Johnson & Johnson Reports Q1 2022 Results

Total sales growth of 5.0% to $23.4 Billion with operational growth of 7.7%* and adjusted operational growth of 7.9%*
Earnings per share of $1.93 decreasing 16.8% and adjusted earnings per share of $2.67 increasing 3.1%*
Company maintaining 2022 full-year guidance for adjusted operational earnings per share and base business operational sales
Given global supply surplus and demand uncertainty, the Company is suspending COVID-19 Vaccine sales guidance, with no impact to adjusted operational earnings per share guidance

Johnson & Johnson (NYSE: JNJ) today announced results for first-quarter 2022. "Our first quarter results demonstrate strong performance across the enterprise, despite macro-economic headwinds. I am incredibly proud of Johnson & Johnson's 144,000 employees for their relentless passion and Credo-based commitment to delivering transformative healthcare solutions to patients and customers around the world," said Joaquin Duato Chief Executive Officer. "Looking ahead, I remain confident in the future of Johnson & Johnson as we continue advancing our portfolio and innovative pipeline."

OVERALL FINANCIAL RESULTS

	Q1
($ in Millions, except EPS)	2022	2021	% Change
Reported Sales	{replace1}nbsp; 23,426	{replace1}nbsp; 22,321	5.0%
Net Earnings	5,149	6,197	(16.9)%
EPS (diluted)	{replace1}nbsp; 1.93	{replace1}nbsp; 2.32	(16.8)%

	Q1
Non-GAAP* ($ in Millions, except EPS)	2022	2021	% Change
Operational Sales ^1,2			7.7%
Adjusted Operational Sales ^1,3			7.9%
Adjusted Net Earnings ^1,4	7,129	6,924	3.0%
Adjusted EPS (diluted) ^1,4	{replace1}nbsp; 2.67	{replace1}nbsp; 2.59	3.1%


¹	Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
²	Excludes the impact of translational currency
³	Excludes the net impact of acquisitions and divestitures and translational currency
⁴	Excludes intangible amortization expense and special items
	Note: values may have been rounded

REGIONAL SALES RESULTS

Q1			% Change
($ in Millions)	2022	2021	Reported	Operational ^1,2	Currency	Adjusted Operational ^1,3
U.S.	{replace1}nbsp; 11,414	{replace1}nbsp; 11,111	2.7%	2.7	-	2.8
International	12,012	11,210	7.2%	12.6	(5.4)	12.9
Worldwide	{replace1}nbsp; 23,426	{replace1}nbsp; 22,321	5.0%	7.7	(2.7)	7.9


¹	Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
²	Excludes the impact of translational currency
³	Excludes the net impact of acquisitions and divestitures and translational currency
	Note: values may have been rounded

SEGMENT SALES RESULTS

Q1			% Change
($ in Millions)	2022	2021	Reported	Operational ^1,2	Currency	Adjusted Operational ^1,3
Consumer Health ⁴	{replace1}nbsp; 3,586	{replace1}nbsp; 3,641	(1.5)%	0.8	(2.3)	1.6
Pharmaceutical ⁴	12,869	12,101	6.3%	9.3	(3.0)	9.3
MedTech	6,971	6,579	5.9%	8.5	(2.6)	8.6
Worldwide	{replace1}nbsp; 23,426	{replace1}nbsp; 22,321	5.0%	7.7	(2.7)	7.9


¹	Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
²	Excludes the impact of translational currency
³	Excludes the net impact of acquisitions and divestitures and translational currency
⁴	Certain international OTC products, primarily in China, were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes in their respective regions
	Note: The MedTech segment was previously referred to as the Medical Devices segment
	Values may have been rounded

FIRST QUARTER 2022 SEGMENT COMMENTARY:

Consumer Health
Consumer Health worldwide adjusted operational sales, which exclude the net impact of acquisitions and divestitures and translational currency, increased 1.6%* primarily driven by over-the-counter (OTC) products. Major contributors to growth in OTC were upper respiratory products, TYLENOL and MOTRIN analgesics, and IMODIUM in digestive health products. Growth was partially offset by external supply constraints mainly impacting Skin Health / Beauty.

Pharmaceutical
Pharmaceutical worldwide adjusted operational sales, which exclude the net impact of acquisitions and divestitures and translational currency, grew 9.3%* driven by DARZALEX (daratumumab), a biologic for the treatment of multiple myeloma, STELARA (ustekinumab), a biologic for the treatment of a number of immune-mediated inflammatory diseases, TREMFYA (guselkumab), a biologic for the treatment of adults living with moderate to severe plaque psoriasis, and for adults with active psoriatic arthritis, ERLEADA (apalutamide), a next-generation androgen receptor inhibitor for the treatment of patients with prostate cancer, and INVEGA SUSTENNA/XEPLION and INVEGA TRINZA/TREVICTA (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults. Also contributing to growth were sales of the Janssen COVID-19 Vaccine (Ad26.COV2.S) for the prevention of the SARS-CoV-2 virus. This growth was partially offset by declines in sales of REMICADE (infliximab), a biologic approved for the treatment of a number of immune-mediated inflammatory diseases, XARELTO (rivaroxaban), a direct oral anticoagulant, and ZYTIGA (abiratone acetate), an oral, once-daily medication for use in combination with prednisone for the treatment of metastatic castration-resistant prostate cancer.

MedTech
MedTech worldwide adjusted operational sales, which exclude the net impact of acquisitions and divestitures and translational currency, grew 8.6%*, driven by electrophysiology products in Interventional Solutions, contact lenses and surgical vision products in Vision, wound closure products in General Surgery, biosurgery in Advanced Surgery, and hips, trauma, and knees in Orthopaedics.

NOTABLE NEW ANNOUCEMENTS IN THE QUARTER:
The information contained in this section should be read in conjunction with Johnson & Johnson's other disclosures filed with the Securities and Exchange Commission, including its Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Copies of these filings are available online at www.sec.gov , www.jnj.com or on request from Johnson & Johnson. The reader is also encouraged to review all other news releases and information available in the Investors section of the company's website at news releases , as well as www.factsabouttalc.com , www.factsaboutourprescriptionopioids.com , and www.LTLManagementInformation.com .

Regulatory Decisions	U.S. FDA Approves CARVYKTI (ciltacabtagene autoleucel), Janssen's First Cell Therapy, a BCMA-Directed CAR-T Immunotherapy for the Treatment of Patients with Relapsed or Refractory Multiple Myeloma	(press release)
	U.S. FDA Approves CABENUVA (rilpivirine and cabotegravir) for Use Every Two Months, Expanding the Label of the First and Only Long-Acting HIV Treatment	(press release)
	U.S. FDA Approves CABENUVA (cabotegravir and rilpivirine) for Adolescents, Expanding the Indication of the First and Only Complete Long-Acting Injectable HIV Regimen ¹	(press release)
	U.S. FDA Approves Streamlined Process for Initiating HIV Therapy with CABENUVA (cabotegravir and rilpivirine), the First and Only Complete Long-Acting Injectable HIV Treatment	(press release)
Regulatory Submissions	Janssen Submits Marketing Authorisation Application to the European Medicines Agency Seeking Approval of Bispecific Antibody Teclistamab for the Treatment of Patients with Relapsed or Refractory Multiple Myeloma	(press release)
Regulatory Submissions	Janssen Seeks Approval of a New Indication for IMBRUVICA (ibrutinib) for Use in Patients with Untreated Mantle Cell Lymphoma	(press release)
Other	Janssen Presents New Data Demonstrating the Combination of Niraparib and Abiraterone Acetate Plus Prednisone Significantly Improved Radiographic Progression-Free Survival as a First-Line Therapy in Patients with HRR Gene-Mutated Metastatic Castration-Resistant Prostate Cancer	(press release)
	Johnson & Johnson Statement on Nationwide Opioid Settlement Agreement	(press release)
	DePuy Synthes Further Reimagines Knee Restoration with the Addition of Two New Innovations to the ATTUNE Knee Portfolio	(press release)
	Janssen Initiates First-of-its-Kind Clinical Study to Bridge Critical Gaps in Care for People of Color with Moderate to Severe Plaque Psoriasis	(press release)
	Johnson & Johnson Statement on War in Ukraine	(press release)

¹ Subsequent to the quarter

FULL-YEAR 2022 GUIDANCE:
Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson's results computed in accordance with GAAP.

Please note that the Company has suspended guidance on its COVID-19 Vaccine sales. The table below excludes COVID-19 Vaccine sales from Adjusted Operational Sales, Operational Sales, and Estimated Reported Sales.

($ in Billions, except EPS)

April 2022

January 2022

Adjusted Operational Sales ^1,2,5

Change vs. Prior Year

6.5% – 7.5%

Operational Sales ^2,5

Change vs. Prior Year

$97.3B – $98.3B

6.5% – 7.5%

$97.3B – $98.3B

6.5% – 7.5%

Estimated Reported Sales ^3,5

Change vs. Prior Year

$94.8B – $95.8B

3.8% – 4.8%

$95.9B - $96.9B

5.0% – 6.0%

Adjusted Operational EPS (Diluted) ^2,4

Change vs. Prior Year

$10.60 - $10.80

8.2% – 10.2%

$10.60 - $10.80

8.2% – 10.2%

Adjusted EPS (Diluted) ^3,4

Change vs. Prior Year

$10.15 - $10.35

3.6% – 5.6%

$10.40 - $10.60

6.1% – 8.2%


¹	Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures
²	Non-GAAP financial measure; excludes the impact of translational currency
³	Calculated using Euro Average Rate: January 2022 = $1.14 and April = $1.09 (Illustrative purposes only)
⁴	Non-GAAP financial measure; excludes intangible amortization expense and special items
⁵	Excludes COVID-19 Vaccine
	Note: percentages may have been rounded

Other modeling considerations will be provided on the webcast .

WEBCAST INFORMATION:
Johnson & Johnson will conduct a conference call with investors to discuss this earnings release today at 8:30 a.m., Eastern Time . A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Johnson & Johnson website . A replay and podcast will be available approximately two hours after the live webcast in the Investors section of the company's website at events-and-presentations .

ABOUT JOHNSON & JOHNSON:
At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That's why for more than 130 years, we have aimed to keep people well at every age and every stage of life. Today, as the world's largest and most broadly-based health care company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity.

NON-GAAP FINANCIAL MEASURES:
* "Operational sales growth" excluding the impact of translational currency, "adjusted operational sales growth" excluding the net impact of acquisitions and divestitures and translational currency, as well as "adjusted net earnings", "adjusted diluted earnings per share" and "adjusted operational diluted earnings per share" excluding after-tax intangible amortization expense and special items, are non-GAAP financial measures and should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Except for guidance measures, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying financial schedules of the earnings release and the Investors section of the company's website at quarterly-results .

Copies of the financial schedules accompanying this earnings release are available on the company's website at quarterly-results . These schedules include supplementary sales data, a condensed consolidated statement of earnings, reconciliations of non-GAAP financial measures, and sales of key products/franchises. Additional information on Johnson & Johnson, including adjusted income before tax by segment, a pharmaceutical pipeline of selected compounds in late stage development and a copy of today's earnings call presentation can also be found in the Investors section of the company's website at quarterly-results .

NOTE TO INVESTORS CONCERNING FORWARD-LOOKING STATEMENTS:
This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: future operating and financial performance, product development, market position and business strategy, and the anticipated separation of the Company's Consumer Health business. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the company to successfully execute strategic plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies; the Company's ability to satisfy the necessary conditions to consummate the separation of the Company's Consumer Health business on a timely basis or at all; the Company's ability to successfully separate the Company's Consumer Health business and realize the anticipated benefits from the separation; the New Consumer Health Company's ability to succeed as a standalone publicly traded company; and risks related to the impact of the COVID-19 global pandemic, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response, material delays and cancellations of medical procedures, supply chain disruptions and other impacts to the business, or on the company's ability to execute business continuity plans, as a result of the COVID-19 pandemic. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended January 2, 2022 , including in the sections captioned "Cautionary Note Regarding Forward-Looking Statements" and "Item 1A. Risk Factors," and in Johnson & Johnson's subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov , www.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.

Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	FIRST QUARTER
			Percent Change
	2022	2021	Total		Operations	Currency
Sales to customers by
segment of business

Consumer Health ⁽¹⁾
U.S.	{replace1}nbsp; 1,557	1,611	(3.4)	%	(3.4)	-
International	2,029	2,030	0.0		4.1	(4.1)
	3,586	3,641	(1.5)		0.8	(2.3)

Pharmaceutical ⁽¹⁾
U.S.	6,632	6,446	2.9		2.9	-
International	6,237	5,655	10.3		16.7	(6.4)
	12,869	12,101	6.3		9.3	(3.0)

MedTech ⁽²⁾
U.S.	3,225	3,054	5.6		5.6	-
International	3,746	3,525	6.3		11.1	(4.8)
	6,971	6,579	5.9		8.5	(2.6)

U.S.	11,414	11,111	2.7		2.7	-
International	12,012	11,210	7.2		12.6	(5.4)
Worldwide	$ 23,426	22,321	5.0	%	7.7	(2.7)

Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
⁽¹⁾ Certain international OTC products, primarily in China, were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes in their respective regions
⁽²⁾ Previously referred to as Medical Devices

Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	FIRST QUARTER
			Percent Change
	2022	2021	Total		Operations	Currency
Sales to customers by
geographic area

U.S.	{replace1}nbsp; 11,414	11,111	2.7	%	2.7	-

Europe	6,024	5,414	11.3		19.5	(8.2)
Western Hemisphere excluding U.S.	1,482	1,424	4.1		5.1	(1.0)
Asia-Pacific, Africa	4,506	4,372	3.1		6.6	(3.5)
International	12,012	11,210	7.2		12.6	(5.4)

Worldwide	{replace1}nbsp; 23,426	22,321	5.0	%	7.7	(2.7)

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

Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings

(Unaudited; in Millions Except Per Share Figures)	FIRST QUARTER

	2022			2021			Percent
			Percent			Percent	Increase
	Amount		to Sales	Amount		to Sales	(Decrease)
Sales to customers	{replace1}nbsp; 23,426		100.0	{replace1}nbsp; 22,321		100.0	5.0
Cost of products sold	7,598		32.4	7,063		31.7	7.6
Gross Profit	15,828		67.6	15,258		68.3	3.7
Selling, marketing and administrative expenses	5,938		25.4	5,432		24.3	9.3
Research and development expense	3,462		14.8	3,178		14.2	8.9
In-process research and development	610		2.6	-		-
Interest (income) expense, net	(12)		(0.1)	48		0.2
Other (income) expense, net	(102)		(0.4)	(882)		(3.9)
Restructuring	70		0.3	53		0.2
Earnings before provision for taxes on income	5,862		25.0	7,429		33.3	(21.1)
Provision for taxes on income	713		3.0	1,232		5.5	(42.1)
Net earnings	5,149		22.0	6,197		27.8	(16.9)

Net earnings per share (Diluted)	{replace1}nbsp; 1.93			{replace1}nbsp; 2.32			(16.8)

Average shares outstanding (Diluted)	2,666.5			2,672.7

Effective tax rate	12.2	%		16.6	%

Adjusted earnings before provision for taxes and net earnings ⁽¹⁾
Earnings before provision for taxes on income	{replace1}nbsp; 8,218		35.1	{replace1}nbsp; 8,291		37.1	(0.9)
Net earnings	{replace1}nbsp; 7,129		30.4	{replace1}nbsp; 6,924		31.0	3.0
Net earnings per share (Diluted)	{replace1}nbsp; 2.67			{replace1}nbsp; 2.59			3.1
Effective tax rate	13.3	%		16.5	%

⁽¹⁾ See Reconciliation of Non-GAAP Financial Measures.

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
		First Quarter
	(Dollars in Millions Except Per Share Data)	2022	2021
	Net Earnings, after tax- as reported	$5,149	$6,197

	Pre-tax Adjustments
	Intangible Asset Amortization expense	1,108	1,215
	IPR&D	610	-
	Restructuring related	72	104
	Acquisition, integration and divestiture related ¹	-	(538)
	(Gains)/losses on securities	411	35
	Medical Device Regulation ²	60	46
	Consumer Health separation costs	102	-
	Other	(7)	-

	Tax Adjustments
	Tax impact on special item adjustments ³	(393)	(113)
	Consumer Health separation tax related costs	96	-
	Tax legislation and other tax related	(79)	(22)
	Adjusted Net Earnings, after tax	$7,129	$6,924
	Average shares outstanding (Diluted)	2,666.5	2,672.7
	Adjusted net earnings per share (Diluted)	$2.67	$2.59
	Operational adjusted net earnings per share (Diluted)	$2.75


	Notes:
¹	Acquisition, integration and divestiture related for the first quarter of 2021 primarily includes the gain on the divestiture of 2 Pharmaceutical brands outside of the U.S.
²	European Medical Device Regulation (MDR) costs represent one-time compliance costs for the Company's previously registered products. MDR is a replacement of the existing European Medical Devices Directive regulatory framework, and manufacturers of currently marketed medical devices were required to comply with EU MDR beginning in May 2021. The Company considers the adoption of EU MDR to be a significant one-time regulatory change and is not indicative of on-going operations. The Company has excluded only external third-party regulatory and consulting costs from its MedTech operating segments' measures of profit and loss used for making operating decisions and assessing performance which is expected to be completed by the end of 2023.
³	The tax impact related to special item adjustments reflects the current and deferred income taxes associated with the above pre-tax special items in arriving at adjusted earnings.

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure

Adjusted Operational Sales Growth
FIRST QUARTER 2022 ACTUAL vs. 2021 ACTUAL

Segments
	Consumer Health	Pharmaceutical	MedTech	Total
WW As Reported	(1.5)%	6.3%	5.9%	5.0%
U.S.	(3.4)%	2.9%	5.6%	2.7%
International	0.0%	10.3%	6.3%	7.2%

WW Currency	(2.3)	(3.0)	(2.6)	(2.7)
U.S.	-	-	-	-
International	(4.1)	(6.4)	(4.8)	(5.4)

WW Operational	0.8%	9.3%	8.5%	7.7%
U.S.	(3.4)%	2.9%	5.6%	2.7%
International	4.1%	16.7%	11.1%	12.6%

Skin Health / Beauty
Dr. Ci Labo - Sedona	0.6			0.1
U.S.	0.0			0.0
International	1.1			0.2

All Other Acquisitions and Divestitures	0.2	0.0	0.1	0.1
U.S.	0.2	0.0	0.1	0.1
International	0.1	0.0	0.1	0.1

WW Adjusted Operational	1.6%	9.3%	8.6%	7.9%
U.S.	(3.2)%	2.9%	5.7%	2.8%
International	5.3%	16.7%	11.2%	12.9%

Note: Percentages are based on actual, non-rounded figures and may not sum .

	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
				% Change
		2022	2021	Reported	Operational ⁽¹⁾	Currency
CONSUMER HEALTH SEGMENT ^(2,3)
OTC ⁽⁵⁾
US		{replace1}nbsp; 670	599	11.8%	11.8%	-
Intl		791	673	17.5%	21.7%	-4.2%
WW		1,461	1,273	14.8%	17.1%	-2.3%
SKIN HEALTH / BEAUTY
US		544	634	-14.2%	-14.2%	-
Intl		468	529	-11.6%	-7.1%	-4.5%
WW		1,012	1,163	-13.0%	-11.0%	-2.0%
ORAL CARE
US		143	163	-12.6%	-12.6%	-
Intl		223	254	-12.0%	-8.6%	-3.4%
WW		366	417	-12.2%	-10.2%	-2.0%
BABY CARE
US		85	96	-11.5%	-11.5%	-
Intl		270	293	-7.7%	-4.8%	-2.9%
WW		355	389	-8.6%	-6.4%	-2.2%
WOMEN'S HEALTH
US		3	3	7.2%	7.2%	-
Intl		224	219	2.5%	8.3%	-5.8%
WW		228	222	2.6%	8.3%	-5.7%
WOUND CARE / OTHER
US		112	115	-3.3%	-3.3%	-
Intl		52	61	-15.3%	-14.5%	-0.8%
WW		164	177	-7.4%	-7.2%	-0.2%

TOTAL CONSUMER HEALTH
US		1,557	1,611	-3.4%	-3.4%	-
Intl		2,029	2,030	0.0%	4.1%	-4.1%
WW		{replace1}nbsp; 3,586	3,641	-1.5%	0.8%	-2.3%


See footnotes at end of schedule

	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
				% Change
PHARMACEUTICAL SEGMENT ^(2,3)		2022	2021	Reported	Operational ⁽¹⁾	Currency

IMMUNOLOGY
US		{replace1}nbsp; 2,501	2,413	3.7%	3.7%	-
Intl		1,617	1,501	7.7%	13.7%	-6.0%
WW		4,119	3,914	5.2%	7.5%	-2.3%
REMICADE
US		358	489	-26.8%	-26.8%	-
US Exports ⁽⁴⁾		80	57	40.5%	40.5%	-
Intl		225	232	-2.6%	-1.0%	-1.6%
WW		663	777	-14.7%	-14.2%	-0.5%
SIMPONI / SIMPONI ARIA
US		287	255	12.5%	12.5%	-
Intl		283	307	-7.6%	-1.9%	-5.7%
WW		571	562	1.5%	4.7%	-3.2%
STELARA
US		1,379	1,331	3.6%	3.6%	-
Intl		909	817	11.2%	17.8%	-6.6%
WW		2,288	2,148	6.5%	9.0%	-2.5%
TREMFYA
US		391	274	42.7%	42.7%	-
Intl		199	143	38.8%	47.9%	-9.1%
WW		590	418	41.3%	44.5%	-3.2%
OTHER IMMUNOLOGY
US		6	7	-3.2%	-3.2%	-
Intl		0	2	*	*	*
WW		6	8	-22.0%	-22.0%	-
INFECTIOUS DISEASES ⁽⁵⁾
US		461	512	-10.0%	-10.0%	-
Intl		836	485	72.3%	78.6%	-6.3%
WW		1,297	998	30.0%	33.1%	-3.1%
COVID-19 VACCINE
US		75	100	-24.9%	-24.9%	-
Intl		382	0	*	*	*
WW		457	100	*	*	*
EDURANT / rilpivirine
US		9	10	-12.6%	-12.6%	-
Intl		239	233	2.5%	10.5%	-8.0%
WW		248	243	1.8%	9.6%	-7.8%
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US		369	380	-3.1%	-3.1%	-
Intl		132	166	-20.3%	-15.9%	-4.4%
WW		501	546	-8.3%	-6.9%	-1.4%
OTHER INFECTIOUS DISEASES
US		8	21	-62.5%	-62.5%	-
Intl		83	87	-3.8%	1.6%	-5.4%
WW		91	108	-15.3%	-11.0%	-4.3%

	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
				% Change
		2022	2021	Reported	Operational ⁽¹⁾	Currency
NEUROSCIENCE ⁽⁵⁾
US		843	771	9.3%	9.3%	-
Intl		898	943	-4.8%	1.5%	-6.3%
WW		1,741	1,715	1.5%	5.0%	-3.5%
CONCERTA / Methylphenidate
US		35	47	-26.5%	-26.5%	-
Intl		122	123	-1.3%	3.5%	-4.8%
WW		157	171	-8.3%	-4.8%	-3.5%
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
US		661	589	12.2%	12.2%	-
Intl		387	376	3.0%	9.9%	-6.9%
WW		1,048	965	8.6%	11.3%	-2.7%
RISPERDAL CONSTA
US		63	67	-6.4%	-6.4%	-
Intl		66	89	-26.1%	-19.6%	-6.5%
WW		129	157	-17.6%	-13.9%	-3.7%
OTHER NEUROSCIENCE
US		84	67	25.5%	25.5%	-
Intl		323	355	-8.9%	-2.8%	-6.1%
WW		408	422	-3.5%	1.7%	-5.2%
ONCOLOGY
US		1,582	1,377	14.9%	14.9%	-
Intl		2,369	2,193	8.0%	15.0%	-7.0%
WW		3,950	3,570	10.6%	14.9%	-4.3%
DARZALEX
US		953	691	37.9%	37.9%	-
Intl		903	674	34.0%	42.7%	-8.7%
WW		1,856	1,365	36.0%	40.3%	-4.3%
ERLEADA
US		206	171	20.3%	20.3%	-
Intl		194	90	*	*	*
WW		400	261	53.0%	57.5%	-4.5%
IMBRUVICA
US		370	444	-16.7%	-16.7%	-
Intl		668	680	-1.8%	4.5%	-6.3%
WW		1,038	1,125	-7.7%	-3.9%	-3.8%
ZYTIGA / abiraterone acetate
US		19	50	-62.1%	-62.1%	-
Intl		520	588	-11.6%	-5.7%	-5.9%
WW		539	638	-15.6%	-10.1%	-5.5%
OTHER ONCOLOGY
US		34	21	63.1%	63.1%	-
Intl		84	161	-47.7%	-44.6%	-3.1%
WW		118	182	-35.1%	-32.3%	-2.8%

	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
				% Change
		2022	2021	Reported	Operational ⁽¹⁾	Currency
PULMONARY HYPERTENSION
US		572	573	-0.2%	-0.2%	-
Intl		279	288	-2.9%	4.0%	-6.9%
WW		852	861	-1.1%	1.2%	-2.3%
OPSUMIT
US		273	272	0.5%	0.5%	-
Intl		170	179	-4.8%	2.0%	-6.8%
WW		443	450	-1.6%	1.1%	-2.7%
UPTRAVI
US		269	259	3.9%	3.9%	-
Intl		56	46	20.9%	28.8%	-7.9%
WW		325	305	6.5%	7.7%	-1.2%
OTHER PULMONARY HYPERTENSION
US		30	42	-29.0%	-29.0%	-
Intl		53	63	-15.2%	-8.4%	-6.8%
WW		83	105	-20.8%	-16.8%	-4.0%
CARDIOVASCULAR / METABOLISM / OTHER ⁽⁵⁾
US		672	799	-15.8%	-15.8%	-
Intl		238	245	-3.0%	0.9%	-3.9%
WW		910	1,044	-12.8%	-11.9%	-0.9%
XARELTO
US		508	589	-13.8%	-13.8%	-
Intl		-	-	-	-	-
WW		508	589	-13.8%	-13.8%	-
INVOKANA / INVOKAMET
US		60	87	-30.7%	-30.7%	-
Intl		68	63	7.5%	11.1%	-3.6%
WW		128	150	-14.6%	-13.1%	-1.5%
OTHER
US		104	122	-14.9%	-14.9%	-
Intl		170	182	-6.6%	-2.6%	-4.0%
WW		274	305	-10.0%	-7.5%	-2.5%
TOTAL PHARMACEUTICAL
US		6,632	6,446	2.9%	2.9%	-
Intl		6,237	5,655	10.3%	16.7%	-6.4%
WW		{replace1}nbsp; 12,869	12,101	6.3%	9.3%	-3.0%


See footnotes at end of schedule

	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
				% Change
MEDTECH SEGMENT ^(2,3,6)		2022	2021	Reported	Operational ⁽¹⁾	Currency

INTERVENTIONAL SOLUTIONS
US		{replace1}nbsp; 494	434	13.8%	13.8%	-
Intl		597	514	16.2%	20.4%	-4.2%
WW		1,092	949	15.1%	17.4%	-2.3%
ORTHOPAEDICS
US		1,289	1,249	3.2%	3.2%	-
Intl		899	864	4.1%	9.1%	-5.0%
WW		2,188	2,113	3.5%	5.6%	-2.1%
HIPS
US		225	209	7.3%	7.3%	-
Intl		164	146	12.2%	17.0%	-4.8%
WW		389	356	9.3%	11.3%	-2.0%
KNEES
US		201	185	8.6%	8.6%	-
Intl		138	132	4.1%	9.1%	-5.0%
WW		339	317	6.7%	8.8%	-2.1%
TRAUMA
US		475	450	5.5%	5.5%	-
Intl		273	282	-3.3%	2.2%	-5.5%
WW		748	733	2.1%	4.2%	-2.1%
SPINE, SPORTS & OTHER
US		387	404	-4.1%	-4.1%	-
Intl		324	303	7.0%	11.7%	-4.7%
WW		712	707	0.6%	2.7%	-2.1%

	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
				% Change
		2022	2021	Reported	Operational ⁽¹⁾	Currency
SURGERY
US		921	898	2.5%	2.5%	-
Intl		1,513	1,474	2.7%	6.6%	-3.9%
WW		2,434	2,372	2.6%	5.0%	-2.4%
ADVANCED
US		417	405	3.0%	3.0%	-
Intl		729	713	2.2%	5.4%	-3.2%
WW		1,146	1,118	2.5%	4.5%	-2.0%
GENERAL
US		504	493	2.1%	2.1%	-
Intl		784	761	3.1%	7.7%	-4.6%
WW		1,288	1,254	2.7%	5.5%	-2.8%
VISION
US		521	472	10.4%	10.4%	-
Intl		736	673	9.4%	16.4%	-7.0%
WW		1,257	1,145	9.8%	13.9%	-4.1%
CONTACT LENSES / OTHER
US		400	371	7.7%	7.7%	-
Intl		511	486	5.1%	12.9%	-7.8%
WW		910	857	6.2%	10.6%	-4.4%
SURGICAL
US		121	101	20.2%	20.2%	-
Intl		226	187	20.5%	25.7%	-5.2%
WW		347	288	20.4%	23.8%	-3.4%

TOTAL MEDTECH
US		3,225	3,054	5.6%	5.6%	-
Intl		3,746	3,525	6.3%	11.1%	-4.8%
WW		{replace1}nbsp; 6,971	6,579	5.9%	8.5%	-2.6%


Note: Columns and rows within tables may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
* Percentage greater than 100% or not meaningful
(1) Operational growth excludes the effect of translational currency
(2) Unaudited
(3) Certain prior year amounts have been reclassified to conform to current year product disclosures
(4) Reported as U.S. sales
(5) Refer to supplemental sales information schedule
(6) Previously referred to as Medical Devices

Supplemental Sales Information
(Dollars in Millions)
Certain prior year amounts have been reclassified to
conform to current year product disclosures
		2020		2021					2021

			Full Year		Q1	Q2	Q3	Q4		Full Year
	CONSUMER HEALTH SEGMENT ⁽¹⁾

	OTC ⁽²⁾
	US		2,460		599	675	686	633		2,594
	Intl		2,761		673	752	798	811		3,034
	WW		5,221		1,273	1,426	1,484	1,444		5,627

	PHARMACEUTICAL SEGMENT ⁽¹⁾

	INFECTIOUS DISEASES ⁽²⁾
	OTHER INFECTIOUS DISEASES
	US		104		21	16	18	11		66
	Intl		292		87	71	82	57		297
	WW		396		108	88	99	68		363

	NEUROSCIENCE ⁽²⁾
	OTHER NEUROSCIENCE
	US		298		67	91	81	99		338
	Intl		1,312		355	373	298	342		1,368
	WW		1,610		422	464	379	441		1,706

	CARDIOVASCULAR / METABOLISM / OTHER ^(2,3)
	OTHER
	US		600		122	116	98	110		446
	Intl		794		182	178	173	140		673
	WW		1,394		305	293	271	250		1,119


	Note : Columns and rows within tables may not add due to rounding

	(1) Unaudited
	(2) Certain international OTC products, primarily in China, were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes in their respective regions

	(3) Other is inclusive of PROCRIT / EPREX, which was previously disclosed separately

View original content to download multimedia: https://www.prnewswire.com/news-releases/johnson--johnson-reports-q1-2022-results-301527545.html

SOURCE Johnson & Johnson

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JNJ

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Medtronic plc
WORLDWIDE REVENUE ⁽¹⁾
(Unaudited)

	FOURTH QUARTER							FISCAL YEAR
	REPORTED				ORGANIC			REPORTED				ORGANIC
(in millions)	FY25	FY24	Growth	Currency Impact ⁽³⁾	FY25 ⁽⁴⁾	FY24 ⁽⁴⁾	Growth	FY25	FY24	Growth	Currency Impact ⁽³⁾	FY25 ⁽⁵⁾	FY24 ⁽⁵⁾	Growth
Cardiovascular	$ 3,336	$ 3,130	6.6 %	$ (37)	$ 3,373	$ 3,130	7.8 %	$ 12,481	$ 11,831	5.5 %	$ (99)	$ 12,580	$ 11,831	6.3 %
Cardiac Rhythm & Heart Failure	1,733	1,587	9.2	(18)	1,751	1,587	10.3	6,392	5,995	6.6	(43)	6,435	5,995	7.3
Structural Heart & Aortic	944	883	7.0	(11)	955	883	8.3	3,554	3,358	5.8	(32)	3,587	3,358	6.8
Coronary & Peripheral Vascular	659	660	(0.1)	(8)	667	660	1.0	2,535	2,478	2.3	(23)	2,558	2,478	3.2
Neuroscience	2,620	2,545	2.9	(18)	2,638	2,545	3.7	9,846	9,406	4.7	(47)	9,893	9,406	5.2
Cranial & Spinal Technologies	1,342	1,291	3.9	(7)	1,348	1,291	4.4	4,973	4,756	4.6	(21)	4,995	4,756	5.0
Specialty Therapies	759	778	(2.5)	(7)	766	778	(1.6)	2,940	2,905	1.2	(17)	2,957	2,905	1.8
Neuromodulation	520	475	9.3	(4)	524	475	10.2	1,932	1,746	10.7	(9)	1,941	1,746	11.2
Medical Surgical	2,212	2,198	0.6	(30)	2,241	2,198	2.0	8,407	8,417	(0.1)	(80)	8,487	8,417	0.8
Surgical & Endoscopy	1,709	1,705	0.2	(25)	1,734	1,705	1.7	6,498	6,508	(0.2)	(65)	6,563	6,508	0.8
Acute Care & Monitoring	503	492	2.1	(5)	508	492	3.1	1,909	1,908	—	(15)	1,924	1,908	0.8
Diabetes	728	660	10.4	(11)	739	660	12.0	2,755	2,488	10.7	(18)	2,774	2,488	11.5
Total Reportable Segments	8,896	8,532	4.3	(95)	8,991	8,532	5.4	33,489	32,142	4.2	(244)	33,733	32,142	4.9
Other ⁽²⁾	31	57	(45.7)	(1)	—	—	—	48	221	(78.5)	(3)	—	—	—
TOTAL	$ 8,927	$ 8,589	3.9 %	$ (96)	$ 8,991	$ 8,532	5.4 %	$ 33,537	$ 32,364	3.6 %	$ (247)	$ 33,733	$ 32,142	4.9 %

Medtronic plc
U.S. REVENUE ⁽¹⁾⁽²⁾
(Unaudited)

	FOURTH QUARTER						FISCAL YEAR
	REPORTED			ORGANIC			REPORTED			ORGANIC
(in millions)	FY25	FY24	Growth	FY25	FY24	Growth	FY25	FY24	Growth	FY25	FY24	Growth
Cardiovascular	$ 1,563	$ 1,448	8.0 %	$ 1,563	$ 1,448	8.0 %	$ 5,804	$ 5,597	3.7 %	$ 5,804	$ 5,597	3.7 %
Cardiac Rhythm & Heart Failure	875	791	10.7	875	791	10.7	3,184	3,037	4.8	3,184	3,037	4.8
Structural Heart & Aortic	404	366	10.2	404	366	10.2	1,532	1,453	5.5	1,532	1,453	5.5
Coronary & Peripheral Vascular	284	291	(2.3)	284	291	(2.3)	1,088	1,107	(1.7)	1,088	1,107	(1.7)
Neuroscience	1,782	1,692	5.3	1,782	1,692	5.3	6,713	6,305	6.5	6,713	6,305	6.5
Cranial & Spinal Technologies	999	936	6.7	999	936	6.7	3,723	3,495	6.5	3,723	3,495	6.5
Specialty Therapies	431	439	(1.8)	431	439	(1.8)	1,666	1,641	1.5	1,666	1,641	1.5
Neuromodulation	352	317	11.1	352	317	11.1	1,324	1,169	13.3	1,324	1,169	13.3
Medical Surgical	946	954	(0.9)	946	954	(0.9)	3,664	3,717	(1.4)	3,664	3,717	(1.4)
Surgical & Endoscopy	668	679	(1.7)	668	679	(1.7)	2,595	2,650	(2.1)	2,595	2,650	(2.1)
Acute Care & Monitoring	278	275	1.1	278	275	1.1	1,068	1,067	0.2	1,068	1,067	0.2
Diabetes	240	223	7.2	240	223	7.2	923	852	8.3	923	852	8.3
Total Reportable Segments	4,530	4,317	4.9	4,530	4,317	4.9	17,104	16,471	3.8	17,104	16,471	3.8
Other ⁽³⁾	17	26	(35.1)	—	—	—	68	91	(25.2)	—	—	—
TOTAL	$ 4,547	$ 4,343	4.7 %	$ 4,530	$ 4,317	4.9 %	$ 17,171	$ 16,562	3.7 %	$ 17,104	$ 16,471	3.8 %

Medtronic plc
INTERNATIONAL REVENUE ⁽¹⁾
(Unaudited)

	FOURTH QUARTER							FISCAL YEAR
	REPORTED				ORGANIC			REPORTED				ORGANIC
(in millions)	FY25	FY24	Growth	Currency Impact ⁽³⁾	FY25 ⁽⁴⁾	FY24 ⁽⁴⁾	Growth	FY25	FY24	Growth	Currency Impact ⁽³⁾	FY25 ⁽⁵⁾	FY24 ⁽⁵⁾	Growth
Cardiovascular	$ 1,773	$ 1,682	5.4 %	$ (37)	$ 1,810	$ 1,682	7.6 %	$ 6,677	$ 6,234	7.1 %	$ (99)	$ 6,775	$ 6,234	8.7 %
Cardiac Rhythm & Heart Failure	858	797	7.7	(18)	876	797	9.9	3,208	2,958	8.4	(43)	3,251	2,958	9.9
Structural Heart & Aortic	541	516	4.7	(11)	552	516	6.9	2,022	1,905	6.1	(32)	2,054	1,905	7.8
Coronary & Peripheral Vascular	375	369	1.6	(8)	382	369	3.7	1,447	1,371	5.5	(23)	1,470	1,371	7.2
Neuroscience	838	853	(1.8)	(18)	856	853	0.3	3,133	3,101	1.0	(47)	3,180	3,101	2.6
Cranial & Spinal Technologies	343	356	(3.5)	(7)	350	356	(1.6)	1,250	1,260	(0.8)	(21)	1,272	1,260	0.9
Specialty Therapies	328	339	(3.5)	(7)	335	339	(1.4)	1,274	1,264	0.9	(17)	1,291	1,264	2.2
Neuromodulation	167	158	5.6	(4)	171	158	8.2	608	577	5.4	(9)	617	577	7.0
Medical Surgical	1,266	1,244	1.8	(30)	1,295	1,244	4.2	4,744	4,700	0.9	(80)	4,823	4,700	2.6
Surgical & Endoscopy	1,041	1,026	1.4	(25)	1,066	1,026	3.9	3,903	3,858	1.2	(65)	3,967	3,858	2.8
Acute Care & Monitoring	225	217	3.3	(5)	230	217	5.5	841	842	(0.1)	(15)	856	842	1.7
Diabetes	489	436	12.1	(11)	499	436	14.5	1,832	1,636	12.0	(18)	1,851	1,636	13.1
Total Reportable Segments	4,365	4,215	3.6	(95)	4,461	4,215	5.8	16,386	15,671	4.6	(244)	16,630	15,671	6.1
Other ⁽²⁾	14	31	(54.3)	(1)	—	—	—	(20)	131	(115.4)	(3)	—	—	—
TOTAL	$ 4,380	$ 4,246	3.1 %	$ (96)	$ 4,461	$ 4,215	5.8 %	$ 16,365	$ 15,802	3.6 %	$ (247)	$ 16,630	$ 15,671	6.1 %

Medtronic plc
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

	Three months ended		Fiscal year ended
(in millions, except per share data)	April 25, 2025	April 26, 2024	April 25, 2025	April 26, 2024
Net sales	$ 8,927	$ 8,589	$ 33,537	$ 32,364
Costs and expenses:
Cost of products sold, excluding amortization of intangible assets	3,147	3,044	11,632	11,216
Research and development expense	684	675	2,732	2,735
Selling, general, and administrative expense	2,721	2,765	10,849	10,736
Amortization of intangible assets	564	419	1,807	1,693
Restructuring charges, net	147	112	267	226
Certain litigation charges, net	214	44	317	149
Other operating expense (income), net	15	477	(23)	464
Operating profit	1,436	1,053	5,955	5,144
Other non-operating expense (income), net	1	(4)	(402)	(412)
Interest expense, net	174	202	729	719
Income before income taxes	1,261	856	5,628	4,837
Income tax provision	199	196	936	1,133
Net income	1,061	659	4,691	3,705
Net income attributable to noncontrolling interests	(5)	(5)	(29)	(28)
Net income attributable to Medtronic	$ 1,057	$ 654	$ 4,662	$ 3,676
Basic earnings per share	$ 0.82	$ 0.49	$ 3.63	$ 2.77
Diluted earnings per share	$ 0.82	$ 0.49	$ 3.61	$ 2.76
Basic weighted average shares outstanding	1,282.3	1,322.3	1,285.6	1,327.7
Diluted weighted average shares outstanding	1,287.7	1,325.4	1,289.9	1,330.2

Medtronic plc
GAAP TO NON-GAAP RECONCILIATIONS ⁽¹⁾
(Unaudited)

	Three months ended April 25, 2025
(in millions, except per share data)	Net Sales	Cost of Products Sold	Gross Margin Percent	Operating Profit	Operating Profit Percent	Income Before Income Taxes	Net Income attributable to Medtronic	Diluted EPS	Effective Tax Rate
GAAP	$ 8,927	$ 3,147	64.7 %	$ 1,436	16.1 %	$ 1,261	$ 1,057	$ 0.82	15.8 %
Non-GAAP Adjustments:
Amortization of intangible assets ⁽²⁾	—	—	—	564	6.3	564	455	0.35	19.3
Restructuring and associated costs ⁽³⁾	—	(2)	—	149	1.7	149	114	0.09	23.5
Acquisition and divestiture-related items ⁽⁴⁾	—	(21)	0.2	109	1.2	109	97	0.08	11.0
Certain litigation charges, net	—	—	—	214	2.4	214	163	0.13	23.4
(Gain)/loss on minority investments ⁽⁵⁾	—	—	—	—	—	172	170	0.13	0.6
Medical device regulations ⁽⁶⁾	—	(10)	0.1	14	0.2	14	12	0.01	21.4
Certain tax adjustments, net	—	—	—	—	—	—	13	0.01	—
Non-GAAP	$ 8,927	$ 3,113	65.1 %	$ 2,486	27.8 %	$ 2,483	$ 2,080	$ 1.62	16.0 %
Currency impact	96	(25)	0.7	123	1.1			0.07
Currency Adjusted	$ 9,023	$ 3,088	65.8 %	$ 2,609	28.9 %			$ 1.69

	Three months ended April 26, 2024
(in millions, except per share data)	Net Sales	Cost of Products Sold	Gross Margin Percent	Operating Profit	Operating Profit Percent	Income Before Income Taxes	Net Income attributable to Medtronic	Diluted EPS	Effective Tax Rate
GAAP	$ 8,589	$ 3,044	64.6 %	$ 1,053	12.3 %	$ 856	$ 654	$ 0.49	22.9 %
Non-GAAP Adjustments:
Amortization of intangible assets	—	—	—	419	4.9	419	357	0.27	15.0
Restructuring and associated costs ⁽³⁾	—	(13)	0.2	152	1.8	152	125	0.09	17.8
Acquisition and divestiture-related items ⁽⁷⁾	—	(76)	0.9	611	7.1	611	515	0.39	15.9
Certain litigation charges, net	—	—	—	44	0.5	44	37	0.03	15.9
(Gain)/loss on minority investments ⁽⁵⁾	—	—	—	—	—	195	197	0.15	(1.0)
Medical device regulations ⁽⁶⁾	—	(21)	0.2	31	0.4	31	27	0.02	12.9
Certain tax adjustments, net	—	—	—	—	—	—	17	0.01	—
Non-GAAP	$ 8,589	$ 2,934	65.8 %	$ 2,311	26.9 %	$ 2,309	$ 1,929	$ 1.46	16.2 %


(1)	The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(2)	Includes operations and ongoing transition agreements from businesses the Company has exited or divested, and specifically for the three months ended July 26, 2024, impacting fiscal year 2025 figures, $90 million of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.
(3)	The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.
(4)	The three months ended April 25, 2025 excludes $64 million of revenue adjustments related to $31 million of inorganic revenue for the transition activity noted in (2) and $95 million of unfavorable currency impact on the remaining segments. The three months ended April 26, 2024 excludes $57 million of inorganic revenue related to the transition activity noted in (2).
(5)	The twelve months ended April 25, 2025 excludes $196 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2), $137 million of inorganic revenue related to the transition activity noted in (2), and $244 million of unfavorable currency impact on the remaining segments. The twelve months ended April 26, 2024 excludes $221 million of inorganic revenue related to the transition activity noted in (2).


(1)	U.S. includes the United States and U.S. territories.
(2)	The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(3)	Includes operations and ongoing transition agreements from businesses the Company has exited or divested.


See description of non-GAAP financial measures contained in the press release dated May 21, 2025.
(1)	The data in this schedule has been intentionally rounded to the nearest million or $0.01 for EPS figures, and, therefore, may not sum.
(2)	The Company recognized $151 million of accelerated amortization on certain intangible assets related to product line exits within the Cardiovascular Segment.
(3)	Associated costs primarily include salaries and wages for employees supporting the restructuring activities, consulting expenses, asset write-offs, and for the three months ended April 25, 2025, contract terminations.
(4)	The charges primarily include changes in fair value of contingent consideration and exit of business-related charges.
(5)	We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.
(6)	The charges represent incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific period.
(7)	The charges predominantly include $439 million of charges related to the February 2024 decision to exit the Company's ventilator product line, which primarily includes long-lived intangible asset impairments and inventory write-downs. In addition, other charges primarily consist of changes in fair value of contingent consideration.


See description of non-GAAP financial measures contained in the press release dated May 21, 2025.
(1)	The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.
(2)	The charges primarily include exit of business-related charges and changes in fair value of contingent consideration. The fiscal year ended April 25, 2025 includes business combination costs and gains related to certain business or asset sales.
(3)	The charges represent estimated incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period.
(4)	We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.
(5)	Associated costs primarily include salaries and wages for employees supporting the restructuring activities, consulting expenses, asset write-offs, and contract terminations.
(6)	Reflects the recognition of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.


See description of non-GAAP financial measures contained in the press release dated May 21, 2025.
(1)	The data in this schedule has been intentionally rounded to the nearest million, and therefore, may not sum.
(2)	Free cash flow represents operating cash flows less property, plant, and equipment additions.

Medtronic plc
CONSOLIDATED BALANCE SHEETS
(Unaudited)

(in millions)	April 25, 2025	April 26, 2024
ASSETS
Current assets:
Cash and cash equivalents	$ 2,218	$ 1,284
Investments	6,747	6,721
Accounts receivable, less allowances and credit losses of $199 and $173, respectively	6,515	6,128
Inventories	5,476	5,217
Other current assets	2,858	2,584
Total current assets	23,814	21,935
Property, plant, and equipment, net	6,837	6,131
Goodwill	41,737	40,986
Other intangible assets, net	11,667	13,225
Tax assets	4,040	3,657
Other assets	3,584	4,047
Total assets	$ 91,680	$ 89,981
LIABILITIES AND EQUITY
Current liabilities:
Current debt obligations	$ 2,874	$ 1,092
Accounts payable	2,449	2,410
Accrued compensation	2,514	2,375
Accrued income taxes	1,358	1,330
Other accrued expenses	3,683	3,582
Total current liabilities	12,879	10,789
Long-term debt	25,642	23,932
Accrued compensation and retirement benefits	1,158	1,101
Accrued income taxes	1,574	1,859
Deferred tax liabilities	403	515
Other liabilities	1,769	1,365
Total liabilities	43,424	39,561
Commitments and contingencies
Shareholders' equity:
Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,281,934,628 and 1,311,337,531 shares issued and outstanding, respectively	—	—
Additional paid-in capital	20,833	23,129
Retained earnings	31,476	30,403
Accumulated other comprehensive loss	(4,284)	(3,318)
Total shareholders' equity	48,024	50,214
Noncontrolling interests	232	206
Total equity	48,256	50,420
Total liabilities and equity	$ 91,680	$ 89,981

Medtronic plc
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	Fiscal Year
(in millions)	2025	2024	2023
Operating Activities:
Net income	$ 4,691	$ 3,705	$ 3,784
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,861	2,647	2,697
Provision for credit losses	123	90	73
Deferred income taxes	(316)	(508)	(226)
Stock-based compensation	429	393	355
Loss on debt extinguishment	—	—	53
Asset impairments and related inventory write-downs	—	371	—
Other, net	310	573	270
Change in operating assets and liabilities, net of acquisitions and divestitures:
Accounts receivable, net	(433)	(391)	(576)
Inventories	(292)	(139)	(939)
Accounts payable and accrued liabilities	209	391	696
Other operating assets and liabilities	(538)	(345)	(148)
Net cash provided by operating activities	7,044	6,787	6,039
Investing Activities:
Acquisitions, net of cash acquired	(98)	(211)	(1,867)
Additions to property, plant, and equipment	(1,859)	(1,587)	(1,459)
Purchases of investments	(8,226)	(7,748)	(7,514)
Sales and maturities of investments	8,495	7,441	7,343
Other investing activities, net	(249)	(261)	4
Net cash used in investing activities	(1,937)	(2,366)	(3,493)
Financing Activities:
Change in current debt obligations, net	(1,070)	1,073	—
Proceeds from short-term borrowings (maturities greater than 90 days)	—	—	2,284
Repayments from short-term borrowings (maturities greater than 90 days)	—	—	(2,279)
Issuance of long-term debt	3,209	—	5,409
Payments on long-term debt	—	—	(6,012)
Dividends to shareholders	(3,589)	(3,666)	(3,616)
Issuance of ordinary shares	508	284	308
Repurchase of ordinary shares	(3,235)	(2,138)	(645)
Other financing activities	(184)	(3)	(409)
Net cash used in financing activities	(4,361)	(4,450)	(4,960)
Effect of exchange rate changes on cash and cash equivalents	188	(230)	243
Net change in cash and cash equivalents	934	(259)	(2,171)
Cash and cash equivalents at beginning of period	1,284	1,543	3,714
Cash and cash equivalents at end of period	$ 2,218	$ 1,284	$ 1,543
Supplemental Cash Flow Information
Cash paid for:
Income taxes	$ 1,819	$ 1,622	$ 1,548
Interest	762	826	606

ORCHESTRA BIOMED HOLDINGS, INC. Condensed Consolidated Balance Sheets (in thousands, except share and per share data) (Unaudited)

	March 31,			December 31,
	2025			2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	18,348		$	22,261
Marketable securities		31,536			44,551
Accounts receivable, net		89			92
Inventory		135			173
Prepaid expenses and other current assets		1,795			2,094
Total current assets		51,903			69,171
Property and equipment, net		1,413			1,384
Right-of-use assets		1,956			2,103
Strategic investments, less current portion		2,495			2,495
Deposits and other assets		1,284			1,020
TOTAL ASSETS	$	59,051		$	76,173

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	5,563		$	5,134
Accrued expenses and other liabilities		5,392			6,084
Operating lease liability, current portion		590			550
Deferred revenue, current portion		3,944			4,439
Total current liabilities		15,489			16,207
Deferred revenue, less current portion		10,752			10,989
Loan payable		14,338			14,292
Operating lease liability, less current portion		1,516			1,687
Other long-term liabilities		99			40
TOTAL LIABILITIES		42,194			43,215

STOCKHOLDERS' EQUITY
Preferred stock, $0.0001 par value per share; 10,000,000 shares authorized; none issued or outstanding at March 31, 2025 and December 31, 2024.		—			—
Common stock, $0.0001 par value per share; 340,000,000 shares authorized; 38,312,512 and 38,194,442 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively.		4			4
Additional paid-in capital		345,449			342,780
Accumulated other comprehensive income		37			52
Accumulated deficit		(328,633	)		(309,878	)
TOTAL STOCKHOLDERS' EQUITY		16,857			32,958
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	59,051		$	76,173

ORCHESTRA BIOMED HOLDINGS, INC. Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share data) (Unaudited)
	Three Months Ended March 31,
	2025			2024
Revenue:
Partnership revenue	$	732		$	497
Product revenue		136			123
Total revenue		868			620
Expenses:
Cost of product revenues		44			34
Research and development		13,482			9,112
Selling, general and administrative		6,263			5,897
Total expenses		19,789			15,043
Loss from operations		(18,921	)		(14,423	)
Other income (expense):
Interest income, net		166			1,016
Loss on fair value of strategic investments		—			(45	)
Other expense		—			(11	)
Total other income		166			960
Net loss	$	(18,755	)	$	(13,463	)
Net loss per share
Basic and diluted	$	(0.49	)	$	(0.38	)
Weighted-average shares used in computing net loss per share, basic and diluted		38,235,409			35,777,877
Comprehensive loss
Net loss	$	(18,755	)	$	(13,463	)
Unrealized (loss) gain on marketable securities		(15	)		2
Comprehensive loss	$	(18,770	)	$	(13,461	)

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