and market growth

• ERLEADA increase driven by continued share gains and market growth, partially offset by the impact of Part D redesign

• CARVYKTI increase driven by continued share gains and capacity expansion

• TECVAYLI and TALVEY growth driven by ongoing launches

• RYBREVANT/LAZCLUZE growth driven by ongoing launch

• Growth partially offset by ZYTIGA loss of exclusivity and IMBRUVICA due to competitive

Oncology

$6,312

24.0%, 22.3%

• Reported growth ■ Operational growth1

  CVM/Other

  $930

  4.2%, 4.0%

  PH

  Immunology

  pressures and the impact of Part D redesign

  • TREMFYA increase due to share gains, market growth, and launch-related inventory dynamics, partially offset by the impact of Part D redesign

  • SIMPONI/SIMPONI ARIA growth driven mainly by MSD3 return of rights in Europe

  • REMICADE increase due to favorable patient mix, market growth, and MSD3 return of rights in Europe, partially offset by biosimilar competition

  • STELARA decline driven by the impact of biosimilar competition and Part D redesign

  • SPRAVATO growth driven by continued increased physician and patient demand

    Neuroscience

    $2,051

    15.1%, 14.4%

    $15,202

    4.9%, 3.8%

    $1,113

    7.1%, 6.2%

    Immunology

    $3,993

    Neuroscience

    Pulmonary Hypertension (PH)

    Infectious Diseases

    Cardiovascular / Metabolism / Other

  • CAPLYTA acquired April 2, 2025

  • INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA decline primarily driven by the impact of Part D redesign and unfavorable patient mix

  • OPSUMIT/OPSYNVI increase driven by market growth, inventory dynamics, and share gains, partially offset by the impact of Part D redesign

  • UPTRAVI increase driven by market growth and inventory dynamics partially offset by the impact of Part D redesign

  • Declines across the portfolio including COVID-19 Vaccine, partially offset by EDURANT growth

  • XARELTO growth driven by the impact of Part D redesign and market growth partially offset

    Infectious Diseases

    $803

    (16.8)%, (19.0)%

    (15.4)%, (16.0)%

    (CVM/Other)

    with continued share declines

    Adjusted operational sales2: WW: 2.4%, U.S. 5.2%, Int'l (1.6)%

    1 Non-GAAP measure; excludes the impact of translational currency; see reconciliation schedules on the Investor Relations section of the company's website 3 MSD: Merck, Sharp, & Dohme

    2 Non-GAAP measure; excludes acquisitions and divestitures and translational currency; see reconciliation schedules on the Investor Relations section of the company's website Note: Values may be rounded 14

    MedTech highlights - 2nd quarter 2025

    Strong operational growth1 of 6.1% due to Cardiovascular, commercial execution, and innovation

    Key drivers of operational performance1

    Reported: WW 7.3%, U.S. 8.0%, Int'l 6.7%

    Operational1: WW 6.1%, U.S. 8.0%, Int'l 4.1%

    WW sales $MM

    • Reported growth ■ Operational growth1

Cardiovascular

• Electrophysiology: Growth driven by strength in competitive mapping, new product performance (VARIPULSE, TRUPLUSE, NUVISION, QDOT), procedure growth, and lapping of prior year inventory dynamics in China, partially offset by competitive pressures in PFA

• Abiomed: Double digit growth driven by continued strong adoption of Impella 5.5 and Impella CP

• Shockwave: Acquired May 31, 2024

• Hips: Reflects impacts of volume-based procurement (VBP) in China, revenue disruption from the previously announced Orthopaedics transformation, and trade inventory dynamics, partially offset by

  Cardiovascular

  $2,313

  23.5%, 22.3%

  Vision

  $1,369

  6.5%, 4.6%

  $8,541

  7.3%, 6.1%

  Orthopaedics

  $2,305

  (0.3)%, (1.6)%

  Surgery

  $2,555

  2.7%, 1.8%

  Orthopaedics

  Surgery

  Vision

  procedure growth

• Trauma: Primarily driven by lapping of strong prior year comparator offset by recently launched products, procedure growth, and commercial execution

• Knees: Driven by competitive pressures, market headwinds, and revenue disruption from the previously announced Orthopaedics transformation, partially offset by strength of the ATTUNE portfolio and pull through related to the VELYS Robotic assisted solutions

• Spine, Sports & Other: Reflects competitive pressures, price pressures in the U.S. Early Interventional segment, revenue disruption from the previously announced Orthopaedics transformation, and VBP in China

  • Spine: ~ -7% WW, ~ -4% U.S., ~ -12% Int'l

• Advanced

  • Biosurgery: ~ +7% Growth driven by continued strength of the portfolio (SURGIFLO, SURGICEL Powder, Evarrest, and VISTASEAL) and commercial execution, partially offset by VBP in China

  • Endocutters: ~ +1% Increase primarily due to strategic price actions partially offset by VBP in China and competitive pressures

  • Energy: ~ -6% Due to competitive pressures, Harmonic market decline in the U.S., VBP in China and OUS tender timing, partially offset by go-to-market changes in EMEA

• General: Growth primarily due to technology penetration and upgrades within our differentiated Wound Closure portfolio (Barbed & PLUS Sutures)

• Contact Lenses/Other: Growth driven by price actions and continued strong performance of the ACUVUE OASYS 1-Day family (recent launch of OASYS MAX 1-Day including MAX 1-day multifocal for Astigmatism)

• Surgical: Increase reflects continued strength of recent innovation (TECNIS Odyssey, TECNIS PureSee, TECNIS Eyhance) and commercial execution

Adjusted operational sales2: WW 4.1%, U.S. 4.7%, Int'l 3.4%

1 Non-GAAP measure; excludes the impact of translational currency; see reconciliation schedules on the Investor Relations section of the company's website

2 Non-GAAP measure; excludes acquisitions and divestitures and translational currency; see reconciliation schedules on the Investor Relations section of the company's website

Note: Values may be rounded 15

Condensed consolidated statement of earnings

2nd Quarter 2025

2025			2024		% Increase (Decrease)
(Unaudited; Dollar and shares in millions except per share figures)	Amount	% to Sales	Amount	% to Sales
Sales to customers	$23,743	100.0	$22,447	100.0	5.8
Cost of products sold	7,628	32.1	6,869	30.6	11.0
Gross Profit	16,115	67.9	15,578	69.4	3.4
Selling, marketing and administrative expenses	5,889	24.8	5,681	25.3	3.7
Research and development expense	3,516	14.8	3,440	15.3	2.2
In-process research and development impairments	-	-	194	0.9
Interest (income) expense, net	48	0.2	(125)	(0.6)
Other (income) expense, net	107	0.5	653	2.9
Restructuring	64	0.3	(13)	0.0
Earnings before provision for taxes on income	6,491	27.3	5,748	25.6	12.9
Provision for taxes on income	954	4.0	1,062	4.7	(10.2)
Net Earnings	$5,537	23.3	$4,686	20.9	18.2

-

Net earnings per share (Diluted)	$2.29	$1.93	18.7
Average shares outstanding (Diluted)	2,419.1	2,422.0
Effective tax rate	14.7%	18.5%

.

Adjusted earnings before provision for taxes and net earnings1
Earnings before provision for taxes on income	$8,188	34.5	$8,404	37.4	(2.6)
Net earnings	$6,699	28.2	$6,840	30.5	(2.1)
Net earnings per share (Diluted)	$2.77		$2.82		(1.8)
Effective tax rate	18.2%		18.6%

1 Non-GAAP measure; excludes intangible amortization expense and special items; see reconciliation schedules on the Investor Relations section of the company's website

16

Adjusted earnings before provision for taxes on income by segment

2nd Quarter 2025

(Unaudited; Dollar in millions)

Innovative Medicine	2025		2024		% Increase (Decrease)
	Amount	% to Sales	Amount	% to Sales
Sales to customers Cost of products sold	$15,202 100.0 3,180 20.9		$14,490 100.0 2,905 20.0		4.9 9.5
Gross Profit	$12,022 79.1		$11,585 80.0		3.8
Selling, marketing and administrative expenses Research and development expense Other segment items 1	2,789 18.3 2,869 18.9 (129) (0.8)		2,665 18.4 2,712 18.7 (254) (1.7)		4.7 5.8
Adjusted segment income before tax 2	$6,493 42.7		$6,462 44.6		0.5

MedTech	2025		2024		% Increase (Decrease)
	Amount	% to Sales	Amount	% to Sales
Sales to customers Cost of products sold	$8,541 100.0 3,142 36.8		$7,957 100.0 2,754 34.6		7.3 14.1
Gross Profit	$5,399 63.2		$5,203 65.4		3.8
Selling, marketing and administrative expenses Research and development expense Other segment items 1	2,862 33.4 690 8.1 (53) (0.6)		2,666 33.5 670 8.4 (181) (2.2)		7.4 3.0
Adjusted segment income before tax 2	$1,900 22.2		$2,048 25.7		(7.2)

Enterprise	2025		2024		% Increase (Decrease)
	Amount	% to Sales	Amount	% to Sales
Adjusted segment income before tax 2	$8,188 34.5		$8,404 37.4		(2.6)

1 Other segment items for each reportable segment include charges related to other income and expense

2 Non-GAAP measure; excludes intangible amortization expense and special items; see reconciliation schedules on the Investor Relations section of the company's websiteNote: For expenses not allocated to segments, see reconciliation schedules on the Investor Relations section of the company's website

17

Joseph J. Wolk

Executive Vice President, Chief Financial Officer

Capital allocation strategy

Dollars in billions Q2 2025

Cash and marketable

$19

Capital allocation

securities

Organic growth business needs

Free cash flow1

Investment in M&A

Competitive dividends

Share repurchases

Higher priority

Debt

($51)

~$6

Free cash flow1,2

($32)

Net debt

Note: Values may be rounded

Q2 2025:

$3.5B invested in R&D

$6.7B year-to-date

$3.1B in dividends paid to shareholders;

$6.1B year-to-date

~$15B3 deployed in strategic, inorganic growth opportunities

Lower priority

1 Non-GAAP measure; defined as cash flow from operating activities, less additions to property, plant and equipment

2 Estimated as of July 16, 2025. Cash flow from operations, the most directly comparable GAAP financial measure, will be included in subsequent SEC filings

3 Includes Intra-Cellular Therapies acquisition closed April 2, 2025

Note: Values may be rounded 19

2025 P&L guidance

Increasing operational2 sales guidance to 4.8% and adjusted operational EPS2,4 to 7.0% (midpoints)

	July 2025	April 2025	Comments
Adjusted operational sales1,2,6	3.2% - 3.7%	2.0% - 3.0%	Increasing midpoint to 3.5%
Operational sales2,6	$92.7B - $93.1B 4.5% - 5.0%	$91.6B - $92.4B 3.3% - 4.3%	Tightening range; Increasing midpoint by $0.9B to 4.8%
Estimated reported sales 3,6	$93.2B - $93.6B 5.1% - 5.6%	$91.0B - $91.8B 2.6% - 3.6%	Tightening range; Increasing midpoint by $2.0B to 5.4% Incremental FX impact of $1.1B
Adjusted pre-tax operating margin4,5	Increase of ~300 bps	Increase of ~300 bps	Maintaining
Net other income4	$1.0 - $1.2 billion	$1.0 - $1.2 billion	Maintaining
Net interest expense / (income)	$0 - $100 million	$100 - $200 million	Decreasing due to higher interest earned on cash balances
Effective tax rate4	17.0% - 17.5%	16.5% - 17.0%	Increasing due to an adjustment on global tax reserves
Adjusted EPS (operational)2,4	$10.63 - $10.73 6.5% - 7.5%	$10.50 - $10.70 5.2% - 7.2%	Tightening range; Increasing midpoint by $0.08
Adjusted EPS (reported)3,4	$10.80 - $10.90 8.2% - 9.2%	$10.50 - $10.70 5.2% - 7.2%	Tightening range; Increasing midpoint by $0.25 Incremental FX impact of $0.17

1 Non-GAAP measure; excludes acquisitions and divestitures 4 Non-GAAP measure; excludes intangible amortization expense and special items

2 Non-GAAP measure; excludes the impact of translational currency 5 Sales less: COGS, SM&A and R&D expenses

3 Euro Average Rate: July 2025 = $1.13; Euro Spot Rate: July 2025 = $1.17 6 Excludes COVID-19 Vaccine

Note: Values may be rounded 20

Phasing Considerations

Anticipate second half operational1 sales growth higher than the first half

Innovative Medicine

MedTech

P&L

• One-time items impacting EPS last year:

  • Benefit of Kenvue dividend in the first two quarters

  • Higher interest income prior to Shockwave acquisition in May

  • Monetization of royalty rights in Q3

  • IPR&D expense associated with NM-26 Bi-specific antibody acquisition (Q3) and V-Wave acquisition (Q4)

1 Non-GAAP measure; excludes the impact of translational currency; see reconciliation schedules on the Investor Relations section of the company's website

2 Once faced with material biosimilar competition, with the additive impact of Part D re-design

3 Products negatively impacted include STELARA, INVEGA long acting injectables, ERLEADA, OPSUMIT, UPTRAVI, TREMFYA and IMBRUVICA, partially offset by a favorable impact in XARELTO 21

Anticipated 2025 milestones1 driving long-term value creation

Innovative Medicine MedTech

TAR-200 NMIBC RYBREVANT Sub-Q in NSCLC TREMFYA Sub-Q in UC CAPLYTA in aMDD

icotrokinra in PsO and UC

TREMFYA PsA RYBREVANT in HNC

VOLT Plating System STSF Dual Energy OTTAVA

IMPELLA ECP

ATTUNE Revision Hinge ETHICON 4000 Stapler

ACUVUE OASYS MAX for Astigmatism

1 List above is not inclusive of all 2025 anticipated milestones

Sub-Q: Subcutaneous; NSCLC: Non-small cell lung cancer; UC: Ulcerative colitis; NMIBC: Non-muscle invasive bladder cancer; PsO: Psoriasis; HNC: head and neck cancer; aMDD: Adjunctive major depressive disorder; PsA: Psoriatic arthritis; STSF: SMARTTOUCH Surround Flow

22

Q&A

Joaquin Duato

Chairman and Chief Executive Officer

Joseph J. Wolk Executive Vice President, Chief Financial Officer

Jennifer Taubert Executive Vice President, Worldwide Chairman, Innovative Medicine

John Reed Executive Vice President, Innovative Medicine, R&D

Tim Schmid

Executive Vice President, Worldwide Chairman, MedTech

Darren Snellgrove Vice President, Investor Relations

Slide footer goes here if required 24

Johnson & Johnson Innovative Medicine Pipeline Key Events in 2025*

POTENTIAL APPROVALS US/EU PLANNED SUBMISSIONS US/EU POTENTIAL CLINICAL DATA PRESENTATIONS¹

Phase III Phase I/ II

TAR-200 (RIS/gemcitabine plus TAR-200 (RIS/gemcitabine plus

US EU

SIMPONI (golimumab) Pediatric Ulcerative Colitis (PURSUIT 2)

P

US EU

IMAAVY (nipocalimab ) Generalized Myasthenia Gravis (Vivacity MG3)

US

nipocalimab Warm Autoimmune Hemolytic Anemia (ENERGY)

P

US

cetrelimab) Non Muscle Invasive Bladder Cancer (SunRISe-1)

P

AKEEGA (niraparib/abiraterone) M1 Metastatic Castration-Sensitive Prostate Cancer (AMPLITUDE)

P

cetrelimab) Non Muscle Invasive Bladder Cancer (SunRISe-1)

STELARA (ustekinumab)

P

US

SPRAVATO (esketamine)

TREMFYA (guselkumab)

P

US

AKEEGA (niraparib/abiraterone)

P

RYBREVANT / LAZCLUZE

RYBREVANT (amivantamab)

P

EU

Pediatric Crohn's Disease (UNITI JR)

Treatment Resistant Depression monotherapy (TRD4005)

P

EU

Ulcerative Colitis Subcutaneous Induction (ASTRO)

P

EU

M1 Metastatic Castration-Sensitive Prostate Cancer (AMPLITUDE)

Non Small Cell Lung Cancer (MARIPOSA Final OS)

Head and Neck Cancer (ORIGAMI-4)

US

TREMFYA (guselkumab) Ulcerative Colitis Subcutaneous Induction (ASTRO)

US

CAPLYTA (lumateperone) Adjunctive Treatment for Major Depressive Disorder

US

TREMFYA (guselkumab) Psoriatic Arthritis Structural Damage (APEX)

P

TREMFYA (guselkumab) Ulcerative Colitis Subcutaneous Induction (ASTRO)

P

TALVEY + TECVAYLI Multiple Myeloma Relapsed/Refractory (RedirecTT-1)

P

US

TREMFYA (guselkumab)

US

DARZALEX (daratumumab)

TREMFYA (guselkumab)

P

TREMFYA (guselkumab)

P

JNJ-4496

P

EU

Crohn's Disease Subcutaneous Induction (GRAVITI)

EU

Smoldering Multiple Myeloma (AQUILA)

P

EU

Pediatric Psoriasis (PROTOSTAR)

Psoriatic Arthritis Structural Damage (APEX)

Hematological Malignancies (LYM1001)

US

TREMFYA (guselkumab)

US

DARZALEX (daratumumab)

US

STELARA (ustekinumab)

P

TREMFYA (guselkumab)

P

JNJ-5322

Pediatric Psoriasis (PROTOSTAR)

P

EU

Frontline multiple myeloma transplant ineligible (CEPHEUS)

EU

Pediatric Ulcerative Colitis (UNIFI JR)

Pediatric Psoriasis (PROTOSTAR)

Multiple Myeloma (MMY1001)

US

TREMFYA (guselkumab)

US

TAR-200 (RIS/gemcitabine plus cetrelimab)

P

US

STELARA (ustekinumab)

P

icotrokinra

P

RYBREVANT (amivantamab)

Pediatric Juvenile Psoriatic Arthritis

Non Muscle Invasive Bladder Cancer (SunRISe-1)

Pediatric Crohn's Disease (UNITI JR)

Psoriasis (ICONIC-LEAD)

Colorectal Cancer (ORIGAMI-1 right-sided)

P

US

TREMFYA (guselkumab)

US

RYBREVANT (amivantamab)

US

icotrokinra

P

icotrokinra

P

JNJ-8343

P

EU

Crohn's Disease (GALAXI)

P

EU

Subcutaneous (PALOMA-3)

EU

Psoriasis (ICONIC)

Psoriasis (ICONIC-TOTAL)

Prostate Cancer (PCR1001)

P

EU

TREMFYA (guselkumab) Ulcerative Colitis (QUASAR)

EU

IMBRUVICA (ibrutinib) Frontline MCL (Triangle)

icotrokinra Psoriasis (ICONIC-Advance1/2)

JNJ-4804 Co-antibody Therapy Psoriatic Arthritis (AFFINITY)

P

US

IMAAVY (nipocalimab ) Generalized Myasthenia Gravis Pediatrics (VIBRANCE MG)

P

aticaprant Adjunctive Treatment for Major Depressive Disorder with Anhedonia (Ventura 1)

icotrokinra Ulcerative Colitis (ANTHEM)

P

RPGR Gene Therapy Retinitis Pigmentosa (LUMEOS)

nipocalimab Combination Therapy Rheumatoid Arthritis (DAISY)

= Achieved

1. In order to be on key events clinical presentation, data must be presented at a major medical meeting.

*This is not a fully exhaustive list of all pipeline programs and assets. The pipeline includes assets currently progressing through clinical trials as well as those under review by regulatory bodies. Inclusion in the pipeline is based on the current status of these programs and assets and does not guarantee continued investment. This information is as of July 16, 2025 to the best of the Company's knowledge. Johnson & Johnson assumes no obligation to update this information.

1 In order to be on key events clinical presentation, data must be presented at a major medical meeting.

*This is not a fully exhaustive list of all pipeline programs and assets. The pipeline includes assets currently progressing through clinical trials as well as those under review by regulatory bodies. Inclusion in the pipeline is based on the current status of these programs and assets and does not guarantee continued investments. This information is as of July 16, 2025 to the best of the Company's knowledge. Johnson & Johnson assumes no obligation to update this information.

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Johnson & Johnson published this content on July 16, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on July 16, 2025 at 10:23 UTC.