On January 21, 2026 Johnson & Johnson (NYSE: JNJ) reported results for fourth-quarter and full-year 2025. "2025 was a catapult year for Johnson & Johnson, fueled by the strongest portfolio and pipeline in our history" said Joaquin Duato, Chairman and Chief Executive Officer, Johnson & Johnson. "Last year kicked off a new era of accelerated growth, driven by medical innovation that is transforming lives in our six key businesses: Oncology, Immunology, Neuroscience, Cardiovascular, Surgery, and Vision. In each of these important areas, our leadership is expanding driven by game-changing science and technology."
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Overall financial results
Q4
Full Year
($ in Millions, except EPS)
2025
2024
% Change
2025
2024
% Change
Reported Sales
$24,564
$22,520
9.1%
$94,193
$88,821
6.0%
Net Earnings
$5,116
$3,431
49.1%
$26,804
$14,066
90.6%
EPS (diluted)
$2.10
$1.41
48.9%
$11.03
$5.79
90.5%
Q4
Full Year
Non-GAAP* ($ in Millions, except EPS)
2025
2024
% Change
2025
2024
% Change
Operational Sales1,2
7.1%
5.3%
Adjusted Operational Sales1,3
6.1%
4.2%
Adjusted Net Earnings1,4
$6,009
$4,946
21.5%
$26,215
$24,242
8.1%
Adjusted EPS (diluted)1,4
$2.46
$2.04
20.6%
$10.79
$9.98
8.1%
Free Cash Flow5,6
~$19,700
$19,842
Regional sales results
Q4
% Change
($ in Millions)
2025
2024
Reported
Operational1,2
Currency
Adjusted
Operational1,3
U.S.
$14,195
$13,204
7.5%
7.5
–
5.7
International
10,369
9,316
11.3
6.6
4.7
6.8
Worldwide
$24,564
$22,520
9.1%
7.1
2.0
6.1
Full Year
% Change
($ in Millions)
2025
2024
Reported
Operational1,2
Currency
Adjusted
Operational1,3
U.S.
$53,752
$50,302
6.9%
6.9
–
4.9
International
40,441
38,519
5.0
3.4
1.6
3.3
Worldwide
$94,193
$88,821
6.0%
5.3
0.7
4.2
Segment sales results
Q4
% Change
($ in Millions)
2025
2024
Reported
Operational1,2
Currency
Adjusted
Operational1,3
Innovative Medicine
$15,763
$14,332
10.0%
7.9
2.1
6.2
MedTech
8,801
8,188
7.5
5.8
1.7
5.9
Worldwide
$24,564
$22,520
9.1%
7.1
2.0
6.1
Full Year
% Change
($ in Millions)
2025
2024
Reported
Operational1,2
Currency
Adjusted
Operational1,3
Innovative Medicine
$60,401
$56,964
6.0%
5.3
0.7
4.1
MedTech
33,792
31,857
6.1
5.4
0.7
4.3
Worldwide
$94,193
$88,821
6.0%
5.3
0.7
4.2
Full-year 2025 segment commentary:
Operational sales* reflected below excludes the impact of translational currency.
Innovative Medicine
Innovative Medicine worldwide operational sales grew 5.3%*, with net acquisitions and divestitures positively impacting growth by 1.2% primarily due to CAPLYTA. Growth was driven primarily by DARZALEX, CARVYKTI, ERLEADA, and RYBREVANT/LAZCLUZE in Oncology, TREMFYA and SIMPONI/SIMPONI ARIA in Immunology, and SPRAVATO in Neuroscience. Growth was partially offset by an approximate (1,040) basis points impact from STELARA in Immunology.
MedTech
MedTech worldwide operational sales grew 5.4%*, with net acquisitions and divestitures positively impacting growth by 1.1% primarily due to Shockwave. Growth was driven primarily by electrophysiology products and Abiomed in Cardiovascular and wound closure products in General Surgery.
Full-year 2026 guidance:
Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses, and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson’s results computed in accordance with GAAP.
($ in Billions, except EPS)
January 2026
Adjusted Operational Sales1,2
Change vs. Prior Year / Mid-point
5.4% – 6.4% / 5.9%
Operational Sales2 / Mid-point
Change vs. Prior Year / Mid-point
$99.5B – $100.5B / $100.0B
5.7% – 6.7% / 6.2%
Estimated Reported Sales3/ Mid-point
Change vs. Prior Year / Mid-point
$100.0B – $101.0B / $100.5B
6.2% – 7.2% / 6.7%
Adjusted Operational EPS (Diluted)2,4 / Mid-point
Change vs. Prior Year / Mid-point
$11.28 – $11.48 / $11.38
4.5% – 6.5% / 5.5%
Adjusted EPS (Diluted)3,4 / Mid-point
Change vs. Prior Year / Mid-point
$11.43 – $11.63 / $11.53
5.9% – 7.9% / 6.9%
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: January 2026 = $1.17 (Illustrative purposes only)
4Non-GAAP financial measure; excludes intangible amortization expense and special items
Note: percentages may have been rounded
Other modeling considerations will be provided on the webcast.
Notable announcements in the quarter:
The information contained in this section should be read together with Johnson & Johnson’s other disclosures filed with the Securities and Exchange Commission, including its Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. The reader is also encouraged to review all other news releases and information available in the Investor Relations section of the company’s website at Investor News, as well as Innovative Medicine Newsroom, MedTech News & Events, and www.factsabouttalc.com.
Regulatory
Johnson & Johnson Submits OTTAVA Robotic Surgical System to the U.S. Food and Drug Administration1
Press Release
Johnson & Johnson Receives FDA Approval for TRUFILL n-BCA Liquid Embolic System for the Treatment of Symptomatic Chronic Subdural Hematoma
Press Release
U.S. FDA Approval of RYBREVANT FASPRO (amivantamab and hyaluronidase-lpuj) Enables the Simplest, Shortest Administration Time for a First-Line Combination Regimen when Combined with LAZCLUZE (lazertinib)
Press Release
U.S. FDA approves AKEEGA as the first precision therapy for BRCA2-mutated metastatic castration-sensitive prostate cancer with 54% reduction in disease progression vs standard of care
Press Release
DARZALEX FASPRO is the first and only treatment approved by the U.S. FDA for patients with high-risk smoldering multiple myeloma
Press Release
FDA approval of CAPLYTA (lumateperone) has the potential to reset treatment expectations, offering hope for remission in adults with major depressive disorder
Press Release
Data Releases
New clinical data highlights CAPLYTA (lumateperone) as a promising option for achieving remission in adults with major depressive disorder1
Press Release
TECVAYLI monotherapy demonstrates superior progression-free and overall survival versus standard of care as early as first relapse in patients with multiple myeloma predominantly refractory to anti-CD38 therapy and lenalidomide1
Press Release
RYBREVANT (amivantamab-vmjw) longer-term results show promising and durable responses in difficult-to-treat colorectal cancer1
Press Release
Johnson & Johnson unveils new data showing nipocalimab is the first and only investigational FcRn blocker with potential to reduce systemic lupus erythematosus (SLE) activity in a Phase 2 study1
Press Release
Unprecedented results from the Phase 3 MajesTEC-3 study support TECVAYLI plus DARZALEX FASPRO as a potential standard of care as early as second line for patients with relapsed/refractory multiple myeloma
Press Release
Earlier use of CARVYKTI demonstrated lasting treatment-free remissions at 2.5 years in patients with relapsed or refractory multiple myeloma
Press Release
Johnson & Johnson’s INLEXZO (gemcitabine intravesical system) delivers 74 percent disease-free survival at one year in BCG-unresponsive, high-risk, papillary-only NMIBC
Press Release
New long-term data reinforces TREMFYA (guselkumab) as the only IL-23 inhibitor proven to substantially inhibit structural joint damage in active psoriatic arthritis
Press Release
Johnson & Johnson announces first head-to-head study comparing IMAAVY with an alternative FcRn blocker in generalized myasthenia gravis (gMG) at AANEM Annual Meeting
Press Release
Icotrokinra maintains standout combination of therapeutic benefit and a favorable safety profile in once-daily pill through 28 weeks in ulcerative colitis
Press Release
TREMFYA (guselkumab), the first and only IL-23 inhibitor with a fully subcutaneous treatment regimen, demonstrates durable remission in Crohn’s disease at two years
Press Release
Published in The Lancet: Nipocalimab significantly decreased Sjögren’s disease (SjD) activity and severity through substantial reduction in Sjögren’s-related autoantibodies
Press Release
Icotrokinra long-term results affirm promise of targeted oral peptide with high rates of durable skin clearance and favorable safety profile in difficult-to-treat scalp and genital psoriasis
Press Release
Subcutaneous amivantamab delivers promising 45 percent overall response rate with median duration of 7.2 months in recurrent or metastatic head and neck cancer
Press Release
TECVAYLI plus DARZALEX FASPRO combination regimen significantly improves progression-free survival and overall survival versus standard of care
Press Release
Other
Johnson & Johnson Reaches Agreement with U.S. Government to Improve Access to Medicines and Lower Costs for Millions of Americans; Delivers on U.S. Manufacturing and Innovation Investments1
Press Release
Johnson & Johnson completes acquisition of Halda Therapeutics and its novel platform to revolutionize cancer treatment and enable next-generation oral therapies
Press Release
Johnson & Johnson Announces Intent to Separate Its Orthopaedics Business
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.
(Press release, Johnson & Johnson, JAN 21, 2026, View Source [SID1234662132])