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JNJJohnson & Johnson

Health care · Pharmaceuticals · NYSE

Johnson & Johnson and its subsidiaries (the Company) have approximately 138,200 employees worldwide engaged in the research and development, manufacture and sale of a broad range of products in the healthcare field. 10-K, Item 1

JNJ quote by TradingView
Headquarters
New Brunswick, NJ
CEO
Joaquin Duato
Next results
around Jan 20, 2027
Compare with peers → Embed

10-K 0000200406-26-000016 (2026-02-11) vs 10-K 0000200406-25-000038 (2025-02-13)

SectionCompared textWords nowChanged
Risk FactorsItem 1A6,196 5.5%
MD&AItem 78,721 21.3%
Legal ProceedingsItem 3, via Note 19 – Legal proceedings7,610 31.6%
Accounting PoliciesItem 8, Note 1 – Summary of significant accounting policies4,195 8.0%

The redline: what was cut and what was added

In each section, the paragraph that changed most, marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 241 words changed in this paragraph; it is 58% similar to last year's version.
Product Name Indication US EU US EU (Chemical Name) Approval Approval Filing Filing BALVERSA (erdafitinib) AKEEGA (niraparib/abiraterone) Treatment of Patients patients with Locally Advanced or M1 Metastatic Urothelial Carcinoma and Selected Fibroblast Growth Factor Receptor Gene Alterations (THOR) Castration-Sensitive Prostate Cancer (AMPLITUDE) • • CARVYKTI (ciltacabtagene autoleucel) Treatment CAPLYTA (lumateperone) Adjunctive treatment for Relapsed and Refactor multiple myeloma with 1-3 PL (CARTITUDE-4) • • DARZALEX (daratumumab) Treatment for frontline multiple myeloma transplant eligible (PERSEUS) • Major Depressive Disorder • DARZALEX (daratumumab) Treatment for frontline multiple myeloma transplant ineligible (CEPHEUS) • • DARZALEX (daratumumab) Treatment as subcutaneous monotherapy for high-risk smoldering multiple myeloma (AQUILA) • • EDURANT (rilpivirine) ICOTYDE (icotrokinra) Treatment for pediatric patients (2-12 years old) with HIV Psoriasis (ICONIC) • • INLEXZO (gemcitabine intravesical system) Treatment for non muscle invasive bladder cancer (SunRISe-1) • IMAAVY (nipocalimab) Treatment for Generalized Myasthenia Gravis (Vivacity MG3) • • IMAAVY (nipocalimab) Treatment for Generalized Myasthenia Gravis Pediatrics (VIBRANCE MG) • IMBRUVICA (ibrutinib) Treatment for frontline MCL (Triangle) • nipocalimab Treatment for Generalized Myasthenia Gravis • • OPSUMIT (macitentan) Treatment for pediatric pulmonary arterial hypertension (TOMORROW) • • OPSYNVI (macitentan/tadalafil STCT) Treatment for pulmonary arterial hypertension • • REKAMBYS Treatment for Adolescents HIV • RYBREVANT (amivantamab) In Combination with Chemotherapy for the First-Line Treatment of Adult Patients with Advanced Non-Small Cell Lung Cancer with Activating EGFR Exon 20 Insertion Mutations (PAPILLON) • • RYBREVANT (amivantamab) Treatment for subcutaneous (PALOMA-3) • • RYBREVANT / LAZCLUZE Treatment for Non-Small Cell Lung Cancer (MARIPOSA) • • RYBREVANT Treatment for Non-Small Cell Lung Cancer 2L (MARIPOSA-2) • • SIMPONI (golimumab) Treatment of Patients with Pediatric Ulcerative Colitis (PURSUIT 2) • • SPRAVATO (esketamine) monotherapy Treatment of Patients with Treatment Resistant Depression monotherapy (TRD4005) • STELARA (ustekinumab) Treatment of Patients with Pediatric Crohn's Disease • • STELARA (ustekinumab) Treatment of Patients with Pediatric Ulcerative Colitis (UNIFI JR) • • TECVAYLI (teclistamab) Multiple Myeloma 1-3PLs (MajesTEC-3) • TREMFYA (guselkumab) Treatment of Patients with Ulcerative Colitis (QUASAR) • • TREMFYA (guselkumab) Subcutaneous Induction for treatment of patients with Ulcerative Colitis (ASTRO) • • TREMFYA (guselkumab) Subcutaneous Induction for treatment of patients with Crohn's Disease (GRAVITI) • • TREMFYA (guselkumab) Treatment of Patients with Crohn's Disease (GALAXI) • • TREMFYA (guselkumab) Treatment of Patients with Pediatric Psoriasis (PROTOSTAR) • UPTRAVI (selexipag) • TREMFYA (guselkumab) Treatment of patients with Psoriatic Arthritis Structural Damage (APEX) • TREMFYA (guselkumab) Treatment of Patients with Pediatric Pulmonary Arterial Hypertension (SALTO) Juvenile Psoriatic Arthritis •

Source: Item 7, 10-K 0000200406-26-000016 vs Item 7, 10-K 0000200406-25-000038

Legal Proceedings 191 words changed in this paragraph; it is 54% similar to last year's version.
Beginning in January 2018, Janssen Pharmaceutica NV and Janssen Pharmaceuticals, Inc. filed patent infringement lawsuits in United States district courts against generic manufacturers who have filed ANDAs seeking approval to market generic versions of INVEGA SUSTENNA before expiration of the Orange Book Listed Patent. The following entities are named defendants: Teva Pharmaceuticals USA, Inc.; Mylan Laboratories Limited; Pharmascience Inc.; Mallinckrodt PLC; Specgx LLC; Tolmar, Inc.; Accord Healthcare, Inc.; Qilu Pharmaceutical Co. Ltd.; and Qilu Pharma Inc.; Sun Pharmaceutical Industries Ltd.; and Sun Pharmaceutical Industries, Inc. The following U.S. patent is included in one or more cases: 9,439,906. In October 2020, the district court issued a decision in the case against Teva Pharmaceuticals USA, Inc., finding that United States Patent No. 9,439,906 is not invalid. Teva previously stipulated to infringement. Teva appealed the decision, and, in April 2024, the United States Court of Appeals for the Federal Circuit vacated and remanded the case to the district court for further proceedings. In November 2024, the district court issued its decision on remand, finding that United States Patent No. 9,439,906 is not invalid. Teva appealed to the Court of Appeals for the Federal Circuit, and oral argument is scheduled for April 2025. In February 2024, the district court issued a decision in the case against Tolmar Inc. finding that United States Patent No. 9,439,906 is not invalid. Tolmar previously stipulated to infringement. infringement of a subset of the claims, and based on a claim construction ruling, the district court entered a non-infringement order with respect to the remaining asserted claims. Tolmar has appealed the validity decision, and Janssen appealed the non-infringement decision. In November 2025, the court entered judgments against the Accord and Qilu defendants. In December 2025, Janssen and the Sun defendants entered into a confidential settlement agreement and a consent judgment was entered by the court.

Source: Item 3, via Note 19 – Legal proceedings, 10-K 0000200406-26-000016 vs Item 3, via Note 19 – Legal proceedings, 10-K 0000200406-25-000038

Risk Factors 106 words changed in this paragraph; it is 75% similar to last year's version.
To meet business objectives, the Company relies on both internal information technology (IT) systems and networks, and those of third parties and their vendors, to process and store sensitive data (including confidential research, business plans, financial information, intellectual property, and personal data that may be subject to legal protection) to ensure the continuity of the Company’s supply chain and operations, and as part of many of the products we deliver to customers. The extensive range of information security and cybersecurity threats, which affect companies globally, pose a persistent risk to the security and availability of these systems and networks, including to customer products that are connected to or rely on such systems and networks, and the confidentiality, integrity, and availability of the Company’s sensitive data. The Company assesses these threats, responds to attacks and breaches that it has experienced, and makes investments to increase internal protection, detection, and response capabilities, as well as ensure the Company’s third-party providers have required capabilities and controls, to address this risk. Because of the frequently changing attack techniques, along with the increased volume and sophistication of the attacks and increasing use and reliance on third parties, there is the potential for the Company to be adversely impacted. This impact could result in reputational, competitive, operational or other business harm as well as financial costs and regulatory action. The increasing use of AI and other emerging technology could also increase these risks. The Company maintains cybersecurity insurance in the event of an information security or cyber incident; however, the coverage may not be sufficient to cover all financial, legal, business or reputational losses.

Source: Item 1A, 10-K 0000200406-26-000016 vs Item 1A, 10-K 0000200406-25-000038

Accounting Policies 54 words changed in this paragraph; it is 77% similar to last year's version.
The Company is organized into two business segments: Innovative Medicine and MedTech. The Innovative Medicine segment is focused on the following therapeutic areas: Oncology, Immunology, Neuroscience, Pulmonary Hypertension, Infectious Diseases, Neuroscience, Oncology, Pulmonary Hypertension, and Cardiovascular and Metabolic. Products in this segment are distributed directly to retailers, wholesalers, distributors, hospitals and healthcare professionals for prescription use. The MedTech segment includes a broad portfolio of products used in the Surgery, Orthopaedic, Surgery, Cardiovascular (previously referred to as Interventional Solutions) and Vision fields. These products are distributed to wholesalers, hospitals and retailers, and used principally in the professional fields by physicians, nurses, hospitals, eye care professionals and clinics. In October 2025, the Company announced its intention to separate its Orthopaedics business. The Company intends to explore multiple paths to effect the planned separation with a targeted completion within 18 to 24 months after the initial announcement.

Source: Item 8, Note 1 – Summary of significant accounting policies, 10-K 0000200406-26-000016 vs Item 8, Note 1 – Summary of significant accounting policies, 10-K 0000200406-25-000038

Every change, by type

Sentences and paragraphs of JNJ's Risk Factors and MD&A, 10-K 2026-02-11 against 10-K 2025-02-13. Each links to the text at sec.gov.

All 136 Added 20Removed 14Reworded 100Quiet changes 2

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors
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

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedRisk Factors
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.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedRisk Factors
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

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedRisk Factors
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.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedRisk Factors
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 it in 10-K 2026-02-11 at sec.gov ↗

RewordedRisk Factors
Changes in tax laws or regulations in the U.S. and around the world, including in the U.S. and as led by the Organization for Economic Cooperation and Development, such as the enactment by certain EU and non-EU countries, and the anticipated enactment by additional countries, of a global minimum tax, taxes could negatively impact the Company’s effective tax rate and results of operations.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedRisk Factors
In addition, the U.S. government recently has imposed and/or announced the potential imposition of tariffs on products manufactured in several jurisdictions, including China, Mexico and Canada, and has other jurisdictions.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedRisk Factors
We are The Company is subject to an increasing number of costly and complex governmental regulations in the countries in which operations are conducted which may materially adversely have a material adverse affect on the Company’s financial condition and business operations.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedRisk Factors
Furthermore, in some countries, such as in Russia, action may be taken that allows companies and individuals to exploit inventions owned by patent holders from the United States and many other countries without consent or compensation and we may not be able to prevent third parties from practicing the Company's inventions in Russia or from selling or importing products in and into Russia. products.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedRisk Factors
Our business and operations may be further impacted by the imposition of tariffs, trade protection measures or other policies - including data localization laws and restrictions on data transfers - adopted by any country that favor domestic companies and technologies over foreign competitors.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedRisk Factors
Specifically, the Company has accounted for operations in Argentina, Turkey, Venezuela and Egypt (beginning in the fiscal fourth quarter of 2024) as highly inflationary, as the prior three-year cumulative inflation rate surpassed 100%.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedRisk Factors
The industry’s failure to mitigate the threat of counterfeit medicines could adversely impact our business and reputation by impacting patient confidence in our authentic products, potentially resulting in lost sales, product recalls, and an increased threat of litigation.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedRisk Factors
The Company assesses these threats, responds to attacks and breaches that it has experienced, and makes investments to increase internal protection, detection, and response capabilities, as well as ensure the Company’s third-party providers have required capabilities and controls, to address this risk.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
In October 2025, the Company announced its intention to separate its Orthopaedics business. The Company intends to explore multiple paths to effect the planned separation with a targeted completion within 18 to 24 months after the initial announcement.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
At least two biosimilars are pursuing regulatory approval for a SIMPONI biosimilar in the United States, which would likely result in a significant reduction in future sales.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
In October 2025, the Company announced its intention to separate its Orthopaedics business. The Company intends to explore multiple paths to effect the planned separation with a targeted completion within 18 to 24 months after the initial announcement.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
(Dollars in Billions)(Income)/Expense 2025 2024 Change Litigation related(1) $ (6.0) 5.5 (11.5) Employee benefit plan related (0.5) (0.9) 0.4 Changes in the fair value of securities(2) (0.4) 0.3 (0.7) Acquisition, Integration and Divestiture related(3) 0.2 0.8 (0.6) Monetization of royalty rights 0.0 (0.3) 0.3 Other (0.5) (0.7) 0.2 Total Other (Income) Expense, Net $ (7.2) 4.7 (11.9)

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
approximately $1.1 billion to settle opioid litigation (See Note 19 to the Consolidated Financial Statements for additional details). In addition, the Company monitors the global capital markets on an ongoing basis and from time to time may raise capital when market conditions are favorable.

Read it in 10-K 2026-02-11 at sec.gov ↗

RemovedMD&A
Biosimilar versions of REMICADE have been introduced in the United States and certain markets outside the United States and additional competitors continue to enter the market. Continued infliximab biosimilar competition will result in a further reduction in sales of REMICADE.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
•Lower one-time COVID-19 vaccine supply network related exit costs in 2024 ($0 in 2024 versus $0.2 billion 2023) in the Innovative Medicine business

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
(1)Includes TCJA foreign undistributed earnings payments of $2.0 billion in fiscal year 2024, $1.5 billion in fiscal year 2023 and $0.8 billion in fiscal year 2022

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
On May 8, 2023, Kenvue, completed an initial public offering (the IPO) resulting in the issuance of 198,734,444 shares of its common stock, par value $0.01 per share (the Kenvue Common Stock), at an initial public offering of $22.00 per share for net proceeds of $4.2 billion. The excess of the net proceeds from the IPO over the net book value of the Johnson & Johnson

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
divested interest was $2.5 billion and was recorded to additional paid-in capital. As of the closing of the IPO, Johnson & Johnson owned approximately 89.6% of the total outstanding shares of Kenvue Common Stock and at July 2, 2023, the non-controlling interest of $1.3 billion associated with Kenvue was reflected in equity attributable to non-controlling interests in the consolidated balance sheet.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
On August 23, 2023, Johnson & Johnson completed the disposition of an additional 80.1% ownership of Kenvue Common Stock through an exchange offer, which resulted in Johnson & Johnson acquiring 190,955,436 shares of the Company’s common stock in exchange for 1,533,830,450 shares of Kenvue Common Stock. The $31.4 billion of Johnson & Johnson common stock received in the exchange offer is recorded in Treasury stock. Following the exchange offer, the Company owned 9.5% of the total outstanding shares of Kenvue Common Stock that was recorded in other assets within continuing operations at the fair market value of $4.3 billion as of August 23, 2023 and $3.9 billion as of December 31, 2023.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
Johnson & Johnson divested net assets of $11.6 billion as of August 23, 2023, and the accumulated other comprehensive loss attributable to the Consumer Health business at that date was $4.3 billion. Additionally, at the date of the exchange offer, Johnson & Johnson decreased the non-controlling interest by $1.2 billion to record the deconsolidation of Kenvue. This resulted in a gain on the exchange offer of $21.0 billion that was recorded in Net earnings from discontinued operations, net of taxes in the consolidated statements of earnings for the fiscal third quarter of 2023. This one-time gain includes a gain of $2.8 billion on the Kenvue Common Stock retained by Johnson & Johnson. The gain on the exchange offer qualifies as a tax-free transaction for U.S. federal income tax purposes.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
On May 15, 2024, the Company issued $3.6 billion aggregate principal amount of commercial paper and received $3.6 billion of net cash proceeds to be used for general corporate purposes. On May 17, 2024, the Company completed a Debt-for-Equity Exchange of its remaining 182,329,550 shares of Kenvue Common Stock for the outstanding Commercial Paper. Upon completion of the Debt-for-Equity Exchange, the Commercial Paper was satisfied and discharged and the Company no longer owns any shares of Kenvue Common Stock. This exchange resulted in a loss of approximately $0.4 billion recorded in Other (income) expense.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
The Company follows the provisions of U.S. GAAP when recording litigation related contingencies. A liability is recorded when a loss is probable and can be reasonably estimated.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
Although the long-term implications of Russia’s invasion of Ukraine are difficult to predict at this time, the financial impact of the conflict in the fiscal year 2024, including accounts receivable or inventory reserves, was not material. As of and for each of the fiscal years ending December 29, 2024 and December 31, 2023, the business of the Company’s Russian subsidiaries represented less than 1% of the Company’s consolidated assets and revenues. The Company does not maintain Ukraine subsidiaries subsequent to the Kenvue separation.

Read it in 10-K 2025-02-13 at sec.gov ↗

RewordedMD&A
Product Name Indication US EU US EU (Chemical Name) Approval Approval Filing Filing BALVERSA (erdafitinib) AKEEGA (niraparib/abiraterone) Treatment of Patients patients with Locally Advanced or M1 Metastatic Urothelial Carcinoma and Selected Fibroblast Growth Factor Receptor Gene Alterations (THOR) Castration-Sensitive Prostate Cancer (AMPLITUDE) • • CARVYKTI (ciltacabtagene autoleucel) Treatment CAPLYTA (lumateperone) Adjunctive treatment for Relapsed and Refactor multiple myeloma with 1-3 PL (CARTITUDE-4) • • DARZALEX (daratumumab) Treatment for frontline multiple myeloma transplant eligible (PERSEUS) • Major Depressive Disorder • DARZALEX (daratumumab) Treatment for frontline multiple myeloma transplant ineligible (CEPHEUS) • • DARZALEX (daratumumab) Treatment as subcutaneous monotherapy for high-risk smoldering multiple myeloma (AQUILA) • • EDURANT (rilpivirine) ICOTYDE (icotrokinra) Treatment for pediatric patients (2-12 years old) with HIV Psoriasis (ICONIC) • • INLEXZO (gemcitabine intravesical system) Treatment for non muscle invasive bladder cancer (SunRISe-1) • IMAAVY (nipocalimab) Treatment for Generalized Myasthenia Gravis (Vivacity MG3) • • IMAAVY (nipocalimab) Treatment for Generalized Myasthenia Gravis Pediatrics (VIBRANCE MG) • IMBRUVICA (ibrutinib) Treatment for frontline MCL (Triangle) • nipocalimab Treatment for Generalized Myasthenia Gravis • • OPSUMIT (macitentan) Treatment for pediatric pulmonary arterial hypertension (TOMORROW) • • OPSYNVI (macitentan/tadalafil STCT) Treatment for pulmonary arterial hypertension • • REKAMBYS Treatment for Adolescents HIV • RYBREVANT (amivantamab) In Combination with Chemotherapy for the First-Line Treatment of Adult Patients with Advanced Non-Small Cell Lung Cancer with Activating EGFR Exon 20 Insertion Mutations (PAPILLON) • • RYBREVANT (amivantamab) Treatment for subcutaneous (PALOMA-3) • • RYBREVANT / LAZCLUZE Treatment for Non-Small Cell Lung Cancer (MARIPOSA) • • RYBREVANT Treatment for Non-Small Cell Lung Cancer 2L (MARIPOSA-2) • • SIMPONI (golimumab) Treatment of Patients with Pediatric Ulcerative Colitis (PURSUIT 2) • • SPRAVATO (esketamine) monotherapy Treatment of Patients with Treatment Resistant Depression monotherapy (TRD4005) • STELARA (ustekinumab) Treatment of Patients with Pediatric Crohn's Disease • • STELARA (ustekinumab) Treatment of Patients with Pediatric Ulcerative Colitis (UNIFI JR) • • TECVAYLI (teclistamab) Multiple Myeloma 1-3PLs (MajesTEC-3) • TREMFYA (guselkumab) Treatment of Patients with Ulcerative Colitis (QUASAR) • • TREMFYA (guselkumab) Subcutaneous Induction for treatment of patients with Ulcerative Colitis (ASTRO) • • TREMFYA (guselkumab) Subcutaneous Induction for treatment of patients with Crohn's Disease (GRAVITI) • • TREMFYA (guselkumab) Treatment of Patients with Crohn's Disease (GALAXI) • • TREMFYA (guselkumab) Treatment of Patients with Pediatric Psoriasis (PROTOSTAR) • UPTRAVI (selexipag) • TREMFYA (guselkumab) Treatment of patients with Psoriatic Arthritis Structural Damage (APEX) • TREMFYA (guselkumab) Treatment of Patients with Pediatric Pulmonary Arterial Hypertension (SALTO) Juvenile Psoriatic Arthritis •

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedMD&A
The Company anticipates that operating cash flows, the ability to raise funds from external sources, borrowing capacity from existing committed credit facilities and access to the commercial paper markets will continue to provide sufficient resources to fund operating needs, including the Company's remaining Company’s reserve balance of approximately $3.4 billion related to be paid on talc matters, $2.0 billion related to the agreement to settle opioid litigation for approximately $1.5 billion current portion of Corporate bonds due and the approximately $11.6 billion ($13.5 billion nominal) reserve for talc matters (See Note 19 to the Consolidated Financial Statements for additional details). remaining

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedMD&A
Contact Lenses/Other growth was primarily driven by price actions, market growth, continued strong performance in the ACUVUE OASYS 1-Day family of products (including recent launches), impacts from a one-time change in contract shipping terms in the U.S. launches) and lapping of prior year impacts of Russian sanctions partially offset by U.S. distributor stocking dynamics. strategic price actions.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedMD&A
The pre-tax restructuring expense of $0.2 billion was $205 million in the fiscal year 2024, 2025, of which $132 $76 million was recorded in Restructuring Restructuring, $122 million in Other income and $35 expense and $7 million was recorded in Cost of products sold on the Consolidated Statement of Earnings, primarily included costs related to market and product exits. Earnings.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedMD&A
The pre-tax pretax restructuring expense of $0.2 billion was $307 million in the fiscal year 2024, 2025, of which $132 $152 million was recorded in Restructuring and $35 Restructuring, $84 million was recorded in Cost of products sold and $71 million in Other (Income)/Expense on the Consolidated Statement of Earnings, Earnings primarily included for costs related to asset impairments as well as market and product exits.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedMD&A
(Dollars In billions) $14.1 $26.8 Net Earnings 8.4 10.4 non-cash expenses and other adjustments primarily for depreciation and amortization, stock-based compensation, asset write-downs and write-downs, charges for acquired in-process research and development assets and deferred tax provision partially offset by net gain on sale of assets/businesses (6.2) an increase in other current and the deferred tax provision 1.7 non-current assets (5.7) a decrease in other current and non-current assets 1.6 liabilities 2.4 an increase in accounts payable and accrued liabilities (1.5) (3.2) an increase in accounts receivable and inventories $24.3 $24.5 Cash flow from operations

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedMD&A
The Chief Operating Decision Maker (CODM) is the Company's Chief Executive Officer (Principal Executive Officer).The Executive Committee is Johnson & Johnson’s senior leadership team responsible for setting the strategy and priorities of the Company and driving accountability at all levels. Officer).

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedMD&A
While countries continue to enact new provisions or issue new regulations, based on current guidance, the Company expects the net regulations this could have an impact of Pillar Two in fiscal year 2025 to be up to 1.0% to the Company’s effective tax rate.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedMD&A
In the fiscal year 2024, 2025, the Company recorded a charge of approximately $0.2 $0.1 billion associated with the M710 (biosimilar) primarily related to a non-strategic asset acquired as part of the acquisition of Momenta Pharmaceuticals with Abiomed in 2020. 2022.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedMD&A
In fiscal 2025, the fiscal year 2023, the Company company initiated a restructuring program of its Orthopaedics Surgery franchise within the MedTech segment to streamline simplify and focus operations by exiting certain markets, non-strategic product lines and distribution network arrangements. optimize select sites across the network.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedMD&A
Profit-share payments were less than 2.0% of the total revenues in fiscal year 2024 and 2023, respectively, and less than 3.0% of the total revenues in the fiscal year 2022 2025, 2024 and are included in sales to customers. 2023.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedMD&A
(Dollars in billions) $(11.8) $(12.4) dividends to shareholders (2.4) (6.0) repurchase of common stock 11.0 9.6 net proceeds from short and long-term debt 0.8 3.4 proceeds from stock options exercised/employee withholding tax on stock awards, net 0.3 (0.2) credit support agreements activity, net (1.0) settlement of convertible debt acquired from Shockwave $(3.1) 0.1 other and rounding $(5.5) Net cash used for financing activities

Read it in 10-K 2026-02-11 at sec.gov ↗

Quiet changesMD&A
In the fiscal year 2024, the Company recorded a charge of approximately $0.2 billion primarily associated with the M710 (biosimilar) asset acquired as part of the acquisition of Momenta Pharmaceuticals in 2020.

Read it in 10-K 2026-02-11 at sec.gov ↗

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