June 30, 2026

2026 Second-Quarter Earnings Transcript

JOHNSON & JOHNSON · Q2 2026

LSEG STREETEVENTS

EDITED TRANSCRIPT

JNJ.N - Q2 2026 Johnson & Johnson Earnings Call

EVENT DATE/TIME: JULY 15, 2026 / 12:30PM GMT

OVERVIEW

CompanySummary

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JULY15,2026/12:30PM,JNJ.N-Q22026Johnson&JohnsonEarningsCall

CORPORATE PARTICIPANTS

RyanKoorsJohnson&Johnson-VicePresident-InvestorRelations

JoaquinDuatoJohnson&Johnson-ChairmanoftheBoard,ChiefExecutiveOfficer

JosephWolkJohnson&Johnson-ChiefFinancialOfficer,ExecutiveVicePresident

JenniferTaubertJohnson&Johnson-ExecutiveVicePresident,WorldwideChairman,Pharmaceuticals

JohnReedJohnson&Johnson-ExecutiveVicePresident-Pharmaceuticals,R&D

TimSchmidJohnson&Johnson-ExecutiveVicePresident,WorldwideChairmanofMedTech

CONFERENCE CALL PARTICIPANTS

ChristopherSchottJPMorganChase&Co-Analyst

AsadHaiderGoldmanSachsGroupInc-Analyst

LawrenceBiegelsenWellsFargoSecuritiesLLC-Analyst

TerenceFlynnMorganStanley-Analyst

JoanneWuenschCitiInfrastructureInvestmentsLLC-Analyst

VamilDivanGuggenheimSecuritiesLLC-EquityAnalyst

AlexandriaHammondWolfeResearchLLC-EquityAnalyst

JaysonBedfordRaymondJames-Analyst

MichaelNedelcovychCowenandCompanyLLC-EquityAnalyst

PRESENTATION

Operator

Goodmorning,andwelcometoJohnson&Johnson'ssecond-quarter2026earningsconferencecall.(OperatorInstructions)This callisbeingrecorded.(OperatorInstructions)

IwillnowturntheconferencecallovertoJohnson&Johnson.Youmaybegin.

RyanKoors-Johnson&Johnson-VicePresident-InvestorRelations

Hello,everyone.ThisisRyanKoors,VicePresidentofInvestorRelationsforJohnson&Johnson.I'mexcitedtobeheretodayand toleadtheInvestorRelationsteammovingforward.Welcometoourcompany'sreviewofbusinessresultsforthesecondquarter of2026andourfinancialoutlookforthefullyear.

First,afewlogistics.Asareminder,today'spresentationandassociatedschedulesareavailableontheInvestorRelationssection oftheJohnson&Johnsonwebsiteatinvestor.jnj.com.Pleasenotethatthispresentationcontainsforward-lookingstatements regarding,amongotherthings,thecompany'sfutureoperatingandfinancialperformance,marketposition,andbusinessstrategy.

Youarecautionednottorelyontheseforward-lookingstatements,whicharebasedonthecurrentexpectationsoffutureevents usingtheinformationavailableasofthedateofthisrecording.Theyaresubjecttocertainrisksanduncertaintiesthatmaycause thecompany'sactualresultstodiffermateriallyfromthoseprojected.

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JULY15,2026/12:30PM,JNJ.N-Q22026Johnson&JohnsonEarningsCall

Thedescriptionoftheserisks,uncertaintiesandotherfactorscanbefoundinourSECfilings,includingour2025Form10-K,which isavailableatinvestor.jnj.comandontheSEC'swebsite.Additionally,severaloftheproductsandcompoundsdiscussedtodayare being developed in collaboration with strategic partners or licensed from other companies. This slide acknowledges those relationships.

Movingtotoday'sagenda.JoaquinDuato,ourChairmanandCEO,willdiscussourbusinessperformanceandgrowthdrivers.Iwill thenreviewthesecondquartersalesandP&Lresults.JoeWolk,ourCFO,willthenclosebysharinganoverviewofourcapital allocationprioritiesandupdatedguidancefor2026.

Jennifer Taubert, Executive Vice President, Worldwide Chairman, Innovative Medicine; John Reed, Executive Vice President,

InnovativeMedicineResearchandDevelopment;andTimSchmid,ExecutiveVicePresident,WorldwideChairman,MedTech,will bejoiningusforQ&A.Toensureweprovideenoughtimetoaddressyourquestions,weanticipatethewebcastwilllastapproximately

60minutes.

Withthat,IwillnowturnthecallovertoJoaquin.

JoaquinDuato-Johnson&Johnson-ChairmanoftheBoard,ChiefExecutiveOfficer

Thankyou,Ryan,andwelcometoyournewrole.I'mpleasedtosharethetoplineresultsfromourstrongsecondquarter.Wesaid

2026wouldbeayearofacceleratedgrowthandimpactforJohnson&JohnsonandwithourQ2beatonthetopandbottomline and raised guidance we are delivering. Across Oncology, Immunology, Neuroscience, Cardiovascular, Surgery and Vision, the strengthofourbusinessisbuiltonouruniquecombinationofscientificexpertise,scaleanddisciplinedexecution.

Wehavethestrongestportfolioandpipelineinour140-yearhistorywith28productsandplatformsthateachdelivermorethan

$1billioninannualsales.InQ2,wereportedoperationalsalesgrowthof5.6%.ExcludingSTELARA,wegrewdoubledigitsinthe quarter.Withsalesinthequarterofmorethan$25billion,weareontracktomeetour2026targetofmorethan$100billionin annualrevenueforthefirsttimeinourcompany's140-yearhistory.

We are pleased with the progress of our new launches including ICOTYDE, INLEXZO and RYBREVANT instilling confidence that momentumwillaccelerateinto2027andbeyondwithlineofsighttodouble-digitgrowthbytheendofthedecade.ICOTYDE,in particular,hassignificantearlylaunchmomentumwithuptakeacceleratingandperformanceoutpacingcompetitorsatcomparable pointsintheirlaunches.

Sincelaunch,morethan10,000patientshaveinitiatedtherapyonICOTYDE,underscoringtheunmetneedforpatientsseeking first-linesystemictreatmentwithauniquecombinationofefficacy,safetyandthesimplicityofaonce-dailypill.InInnovative

Medicine,wedeliveredoperationalsalesgrowthof6.8%inthequarter,with8brandsgrowingdoubledigits.InOncology,our commitmenttotransformpatientoutcomeshasneverbeenstronger.WeareontracktobethenumberoneOncologycompany by2030,withsalesprojectedtoexceed$50billion.LeadingthewayinQ2isDARZALEX,thefoundationaltreatmentformultiple myeloma,whichcontinuestobeourlargestproduct.Onceagain,DARZALEXdeliveredsalesofmorethan$4billion,growingclose to18%.

Whenwetalkaboutthedepthofourportfolio,nowhereisthatmoreevidentthaninmultiplemyeloma.Wehavetreatmentsin everylineoftherapywith80%ofpatientsreceivingoneormoreofourmedicinesduringthetreatmentjourney.CARVYKTI,TECVAYLI andTALVEYcontinuetodeliverhighdouble-digitgrowth.Andwearenotstandingstillwiththenewdatathisquartershowingthe combinationofTALVEYandDARZALEXdelivereddeepanddurableresponseswithmorethan80%ofpatientsprogression-freeat

2years,andoverallsurvivalupto89%.

Insolidtumors,wecontinuetoseestrongperformancefromERLEADAandRYBREVANT,andwesharedimportantnewdatafor bothatASCOthatcouldchangeclinicalpractice.ForERLEADA,weopenedtheASCOplenarywithourPhaseIIIPROTEUSstudy

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JULY15,2026/12:30PM,JNJ.N-Q22026Johnson&JohnsonEarningsCall showingthattreatmentbeforeandaftersurgerysignificantlyreducestheriskofmetastasisordeathinhigh-risklocalizedprostate cancer.

AndwithRYBREVANT,wedemonstrateddurableresponsesinheadandneckcancer,anareawithlimitedoptionsandhavesubmitted afilingtotheFDAtobuildonexistinglungcancerindications.WhilewearenotyetreportingquarterlysalesforINLEXZOinbladder cancer,weareencouragedbytheearlymomentum.Duringthesecondquarter,nearlyoneinthreeeligiblepatientsstartedonan

INLEXZOregimen,andnewpatientinsertionsgrewapproximately75%versuspriorquarter.

And building on our recent acquisition of Halda Therapeutics, we also announced plans to acquire Firefly Bio, adding a novel antibodyplatformthatstrengthensourleadershipinnext-generationoncologyinnovation.Weexpectthetransactiontoclose duringthethirdquarter.

In Immunology, we have built one of the deepest and most differentiated portfolios in the industry. TREMFYA remains the fastest-growingadvancedtherapyinbothCrohn'sdiseaseandulcerativecolitis,deliveringexceptionaloverallsalesgrowthof71% inthequarter.

WiththedualpowerhouseofTREMFYAandICOTYDEinpsoriasis,wenowhaveacomplementaryportfolioofbothfirst-linebiologic and first-line systemic treatments. We continue to see strong uptake of IMAAVY in generalized myasthenia gravis and recently receivedFDAPriorityReviewstatusinwarmautoimmunehemolyticanemia.

InNeuroscience,wearedevelopingtreatmentstotransformcareforcomplexbrainandnervoussystemdisorders.SPRAVATOand

CAPLYTAbothperformedstronglyinthequarter.CAPLYTAnewpatientstartswereup122%versusprioryear,significantlyoutpacing themarketleaderandwithFDAapprovalforthepreventionofrelapseinschizophrenia,weanticipatecontinuedmomentum.

Nowlet'sturntoMedTech,wherewedeliveredQ2operationalsalesgrowthof3.6%.InCardiovascular,wearethegloballeaders inelectrophysiology,circulatoryrestorationandheartrecovery.VARIPULSE,ourpulsedfieldablationplatformforatrialfibrillation continues to build momentum with more than 85,000 AFib patients now treated worldwide. In Q2, our position was further strengthened with the debut of CARTOSOUND SONATA bringing new AI-powered imaging and mapping capabilities to electrophysiology.

WealsoreceivedFDAauthorizationforourdualenergyTHERMOCOOLSMARTTOUCHSFplatformwhichintegratespulsedfieldand radio frequency energy in a single system to give physicians greater flexibility in tailoring ablation treatments for patients. In circulatoryrestoration,theQ2globallaunchofShockwaveC2AEROexpandedourabilitytotreatmorecomplexcoronarydisease andbroadensthereachofourintravascularlithotripsyplatform.

Andinheartrecovery,whileAbiomedgrowthslowedinQ2asaresultofincreaseddecisionselectivityweighingonprocedural volumes,weareworkingtostrengthentheconfidenceinourextensiveclinicalevidenceandreal-worldexperience.

InSurgery,weareunlockinganewerapoweredbyroboticsanddigitalinnovation.WeareprogressingtowardspotentialFDA authorizationofOTTAVA,theworld'sfirsttableintegratedroboticsurgicalsystem.ThisisoneofthemostsignificantMedTech innovationswewillbringtomarketthisdecade.OTTAVA'suniquearchitecture,automatedfeaturesandnext-generationrobotic instruments help address surgeons' unmet needs, while integration with our POLYPHONIC open digital ecosystem provides data-driveninsightsandanalyticstobettersupportsurgicalteams.

Thisquarter,wealsoreceivedCEMarkapprovalfortheETHICON4000STAPLER,thelatestadvancementinourlineofsurgical technologies.InVision,wehaveaboldambitiontomakevisionpossibleformorethan40millionpeopleeachyear.

InQ2,weannouncedtheexpandedUSavailabilityofTECNISPureSeeasweacceleratetherolloutofthisextendeddepthoffocus intraocularlens.OurACUVUEportfoliodeliveredstrongquarterlygrowthacrossallregions.

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JULY15,2026/12:30PM,JNJ.N-Q22026Johnson&JohnsonEarningsCall

Andasapartofour$55billionUScommitment,werecentlyannouncedaninvestmentofmorethan$1billiontoscaleourUSvision manufacturing,packaging,anddistributioncapabilitiesasweexpandcapacitytomeetgrowingdemandfortheseproducts.

OurprogressinQ2reflectswhatmakesJohnson&Johnsonunique,acompanyinnovatingacrossthefullspectrumofhealthcare deliveringstrongperformancetodaywhilebuildingapipelinethatwilltransformcareforpatientstomorrow.

Aswelookahead,ourconfidenceisrootedinthebreadthofourinnovationfromtransformationalmedicinestonext-generation medicaltechnologies.Thatcombinationofscience,scaleanddisciplinedexecutioniswhatuniquelypositionsJohnson&Johnson toleadthenextwaveofhealthcareinnovation.

IwillnowturnthecallbackovertoRyan.

RyanKoors-Johnson&Johnson-VicePresident-InvestorRelations

Thankyou,Joaquin.Movingtoourfinancialresults.Unlessotherwisestated,thepercentagesquotedrepresentoperationalresults andtherefore,excludetheimpactofcurrencytranslation.

StartingwithQ22026salesresults.Worldwidesaleswere$25.3billionforthequarter.Salesincreased5.6%despiteanapproximate

460basispointheadwindfromSTELARA.ExcludingSTELARA,Johnson&Johnsongrewdoubledigitsforthequarter.Growthinthe

USwas7.3%and3.4%outsideoftheUS.Acquisitionsanddivestitureshadanetnegativeimpactonworldwidegrowthof10basis points.

Nowturningtoearnings.Forthequarter,netearningswere$5.5billionanddilutedearningspersharewere$2.27versus$2.29a yearago.Adjustednetearningsforthequarterwere$7.1billion,adjusteddilutedearningspersharewere$2.90,representingan increaseof5.7%and4.7%,respectively,comparedtothesecondquarterof2025.

Iwillnowcommentonbusinesssalesresultsinthequarter,focusingonthesixkeyareaswheremeaningfulinnovationandstrong commercialexecutionaredrivingourperformanceandfuelinglong-termgrowth.BeginningwithInnovativeMedicine,whereour financialresultsreflectthedepthofourexpertiseandinnovationinareasofhighunmetneedacrossOncology,Immunologyand

Neuroscience.

Worldwidesalesof$16.4billionincreased6.8%despiteanapproximate760basispointheadwindfromSTELARA,whichunderscores thecontinuedstrengthofourkeybrandsandnewlaunches.GrowthintheUSwas8.9%and3.6%outsideoftheUS.Divestitures hadanegativeimpactof10basispointsonworldwidegrowth.

InOncology,startingwithmultiplemyeloma.DARZALEXgrowthwas17.6%,primarilydrivenbystrongsharegainsof5pointsacross alllinesoftherapywithnearly11pointsinthefront-linesettingaswellascontinuedmarketgrowth.CARVYKTIachievedgrowthof

47.7%drivenbysharegainsandcontinuedsiteexpansion.

TECVAYLIgrowthwas56.1%withworldwidesequentialgrowthof29.2%andanimpressiveUSsequentialgrowthof46.2%driven by launch uptake and share gains across earlier lines of therapy following last quarter's approval in the US for TECVAYLI plus

DARZALEXFASPROandfromexpansioninthecommunitysetting.

TALVEYgrowthwas62.6%,drivenbysharegainsduetoincreaseddepthofprescribinginthecommunitysetting.Inlungcancer,

RYBREVANTplusLAZCLUZEdeliveredgrowthof61.6%,drivenbycontinuedlaunchuptakeinallregions,sharegainsinthefirstand secondlineswithrapiduptakeinRYBREVANTFASPRO.

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JULY15,2026/12:30PM,JNJ.N-Q22026Johnson&JohnsonEarningsCall

Inprostatecancer,ERLEADAdeliveredgrowthof7.6%,withcontinuedsharegainsandmarketgrowth,partiallyoffsetbyunfavorable patientmixandinventorydynamics.Withinimmunology,TREMFYAdeliveredimpressivegrowthof71%astheIBDlaunchisdriving significantmomentumandwecontinuetoseesharegainsacrossallindicationsaswellascontinuedmarketgrowth.

STELARAdeclined55.7%,drivenbysharelossduetobiosimilarcompetition,increasingadoptionofnovelclassesandunfavorable patientmix.GrowthinotherimmunologyisdrivenbyUSnewproductlaunches,IMAAVYandICOTYDE.

InNeuroscience,SPRAVATOgrew40%,drivenbycontinuedstrongdemandfromphysiciansandpatientsandstrongsequential growthof24.8%.CAPLYTAshowedsignificantgrowthof70.9%,drivenbystrongcontinuedlaunchmomentuminadjunctivemajor depressivedisorder.

Now moving to MedTech, where we delivered growth across each of our key focus areas, Cardiovascular, Surgery, and Vision.

Worldwidesalesof$8.9billionincreased3.6%withgrowthof3.9%intheUSand3.2%outsidetheUS.

Acquisitionsanddivestitureshadanetnegativeimpactof10basispointsonworldwidegrowth.Overall,Cardiovasculargrew3.1%, whichislowerthanourrecenttrendprimarilyduetoheadwindsinElectrophysiologyandAbiomed.

In Electrophysiology, growth of 3.1% was driven by procedure growth, commercial execution, and new product performance, partiallyoffsetbycompetitivePFApressures.TherewasalsoanegativeimpactfromChinainventory,whichweestimatetobe400 basispoints.Abiomedsawadeclineof2%duetopressuresonUSproceduresdrivenbyusagepatterns.Thedownturncameas physiciansevaluatedtheresultsofarecentexternalclinicaltrial,whichincreasedselectivitywithinthequarter,particularlyinthe

US.

ThedeclinewaspartiallyoffsetbycontinuedOUSgrowth,includingsustainedadoptionofImpella5.5.Shockwavegrewdouble digitsat14.7%,drivenbycontinuedadoptionofcoronaryandperipheralproductsaswellasnewproductlaunches.

Surgerygrew2.3%,includinganegativeimpactofapproximately40basispointsfromdivestitures.Growthwasdrivenbystrength oftheportfolioandcommercialexecutioninbiosurgeryandwoundclosure,partiallyoffsetbyVBPinChinaandsurgerytransformation acrosstheportfolioaswellascompetitivepressuresinenergyandendocutters.InVision,growthwas5.6%,drivenbypremium innovation,strongexecutionandglobalreach.

ContactLensesandOtherproductshadastrongquarterwith6%growth,drivenbystrongperformanceintheACUVUEOASYS1-Day familyofproducts,furthersolidifyingourleadershipposition.SurgicalVisiongrew4.7%,drivenbynewproductinnovations,robust demandforpremiumIOLs,andstrongcommercialexecution,partiallyoffsetbycompetitivepressuresintheUS.

Orthopaedicsgrowthforthequarterwas4.2%,primarilydrivenbynewproductlaunchessuchasVOLTinTraumaandstrong commercialexecutionacrosstheportfolio.

Nowturningtoourconsolidatedstatementofearningsforthesecondquarterof2026.I'dliketohighlightafewnoteworthyitems thathavechangedcomparedtothesamequarteroflastyear.Costofgoodssoldleveragedby30basispoints,drivenbyfavorable operationaldriversandcurrency,partiallyoffsetbyunfavorableproductmixintheInnovativeMedicinebusinessaswellasthe impactoftariffsintheMedTechbusiness.

Selling,marketingandadministrativeexpensesdeleveragedby60basispoints,drivenbyincreasedinvestmentsinournewproduct launches.Researchanddevelopmentleveragedby40basispoints,primarilydrivenbyexpensephasingintheInnovativeMedicine business,partiallyoffsetbyincreasedinvestmentinMedTech.

Interestincomeandexpensewasanetexpenseof$62millionascomparedto$48millionofexpenseinthesecondquarterof2025.

Otherincomeandexpensewasanetexpenseof$331millionascomparedto$107millionofexpenseinthesecondquarterof2025

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JULY15,2026/12:30PM,JNJ.N-Q22026Johnson&JohnsonEarningsCall with the change primarily driven by higher litigation expense, restructuring related asset impairments and Orthopaedic separation-relatedcostspartiallyoffsetbyhighergainsonsecurities.

Fortaxes,onaGAAPbasis,theeffectiverateinthesecondquarterof2026was18%comparedto14.7%inthesecondquarterof

2025.Moreinformationcanbefoundinourupcoming10-Qforchangesintaxes.

Lastly,I'lldirectyourattentiontotheboxsectionoftheslidewherewealsohaveprovidedourincomebeforetax,netearnings, andearningspershareadjustedtoexcludetheimpactofintangibleamortizationexpenseandspecialitems.

Nowlet'slookatadjustedincomebeforetaxbysegmentforthequarter.InnovativeMedicinemargindeclinedfrom42.7%to42.5%, primarilydrivenbyunfavorablemixandheavierinvestmentsinnewproductlaunches,partiallyoffsetbyexpensephasinginresearch anddevelopment.

MedTechmargindeclinedfrom22.2%to22.0%,primarilydrivenbycommercialinvestments,increasedresearchanddevelopment andtheincreasedimpactoftariffs,partiallyoffsetbyfavorableoperationaldriversandcurrencyincostofproductssold.Asaresult, adjustedincomebeforetaxfortheenterpriseasapercentageofsalesdecreasedfrom34.5%to34.2%.

Thisconcludesthesalesandearningsportionofthecall,andIwillnowturnthecallovertoJoe.

JosephWolk-Johnson&Johnson-ChiefFinancialOfficer,ExecutiveVicePresident

Thankyou,Ryan,andcongratulationsonyourfirstearningscall.YourexperienceacrossallpartsofJohnson&Johnson'sbusiness willbearealassettoourcompanyaswellastheinvestmentcommunity.We'regladyou'reintherole.Hello,everyone,andthank youforjoiningustoday.

AsJoaquinhighlightedearlier,wedeliveredasolidquarter,supportedbythedepthofourin-marketportfolioandstrongexecution acrossournewproductlauncheswithparticularlygoodgrowthinInnovativeMedicine.

InMedTech,resultswerenottoourstandardsinCardiovascular,primarilyheartrecovery.However,weremainconfidentinour long-termprojectionsfortheMedTechbusiness.Aquarterlikethis,Ibelieve,underscoresthestrengthofJohnson&Johnson.Even withanotableheadwind,westilldeliveredperformancethatexceededyourexpectationsandenabledustoconfidentlyraiseour fullyear2026financialoutlook.Wearenotdependentononeortwoproducts.

Wehaveabroaddurableportfoliothathas28platforms,eachgeneratingmorethan$1billioninannualrevenuethatweareintent onaddingtointhecomingyears.Itisthatfoundationthatgivesusclearlineofsighttodouble-digitgrowthbytheendofthedecade.

Turningtoresultswithourcashposition.Weendedthesecondquarterwithapproximately$21billionofcashandmarketable securitiesandapproximately$49billionofdebtforanetdebtpositionofapproximately$28billion.YoumayrecallinQ1thatfree cashflowislight,butasexpected,wehadsignificantimprovementinthesecondquarterwithyear-to-datetotalingapproximately

$8.7billionandareontrackforourfullyearfreecashflowoutlookapproaching$21billion.

Ourcapitalallocationprioritiesremainunchanged.Wecontinuetoprioritizeinvestmentswithafocusonsupportingourcommercial launchesandadvancingfutureinnovation.Asstatedpreviously,acquisitionsareanenablerofgrowth,buttheyarenotarequirement todeliveronournear-andlong-termobjectives.

OurfinancialstrengthallowsustocontinueinvestinginR&Dwhilepursuingopportunitieswhereourscientificandcommercial capabilitiescanaccelerateinnovationandcreatedifferentiatedvalue.Agoodexampleofthatistherecentlyannouncedagreement toacquireFireflyBio.Theplannedacquisitionexpectedtocloseinthethirdquarterof2026willaddaproprietaryplatformdesigned

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JULY15,2026/12:30PM,JNJ.N-Q22026Johnson&JohnsonEarningsCall totargetKRAS-drivensolidtumors,whicharetypicallymoredifficulttotreatandfurtherdiversifiesourOncologypipeline.Wealso remaincommittedtoreturningcapitaldirectlytoshareholdersprimarilythroughourdividend.

Turningtofullyearguidancefor2026.Asalways,ouroutlookreflectswhatweknowtodayregardingforeignexchangerates,tariffs, thebroadermacroeconomicenvironmentandotherexternalfactors.Drivenbysecondquarterperformanceanduptakeofnew productlaunchesweareincreasingoperationalsalesgrowthby$400million,nowexpectingoperationalsalesgrowthforthefull yeartobeintherangeof6.5%to7.1%,withamidpointof$100.6billion.Asareminder,ourfinancialcalendarin2026includesa

53rdweek,whichprovidesabenefitofapproximately100basispointsin2026.Wedonotspeculateonfuturecurrencymovements.

Lastquarter,weutilizedaEurospotratetotheUSdollarof$1.17.Asoflastweek,theEurospotratetotheUSdollarwas$1.14.

Basedonallmajorcurrencymovements,weestimateanegativetotalforeigncurrencyimpactof$100millionversuspriorguidance.

Asaresult,wenowexpectreportedsalesgrowthof7.0%to7.6%,withamidpointof$101.1billionor7.3%.Aswelookatthe remainderoftheyear,basedonyear-to-dateperformanceandupdatedguidance,weanticipateoperationalsalesgrowthtoimprove inthesecondhalfoftheyear.Asareminder,fourthquartergrowthshouldbehigherduetothebenefitfromthe53rdweek.

TurningtoothernotableitemsontheP&L.Atthebeginningoftheyear,weguidedtomorethana50basispointimprovementin adjustedpretaxoperatingmargin.Wenowexpectapproximatelya75basispointimprovementsupportedbycontinuingoperating efficienciesandanticipatedreductionandrecoupmentofcertaintariffratedcostsbasedonthelatestrulings.

Thispretaxoperatingmarginimprovementalsoconsiderstheexpectedcostfromthe53rdweekofoperationsandthepreviously announcedagreementwiththeUSgovernmenttoimproveaccesstomedicinesandlowercoststotheUSpatients.

Fornetinterestexpense,wenowproject$250millionto$350million,slightlylowerthanpreviousguidance.Oureffectivetaxrate isnowexpectedtobelowerinarangeof17.0%to18.0%forthefullyearbasedonyear-to-dateresults.

Turningtoearningspershare.Wearepleasedtoincreaseouradjustedoperationalearningspersharerangeto$11.50to$11.65, whichequatestoanincreaseof$0.18atthemidpoint.Thisrepresentsayear-on-yearadjustedoperationalEPSgrowthof7.3%.

Reportedearningspershareisprojectedtobe$11.60to$11.75or$11.68atthemidpoint,whichrepresentsan8.2%increaseover theprioryear.Theupdatedearningspershareguidancerangeincludesa$0.05reductionoffavorablecurrencywhencompared topriorguidance.

OurcurrentoutlookdoesnotincludetheimpactofanypendingacquisitionssuchasFireflyBio.Wehaveseveralmeaningfulpipeline catalystsinthesecondhalfoftheyear.WeanticipateFDAregulatoryapprovalforIMAAVYasthefirst-evertreatmentforpatients withwarmautoimmunehemolyticanemia,arareandseriousautoantibodydisease.

Wealsohaveimportantdatareadoutsacrossourinnovativemedicinepipeline,includingTECVAYLIincombinationwithTALVEY forpatientswithrelapsed/refractorymultiplemyelomawhohavereceivedonetofourpriorlinesoftherapy.Pasritamig,afirst-in-class bispecificantibodyinpatientswithadvancedprostatecancerwhohaveprogressedaftermultiplelinesoftherapyandJNJ-6143, aninvestigationalfirst-in-classonce-dailyoraltherapyformetastaticcastration-resistantprostatecancer.

ThiswillbethefirstclinicalreadoutfromanongoingstudyfromourrecentHaldaacquisition.Wearealsoexpectingdatareadouts forINLEXZOinhigh-risknon-muscleinvasivebladdercancer,ICOTYDEinpsoriaticarthritisandCAPLYTAinbipolarmania.

TurningtoMedTech.Thereareseveralimportantcatalyststhatweexpecttogeneratemomentum.InCardiovascular,weexpect launchesforthedualenergyTHERMOCOOLSMARTTOUCHSFplatformaswellastheShockwaveC2AEROandAeroFlyIVLcatheters.

InElectrophysiology,weexpectcontinuedadoptionofCARTOSOUNDSONATAcardiomappingintheUSandVARIPULSEProin

EMEAwithanticipatedapprovalofVARIPULSEProintheUSlaterthisyear.

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JULY15,2026/12:30PM,JNJ.N-Q22026Johnson&JohnsonEarningsCall

InSurgery,weanticipateFDAapprovalfortheOTTAVAroboticsurgicalsystemandtheEMEAlaunchofETHICON4000andinVision, wecontinuetoexpandavailabilityofTECNISPureSeeintraocularlensforcataractandpresbyopiawhiledrivingadoptionofACUVUE

OASYSMAXlenses.

Finally,theOrthopaedicsbusinessunderNamalNawana'sleadershiphadanotherquarterofimprovement.Wecontinuetoevaluate allseparationoptionsthatcreateshareholdervalueandsettheDePuySynthesbusinessupforsuccesslongterm.Wearepleased withtheprogressmadeareontrackforamid-2027separationandlookforwardtosharingupdateslaterthisyear.

Sotowrapupbeforewetakeyourquestions,ourfirsthalfperformanceillustratesthestrengthandresilienceofourportfolio.The momentumwearebuildingbehindournewproductsandthesteadyprogresswearemakingacrossourpipeline.

Strategicfocus,scaleandfinancialflexibilitytoinvestinopportunitieswebelievewillcreatethegreatestvalueforpatientsshould translateintomeaningfulvalueforshareholders.Welookforwardtosharingmoreonstrategy,growthcatalystsandalonger-term outlookatourEnterprisebusinessreviewonDecember8.

Toourcolleaguesaroundtheworld,thankyou.Yourdedicationanddisciplinedexecutionarewhatmakeourperformancepossible, andyoucontinuetodelivermeaningfulinnovationtomorepatients,improveoutcomesandraisethestandardofcare.

Withthat,wearepleasedtotakeyourquestions.Kevin,canyoupleaseopenthecallforQ&A?

QUESTIONS AND ANSWERS

Operator

(OperatorInstructions)

ChrisSchott,JPMorgan.

ChristopherSchott-JPMorganChase&Co-Analyst

Great.Thankssomuchforthequestionandcongratsonalltheprogress.Maybejust,Joe,ifyoucoulddivealittlebitmoreintothe

$400millionincreaseinoperationalsalesguidance.Iwasjustinterestedforalittlebitmorecolorofthebalanceofpharmaversus theMedTechcomponentstothis.Iguessjustbiggerpicture,isitfairtothinkaboutpharmamovinghigherhere,maybepartially offsetbyabitlowerMedTechgrowthassumptions?Orjustanydirectionalcolortherewouldbehelpful.Thankyou.

JosephWolk-Johnson&Johnson-ChiefFinancialOfficer,ExecutiveVicePresident

Yes,goodmorning,Chrisandthankyouforthequestion.Iwouldsaythat'sprobablyafaircharacterization.Asyouknow,wealways hadalittlebitbetterrevenuegrowthprojectedinthesecondhalfoftheyear,irrespectiveoftheextraweekofsalesthatwilloccur inthefourthquarterwhenyouthinkaboutproductsthatarereallyintheirinfancywithrespecttoICOTYDE,INLEXZOandjustthe emergenceofTREMFYAcontinuingtodowellwiththeIBDindicationsthatwerereceivedoverthelast18months.Itwasalways thatprojection.

IthinkreallymaybetotheheartofyourquestioniswedoexpectMedTechtogrowbetterinthesecondhalfthanthefirsthalfas well.WehavetemperedexpectationsaroundtheAbiomedbusinesswithrespecttothat.Soweseethatrecoveryhappening,but probablyasweleavethisyearintonextyear.Sonotdeclines,butmoremodestgrowthuntilourPROTECTIVdatacomesout,which

I'msureTimwillhaveananswertoinafuturequestiontoexpandupon.

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JULY15,2026/12:30PM,JNJ.N-Q22026Johnson&JohnsonEarningsCall

Hopefully,thathelps,Chris.

Operator

AsadHaider,GoldmanSachs.

AsadHaider-GoldmanSachsGroupInc-Analyst

Great.Thanksfortakingthequestion.MaybeforJennifer,JohnonICOTYDE,justthelaunchseemstobeprogressingwell.Younoted

10,000patientshavenowinitiatedtherapy.Justwonderingifyoucanprovideanyupdateonprescribercountsrelativetothelast updateof4,500prescribersthatyoucalledoutinJune.Whatcanyoutellusaboutsamplingandfreedrugthatyou'reproviding andwhereyouarewithformularynegotiations?Andwhencanweexpecttoseeyoubreakoutsales?

Andthenmaybejustasecondpartonthat.HowareyoupositioningTREMFYAandICOTYDEtogethertothedermatologistcommunity andpsoriasis?Arethereanysynergiesoradvantagesthatyou'reseeingemergefromhavingbothoptions?Thankyou.

JenniferTaubert-Johnson&Johnson-ExecutiveVicePresident,WorldwideChairman,Pharmaceuticals

Great.Well,thanks,Asad.ThisisJennifer,andgoodmorning,everybody.AndIreallywanttostartwithabigthankyoutoallofour

InnovativeMedicinecolleaguesaroundtheworldforanoutstandingquarterofdeliveringforpatients.Soover$16billioninsales, ourfirst$16billionquarter,6.8%operationalgrowth,andit'salsoworthnotingSTELARAwasonly4%ofourInnovativeMedicine businessinthesecondquarter.

Andifyouexcludethat,the96%ofourbusiness,96%actuallygrewover14%.Andthisisreallybasedonthestronggrowthacross ourmainkeybrandsaswellasourmust-winlaunches,andtheteamhasreallydoneanoutstandingjobaroundtheworldonthat.

SogladtohavetheopportunitytotalkaboutICOTYDEbecausewearereallythrilledwiththelaunchandhowit'sprogressing.

Ithinkaswenotedlasttime,wefeelreallygoodaboutthedifferentiatedlabelthatwegot.ICOTYDEisthefirstandonlytargeted oralpeptidethatpreciselyblockstheIL-23inhibitor.IfwetalkabouttheUSlaunchandgetintosomedetailsthatyouasked,it's reallyofftoastrongstart.Asareminder,wewerereadydayone.Andinfact,thefirstpatientprescribedreceivedICOTYDEonthat launchdayandearlyphysicianandpatiententhusiasmhasbeenreallygreat.

Ifwegetintonumbersonit,todate,over18,000prescriptionshavebeenwrittenforatotalofnow11,000patients.Sothat'san updatefromthe10justshortly.Thereare6,000uniqueprescribers.Andifyoutakealookatthose,over50%areactuallyderm advancedpracticeproviders,about40%aredermatologistsandtherestareprimarycarephysiciansandothers.Andsothattells usthatthere'sreallygoodconfidenceintheproductinboththeefficacyandsafetyprofileaswellasthesimplicityofthesimple oncedailypill.

We'realreadyseeinganumberofwriterswhoarerepeat.We'reseeingpatientsgettingrepeatprescriptions.Aswetakealookat thepayercoverage,within90days,wealreadyhaveover50%ofcommercialcoverage.Andwethinkthat'sgreat.

That'sactuallyalittlebitaheadofourprojections.Soteamismakingreallygreatprogressonthepayercoveragethere.Andsoin total,wethinkthelaunchisgoingverywell.YouaskedaboutICOTYDEandTREMFYA.AndIthinkreally,reallyimportanttonote, we'vegotthisgreatuptickinICOTYDE.

ThishasnotsloweddownTREMFYAinpsoriaticdiseaseatall.SoTREMFYAinpsoriaticdisease,psoriasisandPsA,thatgrowthand marketsharegainshasactuallycontinuedwellabovethemarket.Andnotableinthesecondquarterthatwegotapprovalfor inhibitionofstructuraldamageforTREMFYAinPsA.

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Andthenintermsofreallyco-positioning,ICOTYDEisthefirstchoicesystemictreatment.Allofthosepatientswho'vebeencycling ontopicalswhoreallyneedtohaveadvancedtherapy,wethinkICOTYDEsitsrightinthatsweetspotasthatfirstchoicesystemic.

ForTREMFYA,wethinkit'sthefirstchoicebiologic,particularlyforpatientsthathavepotentialfororhaveanypsoriaticarthritis involvementandmany,manypatients,asignificantpercentagewithpsoriasisactuallyprogresstopsoriaticarthritisaswell.

Sowethinkreallydistinctanduniquepositionsforbothandwellreflectedintheresultsthatwesawinthequarterwithboth productsdoingreallywell.Additionally,weareinvestingtowinonICOTYDE.Thisisoneofourmust-winlaunchesandsoinaddition towhatyou'veseen,weactuallyalsostartedourdirect-to-consumeradvertisingyesterday.Thoseofyouwhoarewatchingthe

WorldCuporbaseballhadachancetoseethat.Andsowethinkthisisevengoingtofurtherbringmorepatientsintotalktotheir providersaboutnewoptionsforpsoriasis.

JohnReed-Johnson&Johnson-ExecutiveVicePresident-Pharmaceuticals,R&D

Maybeonequickaddition,JohnReedhere.WedoexpecttohavepivotaldatalaterthisyearforICOTYDEinpsoriaticarthritis.And asJenniferpointedout,there'soverlapinthepsoriasisandpsoriaticarthritispopulationspsoriasis,theskinmanifestationsare oftenaco-morbidityforpatientswithpsoriaticarthritis.AndourPhaseIIIstudiesinulcerativecolitisandCrohn'sareinfullsteam now.Sowe'removingICOTYDEforwardasapossiblefrontlinetherapythereaswell.

Operator

LarryBiegelsen,WellsFargo.

LawrenceBiegelsen-WellsFargoSecuritiesLLC-Analyst

Goodmorning.Thanksfortakingthequestion.Tim,I'msureyouknowtherecontinuetobeconcernsaboutproceduregrowthin theUS.WhatdidyouseeinQ2?Andhowareyouthinkingaboutproceduregrowththerestoftheyear?AndregardingJ&J,Iheard

Joesaythesecondhalf,J&JMedTechgrowthwouldbebetterthanthefirsthalf,whichwas4.2%,Ibelieve.Doyoustillexpect

MedTechtogrowfasterin'26,excludingtheextraweek?Thankyou.

TimSchmid-Johnson&Johnson-ExecutiveVicePresident,WorldwideChairmanofMedTech

Larry,thankyousomuchforthequestion,andletmebeforeIgetintoprocedurevolume.Andcertainly,giventhenewsthatwe've heardfromhospitalprovidersthisweek.Iknowit'sahottopic,butI'dliketoputreallyoursecondquarterperformanceincontext foryouandforothers.Whenwestepbackandwelookacrossthefullportfolio,theunderlyingpictureremainssolid.Procedure volumescontinuetobestable,andwe'renotseeingevidenceofabroad-basedslowdownindemand.

Andtobeclear,Larry,threeofourfourbusinesses,Surgery,VisionandOrthopaedicsallacceleratedinthequarterandperformed aboveexpectations.Surgerygrowthwasdrivenbycontinuedstrongperformanceinwoundclosureandalmostdouble-digitgrowth inBiosurgery.VisionyouwouldhavenoticeddeliveredmeaningfulaccelerationincontactlensandcontinuedmomentuminIOLs.

AndinOrthopaedics,asyou'veheardalreadyfromJoe,wecontinuetoseethatbusinessgofromstrengthtostrengthreflecting strongerexecutionandtheimpactofmultiplenewproducts.IwouldliketoturnquicklytoCV.

AndletmefirstacknowledgethatourQ2growthisnotwhereyouwantedit.Andfrankly,it'snotwherewewantedit.Thatsaid,we knowwhathappenedandweknowexactlywhatwe'redoingaboutit.Infulltransparency,CVgrowthwasmoremutedthisquarter inbothEPandheartrecoverypartiallyoffsetbycontinueddouble-digitgrowthinShockwave.

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InEP,asyoualreadyheard,wecontinuetoseestrongunderlyingdemand.However,wedidhaveaninventorydynamicinChina, whichimpactedourgrowthbyabout400basispointsthatwouldhavetakenglobalgrowthuptonorthof7%.Andthenheart recoveryduetoarecentneutralclinicaltrialintheUK,Impellausagehasslowed.

We see this as a near-term dynamic, and we're actively engaging physicians and their teams to reinforce appropriate patient selection,leveragingsignificantdepthofourclinicalevidencebase.Soagain,toputitallincontext,threeoutofourfourbusinesses performedwell,andwe'reconfidentlyaddressingthefourthandnothingweseechangesourconvictioninthelong-termgrowth thesisforbothourCVbusinessaswellasJ&JMedTechatlarge.

Toyourquestionaboutprocedurevolumes.Fromourperspective,whenwelookacrossthebreadthofourportfolio,weseethat volumesaregenerallyinlinewithmarkettrends,andwe'renotcurrentlyseeinganyevidenceofabroad-basedslowdowninactivity.

Demandremainsconsistentwithwhatwewouldexpectgiventhefundamentalsofthesemarkets,which,asyouknow,continue tobedrivenbythemessuchasagingpopulationsincreasingdiseaseprevalenceandongoinginnovationthatisexpandingour accessmorepatients.

WeareacutelyawareoftherecentdatathathasbeenprovidedbyanumberoflargeUShospitaloperatorshighlightingpressure oncertainprocedurevolumes,particularlyinmoreelectiveareasofcare.Andwhilewe'remonitoringthesetrendsveryclosely, theyarenotreflectedinwhatwe'reseeingacrossourportfoliotoday.

Asyouknow,ourbusinessisdiversifiedacrossabroadrangeofcategories,manyofwhicharelessdependentondiscretionary electiveproceduresandfromourperspective,overallproceduretrendsremainconsistentinthequarterwithourexpectations.I willalsopointto,therehasbeenabunchofchatteraboutthepotentialimpactoftheACAsubsidyremovalsbasedonwhatwe're seeing.

We'renot--wehaven'tobservedanymeaningfulimpactonprocedurevolumesacrossourportfoliorelatedtotheACA.Andwhile weexpectthattheexpirationoftheAffordableCareActsubsidiesmaycreatesomeaffordabilitypressuresforasmallcohortof patients,wedonotexpectthistotranslateintoamaterialimpactondemandforMedTechandprocedures.

Andsotobeclear,wewouldnotattributeourMedTechperformanceinQ2toasystemicslowdowninprocedures.Asalready mentioned,wedoexpectanaccelerationofourperformanceinthesecondhalfdrivenbycontinuedperformanceofourbusinesses inVision,inOrthopaedicsandinSurgeryandcertainlyimprovementonthebackofoureffortstodrivegreaterperformancewithin

Cardiovascular.

Thankyou,LarryandlookingforwardtoseeyounextweekatSRS.

Operator

TerenceFlynn,MorganStanley.

TerenceFlynn-MorganStanley-Analyst

Great.Thankssomuchfortakingthequestion.Congratsonthequarter.Iwasjustwondering,Jennifer,ifyoucouldexpandonwhat you'reseeingwithTECVAYLI.Obviously,importantnewdatathat'sbeenaddedtothelabelrecently.Sojustwonderinghowthat's impactingthegrowthdynamics.Andthenmaybeyoucouldexpandonwhatyou'reseeingintermsofacademicversuscommunity use.Thankyou.

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JULY15,2026/12:30PM,JNJ.N-Q22026Johnson&JohnsonEarningsCall

JenniferTaubert-Johnson&Johnson-ExecutiveVicePresident,WorldwideChairman,Pharmaceuticals

Goodmorning,Terence.WehadagreatquarterforTECVAYLIwithsalesof$260million,56%versusprioryear.Andreally,thatwas drivenbysignificantlaunchuptakeandsharegainsacrosstheearlierlinesoftherapybasedontheapprovalthatwegotintheUS forTECVAYLIplusDARZALEXandalsocontinuedexpansioninthecommunitysetting.

Sowe'rerealexcitedabouttheapprovalofthecombinationregimenthere.It'sthefirstandonlysteroid-free,readilyavailable immediateimmunotherapyoptionthatreallyhasthatbest-in-classefficacyandthepotentialforcureforpatientsinthatsecond-line setting.

Asareminderonthatdatabecausewethinkit'strulyextraordinary.It'sthreeyears,83%ofpatientsremainedaliveandprogression free.Andsothisisreallyresonatingwithphysicians.IntermsofUSuptake,we'reseeingreallystrongearlyUSdemandfollowing therapidapprovalthatwehaveforTECVAYLIplusDARZALEX.

Andsoifyoutakealookquarter-to-quarterlikefirstquartertosecondquarter,wesawa29%increaseinsequentialgrowththere.

Andthat'sintermsofpatientsthatwereinitiatedinTECVAYLI,andthisisreallyduetonewaccountadoptionandincreasingdepth ofprescribing.

So,furthermore,thevastmajorityofpatientsnowwithTEC-DARAarestartinginthesecondtothirdlinesetting.Andwecontinue toseeincreasesincommunitysitereallysetupanexpansionintheUS,theyhada25%quarter-over-quarterincreaseincommunity sitesexpansionthere.Andsowe'refeelingreallygoodaboutwhatwe'reseeingintermsofTECVAYLIandTECVAYLIgrowthalong withDARZALEXinthatsecondandthirdlinesetting.

Operator

JoanneWuensch,Citibank.

JoanneWuensch-CitiInfrastructureInvestmentsLLC-Analyst

Goodmorningandthankyoufortakingthequestion.Youhaveafairlyrobustroboticsportfoliothatshouldberollingoutoverthe nextcoupleofquartersandyoudidmentionSRS.Couldyoupleasesortofgiveusanupdateonthelayofthelandandwhatwe mightexpectnextweek?Thankyou.

TimSchmid-Johnson&Johnson-ExecutiveVicePresident,WorldwideChairmanofMedTech

Joanne,thankyouforthequestionandcertainlyyourinterestinroboticsprogram.Asyouknow,wehavebeenworldwideleaders inopenandlaparoscopicsurgery.Andcertainly,weareexcitedandverymuchcommittedtobeingamajorplayerintheareaof surgicalrobotics.IthinkyouknowthatweareeagerlyawaitingapprovalofOTTAVAwhichwesubmittedlatelastyear.

Weareactivelyworkingonoursecondclinicaltrial,specificallyfocusedoninguinalhernia,andwewillprovidemuchmoredetail aroundourexcitinglaunchplansonceapprovalshavebeensecured.Thatsaid,wearecommittedtothelaunchoftwo,assuming, approvalscomeourway,whichwe'reveryconfidentabout.

Wearecommittedtotwolargeroboticlaunchesthisyear,boththelaunchofOTTAVAwebelieveistrulydifferentiatedagainstthe existingincumbentandofcourse,thelaunchofMONARCHforurology,whichwillbeafirst-of-kindopportunityinthatparticular area.Andsowewillprovidemoreinformationaboutthosetwolaunchesatsomemoreinformationnextweek.

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We'llalsoprovidesomeupdatecertainlyontheFORTEtrialwhichwasourclinicaltrial,whichwasactuallypresentedattheASMBS conferenceabout1.5monthsago,andIactuallyhadtheopportunitytoattendameetingoutinCaliforniawithabout70world-- actuallyworldrenownedroboticsurgeonsandgottoseefirsthandoursurgeonsnotonlylistentothespecialistsaboutthetrial, butalsotoactuallydrivetherobotandfrankly,justseeingthelooksontheirfaces,thefeedbackwereceivedgivesmeevenmore confidencethatwehaveadevicethatwillabsolutelycompeteagainstthecurrentincumbentandsomoretocomeonthat.Thank youagain,Joanne.

JoaquinDuato-Johnson&Johnson-ChairmanoftheBoard,ChiefExecutiveOfficer

Tobeclear,Joanne,thisisJoaquin.WeseeourroboticsplatformbothOTTAVAandMONARCHbeingameaningfulcontributorto

MedTechgrowthbytheendofthedecade.

Operator

VamilDivan,GuggenheimSecurities.

VamilDivan-GuggenheimSecuritiesLLC-EquityAnalyst

Great.Thanksfortakingmyquestion.MaybefollowinguponsimilartothequestiononICOTYDE.Iwashopingtogetalittlemore coloronINLEXZOandtheprogressyou'remakingthere?Iknowyousaidsortofoneinthreeeligiblepatientsnowreceivingitin insertionsup.Ithinksaid75%.

Maybeyoucangivealittlemorecoloronsortofwhereyou'reseeingutilizationtodifferentiatebetweenthecommunitiessetting academicsandwhatsortsofpatientsaregettingtheproductinthewecanshareanythingaroundpatientnumbersorprescriber numbers?AndthentheotherpartwasjustaroundyougavetheSunRISe-5datacomingout,yousaidalittlelaterthisyear,maybe youcanjustsortofsetanexpectationonwhatyou'rehopingtoseefromthatdata.Thankyou.

JenniferTaubert-Johnson&Johnson-ExecutiveVicePresident,WorldwideChairman,Pharmaceuticals

Great.Goodmorning.ThanksforthequestiononINLEXZO.Asareminder,bladdercanceristhesixthmostcommontypeofcancer.

There'sover600,000newpatientsthatarediagnosedgloballyeachyearandanother400,000thatarerecurrent,soforatotalof1 millionpatients.Andsothisreallyhelpsushavegreatconfidence,thisisanextraordinaryopportunityforuswithINLEXZO,and thenultimatelywithourerdafitinibdeviceaswell.

SothelaunchofINLEXZOisgoingreallywellintheUS.WehavegottheJcodenow.AndsoIthinkthat'sprobablywhatyou're interestedinhearinghowit'sgoingpostJcode.IntheUS,INLEXZOisoutperformingalloftherecentcompetitivelaunches.And asyounoted,oneinthreeeligiblepatientsarenowstartingonanINLEXZOregimen.Andthisisanuptickversusfirstquarterwhere itwasoneinfourlastquarter.It'snowoneinthree,andit'sleadingallofthenovelagentsintermsofnewpatientshare.

Intermsofnewpatientsandnewpatientinsertions,thosegrew75%quarter-over-quarter,andthiswaspostthepermanentJ-code, sogivingalotofconfidencetoprovidersintermsofthatreimbursement.Importantly,INLEXZOisincludedintheNCCNguidelines, withacategory2Adesignationandthey'vebeenupdatedtoexpandtheopportunitytoincludethepapillarypopulation,which representsabout80%oftheBCGunresponsivepatients.

Whilewedon'treportsalesonthisyet,pleaseknowthatweconfidentlybeatconsensusforthequarter,andwemorethandoubled salesinsecondquarterversusfirstquarter.Sowebelievethatwe'rereallyonavery,verygoodtrack.

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Withthis,youmentioned,I'llturnittoJohninasecond.WedohaveourSunRISeprogramrightnowandINLEXZOisbasedonthe

SunRISe-1populationandBCGunresponsivepatientsthat'sabout3,000patientsintheUS.SunRISe-5istheBCGexperienced patients,largelyhigh-riskpapillary,that'sabout10,000to15,000patients.AndthenthebigopportunityistheSunRISe-3population, that'stheBCGnaive.That'sabout40,000to50,000patientsintheUS.Sothat'sourprogram,andthat'sbeforeweevengettothe erdafitinibpiece.SoJohn?

JohnReed-Johnson&Johnson-ExecutiveVicePresident-Pharmaceuticals,R&D

Yes.AndIthinkJennifercoveredtheSunRISeprogramwellrecognizedthattheapprovalinthisso-calledCISorCarcinomainsitu populationthat'sonlyabout5%oftheeligiblepopulation.Sowereallyseealotofgrowthpotentialaheadasweroundouttothe papillarycancersandthenmovefromthesecondlineBCGexperiencedintothefrontlinewithourambitioushead-to-headprogram.

IwouldjustremindagainthatINLEXZOdeliveredthehighestcompleteresponseratesthathadeverbeenseeninthispopulation, thesecondlineBCGnonresponsivepopulationwithhigh-risknon-muscleinvasivebladdercancer.Soreallyalotofexcitement aroundit.

AndrightontheheelsofthatiscomingourerdafitinibtargetedtherapyinanoveldevicethatoffersnotthreeweekslikeINLEXZO butthreemonthsofsustaineddeliveryofthemedicinethat'sbeingpositionedfortheintermediaterisknon-muscleinvasivebladder cancer,whichisaverylargepopulationandistargetedattheFGFreceptormutantcancers,whichisthemostcommongenetic lesioninbladdercancer.

Soreallyexcitedaboutwheretheportfolioisgoinginthenearterm.Andthenbeyondthat,weexpecttohaveotherpayloadsand otherdevicesthatwe'llcontinuetoelevatethestandardcareforpatientsstrugglingwithbladdercancertokeeptheirbladder.So veryexcitedforthat1millionpatientsayearthatarediagnosedwithnon-muscleinvasivebladdercancer.

Operator

AlexHammond,WolfeResearch.

AlexandriaHammond-WolfeResearchLLC-EquityAnalyst

Thanksfortakingmyquestion.AfewonMilvexian.SocanyouremindusofyourconfidencelevelinAFib.Iguessgiventhesizeand breadthoftheLIBREXIAprogram,itseemslikethere'spotentiallyawidesetofoutcomesbetweenacleanwinandmiss.Andisthe trialstillontrackforlaterthisyear?Idonotseeitontheslidedeck.Thankyou.

JohnReed-Johnson&Johnson-ExecutiveVicePresident-Pharmaceuticals,R&D

Yes. Okay. Sorry, I misunderstood part of the question, but on Milvexian, this is -- these are event-driven studies. They're fully recruited.Sowereallycan'tgiveyouverymuchinsightintowhentheymightreadout.Itcouldbetowardstheendofthisyear, beginningofnextyear,butbecausethey'reevent-driven,we'lljusthavetowaitfortheeventsweremainconfidentthatforthe atrialfibrillationindicationwhichisthelargestofthoseopportunitiesthatwehavetherightdosingschedulebasedonthecareful workdoneinPhaseIIbasedonthebiomarkerwe'refollowing,theTPPthatgivesusconfidencethatwe'veachievedahealthylevel ofanticoagulation.

Ourdatamonitoringcommitteecontinuestolookatthedata,theykeepsaying,gofullsteamahead.Sowe'recautiouslyoptimistic, butarewaitingfortheendpointstotheeventstooccursothatwecanreadoutthefullstudyresults.

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JenniferTaubert-Johnson&Johnson-ExecutiveVicePresident,WorldwideChairman,Pharmaceuticals

Alex,we'rereallyexcitedabouttheMilvexianopportunity.Wethinkthereissignificantopportunityinthemarketforaproduct that'sgotthebetterbleedingprofilethanthecurrentanticoagulantsthatareouttheretoday.Somaybeasareminder,about40% ofAFibpatientswhoareeligiblearecurrentlynotreceivingoralanticoagulantsastheyshouldorattherightlevelbecausethere's concernsaboutpotentialbleeding.

AndsowethinkthataproductthatrepresentsthepotentialoftheMilvexianprofile,whatwe'rehopingtodemonstratereallycould beagamechangerforpatientsandsignificantopportunityinthemarket.Sowe'rereallyexcitedtoseetheresultsofthestudy whentheycome.AndasJohnnoted,it'sevent-drivenstudy.Sowe'regoingtohavetowaitandseewhattheyare.Butoncewe know,youguyswillknowtoo,right,therighttime,you'llknow.

JohnReed-Johnson&Johnson-ExecutiveVicePresident-Pharmaceuticals,R&D

Yes, maybe feeling quickly on that. It's estimated that there are 8 million people in this country alone who are taking an oral anticoagulant,butit'sthoughtthattheremaybeasmanyas18whoshouldbetaking--18millionwhoshouldbetakingonebut becauseofthebleedingriskofthecurrentagentsareenabled.Sowe'rereallyexcitedaboutthepossibilitytoofferthis,boththe efficacy,alongwiththesafetyprofilethatMilvexianpromises.

Operator

JaysonBedford,RaymondJames.

JaysonBedford-RaymondJames-Analyst

Goodmorningandthanksfortakingthequestion.Maybe,justforTim,ontheAbiomedbusiness,soundslikethesoftnesswasin reactiontothedatapresentedatACC,I'mstilljustalittleunclearastowhatyou'redoingtoreversethe2Qsoftnessoutsideofjust waitingforPROTECTIV.AndIthinkpriorviewwasthiswasamid-teensgrower.WhatisthenewgrowthexpectationfortheAbiomed business?Thanks.

TimSchmid-Johnson&Johnson-ExecutiveVicePresident,WorldwideChairmanofMedTech

Jayson,thankyou.Andyou'reright,webelievethattheslowdownisinrelationtospecificallyaneutralstudypublishedoutofthe

UKfocusedontheareaofhigh-riskPCI.AndIthinkit'simportant,firstly,toreallyreinforcesthattheimpactisbehavioral.It'sreally drivenbyphysiciancautionastheyreallyinterpretthisnewdataratherthananythingstructural.Andthere'snochangeinthe underlyingneed,accessorreimbursement.Thesearethesickestpatients,manyofwhomhaveveryfewchoices.

Andsoweclearlyseethisasanear-termdynamic.We'veseenthisbefore.Andweareactivelyengagingwithphysiciansandtheir teamstoreallyreinforcesappropriatepatientselection,leveragingbothourcapabilities,butmostimportantly,thedepthofour clinicalevidencebase.

AndIthinkit'simportanttoputthisincontextandrecognizethatareaofheartpumpsisacategorythatAbiomedpioneered.And wearetheonlyplayertoday,anditremainsarelativelyevolvingareaofmedicine.Andwithanyemergingfield,youknowthat scientificperspectiveswillcontinuetoevolveandthat'sexactlywhyweremaincommittedtoreallyinvestinginrobustclinical research,includingthestudyyoujustreferenced,whichisPROTECTIV,whichisahighlypoweredstudy,almost1,300patients focusedspecificallyonhigh-riskPCI,whichweexpecttoreadoutin2027.

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Idothinkit'salsoworthmentioningthatImpellahassupportedmorethan400,000patientsandappearsinalmost2,600peer reviewpublicationsandalso,IthinkspecifictothestudyintheUK,whichcoveredonly300patients,wehavestudiedmorethan

40,000high-riskPCIpatientsandthatevidencebasewithourtwodecadesofclinicalexperiencecontinuetosupporttheroleof

Impellainappropriatelyselectedpatients.

Soweremainveryconfidentinthelong-termpotentialroleofImpellasupportedbythesignificantrunwayforgrowth,nocurrent commercializedcompetitors,whichisakeypoint,opportunitiesforfurthergeographicexpansionandthelargeandgrowingglobal burdenofheartdisease.

Toyourquestionaroundrecovery,asalreadymentionedbyJoe,wedoexpectthistotakesometime,butweabsolutelyexpect thatourperformanceinthebackhalfwillbestrongerthanthefirst.Andweseegradualimprovementsinperformancebackto double-digitgrowthoverthecomingquarters.

JoaquinDuato-Johnson&Johnson-ChairmanoftheBoard,ChiefExecutiveOfficer

Thankyou,team.It'salsoimportanttoputthisintocontext,heartrecoveryis1of28platformsofmorethan$1billionthatwehave withinJohnson&Johnson.AndwhileweseethissituationthatTimdescribedastemporaryandfullyaddressable,Ihavetobe clear.Itdoesnotaffectinanyshapeorfashionourgrowthtrajectory,aswehavedescribed.SoasIsaidatthebeginning,wesee thesecondhalfoftheyearstrongerthatmomentumcarryinto2027,andwesee--wecontinuetoseedouble-digitgrowthbythe endofthedecade.

RyanKoors-Johnson&Johnson-VicePresident-InvestorRelations

Thankyou,Jayson.Wehavetimeforonelastquestion.

Operator

MikeNedelcovych,TDCowen.

MichaelNedelcovych-CowenandCompanyLLC-EquityAnalyst

Hi,thankyousomuchforthequestion.MyquestionisonTREMFYA.InGI,TREMFYAseemstohaveanedgeoverSKYRIZIyetSKYRIZI isholdingitsown.SomyquestionistowhatdoyouattributeSKYRIZI'sabilitytoholdshare?Thankyou.

JenniferTaubert-Johnson&Johnson-ExecutiveVicePresident,WorldwideChairman,Pharmaceuticals

Goodmorning.Thankssomuchforthequestion.I'mthrilledtohavetheopportunitytotalkaboutTREMFYA.SoTREMFYAsalesfor thequarterwere$2billion,ourfirst$2billionquarterandover70%growthwhichwe'rereallyproudof.Imentionedbeforethat wecontinuetoseegrowthandsharegainsinpsoriaticdisease.ButI'vegottotellyou,themajordriverhereisreallyourperformance inulcerativecolitisandinCrohn'sdisease.

AndsoifyoutakealookatnewpatientstartsorinductionshareinbothulcerativecolitisandCrohn'sdisease,wecurrentlyarethe share leader in both. So for example, in ulcerative colitis, 58% share of induction share for the IL-23s, that includes the other competitiveIL-23s.

ForCrohn'sdisease,we'vegotover50%shareofthoseinductions.Soagain,marketleadership.Sophysiciansarereallyseeingthe profileasdifferentiatedforTREMFYAversustheothercompetitiveset.I'llsaythatisevenfurtherscoredbythenewdatathatwe

LSEGSTREETEVENTS|www.lseg.com|ContactUs

JULY15,2026/12:30PM,JNJ.N-Q22026Johnson&JohnsonEarningsCall justreleasedourFUZIONdatathatwaspresentedatDDW,whichisthefirstpositivestudyinover20yearsinadultswithactive perianalfistulizingCrohn's.ThisisoneofthemostsevereandunderservedformsofIBD.

AndTREMFYAistheonlyIL-23todemonstrateefficacyinthissetting,andthataffectsaboutone-fourthofpatientsandsoreally underscoresvery,verystrongeffectivenessinthisagentastheonlydual-actingIL-23inhibitor.

Sowe'reseeingvery,verystrongphysicianreceptivityanduptake.We'reseeingleadershipinnewpatientstartsandbelievethat wehavegotanawfullotofgrowthaheadforTREMFYAinIBD.Andasareminder,backwhenwehadreallySTELARAhereover75% ofSTELARAsaleswereactuallyinIBD.ThereisabsolutelynoreasonwhyTREMFYAcan'tdothatorevenmore.

JohnReed-Johnson&Johnson-ExecutiveVicePresident-Pharmaceuticals,R&D

We'realsohearingmoreandmoreabouthowthesubcuinductionthatwecanofferisreallyagreattractionforthepatientsand forthehealthcareproviders.Theydon'thavetogettwodifferentpriorauthorizations,forexample,andoursubcupresentationis asimpleat-homeauto-injectorapen,soveryconvenientforthepatientstogetstarted.

RyanKoors-Johnson&Johnson-VicePresident-InvestorRelations

Thankyou,Mike,andthankstoeveryoneforyourquestionsandcontinuedinterestinourcompany.

IwillnowturnthecallovertoJoaquinforsomebriefclosingremarks.

JoaquinDuato-Johnson&Johnson-ChairmanoftheBoard,ChiefExecutiveOfficer

Thankyouforjoiningus.Johnson&Johnsontodayisamedicalinnovationpowerhouseuniquelypositionedtotranslatebreakthrough scienceintoconsistentlong-termgrowth.WhenIlookatourtoplinegrowth,themomentumthatwearegoingtocarryintothe secondhalfoftheyearinto2027,ourambitiontohavedouble-digitgrowthbytheendofthedecade,theoperatingleveragethat sustainedtoplinegrowthisgoingtocreate.

IseeJohnson&JohnsonwhenIconsiderthosefactorsasoneofthemostcompellingandtransparentgrowthstoriesinhealthcare today.Youwillhearmoreaboutthatinourenterprisebusinessreviewlaterintheyear.

ThankyouforyourcontinuedinterestinJohnson&Johnsonandenjoytherestofyourday.

Operator

Thankyou.Thisconcludestoday'sJohnson&Johnsonsecond-quarter2026earningsconferencecall.Youmaynowdisconnect.

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JULY15,2026/12:30PM,JNJ.N-Q22026Johnson&JohnsonEarningsCall

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