| Segment / Quarter | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Consumer Health** ($ billion) | N/A | **3.9**  **[0000200406-23-000056_jnj-20230402.htm:53]**  | **4.011**  **[0000200406-23-000082_jnj-20230702.htm:68]**  | N/A | N/A | N/A | N/A | N/A |
| **Pharmaceutical** ($ billion) | N/A | **13.4**  **[0000200406-23-000056_jnj-20230402.htm:54]**  | **13.731**  **[0000200406-23-000082_jnj-20230702.htm:68]**  | N/A | N/A | N/A | N/A | N/A |
| **Innovative Medicine** ($ billion) | N/A | N/A | N/A | **13.9**  **[JNJ_3337567_1]**  | **13.7**  **[JNJ_3370582_3]**  | **13.6**  **[0000200406-24-000049_jnj-20240331.htm:47]**  | **14.49**  **[0000200406-24-000071_a2024q2exhibit991.htm:0]**  | **14.58**  **[0000200406-24-000088_a2024q3exhibit991.htm:1]**  |
| **MedTech** ($ billion) | N/A | **7.5**  **[0000200406-23-000056_jnj-20230402.htm:58]**  | **7.788**  **[JNJ_3383912_4]**  | **7.5**  **[JNJ_3337567_1]**  | **7.7**  **[JNJ_3370582_4]**  | **7.8**  **[0000200406-24-000049_jnj-20240331.htm:50]**  | **7.957**  **[0000200406-24-000071_a2024q2exhibit991.htm:0]**  | **7.891**  **[0000200406-24-000088_a2024q3exhibit991.htm:1]**  |
| **Immunology** ($ billion) | N/A | N/A | N/A | **4.849**  **[0000200406-23-000102_jnj-20231001.htm:26]**  | N/A | N/A | **4.722**  **[0000200406-24-000075_jnj-20240630.htm:24]**  | **4.621**  **[0000200406-24-000096_jnj-20240929.htm:25]**  |
| **Infectious Diseases** ($ billion) | N/A | N/A | N/A | **0.859**  **[0000200406-23-000102_jnj-20231001.htm:26]**  | N/A | N/A | **0.965**  **[0000200406-24-000075_jnj-20240630.htm:24]**  | **0.836**  **[0000200406-24-000096_jnj-20240929.htm:25]**  |
| **Neuroscience** ($ billion) | N/A | N/A | N/A | **1.742**  **[0000200406-23-000102_jnj-20231001.htm:26]**  | N/A | N/A | **1.782**  **[0000200406-24-000075_jnj-20240630.htm:24]**  | **1.755**  **[0000200406-24-000096_jnj-20240929.htm:25]**  |
| **Oncology** ($ billion) | N/A | N/A | N/A | **4.533**  **[0000200406-23-000102_jnj-20231001.htm:26]**  | N/A | N/A | **5.090**  **[0000200406-24-000071_a2024q2exhibit992.htm:11]**  | N/A |
| **Pulmonary Hypertension** ($ billion) | N/A | N/A | N/A | N/A | N/A | N/A | **1.039**  **[0000200406-24-000071_a2024q2exhibit992.htm:11]**  | N/A |
| **Cardiovascular/Metabolism/Other** ($ billion) | N/A | N/A | N/A | N/A | N/A | N/A | **0.892**  **[0000200406-24-000071_a2024q2exhibit992.htm:11]**  | N/A |
| **Surgery** ($ billion) | N/A | N/A | N/A | N/A | N/A | **2.416**  **[0000200406-24-000049_jnj-20240331.htm:51]**  | **2.488**  **[0000200406-24-000071_a2024q2exhibit992.htm:12]**  | **2.434**  **[0000200406-24-000088_a2024q3exhibit992.htm:12]**  |
| **Orthopaedics** ($ billion) | N/A | N/A | N/A | N/A | N/A | **2.340**  **[0000200406-24-000049_jnj-20240331.htm:51]**  | **2.312**  **[0000200406-24-000071_a2024q2exhibit992.htm:12]**  | **2.191**  **[0000200406-24-000088_a2024q3exhibit992.htm:12]**  |
| **Cardiovascular** ($ billion) | N/A | N/A | N/A | N/A | N/A | **1.806**  **[0000200406-24-000049_jnj-20240331.htm:51]**  | **1.873**  **[0000200406-24-000071_a2024q2exhibit992.htm:12]**  | **1.966**  **[0000200406-24-000088_a2024q3exhibit992.htm:12]**  |
| **Vision** ($ billion) | N/A | N/A | N/A | N/A | N/A | **1.258**  **[0000200406-24-000049_jnj-20240331.htm:51]**  | **1.285**  **[0000200406-24-000071_a2024q2exhibit992.htm:12]**  | **1.300**  **[0000200406-24-000088_a2024q3exhibit992.htm:12]**  |

58c940bcfcc93e4cb1543ef03980b56219f9e4469552d31496ff1403424e0257

Vision Franchise Sales Growth (%)

1c321ca8d6886ec3cec75df0098b37171d96fbe7fa8ad6a0a770cb81b4f69478

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD]

EPS - Diluted [USD]

e4845f954007e06598b3995ad81b8ec84546231f20398586383874446267183c

| Metric [Unit: $ Million] | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 |
|--------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| United States            | **12,517**  **[0000200406-23-000056_jnj-20230402.htm:23]**  | **13,444**  **[0000200406-23-000082_jnj-20230702.htm:29]**  | **11,996**  **[0000200406-23-000102_jnj-20231001.htm:30]**  | N/A     | **11,600**  **[0000200406-24-000049_jnj-20240331.htm:23]**  | **12,569**  **[0000200406-24-000088_a2024q3exhibit991.htm:1]**  | **12,900**  **[0000200406-24-000096_jnj-20240929.htm:31]**  | N/A     |
| Europe                   | **6,332**  **[0000200406-23-000056_jnj-20230402.htm:23]**   | **5,894**  **[0000200406-23-000082_jnj-20230702.htm:29]**   | **4,727**  **[0000200406-23-000102_jnj-20231001.htm:30]**   | N/A     | **5,200**  **[0000200406-23-000082_jnj-20230702.htm:29]**   | **5,214**  **[0000200406-24-000088_a2024q3exhibit991.htm:1]**   | **4,900**  **[0000200406-24-000096_jnj-20240929.htm:31]**   | N/A     |
| Western Hemisphere (excl. U.S.) | **1,587**  **[0000200406-23-000056_jnj-20230402.htm:23]**  | **1,713**  **[0000200406-23-000082_jnj-20230702.htm:29]**  | **1,171**  **[0000200406-23-000102_jnj-20231001.htm:30]**  | N/A     | **1,200**  **[0000200406-23-000082_jnj-20230702.htm:29]**   | **1,212**  **[0000200406-24-000088_a2024q3exhibit991.htm:1]**   | **1,200**  **[0000200406-24-000096_jnj-20240929.htm:31]**   | N/A     |
| Asia-Pacific, Africa     | **4,310**  **[0000200406-23-000056_jnj-20230402.htm:23]**   | **4,479**  **[0000200406-23-000082_jnj-20230702.htm:29]**   | **3,457**  **[0000200406-23-000102_jnj-20231001.htm:30]**   | N/A     | **3,400**  **[0000200406-23-000082_jnj-20230702.htm:29]**   | **3,452**  **[0000200406-24-000088_a2024q3exhibit991.htm:1]**   | **3,500**  **[0000200406-24-000096_jnj-20240929.htm:31]**   | N/A     |
| Total Worldwide Sales    | **24,746**  **[0000200406-23-000056_jnj-20230402.htm:23]**  | **25,530**  **[0000200406-23-000082_jnj-20230702.htm:29]**  | **21,351**  **[0000200406-23-000102_jnj-20231001.htm:30]**  | **21,400**  **[JNJ_3370582_3]**  | **21,400**  **[0000200406-24-000049_jnj-20240331.htm:23]**  | **22,447**  **[0000200406-24-000088_a2024q3exhibit991.htm:1]**  | **22,500**  **[0000200406-24-000096_jnj-20240929.htm:31]**  | N/A     |

2a69b7c2edf42b2dde993605fb2169ac39eb66d0d036aceb4924496850804312

Johnson & Johnson (JNJ) is a global healthcare company that operates through two main business segments: Innovative Medicine and MedTech. The company focuses on developing and distributing therapeutic products in areas such as Immunology, Infectious Diseases, Neuroscience, Oncology, Pulmonary Hypertension, and Cardiovascular and Metabolic diseases, as well as medical devices used in Orthopaedics, Surgery, Interventional Solutions, and Vision fields **[0000200406-24-000013_jnj-20231231.htm:7]** **[0000200406-24-000013_jnj-20231231.htm:71]** **[0000200406-24-000013_jnj-20231231.htm:41]**. Johnson & Johnson's products are distributed to retailers, wholesalers, distributors, hospitals, and healthcare professionals for prescription use **[0000200406-24-000013_jnj-20231231.htm:9]** **[0000200406-24-000013_jnj-20231231.htm:71]** **[0000200406-24-000013_jnj-20231231.htm:41]**.

1. **Innovative Medicine** - Develops and distributes therapeutic products in areas including Immunology, Infectious Diseases, Neuroscience, Oncology, Pulmonary Hypertension, and Cardiovascular and Metabolic diseases. Key products include STELARA and DARZALEX, which are significant contributors to the company's revenue **[0000200406-24-000013_jnj-20231231.htm:7]** **[0000200406-24-000013_jnj-20231231.htm:71]** **[0000200406-24-000013_jnj-20231231.htm:41]** **[0000200406-24-000013_jnj-20231231.htm:10]**.
2. **MedTech** - Offers medical devices and solutions used in Orthopaedics, Surgery, Interventional Solutions, and Vision fields. These products are primarily used by healthcare professionals such as physicians and nurses **[0000200406-24-000013_jnj-20231231.htm:9]** **[0000200406-24-000013_jnj-20231231.htm:71]** **[0000200406-24-000013_jnj-20231231.htm:41]**.

f9e0da0cdf8d703be111153d554034aff27a25ae327f061b2a245e110c324830

1. Can you elaborate on the impact of patient mix issues on U.S. sales of TREMFYA and STELARA, and whether this is specific to Johnson & Johnson or indicative of broader market trends?  **[JNJ_3402830_15]** 

2. Given the challenges posed by volume-based procurement and the anti-corruption campaign in China, how do you plan to mitigate the headwinds facing your MedTech business in the Asia Pacific region, and what are your expectations for 2025?  **[JNJ_3402830_14]** 

3. With the upcoming biosimilar competition for STELARA, how confident are you that TREMFYA and JNJ-2113 can replace the sales loss and take market share from entrenched competitors in the immunology space?  **[JNJ_3402830_11]** 

4. In light of the competitive pressures in the electrophysiology market and the delayed U.S. launch of VARIPULSE, how do you intend to regain share, and what are your expectations for your EP business in 2025?  **[JNJ_3402830_13]** 

5. Considering the increased R&D investments and recent acquisitions, can you provide more details on where these elevated investments are being directed and how they will impact your operating margins and growth targets for the coming year?  **[JNJ_3402830_6]** 

e09216b69e99339768727901497414d07fb6fbfd3fd79e07068ede2e63406955

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from Debt [USD, Millions]

Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

2a33a2931256f1a4d6cb54270410710431c8fd583637d4d915618a47bdbc9061

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Adjusted Operational EPS Guidance**: $9.91 at the midpoint, flat year-on-year despite $0.92 of acquisition activity  **[JNJ_3402830_7]** .
  2. **Reported Adjusted EPS**: Full-year positive impact of $0.02 per share, expecting $9.93 at the midpoint  **[JNJ_3402830_7]** .
  3. **Sales Growth**:
     - Adjusted operational sales growth: 5.7% to 6.2% (midpoint 6%)  **[JNJ_3402830_6]** .
     - Operational sales growth: $89.6 billion (midpoint 6.6%)  **[JNJ_3402830_6]** .
     - Reported sales growth: $88.6 billion (midpoint 5.4%)  **[JNJ_3402830_6]** .
  4. **MedTech Adjusted Operational Sales Growth**: Closer to 5%  **[JNJ_3402830_5]** .
  5. **Operating Margin**: Decline by 200 basis points; improvement by 50 basis points excluding certain impacts  **[JNJ_3402830_6]** .
  6. **Net Interest Income**: $450 million to $550 million  **[JNJ_3402830_6]** .
  7. **Other Income**: $1.9 billion to $2.1 billion  **[JNJ_3402830_6]** .
  8. **Effective Tax Rate**: 17.5% to 18.5%  **[JNJ_3402830_6]** .
  9. **Currency Impact**: Incremental positive impact of $200 million, reducing negative impact to $1 billion  **[JNJ_3402830_6]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **EPS**: $10 to $10.10 per share, including $0.68 dilution from acquisitions  **[JNJ_3393389_6]** .
  2. **Sales Growth**:
     - Operational: 6.1% to 6.6% (midpoint $89.4 billion)  **[JNJ_3393389_6]** .
     - Reported: 4.7% to 5.2% (midpoint $88.2 billion)  **[JNJ_3393389_6]** .
  3. **Foreign Currency Impact**: Negative $1.2 billion, with $500 million incremental impact  **[JNJ_3393389_6]** .
  4. **Pretax Operating Margin**: Decline by 120 basis points  **[JNJ_3393389_6]** .
  5. **Net Interest Income**: $300 million to $400 million  **[JNJ_3393389_6]** .
  6. **Other Income**: $1.5 billion to $1.7 billion  **[JNJ_3393389_6]** .
  7. **Effective Tax Rate**: 17.5% to 18.5%  **[JNJ_3393389_6]** .
  8. **Segment-Specific Guidance**:
     - Innovative Medicine sales growth lower in the second half  **[JNJ_3393389_6]** .
     - No future COVID-19 vaccine sales  **[JNJ_3393389_6]** .
     - Limited third-quarter sales for REMICADE and SIMPONI in Europe  **[JNJ_3393389_6]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Operational Sales Growth**: 5.5% to 6.0% ($88.7 billion to $89.1 billion)  **[JNJ_3379861_6]** .
  2. **Reported Sales Growth**: 4.7% to 5.2% (midpoint $88.2 billion)  **[JNJ_3379861_7]** .
  3. **Foreign Currency Impact**: Negative $700 million  **[JNJ_3379861_7]** .
  4. **Adjusted Operational EPS**: $10.60 to $10.75 (midpoint $10.68)  **[JNJ_3379861_7]** .
  5. **Reported Adjusted EPS**: Negative $0.03 impact, remaining $10.65  **[JNJ_3379861_7]** .
  6. **Interest Income**: $550 million to $650 million  **[JNJ_3379861_7]** .
  7. **Shockwave Acquisition Impact**: $0.10 dilution per share  **[JNJ_3379861_6]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Operational Sales Growth**: 5% to 6% ($88.2 billion to $89 billion)  **[JNJ_3370582_6]** .
  2. **Adjusted Operational EPS Growth**: 7.4% ($10.55 to $10.75)  **[JNJ_3370582_7]** .
  3. **Adjusted Pretax Operating Margin**: Improvement by 50 basis points  **[JNJ_3370582_7]** .
  4. **Other Income and Expense**: $1.2 billion to $1.4 billion  **[JNJ_3370582_7]** .
  5. **Net Interest Income**: $450 million to $550 million  **[JNJ_3370582_7]** .
  6. **Effective Tax Rate**: 16% to 17%  **[JNJ_3370582_7]** .
  7. **Innovative Medicine Sales Growth**: Stronger in the first half  **[JNJ_3370582_7]** .
  8. **MedTech Operational Sales Growth**: Consistent throughout the year  **[JNJ_3370582_7]** .

790499e7ab9c3c28effa536078d4d61b51e9e341e14696c14183e42dad8b85d2

- Johnson & Johnson's multiple myeloma franchise is demonstrating exceptional growth, with **DARZALEX** achieving **$3.1 billion** in quarterly sales (**22% growth**), making it the company's first brand to surpass **$3 billion** in quarterly sales. **CARVYKTI** is nearing **$1 billion** in annual sales, reflecting strong demand and capacity expansion. The company is advancing these therapies into earlier lines of treatment, which may drive future growth.  **[JNJ_3412996_11]**
- Despite biosimilar competition for **STELARA**, Johnson & Johnson's immunology portfolio remains strong, with **TREMFYA** showing significant growth and differentiation, particularly in inflammatory bowel disease. The successful launch in ulcerative colitis and the upcoming launch in Crohn's disease are expected to support continued growth in this segment.  **[JNJ_3412996_14]**
- Johnson & Johnson maintains confidence in its global market leadership in electrophysiology, with a **$5 billion** business that grew **14%** in 2024. Despite short-term headwinds, the company is expanding its product portfolio, including the successful international launch of **VARIPULSE**, positioning it to capitalize on the growing electrophysiology market.  **[JNJ_3412996_15]**

7735346bb7cbf95c16537979941f09caa289221980ce0367e332246877c5a46d

- **Johnson & Johnson is facing significant headwinds due to biosimilar competition for STELARA**, which could lead to substantial erosion in sales and may not be fully offset by other products like TREMFYA.  **[JNJ_3412996_14]**
- **A temporary pause of all U.S. VARIPULSE cases due to investigation of neurovascular events** introduces uncertainty and may negatively impact growth in their electrophysiology business, especially given competitive pressures in the U.S. market.  **[JNJ_3412996_15]**
- **Continued headwinds in China** and near-term competitive pressures in the U.S. electrophysiology market could negatively impact Johnson & Johnson's MedTech growth in 2025.  **[JNJ_3412996_18]** **[JNJ_3412996_15]**

e547124bcb08c801036af7a96e333d77bfb5de849e53592be28e7e1160faf6b9

1. **Immunology and TREMFYA Growth Amid STELARA Biosimilars**  
   **Q:** Will STELARA biosimilars impact TREMFYA's growth?  
   **A:** Management is confident TREMFYA will continue to grow despite STELARA facing biosimilar competition.  **[JNJ_3412996_14]**  They expect patients needing better therapies to switch to newer treatments like TREMFYA, which has strong differentiation in ulcerative colitis and an upcoming Crohn's launch.  **[JNJ_3412996_14]**  TREMFYA is the only dual-acting IL-23 agent in IBD, offering unrivaled flexibility with both subcutaneous and intravenous dosing options.  **[JNJ_3412996_14]**  They've invested appropriately in pricing to ensure patient access.  **[JNJ_3412996_14]** 

2. **Operating Margin Outlook**  
   **Q:** How will margins improve despite lower sales growth?  
   **A:** Management anticipates a **150 basis point** improvement in operating margins, resulting from focused investments and restructuring efforts.  **[JNJ_3412996_16]**  They've prioritized investments in core areas and optimized their corporate infrastructure following the consumer health business separation.  **[JNJ_3412996_16]**  They expect operating margin and EPS growth to align more closely with sales growth in 2026 and beyond.  **[JNJ_3412996_16]** 

3. **Intracellular Acquisition and Neuroscience Portfolio**  
   **Q:** What does the Intracellular deal mean for neuroscience?  
   **A:** The company is excited about acquiring Intracellular and its product CAPLYTA.  **[JNJ_3412996_13]**  They expect CAPLYTA, used for schizophrenia and bipolar disorders, to become a **$5 billion-plus** asset, especially with anticipated approval for major depressive disorder later in the year.  **[JNJ_3412996_13]**  The acquisition complements their existing neuroscience portfolio without deprioritizing other assets, as depression requires multiple treatment options.  **[JNJ_3412996_13]** 

4. **MedTech Growth and EP Business Challenges**  
   **Q:** What's the outlook for MedTech growth and EP issues?  
   **A:** Management expects MedTech end markets to grow **5–7%** in 2025, with procedures normalizing to pre-COVID levels.  **[JNJ_3412996_15]**  They acknowledge short-term headwinds in electrophysiology due to a temporary U.S. pause of VARIPULSE cases while investigating reported neurovascular events.  **[JNJ_3412996_15]**  However, they remain confident in retaining their global market leadership in EP over the long term.  **[JNJ_3412996_15]** 

5. **Multiple Myeloma Franchise Performance**  
   **Q:** How is the multiple myeloma franchise performing?  
   **A:** The franchise is experiencing strong growth, with DARZALEX achieving over **$3 billion** in quarterly sales—the company's first brand to do so.  **[JNJ_3412996_11]**  CARVYKTI is nearing a **$1 billion** year, with strong demand and capacity expansion.  **[JNJ_3412996_11]**  Their bispecific agents are performing well, and they're exploring combinations to bring these treatments into earlier lines of therapy.  **[JNJ_3412996_11]** 

6. **Medical Device Acquisition Strategy**  
   **Q:** What's the strategy for MedTech acquisitions?  
   **A:** External innovation is crucial, focusing on smaller acquisitions to enhance the portfolio.  **[JNJ_3412996_12]**  Larger acquisitions like ShockWave and Intracellular are outliers.  **[JNJ_3412996_12]**  They highlight strong performance from Abiomed and Shockwave, progressing ahead of expectations and contributing to growth.  **[JNJ_3412996_12]** 

7. **MedTech Organic vs. Inorganic Growth**  
   **Q:** How does organic investment compare to acquisitions in MedTech growth?  
   **A:** The company delivered **6.2%** operational growth in MedTech in 2024, or **4.7%** excluding the impact of the Shockwave acquisition.  **[JNJ_3412996_17]**  They're confident in achieving upper-end growth expectations, driven by new products and recent acquisitions.  **[JNJ_3412996_17]** 

8. **EP Revenue Recognition**  
   **Q:** Any revenue reversals in EP numbers this quarter?  
   **A:** There were no revenue recognition reversals related to VARIPULSE in the quarter.  **[JNJ_3412996_17]** 

68609d7d3c1503e605c2802659f0edf382145ca3a0624a7c863d72b978db16d4

b1f56b180e9cd1cc64a809871729849edf3c94de9950c1a50a708370649560d3

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

f6f4c34c81abe16ab5b520283dfc094749b4cd54ed5c4b82cde267e87b0a117d

a3319c95b7985e21158afa2b7bd2c380081ef1c11a08bf76bee833c055199a43

| Name                  | Position                                                                 | Start Date          | Short Bio                                                                                                                                                                                                                                                                                                                                 |
|-----------------------|--------------------------------------------------------------------------|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Vanessa Broadhurst    | Executive Vice President, Global Corporate Affairs                       | 2022                | Vanessa Broadhurst has served as Executive Vice President, Global Corporate Affairs since **2022**. She rejoined J&J in **2017** as U.S. President, Cardiovascular & Metabolism. Previously, she held leadership roles at Amgen from **2013 to 2017** and worked at J&J from **2005 to 2013**  **[0000200406-24-000013_jnj-20231231.htm:39]** **[0000200406-23-000016_jnj-20230101.htm:40]** **[0001193125-22-285216_d411777dex99a1a.htm:96]** .                                    |
| Joaquin Duato         | Chairman of the Board; Chief Executive Officer                           | January 2022        | Joaquin Duato became CEO and Director in **January 2022** and Chairman of the Board in **January 2023**. He joined J&J in 1989 and has held executive positions across all business sectors  **[0000200406-24-000013_jnj-20231231.htm:39]** **[0000200406-24-000024_jnj-20240311.htm:10]** .                                                                                                                                       |
| Peter M. Fasolo, Ph.D.| Executive Vice President, Chief Human Resources Officer                   | April 2016          | Peter M. Fasolo has served as EVP, Chief Human Resources Officer since **April 2016**. He joined J&J in 2004, left in 2007, and returned in 2010. He will retire at the end of 2024  **[0000200406-24-000013_jnj-20231231.htm:39]** **[0001193125-22-285216_d411777dex99a1a.htm:96]** **[0000200406-23-000016_jnj-20230101.htm:41]** **[0000200406-24-000079_exhibit991-pressreleasefas.htm:0]** .                                                                                                                                         |
| Elizabeth Forminard   | Executive Vice President, General Counsel                                | October 2022        | Elizabeth Forminard has served as EVP, General Counsel since **October 2022**. She joined J&J in **2006** and has held roles of increasing responsibility, including General Counsel for Medical Devices & Diagnostics  **[0000200406-24-000013_jnj-20231231.htm:39]** **[0000200406-23-000016_jnj-20230101.htm:41]** **[0001193125-22-285216_d411777dex99a1a.htm:96]** .                                                                                                           |
| William N. Hait, M.D., Ph.D. | Executive Vice President, Chief External Innovation and Medical Officer | 2022                | William N. Hait has served as EVP, Chief External Innovation, Medical Safety and Global Public Health Officer since **2022**. He joined J&J in **2007** and has held various leadership roles, including Global Head of Janssen R&D  **[0000200406-24-000013_jnj-20231231.htm:40]** **[0001193125-22-285216_d411777dex99a1a.htm:96]** **[0000200406-23-000016_jnj-20230101.htm:41]** .                                                                                           |
| John C. Reed, M.D., Ph.D. | Executive Vice President, Innovative Medicine, R&D                   | April 2023          | Dr. John C. Reed joined J&J in April **2023** as EVP, Innovative Medicine, R&D. He previously held executive roles at Sanofi and Roche  **[0000200406-24-000013_jnj-20231231.htm:40]** **[0000200406-24-000024_jnj-20240311.htm:67]** .                                                                                                                                                                                            |
| Tim Schmid            | Executive Vice President, Worldwide Chairman, MedTech                    | October 2023        | Tim Schmid was named EVP, Worldwide Chairman of MedTech in October **2023**. He joined J&J in **1993** and has served in various leadership positions  **[0000200406-24-000013_jnj-20231231.htm:40]** .                                                                                                                                                                                |
| James Swanson         | Executive Vice President, Chief Information Officer                      | October 2019        | James Swanson has served as EVP, Chief Information Officer since **October 2019**. He rejoined J&J in 2019 from Bayer Crop Science  **[0001193125-22-285216_d411777dex99a1a.htm:97]** **[0000200406-23-000016_jnj-20230101.htm:42]** .                                                                                                                                                                                               |
| Jennifer L. Taubert   | Executive Vice President, Worldwide Chairman, Innovative Medicine        | July 2018           | Jennifer L. Taubert joined J&J in **2005** and was promoted to EVP, Worldwide Chairman, Pharmaceuticals in **July 2018**  **[0000200406-23-000016_jnj-20230101.htm:40]** .                                                                                                                                                                                                            |
| Kathryn E. Wengel     | Executive Vice President, Chief Technical Operations & Risk Officer      | January 2023        | Kathryn E. Wengel joined J&J in **1988** and was appointed EVP, Chief Technical Operations & Risk Officer in **January 2023**  **[0000200406-24-000013_jnj-20231231.htm:40]** **[0000200406-23-000016_jnj-20230101.htm:43]** **[0000200406-23-000016_jnj-20230101.htm:42]** .                                                                                                                                                                                                 |
| Joseph J. Wolk        | Executive Vice President, Chief Financial Officer                        | July 2018           | Joseph J. Wolk has served as EVP, Chief Financial Officer since **July 2018**. He joined J&J in 1998 and has held various senior leadership roles  **[0000200406-24-000013_jnj-20231231.htm:39]** **[0000200406-24-000013_jnj-20231231.htm:40]** **[0000200406-23-000016_jnj-20230101.htm:43]** **[0001193125-22-285216_d411777dex99a1a.htm:97]** .                                                                                                                                                                           |
| Kristen Mulholland    | Chief Human Resources Officer                                            | October 1, 2024     | Kristen Mulholland has been with J&J since **2005** and was named Chief Human Resources Officer, effective **October 1, 2024**, succeeding Dr. Peter M. Fasolo  **[0000200406-24-000079_exhibit991-pressreleasefas.htm:0]** .                                                                                                                                                                     |

bd92c0da2b6b73ffcf4954bea2a42034a93c06b25b34db6fe75b69b0d2fc0803

**Annual guidance for FY 2025:**
- **Adjusted operational sales growth**: 2.5% to 3.5%  **[JNJ_3412996_8]**  (lowered from 5.7% to 6.2%  **[JNJ_3402830_6]** )  
- **Operational sales growth**: 2.5% to 3.5% (midpoint 3.0% or $91.3B)  **[JNJ_3412996_8]**  (lowered from 6.6%  **[JNJ_3402830_6]** )  
- **Reported sales**: $89.6B (1% growth)  **[JNJ_3412996_9]**  (lowered from $88.6B at 5.4% growth  **[JNJ_3402830_6]** )  
- **Adjusted operational EPS**: $10.75 to $10.95  **[JNJ_3412996_9]**  (raised from $9.91  **[JNJ_3402830_7]** )  
- **Reported adjusted EPS**: $10.60  **[JNJ_3412996_9]**  (raised from $9.93  **[JNJ_3402830_7]** )  
- **Adjusted pretax operating margin**: Increase by 300 basis points  **[JNJ_3412996_9]**  (raised from decline by 200 basis points  **[JNJ_3402830_6]** )  
- **Net interest income**: $0 to $100 million  **[JNJ_3412996_9]**  (lowered from $450 million to $550 million  **[JNJ_3402830_6]** )  
- **Net other income**: $900 million to $1.1 billion  **[JNJ_3412996_9]**  (lowered from $1.9 billion to $2.1 billion  **[JNJ_3402830_6]** )  
- **Effective tax rate**: 16.5% to 17.0%  **[JNJ_3412996_9]**  (lowered from 17.5% to 18.5%  **[JNJ_3402830_6]** )  
- **Foreign currency impact**: $1.7 billion (2.0%) unfavorable  **[JNJ_3412996_9]**  (lowered from $1 billion unfavorable  **[JNJ_3402830_6]** )  
- **Acquisitions/divestitures impact**: Favorable 50 basis points  **[JNJ_3412996_8]**  (no prior guidance)  

020c77d845ae4352eb4b54df4ed8f66117f7c16ef3c04cba52eb3feba477bb0c

| Program Details           | Program 1       |
|---------------------------|-----------------|
| Approval Date             | **September 14, 2022**  **[0000200406-23-000082_jnj-20230702.htm:81]** **[0000200406-23-000056_jnj-20230402.htm:72]** **[0000200406-23-000082_jnj-20230702.htm:73]** **[0000200406-23-000016_jnj-20230101.htm:56]** **[0000200406-24-000013_jnj-20231231.htm:104]**  |
| End Date/Duration         | **Fiscal first quarter of 2023**  **[0000200406-23-000082_jnj-20230702.htm:81]** **[0000200406-23-000056_jnj-20230402.htm:72]** **[0000200406-23-000082_jnj-20230702.htm:73]** **[0000200406-23-000016_jnj-20230101.htm:56]** **[0000200406-24-000013_jnj-20231231.htm:104]**  |
| Total additional amount   | **$5.0 billion**  **[0000200406-23-000082_jnj-20230702.htm:81]** **[0000200406-23-000056_jnj-20230402.htm:72]** **[0000200406-23-000082_jnj-20230702.htm:73]** **[0000200406-23-000016_jnj-20230101.htm:56]** **[0000200406-24-000013_jnj-20231231.htm:104]**  |
| Remaining authorization   | **N/A** |
| Details                   | **Purpose was to make shares available for general corporate purposes. Repurchases were made at management's discretion on the open market or through privately negotiated transactions.**  **[0000200406-23-000082_jnj-20230702.htm:81]** **[0000200406-23-000056_jnj-20230402.htm:72]** **[0000200406-23-000082_jnj-20230702.htm:73]** **[0000200406-23-000016_jnj-20230101.htm:56]** **[0000200406-24-000013_jnj-20231231.htm:104]**  |

bb431b9f182626d9dcf0f8c28d5b6addd59d963c7e0f4f04d5a840e7803c05bb

United States

Europe

Western Hemisphere

Western Hemisphere, excluding U.S.

Asia-Pacific, Africa

Total Revenue

26cd70fffe50f1ffbda3ebf7a0e2b61a04f3ed54810deaaadb055c0c86f56696

JNJ’s Q4 shows DARZALEX surging 22% to $3.1B—its first brand to surpass $3B in a quarter—driving strong multiple myeloma growth. Despite STELARA biosimilar headwinds, management expects 150bps margin expansion. CARVYKTI approaches $1B, signaling continued franchise momentum.

c9784c4bb7dbdce923dd94715bc93b0477655a33927a6e4fb518a2efe293095b

| Name                        | Start Date | End Date | Reason for Change |
|-----------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers LLP | At least 1920  **[0000200406-24-000013_jnj-20231231.htm:145]**  | Present  | Current auditor   |

674813facadbb48cab37689d68f110c701c6336485de228f8d00409d13aeee5e

40d72d0db71f5f8f87b3744096786e60002c2f656cbee626540b36a9c7a5a6af

- Total Revenue: $22,520 million (+66% YoY)  **[0000200406-24-000013_jnj-20231231.htm:66]** **[0000200406-25-000003_a2024q4exhibit992.htm:1]**   
- MedTech: $8,188 million (+7% YoY)  **[0000200406-24-000013_jnj-20231231.htm:46]** **[0000200406-25-000003_a2024q4exhibit992.htm:15]** , driven by Cardiovascular (+23% YoY)  **[0000200406-24-000013_jnj-20231231.htm:46]** **[0000200406-25-000003_a2024q4exhibit992.htm:15]**   
- Oncology: $5,497 million (+19% YoY)  **[0000200406-24-000013_jnj-20231231.htm:43]** **[0000200406-25-000003_a2024q4exhibit992.htm:14]** , with CARVYKTI up **+193%** YoY  **[0000200406-24-000013_jnj-20231231.htm:43]** **[0000200406-25-000003_a2024q4exhibit992.htm:14]**   
- Immunology: $4,238 million (-8% YoY)  **[0000200406-24-000013_jnj-20231231.htm:43]** **[0000200406-25-000003_a2024q4exhibit992.htm:13]** , offset by SIMPONI at **+1043%** YoY  **[0000200406-24-000013_jnj-20231231.htm:43]** **[0000200406-25-000003_a2024q4exhibit992.htm:13]**   
- United States: $13,204 million (+55% YoY)  **[0000200406-24-000013_jnj-20231231.htm:111]** **[0000200406-25-000003_a2024q4exhibit992.htm:0]**   
- Europe: $4,921 million (+42% YoY)  **[0000200406-24-000013_jnj-20231231.htm:112]** **[0000200406-25-000003_a2024q4exhibit992.htm:0]**   
- Asia-Pacific, Africa: $3,260 million (+116% YoY)  **[0000200406-24-000013_jnj-20231231.htm:112]** **[0000200406-25-000003_a2024q4exhibit992.htm:0]**   

c98d08752c09c138a6212e3b7f1eb070b9fbef83f5f6c00ad4f74065416bd0d1

74ce68e9957fce02d72a9b8a01a07ef8f341a93c2abc7bcb8063acb94c519e3f

1. **M&A Strategy**  
   **Q:** What's your M&A appetite and outlook, especially in MedTech?  
   **A:** Johnson & Johnson is well-positioned for M&A across sectors and sizes, focusing on strategic fits where they have expertise.  **[JNJ_3370582_11]**  They recently acquired Abiomed for **$17 billion**  **[JNJ_3370582_11]** , which is performing better than expected and fitting well into their portfolio.  **[JNJ_3370582_11]**  They continue to explore opportunities in areas that complement their existing portfolio, including cardiovascular devices, robotics, orthopedics, and pharmaceuticals.  **[JNJ_3370582_11]** 

2. **MedTech Margins**  
   **Q:** How should we think about gross margins in 2024 and beyond?  
   **A:** Inflationary pressures have impacted margins due to higher inventory costs flowing through the P&L.  **[JNJ_3370582_12]**  Johnson & Johnson doesn't see incremental inflation but expects this impact to continue through the first half of 2024.  **[JNJ_3370582_12]**  They are working on cost improvement initiatives across the MedTech portfolio to improve profitability.  **[JNJ_3370582_16]** 

3. **CARVYKTI Update**  
   **Q:** What's the outlook for CARVYKTI, including the ODAC panel and supply?  
   **A:** CARVYKTI is the fastest-launching CAR-T therapy, with over **2,000 patients treated**.  **[JNJ_3370582_10]**  Johnson & Johnson is confident in its risk-benefit profile and its potential to be a **$5 billion-plus asset** at peak sales.  **[JNJ_3370582_10]**  They look forward to reviewing data with the FDA's ODAC panel and anticipate a PDUFA date on **April 5**.  **[JNJ_3370582_10]**  Manufacturing capacity has doubled, and they are increasing production, including expanding facilities in Europe and the U.S., to meet demand in 2024.  **[JNJ_3370582_10]** 

4. **Procedure Volumes**  
   **Q:** Why expect 2024 procedure volumes to remain above pre-COVID levels?  
   **A:** A backlog of patients post-COVID-19 has led to faster market growth in 2023, which is expected to continue into at least the first half of 2024.  **[JNJ_3370582_9]**  Johnson & Johnson sees this as a tailwind for their MedTech business, along with several product catalysts such as the adoption of Impella 5.5 in heart recovery and expansion of the VELYS Robotic-Assisted Solution.  **[JNJ_3370582_9]** 

5. **Electrophysiology Outlook**  
   **Q:** How should we view the EP franchise for 2024?  
   **A:** The electrophysiology franchise had strong growth in 2023, with global sales up **25%** in Q4 and **22%** growth in the U.S..  **[JNJ_3370582_20]**  New products like the CARTO mapping system and QDOT Micro catheter contributed to growth.  **[JNJ_3370582_20]**  Johnson & Johnson expects continued strong growth in 2024, with their PFA catheters submitted for regulatory approvals and innovations like VARIPULSE being launched globally.  **[JNJ_3370582_20]** 

6. **Orthopedics Impact**  
   **Q:** What's the potential impact of Novo's osteoarthritis data on orthopedic utilization?  
   **A:** Johnson & Johnson continues to see increased procedure volumes in orthopedics and does not anticipate changes due to osteoarthritis data.  **[JNJ_3370582_13]**  They are optimistic about their orthopedics business, driven by new products like the VELYS Robotic-Assisted Solution, which has performed over **30,000 procedures** with positive feedback.  **[JNJ_3370582_13]** 

7. **Oncology Expansion**  
   **Q:** Any thoughts on CAR-Ts for autoimmune diseases and radiopharmaceuticals?  
   **A:** Johnson & Johnson is exploring CAR-T therapies in autoimmune diseases, with early promising data from partnerships, such as a deal involving CD19 and CD20 biCAR.  **[JNJ_3370582_15]**  They are interested in radiopharmaceuticals and have deals like the one with Nanobiotics for a radio enhancer in head and neck cancer.  **[JNJ_3370582_15]** 

8. **PAH Franchise**  
   **Q:** What's driving success in the PAH franchise, and plans for future focus?  
   **A:** The PAH franchise grew in the high teens in 2023 due to improved patient mix and market growth post-COVID.  **[JNJ_3370582_14]**  They are launching a combination therapy of macitentan and Tadalafil, expected to be approved in 2024.  **[JNJ_3370582_14]**  They are exploring opportunities to continue success in this area.  **[JNJ_3370582_14]** 

9. **XARELTO Patient Mix**  
   **Q:** Explain the impact of patient mix on XARELTO performance.  
   **A:** XARELTO experienced a decline due to patient mix and a one-time entry in Q4.  **[JNJ_3370582_17]**  A further decline is expected in 2024 but not to the same extent.  **[JNJ_3370582_17]** 

10. **MedTech Margins in Q4**  
    **Q:** Could you explain the MedTech margin decline in Q4?  
    **A:** The Q4 margin decline was primarily due to inflationary impacts and mix, with orthopedics performing better but being a lower-margin business.  **[JNJ_3370582_18]**  The acquisition of Laminar also affected margins, accounting for about **5 percentage points** of a **9%** drop in Q4.  **[JNJ_3370582_18]**  Johnson & Johnson is not concerned about the outlook and is working on cost improvements.  **[JNJ_3370582_18]** 

11. **Pharma M&A Focus**  
    **Q:** What has held J&J back in pharma M&A, and will we see more?  
    **A:** Johnson & Johnson prefers deals where they can leverage their clinical development, manufacturing, and commercial capabilities, often at earlier stages.  **[JNJ_3370582_19]**  They continue to look for opportunities that can create value, as seen with recent smaller deals in pharmaceuticals, such as with CMB for CAR-T therapies.  **[JNJ_3370582_19]** 

506d4058537358c6d6722f2a1210cffbbd5b2c44f7a21e0e2c9d418fa20ee69d

ef7ad209ab88eb0871b895bf2bcc6622be0c43a2fae564b1acfea3d8bd7c13c7

Net impact of acquisitions and divestitures on worldwide operational sales growth (percentage)

Net impact of acquisitions and divestitures on Innovative Medicine segment operational sales growth (percentage)

Net impact of acquisitions and divestitures on U.S. operational sales growth (percentage)

Net impact of acquisitions and divestitures on international operational sales growth (percentage)

Net impact of acquisitions and divestitures on MedTech segment operational sales growth (percentage)

Impact of the Covid-19 Vaccine sales decline on worldwide operational sales (percentage)

Impact of the Covid-19 Vaccine sales decline on Innovative Medicine segment operational sales (percentage)

Impact of the Covid-19 Vaccine sales decline on international Innovative Medicine operational sales (percentage)

Impact of the Covid-19 Vaccine sales decline on the European region operational sales (percentage)

7e7cab8423d58ce1312f5b7d3c638d179a2e2a48ce8cac7a24c0d9523869d2a0

- **Strong Growth in Orthopaedics Driven by Innovation:** Johnson & Johnson reported significant growth in their Orthopaedics segment, particularly in hips and knees, driven by innovative products like the **VELYS Hip Navigation** and **KINCISE** systems. Hips grew by **6%** and knees by **almost 10%** in the second quarter, with the company achieving market leadership in hips in the U.S. for the first time ever. ( **[JNJ_3393389_18]** ,  **[JNJ_3393389_10]** )
- **Confidence in MedTech Acceleration and Cardiovascular Portfolio:** The company expects MedTech growth to accelerate in the second half of 2024, supported by recovery in contact lenses and expansion into high-growth segments like cardiovascular. Their Electrophysiology (EP) business is robust, growing **19%** year-to-date, and they are optimistic about integrating recent acquisitions like **Shockwave** and **Abiomed** to strengthen their cardiovascular offerings. ( **[JNJ_3393389_14]** ,  **[JNJ_3393389_17]** ,  **[JNJ_3393389_10]** ,  **[JNJ_3393389_12]** )
- **Promising Pharmaceutical Pipeline with RYBREVANT:** Johnson & Johnson is enthusiastic about **RYBREVANT plus lazertinib** for frontline non-small cell lung cancer (NSCLC), highlighting significant unmet need and **spectacular results**, including subcutaneous dosing advantages. This combination is expected to have a significant place in treating frontline NSCLC patients. ( **[JNJ_3393389_9]** )

02ac1b0b78e63d096e7c707da68f2ea1e6af0b78f837f0303b77f9af8381460e

1. **Multiple Myeloma Products**  
   **Q:** How are CARVYKTI, TECVAYLI, and TALVEY performing and what's the outlook?  
   **A:** Our multiple myeloma portfolio is showing strong growth, with **CARVYKTI sales doubling** versus Q1 2023 due to **very strong demand**.  **[JNJ_3379861_8]**  We have **doubled manufacturing capacity** since early 2023 to meet this demand.  **[JNJ_3379861_8]**  **TECVAYLI** is launching well globally with **strong uptake** in key markets.  **[JNJ_3379861_8]**  **TALVEY** is also showing **very strong uptake** as the first and only GPRC5D bispecific.  **[JNJ_3379861_8]**  We are optimistic about continued growth in these franchises.  **[JNJ_3379861_8]** 

2. **MedTech Growth and One-time Items**  
   **Q:** What's the net impact of one-time items on MedTech growth?  
   **A:** Our MedTech business grew **6.3%** adjusted operationally in Q1.  **[JNJ_3379861_9]**  There were both tailwinds and headwinds from one-time items, but overall, the **6.3% growth is a true number**.  **[JNJ_3379861_9]**  We had **80 basis points** impact from fewer selling days and **300 basis points** impact from a revenue recognition change in Orthopaedics.  **[JNJ_3379861_9]**  We remain confident in achieving high single-digit growth for 2024.  **[JNJ_3379861_9]** 

3. **Business Development Strategy**  
   **Q:** What's your appetite for further acquisitions after Shockwave?  
   **A:** Our M&A strategy remains consistent and disciplined.  **[JNJ_3379861_10]**  With our strong cash flow and balance sheet, we have significant flexibility to consider multiple types of transactions.  **[JNJ_3379861_10]**  We will continue to evaluate opportunities agnostic to sector and size, focusing on technologies that improve standard of care, align with our capabilities, enable entry into high-growth markets, and deliver compelling financial results.  **[JNJ_3379861_10]** 

4. **INVEGA SUSTENNA Litigation Impact**  
   **Q:** What's the potential impact of the INVEGA SUSTENNA litigation?  
   **A:** We remain confident in the strength of our **INVEGA SUSTENNA** patents and will continue to defend them.  **[JNJ_3379861_14]**  The recent Federal Circuit decision did not invalidate our patent but remanded the case back to the original court that ruled in our favor.  **[JNJ_3379861_14]**  We won't speculate on the litigation outcome, but our LAI portfolio continues to perform well.  **[JNJ_3379861_14]** 

5. **Electrophysiology Growth**  
   **Q:** Can you discuss the strong growth in electrophysiology?  
   **A:** Our electrophysiology business grew over **20%**, reaching nearly **$5 billion**.  **[JNJ_3379861_15]**  Growth was strong both in the U.S. and internationally.  **[JNJ_3379861_15]**  We are building on our leadership position with progress in Pulse Field Ablation (PFA), expecting FDA approval by late this year or early next.  **[JNJ_3379861_15]** 

6. **Orthopaedics Outlook**  
   **Q:** What's the outlook for Orthopaedics growth?  
   **A:** We saw **high single-digit growth** in hips and knees, driven by our **VELYS platform**.  **[JNJ_3379861_16]**  We expect this strong performance to continue, with high single-digit growth in these categories going forward.  **[JNJ_3379861_16]**  We're also improving our margin profile by simplifying our portfolio.  **[JNJ_3379861_16]** 

7. **Vision Care Performance**  
   **Q:** What's affecting the Vision Care business, and what's the outlook?  
   **A:** The Q1 performance was impacted by distributor inventory adjustments in contact lenses.  **[JNJ_3379861_11]**  With supply stabilizing, we expect **high single-digit growth** for Vision Care in 2024.  **[JNJ_3379861_11]**  Our premium **ACUVUE OASYS 1-Day** family is performing well, and we are expanding our IOL portfolio.  **[JNJ_3379861_11]** 

8. **Pulmonary Hypertension Portfolio**  
   **Q:** How is the Pulmonary Hypertension business performing, and what's the impact of new competition?  
   **A:** Both **OPSUMIT** and **UPTRAVI** delivered strong growth with volume and share gains.  **[JNJ_3379861_12]**  We recently received approval for **OPSYNVI**, a combination tablet that aligns with guidelines.  **[JNJ_3379861_12]**  Despite new competition, we believe our portfolio will continue to perform well.  **[JNJ_3379861_12]** 

9. **SPRAVATO Growth and IRA Negotiations**  
   **Q:** Can you comment on SPRAVATO's growth and IRA negotiations?  
   **A:** **SPRAVATO** continues to show strong uptake, with over **70% growth** in the quarter.  **[JNJ_3379861_17]**  We remain confident in its outlook as we expand into more markets.  **[JNJ_3379861_17]**  Regarding the IRA, we are engaging appropriately with the government but believe the drug pricing provisions are damaging to healthcare innovation.  **[JNJ_3379861_17]**  However, our growth drivers remain robust, and we are confident in achieving our financial commitments.  **[JNJ_3379861_17]** 

878e2aabc23b06fff2915840c0856dc1bbc22cd9af5a958bf2025d24255715bd

- Despite headwinds in Asia Pacific, Johnson & Johnson expects adjusted operational growth of around **5% and north of 6% operationally** for the year, driven by strong performance in Cardiovascular businesses and MedTech, as well as new product launches.  **[JNJ_3402830_16]**
- The MedTech segment is benefiting from the successful integration of Shockwave, delivering **strong double-digit growth**, with new products like the peripheral catheter within Shockwave and Abiomed's pump portfolio significantly contributing to growth.  **[JNJ_3402830_16]**
- **TREMFYA** showed robust growth with a **27% increase outside the U.S.**, and the company expects continued strong growth fueled by recent launches in ulcerative colitis and forthcoming launches planned for Crohn's disease, highlighting the strength of its pharmaceutical pipeline.  **[JNJ_3402830_15]**

dcc107591e6f849b0ed83a19438afaee4d3f6e781be5c01ac2c2134781e97950

| Year | Amount Due (Millions) | Debt Type | Interest Rate (%) | % of Total Debt |
|------|-----------------------|-----------|-------------------|-----------------|
| 2024 | 2,000 **[0000200406-24-000096_jnj-20240929.htm:21]** | Commercial Paper | 5.10 **[0000200406-24-000096_jnj-20240929.htm:21]** | 5.6% = (2,000 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2024 | N/A | 5.50% Notes | 5.50 **[0000200406-24-000096_jnj-20240929.htm:0]** | N/A |
| 2026 | 1,998 **[0000200406-24-000096_jnj-20240929.htm:21]** | 2.46% Notes | 2.46 **[0000200406-24-000096_jnj-20240929.htm:21]** | 5.6% = (1,998 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2027 | 943 **[0000200406-24-000096_jnj-20240929.htm:21]** | 2.95% Notes | 2.95 **[0000200406-24-000096_jnj-20240929.htm:21]** | 2.6% = (943 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2027 | 1,463 **[0000200406-24-000096_jnj-20240929.htm:21]** | 0.95% Notes | 0.95 **[0000200406-24-000096_jnj-20240929.htm:21]** | 4.1% = (1,463 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2028 | 1,497 **[0000200406-24-000096_jnj-20240929.htm:21]** | 2.90% Notes | 2.90 **[0000200406-24-000096_jnj-20240929.htm:21]** | 4.2% = (1,497 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2028 | 832 **[0000200406-24-000096_jnj-20240929.htm:21]** | 1.150% Notes | 1.150 **[0000200406-24-000096_jnj-20240929.htm:21]** | 2.3% = (832 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2029 | 1,146 **[0000200406-24-000096_jnj-20240929.htm:21]** | 4.80% Notes | 4.80 **[0000200406-24-000096_jnj-20240929.htm:21]** | 3.2% = (1,146 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2029 | 298 **[0000200406-24-000096_jnj-20240929.htm:21]** | 6.95% Notes | 6.95 **[0000200406-24-000096_jnj-20240929.htm:21]** | 0.8% = (298 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2030 | 1,671 **[0000200406-24-000096_jnj-20240929.htm:21]** | 1.30% Notes | 1.30 **[0000200406-24-000096_jnj-20240929.htm:21]** | 4.7% = (1,671 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2031 | 1,146 **[0000200406-24-000096_jnj-20240929.htm:21]** | 4.90% Notes | 4.90 **[0000200406-24-000096_jnj-20240929.htm:21]** | 3.2% = (1,146 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2032 | 776 **[0000200406-24-000096_jnj-20240929.htm:21]** | 3.20% Notes | 3.20 **[0000200406-24-000096_jnj-20240929.htm:21]** | 2.2% = (776 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2033 | 499 **[0000200406-24-000096_jnj-20240929.htm:21]** | 4.95% Notes | 4.95 **[0000200406-24-000096_jnj-20240929.htm:21]** | 1.4% = (499 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2033 | 854 **[0000200406-24-000096_jnj-20240929.htm:21]** | 4.375% Notes | 4.375 **[0000200406-24-000096_jnj-20240929.htm:21]** | 2.4% = (854 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2034 | 846 **[0000200406-24-000096_jnj-20240929.htm:21]** | 4.95% Notes | 4.95 **[0000200406-24-000096_jnj-20240929.htm:21]** | 2.4% = (846 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2035 | 1,660 **[0000200406-24-000096_jnj-20240929.htm:21]** | 1.650% Notes | 1.650 **[0000200406-24-000096_jnj-20240929.htm:21]** | 4.6% = (1,660 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2036 | 886 **[0000200406-24-000096_jnj-20240929.htm:21]** | 3.35% Notes | 3.35 **[0000200406-24-000096_jnj-20240929.htm:21]** | 2.5% = (886 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2036 | 902 **[0000200406-24-000096_jnj-20240929.htm:21]** | 3.587% Notes | 3.587 **[0000200406-24-000096_jnj-20240929.htm:21]** | 2.5% = (902 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2037 | 994 **[0000200406-24-000096_jnj-20240929.htm:21]** | 5.95% Notes | 5.95 **[0000200406-24-000096_jnj-20240929.htm:21]** | 2.8% = (994 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2037 | 1,395 **[0000200406-24-000096_jnj-20240929.htm:21]** | 3.625% Notes | 3.625 **[0000200406-24-000096_jnj-20240929.htm:21]** | 3.9% = (1,395 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2038 | 993 **[0000200406-24-000096_jnj-20240929.htm:21]** | 3.40% Notes | 3.40 **[0000200406-24-000096_jnj-20240929.htm:21]** | 2.8% = (993 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2038 | 697 **[0000200406-24-000096_jnj-20240929.htm:21]** | 5.85% Notes | 5.85 **[0000200406-24-000096_jnj-20240929.htm:21]** | 2.0% = (697 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2040 | 541 **[0000200406-24-000096_jnj-20240929.htm:21]** | 4.50% Notes | 4.50 **[0000200406-24-000096_jnj-20240929.htm:21]** | 1.5% = (541 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2040 | 885 **[0000200406-24-000096_jnj-20240929.htm:21]** | 2.10% Notes | 2.10 **[0000200406-24-000096_jnj-20240929.htm:21]** | 2.5% = (885 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2041 | 297 **[0000200406-24-000096_jnj-20240929.htm:21]** | 4.85% Notes | 4.85 **[0000200406-24-000096_jnj-20240929.htm:21]** | 0.8% = (297 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2043 | 496 **[0000200406-24-000096_jnj-20240929.htm:21]** | 4.50% Notes | 4.50 **[0000200406-24-000096_jnj-20240929.htm:21]** | 1.4% = (496 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2044 | 1,104 **[0000200406-24-000096_jnj-20240929.htm:21]** | 3.55% Notes | 3.55 **[0000200406-24-000096_jnj-20240929.htm:21]** | 3.1% = (1,104 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2046 | 1,978 **[0000200406-24-000096_jnj-20240929.htm:21]** | 3.73% Notes | 3.73 **[0000200406-24-000096_jnj-20240929.htm:21]** | 5.5% = (1,978 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2047 | 868 **[0000200406-24-000096_jnj-20240929.htm:21]** | 3.75% Notes | 3.75 **[0000200406-24-000096_jnj-20240929.htm:21]** | 2.4% = (868 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2048 | 744 **[0000200406-24-000096_jnj-20240929.htm:21]** | 3.50% Notes | 3.50 **[0000200406-24-000096_jnj-20240929.htm:21]** | 2.1% = (744 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2050 | 859 **[0000200406-24-000096_jnj-20240929.htm:21]** | 2.25% Notes | 2.25 **[0000200406-24-000096_jnj-20240929.htm:21]** | 2.4% = (859 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2054 | 843 **[0000200406-24-000096_jnj-20240929.htm:21]** | 5.25% Notes | 5.25 **[0000200406-24-000096_jnj-20240929.htm:21]** | 2.4% = (843 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |
| 2060 | 1,107 **[0000200406-24-000096_jnj-20240929.htm:21]** | 2.45% Notes | 2.45 **[0000200406-24-000096_jnj-20240929.htm:21]** | 3.1% = (1,107 / 35,751) * 100 **[0000200406-24-000096_jnj-20240929.htm:21]** **[0000200406-24-000096_jnj-20240929.htm:6]** |

d433c38e53befb5afb46f42a3b67e0471b28282309f6656061b7d06a35a70cd6

- **STELARA sales declined by 5.7% due to unfavorable net patient mix and share loss; biosimilar competition has entered Europe as of July, with anticipated U.S. biosimilar entry in January 2025, potentially impacting future revenues.**  **[JNJ_3402830_2]** **[JNJ_3402830_15]**
- **Headwinds in the Asia Pacific region, particularly in China, due to volume-based procurement (VBP) and anti-corruption campaigns are causing disproportionate impacts on sales, expected to continue through 2024 and into 2025.**  **[JNJ_3402830_14]**
- **An increase in net expenses driven by a $1.75 billion charge related to the talc litigation settlement proposal resulted in other income and expense being a net expense of $1.8 billion compared to $0.5 billion in the prior year, impacting profitability.**  **[JNJ_3402830_3]**

3f4814eb502a393a4c0b0ca3cf14aa09ad872760762be7599cb35b35d1fd5cab

- **Challenges in the MedTech segment, particularly in the Vision business, have led to underperformance, driven by distributor stocking dynamics, competitive pressures, and macroeconomic challenges in Japan.**  **[JNJ_3393389_10]**
- **Increased competition in the Electrophysiology (EP) market, especially in the U.S., could impact J&J's market share until their PFA technology is launched, which may not be until the end of the year or early next year.**  **[JNJ_3393389_12]**
- **Potential exposure to increased rebate demands in the U.S. Pharmaceutical market due to efforts by plans to offset Part D losses in 2025, which could pressure margins despite management's confidence in achieving growth targets.**  **[JNJ_3393389_15]**

da5c848c8842b7d2d9ba47897f29a3dd1ab94672aa1322dc86ad9fbb97440625

1. **Talc Litigation Resolution**  
   **Q:** What's the progress on resolving talc litigation?  
   **A:** Management is making meaningful progress towards a responsible, final, and comprehensive resolution of the talc litigation, with **83% of claimants supporting** their prepackaged reorganization plan.  **[JNJ_3402830_9]**  The court has ruled to keep the filing in Texas, and they anticipate a confirmation hearing at the beginning of next year.  **[JNJ_3402830_9]** 

2. **China MedTech Impact**  
   **Q:** How is China affecting MedTech business?  
   **A:** The MedTech segment faces headwinds in China due to volume-based procurement (VBP) and anti-corruption campaigns.  **[JNJ_3402830_14]**  These factors, along with macroeconomic pressures and strikes in Korea, are impacting sales, and the company expects this to continue through **2024 and into 2025**.  **[JNJ_3402830_14]**  However, China represents less than **5% of J&J's global sales**, and they remain confident in the long-term growth potential in Asia Pacific.  **[JNJ_3402830_14]** 

3. **Replacing STELARA Sales**  
   **Q:** How will you replace STELARA sales?  
   **A:** Management is confident that TREMFYA, along with pipeline products like **JNJ-2113**, will not only replace but exceed STELARA's sales.  **[JNJ_3402830_11]**  TREMFYA achieved **$4 billion** in sales, primarily in psoriasis and psoriatic arthritis, and has recently been approved for ulcerative colitis.  **[JNJ_3402830_11]**  They believe TREMFYA is a STELARA-sized asset or bigger.  **[JNJ_3402830_11]** 

4. **CARVYKTI Growth**  
   **Q:** Elaborate on CARVYKTI's growth in multiple myeloma.  
   **A:** CARVYKTI sales reached **$286 million**, with **88% year-over-year growth** and **53% quarter-over-quarter growth**, driven by strong demand and capacity expansion.  **[JNJ_3402830_12]**  The product benefits from the CARTITUDE-4 approval for second-line use, and over **4,200 patients** have been treated, making it the most successful CAR-T launch in the industry.  **[JNJ_3402830_12]** 

5. **MedTech Growth Acceleration**  
   **Q:** What drives MedTech acceleration in Q4?  
   **A:** Management expects adjusted operational growth of around **5%** and over **6% operationally** for the year, bolstered by strong performance in Cardiovascular, double-digit growth in Shockwave, and improvements in the Vision business.  **[JNJ_3402830_16]**  New product launches and typically stronger fourth-quarter performance contribute to their confidence.  **[JNJ_3402830_16]** 

6. **Impact of Hurricanes and IV Shortage**  
   **Q:** Are hurricanes affecting volumes outside affected areas?  
   **A:** The impact of Hurricane Helene is mostly confined to the affected regions, but there is concern that **IV solution shortages** could potentially impact surgical procedures more broadly if they persist.  **[JNJ_3402830_10]** **[JNJ_3402830_16]**  Management is monitoring the situation carefully.  **[JNJ_3402830_16]** 

7. **EP Business and PFA Launch**  
   **Q:** How does PFA launch impact EP business?  
   **A:** Despite increased competition, the company remains confident in its leadership position in electrophysiology (EP).  **[JNJ_3402830_13]**  They are progressing with the launch of **VARIPULSE** in EMEA and Japan, and expect U.S. approval later this quarter or in Q1 next year.  **[JNJ_3402830_13]**  With over **5,500 installed Carto Systems** and a full portfolio of products, they are well-positioned for growth.  **[JNJ_3402830_13]** 

8. **TREMFYA and STELARA U.S. Sales**  
   **Q:** What's causing lighter U.S. sales for TREMFYA and STELARA?  
   **A:** The lighter U.S. sales were due to patient mix and accounting true-ups.  **[JNJ_3402830_15]**  TREMFYA's U.S. growth was over **9%**, affected by these factors, while ex-U.S. growth was **27%**.  **[JNJ_3402830_15]**  STELARA saw a decline due to similar issues and **biosimilar competition** in EMEA.  **[JNJ_3402830_15]** 

6696d872f5d63e770e525675a480c0e27a1b04812fe15ffb4ec2ee96a16a1243

- **Johnson & Johnson's Oncology franchise is demonstrating strong growth with a promising pipeline**, including advancements in CAR-T therapies for autoimmune diseases and interest in radiopharmaceuticals.  **[JNJ_3370582_15]**
- **The MedTech business delivered over $30 billion in sales**, an all-time high, with expectations of procedure volumes remaining above pre-COVID levels into 2024, driven by a bolus of patients and new product launches such as the expansion of the VELYS Robotic-Assisted Solution.  **[JNJ_3370582_9]**
- **Electrophysiology segment showed extraordinary growth of 25% globally in Q4**, driven by new product performance like the QDOT micro catheter, with positive expectations for continued strong growth in 2024.  **[JNJ_3370582_20]**

67b7f8a6dc03ec84088d9955fd305e3ef6e8b754827a423cd08a0e24646b8ddb

- **Margin Pressure in MedTech Due to Inflation and Unfavorable Product Mix**: The company's MedTech margins declined by **400 basis points year-over-year in Q4 2023**, even after excluding the impact of the Laminar acquisition. This decrease is primarily driven by **inflationary impacts** and an **unfavorable product mix**, particularly in orthopedics. Inflation is expected to impact margins into at least the **first half of 2024**.  **[JNJ_3370582_18]** ,  **[JNJ_3370582_20]**
- **Declining Sales of Key Product XARELTO**: XARELTO experienced a sales decline in Q4 2023 due to **unfavorable patient mix** and a **one-time entry**. The company expects a **continued decline in XARELTO sales in 2024**, which could negatively affect overall revenue.  **[JNJ_3370582_4]**
- **Potential Slowdown in Procedure Volumes Post-H1 2024**: The company anticipates that the increased procedure volumes seen post-COVID-19, which have driven faster market growth in 2023, may not be sustainable beyond the **first half of 2024**. This could lead to **slower growth in the MedTech segment** after this period.  **[JNJ_3370582_9]**

769f8362f971325a55622ad09c765293895ac100139c7ee3cf1f1bf635bb1444

1. **IRA Impacts and Growth Guidance**  
   **Q:** What's the impact of IRA and Part D redesign on growth?  
   **A:** J&J anticipates a net unfavorable impact in 2025 due to the IRA and Part D redesign but remains confident in their previous guidance of **3%+ growth in 2025** and **5–7% growth through 2030**, as outlined in their Enterprise Business Review last year. These impacts have been included in their projections. They are still working with payers for 2025 and 2026 formularies. **DARZALEX FASPRO** is expected to be treated separately from **DARZALEX IV**, reinforcing their confidence in its position. Over the past six years, discounts and rebates have increased from about **25% to 60%**, and they aim to ensure patients have access to their innovations through existing discounting.  **[JNJ_3393389_13]** **[JNJ_3393389_15]** 

2. **MedTech Growth Outlook Amid Destocking**  
   **Q:** How is MedTech growth outlook amid destocking and end markets?  
   **A:** J&J remains committed to delivering solid growth in MedTech for 2024, despite a tougher second quarter impacted by prior year comparisons and underperformance in Vision and China. They expect the Vision business to rebound in the second half, driven by innovation like **ACUVUE OASYS 1-Day MAX**. The destocking in contact lenses is seen as a temporary blip. Volumes have normalized, and they maintain confidence in **5%–7% growth** for end markets, focusing on securing preferential pricing amid inflation pressures.  **[JNJ_3393389_10]** **[JNJ_3393389_14]** **[JNJ_3393389_17]** 

3. **China Market Challenges**  
   **Q:** How is J&J adapting to China's evolving market conditions?  
   **A:** J&J recognizes the volatile market in China and the impact of factors like **Volume-Based Procurement (VBP)** and the **anti-corruption campaign**, which have affected procedural volumes and healthcare professional engagement. While these present short-term headwinds, they view the anti-corruption efforts positively and remain committed to China as an important growth driver for both their Innovative Medicine and MedTech businesses. They have robust business continuity plans and continue to navigate challenges with a long-term perspective.  **[JNJ_3393389_16]** **[JNJ_3393389_10]** 

4. **Electrophysiology (EP) Business Competition**  
   **Q:** Impact of competitive PFA systems on EP growth outlook?  
   **A:** J&J sees **Pulsed Field Ablation (PFA)** technology as positive for the Electrophysiology market and patients. While acknowledging increased competition in the U.S., they are confident due to their global presence and robust RF and PFA portfolios. Their PFA technology is already approved and commercialized in **EMEA and Japan**, with U.S. approval expected by year-end or early next. The **admIRE study** showed **86% effectiveness** of their PFA technology, and their **CARTO 3 Version 8** mapping system enhances competitiveness.  **[JNJ_3393389_12]** 

5. **Nipocalimab Potential in Autoimmune Diseases**  
   **Q:** How does nipocalimab compare to other FcRns?  
   **A:** Nipocalimab has shown **sustained disease control** and consistent efficacy across endpoints in **Sjogren's syndrome** and other autoantibody-driven diseases. J&J is the only company with proof of concept in all three segments of autoantibody-driven diseases. They are confident that nipocalimab is a **$5 billion-plus** asset, potentially bringing the first advanced therapy to millions affected worldwide.  **[JNJ_3393389_11]** 

6. **RYBREVANT's Prospects in Lung Cancer**  
   **Q:** How will RYBREVANT evolve and take frontline share?  
   **A:** J&J is excited about **RYBREVANT plus lazertinib**, believing it will significantly impact frontline **non-small cell lung cancer** due to high unmet needs, with about **25% of patients** not reaching second-line therapy. Positive data on **progression-free survival (PFS)** and **subcutaneous dosing** support their confidence in capturing share in the frontline setting.  **[JNJ_3393389_9]** 

7. **Orthopaedics Growth Drivers**  
   **Q:** What's driving growth in hips and knees?  
   **A:** Growth in Orthopaedics is driven by innovation. In **hips**, J&J achieved **6% growth** and declared market leadership in the U.S., leveraging best-in-class implants and technologies like **VELYS Hip Navigation** and **KINCISE**. In **knees**, they saw almost **10% growth**, powered by the **VELYS** system launched in over 20 markets with more than **70,000 procedures** performed. They continue to build on success with approvals like the **VELYS Uni Knee**.  **[JNJ_3393389_18]** 

8. **DARZALEX Growth and Separate Treatment**  
   **Q:** Is DARZALEX FASPRO treated separately, and what's its growth outlook?  
   **A:** J&J is confident that **DARZALEX FASPRO** will be treated separately from **DARZALEX IV**. DARZALEX delivered **21% growth**, reaching **$2.9 billion** in sales, with positive **Phase III studies** across multiple indications, reinforcing its position as the company's single largest asset.  **[JNJ_3393389_13]** 

9. **Device Pricing Environment**  
   **Q:** What's the outlook for MedTech device pricing?  
   **A:** Despite inflation pressures, J&J is focused on securing preferential pricing globally. They benefit from their international presence and aim for premium pricing where they have differentiated innovation, especially in areas like **cardiovascular**, **electrophysiology**, **heart recovery with Abiomed**, and **Shockwave**.  **[JNJ_3393389_14]** 

10. **Vision Segment Destocking**  
    **Q:** How has destocking affected the vision business?  
    **A:** Destocking in the contact lens business, particularly in the U.S., impacted performance in the first and second quarters due to distributor inventory reductions. However, J&J saw sequential improvement throughout the second quarter, returning to historical levels by quarter-end. With strong market leadership and innovations like **ACUVUE OASYS 1-Day MAX**, they view this as a temporary issue and are confident in the business's rebound.  **[JNJ_3393389_10]** **[JNJ_3393389_17]** 

ee1698a35ad1a89c18af261741de56fafbbdafb455620c4e76cc2657145b54cb

- **Strong growth in Innovative Medicines**, with key brands like **DARZALEX, TREMFYA, and ERLEADA all growing over 20%**, and new product launches such as **SPRAVATO achieving over 70% growth** and **CARVYKTI over 100% growth vs Q1 2023**, indicating robust demand and pipeline success.  **[JNJ_3379861_12]** ,  **[JNJ_3379861_17]** ,  **[JNJ_3379861_8]**
- **Robust performance in the MedTech segment**, particularly in the **electrophysiology business delivering over 20% growth**, nearing **$5 billion in size**, with confidence in maintaining leadership through new product launches and expanded portfolios.  **[JNJ_3379861_9]** ,  **[JNJ_3379861_15]** ,  **[JNJ_3379861_16]**
- **Significant growth in the Multiple Myeloma franchise**, with **CARVYKTI receiving FDA approval for the second-line setting**, **doubling manufacturing capacity since early 2023**, and anticipating continued growth in the second half; **TECVAYLI's launch going very well worldwide**, strengthening the company's position in oncology.  **[JNJ_3379861_8]**

88518a69a8f4b46b1aa8f0c6769789cd07277a60316790d11740437de3c8031f

- **MedTech growth may not be sustainable due to one-time items**: The MedTech business grew **6.5%** on an adjusted operational basis in Q1, but this included one-time benefits such as distributor inventory stocking issues and a revenue recognition change impacting Orthopaedics by about **300 basis points**.  **[JNJ_3379861_9]** **[JNJ_3379861_13]**  Without these, underlying growth may be lower.
- **Potential legal risks impacting INVEGA SUSTENNA/XEPLION patents**: Ongoing litigation concerning **INVEGA SUSTENNA/XEPLION** patents poses a risk. Although management remains confident, the case has been remanded to the New Jersey District Court, and the final outcome is uncertain.  **[JNJ_3379861_14]**
- **Anticipated slowdown in growth of Pulmonary Hypertension products**: Strong Q1 growth in pulmonary hypertension products **OPSUMIT and UPTRAVI** was driven by favorable patient mix, which is not expected to continue beyond Q1 2024. Additionally, the introduction of Merck's **WINREVAIR** could disrupt the market and impact future growth.  **[JNJ_3379861_12]**

02302a0a5b0dee4faeee4583e8b1374911d6d2bdd68c36bd011416eb0d0ef868

Johnson & Johnson (JNJ)

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