Document


(Unaudited; Dollars in Millions)	SECOND QUARTER
			Percent Change
Sales to customers by geographic area	2025	2024	Total		Operations	Currency
U.S.	$13,544	12,569	7.8	%	7.8	—
Europe	5,387	5,214	3.3		(1.9)	5.2
Western Hemisphere excluding U.S.	1,206	1,212	(0.5)		6.2	(6.7)
Asia-Pacific, Africa	3,606	3,452	4.4		2.4	2.0
International	10,199	9,878	3.2		0.6	2.6
Worldwide	$23,743	22,447	5.8	%	4.6	1.2

Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.


(Unaudited; in Millions Except Per Share Figures)	SECOND QUARTER
	2025				2024				Percent Increase (Decrease)
	Amount			Percent to Sales	Amount			Percent to Sales
Sales to customers	$	23,743		100.0	$	22,447		100.0	5.8
Cost of products sold	7,628			32.1	6,869			30.6	11.0
Gross Profit	16,115			67.9	15,578			69.4	3.4
Selling, marketing and administrative expenses	5,889			24.8	5,681			25.3	3.7
Research and development expense	3,516			14.8	3,440			15.3	2.2
In-process research and development impairments	—			—	194			0.9
Interest (income) expense, net	48			0.2	(125)			(0.6)
Other (income) expense, net	107			0.5	653			2.9
Restructuring	64			0.3	(13)			0.0
Earnings before provision for taxes on income	6,491			27.3	5,748			25.6	12.9
Provision for taxes on income	954			4.0	1,062			4.7	(10.2)
Net earnings	$	5,537		23.3	$	4,686		20.9	18.2

Net earnings per share (Diluted)	$	2.29			$	1.93			18.7

Average shares outstanding (Diluted)	2,419.1				2,422.0

Effective tax rate	14.7		%		18.5		%

Adjusted earnings before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income	$	8,188		34.5	$	8,404		37.4	(2.6)
Net earnings	$	6,699		28.2	$	6,840		30.5	(2.1)
Net earnings per share (Diluted)	$	2.77			$	2.82			(1.8)
Effective tax rate	18.2		%		18.6		%

(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings before provision for taxes on income," "adjusted net earnings," "adjusted net earnings per share (diluted)," and "adjusted effective tax rate" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate on an adjusted basis because management believes that these measures provide useful information to investors. Among other things, these measures may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as intangible asset amortization expense, significant gains from divestitures, significant costs associated with acquisitions, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters). Special items may be highly variable, difficult to predict, and of a size that sometimes has substantial impact on the Company's reported results of operations for a period. Management uses these measures internally for planning, forecasting and evaluating the performances of the Company's businesses, including allocating resources and evaluating results relative to employee performance compensation targets. Unlike earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate prepared in accordance with GAAP, adjusted earnings before provision for taxes on income, adjusted net earnings, adjusted net earnings per share (diluted), and adjusted effective tax rate may not be comparable with the calculation of similar measures for other companies. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of the Company's results of operations without including all events during a period, such as intangible asset amortization expense, significant gains from divestitures, the effects of an acquisition, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters) and do not provide a comparable view of the Company's performance to other companies in the health care industry. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.


(Unaudited; in Millions Except Per Share Figures)	SIX MONTHS
	2025				2024				Percent Increase (Decrease)
	Amount			Percent to Sales	Amount			Percent to Sales
Sales to customers	$	45,636		100.0	$	43,830		100.0	4.1
Cost of products sold	14,985			32.8	13,380			30.5	12.0
Gross Profit	30,651			67.2	30,450			69.5	0.7
Selling, marketing and administrative expenses	11,001			24.1	10,938			25.0	0.6
Research and development expense	6,741			14.8	6,982			16.0	(3.5)
In-process research and development impairments	—			—	194			0.4
Interest (income) expense, net	(80)			(0.2)	(334)			(0.8)
Other (income) expense, net	(7,214)			(15.8)	3,057			7.0
Restructuring	81			0.2	151			0.3
Earnings before provision for taxes on income	20,122			44.1	9,462			21.6	112.7
Provision for taxes on income	3,586			7.9	1,521			3.5	135.8
Net earnings	$	16,536		36.2	$	7,941		18.1	108.2

Net earnings per share (Diluted)	$	6.82			$	3.27			108.6

Average shares outstanding (Diluted)	2,423.3				2,428.5

Effective tax rate	17.8		%		16.1		%

Adjusted earnings before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income	$	16,199		35.5	$	16,281		37.1	(0.5)
Net earnings	$	13,405		29.4	$	13,420		30.6	(0.1)
Net earnings per share (Diluted)	$	5.53			$	5.53			0.0
Effective tax rate	17.2		%		17.6		%


	Second Quarter
(Dollars in Millions Except Per Share Data)	2025		2024
Net Earnings, after tax- as reported		$5,537	$4,686

Pre-tax Adjustments
Litigation related		57	352
Intangible Asset Amortization expense		1,267	1,106
COVID-19 Vaccine related costs		—	64
Restructuring related 1		79	(11)
Medical Device Regulation		—	68
Acquisition, integration and divestiture related		246	452
(Gains)/losses on securities		21	431
IPR&D impairments		—	194
Other		27	—

Tax Adjustments
Tax impact on special item adjustments 2		(321)	(437)
Tax legislation and other tax related		(214)	(65)
Adjusted Net Earnings, after tax		$6,699	$6,840
Average shares outstanding (Diluted)		2,419.1	2,422.0
Adjusted net earnings per share (Diluted)		$2.77	$2.82
Operational adjusted net earnings per share (Diluted)		$2.71

1In fiscal 2023, the company completed a prioritization of its research and development (R&D) investment within the Innovative Medicine segment to focus on the most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs within therapeutic areas. The R&D program exits were primarily in infectious diseases and vaccines including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, hepatitis and HIV development. The restructuring income of $63 million in the fiscal second quarter of 2024 ($81 million expense Q2 2024 YTD) included asset divestments and the termination of partnered and non-partnered program costs and asset impairments. This program was completed in Q4 2024.


	Six Months Ended
(Dollars in Millions Except Per Share Data)	2025		2024
Net Earnings, after tax- as reported		$16,536	$7,941

Pre-tax Adjustments
Litigation related		(6,909)	3,078
Intangible Asset Amortization expense		2,387	2,184
COVID-19 Vaccine related costs		—	73
Restructuring related 1		134	160
Medical Device Regulation		—	119
Acquisition, integration and divestiture related		378	600
(Gains)/losses on securities		60	411
IPR&D impairments		—	194
Other		27	—

Tax Adjustments
Tax impact on special item adjustments 2		994	(1,293)
Tax legislation and other tax related		(202)	(47)
Adjusted Net Earnings, after tax		$13,405	$13,420
Average shares outstanding (Diluted)		2,423.3	2,428.5
Adjusted net earnings per share (Diluted)		$5.53	$5.53
Operational adjusted net earnings per share (Diluted)		$5.52


Segments
	Innovative Medicine		MedTech		Total
WW As Reported	4.9	%	7.3	%	5.8	%
U.S.	7.6	%	8.0	%	7.8	%
International	1.0	%	6.7	%	3.2	%

WW Currency	1.1		1.2		1.2
U.S.	—		—		—
International	2.6		2.6		2.6

WW Operational	3.8	%	6.1	%	4.6	%
U.S.	7.6	%	8.0	%	7.8	%
International	(1.6)	%	4.1	%	0.6	%

Shockwave			(2.2)		(0.8)
U.S.			(3.5)		(1.1)
International			(0.9)		(0.3)

Caplyta	(1.4)				(0.9)
U.S.	(2.4)				(1.7)
International	0.0				0.0

All Other Acquisitions and Divestitures (A&D)	0.0		0.2		0.1
U.S.	0.0		0.2		0.0
International	0.0		0.2		0.1

WW Adjusted Operational Ex A&D	2.4	%	4.1	%	3.0	%
U.S.	5.2	%	4.7	%	5.0	%
International	(1.6)	%	3.4	%	0.4	%

(A) NON-GAAP FINANCIAL MEASURE “Adjusted operational sales growth" excludes acquisitions, divestitures and translational currency and is a non-GAAP financial measure. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and divestitures, and the impact they may have on the analysis of underlying business performance and trends, management believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to permit investors to more fully understand how management assesses the performance of the Company, including for internal evaluation of the performance of the Company's businesses and planning and forecasting for future periods. The use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company's results of operations without including all events during a period and may not provide a comparable view of the Company's performance to that of other companies in the health care industry.


Segments
	Innovative Medicine		MedTech		Total
WW As Reported	3.6	%	5.0	%	4.1	%
U.S.	7.0	%	6.6	%	6.9	%
International	(0.9	%)	3.3	%	0.7	%

WW Currency	(0.4)		(0.1)		(0.3)
U.S.	—		—		—
International	(0.8)		(0.3)		(0.7)

WW Operational	4.0	%	5.1	%	4.4	%
U.S.	7.0	%	6.6	%	6.9	%
International	(0.1	%)	3.6	%	1.4	%

Shockwave			(2.7)		(1.0)
U.S.			(4.3)		(1.5)
International			(1.1)		(0.5)

Caplyta	(0.8)				(0.5)
U.S.	(1.3)				(0.9)
International	0.0				0.0

All Other Acquisitions and Divestitures (A&D)	0.1		0.3		0.2
U.S.	0.0		0.5		0.2
International	0.2		0.2		0.2

WW Adjusted Operational Ex A&D	3.3	%	2.7	%	3.1	%
U.S.	5.7	%	2.8	%	4.7	%
International	0.1	%	2.7	%	1.1	%


	SECOND QUARTER
			% Change
	2025	2024	Reported		Operational(1)		Currency
INNOVATIVE MEDICINE SEGMENT(2)
ONCOLOGY
US	$3,385	2,636	28.4	%	28.4	%	—	%
Intl	2,928	2,455	19.3		15.7		3.6
WW	6,312	5,090	24.0		22.3		1.7

CARVYKTI
US	358	167	*		*		—
Intl	81	20	*		*		*
WW	439	186	*		*		*

DARZALEX
US	2,017	1,641	23.0		23.0		—
Intl	1,521	1,237	23.0		19.6		3.4
WW	3,539	2,878	23.0		21.5		1.5

ERLEADA
US	378	318	18.6		18.6		—
Intl	530	418	27.0		22.8		4.2
WW	908	736	23.4		21.0		2.4

IMBRUVICA
US	239	246	(2.7)		(2.7)		—
Intl	496	525	(5.4)		(8.4)		3.0
WW	735	770	(4.5)		(6.6)		2.1

RYBREVANT / LAZCLUZE(3)
US	139	52	*		*		—
Intl	41	17	*		*		*
WW	179	69	*		*		*

TALVEY
US	82	59	38.0		38.0		—
Intl	24	9	*		*		*
WW	106	69	55.0		54.3		0.7

TECVAYLI
US	114	104	8.2		8.2		—
Intl	52	30	74.8		72.0		2.8
WW	166	135	23.1		22.4		0.7

ZYTIGA / abiraterone acetate
US	6	11	(38.9)		(38.9)		—
Intl	139	154	(9.8)		(13.3)		3.5
WW	145	165	(11.6)		(14.9)		3.3

OTHER ONCOLOGY
US	50	37	36.9		36.9		—
Intl	42	45	(8.7)		(12.3)		3.6
WW	93	83	11.7		9.7		2.0

See footnotes at end of schedule

(Dollars in Millions)


	SECOND QUARTER
			% Change
	2025	2024	Reported		Operational(1)		Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
IMMUNOLOGY
US	$2,505	2,978	(15.9)	%	(15.9)	%	—	%
Intl	1,489	1,744	(14.6)		(16.2)		1.6
WW	3,993	4,722	(15.4)		(16.0)		0.6

REMICADE
US	283	231	22.5		22.5		—
US Exports(4)	34	35	(2.6)		(2.6)		—
Intl	138	127	8.6		8.8		(0.2)
WW	455	393	15.9		15.9		0.0

SIMPONI / SIMPONI ARIA
US	305	267	14.0		14.0		—
Intl	387	270	43.1		40.8		2.3
WW	690	537	28.6		27.5		1.1

STELARA
US	1,078	1,855	(41.9)		(41.9)		—
Intl	575	1,030	(44.2)		(45.6)		1.4
WW	1,653	2,885	(42.7)		(43.2)		0.5

TREMFYA
US	796	589	35.2		35.2		—
Intl	391	317	23.2		20.5		2.7
WW	1,186	906	31.0		30.1		0.9

OTHER IMMUNOLOGY
US	8	2	*		*		—
Intl	0	0	—		—		—
WW	8	2	*		*		—

NEUROSCIENCE
US	1,377	1,102	24.9		24.9		—
Intl	674	679	(0.8)		(2.6)		1.8
WW	2,051	1,782	15.1		14.4		0.7

CAPLYTA(5)
US	211	—	*		*		—
Intl	—	—	—		—		—
WW	211	—	*		*		—

CONCERTA / methylphenidate
US	24	34	(27.7)		(27.7)		—
Intl	139	129	7.5		7.0		0.5
WW	164	163	0.2		(0.2)		0.4

INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
US	732	784	(6.7)		(6.7)		—
Intl	260	269	(3.5)		(5.1)		1.6
WW	992	1,054	(5.9)		(6.3)		0.4

SPRAVATO
US	366	226	61.1		61.1		—
Intl	50	44	12.8		11.0		1.8
WW	414	271	53.3		53.0		0.3

See footnotes at end of schedule


	SECOND QUARTER
				% Change
	2025		2024	Reported		Operational(1)		Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)

OTHER NEUROSCIENCE
US	$	45	57	(23.5)	%	(23.5)	%	—	%
Intl	226		237	(4.7)		(7.6)		2.9
WW	270		294	(8.4)		(10.7)		2.3
PULMONARY HYPERTENSION
US	799		743	7.6		7.6		—
Intl	314		296	5.8		2.8		3.0
WW	1,113		1,039	7.1		6.2		0.9

OPSUMIT / OPSYNVI
US	403		376	6.9		6.9		—
Intl	180		171	5.4		2.1		3.3
WW	582		548	6.4		5.4		1.0

UPTRAVI
US	382		349	9.4		9.4		—
Intl	94		76	22.4		19.8		2.6
WW	476		426	11.7		11.3		0.4

OTHER PULMONARY HYPERTENSION
US	16		17	(12.4)		(12.4)		—
Intl	40		49	(18.5)		(21.3)		2.8
WW	55		67	(16.9)		(19.0)		2.1

INFECTIOUS DISEASES
US	320		334	(4.3)		(4.3)		—
Intl	484		631	(23.4)		(26.8)		3.4
WW	803		965	(16.8)		(19.0)		2.2

EDURANT / rilpivirine
US	6		8	(25.4)		(25.4)		—
Intl	354		288	23.0		16.7		6.3
WW	360		297	21.6		15.5		6.1

PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US	312		321	(3.0)		(3.0)		—
Intl	85		117	(27.0)		(29.4)		2.4
WW	396		438	(9.4)		(10.0)		0.6

OTHER INFECTIOUS DISEASES
US	2		5	(51.8)		(51.8)		—
Intl	45		227	(80.5)		(80.6)		0.1
WW	47		233	(79.8)		(79.9)		0.1
See footnotes at end of schedule


	SECOND QUARTER
				% Change
	2025		2024	Reported		Operational(1)		Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)

CARDIOVASCULAR / METABOLISM / OTHER
US	$	776	717	8.2	%	8.2	%	—	%
Intl	154		176	(12.3)		(13.2)		0.9
WW	930		892	4.2		4.0		0.2

XARELTO
US	621		587	5.6		5.6		—
Intl	—		—	—		—		—
WW	621		587	5.6		5.6		—

OTHER
US	155		129	20.0		20.0		—
Intl	154		176	(12.3)		(13.2)		0.9
WW	309		305	1.4		0.9		0.5

TOTAL INNOVATIVE MEDICINE
US	9,161		8,510	7.6		7.6		—
Intl	6,041		5,980	1.0		(1.6)		2.6
WW	$	15,202	14,490	4.9	%	3.8	%	1.1	%


	SECOND QUARTER
				% Change
	2025		2024	Reported		Operational(1)		Currency
MEDTECH SEGMENT(2)
CARDIOVASCULAR
US	$	1,364	1,119	21.9	%	21.9	%	—	%
Intl	948		753	25.9		22.9		3.0
WW	2,313		1,873	23.5		22.3		1.2

ELECTROPHYSIOLOGY
US	741		705	5.1		5.1		—
Intl	728		618	17.8		15.2		2.6
WW	1,468		1,323	11.0		9.8		1.2

ABIOMED
US	360		309	16.6		16.6		—
Intl	89		72	25.0		18.4		6.6
WW	448		379	18.2		16.9		1.3

SHOCKWAVE(6)
US	233		77	*		*		—
Intl	58		0	*		*		—
WW	292		77	*		*		—

OTHER CARDIOVASCULAR
US	31		29	5.4		5.4		—
Intl	72		64	13.4		11.6		1.8
WW	104		93	10.8		9.7		1.1

ORTHOPAEDICS
US	1,420		1,422	(0.2)		(0.2)		—
Intl	885		890	(0.5)		(4.0)		3.5
WW	2,305		2,312	(0.3)		(1.6)		1.3

HIPS
US	271		265	2.1		2.1		—
Intl	150		152	(1.0)		(4.3)		3.3
WW	421		417	1.0		(0.2)		1.2

KNEES
US	226		230	(1.9)		(1.9)		—
Intl	164		163	0.0		(2.9)		2.9
WW	389		394	(1.1)		(2.3)		1.2

TRAUMA
US	501		498	0.7		0.7		—
Intl	267		260	2.2		(1.5)		3.7
WW	768		759	1.2		(0.1)		1.3

SPINE, SPORTS & OTHER
US	422		430	(1.7)		(1.7)		—
Intl	305		314	(2.7)		(6.4)		3.7
WW	727		743	(2.1)		(3.7)		1.6


	SECOND QUARTER
			% Change
	2025	2024	Reported		Operational(1)		Currency
MEDTECH SEGMENT(2)(Continued)
SURGERY
US	$1,043	995	4.8	%	4.8	%	—	%
Intl	1,512	1,493	1.3		(0.2)		1.5
WW	2,555	2,488	2.7		1.8		0.9

ADVANCED
US	477	466	2.2		2.2		—
Intl	687	675	1.9		0.2		1.7
WW	1,164	1,141	2.0		1.0		1.0

GENERAL
US	567	528	7.2		7.2		—
Intl	825	818	0.9		(0.6)		1.5
WW	1,391	1,346	3.3		2.5		0.8

VISION
US	557	523	6.5		6.5		—
Intl	813	763	6.5		3.4		3.1
WW	1,369	1,285	6.5		4.6		1.9

CONTACT LENSES / OTHER
US	429	409	4.8		4.8		—
Intl	536	509	5.4		1.4		4.0
WW	965	918	5.1		2.9		2.2

SURGICAL
US	128	113	12.6		12.6		—
Intl	277	254	8.8		7.3		1.5
WW	403	367	9.9		8.9		1.0

TOTAL MEDTECH
US	4,383	4,059	8.0		8.0		—
Intl	4,158	3,898	6.7		4.1		2.6
WW	$8,541	7,957	7.3	%	6.1	%	1.2	%


	SIX MONTHS
			% Change
	2025	2024	Reported		Operational(1)		Currency
INNOVATIVE MEDICINE SEGMENT(2)
ONCOLOGY
US	$6,398	5,019	27.5	%	27.5	%	—	%
Intl	5,592	4,885	14.5		15.1		(0.6)
WW	11,990	9,904	21.1		21.3		(0.2)

CARVYKTI
US	676	307	*		*		—
Intl	132	36	*		*		*
WW	808	343	*		*		*

DARZALEX
US	3,846	3,105	23.9		23.9		—
Intl	2,930	2,465	18.9		19.7		(0.8)
WW	6,776	5,570	21.7		22.0		(0.3)

ERLEADA
US	670	603	11.0		11.0		—
Intl	1,009	822	22.9		23.0		(0.1)
WW	1,679	1,425	17.8		17.9		(0.1)

IMBRUVICA
US	474	511	(7.3)		(7.3)		—
Intl	970	1,043	(6.9)		(6.3)		(0.6)
WW	1,444	1,554	(7.0)		(6.6)		(0.4)

RYBREVANT / LAZCLUZE(3)
US	252	88	*		*		—
Intl	69	28	*		*		*
WW	320	116	*		*		*

TALVEY
US	150	109	36.7		36.7		—
Intl	42	17	*		*		*
WW	192	127	52.0		52.4		(0.4)

TECVAYLI
US	219	205	6.6		6.6		—
Intl	98	63	56.0		58.4		(2.4)
WW	317	268	18.2		18.7		(0.5)

ZYTIGA / abiraterone acetate
US	13	20	(31.9)		(31.9)		—
Intl	257	326	(21.1)		(21.3)		0.2
WW	270	346	(21.7)		(21.9)		0.2

OTHER ONCOLOGY
US	97	70	39.8		39.8		—
Intl	84	86	(2.5)		(1.8)		(0.7)
WW	182	156	16.4		16.8		(0.4)

See footnotes at end of schedule

(Dollars in Millions)


	SIX MONTHS
			% Change
	2025	2024	Reported		Operational(1)		Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
IMMUNOLOGY
US	$4,701	5,431	(13.4)	%	(13.4)	%	—	%
Intl	2,999	3,538	(15.2)		(13.8)		(1.4)
WW	7,700	8,969	(14.1)		(13.6)		(0.5)

REMICADE
US	597	497	20.1		20.1		—
US Exports(4)	44	62	(28.7)		(28.7)		—
Intl	281	268	4.8		7.7		(2.9)
WW	922	827	11.5		12.4		(0.9)

SIMPONI / SIMPONI ARIA
US	597	521	14.4		14.4		—
Intl	753	569	32.2		35.0		(2.8)
WW	1,349	1,091	23.7		25.1		(1.4)

STELARA
US	2,059	3,251	(36.7)		(36.7)		—
Intl	1,219	2,085	(41.5)		(40.6)		(0.9)
WW	3,278	5,336	(38.6)		(38.2)		(0.4)

TREMFYA
US	1,395	1,098	27.1		27.1		—
Intl	747	616	21.2		22.4		(1.2)
WW	2,142	1,714	25.0		25.4		(0.4)

OTHER IMMUNOLOGY
US	9	2	*		*		—
Intl	0	0	—		—		—
WW	9	2	*		*		—

NEUROSCIENCE
US	2,345	2,156	8.7		8.7		—
Intl	1,353	1,428	(5.2)		(4.1)		(1.1)
WW	3,698	3,585	3.2		3.6		(0.4)

CAPLYTA(5)
US	211	—	*		*		—
Intl	—	—	—		—		—
WW	211	—	*		*		—

CONCERTA / methylphenidate
US	62	75	(16.6)		(16.6)		—
Intl	249	265	(6.0)		(4.4)		(1.6)
WW	312	340	(8.3)		(7.1)		(1.2)

INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
US	1,357	1,549	(12.4)		(12.4)		—
Intl	537	561	(4.2)		(3.1)		(1.1)
WW	1,895	2,110	(10.2)		(9.9)		(0.3)

SPRAVATO
US	642	417	53.7		53.7		—
Intl	93	78	18.1		20.1		(2.0)
WW	734	496	48.1		48.4		(0.3)
See footnotes at end of schedule


	SIX MONTHS
				% Change
	2025		2024	Reported		Operational(1)		Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)

OTHER NEUROSCIENCE
US	$	73	115	(37.0)	%	(37.0)	%	—	%
Intl	474		524	(9.5)		(8.8)		(0.7)
WW	547		639	(14.4)		(13.9)		(0.5)

PULMONARY HYPERTENSION
US	1,543		1,509	2.3		2.3		—
Intl	595		579	2.6		3.0		(0.4)
WW	2,138		2,088	2.4		2.5		(0.1)

OPSUMIT / OPSYNVI
US	766		732	4.6		4.6		—
Intl	339		340	(0.3)		(0.2)		(0.1)
WW	1,104		1,072	3.0		3.1		(0.1)

UPTRAVI
US	747		741	0.8		0.8		—
Intl	180		152	17.9		18.7		(0.8)
WW	927		894	3.7		3.8		(0.1)

OTHER PULMONARY HYPERTENSION
US	31		35	(12.6)		(12.6)		—
Intl	77		88	(12.4)		(12.1)		(0.3)
WW	107		123	(12.5)		(12.3)		(0.2)

INFECTIOUS DISEASES
US	635		658	(3.6)		(3.6)		—
Intl	971		1,128	(13.9)		(14.1)		0.2
WW	1,605		1,786	(10.1)		(10.2)		0.1

EDURANT / rilpivirine
US	14		16	(13.6)		(13.6)		—
Intl	704		603	16.7		15.6		1.1
WW	718		620	15.9		14.9		1.0

PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US	617		635	(2.9)		(2.9)		—
Intl	183		221	(17.2)		(15.8)		(1.4)
WW	799		856	(6.6)		(6.3)		(0.3)

OTHER INFECTIOUS DISEASES
US	4		7	(37.4)		(37.4)		—
Intl	84		304	(72.5)		(72.1)		(0.4)
WW	88		311	(71.7)		(71.3)		(0.4)
See footnotes at end of schedule


	SIX MONTHS
				% Change
	2025		2024	Reported		Operational(1)		Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)

CARDIOVASCULAR / METABOLISM / OTHER
US	$	1,631	1,348	21.0	%	21.0	%	—	%
Intl	312		373	(16.2)		(14.3)		(1.9)
WW	1,943		1,721	12.9		13.3		(0.4)

XARELTO
US	1,311		1,105	18.6		18.6		—
Intl	—		—	—		—		—
WW	1,311		1,105	18.6		18.6		—

OTHER
US	320		243	31.6		31.6		—
Intl	312		373	(16.2)		(14.3)		(1.9)
WW	632		616	2.7		3.9		(1.2)

TOTAL INNOVATIVE MEDICINE
US	17,253		16,122	7.0		7.0		—
Intl	11,822		11,930	(0.9)		(0.1)		(0.8)
WW	$	29,075	28,052	3.6	%	4.0	%	(0.4)	%


	SIX MONTHS
				% Change
	2025		2024	Reported		Operational(1)		Currency
MEDTECH SEGMENT(2)
CARDIOVASCULAR
US	$	2,625	2,144	22.4	%	22.4	%	—	%
Intl	1,790		1,534	16.7		16.7		0.0
WW	4,416		3,679	20.0		20.0		0.0

ELECTROPHYSIOLOGY
US	1,425		1,397	2.0		2.0		—
Intl	1,366		1,270	7.6		7.8		(0.2)
WW	2,791		2,667	4.7		4.7		0.0

ABIOMED
US	699		612	14.2		14.2		—
Intl	170		139	22.4		20.9		1.5
WW	868		750	15.7		15.5		0.2

SHOCKWAVE(6)
US	439		77	*		*		—
Intl	110		0	*		*		—
WW	550		77	*		*		—

OTHER CARDIOVASCULAR
US	63		59	6.3		6.3		—
Intl	144		126	14.2		14.5		(0.3)
WW	207		185	11.7		11.8		(0.1)

ORTHOPAEDICS
US	2,804		2,870	(2.3)		(2.3)		—
Intl	1,742		1,782	(2.2)		(2.4)		0.2
WW	4,546		4,652	(2.3)		(2.3)		0.0

HIPS
US	534		535	(0.2)		(0.2)		—
Intl	296		304	(2.5)		(2.6)		0.1
WW	830		839	(1.1)		(1.1)		0.0

KNEES
US	457		472	(3.1)		(3.1)		—
Intl	322		323	(0.5)		(0.4)		(0.1)
WW	778		795	(2.0)		(2.0)		0.0

TRAUMA
US	1,003		1,002	0.1		0.1		—
Intl	537		521	2.9		2.8		0.1
WW	1,540		1,524	1.1		1.0		0.1

SPINE, SPORTS & OTHER
US	810		862	(6.0)		(6.0)		—
Intl	588		634	(7.2)		(7.7)		0.5
WW	1,398		1,495	(6.5)		(6.7)		0.2


	SIX MONTHS
			% Change
	2025	2024	Reported		Operational(1)		Currency
MEDTECH SEGMENT(2)(Continued)
SURGERY
US	$2,045	1,982	3.2	%	3.2	%	—	%
Intl	2,906	2,922	(0.5)		0.3		(0.8)
WW	4,951	4,904	1.0		1.5		(0.5)

ADVANCED
US	934	912	2.4		2.4		—
Intl	1,303	1,316	(1.0)		(0.4)		(0.6)
WW	2,237	2,228	0.4		0.8		(0.4)

GENERAL
US	1,111	1,070	3.8		3.8		—
Intl	1,603	1,606	(0.1)		0.8		(0.9)
WW	2,714	2,676	1.4		2.0		(0.6)

VISION
US	1,123	1,070	4.9		4.9		—
Intl	1,526	1,473	3.6		3.7		(0.1)
WW	2,648	2,543	4.1		4.2		(0.1)

CONTACT LENSES / OTHER
US	881	847	3.9		3.9		—
Intl	1,003	981	2.3		1.9		0.4
WW	1,884	1,828	3.1		2.8		0.3

SURGICAL
US	242	223	8.5		8.5		—
Intl	523	492	6.2		7.2		(1.0)
WW	764	715	6.9		7.6		(0.7)

TOTAL MEDTECH
US	8,596	8,067	6.6		6.6		—
Intl	7,965	7,711	3.3		3.6		(0.3)
WW	$16,561	15,778	5.0	%	5.1	%	(0.1)	%