On July 16, 2025 Johnson & Johnson (NYSE: JNJ) reported results for second-quarter 2025 (Press release, Johnson & Johnson, JUL 16, 2025, View Source [SID1234654408]). "Today’s strong results reflect the depth and strength of Johnson & Johnson’s uniquely diversified business operating across both MedTech and Innovative Medicine," said Joaquin Duato, Chairman and Chief Executive Officer, Johnson & Johnson. "Our portfolio and pipeline position us for elevated growth in the second half of the year, with game-changing approvals and submissions anticipated in areas like lung and bladder cancer, major depressive disorder, psoriasis, surgery and cardiovascular, which will extend and improve lives in transformative ways."
Overall financial results
Q2
($ in Millions, except EPS)
2025
2024
% Change
Reported Sales
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$23,743
$22,447
5.8%
Net Earnings
$5,537
$4,686
18.2%
EPS (diluted)
$2.29
$1.93
18.7%
Q2
Non-GAAP* ($ in Millions, except EPS)
2025
2024
% Change
Operational Sales1,2
4.6%
Adjusted Operational Sales1,3
3.0%
Adjusted Net Earnings1,4
$6,699
$6,840
-2.1%
Adjusted EPS (diluted)1,4
$2.77
$2.82
-1.8%
Free Cash Flow6,7
~$6,200
$7,507
Regional sales results
Q2
% Change
($ in Millions)
2025
2024
Reported
Operational1,2
Currency
Adjusted
Operational1,3
U.S.
$13,544
$12,569
7.8%
7.8
–
5.0
International
10,199
9,878
3.2
0.6
2.6
0.4
Worldwide
$23,743
$22,447
5.8%
4.6
1.2
3.0
1Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2Excludes the impact of translational currency
3Excludes the net impact of acquisitions and divestitures and translational currency
Note: values may have been rounded
Segment sales results
Q2
% Change
($ in Millions)
2025
2024
Reported
Operational1,2
Currency
Adjusted
Operational1,3
Innovative Medicine
$15,202
$14,490
4.9%
3.8
1.1
2.4
MedTech
8,541
7,957
7.3
6.1
1.2
4.1
Worldwide
$23,743
$22,447
5.8%
4.6
1.2
3.0
1Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2Excludes the impact of translational currency
3Excludes the net impact of acquisitions and divestitures and translational currency
Note: values may have been rounded
Second-Quarter 2025 segment commentary:
Operational sales* reflected below excludes the impact of translational currency.
Innovative Medicine
Innovative Medicine worldwide operational sales grew 3.8%*, with net acquisitions and divestitures positively impacting growth by 1.4%. Growth was primarily driven by DARZALEX, CARVYKTI, ERLEADA and RYBREVANT/LAZCLUZE in Oncology, TREMFYA and SIMPONI/SIMPONI ARIA in Immunology, and SPRAVATO in Neuroscience. Growth was partially offset by an approximate (1,170) basis points impact from STELARA in Immunology, and an approximate (130) basis points impact from COVID-19 in Infectious Diseases.
MedTech
MedTech worldwide operational sales grew 6.1%*, with net acquisitions and divestitures positively impacting growth by 2.0%. Growth was primarily driven by electrophysiology products and Abiomed in Cardiovascular, as well as wound closure products in General Surgery.
Full-year 2025 guidance:
Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses, and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson’s results computed in accordance with GAAP.
($ in Billions, except EPS)
July 2025
April 2025
Adjusted Operational Sales1,2,5
Change vs. Prior Year / Mid-point
3.2% – 3.7% / 3.5%
2.0% – 3.0% / 2.5%
Operational Sales2,5 / Mid-point
Change vs. Prior Year / Mid-point
$92.7B – $93.1B / $92.9B
4.5% – 5.0% / 4.8%
$91.6B – $92.4B / $92.0B
3.3% – 4.3% / 3.8%
Estimated Reported Sales3,5/ Mid-point
Change vs. Prior Year / Mid-point
$93.2B – $93.6B / $93.4B
5.1% – 5.6% / 5.4%
$91.0B – $91.8B / $91.4B
2.6% – 3.6% / 3.1%
Adjusted Operational EPS (Diluted)2,4 / Mid-point
Change vs. Prior Year / Mid-point
$10.63 – $10.73 / $10.68
6.5% – 7.5% / 7.0%
$10.50 – $10.70 / $10.60
5.2% – 7.2% / 6.2%
Adjusted EPS (Diluted)3,4 / Mid-point
Change vs. Prior Year / Mid-point
$10.80 – $10.90 / $10.85
8.2% – 9.2% / 8.7%
$10.50 – $10.70 / $10.60
5.2% – 7.2% / 6.2%
1Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures
2Non-GAAP financial measure; excludes the impact of translational currency
3Calculated using Euro Average Rate: July 2025 = $1.13 and April 2025 = $1.10 (Illustrative purposes only)
4Non-GAAP financial measure; excludes intangible amortization expense and special items
5Excludes 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
Supplemental new drug application submitted to U.S.
FDA for CAPLYTA (lumateperone) with data
demonstrating significant schizophrenia relapse prevention compared to placebo1
Press Release
DARZALEX (daratumumab) receives the first positive CHMP opinion for patients with high-risk smouldering multiple myeloma
Press Release
IMBRUVICA (ibrutinib) receives positive CHMP opinion for the treatment of patients with previously untreated mantle cell lymphoma (MCL) who would be eligible for autologous stem cell transplant
Press Release
U.S. FDA Oncologic Drugs Advisory Committee votes in favor of the benefit-risk profile of DARZALEX FASPRO (daratumumab and hyaluronidase-fihj) for high-risk smoldering multiple myeloma
Press Release
Johnson & Johnson receives FDA approval for IMAAVY (nipocalimab-aahu), a new FcRn blocker offering long-lasting disease control in the broadest population of people living with generalized myasthenia gravis (gMG)
Press Release
Johnson & Johnson MedTech Announces Completion of First Cases with OTTAVA Robotic Surgical System
Press Release
Data Releases IMAAVY (nipocalimab-aahu) showed greater sustained disease control versus approved FcRn blockers for generalized myasthenia gravis (gMG) at multiple timepoints over 24 weeks in newly published indirect treatment comparison (ITC)
Press Release
Investigational combination of first-in-class bispecifics TALVEY and TECVAYLI shows deep and durable responses in heavily pretreated multiple myeloma patients with extramedullary disease
Press Release
Johnson & Johnson’s dual-targeting CAR T-cell therapy shows encouraging first results in large B-cell lymphoma
Press Release
New results for Johnson & Johnson’s bleximenib demonstrate promising antileukemic activity in combination with venetoclax and azacitidine for acute myeloid leukemia
Press Release
Significant efficacy benefit of IMBRUVICA (ibrutinib) plus venetoclax versus acalabrutinib plus venetoclax in frontline treatment of patients with chronic lymphocytic leukaemia suggested by indirect treatment comparison
Press Release
New data show TREMFYA (guselkumab) is the only IL-23 inhibitor proven to significantly inhibit progression of joint structural damage in active psoriatic arthritis
Press Release
DARZALEX FASPRO (daratumumab and hyaluronidase-fihj)-based regimen shows 95 percent progression-free survival at four years in transplant-eligible, newly diagnosed patients with multiple myeloma who achieved sustained MRD negativity
Press Release
Early results from Johnson & Johnson’s trispecific antibody show promising response in heavily pretreated multiple myeloma patients
Press Release
Single infusion of CARVYKTI (ciltacabtagene autoleucel) delivered lasting treatment-free remissions for at least five years in patients with relapsed or refractory multiple myeloma
Press Release
Johnson & Johnson leads with first PARP inhibitor combo to improve efficacy in patients with HRR-altered mCSPC
Press Release
Johnson & Johnson unveils first-in-human results for pasritamig, showing early anti-tumor activity in prostate cancer
Press Release
Shockwave Medical Study Confirms Benefit of IVL-First Strategy in Real-World Female Patients with Complex Calcified Lesions in Late-Breaking Data Presentation at EuroPCR 2025
Press Release
Icotrokinra results show significant skin clearance in patients with difficult-to-treat scalp and genital psoriasis
Press Release
TREMFYA (guselkumab) delivers sustained clinical and endoscopic remission in ulcerative colitis through two years
Press Release
TREMFYA (guselkumab) positioned to become the first and only IL-23 inhibitor to offer subcutaneous induction in ulcerative colitis as demonstrated in new data through 24 weeks
Press Release
Johnson & Johnson’s TAR-200 monotherapy achieves high disease-free survival of more than 80 percent in BCG-unresponsive, high-risk papillary NMIBC
Press Release
Johnson & Johnson’s TAR-200 monotherapy demonstrates highest complete response rate with sustained clinical benefits in patients with certain types of bladder cancer
Press Release
Johnson & Johnson MedTech Presents 3-Month Data from Omny-IRE Clinical Trial at 2025 Heart Rhythm Society Annual Meeting
Press Release
Product Launch
Johnson & Johnson Launches First and Only Daily Disposable Multifocal Toric Contact Lens – ACUVUE OASYS MAX 1-Day MULTIFOCAL for ASTIGMATISM
Press Release
Johnson & Johnson Launches VOLT Wrist and Proximal Humerus Plating Systems in the U.S.
Press Release
Johnson & Johnson Launches New TECNIS Odyssey Next-Generation Intraocular Lens in Europe, the Middle East, and Canada Offering Cataract Patients Precise Vision at Every Distance in Any Lighting
Press Release
Johnson & Johnson Launches KINCISE 2 System, the Only Automated Surgical Impactor Approved for Knee and Hip Revision Procedures
Press Release
Johnson & Johnson MedTech Launches SOUNDSTAR CRYSTAL in the US, Redefining Image Clarity in 2D Intracardiac Imaging
Press Release
Other
Johnson & Johnson Elects Daniel Pinto, President, JPMorganChase to its Board of Directors
Press Release
Webcast information:
Johnson & Johnson will conduct a conference call with investors to discuss this earnings release today at 8:30 a.m., Eastern Time. A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Johnson & Johnson website. A replay and podcast will be available approximately two hours after the live webcast in the Investor Relations section of the company’s website at events-and-presentations.