Document


(Unaudited; Dollars in Millions)	FIRST QUARTER
			Percent Change
Sales to customers by geographic area	2025	2024	Total		Operations	Currency
U.S.	$12,305	11,620	5.9	%	5.9	—
Europe	5,110	5,163	(1.0)		2.2	(3.2)
Western Hemisphere excluding U.S.	1,167	1,194	(2.3)		9.2	(11.5)
Asia-Pacific, Africa	3,311	3,406	(2.8)		(0.6)	(2.2)
International	9,588	9,763	(1.8)		2.1	(3.9)
Worldwide	$21,893	21,383	2.4	%	4.2	(1.8)

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


(Unaudited; in Millions Except Per Share Figures)	FIRST QUARTER
	2025				2024				Percent Increase (Decrease)
	Amount			Percent to Sales	Amount			Percent to Sales
Sales to customers	$	21,893		100.0	$	21,383		100.0	2.4
Cost of products sold	7,357			33.6	6,511			30.4	13.0
Gross Profit	14,536			66.4	14,872			69.6	(2.3)
Selling, marketing and administrative expenses	5,112			23.3	5,257			24.6	(2.8)
Research and development expense	3,225			14.7	3,542			16.6	(8.9)
Interest (income) expense, net	(128)			(0.6)	(209)			(1.0)
Other (income) expense, net	(7,321)			(33.4)	2,404			11.2
Restructuring	17			0.1	164			0.8
Earnings before provision for taxes on income	13,631			62.3	3,714			17.4	267.0
Provision for taxes on income	2,632			12.1	459			2.2	473.4
Net earnings	$	10,999		50.2	$	3,255		15.2	237.9

Net earnings per share (Diluted)	$	4.54			$	1.34			238.8

Average shares outstanding (Diluted)	2,423.8				2,430.1

Effective tax rate	19.3		%		12.4		%

Adjusted earnings before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income	$	8,011		36.6	$	7,877		36.8	1.7
Net earnings	$	6,706		30.6	$	6,580		30.8	1.9
Net earnings per share (Diluted)	$	2.77			$	2.71			2.2
Effective tax rate	16.3		%		16.5		%

(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings before provision for taxes on income," "adjusted net earnings," "adjusted net earnings per share (diluted)," and "adjusted effective tax rate" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate on an adjusted basis because management believes that these measures provide useful information to investors. Among other things, these measures may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as intangible asset amortization expense, significant gains from divestitures, significant costs associated with acquisitions, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters). Special items may be highly variable, difficult to predict, and of a size that sometimes has substantial impact on the Company's reported results of operations for a period. Management uses these measures internally for planning, forecasting and evaluating the performances of the Company's businesses, including allocating resources and evaluating results relative to employee performance compensation targets. Unlike earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate prepared in accordance with GAAP, adjusted earnings before provision for taxes on income, adjusted net earnings, adjusted net earnings per share (diluted), and adjusted effective tax rate may not be comparable with the calculation of similar measures for other companies. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of the Company's results of operations without including all events during a period, such as intangible asset amortization expense, significant gains from divestitures, the effects of an acquisition, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters) and do not provide a comparable view of the Company's performance to other companies in the health care industry. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.


	First Quarter
(Dollars in Millions Except Per Share Data)	2025		2024
Net Earnings, after tax- as reported		$10,999	$3,255

Pre-tax Adjustments
Litigation related		(6,966)	2,726
Intangible Asset Amortization expense		1,120	1,078
Restructuring related 1		55	171
Acquisition, integration and divestiture related		132	148
(Gains)/losses on securities		39	(20)
Medical Device Regulation		—	51
COVID-19 Vaccine related costs		—	9

Tax Adjustments
Tax impact on special item adjustments 2		1,315	(856)
Tax legislation and other tax related		12	18
Adjusted Net Earnings, after tax		$6,706	$6,580
Average shares outstanding (Diluted)		2,423.8	2,430.1
Adjusted net earnings per share (Diluted)		$2.77	$2.71
Operational adjusted net earnings per share (Diluted)		$2.81

1In fiscal 2023, the company completed a prioritization of its research and development (R&D) investment within the Innovative Medicine segment to focus on the most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs within therapeutic areas. The R&D program exits are primarily in infectious diseases and vaccines including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, hepatitis and HIV development. The restructuring expenses of $144 million in the fiscal first quarter of 2024 include the termination of partnered and non-partnered program costs and asset impairments. This program was completed in Q4 2024.


Segments
	Innovative Medicine		MedTech		Total
WW As Reported	2.3	%	2.5	%	2.4	%
U.S.	6.3	%	5.1	%	5.9	%
International	(2.9	%)	(0.2	%)	(1.8	%)

WW Currency	(1.9)		(1.6)		(1.8)
U.S.	—		—		—
International	(4.4)		(3.2)		(3.9)

WW Operational	4.2	%	4.1	%	4.2	%
U.S.	6.3	%	5.1	%	5.9	%
International	1.5	%	3.0	%	2.1	%

Shockwave			(3.3)		(1.2)
U.S.			(5.1)		(1.8)
International			(1.4)		(0.5)

All Other Acquisitions and Divestitures (A&D)	0.2		0.5		0.3
U.S.	0.0		0.9		0.3
International	0.4		0.2		0.3

WW Adjusted Operational Ex A&D	4.4	%	1.3	%	3.3	%
U.S.	6.3	%	0.9	%	4.4	%
International	1.9	%	1.8	%	1.9	%

(A) NON-GAAP FINANCIAL MEASURE “Adjusted operational sales growth" excludes acquisitions, divestitures and translational currency and is a non-GAAP financial measure. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and divestitures, and the impact they may have on the analysis of underlying business performance and trends, management believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to permit investors to more fully understand how management assesses the performance of the Company, including for internal evaluation of the performance of the Company's businesses and planning and forecasting for future periods. The use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company's results of operations without including all events during a period and may not provide a comparable view of the Company's performance to that of other companies in the health care industry.


	FIRST QUARTER
			% Change
	2025	2024	Reported		Operational(1)		Currency
INNOVATIVE MEDICINE SEGMENT(2)
ONCOLOGY
US	$3,013	2,383	26.4	%	26.4	%	—	%
Intl	2,664	2,430	9.6		14.4		(4.8)
WW	5,678	4,814	17.9		20.4		(2.5)

CARVYKTI
US	318	140	*		*		—
Intl	51	16	*		*		*
WW	369	157	*		*		*

DARZALEX
US	1,829	1,464	24.9		24.9		—
Intl	1,409	1,228	14.7		19.8		(5.1)
WW	3,237	2,692	20.3		22.5		(2.2)

ERLEADA
US	292	285	2.5		2.5		—
Intl	479	404	18.5		23.1		(4.6)
WW	771	689	11.9		14.6		(2.7)

IMBRUVICA
US	235	265	(11.5)		(11.5)		—
Intl	474	518	(8.5)		(4.2)		(4.3)
WW	709	784	(9.5)		(6.7)		(2.8)

RYBREVANT / LAZCLUZE(3)
US	113	36	*		*		—
Intl	28	11	*		*		*
WW	141	47	*		*		*

TALVEY(3)
US	68	50	35.2		35.2		—
Intl	18	8	*		*		*
WW	86	58	48.4		50.2		(1.8)

TECVAYLI
US	105	101	4.9		4.9		—
Intl	46	33	38.8		45.9		(7.1)
WW	151	133	13.3		15.0		(1.7)

ZYTIGA / abiraterone acetate
US	7	9	(24.3)		(24.3)		—
Intl	118	172	(31.3)		(28.5)		(2.8)
WW	125	181	(30.9)		(28.3)		(2.6)

OTHER ONCOLOGY(3)
US	47	33	42.9		42.9		—
Intl	42	41	4.6		10.1		(5.5)
WW	89	73	21.7		24.7		(3.0)

See footnotes at end of schedule

(Dollars in Millions)


	FIRST QUARTER
			% Change
	2025	2024	Reported		Operational(1)		Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
IMMUNOLOGY
US	$2,196	2,453	(10.5)	%	(10.5)	%	—	%
Intl	1,510	1,794	(15.8)		(11.5)		(4.3)
WW	3,707	4,247	(12.7)		(10.9)		(1.8)

REMICADE
US	314	266	18.1		18.1		—
US Exports(4)	10	27	(64.2)		(64.2)		—
Intl	143	141	1.3		6.8		(5.5)
WW	467	434	7.5		9.3		(1.8)

SIMPONI / SIMPONI ARIA
US	292	254	14.8		14.8		—
Intl	366	299	22.4		29.7		(7.3)
WW	659	554	18.9		22.9		(4.0)

STELARA
US	981	1,396	(29.8)		(29.8)		—
Intl	644	1,055	(38.9)		(35.8)		(3.1)
WW	1,625	2,451	(33.7)		(32.3)		(1.4)

TREMFYA
US	599	509	17.6		17.6		—
Intl	356	299	19.2		24.4		(5.2)
WW	956	808	18.2		20.1		(1.9)

OTHER IMMUNOLOGY
US	1	0	*		*		—
Intl	0	0	—		—		—
WW	1	0	*		*		—

NEUROSCIENCE
US	968	1,054	(8.1)		(8.1)		—
Intl	679	749	(9.3)		(5.5)		(3.8)
WW	1,647	1,803	(8.6)		(7.0)		(1.6)

CONCERTA / methylphenidate
US	38	41	(7.4)		(7.4)		—
Intl	110	136	(18.9)		(15.2)		(3.7)
WW	148	177	(16.3)		(13.4)		(2.9)

INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
US	625	765	(18.2)		(18.2)		—
Intl	277	292	(4.9)		(1.1)		(3.8)
WW	903	1,056	(14.5)		(13.5)		(1.0)

SPRAVATO
US	276	191	45.0		45.0		—
Intl	43	34	25.0		31.7		(6.7)
WW	320	225	41.9		42.9		(1.0)

OTHER NEUROSCIENCE
US	28	58	(50.6)		(50.6)		—
Intl	248	287	(13.4)		(9.8)		(3.6)
WW	277	345	(19.6)		(16.7)		(2.9)
See footnotes at end of schedule


	FIRST QUARTER
				% Change
	2025		2024	Reported		Operational(1)		Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)

PULMONARY HYPERTENSION
US	$	744	766	(2.9)	%	(2.9)	%	—	%
Intl	281		283	(0.6)		3.2		(3.8)
WW	1,025		1,049	(2.3)		(1.2)		(1.1)

OPSUMIT / OPSYNVI(3)
US	363		356	2.1		2.1		—
Intl	159		169	(6.0)		(2.5)		(3.5)
WW	522		524	(0.5)		0.6		(1.1)

UPTRAVI
US	365		392	(6.9)		(6.9)		—
Intl	86		76	13.4		17.5		(4.1)
WW	451		468	(3.6)		(2.9)		(0.7)

OTHER PULMONARY HYPERTENSION (3)
US	15		18	(12.7)		(12.7)		—
Intl	37		39	(4.6)		(0.3)		(4.3)
WW	52		56	(7.2)		(4.3)		(2.9)

INFECTIOUS DISEASES
US	315		324	(2.8)		(2.8)		—
Intl	487		497	(1.9)		1.9		(3.8)
WW	802		821	(2.2)		0.1		(2.3)

EDURANT / rilpivirine
US	8		8	(1.3)		(1.3)		—
Intl	350		315	11.0		14.7		(3.7)
WW	358		323	10.7		14.3		(3.6)

PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US	305		314	(2.9)		(2.9)		—
Intl	98		104	(6.2)		(0.6)		(5.6)
WW	403		418	(3.7)		(2.3)		(1.4)

OTHER INFECTIOUS DISEASES(3)
US	2		2	7.7		7.7		—
Intl	39		77	(48.8)		(47.0)		(1.8)
WW	41		78	(47.6)		(45.9)		(1.7)
See footnotes at end of schedule


	FIRST QUARTER
				% Change
	2025		2024	Reported		Operational(1)		Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)

CARDIOVASCULAR / METABOLISM / OTHER
US	$	855	631	35.4	%	35.4	%	—	%
Intl	158		197	(19.7)		(15.3)		(4.4)
WW	1,013		829	22.3		23.4		(1.1)

XARELTO
US	690		518	33.3		33.3		—
Intl	—		—	—		—		—
WW	690		518	33.3		33.3		—

OTHER
US	165		114	45.0		45.0		—
Intl	158		197	(19.7)		(15.3)		(4.4)
WW	323		311	3.9		6.7		(2.8)

TOTAL INNOVATIVE MEDICINE
US	8,092		7,612	6.3		6.3		—
Intl	5,781		5,950	(2.9)		1.5		(4.4)
WW	$	13,873	13,562	2.3	%	4.2	%	(1.9)	%


	FIRST QUARTER
				% Change
	2025		2024	Reported		Operational(1)		Currency
MEDTECH SEGMENT(2)
CARDIOVASCULAR
US	$	1,261	1,025	23.0	%	23.0	%	—	%
Intl	842		781	7.8		10.7		(2.9)
WW	2,103		1,806	16.4		17.7		(1.3)

ELECTROPHYSIOLOGY
US	684		692	(1.1)		(1.1)		—
Intl	638		652	(2.0)		0.7		(2.7)
WW	1,323		1,344	(1.6)		(0.2)		(1.4)

ABIOMED
US	339		303	11.9		11.9		—
Intl	81		67	19.7		23.6		(3.9)
WW	420		371	13.3		14.0		(0.7)

SHOCKWAVE(5)
US	206		—	*		*		—
Intl	52		—	*		*		—
WW	258		—	*		*		—

OTHER CARDIOVASCULAR
US	32		30	7.1		7.1		—
Intl	72		62	15.1		17.4		(2.3)
WW	103		92	12.5		14.1		(1.6)

ORTHOPAEDICS
US	1,384		1,448	(4.4)		(4.4)		—
Intl	857		892	(3.9)		(0.9)		(3.0)
WW	2,241		2,340	(4.2)		(3.1)		(1.1)

HIPS
US	263		270	(2.5)		(2.5)		—
Intl	146		152	(4.0)		(0.8)		(3.2)
WW	409		422	(3.1)		(1.9)		(1.2)

KNEES
US	231		242	(4.3)		(4.3)		—
Intl	158		160	(1.0)		2.1		(3.1)
WW	389		401	(3.0)		(1.7)		(1.3)

TRAUMA
US	502		504	(0.5)		(0.5)		—
Intl	270		261	3.7		7.2		(3.5)
WW	772		765	0.9		2.1		(1.2)

SPINE, SPORTS & OTHER
US	388		432	(10.2)		(10.2)		—
Intl	283		320	(11.6)		(8.9)		(2.7)
WW	671		752	(10.8)		(9.7)		(1.1)


	FIRST QUARTER
			% Change
	2025	2024	Reported		Operational(1)		Currency
MEDTECH SEGMENT(2)(Continued)
SURGERY
US	$1,002	987	1.5	%	1.5	%	—	%
Intl	1,394	1,429	(2.5)		0.8		(3.3)
WW	2,396	2,416	(0.8)		1.1		(1.9)

ADVANCED
US	457	446	2.7		2.7		—
Intl	616	641	(4.0)		(1.0)		(3.0)
WW	1,073	1,087	(1.2)		0.5		(1.7)

GENERAL
US	544	542	0.5		0.5		—
Intl	778	788	(1.2)		2.3		(3.5)
WW	1,323	1,330	(0.5)		1.6		(2.1)

VISION
US	566	547	3.4		3.4		—
Intl	713	710	0.4		3.9		(3.5)
WW	1,279	1,258	1.7		3.7		(2.0)

CONTACT LENSES / OTHER
US	452	438	3.1		3.1		—
Intl	467	472	(1.1)		2.4		(3.5)
WW	919	910	1.0		2.7		(1.7)

SURGICAL
US	114	110	4.3		4.3		—
Intl	246	238	3.4		7.1		(3.7)
WW	361	348	3.7		6.2		(2.5)

TOTAL MEDTECH
US	4,213	4,008	5.1		5.1		—
Intl	3,807	3,813	(0.2)		3.0		(3.2)
WW	$8,020	7,821	2.5	%	4.1	%	(1.6)	%


	2023		2024				2024
	Full Year		Q1	Q2	Q3	Q4	Full Year
INNOVATIVE MEDICINE SEGMENT

ONCOLOGY

RYBREVANT / LAZCLUZE
US	$	66	36	52	68	101	257
INTL	27		11	17	21	21	70
WW	93		47	69	89	122	327

TALVEY
US	56		50	59	64	68	241
INTL	7		8	9	12	17	46
WW	63		58	69	75	85	287

OTHER ONCOLOGY
US	93		33	37	36	39	145
INTL	235		41	45	50	36	172
WW	328		73	83	86	75	317

PULMONARY HYPERTENSION
OPSUMIT / OPSYNVI
US	1,292		356	376	417	408	1,557
INTL	681		169	171	166	162	668
WW	1,973		524	548	583	570	2,225

OTHER PULMONARY HYPERTENSION
US	79		18	17	21	19	75
INTL	182		39	49	39	38	165
WW	260		56	67	60	57	240

INFECTIOUS DISEASES
OTHER INFECTIOUS DISEASES (1)
US	19		2	5	3	1	11
INTL	1,395		77	227	54	43	401
WW	$	1,414	78	233	56	45	412