JOHNSON & JOHNSON

Listed Company

JNJCIK 0000200406NYSELarge AcceleratedPharmaceutical PreparationsNew JerseyFY ends Jan 3

Period

FY 2025

Revenue

$94.19B

Net Income

$26.80B

Total Assets

$199.21B

Equity

$81.54B

Shares Out

2.41B

Op. Cash Flow

$24.53B

+ 13F Filer

Business

JOHNSON & JOHNSON is a diversified holding company that researches, develops, manufactures and sells a broad range of healthcare products through its operating companies worldwide. It offers prescription medicines, medical devices, surgical products, vision care products and consumer health-related items, along with associated research and development activities. The business is organized into two primary segments—Innovative Medicine, focused on therapeutic pharmaceuticals and biologics, and MedTech, covering cardiovascular, orthopaedics, surgery and vision product portfolios. Products are distributed globally to wholesalers, retailers, hospitals, healthcare professionals and eye care providers across virtually all countries.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Sales to customers	94,193	88,821	85,159	79,990	78,740
Cost of products sold	30,256	27,471	26,553	24,596	23,402
Gross profit	63,937	61,350	58,606	55,394	55,338
Selling, marketing and administrative expenses	23,676	22,869	21,512	20,246	20,118
Research and development expense	14,665	17,232	15,085	14,135	14,277
In-process research and development impairments	81	211	313	783	900
Interest income	−1,056	−1,332	−1,261	−490	−53
Interest expense, net of portion capitalized	971	755	772	276	—
Other (income) expense, net	−7,209	4,694	6,634	810	526
Restructuring	228	234	489	275	209
Earnings before provision for taxes on income	32,581	16,687	15,062	19,359	19,178
Effective Rate	5,777	2,621	1,736	2,989	1,377
Net earnings from continuing operations	26,804	14,066	13,326	16,370	17,801
Net earnings from discontinued operations	0	0	21,827	1,571	3,077
Net earnings	26,804	14,066	35,153	17,941	20,878
Basic net earnings per share from continuing operations (in dollars per share)	11.13	5.84	5.26	6.23	6.76
Basic net earnings per share from discontinued operations (in dollars per share)	0	0	8.62	0.6	1.17
Basic (in dollars per share)	11.13	5.84	13.88	6.83	7.93
Diluted net earnings per share from continuing operations (in dollars per share)	11.03	5.79	5.2	6.14	6.66
Diluted net earnings per share from discontinuing operations (in dollars per share)	0	0	8.52	0.59	1.15
Diluted (in dollars per share)	11.03	5.79	13.72	6.73	7.81
Basic (in shares)	2,407	2,407	2,534	2,625	2,632
Diluted (in shares)	2,429	2,429	2,560	2,664	2,674

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	19,709	24,105	21,859	12,889	14,487
Marketable securities	393	417	1,068	9,392	17,121
Accounts receivable trade, less allowances $183 (2024, $167)	17,178	14,842	14,873	14,039	15,283
Inventories	14,191	12,444	11,181	10,268	10,387
Prepaid expenses and other receivables	4,153	4,085	4,514	2,876	3,701
Total current assets	55,624	55,893	53,495	55,294	60,979
Property, plant and equipment, net	23,169	20,518	19,898	17,982	18,962
Intangible assets, net	50,403	37,618	34,175	38,489	46,392
Goodwill	48,772	44,200	36,558	36,047	25,436
Deferred taxes on income	6,874	10,461	9,279	8,947	10,223
Other assets	14,368	11,414	14,153	9,212	10,216
Total assets	199,210	180,104	167,558	187,378	182,018
Loans and notes payable	8,495	5,983	3,451	12,756	3,766
Accounts payable	11,991	10,311	9,632	9,889	11,055
Accrued liabilities	8,594	8,549	10,212	10,719	13,612
Accrued rebates, returns and promotions	19,124	17,580	16,001	13,579	12,095
Accrued compensation and employee related obligations	4,534	4,126	3,993	3,049	3,586
Accrued taxes on income	1,388	3,772	2,993	2,220	1,112
Total current liabilities	54,126	50,321	46,282	55,802	45,226
Long-term debt	39,438	30,651	25,881	26,886	29,985
Deferred taxes on income	6,791	2,448	3,193	3,991	7,487
Employee related obligations	6,957	7,255	7,149	6,542	8,898
Long-term taxes payable	486	390	2,881	4,306	5,713
Other liabilities	9,868	17,549	13,398	10,146	10,686
Total liabilities	117,666	108,614	98,784	110,574	107,995
Commitments and Contingencies	—	—	—	—	—
Preferred stock without par value (authorized and unissued 2,000,000 shares)	0	0	0	0	0
Common stock par value $1.00 per share (Note 12) (authorized 4,320,000,000 shares; issued 3,119,843,000 shares)	3,120	3,120	3,120	3,120	3,120
Accumulated other comprehensive income (loss)	−14,930	−11,741	−12,527	−12,967	−13,058
Retained earnings and Additional-paid-in-capital	168,978	155,791	153,843	128,345	123,060
Less: common stock held in treasury, at cost (Note 12) (711,904,000 shares and 712,921,000 shares)	75,624	75,680	75,662	41,694	39,099
Total shareholders equity	81,544	71,490	68,774	76,804	74,023
Total liabilities and shareholders equity	199,210	180,104	167,558	187,378	182,018

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization of property and intangibles	7,503	7,339	7,486	6,970	7,390
Stock based compensation	1,354	1,176	1,162	1,138	1,135
Asset write-downs	204	405	1,295	1,216	989
Charges for acquired in-process research and development	109	1,841	483	0	0
(Gain) on separation of Kenvue	0	0	−20,984	0	0
Net gain on sale of assets/businesses	−263	−226	−117	−380	−617
Deferred tax provision	1,538	−2,183	−4,194	−1,663	−2,079
Credit losses and accounts receivable allowances	−1	11	0	−17	−48
Increase in accounts receivable	−1,781	−406	−624	−1,290	−2,402
Increase in inventories	−1,450	−1,128	−1,323	−2,527	−1,248
Increase in accounts payable and accrued liabilities	2,377	1,621	2,346	1,098	2,437
(Increase)/Decrease in other current and non-current assets	−6,167	1,717	−3,480	687	−1,964
(Decrease)/Increase in other current and non-current liabilities	−5,697	33	5,588	−1,979	−1,061
Net cash flows from operating activities	24,530	24,266	22,791	21,194	23,410
Additions to property, plant and equipment	−4,832	−4,424	−4,543	−4,009	−3,652
Proceeds from the disposal of assets/businesses, net	720	675	358	543	711
Acquisitions, net of cash acquired	−17,500	−15,100	0	−17,652	−60
Acquired in-process research and development/related milestones (Note 18)	−385	−1,783	−470	0	0
Purchases of investments	−920	−1,726	−10,906	−32,384	−30,394
Sales of investments	1,661	2,462	19,390	41,609	25,006
Credit support agreements activity, net	−2,129	1,517	−2,963	−249	214
Other (including capitalized licenses and milestones)	−162	−174	12	−229	−508
Net cash (used by)/from investing activities	−23,588	−18,599	878	−12,371	−8,683
Dividends to shareholders	−12,381	−11,823	−11,770	−11,682	−11,032
Repurchase of common stock	−5,953	−2,432	−5,054	−6,035	−3,456
Proceeds from short-term debt	14,586	15,277	13,743	16,134	1,997
Repayment of short-term debt	−12,330	−9,463	−22,973	−6,550	−1,190
Proceeds from long-term debt, net of issuance costs	9,138	6,660	0	2	5
Repayment of long-term debt	−1,757	−1,453	−1,551	−2,134	−1,802
Proceeds from the exercise of stock options/employee withholding tax on stock awards, net	3,418	838	1,094	1,329	1,036
Credit support agreements activity, net	−226	272	−219	−28	281
Settlement of convertible debt acquired from Shockwave	0	−970	0	0	—
Proceeds of short and long-term debt, net of issuance cost, related to the debt that transferred to Kenvue at separation	0	0	8,047	0	0
Proceeds from Kenvue initial public offering	0	0	4,241	0	0
Cash transferred to Kenvue at separation	0	0	−1,114	0	0
Other	−34	−38	−269	93	114
Net cash used by financing activities	−5,539	−3,132	−15,825	−8,871	−14,047
Effect of exchange rate changes on cash and cash equivalents	201	−289	−112	−312	−178
(Decrease)/Increase in cash and cash equivalents	−4,396	2,246	7,732	−360	502
Interest	1,977	1,990	1,836	982	990
Interest, net of amount capitalized	1,863	1,911	1,766	933	941
Income taxes, inclusive of discontinued operations	6,539	6,714	8,574	5,223	4,768
Treasury stock issued for employee compensation and stock option plans, net of cash proceeds/ employee withholding tax on stock awards	2,591	1,551	1,435	2,114	1,811

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 22 positions

Reported AUM

$528.97M

Holdings

Top sector

$528.97M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$528.97M	100.0%

Top holdings

Issuer	Ticker	Shares	Value	%
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Protagonist Therapeutics Inc.	—	2.45M	$58.00M	11.0%
Arrowhead Pharmaceuticals, Inc.	—	1.26M	$57.99M	11.0%
MeiraGTx Holdings plc	—	2.90M	$40.15M	7.6%
Cue Health, Inc.	—	5.55M	$35.79M	6.8%
Procept BioRobotics Corporation	—	1.02M	$35.64M	6.7%
Fusion Pharmaceuticals Inc.	—	3.67M	$28.52M	5.4%
CVRx, Inc.	—	3.50M	$20.94M	4.0%
Xencor, Inc.	—	748.1K	$19.96M	3.8%