# Johnson & Johnson (JNJ) — Current Events Brief

## Filings that contain financial statements

- **8-K, accession 0000200406-26-000146** (filed July 15, 2026) — second-quarter and six-month 2026 results (period ended June 28, 2026). Exhibit 99.1 is the earnings press release with summary results tables; Exhibit 99.2 is the unaudited comparative supplementary sales data and condensed consolidated statement of earnings for the quarter and six months.
- **8-K, accession 0000200406-26-000076** (filed April 14, 2026) — first-quarter 2026 results (period ended March 29, 2026). Exhibit 99.1 press release; Exhibit 99.2 condensed consolidated statement of earnings for the quarter.
- **8-K, accession 0000200406-26-000002** (filed January 21, 2026) — fourth-quarter and full-year 2025 results (period ended December 28, 2025). Exhibit 99.1 press release; Exhibit 99.2 condensed consolidated statement of earnings for the quarter and full year.
- **8-K, accession 0000200406-25-000201** (filed October 14, 2025) — third-quarter and nine-month 2025 results (period ended September 28, 2025). Exhibit 99.1 press release; Exhibit 99.2 condensed consolidated statement of earnings for the quarter and nine months.
- **8-K, accession 0000200406-25-000170** (filed July 16, 2025) — second-quarter and six-month 2025 results (period ended June 29, 2025). Exhibit 99.1 press release; Exhibit 99.2 condensed consolidated statement of earnings for the quarter and six months.
- **8-K, accession 0000200406-25-000110** (filed April 15, 2025) — first-quarter 2025 results (period ended March 30, 2025). Exhibit 99.1 press release; Exhibit 99.2 condensed consolidated statement of earnings for the quarter.
- **8-K, accession 0000200406-25-000003, amended by 8-K/A accession 0000200406-25-000007** (filed January 22, 2025) — fourth-quarter and full-year 2024 results (period ended December 29, 2024). Exhibit 99.1 press release (the 8-K/A re-furnished Exhibit 99.1 solely to align a sales-line format with the newswire version; no reported figures changed); Exhibit 99.2 condensed consolidated statement of earnings for the quarter and full year.

## Quarterly results and guidance

- **July 15, 2026 (accession 0000200406-26-000146):** Second-quarter 2026 reported sales rose 6.6% to $25.3 billion (operational growth 5.6%, adjusted operational growth 5.7%). Net earnings were $5,534 million (essentially flat, -0.1%) and diluted EPS was $2.27 (-0.9%); adjusted EPS was $2.90 (+4.7%). Innovative Medicine sales grew 7.8% reported (led by DARZALEX, CARVYKTI, TECVAYLI, RYBREVANT/LAZCLUZE and TREMFYA, partly offset by continued STELARA erosion); MedTech grew 4.5% reported. The company raised full-year 2026 guidance to estimated reported sales of $101.1 billion (7.3% at the midpoint) and adjusted EPS of $11.68 (8.2% at the midpoint), citing management's target of surpassing $100 billion in annual revenue for the first time in the company's history. During the quarter the company also agreed to acquire Firefly Bio, Inc. to expand its oncology pipeline with a degrader-antibody-conjugate platform, and DePuy Synthes named Christina Zamarro as Chief Financial Officer (announced after quarter-end).
- **April 14, 2026 (accession 0000200406-26-000076):** First-quarter 2026 reported sales rose 9.9% to $24.1 billion (operational growth 6.4%). Net earnings were $5,235 million, down 52.4% from $10,999 million a year earlier — the prior-year quarter had included the roughly $7 billion reversal of talc litigation reserves (see Litigation below), which inflates the year-over-year comparison. Diluted EPS was $2.14 versus $4.54 a year earlier; adjusted EPS was $2.70 (-2.5%). The company raised full-year 2026 guidance to estimated reported sales of $100.8 billion (7.0% midpoint) and adjusted EPS of $11.55 (7.1% midpoint), and announced it will hold an Enterprise Business Review on December 8, 2026.
- **January 21, 2026 (accession 0000200406-26-000002):** Fourth-quarter 2025 reported sales rose 9.1% to $24.6 billion; full-year 2025 reported sales rose 6.0% to $94.2 billion. Full-year 2025 net earnings were $26,804 million (+90.6%) and diluted EPS was $11.03 (+90.5%), versus $14,066 million and $5.79 in 2024 — again reflecting the talc reserve reversal recognized earlier in 2025. Full-year adjusted EPS was $10.79 (+8.1%). The release noted the company completed its acquisition of Halda Therapeutics (a cancer-treatment platform) during the quarter, and separately noted (as a subsequent event) that the company reached an agreement with the U.S. government on medicine access, pricing and U.S. manufacturing/innovation investment commitments. Initial full-year 2026 guidance was set at estimated reported sales of $100.5 billion (6.7% midpoint) and adjusted EPS of $11.53 (6.9% midpoint).
- **October 14, 2025 (accession 0000200406-25-000201):** Third-quarter 2025 reported sales rose 6.8% to $24.0 billion (operational growth 5.4%). Net earnings were $5,152 million (+91.2%) and diluted EPS was $2.12; adjusted EPS was $2.80 (+15.7%). Full-year 2025 reported-sales guidance was raised to $93.7 billion (5.7% midpoint) with adjusted EPS guidance reaffirmed at $10.85 at the midpoint.
- **July 16, 2025 (accession 0000200406-25-000170):** Second-quarter 2025 reported sales were $23,743 million, with net earnings of $5,537 million and diluted EPS of $2.29; adjusted EPS was $2.77. (These figures serve as the year-ago comparison base for the July 2026 quarter above.)
- **April 15, 2025 (accession 0000200406-25-000110):** First-quarter 2025 diluted EPS was $4.54, which the release states "includes the reversal of special charges" — i.e., the talc reserve reversal recognized that quarter; adjusted EPS was $2.77 (+2.2%).
- **January 22, 2025 (accession 0000200406-25-000003 / 8-K/A 0000200406-25-000007):** Fourth-quarter and full-year 2024 results (period ended December 29, 2024) — the baseline period against which 2025 results are compared above.

## Strategic actions

- **October 14, 2025 (accession 0000200406-25-000201, Exhibit 99.3):** Johnson & Johnson announced its intent to separate its Orthopaedics business into a standalone, publicly traded company that would operate as DePuy Synthes — described as the largest, most comprehensive orthopaedics-focused company in the world, serving a $50 billion-plus global market and roughly seven million patients annually. The Orthopaedics business generated approximately $9.2 billion in sales in fiscal 2024. Namal Nawana, a former DePuy Synthes Spine executive and past CEO of Smith & Nephew and Alere, was appointed Worldwide President of DePuy Synthes effective immediately, reporting to Chairman and CEO Joaquin Duato, and is expected to continue leading the business after separation. Johnson & Johnson said it is targeting completion within 18 to 24 months, subject to board approval, regulatory approvals and other conditions, and cautioned there is no assurance on the ultimate timing, structure, or completion of the transaction. Citi and Goldman Sachs are acting as financial advisors and Freshfields LLP as legal counsel. Following separation, the retained company would focus on Oncology, Immunology, Neuroscience, Cardiovascular, Surgery and Vision.
- **January 2026 (referenced in accession 0000200406-26-000002):** The company completed its acquisition of Halda Therapeutics, described as bringing a novel platform intended to enable next-generation oral cancer therapies.
- **Q2 2026 (referenced in accession 0000200406-26-000146):** The company announced an agreement to acquire Firefly Bio, Inc., described as expanding its oncology pipeline with a novel degrader-antibody-conjugate platform. Separately, DePuy Synthes announced an agreement to acquire miniature radiofrequency tracking technology for its joint-reconstruction portfolio, and entered an exclusive U.S./Canada/Australia distribution agreement with CGBIO for its NOVOSIS product.

## Litigation — talc

- **March 31, 2025 (accession 0000200406-25-000106):** The U.S. Bankruptcy Court for the Southern District of Texas denied the request of Johnson & Johnson subsidiary Red River Talc LLC to confirm its proposed prepackaged Chapter 11 bankruptcy plan for resolving talc-related litigation, despite the plan being supported by a large majority of claimants. Johnson & Johnson said it would not pursue a further appeal of that specific plan and would instead return to the tort system to litigate the claims, stating it has no intent to settle the claims and will reverse approximately $7 billion of the reserve previously set aside for the bankruptcy resolution. The company said it has prevailed in 16 of 17 ovarian-cancer cases tried over the preceding 11 years, and noted it had already settled 95% of filed mesothelioma lawsuits and concluded all state consumer-protection claims and talc-supplier disputes. The approximately $7 billion reserve reversal was recognized in first-quarter 2025 results and is the primary driver of the large year-over-year net-earnings and EPS swings reported in Johnson & Johnson's 2025 and early-2026 quarterly filings (see Quarterly results and guidance above). As of the most recent filings reviewed, talc-related tort litigation remains active and unresolved in the ordinary court system rather than through the bankruptcy vehicle.

## Capital markets — debt issuance

- **February 20, 2025 (accession 0001193125-25-030851):** Johnson & Johnson completed a U.S. dollar public notes offering totaling $5.0 billion, comprising $750 million of 4.500% notes due 2027, $750 million of 4.550% notes due 2028, $1.0 billion of 4.700% notes due 2030, $1.25 billion of 4.850% notes due 2032, and $1.25 billion of 5.000% notes due 2035.
- **February 26, 2025 (accession 0001193125-25-036773):** Johnson & Johnson completed a euro-denominated public notes offering totaling €4.0 billion, comprising €600 million of 2.700% notes due 2029, €700 million of 3.050% notes due 2033, €1.0 billion of 3.350% notes due 2037, €700 million of 3.600% notes due 2045, and €1.0 billion of 3.700% notes due 2055.

## Dividends

- **April 15, 2025 (accession 0000200406-25-000110):** The board declared a 4.8% increase in the quarterly dividend, from $1.24 to $1.30 per share (indicated annual rate $5.20), marking the 63rd consecutive year of dividend increases.
- **April 14, 2026 (accession 0000200406-26-000076):** The board declared a 3.1% increase in the quarterly dividend, from $1.30 to $1.34 per share (indicated annual rate $5.36), marking the 64th consecutive year of dividend increases.

## Board and management changes

- **June 10, 2025 (accession 0000200406-25-000152):** Daniel Pinto, President of JPMorganChase (and, from July 1, 2025, its Vice Chairman through his planned retirement at the end of 2026), was elected to the Johnson & Johnson board effective July 1, 2025, to serve on the Audit and Compensation & Benefits Committees. The filing disclosed that Johnson & Johnson paid JPMorganChase approximately $39.2 million in fiscal 2024 for banking, supplier-financing, short-term debt and M&A advisory services.
- **April 24, 2025 annual meeting (accession 0000200406-25-000141):** Shareholders elected all 11 director nominees, approved executive compensation on an advisory basis, ratified PricewaterhouseCoopers LLP as auditor for 2025, and rejected shareholder proposals on excessive golden-parachute voting rights and a human-rights impact assessment. Separately, director D. Adamczyk announced his retirement from the board effective May 31, 2025, in connection with joining Goldman Sachs as a Partner; the filing stated the retirement was for personal reasons unrelated to any disagreement with management.
- **September 8, 2025 (accession 0000200406-25-000190):** John Morikis, who served as Executive Chairman, President and CEO of The Sherwin-Williams Company from 2016 to 2024 (and in senior roles there since 1984), was elected to the Johnson & Johnson board, to serve on the Audit and Compensation & Benefits Committees.
- **April 23, 2026 annual meeting (accession 0000200406-26-000089):** Shareholders elected all 12 director nominees (including Messrs. Pinto and Morikis), approved executive compensation on an advisory basis, ratified PricewaterhouseCoopers LLP as auditor for 2026, and rejected a shareholder proposal requiring an independent board chair.