Segments of business and geographic areas (Tables)

12 Months Ended

Dec. 28, 2025

Schedule of Sales by Segment of Business


	Sales to Customers			% Change
(Dollars in Millions)	2025	2024	2023	’25 vs. ’24		’24 vs. ’23

INNOVATIVE MEDICINE
Oncology
U.S.	$13,659	10,854	8,462	25.8	%	28.3
International	11,721	9,926	9,199	18.1		7.9
Worldwide	25,380	20,781	17,661	22.1		17.7
CARVYKTI
U.S.	1,492	869	469	71.6		85.2
International	395	94	30	*		*

Worldwide	1,887	963	500	95.9		92.7
DARZALEX
U.S.	8,266	6,588	5,277	25.5		24.8
International	6,085	5,082	4,467	19.7		13.8
Worldwide	14,351	11,670	9,744	23.0		19.8
ERLEADA
U.S.	1,453	1,282	1,065	13.4		20.3
International	2,121	1,717	1,322	23.5		29.8
Worldwide	3,574	2,999	2,387	19.2		25.6
IMBRUVICA
U.S.	892	1,020	1,051	(12.5)		(3.0)
International	1,931	2,018	2,214	(4.3)		(8.8)
Worldwide	2,823	3,038	3,264	(7.1)		(6.9)
RYBREVANT/ LAZCLUZE(1)
U.S.	534	257	66	*		*
International	200	70	27	*		*
Worldwide	734	327	93	*		*
TALVEY(2)
U.S.	340	241	56	40.9		*
International	123	46	7	*		*
Worldwide	463	287	63	61.3		*
TECVAYLI
U.S.	444	418	334	6.3		25.3
International	226	131	61	72.8		*
Worldwide	670	549	395	22.1		38.8


	Sales to Customers			% Change
(Dollars in Millions)	2025	2024	2023	’25 vs. ’24	’24 vs. ’23
ZYTIGA /abiraterone acetate
U.S.	23	34	50	(33.2)	(32.2)
International	480	597	837	(19.7)	(28.6)
Worldwide	502	631	887	(20.4)	(28.8)
OTHER ONCOLOGY
U.S.	214	145	93	47.5	55.9
International	162	172	235	(6.0)	(26.8)
Worldwide	376	317	328	18.5	(3.4)
Immunology
U.S.	9,872	11,355	11,539	(13.1)	(1.6)
International	5,856	6,473	6,513	(9.5)	(0.6)
Worldwide	15,728	17,828	18,052	(11.8)	(1.2)
REMICADE
U.S.	1,171	1,009	1,143	16.0	(11.7)
U.S. Exports	74	98	147	(24.8)	(33.0)
International	523	497	549	5.3	(9.5)
Worldwide	1,768	1,605	1,839	10.2	(12.8)
SIMPONI / SIMPONI ARIA
U.S.	1,193	1,082	1,124	10.3	(3.8)
International	1,475	1,108	1,073	33.1	3.3
Worldwide	2,668	2,190	2,197	21.8	(0.3)
STELARA
U.S.	3,847	6,720	6,966	(42.7)	(3.5)
International	2,230	3,641	3,892	(38.7)	(6.4)
Worldwide	6,078	10,361	10,858	(41.3)	(4.6)
TREMFYA
U.S.	3,529	2,443	2,147	44.5	13.7
International	1,626	1,227	999	32.5	22.8
Worldwide	5,155	3,670	3,147	40.5	16.6
OTHER IMMUNOLOGY
U.S.	59	3	11	*	(74.1)
International	2	0	0	*	—
Worldwide	61	3	11	*	(74.1)


Neuroscience
U.S.	5,151	4,398	4,065	17.1	8.2
International	2,686	2,718	3,076	(1.2)	(11.6)
Worldwide	7,837	7,115	7,140	10.1	(0.4)
CAPLYTA(3)
U.S.	700	—	—	*	—
International	—	—	—	—	—
Worldwide	700	—	—	*	—


	Sales to Customers			% Change
(Dollars in Millions)	2025	2024	2023	’25 vs. ’24	’24 vs. ’23
CONCERTA / methylphenidate
U.S.	82	134	230	(38.6)	(41.7)
International	502	507	554	(1.2)	(8.4)
Worldwide	584	641	783	(9.0)	(18.1)
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
U.S.	2,725	3,125	2,897	(12.8)	7.9
International	1,085	1,097	1,218	(1.1)	(9.9)
Worldwide	3,810	4,222	4,115	(9.8)	2.6
SPRAVATO
U.S.	1,485	929	589	59.9	57.8
International	210	148	100	41.9	48.2
Worldwide	1,696	1,077	689	57.4	56.4
OTHER NEUROSCIENCE
U.S.	159	210	349	(24.5)	(39.8)
International	889	965	1,204	(7.9)	(19.8)
Worldwide	1,048	1,175	1,553	(10.9)	(24.3)


Pulmonary Hypertension
U.S.	3,223	3,143	2,697	2.6	16.5
International	1,214	1,140	1,117	6.5	2.0
Worldwide	4,437	4,282	3,815	3.6	12.3
OPSUMIT/OPSYNVI(4)
U.S.	1,633	1,557	1,292	4.8	20.5
International	692	668	681	3.7	(1.9)
Worldwide	2,325	2,225	1,973	4.5	12.8
UPTRAVI
U.S.	1,536	1,511	1,326	1.7	13.9
International	366	307	255	19.4	20.1
Worldwide	1,902	1,817	1,582	4.7	14.9
OTHER PULMONARY HYPERTENSION
U.S.	54	75	79	(27.0)	(5.1)
International	155	165	182	(6.2)	(9.3)
Worldwide	209	240	260	(12.7)	(7.7)

Infectious Diseases
U.S.	1,264	1,354	1,500	(6.6)	(9.8)
International	1,977	2,042	2,918	(3.2)	(30.0)
Worldwide	3,241	3,396	4,418	(4.6)	(23.1)
EDURANT / rilpivirine
U.S.	26	31	35	(18.4)	(10.0)


	Sales to Customers			% Change
(Dollars in Millions)	2025	2024	2023	’25 vs. ’24	’24 vs. ’23
International	1,461	1,241	1,115	17.7	11.2
Worldwide	1,486	1,272	1,150	16.9	10.6
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
U.S.	1,226	1,311	1,446	(6.5)	(9.4)
International	353	401	408	(11.9)	(1.7)
Worldwide	1,579	1,712	1,854	(7.7)	(7.7)
OTHER INFECTIOUS DISEASES(5)
U.S.	12	11	19	6.6	(41.0)
International	163	401	1,395	(59.3)	*
Worldwide	175	412	1,414	(57.5)	*

Cardiovascular / Metabolism / Other
U.S.	3,175	2,866	2,906	10.8	(1.4)
International	603	696	765	(13.3)	(9.1)
Worldwide	3,778	3,562	3,671	6.1	(3.0)
XARELTO
U.S.	2,633	2,373	2,365	11.0	0.3
International	—	—	—	—	—
Worldwide	2,633	2,373	2,365	11.0	0.3
OTHER
U.S.	542	494	541	9.8	(8.8)
International	603	696	765	(13.3)	(9.1)
Worldwide	1,145	1,189	1,306	(3.7)	(8.9)

TOTAL INNOVATIVE MEDICINE
U.S.	36,344	33,970	31,169	7.0	9.0
International	24,057	22,994	23,590	4.6	(2.5)
Worldwide	60,401	56,964	54,759	6.0	4.0

MEDTECH
Cardiovascular
U.S.	5,305	4,513	3,633	17.5	24.2
International	3,623	3,194	2,717	13.4	17.6
Worldwide	8,928	7,707	6,350	15.8	21.4
ELECTROPHYSIOLOGY
U.S.	2,891	2,738	2,458	5.6	11.4
International	2,743	2,529	2,230	8.5	13.4
Worldwide	5,634	5,267	4,688	7.0	12.3
ABIOMED
U.S.	1,393	1,213	1,066	14.9	13.7
International	358	284	240	26.4	18.2
Worldwide	1,751	1,496	1,306	17.1	14.5


	Sales to Customers			% Change
(Dollars in Millions)	2025	2024	2023	’25 vs. ’24	’24 vs. ’23
SHOCKWAVE(6)
U.S.	897	442	—	*	*
International	249	122	—	*	*
Worldwide	1,146	564	—	*	*
OTHER CARDIOVASCULAR
U.S.	124	120	109	3.1	10.7
International	273	260	247	4.9	5.3
Worldwide	397	380	356	4.3	6.9
Orthopaedics
U.S.	5,720	5,689	5,525	0.5	3.0
International	3,538	3,470	3,417	2.0	1.5
Worldwide	9,258	9,158	8,942	1.1	2.4
HIPS
U.S.	1,080	1,057	996	2.1	6.2
International	594	581	564	2.2	3.0
Worldwide	1,674	1,638	1,560	2.1	5.0

KNEES
U.S.	924	922	896	0.2	2.9
International	663	623	559	6.5	11.3
Worldwide	1,587	1,545	1,456	2.7	6.1
TRAUMA
U.S.	2,058	2,013	1,949	2.2	3.3
International	1,088	1,036	1,030	5.0	0.6
Worldwide	3,146	3,049	2,979	3.2	2.3
SPINE, SPORTS & OTHER
U.S.	1,658	1,696	1,684	(2.2)	0.7
International	1,193	1,230	1,263	(3.0)	(2.6)
Worldwide	2,852	2,926	2,947	(2.5)	(0.7)
Surgery
U.S.	4,157	4,003	4,031	3.9	(0.7)
International	5,980	5,842	6,006	2.4	(2.7)
Worldwide	10,137	9,845	10,037	3.0	(1.9)
ADVANCED
U.S.	1,900	1,838	1,833	3.4	0.2
International	2,678	2,650	2,837	1.0	(6.6)
Worldwide	4,577	4,488	4,671	2.0	(3.9)
GENERAL
U.S.	2,258	2,165	2,198	4.3	(1.5)
International	3,302	3,192	3,168	3.4	0.8
Worldwide	5,560	5,358	5,366	3.8	(0.2)


	Sales to Customers			% Change
(Dollars in Millions)	2025	2024	2023	’25 vs. ’24		’24 vs. ’23
Vision
U.S.	2,225	2,128	2,086	4.6		2.0
International	3,243	3,018	2,986	7.4		1.1
Worldwide	5,468	5,146	5,072	6.3		1.5
CONTACT LENSES / OTHER
U.S.	1,754	1,684	1,626	4.1		3.6
International	2,157	2,049	2,076	5.3		(1.3)
Worldwide	3,910	3,733	3,702	4.8		0.8
SURGICAL
U.S.	471	444	460	6.1		(3.4)
International	1,086	969	910	12.1		6.5
Worldwide	1,558	1,413	1,370	10.2		3.2
TOTAL MEDTECH
U.S.	17,408	16,332	15,275	6.6		6.9
International	16,384	15,525	15,125	5.5		2.6
Worldwide	33,792	31,857	30,400	6.1		4.8

WORLDWIDE

U.S.	53,752	50,302	46,444	6.9		8.3
International	40,441	38,519	38,715	5.0		(0.5)
Worldwide	$94,193	88,821	85,159	6.0	%	4.3

* percentage greater than 100% or not meaningful

(1)Previously in Other Oncology, Includes the sales of RYBREVANT and RYBREVANT + LAZCLUZE

(2)Previously in Other Oncology

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

(4)In 2024 OPSYNVI was in Other Pulmonary Hypertension

(5)Includes the Covid-19 Vaccine in 2024 and 2023

(6)Acquired on May 31, 2024

Reconciliation of Operating Profit (Loss) from Segments to Consolidated


	Income Before Tax by Segment
(Dollars in Millions)	2025 (3)			2024 (4)			2023 (5)
	Innovative Medicine	MedTech	Total	Innovative Medicine	MedTech	Total	Innovative Medicine	MedTech	Total
Sales to customers	$60,401	33,792		56,964	31,857		54,759	30,400
Cost of products sold	15,646	14,549		14,036	13,345		13,715	12,722
Selling, marketing and administrative	11,375	11,354		10,906	10,812		9,842	10,476
Research and development expense	11,827	2,838		13,529	3,703		11,963	3,122
Other segment items(1)	(713)	938		(426)	257		993	(589)
Segment income before tax	$22,266	4,113	26,379	18,919	3,740	22,659	18,246	4,669	22,915
(Income) Expense not allocated to segments(2)			(6,202)			5,972			7,853
Worldwide total			$32,581			16,687			15,062

Schedule of Segment Reporting Information


	Identifiable Assets
(Dollars in Millions)		2025	2024
Innovative Medicine		$78,057	57,070
MedTech		86,482	84,322
Total		164,539	141,392
General corporate(6)		34,671	38,712
Worldwide total		$199,210	180,104


	Additions to Property, Plant & Equipment			Depreciation and Amortization
(Dollars in Millions)	2025	2024	2023	2025	2024	2023
Innovative Medicine	$2,076	1,710	1,653	$3,772	3,760	3,847
MedTech	2,501	2,443	2,372	3,490	3,237	2,943
Segments total	4,577	4,153	4,025	7,262	6,997	6,790
Discontinued operations	—	—	162	—	—	383
General corporate	255	271	356	241	342	313
Worldwide total	$4,832	4,424	4,543	$7,503	7,339	7,486

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


	Sales to Customers			Long-Lived Assets (7)
(Dollars in Millions)	2025	2024	2023	2025	2024
United States	$53,752	50,302	46,444	$89,392	70,670
Europe	21,535	20,212	20,410	27,987	27,267
Western Hemisphere excluding U.S.	4,875	4,714	4,549	2,204	1,728
Asia-Pacific, Africa	14,031	13,593	13,756	1,544	1,454
Segments total	94,193	88,821	85,159	121,127	101,119
General corporate				1,217	1,217
Other non long-lived assets				76,866	77,768
Worldwide total	$94,193	88,821	85,159	$199,210	180,104

See Note 1 for a description of the segments in which the Company operates.

Export sales are not significant. In fiscal year 2025, the Company utilized three wholesalers distributing products for both segments that represented approximately 21.8%, 15.5% and 11.1% of the total gross revenues. In fiscal year 2024, the Company had three wholesalers distributing products for both segments that represented approximately 20.5%, 15.6% and 12.3% of the total gross revenues. In fiscal year 2023, the Company had three wholesalers distributing products for both segments that represented approximately 18.2%, 15.1%, and 14.2% of the total gross revenues.

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

(2)Amounts not allocated to segments include interest (income)/expense and general corporate (income)/expense. The fiscal year 2025 includes the reversal of approximately $7.0 billion, a significant portion of the previously accrued talc reserve. The fiscal years 2024 and 2023 include charges for talc matters of approximately $5.1 billion and $7.0 billion, respectively (See Note 19, Legal proceedings, for additional details). The fiscal year 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. The fiscal year 2023 includes the unfavorable change in the fair value of the retained stake in Kenvue of approximately $0.4 billion.

(3)Innovative Medicine segment income before tax includes:

• Acquisition, integration and divestiture related net expense of $0.4 billion primarily related to the Intra-Cellular and Halda acquisitions

MedTech segment income before tax includes:

•Litigation expense of $0.9 billion primarily related to the Auris shareholder litigation

•Acquisition, integration and divestiture related net income of $0.2 billion, primarily driven by a contingent value right liability reduction associated with Abiomed

•A restructuring related charge of $0.5 billion

•A gain on the sale of securities of $0.2 billion

(4)Innovative Medicine segment income before tax includes:

•Acquired in-process research & development expense of $1.25 billion to secure the global rights to the NM26 bispecific antibody (Yellow Jersey acquisition)

•Monetization of royalty rights of $0.3 billion

•Litigation expense of $0.3 billion primarily related to Risperdal Gynecomastia

•An intangible asset impairment charge of approximately $0.2 billion associated with the M710 (biosimilar) asset acquired as part of the acquisition of Momenta Pharmaceuticals in 2020.

•A restructuring related charge of $0.1 billion

•One-time COVID-19 Vaccine manufacturing exit related costs of $0.1 billion

•Favorable changes in the fair value of securities of $0.1 billion

MedTech segment income before tax includes:

•Acquisition and integration related costs of $1.0 billion primarily related to the acquisition of Shockwave

•Acquired in-process research and development expense of $0.5 billion from the V-Wave acquisition

•A gain of $0.2 billion related to the Acclarent divestiture

•A Medical Device Regulation charge of $0.2 billion

•A restructuring related charge of $0.2 billion

(5)Innovative Medicine segment income before tax includes:

•One-time COVID-19 Vaccine manufacturing exit related costs of $0.7 billion

•A restructuring related charge of $0.5 billion

•Unfavorable changes in the fair value of securities of $0.4 billion

•Favorable litigation related items of $0.1 billion

•Loss on divestiture of $0.2 billion.

•An intangible asset impairment charge of approximately $0.2 billion related to market dynamics associated with a non-strategic asset (M710) acquired as part of the acquisition of Momenta Pharmaceuticals in 2020.

MedTech segment income before tax includes:

•Acquired in-process research and development expense of $0.4 billion related to the Laminar acquisition in 2023

•A restructuring related charge of $0.3 billion

•Acquisition and integration related costs of $0.2 billion primarily related to the acquisition of Abiomed

•A Medical Device Regulation charge of $0.3 billion

•Income from litigation settlements of $0.1 billion

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

(7)Long-lived assets include property, plant and equipment, net for fiscal years 2025, and 2024 of $23,169 and $20,518, respectively, and intangible assets and goodwill, net for fiscal years 2025 and 2024 of $99,175 and $81,818, respectively.