Segments of Business and Geographic Areas (Tables)

6 Months Ended

Jun. 29, 2025


	Fiscal Second Quarter Ended				Fiscal Six Months Ended
(Dollars in Millions)	June 29, 2025	June 30, 2024	Percent Change		June 29, 2025	June 30, 2024	Percent Change

INNOVATIVE MEDICINE
Oncology
U.S.	$3,385	2,636	28.4	%	$6,398	5,019	27.5	%
International	2,928	2,455	19.3		5,592	4,885	14.5
Worldwide	6,312	5,090	24.0		11,990	9,904	21.1
CARVYKTI
U.S.	358	167	*		676	307	*
International	81	20	*		132	36	*
Worldwide	439	186	*		808	343	*
DARZALEX
U.S.	2,017	1,641	23.0		3,846	3,105	23.9
International	1,521	1,237	23.0		2,930	2,465	18.9
Worldwide	3,539	2,878	23.0		6,776	5,570	21.7
ERLEADA
U.S.	378	318	18.6		670	603	11.0
International	530	418	27.0		1,009	822	22.9
Worldwide	908	736	23.4		1,679	1,425	17.8
IMBRUVICA
U.S.	239	246	(2.7)		474	511	(7.3)
International	496	525	(5.4)		970	1,043	(6.9)
Worldwide	735	770	(4.5)		1,444	1,554	(7.0)
RYBREVANT/ LAZCLUZE(1)
U.S.	139	52	*		252	88	*
International	41	17	*		69	28	*
Worldwide	179	69	*		320	116	*
TALVEY
U.S.	82	59	38.0		150	109	36.7
International	24	9	*		42	17	*
Worldwide	106	69	55.0		192	127	52.0
TECVAYLI
U.S.	114	104	8.2		219	205	6.6
International	52	30	74.8		98	63	56.0
Worldwide	166	135	23.1		317	268	18.2


	Fiscal Second Quarter Ended			Fiscal Six Months Ended
(Dollars in Millions)	June 29, 2025	June 30, 2024	Percent Change	June 29, 2025	June 30, 2024	Percent Change
ZYTIGA / abiraterone acetate
U.S.	6	11	(38.9)	13	20	(31.9)
International	139	154	(9.8)	257	326	(21.1)
Worldwide	145	165	(11.6)	270	346	(21.7)
OTHER ONCOLOGY
U.S.	50	37	36.9	97	70	39.8
International	42	45	(8.7)	84	86	(2.5)
Worldwide	93	83	11.7	182	156	16.4
Immunology
U.S.	2,505	2,978	(15.9)	4,701	5,431	(13.4)
International	1,489	1,744	(14.6)	2,999	3,538	(15.2)
Worldwide	3,993	4,722	(15.4)	7,700	8,969	(14.1)
REMICADE
U.S.	283	231	22.5	597	497	20.1
U.S. Exports	34	35	(2.6)	44	62	(28.7)
International	138	127	8.6	281	268	4.8
Worldwide	455	393	15.9	922	827	11.5
SIMPONI / SIMPONI ARIA
U.S.	305	267	14.0	597	521	14.4
International	387	270	43.1	753	569	32.2
Worldwide	690	537	28.6	1,349	1,091	23.7
STELARA
U.S.	1,078	1,855	(41.9)	2,059	3,251	(36.7)
International	575	1,030	(44.2)	1,219	2,085	(41.5)
Worldwide	1,653	2,885	(42.7)	3,278	5,336	(38.6)
TREMFYA
U.S.	796	589	35.2	1,395	1,098	27.1
International	391	317	23.2	747	616	21.2
Worldwide	1,186	906	31.0	2,142	1,714	25.0
OTHER IMMUNOLOGY
U.S.	8	2	*	9	2	*
International	0	0	—	0	0	—
Worldwide	8	2	*	9	2	*
Neuroscience
U.S.	1,377	1,102	24.9	2,345	2,156	8.7
International	674	679	(0.8)	1,353	1,428	(5.2)
Worldwide	2,051	1,782	15.1	3,698	3,585	3.2
CAPLYTA(2)
U.S.	211	—	*	211	—	*
International	—	—	—	—	—	—
Worldwide	211	—	*	211	—	*


	Fiscal Second Quarter Ended			Fiscal Six Months Ended
(Dollars in Millions)	June 29, 2025	June 30, 2024	Percent Change	June 29, 2025	June 30, 2024	Percent Change
CONCERTA / methylphenidate
U.S.	24	34	(27.7)	62	75	(16.6)
International	139	129	7.5	249	265	(6.0)
Worldwide	164	163	0.2	312	340	(8.3)
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
U.S.	732	784	(6.7)	1,357	1,549	(12.4)
International	260	269	(3.5)	537	561	(4.2)
Worldwide	992	1,054	(5.9)	1,895	2,110	(10.2)
SPRAVATO
U.S.	366	226	61.1	642	417	53.7
International	50	44	12.8	93	78	18.1
Worldwide	414	271	53.3	734	496	48.1
OTHER NEUROSCIENCE
U.S.	45	57	(23.5)	73	115	(37.0)
International	226	237	(4.7)	474	524	(9.5)
Worldwide	270	294	(8.4)	547	639	(14.4)
Pulmonary Hypertension
U.S.	799	743	7.6	1,543	1,509	2.3
International	314	296	5.8	595	579	2.6
Worldwide	1,113	1,039	7.1	2,138	2,088	2.4
OPSUMIT/OPSYNVI
U.S.	403	376	6.9	766	732	4.6
International	180	171	5.4	339	340	(0.3)
Worldwide	582	548	6.4	1,104	1,072	3.0
UPTRAVI
U.S.	382	349	9.4	747	741	0.8
International	94	76	22.4	180	152	17.9
Worldwide	476	426	11.7	927	894	3.7
OTHER PULMONARY HYPERTENSION
U.S.	16	17	(12.4)	31	35	(12.6)
International	40	49	(18.5)	77	88	(12.4)
Worldwide	55	67	(16.9)	107	123	(12.5)
Infectious Diseases
U.S.	320	334	(4.3)	635	658	(3.6)
International	484	631	(23.4)	971	1,128	(13.9)
Worldwide	803	965	(16.8)	1,605	1,786	(10.1)
EDURANT / rilpivirine
U.S.	6	8	(25.4)	14	16	(13.6)
International	354	288	23.0	704	603	16.7
Worldwide	360	297	21.6	718	620	15.9


	Fiscal Second Quarter Ended			Fiscal Six Months Ended
(Dollars in Millions)	June 29, 2025	June 30, 2024	Percent Change	June 29, 2025	June 30, 2024	Percent Change
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
U.S.	312	321	(3.0)	617	635	(2.9)
International	85	117	(27.0)	183	221	(17.2)
Worldwide	396	438	(9.4)	799	856	(6.6)
OTHER INFECTIOUS DISEASES
U.S.	2	5	(51.8)	4	7	(37.4)
International	45	227	(80.5)	84	304	(72.5)
Worldwide	47	233	(79.8)	88	311	(71.7)
Cardiovascular / Metabolism / Other
U.S.	776	717	8.2	1,631	1,348	21.0
International	154	176	(12.3)	312	373	(16.2)
Worldwide	930	892	4.2	1,943	1,721	12.9
XARELTO
U.S.	621	587	5.6	1,311	1,105	18.6
International	—	—	—	—	—	—
Worldwide	621	587	5.6	1,311	1,105	18.6








OTHER
U.S.	155	129	20.0	320	243	31.6
International	154	176	(12.3)	312	373	(16.2)
Worldwide	309	305	1.4	632	616	2.7

TOTAL INNOVATIVE MEDICINE
U.S.	9,161	8,510	7.6	17,253	16,122	7.0
International	6,041	5,980	1.0	11,822	11,930	(0.9)
Worldwide	15,202	14,490	4.9	29,075	28,052	3.6

MEDTECH








Cardiovascular
U.S.	1,364	1,119	21.9	2,625	2,144	22.4
International	948	753	25.9	1,790	1,534	16.7
Worldwide	2,313	1,873	23.5	4,416	3,679	20.0
ELECTROPHYSIOLOGY
U.S.	741	705	5.1	1,425	1,397	2.0
International	728	618	17.8	1,366	1,270	7.6
Worldwide	1,468	1,323	11.0	2,791	2,667	4.7
ABIOMED
U.S.	360	309	16.6	699	612	14.2
International	89	72	25.0	170	139	22.4
Worldwide	448	379	18.2	868	750	15.7
SHOCKWAVE(3)
U.S.	233	77	*	439	77	*
International	58	0	*	110	0	*
Worldwide	292	77	*	550	77	*


	Fiscal Second Quarter Ended			Fiscal Six Months Ended
(Dollars in Millions)	June 29, 2025	June 30, 2024	Percent Change	June 29, 2025	June 30, 2024	Percent Change
OTHER CARDIOVASCULAR
U.S.	31	29	5.4	63	59	6.3
International	72	64	13.4	144	126	14.2
Worldwide	104	93	10.8	207	185	11.7
Orthopaedics
U.S.	1,420	1,422	(0.2)	2,804	2,870	(2.3)
International	885	890	(0.5)	1,742	1,782	(2.2)
Worldwide	2,305	2,312	(0.3)	4,546	4,652	(2.3)
HIPS
U.S.	271	265	2.1	534	535	(0.2)
International	150	152	(1.0)	296	304	(2.5)
Worldwide	421	417	1.0	830	839	(1.1)
KNEES
U.S.	226	230	(1.9)	457	472	(3.1)
International	164	163	0.0	322	323	(0.5)
Worldwide	389	394	(1.1)	778	795	(2.0)
TRAUMA
U.S.	501	498	0.7	1,003	1,002	0.1
International	267	260	2.2	537	521	2.9
Worldwide	768	759	1.2	1,540	1,524	1.1
SPINE, SPORTS & OTHER
U.S.	422	430	(1.7)	810	862	(6.0)
International	305	314	(2.7)	588	634	(7.2)
Worldwide	727	743	(2.1)	1,398	1,495	(6.5)
Surgery
U.S.	1,043	995	4.8	2,045	1,982	3.2
International	1,512	1,493	1.3	2,906	2,922	(0.5)
Worldwide	2,555	2,488	2.7	4,951	4,904	1.0
ADVANCED
U.S.	477	466	2.2	934	912	2.4
International	687	675	1.9	1,303	1,316	(1.0)
Worldwide	1,164	1,141	2.0	2,237	2,228	0.4
GENERAL
U.S.	567	528	7.2	1,111	1,070	3.8
International	825	818	0.9	1,603	1,606	(0.1)
Worldwide	1,391	1,346	3.3	2,714	2,676	1.4
Vision
U.S.	557	523	6.5	1,123	1,070	4.9
International	813	763	6.5	1,526	1,473	3.6
Worldwide	1,369	1,285	6.5	2,648	2,543	4.1


	Fiscal Second Quarter Ended				Fiscal Six Months Ended
(Dollars in Millions)	June 29, 2025	June 30, 2024	Percent Change		June 29, 2025	June 30, 2024	Percent Change
CONTACT LENSES / OTHER
U.S.	429	409	4.8		881	847	3.9
International	536	509	5.4		1,003	981	2.3
Worldwide	965	918	5.1		1,884	1,828	3.1
SURGICAL
U.S.	128	113	12.6		242	223	8.5
International	277	254	8.8		523	492	6.2
Worldwide	403	367	9.9		764	715	6.9

TOTAL MEDTECH
U.S.	4,383	4,059	8.0		8,596	8,067	6.6
International	4,158	3,898	6.7		7,965	7,711	3.3
Worldwide	8,541	7,957	7.3		16,561	15,778	5.0

WORLDWIDE
U.S.	13,544	12,569	7.8		25,849	24,189	6.9
International	10,199	9,878	3.2		19,787	19,641	0.7
Worldwide	$23,743	22,447	5.8	%	$45,636	43,830	4.1	%

* Percentage greater than 100% or not meaningful

(1) Includes the sales of RYBREVANT and RYBREVANT + LAZCLUZE

(2) Acquired with the Intra-Cellular Therapies acquisition on April 2, 2025

(3) Acquired on May 31, 2024

Operating Profit by Segment of Business


	Fiscal Second Quarter Ended
(Dollars in Millions)	June 29, 2025			June 30, 2024
	Innovative Medicine(1)	MedTech(2)	Total	Innovative Medicine(1)	MedTech(2)	Total
Sales to customers	$15,202	8,541		14,490	7,957
Cost of products sold	3,978	3,638		3,603	3,248

Selling, marketing and administrative	2,789	2,862		2,665	2,671
Research and development expense	2,869	647		2,722	718
Other segment items (3)	14	190		41	231
Segment income before tax	$5,552	1,204	6,756	5,459	1,089	6,548
(Income)/Expense not allocated to segments (4)			265			800
Earnings before provision for taxes on income			$6,491			$5,748

	Fiscal Six Months Ended
Sales to customers	$29,075	16,561		28,052	15,778
Cost of products sold	7,998	6,964		6,973	6,368
Selling, marketing and administrative	5,050	5,518		5,103	5,253
Research and development expense	5,417	1,324		5,618	1,364
Other segment items (3)	(152)	130		(70)	184
Segment income before tax	$10,762	2,625	13,387	10,428	2,609	13,037
(Income)/Expense not allocated to segments (4)			(6,735)			3,575
Earnings before provision for taxes on income			$20,122			$9,462

(1) Innovative Medicine includes:

•Intangible amortization expense of $0.8 billion and $0.7 billion in the fiscal second quarter of 2025 and 2024, respectively.

Intangible amortization expense of $1.4 billion in both the fiscal six months of 2025 and 2024.

•Acquisition and integration related expense of $0.2 billion in both the fiscal second quarter of 2025 and fiscal six months of 2025, primarily related to the Intra-Cellular acquisition.

•An In-process research and development impairment of $0.2 billion in the fiscal second quarter and fiscal six months of 2024 associated with the M710 (biosimilar) asset acquired from Momenta in 2020.

•Restructuring income of $0.1 billion in the fiscal second quarter of 2024 and a restructuring related charge of $0.1 billion in the fiscal six months of 2024.

(2) MedTech includes:

•Intangible amortization expense of $0.5 billion and $0.4 billion in the fiscal second quarter of 2025 and 2024, respectively.

Intangible amortization expense of $1.0 billion and $0.8 billion in the fiscal six months of 2025 and 2024, respectively.

•Acquisition, integration and divestiture related net expense of $0.1 billion in the fiscal six months of 2025. Acquisition and integration related expense of $0.4 billion and $0.5 billion, in the fiscal second quarter and fiscal six months of 2024, respectively, primarily driven by the Abiomed and Shockwave acquisitions.

•A restructuring related charge of $0.1 billion in both the fiscal second quarter and fiscal six months of 2025 and 2024. Refer to Note 12 for additional details.

(3) Other segment expenses for each reportable segment include charges related to other income and expense, restructuring activities and impairment charges related to in-process research and development.

(4) Amounts not allocated to segments include interest (income)/expense and general corporate (income)/expense. The fiscal six months of 2025 includes the reversal of approximately $7.0 billion, a significant portion of the previously accrued talc reserve. The fiscal second quarter and fiscal six months of 2024 includes charges for talc matters of $0.3 billion and $3.0 billion, respectively. For additional details related to talc refer to Note 11 to the Consolidated Financial Statements. The fiscal second quarter and six months of 2024 includes a loss of approximately $0.4 billion related to the debt to equity exchange of the Company's remaining shares of Kenvue Common Stock.


	Identifiable Assets
(Dollars in Millions)	June 29, 2025	December 29, 2024
Innovative Medicine	$75,487	57,070
MedTech	86,745	84,322
Total	162,232	141,392
General corporate (1)	31,157	38,712
Worldwide total	$193,389	180,104

(1)General corporate includes cash, cash equivalents, marketable securities and other corporate assets.


	Additions to Property, Plant & Equipment		Depreciation and Amortization
(Dollars in Millions)	June 29, 2025	June 30, 2024	June 29, 2025	June 30, 2024
Innovative Medicine	$687	553	$1,925	1,861
MedTech	1,071	1,074	1,678	1,552
Segments total	1,758	1,627	3,603	3,413
General corporate	80	156	112	184
Worldwide total	$1,838	1,783	$3,715	3,597

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

Sales by geographic area


	Fiscal Second Quarter Ended				Fiscal Six Months Ended
(Dollars in Millions)	June 29, 2025	June 30, 2024	Percent Change		June 29, 2025	June 30, 2024	Percent Change
United States	$13,544	12,569	7.8	%	$25,849	24,189	6.9	%
Europe	5,387	5,214	3.3		10,497	10,377	1.1
Western Hemisphere, excluding U.S.	1,206	1,212	(0.5)		2,373	2,406	(1.3)
Asia-Pacific, Africa	3,606	3,452	4.4		6,917	6,858	0.9
Total	$23,743	22,447	5.8	%	$45,636	43,830	4.1	%