强生 2025年度报告

Our Credo We believe our first responsibility is to the patients, doctors and nurses,to mothers and fathers and all others who use our products andservices. In meeting their needs everything we do must be of highquality. We must constantly strive to provide value, reduce our costsand maintain reasonable prices. Customers’ orders must be servicedpromptly and accurately. Our business partners must have anopportunity to make a fair profit. We are responsible to our employees who work with us throughout theworld. We must provide an inclusive work environment where eachperson must be considered as an individual. We must respect theirdiversity and dignity and recognize their merit. They must have a senseof security, fulfillment and purpose in their jobs. Compensation must befair and adequate and working conditions clean, orderly and safe. Wemust support the health and well-being of our employees and help themfulfill their family and other personal responsibilities. Employees mustfeel free to make suggestions and complaints. There must be equalopportunity for employment, development and advancement for thosequalified. We must provide highly capable leaders and their actions mustbe just and ethical. We are responsible to the communities in which we live and work and tothe world community as well. We must help people be healthier bysupporting better access and care in more places around the world. Wemust be good citizens — support good works and charities, betterhealth and education, and bear our fair share of taxes. We mustmaintain in good order the property we are privileged to use, protectingthe environment and natural resources. Our final responsibility is to our stockholders. Business must make asound profit. We must experiment with new ideas. Research must becarried on, innovative programs developed, investments made for thefuture and mistakes paid for. New equipment must be purchased, newfacilities provided and new products launched. Reserves must becreated to provide for adverse times. When we operate according tothese principles, the stockholders should realize a fair return. Dear shareholders, 2025 was a catapult year for Johnson & Johnson,propelling the company into a new era of acceleratedimpact and growth. Innovative Medicine Innovative Medicine reported operational sales growth of5.3%(1), with 13 brands growing double digits, and full-yearsales exceeding $60 billion for the first time. Johnson & Johnson leads the industry as the mostcomprehensive healthcare innovation powerhouse andtoday we have the strongest portfolio and pipeline inour history. In 2025, we secured 51 approvals and filed 32 submissionsacross major markets. Additionally, we had positivereadouts from 17 key studies and initiated 11 newPhase 3 programs. Over the last 12 months, we increased our focus on areasof high-growth and high-unmet need, expanding leadershippositions across six key areas: Oncology, Immunology,Neuroscience, Cardiovascular, Surgery and Vision. In Oncology, we are advancing innovative therapies totreat and intercept disease, with the aspiration to one daycure cancer. Growth was driven through high-performingbrands such as DARZALEX, which generated more than$14 billion in annual sales, and CARVYKTI, our CAR-Ttherapy in multiple myeloma, which is the most successfulcell therapy ever launched with over 10,000 patientstreated across 14 markets. Regulatory milestones includedFDA approvals for RYBREVANT FASPRO, the firstsubcutaneous therapy for EGFR-mutated, non-small celllung cancer, and INLEXZO, a novel drug-releasing systemfor bladder cancer that offers a transformative alternativeto bladder removal. We also published impressive resultson the investigational combination of TECVAYLI andDARZALEX for patients with previously treated multiplemyeloma and were awarded a national priority reviewvoucher by the FDA. With a unique business model that spans both InnovativeMedicine and MedTech, we have the depth and scale toshape the future of healthcare in ways no othercompany can. Performance and priorities In 2025, Johnson & Johnson delivered strong operationalsales growth of 5.3%(1). Excluding STELARA, where saleswere negatively impacted by loss of exclusivity, theCompany grew 11.5%(1). Full year adjusted net earnings were $26.2 billion(1).Adjusted diluted net earnings per share were $10.79(1). Thepower and resilience of our portfolio continued to grow, asShockwave and CARVYKTI joined our list of platforms withmore than $1 billion in annual sales, bringing the totalnumber of platforms to 28 across the portfolio. In Immunology, we are continuously transforming thestandard of care for people living with immune-mediateddisease. TREMFYA became the first and only IL-23inhibitor with a fully subcutaneous treatment regimen forboth ulcerative colitis and Crohn’s disease, and is now thefastest-growing IL-23 therapy in the U.S. With recentmomentum in inflammatory bowel disease, TREMFYAdelivered more than $5 billion in glo