JNJJohnson & Johnson

6 paragraphs in Risk Factors of the 10-K filed Feb 11, 2026 with nothing like them in the 10-K filed Feb 13, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.

Compared with the Risk Factors in the latest 10-K of the other 59 Health care companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.

The planned separation of the Company's Orthopaedics business may not be completed on the terms or timeline currently contemplated, if at all, and may not achieve the expected results

Similar paragraph at 2 of 59 other Health care companies: BDX, MCK

In October 2025, the Company announced its intention to separate the Company's Orthopaedics business. The Company is targeting completion of the planned separation in 18 to 24 months after initial announcement. Completion of the planned separation will be subject to the satisfaction of certain conditions, including, among others, consultations with works councils and other employee representative bodies, as may be required, final approval of the Company's Board of Directors, and receipt of other regulatory approvals. There can be no assurance regarding the ultimate timing of the planned separation or that such separation will be completed. Unanticipated developments could delay, prevent or otherwise adversely affect the planned separation, including but not limited to disruptions in general or financial market conditions or potential problems or delays in obtaining various regulatory approvals or clearances.

The costs to complete the planned separation will be significant. In addition, the Company may be unable to achieve some of the strategic and financial benefits that it expects to achieve from the planned separation of the Company's Orthopaedics business

The Company will incur significant expenses in connection with the planned separation. In addition, the Company may not be able to achieve the full strategic and financial benefits that are expected to result from the planned separation. The anticipated benefits of the planned separation are based on a number of assumptions, some of which may prove incorrect.

Following the planned separation, the price of shares of the Company's common stock may fluctuate significantly

The Company cannot predict the effect of the planned separation on the trading price of shares of its common stock, and market value of shares of its common stock may be less than, equal to or greater than the market value of shares of its common stock prior to the planned separation. In addition, the price of the Company's common stock may be more volatile around the time of the planned separation.

Read in the 10-K ↗

Share this quote X LinkedIn Reddit WhatsApp Telegram Copy link Image

New in the latest 10-Q

30 paragraphs in the 10-Q filed Oct 21, 2026 with nothing like them in the 10-Q filed Jul 23, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.

Financial statements and notes

Changes in assets and liabilities, net of effects from acquisitions and divestitures:

Read in the 10-Q ↗

Acquired in-process research and development assets / related milestones (Note 10) (995) (385)

Read in the 10-Q ↗

Proceeds from the exercise of stock options/employee withholding tax on stock awards, net 2,274 1,831

Read in the 10-Q ↗

Goodwill as of September 27, 2026 was allocated by segment of business as follows:

Read in the 10-Q ↗

September 27, 2026 September 28, 2025 (Dollars in Millions) Sales Cost of R&D Interest Other Sales Cost of R&D Interest Other Products Expense (Income) (Income) Products Expense (Income) (Income) Sold Expense Expense Sold Expense Expense ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── The effects of fair value, net investment and cash flow hedging: Gain (Loss) on fair value hedging relationship: Interest rate swaps contracts: Hedged items $— — — (38) — — — — 130 — Derivatives designated as hedging instruments — — — 38 — — — — (130) — Gain (Loss) on net investment hedging relationship: Cross currency interest rate swaps contracts: Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing — — — 40 — — — — 47 — Amount of gain or (loss) recognized in AOCI — — — 40 — — — — 47 — Gain (Loss) on cash flow hedging relationship: Forward foreign exchange contracts: Amount of gain or (loss) reclassified from AOCI into income (2) 128 9 — 6 1 19 (21) — (10) Amount of gain or (loss) recognized in AOCI 1 (130) (3) — (2) (6) 100 2 — — Cross currency interest rate swaps contracts: Amount of gain or (loss) reclassified from AOCI into income — — — 94 — — — — 85 — Amount of gain or (loss) recognized in AOCI $— — — 36 — — — — 291 —

Read in the 10-Q ↗

(1) Recorded in Other (income)/expense, net. Equity Investments without readily determinable value includes the option premium related to Sail Biomedicines (Sail).

Read in the 10-Q ↗

(2) Equity Investments without readily determinable value includes equity investment in Sail. Other includes impact of currency

Read in the 10-Q ↗

• In the fiscal third quarter of 2025, the United States enacted the One Big Beautiful Bill Act (OBBBA). The OBBBA included provisions modifying the corporate income tax code, including the immediate expensing of domestic research and development expenditures for tax purposes, 100% bonus depreciation for qualified assets, and an increase in the statutory tax rate on foreign earnings from 10.5% to 12.6%. As a result, the Company remeasured its deferred tax balances for the changes in the tax rate and recorded a one-time remeasurement cost of approximately $ 1.0 billion which increased the 2025 effective tax rate by approximately 3.6 %.

Read in the 10-Q ↗

On December 26, 2025, the Company completed the acquisition of Halda Therapeutics, a clinical-stage biotechnology company with proprietary Regulated Induced Proximity TArgeting Chimera (RIPTACTM) platform to develop oral, targeting therapies for

Read in the 10-Q ↗

If it is determined that the acquired set does not meet the definition of a business under the acquisition method of accounting, the transaction is accounted for as an asset acquisition. In this case, no goodwill is recorded, acquired in-process research and development (IPR&D) with no alternative future use is immediately recorded as research and development expense and contingent consideration is recorded when the related event occurs.

Read in the 10-Q ↗

In the fiscal third quarter of 2026, the Company entered into strategic agreements and collaboration with Sail Biomedicines (Sail), a biotechnology company developing in vivo CAR-T therapies for immune-mediated diseases. The Company is collaborating with Sail to advance its lead immune-mediated disease program and broader platform technology, with incentives to expand the application of Sail's in vivo CAR-T platform across additional therapeutic targets over time. Under the terms of the agreements, the Company made total initial payments of $ 0.8 billion, including a $ 0.5 billion equity investment recorded within Other assets, and the remainder, primarily related to an option premium payment, is recorded within Other (income) and expense, net on the Consolidated Statement of Earnings. On the Consolidated Statement of Cash Flows, the transaction of $ 0.8 billion is primarily recorded within purchases of investments and the option premium is recorded as an adjustment to Net Earnings within Asset Write-downs. Additionally, the Company has been granted an exclusive option to acquire Sail for approximately $ 2.6 billion.

Read in the 10-Q ↗

Following the third bankruptcy dismissal, litigation in the tort system recommenced with both ovarian cancer and mesothelioma trials scheduled in various state courts throughout 2026 and beyond. In July 2026, following certain favorable rulings in the multi-district litigation (MDL) pending in the United States District Court for the District of New Jersey and plaintiffs' withdrawal of their causation experts in the first bellwether matters, the Company announced a plan to resolve the ovarian cancer docket. Specifically, the Company reached an agreement with plaintiff firms leading the MDL and related state court proceedings conditioned on, among other things, the express participation of at least 95 % of the remaining claims. The proposed resolution calls for a $ 5.5 billion commitment by the Company. The proposed agreement does not impact the mesothelioma docket, which remains ongoing. The Company also faces litigation in Canada.

Read in the 10-Q ↗

filed a petition for a writ of certiorari to the Supreme Court. In September 2026, defendants filed an additional motion to dismiss certain claims in the operative complaint.

Read in the 10-Q ↗

In September 2026, additional United States service members, civilians, and their families filed an action against the same defendants in the United States District Court for the District of Columbia alleging similar claims, including violation of the Anti-Terrorism Act.

Read in the 10-Q ↗

The Company recently announced a policy revising the 340B pricing offer on its covered outpatient drugs to require covered entities to submit limited, commercially standard claims data for each 340B-eligible drug dispense or administration. Subject to each covered entity’s submission of appropriate claims data, the Company will continue to offer the covered entity access to 340B pricing on the Company’s covered outpatient drugs up-front at the time of purchase. The Company also recently updated its 340B contract pharmacy policy, which permits covered entities to designate up to one contract pharmacy for dispensing of the Company’s 340B-priced covered outpatient drugs. A covered entity may continue to purchase and receive 340B pricing on such drugs dispensed or administered at its own eligible locations. Both policies include exceptions for certain covered entities.

Read in the 10-Q ↗

The Company believes these policies are necessary to identify and address duplicate discounts, diversion, and other non-compliance and improve program oversight and dispute resolution. The 340B Drug Pricing Program is a U.S. federal government program that requires drug manufacturers to provide significant discounts on covered outpatient drugs to covered entities as a condition of manufacturers receiving reimbursement for their drugs under Medicaid and Medicare Part B.

Read in the 10-Q ↗

• Increased intangible asset amortization expense in the Innovative Medicine segment for Intra-Cellular (additional CAPLYTA indication)

Read in the 10-Q ↗

• Impact of tariff recoveries of approximately $0.2 billion in the MedTech business

Read in the 10-Q ↗

• Increased intangible asset amortization expense in the Innovative Medicine segment for Intra-Cellular (additional CAPLYTA indication)

Read in the 10-Q ↗

• Impact of tariff recoveries of approximately $0.2 billion in the MedTech business

Read in the 10-Q ↗

Fiscal nine months Q3 2026 versus Fiscal nine months Q3 2025 and Q3 2026 versus Q3 2025

Read in the 10-Q ↗

• Acquired in-process research and development expense of approximately $1.0 billion related to the acquisition of Firefly Bio, Inc. (Firefly)

Read in the 10-Q ↗

In the fiscal nine months of 2026, the Company recorded a charge of approximately $0.4 billion primarily related to PreCardia, a non-strategic asset acquired as part of the Abiomed acquisition in 2022.

Read in the 10-Q ↗

• Unfavorable changes in the fair value of securities of $0.2 billion versus 2025

Read in the 10-Q ↗

• In-process research and development impairment charges of $0.4 billion in 2026, primarily related to PreCardia, a non-strategic asset acquired as part of the Abiomed acquisition in 2022

Read in the 10-Q ↗

• Impact of tariff recoveries of approximately $0.2 billion included in Cost of products sold

Read in the 10-Q ↗

• Unfavorable changes in the fair value of securities of $0.2 billion versus 2025

Read in the 10-Q ↗

• In-process research and development impairment charge of $0.3 billion in 2026, related to PreCardia, a non-strategic asset acquired as part of the Abiomed acquisition in 2022

Read in the 10-Q ↗

• Impact of tariff recoveries of approximately $0.2 billion included in Cost of products sold

Read in the 10-Q ↗

The Company faces various worldwide health care changes that may continue to result in pricing pressures that include health care cost containment and government legislation relating to sales, promotions and reimbursement of health care products including recent actions in the U.S. and foreign countries such as Germany. Recent U.S. policy initiatives have focused on prescription drug affordability, including the use of, international reference pricing methodologies, intended to reduce costs for American patients and the U.S. Government. The Company has entered into voluntary agreements with the U.S. government that include patient affordability initiatives, participation in certain pricing programs, and continued investment in U.S.-based research, development, and manufacturing capabilities. The Company continues to implement and evaluate the potential effects of these agreements and related policy initiatives.

Read in the 10-Q ↗

The 10-Q's risk factors against the 10-K

Item 1A of the 10-Q filed Oct 21, 2026 against Item 1A of the 10-K filed Feb 11, 2026. A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed. Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed, Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal (cut words struck through, new words highlighted and underlined). Text on the page, not a score; each links to the filing at sec.gov.

This 10-Q has no Item 1A (Risk Factors) text of its own, so there is nothing to compare. Many companies leave it out when their risks have not changed.