JOHNSON & JOHNSON, 10-Q filed on 7/25/2024
Quarterly Report
v3.24.2
Cover - shares
 6 Months Ended
Jun. 30, 2024
Jul. 19, 2024
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 1-3215  
Entity Registrant Name Johnson & Johnson  
Entity Incorporation, State or Country Code NJ  
Entity Tax Identification Number 22-1024240  
Entity Address, Address Line One One Johnson & Johnson Plaza  
Entity Address, City or Town New Brunswick  
Entity Address, State or Province NJ  
Entity Address, Postal Zip Code 08933  
City Area Code 732  
Local Phone Number 524-0400  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   2,407,243,667
Entity Central Index Key 0000200406  
Current Fiscal Year End Date --12-29  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Common Stock, Par Value $1.00    
Entity Information [Line Items]    
Title of 12(b) Security Common Stock, Par Value $1.00  
Trading Symbol JNJ  
Security Exchange Name NYSE  
1.150% Notes Due November 2028    
Entity Information [Line Items]    
Title of 12(b) Security 5.50% Notes Due November 2024  
Trading Symbol JNJ24BP  
Security Exchange Name NYSE  
1.150% Notes Due November 2028    
Entity Information [Line Items]    
Title of 12(b) Security 1.150% Notes Due November 2028  
Trading Symbol JNJ28  
Security Exchange Name NYSE  
3.20% Notes Due November 2032    
Entity Information [Line Items]    
Title of 12(b) Security 3.20% Notes Due November 2032  
Trading Symbol JNJ32  
Security Exchange Name NYSE  
1.650% Notes Due May 2035    
Entity Information [Line Items]    
Title of 12(b) Security 1.650% Notes Due May 2035  
Trading Symbol JNJ35  
Security Exchange Name NYSE  
3.350% Notes Due November 2036    
Entity Information [Line Items]    
Title of 12(b) Security 3.350% Notes Due November 2036  
Trading Symbol JNJ36A  
Security Exchange Name NYSE  
3.550% Notes Due November 2044    
Entity Information [Line Items]    
Title of 12(b) Security 3.550% Notes Due November 2044  
Trading Symbol JNJ44  
Security Exchange Name NYSE  
v3.24.2
Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents (Note 4) $ 24,878 $ 21,859
Marketable securities 597 1,068
Accounts receivable, trade, less allowances $161 (2023, $166) 15,794 14,873
Inventories (Note 2) 12,169 11,181
Prepaid expenses and other 4,379 4,514
Total current assets 57,817 53,495
Property, plant and equipment at cost 48,035 47,776
Less: accumulated depreciation (28,287) (27,878)
Property, plant and equipment, net 19,748 19,898
Intangible assets, net (Note 3) 39,725 34,175
Goodwill (Note 3) 44,250 36,558
Deferred taxes on income (Note 5) 9,004 9,279
Other assets 10,544 14,153
Total assets 181,088 167,558
Current liabilities:    
Loans and notes payable 9,855 3,451
Accounts payable 8,848 9,632
Accrued liabilities 10,539 10,212
Accrued rebates, returns and promotions 17,539 16,001
Accrued compensation and employee related obligations 2,843 3,993
Accrued taxes on income (Note 5) 4,309 2,993
Total current liabilities 53,933 46,282
Long-term debt (Note 4) 31,636 25,881
Deferred taxes on income (Note 5) 2,635 3,193
Employee related obligations (Note 6) 6,919 7,149
Long-term taxes payable (Note 5) 341 2,881
Other liabilities 14,086 13,398
Total liabilities 109,550 98,784
Commitments and Contingencies (Note 11)
Shareholders’ equity:    
Common stock — par value $1.00 per share (authorized 4,320,000,000 shares; issued 3,119,843,000 shares) 3,120 3,120
Accumulated other comprehensive income (loss) (Note 7) (11,253) (12,527)
Retained earnings and Additional paid-in capital 155,360 153,843
Less: common stock held in treasury, at cost (712,997,000 and 712,765,000 shares) 75,689 75,662
Total shareholders’ equity 71,538 68,774
Total shareholders’ equity 71,538 68,774
Total liabilities and shareholders’ equity $ 181,088 $ 167,558
v3.24.2
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Allowances for doubtful accounts $ 161 $ 166
Shareholders' equity:    
Common stock, par value per share (in usd per share) $ 1.00 $ 1.00
Common stock, shares authorized (in shares) 4,320,000,000 4,320,000,000
Common stock, shares issued (in shares) 3,119,843,000 3,119,843,000
Treasury stock (in shares) 712,997,000 712,765,000
v3.24.2
Consolidated Statements of Earnings - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Income Statement [Abstract]        
Sales to customers (Note 9) $ 22,447 $ 21,519 $ 43,830 $ 42,413
Sales to customers percent to sales 100.00% 100.00% 100.00% 100.00%
Cost of products sold $ 6,869 $ 6,462 $ 13,380 $ 13,149
Cost of products sold percent to sales 30.60% 30.00% 30.50% 31.00%
Gross profit $ 15,578 $ 15,057 $ 30,450 $ 29,264
Gross Profit Percent To Sales 69.40% 70.00% 69.50% 69.00%
Selling, marketing and administrative expenses $ 5,681 $ 5,396 $ 10,938 $ 10,302
Selling marketing and administrative expenses percent to sales 25.30% 25.10% 25.00% 24.30%
Research and development expense $ 3,440 $ 3,703 $ 6,982 $ 7,158
Research and development expense percent to sales 15.30% 17.20% 16.00% 16.90%
In-process research and development impairments $ 194 $ 0 $ 194 $ 49
In-process research and development percent to sales 0.90% 0.00% 0.40% 0.10%
Interest income $ (395) $ (326) $ (759) $ (524)
Interest income percent to sales (1.80%) (1.50%) (1.80%) (1.20%)
Interest expense, net of portion capitalized $ 270 $ 217 $ 425 $ 429
Interest expense, net of portion capitalized percent to sales 1.20% 1.00% 1.00% 1.00%
Other (income) expense, net $ 653 $ (384) $ 3,057 $ 6,556
Other (income) expense, net percent to sales 2.90% (1.80%) 7.00% 15.50%
Restructuring (Note 12) $ (13) $ 145 $ 151 $ 275
Restructuring charge percent to sales 0.00% 0.70% 0.30% 0.60%
Earnings before provision for taxes on income $ 5,748 $ 6,306 $ 9,462 $ 5,019
Earnings before provision for taxes on income percent to sales 25.60% 29.30% 21.60% 11.80%
Provision for taxes on income (Note 5) $ 1,062 $ 930 $ 1,521 $ 134
Provision for taxes on income percent to sales 4.70% 4.30% 3.50% 0.30%
Net earnings from continuing operations $ 4,686 $ 5,376 $ 7,941 $ 4,885
Net earnings from continuing operations percent of sales 20.90% 25.00% 18.10% 11.50%
Net earnings (loss) from discontinued operations, net of tax (Note 13) $ 0 $ (232) $ 0 $ 191
Net earnings $ 4,686 $ 5,144 $ 7,941 $ 5,076
NET EARNINGS PER SHARE        
Continuing operations - basic (in dollars per share) $ 1.95 $ 2.07 $ 3.30 $ 1.88
Discontinued operations - basic (in dollars per share) 0 (0.09) 0 0.07
Total net earnings per share - basic (in dollars per share) 1.95 1.98 3.30 1.95
Continuing operations - diluted (in dollars per share) 1.93 2.05 3.27 1.86
Discontinued operations - diluted (in dollars per share) 0 (0.09) 0 0.07
Total net earnings per share - diluted (in dollars per share) $ 1.93 $ 1.96 $ 3.27 $ 1.93
Avg. shares outstanding        
Basic (shares) 2,406.8 2,598.4 2,407.5 2,601.9
Diluted (shares) 2,422.0 2,625.7 2,428.5 2,630.7
v3.24.2
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Statement of Comprehensive Income [Abstract]        
Net earnings $ 4,686 $ 5,144 $ 7,941 $ 5,076
Other comprehensive income (loss), net of tax        
Foreign currency translation (389) (715) 1,734 (896)
Securities:        
Unrealized holding gain (loss) arising during period (1) 4 1 21
Reclassifications to earnings 0 0 0 0
Net change (1) 4 1 21
Employee benefit plans:        
Prior service cost amortization during period (34) (36) (272) (71)
Gain (loss) amortization during period 43 (34) 333 (67)
Net change 9 (70) 61 (138)
Derivatives & hedges:        
Unrealized gain (loss) arising during period 75 (137) (92) 433
Reclassifications to earnings (179) (139) (430) (136)
Net change (104) (276) (522) 297
Other comprehensive income (loss) (485) (1,057) 1,274 (716)
Comprehensive income $ 4,201 $ 4,087 $ 9,215 $ 4,360
v3.24.2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Statement of Comprehensive Income [Abstract]        
Foreign currency translation adjustment income (loss) $ 65 $ (32) $ 684 $ (266)
Securities income (loss) 1 1   6
Employee benefit plans income (loss) (1) 21 41 43
Derivatives & hedges income (loss) $ (28) $ (74) $ (139) $ 80
v3.24.2
Consolidated Statements of Equity - USD ($)
$ in Millions
Total
Retained Earnings and Additional Paid-in Capital
Accumulated Other Comprehensive Income (AOCI)
Common Stock Issued Amount
Treasury Stock Amount
Non-Controlling interest (NCI)
Beginning balance at Jan. 01, 2023 $ 76,804 $ 128,345 $ (12,967) $ 3,120 $ (41,694) $ 0
Net earnings 5,076 5,076        
Cash dividends paid (6,034) (6,034)        
Employee compensation and stock option plans 944 (476)     1,420  
Repurchase of common stock (3,918)       (3,918)  
Other (25)       (25)  
Kenvue IPO 4,278 2,470 548     1,260
Other comprehensive income (loss), net of tax (716)   (716)      
Ending balance at Jul. 02, 2023 76,409 129,381 (13,135) 3,120 (44,217) 1,260
Beginning balance at Apr. 02, 2023 70,869 124,558 (12,626) 3,120 (44,183) 0
Net earnings 5,144 5,144        
Cash dividends paid (3,092) (3,092)        
Employee compensation and stock option plans 649 301     348  
Repurchase of common stock (381)       (381)  
Other (1) 0     (1)  
Kenvue IPO 4,278 2,470 548     1,260
Other comprehensive income (loss), net of tax (1,057)   (1,057)      
Ending balance at Jul. 02, 2023 76,409 129,381 (13,135) 3,120 (44,217) $ 1,260
Beginning balance at Dec. 31, 2023 68,774 153,843 (12,527) 3,120 (75,662)  
Net earnings 7,941 7,941        
Cash dividends paid (5,854) (5,854)        
Employee compensation and stock option plans 1,015 (570)     1,585  
Repurchase of common stock (1,611)       (1,611)  
Other (1)       (1)  
Other comprehensive income (loss), net of tax 1,274   1,274      
Ending balance at Jun. 30, 2024 71,538 155,360 (11,253) 3,120 (75,689)  
Beginning balance at Mar. 31, 2024 70,020 153,378 (10,768) 3,120 (75,710)  
Net earnings 4,686 4,686        
Cash dividends paid (2,985) (2,985)        
Employee compensation and stock option plans 438 281     157  
Repurchase of common stock (136)       (136)  
Other comprehensive income (loss), net of tax (485)   (485)      
Ending balance at Jun. 30, 2024 $ 71,538 $ 155,360 $ (11,253) $ 3,120 $ (75,689)  
v3.24.2
Consolidated Statements of Equity (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Statement of Stockholders' Equity [Abstract]        
Cash dividends paid (in dollars per share) $ 1.24 $ 1.19 $ 2.43 $ 2.32
Noncontrolling interest, ownership percentage       10.40%
Net earnings attributable to noncontrolling interest       $ 37
v3.24.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net earnings $ 7,941 $ 5,076
Adjustments to reconcile net earnings to cash flows from operating activities:    
Depreciation and amortization of property and intangibles 3,597 3,814
Stock based compensation 643 688
Asset write-downs 379 388
Net gain on sale of assets/businesses (223) (47)
Deferred tax provision (2,257) (2,342)
Credit losses and accounts receivable allowances 0 0
Changes in assets and liabilities, net of effects from acquisitions and divestitures:    
Increase in accounts receivable (1,163) (599)
Increase in inventories (739) (741)
Increase/(Decrease) in accounts payable and accrued liabilities 449 (1,061)
Decrease/(Increase) in other current and non-current assets 3,731 (1,144)
(Decrease)/Increase in other current and non-current liabilities (3,068) 3,407
Net cash flows from operating activities 9,290 7,439
Cash flows from investing activities    
Additions to property, plant and equipment (1,783) (1,987)
Proceeds from the disposal of assets/businesses, net (Note 10) 573 116
Acquisitions, net of cash acquired (Note 10) (14,807) 0
Purchases of investments (1,184) (9,688)
Sales of investments 1,706 11,877
Credit support agreements activity, net 1,430 (798)
Other (including capitalized licenses and milestones) (86) 19
Net cash used by investing activities (14,151) (461)
Cash flows from financing activities    
Dividends to shareholders (5,854) (6,034)
Repurchase of common stock (1,611) (3,918)
Proceeds from short-term debt 13,976 12,221
Repayment of short-term debt (3,915) (13,611)
Proceeds from long-term debt, net of issuance costs 6,659 7,674
Repayment of long-term debt (803) (501)
Proceeds from the exercise of stock options/employee withholding tax on stock awards, net 290 254
Credit support agreements activity, net 281 (126)
Settlement of convertible debt acquired from Shockwave (970) 0
Proceeds from Kenvue initial public offering 0 4,241
Other 37 (53)
Net cash flows from financing activities 8,090 147
Effect of exchange rate changes on cash and cash equivalents (210) (69)
Increase in cash and cash equivalents 3,019 7,056
Cash and cash equivalents from continuing operations, beginning of period 21,859 12,889
Cash and cash equivalents from discontinued operations, beginning of period 0 1,238
Cash and Cash equivalents beginning of period 21,859 14,127
Cash and cash equivalents from continuing operations, end of period 24,878 19,958
Cash and cash equivalents from discontinued operations, end of period 0 1,225
Cash and cash equivalents, end of period 24,878 21,183
Acquisitions (Note 10)    
Fair value of assets acquired 15,748 0
Fair value of liabilities assumed (1,629) 0
Net cash paid for acquisitions $ 14,119 $ 0
v3.24.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited Consolidated Financial Statements of Johnson & Johnson and its subsidiaries (the Company) and related notes as contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The unaudited interim financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair statement of the results for the periods presented.
Columns and rows within tables may not add due to rounding. Percentages have been calculated using actual, non-rounded figures.
New accounting standards
The Company assesses the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board on the Company's financial statements as well as material updates to previous assessments, if any, from the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Recently adopted accounting standards
There were no new material accounting standards adopted in the fiscal six months in 2024.
Recently issued accounting standards
Not adopted as of June 30, 2024
ASU 2023-07: Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures
This update requires expanded annual and interim disclosures for significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. This update will be effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. This standard is to be applied retrospectively to all periods presented in the financial statements. Early adoption is permitted. While this accounting standard will increase disclosures, it will not have a material impact on the Company’s Consolidated Financial Statement results.

ASU 2023-09: Income Taxes (Topic 740) - Improvements to Income Tax Disclosures
This update standardizes categories for the effective tax rate reconciliation, requires disaggregation of income taxes and additional income tax-related disclosures. This update is required to be effective for the Company for fiscal periods beginning after December 15, 2024. While this accounting standard will increase disclosures, it will not have a material impact on the Company’s Consolidated Financial Statement results.

There were no new material accounting standards issued in the fiscal second quarter of 2024.
Supplier finance program obligations
The Company has agreements for supplier finance programs with third-party financial institutions. These programs provide participating suppliers the ability to finance payment obligations from the Company with the third-party financial institutions. The Company is not a party to the arrangements between the suppliers and the third-party financial institutions. The Company’s obligations to its suppliers, including amounts due, and scheduled payment dates (which have general payment terms of 90 days), are not affected by a participating supplier’s decision to participate in the program.
As of June 30, 2024, and December 31, 2023, $0.6 billion and $0.7 billion, respectively, were valid obligations under the program. The obligations are presented as Accounts payable on the Consolidated Balance Sheets.
v3.24.2
Inventories
 6 Months Ended
Jun. 30, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
(Dollars in Millions)June 30, 2024December 31, 2023
Raw materials and supplies$2,4072,355
Goods in process2,5561,952
Finished goods7,2066,874
Total inventories$12,16911,181
v3.24.2
Intangible Assets and Goodwill
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill Intangible assets and goodwill
Intangible assets that have finite useful lives are amortized over their estimated useful lives. The latest annual impairment assessment of goodwill and indefinite lived intangible assets was completed in the fiscal fourth quarter of 2023. Future impairment tests for goodwill and indefinite lived intangible assets will be performed annually in the fiscal fourth quarter, or sooner, if warranted.
(Dollars in Millions)June 30, 2024December 31, 2023
Intangible assets with definite lives:  
Patents and trademarks — gross$43,43840,417
Less accumulated amortization(24,835)(24,808)
Patents and trademarks — net18,60315,609
Customer relationships and other intangibles — gross20,17620,322
Less accumulated amortization(13,018)(12,685)
Customer relationships and other intangibles — net(1)
7,1587,637
Intangible assets with indefinite lives:  
Trademarks1,6551,714
Purchased in-process research and development12,3099,215
Total intangible assets with indefinite lives13,96410,929
Total intangible assets — net$39,72534,175
(1)The majority is comprised of customer relationships
Goodwill as of June 30, 2024 was allocated by segment of business as follows:
(Dollars in Millions)
Innovative
Medicine
MedTechTotal
Goodwill at December 31, 2023
$10,40726,15136,558
Goodwill, related to acquisitions5637,4948,057
Goodwill, related to divestitures—(56)(56)
Currency translation/Other(202)(107)(309)
Goodwill at June 30, 2024
$10,76833,48244,250
    
The weighted average amortization period for patents and trademarks is approximately 12 years. The weighted average amortization period for customer relationships and other intangible assets is approximately 18 years. The amortization expense of amortizable intangible assets included in the cost of products sold was $1.1 billion and $1.1 billion for the fiscal second quarters ended June 30, 2024 and July 2, 2023, respectively. The amortization expense of amortizable intangible assets included in the cost of products sold was $2.2 billion and $2.2 billion for the fiscal six months ended June 30, 2024 and July 2, 2023, respectively. Intangible asset write-downs are included in Other (income) expense, net.
The estimated amortization expense for approved products, before tax, for the five succeeding years is approximately:
(Dollars in Millions)
20242025202620272028
$4,5003,9003,3002,7002,000
See Note 10 to the Consolidated Financial Statements for additional details related to acquisitions and divestitures.
v3.24.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair value measurements
The Company uses forward foreign exchange contracts to manage its exposure to the variability of cash flows, primarily related to the foreign exchange rate changes of future intercompany product and third-party purchases of materials denominated in a foreign currency. The Company uses cross currency interest rate swaps to manage currency risk primarily related to borrowings. Both types of derivatives are designated as cash flow hedges.
Additionally, the Company uses interest rate swaps as an instrument to manage interest rate risk related to fixed rate borrowings. These derivatives are designated as fair value hedges. The Company uses cross currency interest rate swaps and forward foreign exchange contracts designated as net investment hedges. Additionally, the Company uses forward foreign exchange contracts to offset its exposure to certain foreign currency assets and liabilities. These forward foreign exchange contracts are not designated as hedges, and therefore, changes in the fair values of these derivatives are recognized in earnings, thereby offsetting the current earnings effect of the related foreign currency assets and liabilities.
The Company does not enter into derivative financial instruments for trading or speculative purposes, or that contain credit risk related contingent features. The Company maintains credit support agreements (CSA) with certain derivative counterparties establishing collateral thresholds based on respective credit ratings and netting agreements. As of June 30, 2024, the cumulative amount of cash collateral paid by the Company under the CSA amounted to $2.3 billion net, related to net investment and cash flow hedges. On an ongoing basis, the Company monitors counter-party credit ratings. The Company considers credit non-performance risk to be low because the Company primarily enters into agreements with commercial institutions that have at least an investment grade credit rating. Refer to the table on significant financial assets and liabilities measured at fair value contained in this footnote for receivables and payables with these commercial institutions. As of June 30, 2024, the Company had notional amounts outstanding for forward foreign exchange contracts, cross currency interest rate swaps and interest rate swaps of $44.5 billion, $41.0 billion and $10.0 billion, respectively. As of December 31, 2023, the Company had notional amounts outstanding for forward foreign exchange contracts, cross currency interest rate swaps and interest rate swaps of $42.9 billion, $39.7 billion and $10.0 billion, respectively.
All derivative instruments are recorded on the balance sheet at fair value. Changes in the fair value of derivatives are recorded each period in current earnings or other comprehensive income, depending on whether the derivative is designated as part of a hedge transaction, and if so, the type of hedge transaction.
The designation as a cash flow hedge is made at the entrance date of the derivative contract. At inception, all derivatives are expected to be highly effective. Foreign exchange contracts designated as cash flow hedges are accounted for under the forward method and all gains/losses associated with these contracts will be recognized in the income statement when the hedged item impacts earnings. Changes in the fair value of these derivatives are recorded in accumulated other comprehensive income until the underlying transaction affects earnings and are then reclassified to earnings in the same account as the hedged transaction.
Gains and losses associated with interest rate swaps and changes in fair value of hedged debt attributable to changes in interest rates are recorded to interest expense in the period in which they occur. Gains and losses on net investment hedges are accounted for through the currency translation account within accumulated other comprehensive income. The portion excluded from effectiveness testing is recorded through interest (income) expense using the spot method. On an ongoing basis, the Company assesses whether each derivative continues to be highly effective in offsetting changes of hedged items. If and when a derivative is no longer expected to be highly effective, hedge accounting is discontinued.
The Company designated its Euro denominated notes with due dates ranging from 2024 to 2044 as a net investment hedge of the Company's investments in certain of its international subsidiaries that use the Euro as their functional currency in order to reduce the volatility caused by changes in exchange rates.
As of June 30, 2024, the balance of deferred net loss on derivatives included in accumulated other comprehensive income was $899 million after-tax. For additional information, see the Consolidated Statements of Comprehensive Income and Note 7. The Company expects that substantially all of the amounts related to forward foreign exchange contracts will be reclassified into earnings over the next 12 months as a result of transactions that are expected to occur over that period. The maximum length of time over which the Company is hedging transaction exposure is 18 months, excluding interest rate contracts and net investment hedge contracts. The amount ultimately realized in earnings may differ as foreign exchange rates change. Realized gains and losses are ultimately determined by actual exchange rates at maturity of the derivative.
The following table is a summary of the activity related to derivatives and hedges for the fiscal second quarters ended June 30, 2024 and July 2, 2023, net of tax:
June 30, 2024July 2, 2023
(Dollars in Millions)Sales
Cost of
Products
Sold
R&D
Expense
Interest
(Income)
Expense
Other
(Income)
Expense
Sales
Cost of
Products
Sold
R&D
Expense
Interest
(Income)
Expense
Other
(Income)
Expense
The effects of fair value, net investment and cash flow hedging:
Gain (Loss) on fair value hedging relationship:
Interest rate swaps contracts:
    Hedged items$———(53)————(175)—
    Derivatives designated as hedging instruments———53————175—
Gain (Loss) on net investment hedging relationship:
Cross currency interest rate swaps contracts:
   Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing———33————33—
   Amount of gain or (loss) recognized in AOCI———33————33—
Gain (Loss) on cash flow hedging relationship:
Forward foreign exchange contracts:
   Amount of gain or (loss) reclassified from AOCI into income (1)948—3(15)56(12)—3
   Amount of gain or (loss) recognized in AOCI 26611—1(14)2517—18
Cross currency interest rate swaps contracts:
   Amount of gain or (loss) reclassified from AOCI into income———42————74—
   Amount of gain or (loss) recognized in AOCI$———(38)————(432)—
The following table is a summary of the activity related to derivatives and hedges for the fiscal six months ended June 30, 2024 and July 2, 2023, net of tax:

June 30, 2024July 2, 2023
(Dollars in Millions)SalesCost of Products SoldR&D ExpenseInterest (Income) ExpenseOther (Income) ExpenseSalesCost of Products SoldR&D ExpenseInterest (Income) ExpenseOther (Income) Expense
The effects of fair value, net investment and cash flow hedging:
Gain (Loss) on fair value hedging relationship:
Interest rate swaps contracts:
 Hedged items$———(45)————(6)—
 Derivatives designated as hedging instruments———45————6—
Gain (Loss) on net investment hedging relationship:
Cross currency interest rate swaps contracts:
   Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing———67————67—
   Amount of gain or (loss) recognized in AOCI———67————67—
Gain (Loss) on cash flow hedging relationship:
Forward foreign exchange contracts:
   Amount of gain or (loss) reclassified from AOCI into income —25912—1(3)(90)(25)—5
   Amount of gain or (loss) recognized in AOCI (1)4733—510396(29)—4
Cross currency interest rate swaps contracts:
   Amount of gain or (loss) reclassified from AOCI into income———91————182—
   Amount of gain or (loss) recognized in AOCI$———(243)————(15)—
As of June 30, 2024, and December 31, 2023, the following amounts were recorded on the Consolidated Balance Sheet related to cumulative basis adjustment for fair value hedges:
Line item in the Consolidated Balance Sheet in which the hedged item is includedCarrying Amount of the Hedged Liability
Cumulative Amount of Fair Value
Hedging Gain/ (Loss) Included in the
Carrying Amount of the Hedged Liability
(Dollars in Millions)June 30, 2024December 31, 2023June 30, 2024December 31, 2023
Long-term Debt$8,8128,862(1,274)(1,216)

The following table is the effect of derivatives not designated as hedging instruments for the fiscal second quarters ended 2024 and 2023:
Gain/(Loss)
Recognized In
Income on Derivative		Gain/(Loss)
Recognized In
Income on Derivative
(Dollars in Millions)
Location of
Gain /(Loss)
Recognized in
Income on Derivative
Fiscal Second Quarter EndedFiscal Six Months Ended
Derivatives Not Designated as Hedging InstrumentsJune 30, 2024July 2, 2023June 30, 2024July 2, 2023
Foreign Exchange ContractsOther (income) expense$2033452

The following table is the effect of net investment hedges for the fiscal second quarters ended in 2024 and 2023:
Gain/(Loss)
Recognized In
Accumulated OCI
Location of Gain or (Loss)
Reclassified from Accumulated
Other Comprehensive
Income Into Income
Gain/(Loss) Reclassified From
Accumulated OCI
Into Income
(Dollars in Millions)June 30, 2024July 2, 2023June 30, 2024July 2, 2023
Debt$4611Interest (income) expense——
Cross Currency interest rate swaps$92(24)Interest (income) expense——
The following table is the effect of net investment hedges for the fiscal six months ended in 2024 and 2023:

Gain/(Loss)
Recognized In
Accumulated OCI
Location of Gain or (Loss)
Reclassified from Accumulated
Other Comprehensive
Income Into Income
Gain/(Loss) Reclassified From
Accumulated OCI
Into Income
(Dollars in Millions)June 30, 2024July 2, 2023June 30, 2024July 2, 2023
Debt$130(66)Interest (income) expense——
Cross Currency interest rate swaps$820666Interest (income) expense——
The Company holds equity investments with readily determinable fair values and equity investments without readily determinable fair values. The Company has elected to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.
The following table is a summary of the activity related to equity investments:
December 31, 2023June 30, 2024
(Dollars in Millions)Carrying Value
Changes in Fair Value Reflected in Net Income (1)
(Sales)/ Purchases/Other (2)
Carrying ValueNon Current Other Assets
Equity Investments with readily determinable value*$4,473(4)(3,999)470470
Equity Investments without readily determinable value$696(15)(8)673673
(1)Recorded in Other (income)/expense, net
(2)Other includes impact of currency
* The December 31, 2023 balance includes the 9.5% remaining stake in Kenvue. A debt to equity exchange was completed in the fiscal second quarter of 2024.
On May 15, 2024, the Company issued $3.6 billion aggregate principal amount of commercial paper and received $3.6 billion of net cash proceeds to be used for general corporate purposes. On May 17, 2024, the Company completed a Debt-for-Equity Exchange of its remaining 182,329,550 shares of Kenvue Common Stock for the outstanding Commercial Paper. Upon completion of the Debt-for-Equity Exchange, the Commercial Paper was satisfied and discharged and the Company no longer owns any shares of Kenvue Common Stock. This exchange resulted in a loss of approximately $0.4 billion recorded in Other (income) expense.
Fair value is the exit price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement determined using assumptions that market participants would use in pricing an asset or liability. In accordance with ASC 820, a three-level hierarchy was established to prioritize the inputs used in measuring fair value. The levels within the hierarchy are described below with Level 1 inputs having the highest priority and Level 3 inputs having the lowest.
The fair value of a derivative financial instrument (i.e., forward foreign exchange contracts, interest rate contracts) is the aggregation by currency of all future cash flows discounted to its present value at the prevailing market interest rates and subsequently converted to the U.S. Dollar at the current spot foreign exchange rate. The Company does not believe that fair values of these derivative instruments materially differ from the amounts that could be realized upon settlement or maturity, or that the changes in fair value will have a material effect on the Company’s results of operations, cash flows or financial position. The Company also holds equity investments which are classified as Level 1 and debt securities which are classified as Level 2. The Company holds acquisition related contingent liabilities based upon certain regulatory and commercial events, which are classified as Level 3, whose values are determined using discounted cash flow methodologies or similar techniques for which the determination of fair value requires significant judgment or estimations.
The following three levels of inputs are used to measure fair value:
Level 1 — Quoted prices in active markets for identical assets and liabilities.
Level 2 — Significant other observable inputs.
Level 3 — Significant unobservable inputs.
The Company’s significant financial assets and liabilities measured at fair value as of June 30, 2024 and December 31, 2023 were as follows:
 June 30, 2024December 31, 2023
(Dollars in Millions)Level 1Level 2Level 3Total
Total(1)
Derivatives designated as hedging instruments:     
Assets:     
Forward foreign exchange contracts $—523—523539
Interest rate contracts(2)
—1,392—1,392988
Total —1,915—1,9151,527
Liabilities:     
Forward foreign exchange contracts —512—512624
Interest rate contracts(2)
—3,874—3,8745,338
Total —4,386—4,3865,962
Derivatives not designated as hedging instruments:     
Assets:     
Forward foreign exchange contracts —27—2764
Liabilities:     
Forward foreign exchange contracts —19—1975
Other Investments:
Equity investments(3)
470——4704,473
Debt securities(4)
—6,840—6,8408,874
Other Liabilities
Contingent consideration(5)
$——1,2481,2481,092
Gross to Net Derivative ReconciliationJune 30, 2024December 31, 2023
(Dollars in Millions)
Total Gross Assets$1,9421,591
Credit Support Agreement (CSA)(1,911)(1,575)
Total Net Asset3116
Total Gross Liabilities4,4056,037
Credit Support Agreement (CSA)(4,229)(5,604)
Total Net Liabilities$176433
Summarized information about changes in liabilities for contingent consideration for the fiscal second quarters ended June 30, 2024 and July 2, 2023 is as follows:
June 30, 2024July 2, 2023
(Dollars in Millions)
Beginning Balance$1,0921,120
Changes in estimated fair value(6)
4425
Additions112—
Payments—(3)
Ending Balance$1,2481,142
(1)2023 assets and liabilities are all classified as Level 2 with the exception of equity investments of $4,473 million, which are classified as Level 1 and contingent consideration of $1,092 million, classified as Level 3.
(2)Includes cross currency interest rate swaps and interest rate swaps.
(3)Classified as non-current other assets.
(4)Classified within cash equivalents and current marketable securities.
(5)Classified as non-current other liabilities as of June 30, 2024 and December 31, 2023, respectively.
(6)Ongoing fair value adjustment amounts are primarily recorded in Research and Development expense.
The Company's cash, cash equivalents and current marketable securities as of June 30, 2024 comprised:
(Dollars in Millions)
Carrying
Amount
Unrealized Gain
Estimated
Fair Value
Cash & Cash
Equivalents
Current
Marketable
Securities
Cash$4,247—4,2474,247—
U.S. Gov't securities—————
Non-U.S. sovereign securities150—150150—
U.S. reverse repurchase agreements8,496—8,4968,496—
Corporate debt securities(1)
—————
Money market funds4,883—4,8834,883—
Time deposits(1)
859—859859—
   Subtotal 18,635—18,63518,635—
U.S. Gov’t securities6,585—6,5856,182403
U.S. Gov’t Agencies11—11—11
Other sovereign securities2—2—2
Corporate debt securities242—24261181
   Subtotal available for sale debt(2)
$6,840—6,8406,243597
Total cash, cash equivalents and current marketable securities
$25,475—25,47524,878597
(1)Held to maturity investments are reported at amortized cost and gains or losses are reported in earnings.
(2)Available for sale debt securities are reported at fair value with unrealized gains and losses reported net of taxes in other comprehensive income.
As of the fiscal year ended December 31, 2023, the carrying amount was approximately the same as the estimated fair value.
Fair value of government securities and obligations and corporate debt securities was estimated using quoted broker prices and significant other observable inputs.
The Company classifies all highly liquid investments with stated maturities of three months or less from date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months from the date of purchase as current marketable securities. Available for sale securities with stated maturities of greater than one year from the date of purchase are available to fund current operations and are classified as either cash equivalents or current marketable securities.
The contractual maturities of the available for sale securities as of June 30, 2024 are as follows:
(Dollars in Millions)Cost BasisFair Value
Due within one year$6,8216,821
Due after one year through five years1919
Due after five years through ten years——
Total debt securities$6,8406,840
Financial instruments not measured at fair value
The following financial liabilities are held at carrying amount on the consolidated balance sheet as of June 30, 2024:
(Dollars in Millions)
Carrying
Amount
Estimated
Fair Value
Financial Liabilities  
Current Debt$9,8559,835
Non-Current Debt  
0.55% Notes due 2025
973950
2.46% Notes due 2026
1,9981,921
2.95% Notes due 2027
902955
0.95% Notes due 2027
1,4301,334
2.90% Notes due 2028
1,4971,418
1.150% Notes due 2028 (750MM Euro 1.0721)
801744
4.80% Notes due 2029 (1)
1,1451,161
6.95% Notes due 2029
298332
1.30% Notes due 2030
1,6261,445
4.90% Notes due 2031(1)
1,1451,161
3.20% Notes due 2032 (700MM Euro 1.0721)(1)
747750
4.95% Notes due 2033
499513
4.375% Notes due 2033
854835
4.95% Notes due 2034(1)

846860
1.650% Notes due 2035 (1.5B Euro 1.0721)
1,5971,384
3.35% Notes due 2036 (800MM Euro 1.0721)(1)

852853
3.587% Notes due 2036
855876
5.95% Notes due 2037
9941,089
3.625% Notes due 2037
1,3461,310
3.40% Notes due 2038
993839
5.85% Notes due 2038
697756
4.50% Notes due 2040
541521
2.10% Notes due 2040
836670
4.85% Notes due 2041
297293
4.50% Notes due 2043
496470
3.55% Notes due 2044 (1.0B Euro 1.0721)(1)
1,0621,062
3.73% Notes due 2046
1,9781,609
3.75% Notes due 2047
816805
3.50% Notes due 2048
743579
2.25% Notes due 2050
807593
5.25% Notes due 2054(1)

843854
2.45% Notes due 2060
1,055707
Other6767
Total Non-Current Debt$31,63629,716
(1) In the fiscal second quarter of 2024, the Company issued senior unsecured notes for a total of $6.7 billion. The net proceeds from this offering were used to fund the Shockwave acquisition which closed on May 31, 2024, and for general corporate purposes.
The weighted average effective interest rate on non-current debt is 3.28%.
The excess of the carrying value over the estimated fair value of debt was $1.0 billion at December 31, 2023.
Fair value of the non-current debt was estimated using market prices, which were corroborated by quoted broker prices and significant other observable inputs.
The current debt balance as of June 30, 2024 includes $8.5 billion of commercial paper which has a weighted average interest rate of 5.28% and a weighted average maturity of approximately one month.
v3.24.2
Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income taxes
The worldwide effective income tax rates for the fiscal six months of 2024 and 2023 were 16.1% and 2.7%, respectively. The change in the consolidated tax rate as compared to the prior year is primarily due to a charge of $7.0 billion in the fiscal six months of 2023 and a charge of $3.0 billion in the fiscal six months of 2024, both related to talc matters. Both charges were recorded at an effective U.S. federal and state tax rate of approximately 23% (for further information see Note 11 to the Consolidated Financial Statements).
Additionally in the fiscal six months of 2024, the effective tax rate was unfavorably impacted by legislative changes that went into effect for Pillar Two in some of the Company's foreign jurisdictions as well as tax audit expenses incurred in the fiscal second quarter of 2024 related to multi-year transfer pricing agreements with the IRS and certain other foreign jurisdictions.
As of June 30, 2024, the Company had approximately $2.5 billion of liabilities from unrecognized tax benefits. The Company conducts business and files tax returns in numerous countries and currently has tax audits in progress in a number of jurisdictions. With respect to the United States, the Internal Revenue Service (IRS) has completed its audit for the tax years through 2016 and in the fiscal first quarter of 2024 has commenced the audit for tax years 2017 through 2020.
The Company currently expects completion of multi-year transfer pricing agreements with the IRS and certain other foreign jurisdictions in the next 12 months. As a result, the Company has classified approximately $0.4 billion of unrecognized tax benefits and associated interest as a current liability on the “Accrued taxes on Income” line of the Consolidated Balance Sheet as of the end of the second fiscal quarter of 2024 in anticipation of final settlement.
In other major jurisdictions where the Company conducts business, the years that remain open to tax audit go back to the year 2013. The Company believes it is possible that tax audits may be completed over the next twelve months by taxing authorities in some jurisdictions outside of the United States. However, the Company is not able to provide a reasonably reliable estimate of the timing of any other future tax payments relating to uncertain tax positions.
v3.24.2
Pensions and Other Benefit Plans
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Pensions and Other Benefit Plans Pensions and other benefit plans
Components of net periodic benefit cost
Net periodic benefit costs for the Company’s defined benefit retirement plans and other benefit plans include the following components:
Fiscal Second Quarter EndedFiscal Six Months Ended
 Retirement PlansOther Benefit PlansRetirement PlansOther Benefit Plans
(Dollars in Millions)June 30, 2024July 2, 2023June 30, 2024July 2, 2023June 30, 2024July 2, 2023June 30, 2024July 2, 2023
Service cost$2222156969446425138137
Interest cost3513715255703723104109
Expected return on plan assets(639)(694)(1)(2)(1,281)(1,362)(3)(3)
Amortization of prior service cost/(credit)
(46)(46)(1)(1)(92)(92)(1)(1)
Recognized actuarial (gains)/losses44(50)13787(100)2613
Curtailments and settlements(8)———(8)———
Net periodic benefit cost/(credit)$(76)(204)132128(145)(406)264255
The service cost component of net periodic benefit cost is presented in the same line items on the Consolidated Statement of Earnings where other employee compensation costs are reported, including Cost of products sold, Research and development expense, Selling, marketing and administrative expenses, and in the fiscal second quarter and fiscal six months of 2023, Net earnings from discontinued operations, net of taxes if related to the separation of Kenvue. All other components of net periodic benefit cost are presented as part of Other (income) expense, net on the Consolidated Statement of Earnings.
Company contributions
For the fiscal six months ended June 30, 2024, the Company contributed $61 million and $7 million to its U.S. and international retirement plans, respectively. The Company plans to continue to fund its U.S. defined benefit plans to comply with the Pension Protection Act of 2006. International plans are funded in accordance with local regulations.
v3.24.2
Accumulated Other Comprehensive Income
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income Accumulated other comprehensive income
Components of other comprehensive income/(loss) consist of the following:
(Dollars in Millions)
Foreign
Currency
Translation
Gain/
(Loss) On
Securities
Employee
Benefit
Plans
Gain/
(Loss) On
Derivatives
& Hedges
Total
Accumulated
Other
Comprehensive
Income/(Loss)
December 31, 2023$(10,149)(1)(2,000)(377)(12,527)
Net change1,734161(522)1,274
June 30, 2024(8,415)0(1,939)(899)(11,253)
Amounts in accumulated other comprehensive income are presented net of the related tax impact. Foreign currency translation is not adjusted for income taxes where it relates to permanent investments in international subsidiaries. For additional details on comprehensive income see the Consolidated Statements of Comprehensive Income.
Details on reclassifications out of Accumulated Other Comprehensive Income:
Gain/(Loss) On Securities - reclassifications released to Other (income) expense, net.
Employee Benefit Plans - reclassifications are included in net periodic benefit cost. See Note 6 for additional details.
Gain/(Loss) On Derivatives & Hedges - reclassifications to earnings are recorded in the same account as the underlying transaction. See Note 4 for additional details.
v3.24.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings per share
The following is a reconciliation of basic net earnings per share to diluted net earnings per share:
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Shares in Millions)June 30, 2024July 2, 2023June 30, 2024July 2, 2023
Basic net earnings per share from continuing operations$1.952.073.301.88
Basic net earnings (loss) per share from discontinued operations— (0.09)—0.07
Total net earnings per share - basic1.951.983.301.95
Average shares outstanding — basic2,406.82,598.42,407.52,601.9
Potential shares exercisable under stock option plans62.695.279.396.9
Less: shares which could be repurchased under treasury stock method(47.4)(67.9)(58.3)(68.1)
Average shares outstanding — diluted2,422.02,625.72,428.52,630.7
Diluted net earnings per share from continuing operations1.932.053.271.86
Diluted net earnings (loss) per share from discontinuing operations— (0.09)—0.07
Total net earnings per share - diluted$1.931.963.271.93
(Shares in Millions)
The diluted net earnings per share calculation excluded the following number of shares related to stock options, as the exercise price of these options was greater than the average market value of the Company’s stock. 72.250.853.846.8
v3.24.2
Segments of Business and Geographic Areas
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segments of Business and Geographic Areas Segments of business and geographic areas
Following the separation of the Consumer Health business in the fiscal third quarter of 2023, the Company is now organized into two business segments: Innovative Medicine and MedTech. The segment results have been recast for all periods to reflect the continuing operations of the Company.
Sales by segment of business
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 30,
2024		July 2,
2023		Percent
Change		June 30,
2024		July 2,
2023
Percent
Change
INNOVATIVE MEDICINE
Immunology
U.S.
$2,9782,8654.0 %$5,4315,3132.2 %
International
1,7441,6316.9 3,5383,2957.4 
Worldwide
4,7224,4965.0 8,9698,6084.2 
REMICADE
U.S.
231277(16.7)497553(10.1)
U.S. Exports
35337.9 6274(15.4)
International
127152(16.6)268322(16.9)
Worldwide
393462(14.9)827949(12.9)
SIMPONI / SIMPONI ARIA
U.S.
267285(6.3)521556(6.2)
International
27024410.9 56951011.7 
Worldwide
5375291.6 1,0911,0662.3 
STELARA
U.S.
1,8551,8172.1 3,2513,268(0.5)
International
1,0309815.0 2,0851,9745.6 
Worldwide
2,8852,7973.1 5,3365,2411.8 
TREMFYA
U.S.
58945030.8 1,09885628.2 
International
31725523.9 61648925.8 
Worldwide
90670628.3 1,7141,34627.3 
OTHER IMMUNOLOGY
U.S.
24(51.5)27(75.4)
International
00— 00— 
Worldwide
24(51.5)27(75.4)
Infectious Diseases
U.S.
334395(15.4)658787(16.4)
International
631727(13.1)1,1281,920(41.3)
Worldwide
9651,121(13.9)1,7862,707(34.0)
COVID-19 VACCINE
U.S.
00— 00—
International
172285(39.7)1971,032(80.9)
Worldwide
172285(39.7)1971,032(80.9)
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 30,
2024		July 2,
2023		Percent
Change		June 30,
2024		July 2,
2023
Percent
Change
EDURANT / rilpivirine
U.S.
88(2.8)1617(7.0)
International
28825811.5 60352914.1 
Worldwide
29726611.0 62054613.4 
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
U.S.
321382(16.0)635760(16.5)
International
1171096.5 2212086.0 
Worldwide
438491(11.0)856968(11.6)
OTHER INFECTIOUS DISEASES
U.S.
5518.5 710(29.4)
International
5574(25.6)107151(29.3)
Worldwide
6179(23.1)114161(29.3)
Neuroscience
U.S.
1,1021,0297.1 2,1562,0077.4 
International
679764(11.1)1,4281,590(10.2)
Worldwide
1,7821,793(0.6)3,5853,597(0.3)
CONCERTA / methylphenidate
U.S.
3464(47.7)75134(44.3)
International
129143(9.8)265279(5.1)
Worldwide
163208(21.5)340414(17.8)
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
U.S.
7847218.8 1,5491,4348.0 
International
269310(13.1)561641(12.4)
Worldwide
1,0541,0312.2 2,1102,0751.7 
SPRAVATO
U.S.
22614457.9 41725563.9 
International
442573.5 784574.6 
Worldwide
27116960.2 49630065.5 
OTHER NEUROSCIENCE
U.S.
57100(42.5)115184(37.3)
International
237286(17.0)524625(16.2)
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 30,
2024		July 2,
2023		Percent
Change		June 30,
2024		July 2,
2023
Percent
Change
Worldwide
294386(23.7)639809(21.0)
Oncology
U.S.
2,6362,06927.4 5,0193,95826.8 
International
2,4552,3295.4 4,8854,5527.3 
Worldwide
5,0904,39815.7 9,9048,51016.4 
CARVYKTI
U.S.
16711446.5 30718466.8 
International
203*365*
Worldwide
18611759.8 34318981.5 
DARZALEX
U.S.
1,6411,32224.2 3,1052,51323.6 
International
1,2371,11011.5 2,4652,18212.9 
Worldwide
2,8782,43118.4 5,5704,69518.6 
ERLEADA
U.S.
31824132.2 60349023.0 
International
41832628.0 82261932.8 
Worldwide
73656729.8 1,4251,10928.4 
IMBRUVICA
U.S.
246262(6.4)511532(3.9)
International
525579(9.4)1,0431,136(8.3)
Worldwide
770841(8.5)1,5541,668(6.9)
TECVAYLI
U.S.
1048227.5 20513947.7 
International
3012*6318*
Worldwide
1359442.9 26815770.2 
ZYTIGA / abiraterone acetate
U.S.
11921.6 2025(19.7)
International
154218(29.6)326447(27.2)
Worldwide
165227(27.7)346472(26.8)
OTHER ONCOLOGY
U.S.
14840*26775*
International
7180(10.4)131144(8.5)
Worldwide
22112084.2 39921982.4 
Pulmonary Hypertension
U.S.
7436848.7 1,5091,28417.5 
International
2962892.6 5795613.4 
Worldwide
1,0399726.9 2,0881,84413.2 
OPSUMIT
U.S.37332813.7 72960121.3 
International170179(5.0)339346(2.2)
Worldwide5445077.1 1,06894712.7 
UPTRAVI
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 30,
2024		July 2,
2023		Percent
Change		June 30,
2024		July 2,
2023
Percent
Change
U.S.3493383.3 74164215.5 
International766124.6 15211927.6 
Worldwide 4263996.6 89476117.4 
OTHER PULMONARY HYPERTENSION
U.S.
201818.8 3841(6.1)
International50483.1 8995(6.7)
Worldwide 71667.2 127136(6.5)
Cardiovascular / Metabolism / Other
U.S.717776(7.7)1,3481,491(9.6)
International1761740.6 373386(3.6)
Worldwide892950(6.2)1,7211,877(8.3)
XARELTO
U.S.587637(7.9)1,1051,215(9.1)
International——— ——— 
Worldwide587637(7.9)1,1051,215(9.1)
OTHER
U.S.129138(6.4)243275(11.8)
International1761740.6 373386(3.6)
Worldwide305313(2.5)616662(7.0)
TOTAL INNOVATIVE MEDICINE  
U.S.8,5107,8188.9 16,12214,8418.6 
International5,9805,9131.1 11,93012,303(3.0)
Worldwide14,49013,7315.5 28,05227,1443.3 
MEDTECH
Cardiovascular(1)
U.S.1,11990823.3 2,1441,77121.1 
International7537125.7 1,5341,35213.4 
Worldwide1,8731,62015.6 3,6793,12317.8 
ELECTROPHYSIOLOGY
U.S.70560915.7 1,3971,18018.4 
International6185875.4 1,2701,10914.6 
Worldwide1,3231,19610.6 2,6672,28816.5 
ABIOMED
U.S.30927213.2 61253614.1 
International725920.7 13911916.5 
Worldwide37933114.5 75065514.5 
SHOCKWAVE(2)
U.S.77—*77—*
International0——0——
Worldwide77—*77—*
OTHER CARDIOVASCULAR(1)
U.S.292712.5 59557.7 
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 30,
2024		July 2,
2023		Percent
Change		June 30,
2024		July 2,
2023
Percent
Change
International6467(4.5)1261250.8 
Worldwide93930.3 1851802.9 
Orthopaedics
U.S.1,4221,3882.5 2,8702,7514.3 
International8908781.4 1,7821,7591.3 
Worldwide2,3122,2652.1 4,6524,5103.2 
HIPS
U.S.2652505.8 5354918.9 
International1521473.4 3042962.6 
Worldwide4173974.9 8397876.5 
KNEES
U.S.2302214.2 4724475.5 
International16314214.9 32328413.6 
Worldwide3943638.4 7957318.7 
TRAUMA
U.S.4984833.0 1,0029742.9 
International2602552.4 5215220.0 
Worldwide7597392.8 1,5241,4961.9 
SPINE, SPORTS & OTHER
U.S.430433(0.8)8628392.7 
International314334(6.1)634657(3.5)
Worldwide743766(3.1)1,4951,4950.0 
Surgery
U.S.9951,015(2.0)1,9821,990(0.4)
International1,4931,580(5.5)2,9223,039(3.8)
Worldwide2,4882,594(4.1)4,9045,028(2.5)
ADVANCED
U.S.4664660.1 9129100.2 
International675757(10.8)1,3161,430(8.0)
Worldwide1,1411,222(6.7)2,2282,340(4.8)
GENERAL
U.S.528548(3.7)1,0701,079(0.9)
International818823(0.7)1,6061,608(0.2)
Worldwide1,3461,372(1.9)2,6762,688(0.5)
Vision
U.S.523529(1.2)1,0701,087(1.5)
International763778(2.0)1,4731,521(3.2)
Worldwide1,2851,308(1.7)2,5432,608(2.5)
CONTACT LENSES / OTHER
U.S.4094090.2 847853(0.6)
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 30,
2024		July 2,
2023		Percent
Change		June 30,
2024		July 2,
2023
Percent
Change
International509530(4.0)9811,039(5.6)
Worldwide918939(2.2)1,8281,892(3.4)
SURGICAL
U.S.113120(5.8)223234(4.8)
International2542492.1 4924822.1 
Worldwide367369(0.5)715716(0.1)
TOTAL MEDTECH    
U.S.4,0593,8395.7 8,0677,5986.2 
International3,8983,949(1.3)7,7117,6710.5 
Worldwide7,9577,7882.2 15,77815,2693.3 
WORLDWIDE      
U.S.12,56911,6577.8 24,18922,4397.8 
International9,8789,8620.2 19,64119,974(1.7)
Worldwide$22,44721,5194.3 %$43,83042,4133.3 %
*    Percentage greater than 100% or not meaningful
(1) Previously referred to as Interventional
(2) Acquired on May 31, 2024
Earnings before provision for taxes by segment
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 30,
2024		July 2,
2023		Percent
Change		June 30,
2024		July 2,
2023		Percent
Change
Innovative Medicine(1)
$5,4594,81213.4 %$10,4289,21413.2 %
MedTech(2)
1,0891,671(34.8)2,6093,080(15.3)
Segment earnings before provision for taxes6,5486,4831.0 13,03712,2946.0 
Less: Expense not allocated to segments (3)
800177 3,5757,275
Worldwide income (loss) before tax$5,7486,306(8.8)%$9,4625,01988.5 %
(1) Innovative Medicine includes:
•Intangible amortization expense of $0.7 billion in both the fiscal second quarter of 2024 and 2023. Intangible amortization expense of $1.4 billion and $1.5 billion in the fiscal six months of 2024 and 2023, respectively.
•One-time COVID-19 Vaccine related exit costs of $0.1 billion in both the fiscal second quarter and fiscal six months of 2024. One-time COVID-19 Vaccine related exit costs of $0.2 billion and $0.6 billion in the fiscal second quarter and fiscal six months of 2023, respectively.
•Restructuring income of $0.1 billion in the fiscal second quarter of 2024 and a restructuring related charge of $0.1 billion in the fiscal six months of 2024. A restructuring related charge of $0.1 billion and $0.3 billion in the fiscal second quarter and fiscal six months of 2023, respectively. Refer to Note 12 for additional details.
•An In-process research and development impairment of $0.2 billion in the fiscal second quarter and fiscal six months of 2024 associated with the M710 (biosimilar) asset acquired from Momenta in 2020.
(2)    MedTech includes:
•Intangible amortization expense of $0.4 billion in both the fiscal second quarter of 2024 and 2023. Intangible amortization expense of $0.8 billion in both the fiscal six months of 2024 and 2023.
•Favorable intellectual property litigation settlements of $0.3 billion in both the fiscal second quarter and fiscal six months of 2023
•Acquisition and integration related expense of $0.6 billion and $0.6 billion, primarily driven by the Shockwave acquisition, in the fiscal second quarter and fiscal six months of 2024, respectively. Acquisition and integration related expense of $0.1 billion in the fiscal six months of 2023.
•A gain of $0.2 billion related to the Acclarent divestiture recorded in Other (income) expense in the fiscal second quarter and fiscal six months of 2024
•Restructuring related charge of $0.1 billion in the fiscal second quarter and fiscal six months of 2024
(3)    Amounts not allocated to segments include interest (income)/expense and general corporate (income)/expense. The fiscal second quarters of 2024 and 2023 include charges for talc matters of $0.3 billion and $0.2 billion, respectively. The fiscal six months of 2024 and 2023 include charges for talc matters of $3.0 billion and $7.1 billion, respectively (See Note 11, Legal Proceedings, for additional details). The fiscal second quarter and six months of 2024 includes a loss of approximately $0.4 billion related to the debt to equity exchange of the Company's remaining shares of Kenvue Common Stock
Sales by geographic area
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 30, 2024July 2, 2023Percent
Change		June 30, 2024July 2, 2023Percent Change
United States$12,56911,6577.8 %$24,18922,4397.8 %
Europe5,2145,1311.6 10,37710,721(3.2)
Western Hemisphere, excluding U.S.1,2121,1366.7 2,4062,2128.8 
Asia-Pacific, Africa3,4523,595(4.0)6,8587,041(2.6)
Total$22,44721,5194.3 %$43,83042,4133.3 %
v3.24.2
Acquisitions and Divestitures
 6 Months Ended
Jun. 30, 2024
Business Combinations [Abstract]  
Acquisitions and Divestitures Acquisitions and divestitures
Subsequent to the quarter, on July 11, 2024, the Company completed the acquisition of Yellow Jersey Therapeutics (Yellow Jersey), a demerged subsidiary of Numab Therapeutics, to secure the global rights to NM26, a novel, investigational first-in-class bispecific antibody targeting two clinically proven pathways in atopic dermatitis (AD), in an all-cash transaction for approximately $1.25 billion. The transaction is being accounted for as an asset acquisition, resulting in an in-process research and development (IPR&D) charge of approximately $1.25 billion recorded as part of research and development expense and the results of operations will be included in the Innovative Medicine segment as of the acquisition date. The acquisition is not expected to be deductible for tax purposes.

On June 20, 2024, the Company completed the acquisition of Proteologix, Inc., a privately held biotechnology company focused on bispecific antibodies for immune-mediated diseases, for approximately $0.8 billion net of cash acquired, with potential for an additional milestone payment. The transaction was accounted for as a business combination and the results of operations were included in the Innovative Medicine segment as of the acquisition date. The fair value of the acquisition was allocated to assets acquired of $1.2 billion, primarily non-amortizable intangible assets, inclusive of purchased IPR&D, for $0.9 billion, goodwill for $0.3 billion, and $0.3 billion of liabilities acquired which included $0.1 billion related to a contingent consideration. The preliminary purchase price allocation is subject to any subsequent valuation adjustments within the measurement period. A probability of success factor ranging from 30% to 45% was used in the fair value calculation to reflect inherent regulatory and commercial risk of the IPR&D. The discount rate applied was approximately 16%. The goodwill is primarily attributable to synergies expected to arise from the business acquisition and is not expected to be deductible for tax purposes. Acquisition related costs before tax for the fiscal second quarter of 2024 were not material.

On May 31, 2024, the Company completed the acquisition of Shockwave Medical Inc. (SWAV)(Shockwave), a leading, first-to-market provider of innovative intravascular lithotripsy (IVL) technology for the treatment of calcified coronary artery disease (CAD) and peripheral artery disease (PAD) in an all-cash merger transaction. The Company acquired all the outstanding shares of Shockwave’s common stock for $335.00 per share through a merger of Shockwave with a subsidiary of the Company. The transaction was accounted for as a business combination and the results of operations were included in the MedTech segment as of the acquisition date.
Details of the fair value amounts recognized for assets acquired and liabilities assumed as of the acquisition date:
(Dollars in Billions)
Assets acquired:
Cash $1.1
Goodwill7.5
Amortizable intangibles5.3
IPR&D0.6
Inventory0.5
Other assets0.5
Total assets acquired$15.5
Liabilities assumed:
Deferred taxes$1.5
Notes payable*1.0
Accrued liabilities**0.4
Total liabilities assumed$2.9
Net assets acquired$12.6
Net assets acquired as of May 31, 2024$12.6
Less: Cash acquired1.1
Equity awards settled0.6
Settlement of Note payable*1.0
Total enterprise value as of June 30, 2024$13.1
•Represents the convertible debt which was subsequently paid in the fiscal second quarter of 2024.
** Includes $0.2 billion of equity awards

The preliminary purchase price allocation is subject to any subsequent valuation adjustments within the measurement period. The goodwill is primarily attributable to synergies expected to arise from the business acquisition and is not expected to be deductible for tax purposes. Acquisition related costs before tax for the fiscal second quarter were $0.5 billion of which $0.4 billion related to equity awards and was recorded in Other (income) expense. The amortizable intangible assets were primarily comprised of already in-market CAD and PAD IVL products with the average weighted lives of 14 years. The IPR&D assets were valued for technology programs for unapproved products. The value of the IPR&D was calculated using a probability-adjusted cash flow projection discounted for the risk inherent in such projects with the weighted average probability of success factors of approximately 50%. The discount rate applied was 9.0%.

During the fiscal first quarter of 2024, the Company completed the acquisition of Ambrx Biopharma, Inc., (Ambrx), a clinical-stage biopharmaceutical company with a proprietary synthetic biology technology platform to design and develop next-generation antibody drug conjugates (ADCs), in an all-cash merger transaction for a total equity value of approximately $2.0 billion, or $1.8 billion net of cash acquired. The Company acquired all of the outstanding shares of Ambrx’s common stock for $28.00 per share through a merger of Ambrx with a subsidiary of the Company. The transaction was accounted for as a business combination and the results of operations were included in the Innovative Medicine segment as of the acquisition date. The fair value of the acquisition was allocated to assets acquired of $2.3 billion, primarily non-amortizable intangible assets, inclusive of purchased IPR&D, for $1.9 billion, goodwill for $0.3 billion and liabilities assumed of $0.5 billion, which includes deferred taxes of $0.4 billion. The preliminary purchase price allocation is subject to any subsequent valuation adjustments within the measurement period. A probability of success factor ranging from 40% to 70% was used in the fair value calculation to reflect inherent regulatory and commercial risk of the IPR&D. The discount rate applied was approximately 17%. The goodwill is primarily attributable to synergies expected to arise from the business acquisition and is not expected to be deductible for tax purposes. Acquisition related costs before tax for the fiscal six months of 2024 were not material.
Divestitures
In the fiscal second quarter of 2024, the Company completed the divestiture of Acclarent resulting in approximately $0.3 billion in proceeds. In the fiscal first quarter of 2024, the Company completed the divestiture of Ponvory outside of the U.S. resulting in approximately $0.2 billion in proceeds.
There were no material acquisitions or divestitures in the fiscal first quarter or fiscal second quarter of 2023.
v3.24.2
Legal Proceedings
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Legal Proceedings Legal Proceedings
Johnson & Johnson and certain of its subsidiaries are involved in various lawsuits and claims regarding product liability; intellectual property; commercial; indemnification and other matters; governmental investigations; and other legal proceedings that arise from time to time in the ordinary course of their business.
The Company records accruals for loss contingencies associated with these legal matters when it is probable that a liability will be incurred, and the amount of the loss can be reasonably estimated. As of June 30, 2024, the Company has determined that the liabilities associated with certain litigation matters are probable and can be reasonably estimated. The Company has accrued for these matters and will continue to monitor each related legal issue and adjust accruals as might be warranted based on new information and further developments in accordance with ASC 450-20-25. For these and other litigation and regulatory matters discussed below for which a loss is probable or reasonably possible, the Company is unable to estimate the possible loss or range of loss beyond the amounts accrued. Amounts accrued for legal contingencies often result from a complex series of judgments about future events and uncertainties that rely heavily on estimates and assumptions including timing of related payments. The ability to make such estimates and judgments can be affected by various factors including, among other things, whether damages sought in the proceedings are unsubstantiated or indeterminate; scientific and legal discovery has not commenced or is not complete; proceedings are in early stages; matters present legal uncertainties; there are significant facts in dispute; procedural or jurisdictional issues; the uncertainty and unpredictability of the number of potential claims; ability to achieve comprehensive multi-party settlements; complexity of related cross-claims and counterclaims; and/or there are numerous parties involved. To the extent adverse awards, judgments or verdicts have been rendered against the Company, the Company does not record an accrual until a loss is determined to be probable and can be reasonably estimated.
In the Company’s opinion, based on its examination of these matters, its experience to date and discussions with counsel, the ultimate outcome of legal proceedings, net of liabilities accrued in the Company’s balance sheet, is not expected to have a material adverse effect on the Company’s financial position. However, the resolution of, or increase in accruals for, one or more of these matters in any reporting period may have a material adverse effect on the Company’s results of operations and cash flows for that period.
Matters concerning talc
A significant number of personal injury claims alleging that talc causes cancer have been asserted against Johnson & Johnson Consumer Inc., its successor LLT Management LLC (previously known as LTL Management LLC) and the Company arising out of the use of body powders containing talc, primarily JOHNSON’S Baby Powder.
In talc cases that have gone to trial, the Company has obtained a number of defense verdicts, but there also have been verdicts against the Company, many of which have been reversed on appeal. In June 2020, the Missouri Court of Appeals reversed in part and affirmed in part a July 2018 verdict of $4.7 billion in Ingham v. Johnson & Johnson, et al., No. ED 207476 (Mo. App.), reducing the overall award to $2.1 billion. An application for transfer of the case to the Missouri Supreme Court was subsequently denied, and in June 2021, a petition for certiorari, seeking a review of the Ingham decision by the United States Supreme Court, was denied. In June 2021, the Company paid the award, which, including interest, totaled approximately $2.5 billion. The facts and circumstances, including the terms of the award, were unique to the Ingham decision and not representative of other claims brought against the Company. The Company continues to believe that it has strong legal grounds to contest the other talc verdicts that it has appealed. Notwithstanding the Company’s confidence in the safety of its talc products, in certain circumstances the Company has settled cases.
In June 2014, the Mississippi Attorney General filed a complaint against the Company alleging violation of the Mississippi Consumer Protection Act by failing to disclose alleged health risks associated with female consumers’ use of talc contained in JOHNSON’S Baby Powder and JOHNSON’S Shower to Shower (a product divested in 2012). The Company has reached an agreement to resolve this matter.

In January 2020, the State of New Mexico filed a consumer protection case alleging that the Company deceptively marketed and sold its talcum powder products by making misrepresentations about the safety of the products and the presence of carcinogens, including asbestos. The Company has reached an agreement to resolve this matter.

Forty-two states and the District of Columbia commenced a joint investigation into the Company’s marketing of its talcum powder products. In January 2024, the Company reached an agreement in principle with the multi-state group of state Attorneys General, subject to ongoing negotiation of non-monetary terms. In June 2024, the settlements were finalized.
In October 2021, Johnson & Johnson Consumer Inc. (Old JJCI) implemented a corporate restructuring (the 2021 Corporate Restructuring). As a result of that restructuring, Old JJCI ceased to exist and three new entities were created: (a) LTL Management LLC, a North Carolina limited liability company (LTL or Debtor); (b) Royalty A&M LLC, a North Carolina limited liability company and
a direct subsidiary of LTL (RAM); and (c) the Debtor’s direct parent, Johnson & Johnson Consumer Inc., a New Jersey company (New JJCI). The Debtor received certain of Old JJCI’s assets and became solely responsible for the talc-related liabilities of Old JJCI, including all liabilities related in any way to injury or damage, or alleged injury or damage, sustained or incurred in the purchase or use of, or exposure to, talc, including talc contained in any product, or to the risk of, or responsibility for, any such damage or injury, except for any liabilities for which the exclusive remedy is provided under a workers’ compensation statute or act (the Talc-Related Liabilities).
In October 2021, notwithstanding the Company’s confidence in the safety of its talc products, the Debtor filed a voluntary petition with the United States Bankruptcy Court for the Western District of North Carolina, Charlotte Division, seeking relief under chapter 11 of the Bankruptcy Code (the LTL Bankruptcy Case). All litigation against LTL, Old JJCI, New JJCI, the Company, other of their corporate affiliates, identified retailers, insurance companies, and certain other parties (the Protected Parties) was stayed. The LTL Bankruptcy Case was transferred to the United States Bankruptcy Court for the District of New Jersey. Claimants filed motions to dismiss the LTL Bankruptcy Case and, following a multiple day hearing, the New Jersey Bankruptcy Court denied those motions in March 2022.
The claimants subsequently filed notices of appeal as to the denial of the motions to dismiss the LTL Bankruptcy Case and the extension of the stay to the Protected Parties. On January 30, 2023, the Third Circuit reversed the Bankruptcy Court’s ruling and remanded to the Bankruptcy Court to dismiss the LTL bankruptcy.
In April 2023, the New Jersey Bankruptcy Court dismissed the LTL Bankruptcy Case, effectively lifting the stay as to all parties and returning the talc litigation to the tort system. LTL re-filed in the United States Bankruptcy Court for the District of New Jersey seeking relief under chapter 11 of the Bankruptcy Code (the LTL 2 Bankruptcy Case). As a result of the new filing, all talc claims against LTL were again automatically stayed pursuant to section 362 of the Bankruptcy Code. Additionally, the New Jersey Bankruptcy Court issued a temporary restraining order staying all litigation as to LTL, Old JJCI, New JJCI, the Company, identified retailers, and certain other parties (the New Protected Parties).
Also in April 2023, the New Jersey Bankruptcy Court issued a decision that granted limited injunctive relief to the Company and the New Protected Parties (the LTL 2 Preliminary Injunction). The LTL 2 Preliminary Injunction remained in force until late August 2023, following the Bankruptcy Court’s extension of the initial LTL 2 Preliminary Injunction in June 2023. Under the LTL 2 Preliminary Injunction, except for in those cases filed in the federal court ovarian cancer multi-district litigation, discovery in all personal injury and wrongful death matters was permitted to proceed.
Furthermore, in April 2023, the Talc Claimants' Committee filed a motion to dismiss the LTL 2 Bankruptcy followed by similar motions from other claimants. Hearings on the motions to dismiss occurred in June 2023. In July 2023, the court dismissed the LTL 2 Bankruptcy case and, the same day, the Company stated its intent to appeal the decision and to continue its efforts to obtain a resolution of the talc claims. In September 2023, the Bankruptcy Court entered an order granting LTL leave to seek a direct appeal to the Third Circuit Court of Appeals. In October 2023, the Third Circuit granted LTL’s petition for a direct appeal. Briefing is ongoing.
In October 2023, the Company stated that it was pursuing the following four parallel and alternative pathways to achieve a comprehensive and final resolution of the talc claims: (i) the appeal of the LTL 2 dismissal decision; (ii) pursuing a consensual “prepackaged” bankruptcy case, as “strongly encouraged” by the Bankruptcy Court in its dismissal decision; (iii) aggressively litigating the talc claims in the tort system; and (iv) pursuing affirmative claims against experts for false and defamatory narratives regarding the Company’s talc powder products.
Following the dismissal of LTL 2, new lawsuits were filed, cases across the country that had been stayed were reactivated, and trials have commenced. The majority of the cases are pending in federal court, organized in a multi-district litigation (MDL) in the United States District Court for the District of New Jersey. In the MDL, case-specific discovery is proceeding and a trial is scheduled to occur in December 2024. In March 2024, the court granted the Company's motion for a renewed Daubert hearing prior to the trial.
On May 1, 2024, the Company commenced a three-month solicitation period of its proposed consensual “prepackaged” chapter 11 bankruptcy plan (the “Proposed Plan”) for the comprehensive and final resolution of all current and future claims related to cosmetic talc in the United States, excluding claims related to mesothelioma or State consumer protection claims, in exchange for the payment by the Company of present value of approximately $6.475 billion payable over 25 years (nominal value of approximately $8.0 billion, discounted at a rate of 4.4%). The claims encompassed by the Proposed Plan constitute 99.75% of pending lawsuits against the Company relating to its talc powder products. Mesothelioma and State consumer protection claims are being addressed outside the Proposed Plan. The Company separately has resolved 95% of the mesothelioma lawsuits filed to date and has resolved the State claims.
To account for these settlements and the contemplated comprehensive resolution through the Proposed Plan, the Company recorded an incremental charge of approximately $3.0 billion, through the second fiscal quarter 2024. As of June 30, 2024, the total present value of the reserve is approximately $10.6 billion (or nominal value of approximately $12.8 billion), net of payments made in fiscal 2024. Approximately one-third of the reserve is recorded as a current liability. The recorded amount remains the Company's best estimate of probable loss.
During the pendency of the solicitation period, the Company will continue to pursue in parallel the other three previously-announced pathways to resolve the talc claims, including proceeding with the Daubert motions in the MDL.
In February 2019, the Company’s talc supplier, Imerys Talc America, Inc. and two of its affiliates, Imerys Talc Vermont, Inc. and Imerys Talc Canada, Inc. (collectively, Imerys) filed a voluntary petition for relief under chapter 11 of the United States Code (the Bankruptcy Code) in the United States Bankruptcy Court for the District of Delaware (Imerys Bankruptcy). The Imerys Bankruptcy relates to Imerys’s potential liability for personal injury from exposure to talcum powder sold by Imerys. In its bankruptcy, Imerys alleges it has claims against the Company for indemnification and rights to joint insurance proceeds. In its bankruptcy, Imerys proposed a chapter 11 plan (the Imerys Plan) that contemplated all talc-related claims against it being channeled to a trust along with its alleged indemnification rights against the Company. Following confirmation and consummation of the plan, the trust would pay talc claims pursuant to proposed trust distribution procedures (the TDP) and then seek indemnification from the Company.
In February 2021, Cyprus Mines Corporation (Cyprus), which had owned certain Imerys talc mines, filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code and filed its Disclosure Statement and Plan (the Cyprus Plan). The Cyprus Plan contemplates a settlement with Imerys and talc claimants where Cyprus would make a monetary contribution to a trust established under the Imerys Plan in exchange for an injunction against talc claims asserted against it and certain affiliated parties.
In September 2023, Imerys and Cyprus filed amended plans of reorganization. The amended plans contemplate a similar construct as the prior Imerys and Cyprus Plans, including all talc claims against Imerys and Cyprus (and certain other protected parties) being channeled to a trust along with Imerys’s and Cyprus’s alleged indemnification rights against the Company. In January 2024, Imerys and Cyprus each filed a disclosure statement for its respective Chapter 11 plans. On April 29, 2024, the Company, Imerys and Cyprus reached an agreement in principle on monetary and non-monetary terms to resolve their ongoing disputes, including disputes raised in the Imerys and Cyprus bankruptcies. The parties have finalized the agreement, which will be submitted to the Bankruptcy Court for approval on August 15, 2024. Imerys and Cyprus have adjourned the hearing on their respective disclosure statements pending submission of the agreement to the court.
In February 2018, a securities class action lawsuit was filed against the Company and certain named officers in the United States District Court for the District of New Jersey, alleging that the Company violated the federal securities laws by failing to disclose alleged asbestos contamination in body powders containing talc, primarily JOHNSON’S Baby Powder, and that purchasers of the Company’s shares suffered losses as a result. In April 2019, the Company moved to dismiss the complaint. In December 2019, the Court denied, in part, the motion to dismiss. In April 2021, briefing on Plaintiff’s motion for class certification was completed. The case was stayed in May 2022 pursuant to the LTL Bankruptcy Case and was reopened in May 2023. In December 2023, the Court granted Plaintiff’s motion for class certification. In January 2024, Defendants filed a petition with the Third Circuit under Federal Rule of Civil Procedure 23(f) for permission to appeal the Court’s order granting class certification, and in February 2024, the Third Circuit granted Defendants' petition. In February 2024, fact discovery closed, the Court ordered the parties to mediate, and stayed the case pending mediation. In May 2024, the parties participated in an unsuccessful mediation. In June 2024, the parties requested that the case remain stayed, except for certain limited discovery, pending a decision from the Third Circuit on the 23(f) petition.
A lawsuit was brought against the Company in the Superior Court of California for the County of San Diego alleging violations of California’s Consumer Legal Remedies Act (CLRA) relating to JOHNSON’S Baby Powder. In that lawsuit, the plaintiffs allege that the Company violated the CLRA by failing to provide required Proposition 65 warnings. The Company removed the lawsuit to the United States District Court for the Southern District of California. In January 2021, the court granted the Company's motion to dismiss plaintiffs' Fifth Amended Complaint with prejudice. On April 29, 2024, the Ninth Circuit affirmed the District Court's order dismissing the case with prejudice.
In addition, the Company has received inquiries, subpoenas, and requests to produce documents regarding talc matters and the LTL Bankruptcy Case from various governmental authorities. The Company has produced documents and responded to inquiries, and will continue to cooperate with government inquiries.
Matters concerning opioids
Beginning in 2014 and continuing to the present, the Company and Janssen Pharmaceuticals, Inc. (JPI), along with other pharmaceutical companies, have been named in close to 3,500 lawsuits related to the marketing of opioids, including DURAGESIC, NUCYNTA and NUCYNTA ER. The majority of the cases were filed by state and local governments, which were subject to a final settlement in 2021. As of January 2024, the Company and JPI have settled or otherwise resolved the opioid claims advanced by all government entity claimants except the City of Baltimore, a number of school districts, and other claimants. Similar lawsuits have also been filed by private plaintiffs and organizations, including but not limited to the following: individual plaintiffs on behalf of children born with Neonatal Abstinence Syndrome (NAS); hospitals; and health insurers/payors.
To date, the Company and JPI have litigated two of the cases to judgment and have prevailed in both, either at trial or on appeal.
In July 2021, the Company announced finalization of an agreement to settle all remaining state and subdivision claims for up to $5.0 billion. Approximately 70% of the all-in settlement was paid by the end of fiscal second quarter 2024.
The Company and JPI continue to defend the cases brought by the remaining government entity litigants as well as the cases brought by private litigants, including NAS claimants, and health insurers/payors. Counting the private litigant cases, there are approximately 20 remaining opioid cases against the Company and JPI in various state courts, 420 remaining cases in the Ohio MDL, and 3 additional cases in other federal courts. Some of these cases have been dismissed and are being appealed by the plaintiffs and certain others are scheduled for trial in 2024, 2025, or 2026.
In addition, the Province of British Columbia filed suit against the Company and its Canadian affiliate Janssen Inc., and many other industry members, in Canada, and is seeking to have that action certified as an opt in class action on behalf of other provincial/territorial and the federal governments in Canada. Additional proposed class actions have been filed in Canada against the Company and Janssen Inc., and many other industry members, by and on behalf of people who used opioids (for personal injuries), municipalities and First Nations bands. The proposed class action in Quebec on behalf of residents diagnosed with opioid use disorder was authorized to proceed against Janssen Inc. and other industry members in April 2024; leave to appeal has been sought. These actions allege a variety of claims related to opioid marketing practices, including false advertising, unfair competition, public nuisance, consumer fraud violations, deceptive acts and practices, false claims and unjust enrichment. An adverse judgment in any of these lawsuits could result in the imposition of large monetary penalties and significant damages including, punitive damages, cost of abatement, substantial fines, equitable remedies and other sanctions.
In November 2019, a shareholder filed a derivative complaint against the Company as the nominal defendant and certain current and former directors and officers as defendants in the Superior Court of New Jersey. The complaint alleges breaches of fiduciary duties related to the marketing of opioids, and that the Company has suffered damages as a result of those alleged breaches. A series of additional derivative complaints making similar allegations against the same and similar defendants were filed in New Jersey state and federal courts in 2019 and 2020. By 2022, all but two state court cases had been voluntarily dismissed. In February 2022, the state court granted the Company’s motion to dismiss one of the two cases, and the shareholder that brought the second case filed a notice of dismissal. The shareholder whose complaint was dismissed appealed the state court’s dismissal order, and briefing on the appeal concluded in October 2022. In February 2024, the appellate court affirmed the dismissal of the shareholder's amended complaint. In March 2024, the shareholder filed a notice of petition for certification with the Supreme Court of New Jersey seeking review of the appellate court's decision. In May 2024, briefing on the shareholder's petition for certification concluded.
Product liability
The Company and certain of its subsidiaries are involved in numerous product liability claims and lawsuits involving multiple products. Claimants in these cases seek substantial compensatory and, where available, punitive damages. While the Company believes it has substantial defenses, it is not feasible to predict the ultimate outcome of litigation. From time to time, even if it has substantial defenses, the Company considers isolated settlements based on a variety of circumstances. The Company has accrued for these matters and will continue to monitor each related legal issue and adjust accruals as might be warranted based on new information and further developments in accordance with ASC 450-20-25, Contingencies. The Company accrues an estimate of the legal defense costs needed to defend each matter when those costs are probable and can be reasonably estimated. For certain of these matters, the Company has accrued additional amounts such as estimated costs associated with settlements, damages and other losses. Product liability accruals can represent projected product liability for thousands of claims around the world, each in different litigation environments and with different fact patterns. Changes to the accruals may be required in the future as additional information becomes available.
The table below contains the most significant of these cases and provides the approximate number of plaintiffs in the United States with direct claims in pending lawsuits regarding injuries allegedly due to the relevant product or product category as of June 30, 2024:
Product or product category
Number of plaintiffs
Body powders containing talc, primarily JOHNSON’S Baby Powder62,370
DePuy ASR XL Acetabular System and DePuy ASR Hip Resurfacing System160
PINNACLE Acetabular Cup System910
Pelvic meshes6,230
ETHICON PHYSIOMESH Flexible Composite Mesh170
RISPERDAL20
ELMIRON2,170
The number of pending lawsuits is expected to fluctuate as certain lawsuits are settled or dismissed and additional lawsuits are filed. There may be additional claims that have not yet been filed.
MedTech
DePuy ASR XL acetabular system and ASR Hip resurfacing system
In August 2010, DePuy Orthopaedics, Inc. (DePuy) announced a worldwide voluntary recall of its ASR XL Acetabular System and DePuy ASR Hip Resurfacing System (ASR Hip) used in hip replacement surgery. Claims for personal injury have been made against DePuy and the Company. Cases filed in federal courts in the United States have been organized as a multi-district litigation in the United States District Court for the Northern District of Ohio. Litigation has also been filed in countries outside of the United States, primarily in the United Kingdom, Canada, Australia, Ireland, Germany, India and Italy. In November 2013, DePuy reached an agreement with a Court-appointed committee of lawyers representing ASR Hip plaintiffs to establish a program to settle claims with eligible ASR Hip patients in the United States who had surgery to replace their ASR Hips, known as revision surgery, as of August 2013. DePuy reached additional agreements in February 2015 and March 2017, which further extended the settlement program to include ASR Hip patients who had revision surgeries after August 2013 and prior to February 15, 2017. This settlement program has resolved more than 10,000 claims, thereby bringing to resolution significant ASR Hip litigation activity in the United States. However, lawsuits in the United States remain, and the settlement program does not address litigation outside of the United States. In Australia, a class action settlement was reached that resolved the claims of the majority of ASR Hip patients in that country. In Canada, the Company has reached agreements to settle the class actions filed in that country. The Company continues to receive information with respect to potential additional costs associated with this recall on a worldwide basis. The Company has established accruals for the costs associated with the United States settlement program and ASR Hip-related product liability litigation.
DePuy PINNACLE Acetabular Cup System
Claims for personal injury have also been made against DePuy Orthopaedics, Inc. and the Company (collectively, DePuy) relating to the PINNACLE Acetabular Cup System used in hip replacement surgery. Product liability lawsuits continue to be filed, and the Company continues to receive information with respect to potential costs and the anticipated number of cases. Most cases filed in federal courts in the United States have been organized as a multi-district litigation in the United States District Court for the Northern District of Texas (Texas MDL). Beginning on June 1, 2022, the Judicial Panel on Multidistrict Litigation ceased transfer of new cases into the Texas MDL, and there are now cases pending in federal court outside the Texas MDL. Litigation also has been filed in state courts and in countries outside of the United States. During the first quarter of 2019, DePuy established a United States settlement program to resolve these cases. As part of the settlement program, adverse verdicts have been settled. The Company has established an accrual for product liability litigation associated with the PINNACLE Acetabular Cup System and the related settlement program.
Ethicon Pelvic Mesh
Claims for personal injury have been made against Ethicon, Inc. (Ethicon) and the Company arising out of Ethicon’s pelvic mesh devices used to treat stress urinary incontinence and pelvic organ prolapse. The Company continues to receive information with respect to potential costs and additional cases. Cases filed in federal courts in the United States had been organized as a multi-district litigation (MDL) in the United States District Court for the Southern District of West Virginia. In March 2021, the MDL Court entered an order closing the MDL. The MDL Court has remanded cases for trial to the jurisdictions where the case was originally filed and additional pelvic mesh lawsuits have been filed, and remain, outside of the MDL. The Company has settled or otherwise resolved the majority of the United States cases and the estimated costs associated with these settlements and the remaining cases are reflected in the Company’s accruals. In addition, class actions and individual personal injury cases or claims seeking damages for alleged injury resulting from Ethicon’s pelvic mesh devices have been commenced in various countries outside of the United States, including claims and cases in the United Kingdom, the Netherlands, and Ireland, and class actions in Israel, Australia, Canada and South Africa. The vast majority of these actions are now resolved. The Company has established accruals with respect to product liability litigation associated with Ethicon’s pelvic mesh products.
Ethicon Physiomesh
Following a June 2016 worldwide market withdrawal of Ethicon Physiomesh Flexible Composite Mesh (Physiomesh), claims for personal injury have been made against Ethicon, Inc. (Ethicon) and the Company alleging personal injury arising out of the use of this hernia mesh device. Cases filed in federal courts in the United States have been organized as a multi-district litigation (MDL) in the United States District Court for the Northern District of Georgia. A multi-county litigation (MCL) also has been formed in New Jersey state court and assigned to Atlantic County for cases pending in New Jersey. In addition to the matters in the MDL and MCL, there are additional lawsuits pending in the United States District Court for the Southern District of Ohio, which are part of the MDL for polypropylene mesh devices manufactured by C.R. Bard, Inc., and lawsuits pending in two New Jersey MCLs formed for Proceed/Proceed Ventral Patch and Prolene Hernia systems, and lawsuits pending outside the United States. In May 2021, Ethicon and lead counsel for the plaintiffs entered into a term sheet to resolve approximately 3,600 Physiomesh cases (covering approximately 4,300 plaintiffs) pending in the MDL and MCL at that time. A master settlement agreement (MSA) was entered into
in September 2021 and includes 3,729 cases in the MDL and MCL. Other than a small number of cases still pending in the MDL, all Physiomesh matters in the United States have been resolved or are undergoing formal review for purposes of settlement.

Claims have also been filed against Ethicon and the Company alleging personal injuries arising from the PROCEED Mesh and PROCEED Ventral Patch hernia mesh products. In March 2019, the New Jersey Supreme Court entered an order consolidating these cases pending in New Jersey as an MCL in Atlantic County Superior Court. Additional cases have been filed in various federal and state courts in the United States, and in jurisdictions outside the United States.
Ethicon and the Company also have been subject to claims for personal injuries arising from the PROLENE Polypropylene Hernia System. In January 2020, the New Jersey Supreme Court created an MCL in Atlantic County Superior Court to handle such cases. Cases involving this product have also been filed in other federal and state courts in the United States.
In October 2022, an agreement in principle, subject to various conditions, was reached to settle the majority of the pending cases involving Proceed, Proceed Ventral Patch, Prolene Hernia System and related multi-layered mesh products, as well as a number of unfiled claims. All litigation activities in the two New Jersey MCLs are stayed pending effectuation of the proposed settlement. Future cases that are filed in the New Jersey MCLs will be subject to docket control orders requiring early expert reports and discovery requirements.
The Company has established accruals with respect to product liability litigation associated with Ethicon Physiomesh Flexible Composite Mesh, PROCEED Mesh and PROCEED Ventral Patch, and PROLENE Polypropylene Hernia System products.
Innovative Medicine
RISPERDAL
Claims for personal injury have been made against Janssen Pharmaceuticals, Inc. and the Company arising out of the use of RISPERDAL, and related compounds, indicated for the treatment of schizophrenia, acute manic or mixed episodes associated with bipolar I disorder and irritability associated with autism. Lawsuits primarily have been filed in state courts in Pennsylvania, California, and Missouri. Other actions are pending in various courts in the United States and Canada. The Company continues to defend RISPERDAL product liability lawsuits, and continues to evaluate potential costs related to those claims. The Company has successfully defended a number of these cases but there have been verdicts against the Company, including a verdict in October 2019 of $8.0 billion of punitive damages related to one plaintiff, which the trial judge reduced to $6.8 million in January 2020. In September 2021, the Company entered into a settlement in principle with the counsel representing plaintiffs in this matter and in substantially all of the outstanding cases in the United States. The costs associated with this and other settlements are reflected in the Company’s accruals.
ELMIRON
Claims for personal injury have been made against a number of Johnson & Johnson companies, including Janssen Pharmaceuticals, Inc. and the Company, arising out of the use of ELMIRON, a prescription medication indicated for the relief of bladder pain or discomfort associated with interstitial cystitis. These lawsuits, which allege that ELMIRON contributes to the development of permanent retinal injury and vision loss, have been filed in both state and federal courts across the United States. In December 2020, lawsuits filed in federal courts in the United States, including putative class action cases seeking medical monitoring, were organized as a multi-district litigation in the United States District Court for the District of New Jersey (MDL). In addition, cases have been filed in various state courts of New Jersey, which have been coordinated in a multi-county litigation in Bergen County, as well as the Court of Common Pleas in Philadelphia, which have been coordinated and granted mass tort designation. In addition, three class action lawsuits have been filed in Canada. The Company continues to defend ELMIRON product liability lawsuits and continues to evaluate potential costs related to those claims. Other than a small number of cases in the MDL filed by one law firm, all U.S. based ELMIRON matters have been resolved or are undergoing formal review for purposes of settlement. The Company has established accruals for defense and indemnity costs associated with ELMIRON related product liability litigation.
Intellectual Property
Certain subsidiaries of the Company are subject, from time to time, to legal proceedings and claims related to patent, trademark and other intellectual property matters arising out of their businesses. Many of these matters involve challenges to the scope and/or validity of patents that relate to various products and allegations that certain of the Company’s products infringe the intellectual property rights of third parties. Although these subsidiaries believe that they have substantial defenses to these challenges and allegations with respect to all significant patents, there can be no assurance as to the outcome of these matters. A loss in any of these cases could adversely affect the ability of these subsidiaries to sell their products, result in loss of sales due to loss of market exclusivity, require the payment of past damages and future royalties, and may result in a non-cash impairment charge for any associated intangible asset.
Innovative Medicine - litigation against filers of abbreviated new drug applications (ANDAs)
The Company’s subsidiaries have brought lawsuits against generic companies that have filed ANDAs with the U.S. FDA (or similar lawsuits outside of the United States) seeking to market generic versions of products sold by various subsidiaries of the Company prior to expiration of the applicable patents covering those products. These lawsuits typically include allegations of non-infringement and/or invalidity of patents listed in FDA’s publication “Approved Drug Products with Therapeutic Equivalence Evaluations” (commonly known as the Orange Book). In each of these lawsuits, the Company’s subsidiaries are seeking an order enjoining the defendant from marketing a generic version of a product before the expiration of the relevant patents (Orange Book Listed Patents). In the event the Company’s subsidiaries are not successful in an action, or any automatic statutory stay expires before the court rulings are obtained, the generic companies involved would have the ability, upon regulatory approval, to introduce generic versions of their products to the market, resulting in the potential for substantial market share and revenue losses for the applicable products, and which may result in a non-cash impairment charge in any associated intangible asset. In addition, from time to time, the Company’s subsidiaries may settle these types of actions and such settlements can involve the introduction of generic versions of the products at issue to the market prior to the expiration of the relevant patents.
The Inter Partes Review (IPR) process with the United States Patent and Trademark Office (USPTO), created under the 2011 America Invents Act, is also being used at times by generic companies in conjunction with ANDAs and lawsuits to challenge the applicable patents.
XARELTO
Beginning in March 2021, Janssen Pharmaceuticals, Inc.; Bayer Pharma AG; Bayer AG; and Bayer Intellectual Property GmbH filed patent infringement lawsuits in United States district courts against generic manufacturers who have filed ANDAs seeking approval to market generic versions of XARELTO before expiration of certain Orange Book Listed Patents. The following entities are named defendants: Dr. Reddy’s Laboratories, Inc.; Dr. Reddy’s Laboratories, Ltd.; Lupin Limited; Lupin Pharmaceuticals, Inc.; Taro Pharmaceutical Industries Ltd.; Taro Pharmaceuticals U.S.A., Inc.; Teva Pharmaceuticals USA, Inc.; Mylan Pharmaceuticals Inc.; Mylan Inc.; Mankind Pharma Limited; Apotex Inc.; Apotex Corp.; Auson Pharmaceuticals Inc.; Shanghai Auson Pharmaceuticals Co. Ltd.; Aurobindo Pharma Limited; Aurobindo Pharma USA, Inc.; Cipla Ltd.; Cipla USA Inc.; InvaGen Pharmaceuticals, Inc.; Prinston Pharmaceuticals, Inc.; Ascent Pharmaceuticals, Inc.; and Hetero Labs Limited. The following U.S. patents are included in one or more cases: 9,539,218 and 10,828,310. In May 2024, the Company entered into a confidential settlement agreement with Aurobindo Pharma Limited and Aurobindo Pharma USA, Inc.
U.S. Patent No. 10,828,310 was also under consideration by the USPTO in an IPR proceeding. In July 2023, the USPTO issued a final written decision finding the claims of the patent invalid. In September 2023, Bayer Pharma AG filed an appeal to the U.S. Court of Appeals for the Federal Circuit.
OPSUMIT
Beginning in January 2023 Actelion Pharmaceuticals Ltd and Actelion Pharmaceuticals US, Inc. filed patent infringement lawsuits in United States district courts against generic manufacturers who have filed ANDAs seeking approval to market generic versions of OPSUMIT before expiration of certain Orange Book Listed Patents. The following entities are named defendants: Mylan Pharmaceuticals Inc.; Torrent Pharmaceuticals Ltd.; and Torrent Pharma Inc. The following U.S. patents are included in one or more cases: 7,094,781; and 10,946,015. In April 2024, the Company entered into a confidential settlement agreement with Torrent Pharmaceuticals Ltd. and Torrent Pharma Inc.
INVEGA SUSTENNA
Beginning in January 2018, Janssen Pharmaceutica NV and Janssen Pharmaceuticals, Inc. filed patent infringement lawsuits in United States district courts against generic manufacturers who have filed ANDAs seeking approval to market generic versions of INVEGA SUSTENNA before expiration of the Orange Book Listed Patent. The following entities are named defendants: Teva Pharmaceuticals USA, Inc.; Mylan Laboratories Limited; Pharmascience Inc.; Mallinckrodt PLC; Specgx LLC; Tolmar, Inc.; Accord Healthcare, Inc.; Qilu Pharmaceutical Co. Ltd.; and Qilu Pharma Inc. The following U.S. patent is included in one or more cases: 9,439,906. In October 2020, the district court issued a decision in the case against Teva Pharmaceuticals USA, Inc., finding that United States Patent No. 9,439,906 is not invalid. Teva previously stipulated to infringement. Teva appealed the decision and, in April 2024, the United States Court of Appeals for the Federal Circuit vacated and remanded the case to the district court for further proceedings. In February 2024, the district court issued a decision in the case against Tolmar Inc. finding that United States Patent No. 9,439,906 is not invalid. Tolmar previously stipulated to infringement. Tolmar has appealed the decision.
Beginning in February 2018, Janssen Inc. and Janssen Pharmaceutica NV initiated a Statement of Claim under Section 6 of the Patented Medicines (Notice of Compliance) Regulations against generic manufacturers who have filed ANDSs seeking approval to market generic versions of INVEGA SUSTENNA before expiration of the listed patent. The following entities are named defendants: Pharmascience Inc. and Apotex Inc. The following Canadian patent is included in one or more cases: 2,655,335.
INVEGA TRINZA
Beginning in September 2020, Janssen Pharmaceuticals, Inc., Janssen Pharmaceutica NV, and Janssen Research & Development, LLC filed patent infringement lawsuits in United States district courts against generic manufacturers who have filed ANDAs seeking approval to market generic versions of INVEGA TRINZA before expiration of the Orange Book Listed Patent. The following entities are named defendants: Mylan Laboratories Limited; Mylan Pharmaceuticals Inc.; and Mylan Institutional LLC. The following U.S. patent is included in one or more cases: 10,143,693. In May 2023, the District Court issued a decision finding that Mylan’s proposed generic product infringes the asserted patent and that the patent is not invalid. Mylan has appealed the decision.
SYMTUZA
Beginning in November 2021, Janssen Products, L.P., Janssen Sciences Ireland Unlimited Company, Gilead Sciences, Inc. and Gilead Sciences Ireland UC filed patent infringement lawsuits in United States district courts against generic manufacturers who have filed ANDAs seeking approval to market generic versions of SYMTUZA before expiration of certain Orange Book Listed Patents. The following entities are named defendants: Lupin Limited; Lupin Pharmaceuticals, Inc.; MSN Laboratories Private Ltd.; MSN Life Sciences Private Ltd.; MSN Pharmaceuticals Inc.; Apotex Inc.; and Apotex Corp. The following U.S. patents are included in one or more cases: 10,039,718 and 10,786,518.
ERLEADA
Beginning in May 2022, Aragon Pharmaceuticals, Inc., Janssen Biotech, Inc. (collectively, Janssen), Sloan Kettering Institute for Cancer Research (SKI) and The Regents of the University of California filed patent infringement lawsuits in United States district courts against generic manufacturers who have filed ANDAs seeking approval to market generic versions of ERLEADA before expiration of certain Orange Book Listed Patents. The following entities are named defendants: Zydus Worldwide DMCC; Zydus Pharmaceuticals (USA), Inc.; Zydus Lifesciences Limited; Sandoz Inc.; Auromedics Pharma LLC; Hetero Labs Limited Unit V; and Hetero USA, Inc. The following U.S. patents are included in one or more cases: 9,481,663; 9,884,054; 10,052,314 (which reissued as RE49,353); 10,702,508; 10,849,888; 8,445,507; 8,802,689; 9,388,159; 9,987,261; and RE49,353.
SPRAVATO
Beginning in May 2023, Janssen Pharmaceuticals, Inc. and Janssen Pharmaceutica NV filed patent infringement lawsuits in United States district courts against generic manufacturers who have filed ANDAs seeking approval to market generic versions of SPRAVATO before expiration of certain Orange Book Listed Patents. The following entities are named defendants: Sandoz Inc.; Hikma Pharmaceuticals Inc. USA; Hikma Pharmaceuticals PLC; and Alkem Laboratories Ltd. The following U.S. patents are included in one or more cases: 10,869,844; 11,173,134; 11,311,500; and 11,446,260.
INVOKANA
Beginning in January 2024, Janssen Inc. and Mitsubishi Tanabe Pharma Corporation initiated Statements of Claim under Section 6 of the Patented Medicines (Notice of Compliance) Regulations against generic manufacturers who filed ANDSs seeking approval to market generic versions of INVOKANA before expiration of the listed patents. The following entities are named defendants: Jamp Pharma Corporation and Apotex Inc. The following Canadian patents are included in one or more cases: 2,534,024 and 2,671,357.
MedTech
In March 2016, Abiomed, Inc. (Abiomed) filed a declaratory judgment action against Maquet Cardiovascular LLC (Maquet) in U.S. District Court for the District of Massachusetts seeking a declaration that the Impella does not infringe certain Maquet patents, currently U.S. Patent Nos. 7,022,100 (’100); 8,888,728; 9,327,068; 9,545,468; 9,561,314; and 9,597,437. Maquet counterclaimed for infringement of each of those patents. After claim construction, Maquet alleged infringement of only the ’100 patent. In September 2021, the court granted Abiomed’s motion for summary judgment of non-infringement of the ’100 patent, and in September 2023, the district court entered final judgment in favor of Abiomed on all patents-in-suit. Maquet appealed.
Government proceedings
Like other companies in the pharmaceutical and medical technologies industries, the Company and certain of its subsidiaries are subject to extensive regulation by national, state and local government agencies in the United States and other countries in which they operate. Such regulation has been the basis of government investigations and litigations. The most significant litigation brought by, and investigations conducted by, government agencies are listed below. It is possible that criminal charges and substantial fines and/or civil penalties or damages could result from government investigations or litigation.
MedTech
In July 2018, the Public Prosecution Service in Rio de Janeiro and representatives from the Brazilian antitrust authority CADE inspected the offices of more than 30 companies including Johnson & Johnson do Brasil Indústria e Comércio de Produtos para Saúde Ltda. The authorities appear to be investigating allegations of possible anti-competitive behavior and possible improper
payments in the medical device industry. The Company continues to respond to inquiries regarding the Foreign Corrupt Practices Act from the United States Department of Justice and the United States Securities and Exchange Commission.
In July 2023, the U.S. Department of Justice (DOJ) issued Civil Investigative Demands to the Company, Johnson & Johnson Surgical Vision, Inc., and Johnson & Johnson Vision Care, Inc. (collectively, J&J Vision) in connection with a civil investigation under the False Claims Act relating to free or discounted intraocular lenses and equipment used in eye surgery, such as phacoemulsification and laser systems. J&J Vision has begun producing documents and information responsive to the Civil Investigative Demands. J&J Vision is in ongoing discussions with the DOJ regarding its inquiry.
Innovative Medicine
In July 2016, the Company and Janssen Products, LP were served with a qui tam complaint pursuant to the False Claims Act filed in the United States District Court for the District of New Jersey alleging the off-label promotion of two HIV products, PREZISTA and INTELENCE, and anti-kickback violations in connection with the promotion of these products. The complaint was filed under seal in December 2012. The federal and state governments have declined to intervene, and the lawsuit is being prosecuted by the relators. The Court denied summary judgment on all claims in December 2021. Daubert motions were granted in part and denied in part in January 2022, and trial commenced in May 2024. On June 13, 2024, a jury found no liability regarding the anti-kickback violations but found liability for a portion of the off-label promotion claims. The Company is pursuing post-trial briefing challenging the verdict on the off-label claims.
In March 2017, Janssen Biotech, Inc. (JBI) received a Civil Investigative Demand from the United States Department of Justice regarding a False Claims Act investigation concerning management and advisory services provided to rheumatology and gastroenterology practices that purchased REMICADE or SIMPONI ARIA. In August 2019, the United States Department of Justice notified JBI that it was closing the investigation. Subsequently, the United States District Court for the District of Massachusetts unsealed a qui tam False Claims Act complaint, which was served on the Company. The Department of Justice had declined to intervene in the qui tam lawsuit in August 2019. The Company filed a motion to dismiss, which was granted in part and denied in part. Discovery is underway.
General litigation
The Company or its subsidiaries are also parties to various proceedings brought under the Comprehensive Environmental Response, Compensation, and Liability Act, commonly known as Superfund, and comparable state, local or foreign laws in which the primary relief sought is the Company’s agreement to implement remediation activities at designated hazardous waste sites or to reimburse the government or third parties for the costs they have incurred in performing remediation as such sites.
In October 2017, certain United States service members and their families brought a complaint against a number of pharmaceutical and medical devices companies, including Johnson & Johnson and certain of its subsidiaries in United States District Court for the District of Columbia, alleging that the defendants violated the United States Anti-Terrorism Act. The complaint alleges that the defendants provided funding for terrorist organizations through their sales practices pursuant to pharmaceutical and medical device contracts with the Iraqi Ministry of Health. In July 2020, the District Court dismissed the complaint. In January 2022, the United States Court of Appeals for the District of Columbia Circuit reversed the District Court’s decision. In June 2023, defendants filed a petition for a writ of certiorari to the United States Supreme Court. In June 2024, the Supreme Court vacated the D.C. Circuit's decision and remanded the case to the D.C. Circuit.
In February 2024, a putative class action was filed against the Company, the Pension & Benefits Committee of Johnson & Johnson (Committee), and certain named officers and employees, in United States District Court for the District of New Jersey. In May 2024, the plaintiff filed an amended complaint against the Company and the Committee. The complaint alleges that defendants breached fiduciary duties under the Employee Retirement Income Security Act (ERISA) by allegedly mismanaging the Company’s prescription-drug benefits program. The complaint seeks damages and other relief. In June 2024, defendants moved to dismiss the amended complaint.
MedTech
In October 2020, Fortis Advisors LLC (Fortis), in its capacity as representative of the former stockholders of Auris Health Inc. (Auris), filed a complaint against the Company, Ethicon Inc., and certain named officers and employees (collectively, Ethicon) in the Court of Chancery of the State of Delaware. The complaint alleges breach of contract, fraud, and other causes of action against Ethicon in connection with Ethicon’s acquisition of Auris in 2019. The complaint seeks damages and other relief. In December 2021, the Court granted in part and denied in part defendants’ motion to dismiss certain causes of action. All claims against the individual defendants were dismissed. The trial was held in January 2024 and the decision is pending.
Innovative Medicine
In June 2019, the United States Federal Trade Commission (FTC) issued a Civil Investigative Demand to the Company and Janssen Biotech, Inc. (collectively, Janssen) in connection with its investigation of whether Janssen’s REMICADE contracting practices violate federal antitrust laws. The Company has produced documents and information responsive to the Civil Investigative Demand. Janssen is in ongoing discussions with the FTC staff regarding its inquiry.
In February 2022, the United States Federal Trade Commission (FTC) issued Civil Investigative Demands to Johnson & Johnson and Janssen Biotech, Inc. (collectively, Janssen) in connection with its investigation of whether advertising practices for REMICADE violate federal law. Janssen has produced documents and information responsive to the Civil Investigative Demands. Janssen is in ongoing discussions with the FTC staff regarding the inquiry.
In October 2018, two separate putative class actions were filed against Actelion Pharmaceutical Ltd., Actelion Pharmaceuticals U.S., Inc., and Actelion Clinical Research, Inc. (collectively Actelion) in United States District Court for the District of Maryland and United States District Court for the District of Columbia. The complaints allege that Actelion violated state and federal antitrust and unfair competition laws by allegedly refusing to supply generic pharmaceutical manufacturers with samples of TRACLEER. TRACLEER is subject to a Risk Evaluation and Mitigation Strategy required by the U.S. Food and Drug Administration, which imposes restrictions on distribution of the product. In January 2019, the plaintiffs dismissed the District of Columbia case and filed a consolidated complaint in the United States District Court for the District of Maryland. In September 2019, the district court granted Actelion's motion to dismiss the complaint. In April 2024, the Fourth Circuit reversed the decision of the district court. Plaintiff's motion for class certification and Actelion's motion for summary judgment currently are pending before the district court.
In December 2023, a putative class action lawsuit was filed against the Company and Janssen Biotech Inc. (collectively Janssen) in the United States District Court for the Eastern District of Virginia. The complaint alleges that Janssen violated federal and state antitrust laws and other state laws by delaying biosimilar competition with STELARA through Janssen's enforcement of patent rights covering STELARA. The complaint seeks damages and other relief. In February 2024, plaintiffs filed an amended complaint, which Janssen moved to dismiss in March 2024.
In June 2022, Janssen Pharmaceuticals, Inc. filed a Demand for Arbitration against Emergent Biosolutions Inc. et al (EBSI) with the American Arbitration Association, alleging that EBSI breached the parties’ Manufacturing Services Agreement for the Company’s COVID-19 vaccine. In July 2022, Emergent filed its answering statement and counterclaims. In July 2024, Janssen and Emergent reached an agreement to resolve this matter.
v3.24.2
Kenvue Separation
 6 Months Ended
Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Kenvue Separation Kenvue separation
The results of the Consumer Health business (previously reported as a separate business segment) have been reflected as discontinued operations in the Company’s consolidated statements of earnings as Net earnings from discontinued operations, net of taxes through August 23, 2023, the date of the exchange offer. Prior periods have been recast to reflect this presentation.
Details of Net Earnings from Discontinued Operations, net of taxes are as follows:
Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)July 2, 2023July 2, 2023
Sales to customers$4,011$7,863
Cost of products sold1,7503,458
Gross profit2,2614,405
Selling, marketing and administrative expenses1,2692,501
Research and development expense126234
Interest Income(42)(79)
Interest expense, net of portion capitalized 128131
Other (income) expense, net324612
Earnings from Discontinued Operations Before Provision for Taxes on Income4561,006
Provision for taxes on income688815
Net (loss)/earnings from Discontinued Operations$(232)$191
The following table presents depreciation, amortization and capital expenditures of the discontinued operations related to Kenvue:
Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)July 2, 2023July 2, 2023
Depreciation and Amortization$149$302
Capital expenditures$92$139
v3.24.2
Restructuring
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
In fiscal 2023, the Company completed a prioritization of its research and development (R&D) investment within its 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 certain 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. Pre-tax Restructuring income of $0.1 billion in the fiscal second quarter of 2024 and $0.1 billion of expense in the fiscal six months of 2024, included asset divestments, the termination of partnered and non-partnered development program costs and asset impairments. The pre-tax restructuring charge of approximately $0.1 billion and $0.3 billion in the fiscal second quarter and fiscal six months of 2023, respectively, included the termination of partnered and non-partnered program costs and asset impairments. Total project costs of approximately $0.6 billion have been recorded since the restructuring was announced. The majority of this restructuring program is completed, with minor charges expected in the remainder of year.
In fiscal 2023, the Company initiated a restructuring program of its Orthopaedics franchise within its MedTech segment to streamline operations by exiting certain markets, product lines and distribution network arrangements. The pre-tax restructuring expense of $0.1 billion and $0.1 billion in the fiscal second quarter and fiscal six months of 2024, respectively, primarily included costs related to market and product exits. Total project costs of approximately $0.4 billion have been recorded since the restructuring was announced. The estimated costs of the total program are between $0.7 billion - $0.8 billion and is expected to be completed by the end of fiscal year 2025.
The following table summarizes the restructuring (income) expenses for 2024:
(Pre-tax Dollars in Millions)Fiscal Second Quarter EndedFiscal Six Months Ended
Innovative Medicine Segment(1)
$(63)81
MedTech Segment(2)
5279
Total Programs$(11)160
(1)Included in Restructuring on the Consolidated Statement of Earnings
(2)The fiscal second quarter of 2024 included $50 million in Restructuring and $2 million in Cost of products sold on the Consolidated Statement of Earnings. The fiscal six months of 2024 included $70 million in Restructuring and $9 million in Cost of products sold on the Consolidated Statement of Earnings.
Restructuring reserves as of June 30, 2024 and December 31, 2023 were insignificant.
v3.24.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Pay vs Performance Disclosure        
Net earnings $ 4,686 $ 5,144 $ 7,941 $ 5,076
v3.24.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
New and Recently Adopted Accounting Standards
New accounting standards
The Company assesses the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board on the Company's financial statements as well as material updates to previous assessments, if any, from the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Recently adopted accounting standards
There were no new material accounting standards adopted in the fiscal six months in 2024.
Recently issued accounting standards
Not adopted as of June 30, 2024
ASU 2023-07: Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures
This update requires expanded annual and interim disclosures for significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. This update will be effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. This standard is to be applied retrospectively to all periods presented in the financial statements. Early adoption is permitted. While this accounting standard will increase disclosures, it will not have a material impact on the Company’s Consolidated Financial Statement results.

ASU 2023-09: Income Taxes (Topic 740) - Improvements to Income Tax Disclosures
This update standardizes categories for the effective tax rate reconciliation, requires disaggregation of income taxes and additional income tax-related disclosures. This update is required to be effective for the Company for fiscal periods beginning after December 15, 2024. While this accounting standard will increase disclosures, it will not have a material impact on the Company’s Consolidated Financial Statement results.

There were no new material accounting standards issued in the fiscal second quarter of 2024.
Cash and Cash Equivalents
The Company classifies all highly liquid investments with stated maturities of three months or less from date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months from the date of purchase as current marketable securities. Available for sale securities with stated maturities of greater than one year from the date of purchase are available to fund current operations and are classified as either cash equivalents or current marketable securities.
v3.24.2
Inventories (Tables)
 6 Months Ended
Jun. 30, 2024
Inventory Disclosure [Abstract]  
Summary of Inventories
(Dollars in Millions)June 30, 2024December 31, 2023
Raw materials and supplies$2,4072,355
Goods in process2,5561,952
Finished goods7,2066,874
Total inventories$12,16911,181
v3.24.2
Intangible Assets and Goodwill (Tables)
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill
(Dollars in Millions)June 30, 2024December 31, 2023
Intangible assets with definite lives:  
Patents and trademarks — gross$43,43840,417
Less accumulated amortization(24,835)(24,808)
Patents and trademarks — net18,60315,609
Customer relationships and other intangibles — gross20,17620,322
Less accumulated amortization(13,018)(12,685)
Customer relationships and other intangibles — net(1)
7,1587,637
Intangible assets with indefinite lives:  
Trademarks1,6551,714
Purchased in-process research and development12,3099,215
Total intangible assets with indefinite lives13,96410,929
Total intangible assets — net$39,72534,175
(1)The majority is comprised of customer relationships
Goodwill
Goodwill as of June 30, 2024 was allocated by segment of business as follows:
(Dollars in Millions)
Innovative
Medicine
MedTechTotal
Goodwill at December 31, 2023
$10,40726,15136,558
Goodwill, related to acquisitions5637,4948,057
Goodwill, related to divestitures—(56)(56)
Currency translation/Other(202)(107)(309)
Goodwill at June 30, 2024
$10,76833,48244,250
Intangible Asset Amortization Expense
The estimated amortization expense for approved products, before tax, for the five succeeding years is approximately:
(Dollars in Millions)
20242025202620272028
$4,5003,9003,3002,7002,000
v3.24.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Summary of Derivative Activity
The following table is a summary of the activity related to derivatives and hedges for the fiscal second quarters ended June 30, 2024 and July 2, 2023, net of tax:
June 30, 2024July 2, 2023
(Dollars in Millions)Sales
Cost of
Products
Sold
R&D
Expense
Interest
(Income)
Expense
Other
(Income)
Expense
Sales
Cost of
Products
Sold
R&D
Expense
Interest
(Income)
Expense
Other
(Income)
Expense
The effects of fair value, net investment and cash flow hedging:
Gain (Loss) on fair value hedging relationship:
Interest rate swaps contracts:
    Hedged items$———(53)————(175)—
    Derivatives designated as hedging instruments———53————175—
Gain (Loss) on net investment hedging relationship:
Cross currency interest rate swaps contracts:
   Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing———33————33—
   Amount of gain or (loss) recognized in AOCI———33————33—
Gain (Loss) on cash flow hedging relationship:
Forward foreign exchange contracts:
   Amount of gain or (loss) reclassified from AOCI into income (1)948—3(15)56(12)—3
   Amount of gain or (loss) recognized in AOCI 26611—1(14)2517—18
Cross currency interest rate swaps contracts:
   Amount of gain or (loss) reclassified from AOCI into income———42————74—
   Amount of gain or (loss) recognized in AOCI$———(38)————(432)—
The following table is a summary of the activity related to derivatives and hedges for the fiscal six months ended June 30, 2024 and July 2, 2023, net of tax:

June 30, 2024July 2, 2023
(Dollars in Millions)SalesCost of Products SoldR&D ExpenseInterest (Income) ExpenseOther (Income) ExpenseSalesCost of Products SoldR&D ExpenseInterest (Income) ExpenseOther (Income) Expense
The effects of fair value, net investment and cash flow hedging:
Gain (Loss) on fair value hedging relationship:
Interest rate swaps contracts:
 Hedged items$———(45)————(6)—
 Derivatives designated as hedging instruments———45————6—
Gain (Loss) on net investment hedging relationship:
Cross currency interest rate swaps contracts:
   Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing———67————67—
   Amount of gain or (loss) recognized in AOCI———67————67—
Gain (Loss) on cash flow hedging relationship:
Forward foreign exchange contracts:
   Amount of gain or (loss) reclassified from AOCI into income —25912—1(3)(90)(25)—5
   Amount of gain or (loss) recognized in AOCI (1)4733—510396(29)—4
Cross currency interest rate swaps contracts:
   Amount of gain or (loss) reclassified from AOCI into income———91————182—
   Amount of gain or (loss) recognized in AOCI$———(243)————(15)—
The following table is the effect of net investment hedges for the fiscal second quarters ended in 2024 and 2023:
Gain/(Loss)
Recognized In
Accumulated OCI
Location of Gain or (Loss)
Reclassified from Accumulated
Other Comprehensive
Income Into Income
Gain/(Loss) Reclassified From
Accumulated OCI
Into Income
(Dollars in Millions)June 30, 2024July 2, 2023June 30, 2024July 2, 2023
Debt$4611Interest (income) expense——
Cross Currency interest rate swaps$92(24)Interest (income) expense——
The following table is the effect of net investment hedges for the fiscal six months ended in 2024 and 2023:

Gain/(Loss)
Recognized In
Accumulated OCI
Location of Gain or (Loss)
Reclassified from Accumulated
Other Comprehensive
Income Into Income
Gain/(Loss) Reclassified From
Accumulated OCI
Into Income
(Dollars in Millions)June 30, 2024July 2, 2023June 30, 2024July 2, 2023
Debt$130(66)Interest (income) expense——
Cross Currency interest rate swaps$820666Interest (income) expense——
Schedule of Derivative Financial Instruments and Classification on Consolidated Balance Sheet
As of June 30, 2024, and December 31, 2023, the following amounts were recorded on the Consolidated Balance Sheet related to cumulative basis adjustment for fair value hedges:
Line item in the Consolidated Balance Sheet in which the hedged item is includedCarrying Amount of the Hedged Liability
Cumulative Amount of Fair Value
Hedging Gain/ (Loss) Included in the
Carrying Amount of the Hedged Liability
(Dollars in Millions)June 30, 2024December 31, 2023June 30, 2024December 31, 2023
Long-term Debt$8,8128,862(1,274)(1,216)
Schedule of Effect of Derivatives not Designated as Hedging Instruments
The following table is the effect of derivatives not designated as hedging instruments for the fiscal second quarters ended 2024 and 2023:
Gain/(Loss)
Recognized In
Income on Derivative		Gain/(Loss)
Recognized In
Income on Derivative
(Dollars in Millions)
Location of
Gain /(Loss)
Recognized in
Income on Derivative
Fiscal Second Quarter EndedFiscal Six Months Ended
Derivatives Not Designated as Hedging InstrumentsJune 30, 2024July 2, 2023June 30, 2024July 2, 2023
Foreign Exchange ContractsOther (income) expense$2033452
Summary of Activity Related to Equity Investments
The following table is a summary of the activity related to equity investments:
December 31, 2023June 30, 2024
(Dollars in Millions)Carrying Value
Changes in Fair Value Reflected in Net Income (1)
(Sales)/ Purchases/Other (2)
Carrying ValueNon Current Other Assets
Equity Investments with readily determinable value*$4,473(4)(3,999)470470
Equity Investments without readily determinable value$696(15)(8)673673
(1)Recorded in Other (income)/expense, net
(2)Other includes impact of currency
* The December 31, 2023 balance includes the 9.5% remaining stake in Kenvue. A debt to equity exchange was completed in the fiscal second quarter of 2024.
Financial Assets and Liabilities at Fair Value
The Company’s significant financial assets and liabilities measured at fair value as of June 30, 2024 and December 31, 2023 were as follows:
 June 30, 2024December 31, 2023
(Dollars in Millions)Level 1Level 2Level 3Total
Total(1)
Derivatives designated as hedging instruments:     
Assets:     
Forward foreign exchange contracts $—523—523539
Interest rate contracts(2)
—1,392—1,392988
Total —1,915—1,9151,527
Liabilities:     
Forward foreign exchange contracts —512—512624
Interest rate contracts(2)
—3,874—3,8745,338
Total —4,386—4,3865,962
Derivatives not designated as hedging instruments:     
Assets:     
Forward foreign exchange contracts —27—2764
Liabilities:     
Forward foreign exchange contracts —19—1975
Other Investments:
Equity investments(3)
470——4704,473
Debt securities(4)
—6,840—6,8408,874
Other Liabilities
Contingent consideration(5)
$——1,2481,2481,092
Gross to Net Derivative ReconciliationJune 30, 2024December 31, 2023
(Dollars in Millions)
Total Gross Assets$1,9421,591
Credit Support Agreement (CSA)(1,911)(1,575)
Total Net Asset3116
Total Gross Liabilities4,4056,037
Credit Support Agreement (CSA)(4,229)(5,604)
Total Net Liabilities$176433
Summarized information about changes in liabilities for contingent consideration for the fiscal second quarters ended June 30, 2024 and July 2, 2023 is as follows:
June 30, 2024July 2, 2023
(Dollars in Millions)
Beginning Balance$1,0921,120
Changes in estimated fair value(6)
4425
Additions112—
Payments—(3)
Ending Balance$1,2481,142
(1)2023 assets and liabilities are all classified as Level 2 with the exception of equity investments of $4,473 million, which are classified as Level 1 and contingent consideration of $1,092 million, classified as Level 3.
(2)Includes cross currency interest rate swaps and interest rate swaps.
(3)Classified as non-current other assets.
(4)Classified within cash equivalents and current marketable securities.
(5)Classified as non-current other liabilities as of June 30, 2024 and December 31, 2023, respectively.
(6)Ongoing fair value adjustment amounts are primarily recorded in Research and Development expense.
Marketable Securities
The Company's cash, cash equivalents and current marketable securities as of June 30, 2024 comprised:
(Dollars in Millions)
Carrying
Amount
Unrealized Gain
Estimated
Fair Value
Cash & Cash
Equivalents
Current
Marketable
Securities
Cash$4,247—4,2474,247—
U.S. Gov't securities—————
Non-U.S. sovereign securities150—150150—
U.S. reverse repurchase agreements8,496—8,4968,496—
Corporate debt securities(1)
—————
Money market funds4,883—4,8834,883—
Time deposits(1)
859—859859—
   Subtotal 18,635—18,63518,635—
U.S. Gov’t securities6,585—6,5856,182403
U.S. Gov’t Agencies11—11—11
Other sovereign securities2—2—2
Corporate debt securities242—24261181
   Subtotal available for sale debt(2)
$6,840—6,8406,243597
Total cash, cash equivalents and current marketable securities
$25,475—25,47524,878597
(1)Held to maturity investments are reported at amortized cost and gains or losses are reported in earnings.
(2)Available for sale debt securities are reported at fair value with unrealized gains and losses reported net of taxes in other comprehensive income.
Schedule of Available for Sale Securities Maturities
The contractual maturities of the available for sale securities as of June 30, 2024 are as follows:
(Dollars in Millions)Cost BasisFair Value
Due within one year$6,8216,821
Due after one year through five years1919
Due after five years through ten years——
Total debt securities$6,8406,840
Financial Liabilities not Measured at Fair Value
Financial instruments not measured at fair value
The following financial liabilities are held at carrying amount on the consolidated balance sheet as of June 30, 2024:
(Dollars in Millions)
Carrying
Amount
Estimated
Fair Value
Financial Liabilities  
Current Debt$9,8559,835
Non-Current Debt  
0.55% Notes due 2025
973950
2.46% Notes due 2026
1,9981,921
2.95% Notes due 2027
902955
0.95% Notes due 2027
1,4301,334
2.90% Notes due 2028
1,4971,418
1.150% Notes due 2028 (750MM Euro 1.0721)
801744
4.80% Notes due 2029 (1)
1,1451,161
6.95% Notes due 2029
298332
1.30% Notes due 2030
1,6261,445
4.90% Notes due 2031(1)
1,1451,161
3.20% Notes due 2032 (700MM Euro 1.0721)(1)
747750
4.95% Notes due 2033
499513
4.375% Notes due 2033
854835
4.95% Notes due 2034(1)

846860
1.650% Notes due 2035 (1.5B Euro 1.0721)
1,5971,384
3.35% Notes due 2036 (800MM Euro 1.0721)(1)

852853
3.587% Notes due 2036
855876
5.95% Notes due 2037
9941,089
3.625% Notes due 2037
1,3461,310
3.40% Notes due 2038
993839
5.85% Notes due 2038
697756
4.50% Notes due 2040
541521
2.10% Notes due 2040
836670
4.85% Notes due 2041
297293
4.50% Notes due 2043
496470
3.55% Notes due 2044 (1.0B Euro 1.0721)(1)
1,0621,062
3.73% Notes due 2046
1,9781,609
3.75% Notes due 2047
816805
3.50% Notes due 2048
743579
2.25% Notes due 2050
807593
5.25% Notes due 2054(1)

843854
2.45% Notes due 2060
1,055707
Other6767
Total Non-Current Debt$31,63629,716
(1) In the fiscal second quarter of 2024, the Company issued senior unsecured notes for a total of $6.7 billion. The net proceeds from this offering were used to fund the Shockwave acquisition which closed on May 31, 2024, and for general corporate purposes.
v3.24.2
Pensions and Other Benefit Plans (Tables)
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost
Components of net periodic benefit cost
Net periodic benefit costs for the Company’s defined benefit retirement plans and other benefit plans include the following components:
Fiscal Second Quarter EndedFiscal Six Months Ended
 Retirement PlansOther Benefit PlansRetirement PlansOther Benefit Plans
(Dollars in Millions)June 30, 2024July 2, 2023June 30, 2024July 2, 2023June 30, 2024July 2, 2023June 30, 2024July 2, 2023
Service cost$2222156969446425138137
Interest cost3513715255703723104109
Expected return on plan assets(639)(694)(1)(2)(1,281)(1,362)(3)(3)
Amortization of prior service cost/(credit)
(46)(46)(1)(1)(92)(92)(1)(1)
Recognized actuarial (gains)/losses44(50)13787(100)2613
Curtailments and settlements(8)———(8)———
Net periodic benefit cost/(credit)$(76)(204)132128(145)(406)264255
v3.24.2
Accumulated Other Comprehensive Income (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Components of Accumulated Other Comprehensive Income
Components of other comprehensive income/(loss) consist of the following:
(Dollars in Millions)
Foreign
Currency
Translation
Gain/
(Loss) On
Securities
Employee
Benefit
Plans
Gain/
(Loss) On
Derivatives
& Hedges
Total
Accumulated
Other
Comprehensive
Income/(Loss)
December 31, 2023$(10,149)(1)(2,000)(377)(12,527)
Net change1,734161(522)1,274
June 30, 2024(8,415)0(1,939)(899)(11,253)
v3.24.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Reconciliation of Basic Net Earnings per Share to Diluted Net Earnings per Share
The following is a reconciliation of basic net earnings per share to diluted net earnings per share:
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Shares in Millions)June 30, 2024July 2, 2023June 30, 2024July 2, 2023
Basic net earnings per share from continuing operations$1.952.073.301.88
Basic net earnings (loss) per share from discontinued operations— (0.09)—0.07
Total net earnings per share - basic1.951.983.301.95
Average shares outstanding — basic2,406.82,598.42,407.52,601.9
Potential shares exercisable under stock option plans62.695.279.396.9
Less: shares which could be repurchased under treasury stock method(47.4)(67.9)(58.3)(68.1)
Average shares outstanding — diluted2,422.02,625.72,428.52,630.7
Diluted net earnings per share from continuing operations1.932.053.271.86
Diluted net earnings (loss) per share from discontinuing operations— (0.09)—0.07
Total net earnings per share - diluted$1.931.963.271.93
(Shares in Millions)
The diluted net earnings per share calculation excluded the following number of shares related to stock options, as the exercise price of these options was greater than the average market value of the Company’s stock. 72.250.853.846.8
v3.24.2
Segments of Business and Geographic Areas (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Sales By Segment Of Business
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 30,
2024		July 2,
2023		Percent
Change		June 30,
2024		July 2,
2023
Percent
Change
INNOVATIVE MEDICINE
Immunology
U.S.
$2,9782,8654.0 %$5,4315,3132.2 %
International
1,7441,6316.9 3,5383,2957.4 
Worldwide
4,7224,4965.0 8,9698,6084.2 
REMICADE
U.S.
231277(16.7)497553(10.1)
U.S. Exports
35337.9 6274(15.4)
International
127152(16.6)268322(16.9)
Worldwide
393462(14.9)827949(12.9)
SIMPONI / SIMPONI ARIA
U.S.
267285(6.3)521556(6.2)
International
27024410.9 56951011.7 
Worldwide
5375291.6 1,0911,0662.3 
STELARA
U.S.
1,8551,8172.1 3,2513,268(0.5)
International
1,0309815.0 2,0851,9745.6 
Worldwide
2,8852,7973.1 5,3365,2411.8 
TREMFYA
U.S.
58945030.8 1,09885628.2 
International
31725523.9 61648925.8 
Worldwide
90670628.3 1,7141,34627.3 
OTHER IMMUNOLOGY
U.S.
24(51.5)27(75.4)
International
00— 00— 
Worldwide
24(51.5)27(75.4)
Infectious Diseases
U.S.
334395(15.4)658787(16.4)
International
631727(13.1)1,1281,920(41.3)
Worldwide
9651,121(13.9)1,7862,707(34.0)
COVID-19 VACCINE
U.S.
00— 00—
International
172285(39.7)1971,032(80.9)
Worldwide
172285(39.7)1971,032(80.9)
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 30,
2024		July 2,
2023		Percent
Change		June 30,
2024		July 2,
2023
Percent
Change
EDURANT / rilpivirine
U.S.
88(2.8)1617(7.0)
International
28825811.5 60352914.1 
Worldwide
29726611.0 62054613.4 
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
U.S.
321382(16.0)635760(16.5)
International
1171096.5 2212086.0 
Worldwide
438491(11.0)856968(11.6)
OTHER INFECTIOUS DISEASES
U.S.
5518.5 710(29.4)
International
5574(25.6)107151(29.3)
Worldwide
6179(23.1)114161(29.3)
Neuroscience
U.S.
1,1021,0297.1 2,1562,0077.4 
International
679764(11.1)1,4281,590(10.2)
Worldwide
1,7821,793(0.6)3,5853,597(0.3)
CONCERTA / methylphenidate
U.S.
3464(47.7)75134(44.3)
International
129143(9.8)265279(5.1)
Worldwide
163208(21.5)340414(17.8)
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
U.S.
7847218.8 1,5491,4348.0 
International
269310(13.1)561641(12.4)
Worldwide
1,0541,0312.2 2,1102,0751.7 
SPRAVATO
U.S.
22614457.9 41725563.9 
International
442573.5 784574.6 
Worldwide
27116960.2 49630065.5 
OTHER NEUROSCIENCE
U.S.
57100(42.5)115184(37.3)
International
237286(17.0)524625(16.2)
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 30,
2024		July 2,
2023		Percent
Change		June 30,
2024		July 2,
2023
Percent
Change
Worldwide
294386(23.7)639809(21.0)
Oncology
U.S.
2,6362,06927.4 5,0193,95826.8 
International
2,4552,3295.4 4,8854,5527.3 
Worldwide
5,0904,39815.7 9,9048,51016.4 
CARVYKTI
U.S.
16711446.5 30718466.8 
International
203*365*
Worldwide
18611759.8 34318981.5 
DARZALEX
U.S.
1,6411,32224.2 3,1052,51323.6 
International
1,2371,11011.5 2,4652,18212.9 
Worldwide
2,8782,43118.4 5,5704,69518.6 
ERLEADA
U.S.
31824132.2 60349023.0 
International
41832628.0 82261932.8 
Worldwide
73656729.8 1,4251,10928.4 
IMBRUVICA
U.S.
246262(6.4)511532(3.9)
International
525579(9.4)1,0431,136(8.3)
Worldwide
770841(8.5)1,5541,668(6.9)
TECVAYLI
U.S.
1048227.5 20513947.7 
International
3012*6318*
Worldwide
1359442.9 26815770.2 
ZYTIGA / abiraterone acetate
U.S.
11921.6 2025(19.7)
International
154218(29.6)326447(27.2)
Worldwide
165227(27.7)346472(26.8)
OTHER ONCOLOGY
U.S.
14840*26775*
International
7180(10.4)131144(8.5)
Worldwide
22112084.2 39921982.4 
Pulmonary Hypertension
U.S.
7436848.7 1,5091,28417.5 
International
2962892.6 5795613.4 
Worldwide
1,0399726.9 2,0881,84413.2 
OPSUMIT
U.S.37332813.7 72960121.3 
International170179(5.0)339346(2.2)
Worldwide5445077.1 1,06894712.7 
UPTRAVI
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 30,
2024		July 2,
2023		Percent
Change		June 30,
2024		July 2,
2023
Percent
Change
U.S.3493383.3 74164215.5 
International766124.6 15211927.6 
Worldwide 4263996.6 89476117.4 
OTHER PULMONARY HYPERTENSION
U.S.
201818.8 3841(6.1)
International50483.1 8995(6.7)
Worldwide 71667.2 127136(6.5)
Cardiovascular / Metabolism / Other
U.S.717776(7.7)1,3481,491(9.6)
International1761740.6 373386(3.6)
Worldwide892950(6.2)1,7211,877(8.3)
XARELTO
U.S.587637(7.9)1,1051,215(9.1)
International——— ——— 
Worldwide587637(7.9)1,1051,215(9.1)
OTHER
U.S.129138(6.4)243275(11.8)
International1761740.6 373386(3.6)
Worldwide305313(2.5)616662(7.0)
TOTAL INNOVATIVE MEDICINE  
U.S.8,5107,8188.9 16,12214,8418.6 
International5,9805,9131.1 11,93012,303(3.0)
Worldwide14,49013,7315.5 28,05227,1443.3 
MEDTECH
Cardiovascular(1)
U.S.1,11990823.3 2,1441,77121.1 
International7537125.7 1,5341,35213.4 
Worldwide1,8731,62015.6 3,6793,12317.8 
ELECTROPHYSIOLOGY
U.S.70560915.7 1,3971,18018.4 
International6185875.4 1,2701,10914.6 
Worldwide1,3231,19610.6 2,6672,28816.5 
ABIOMED
U.S.30927213.2 61253614.1 
International725920.7 13911916.5 
Worldwide37933114.5 75065514.5 
SHOCKWAVE(2)
U.S.77—*77—*
International0——0——
Worldwide77—*77—*
OTHER CARDIOVASCULAR(1)
U.S.292712.5 59557.7 
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 30,
2024		July 2,
2023		Percent
Change		June 30,
2024		July 2,
2023
Percent
Change
International6467(4.5)1261250.8 
Worldwide93930.3 1851802.9 
Orthopaedics
U.S.1,4221,3882.5 2,8702,7514.3 
International8908781.4 1,7821,7591.3 
Worldwide2,3122,2652.1 4,6524,5103.2 
HIPS
U.S.2652505.8 5354918.9 
International1521473.4 3042962.6 
Worldwide4173974.9 8397876.5 
KNEES
U.S.2302214.2 4724475.5 
International16314214.9 32328413.6 
Worldwide3943638.4 7957318.7 
TRAUMA
U.S.4984833.0 1,0029742.9 
International2602552.4 5215220.0 
Worldwide7597392.8 1,5241,4961.9 
SPINE, SPORTS & OTHER
U.S.430433(0.8)8628392.7 
International314334(6.1)634657(3.5)
Worldwide743766(3.1)1,4951,4950.0 
Surgery
U.S.9951,015(2.0)1,9821,990(0.4)
International1,4931,580(5.5)2,9223,039(3.8)
Worldwide2,4882,594(4.1)4,9045,028(2.5)
ADVANCED
U.S.4664660.1 9129100.2 
International675757(10.8)1,3161,430(8.0)
Worldwide1,1411,222(6.7)2,2282,340(4.8)
GENERAL
U.S.528548(3.7)1,0701,079(0.9)
International818823(0.7)1,6061,608(0.2)
Worldwide1,3461,372(1.9)2,6762,688(0.5)
Vision
U.S.523529(1.2)1,0701,087(1.5)
International763778(2.0)1,4731,521(3.2)
Worldwide1,2851,308(1.7)2,5432,608(2.5)
CONTACT LENSES / OTHER
U.S.4094090.2 847853(0.6)
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 30,
2024		July 2,
2023		Percent
Change		June 30,
2024		July 2,
2023
Percent
Change
International509530(4.0)9811,039(5.6)
Worldwide918939(2.2)1,8281,892(3.4)
SURGICAL
U.S.113120(5.8)223234(4.8)
International2542492.1 4924822.1 
Worldwide367369(0.5)715716(0.1)
TOTAL MEDTECH    
U.S.4,0593,8395.7 8,0677,5986.2 
International3,8983,949(1.3)7,7117,6710.5 
Worldwide7,9577,7882.2 15,77815,2693.3 
WORLDWIDE      
U.S.12,56911,6577.8 24,18922,4397.8 
International9,8789,8620.2 19,64119,974(1.7)
Worldwide$22,44721,5194.3 %$43,83042,4133.3 %
*    Percentage greater than 100% or not meaningful
(1) Previously referred to as Interventional
(2) Acquired on May 31, 2024
Operating Profit by Segment of Business
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 30,
2024		July 2,
2023		Percent
Change		June 30,
2024		July 2,
2023		Percent
Change
Innovative Medicine(1)
$5,4594,81213.4 %$10,4289,21413.2 %
MedTech(2)
1,0891,671(34.8)2,6093,080(15.3)
Segment earnings before provision for taxes6,5486,4831.0 13,03712,2946.0 
Less: Expense not allocated to segments (3)
800177 3,5757,275
Worldwide income (loss) before tax$5,7486,306(8.8)%$9,4625,01988.5 %
(1) Innovative Medicine includes:
•Intangible amortization expense of $0.7 billion in both the fiscal second quarter of 2024 and 2023. Intangible amortization expense of $1.4 billion and $1.5 billion in the fiscal six months of 2024 and 2023, respectively.
•One-time COVID-19 Vaccine related exit costs of $0.1 billion in both the fiscal second quarter and fiscal six months of 2024. One-time COVID-19 Vaccine related exit costs of $0.2 billion and $0.6 billion in the fiscal second quarter and fiscal six months of 2023, respectively.
•Restructuring income of $0.1 billion in the fiscal second quarter of 2024 and a restructuring related charge of $0.1 billion in the fiscal six months of 2024. A restructuring related charge of $0.1 billion and $0.3 billion in the fiscal second quarter and fiscal six months of 2023, respectively. Refer to Note 12 for additional details.
•An In-process research and development impairment of $0.2 billion in the fiscal second quarter and fiscal six months of 2024 associated with the M710 (biosimilar) asset acquired from Momenta in 2020.
(2)    MedTech includes:
•Intangible amortization expense of $0.4 billion in both the fiscal second quarter of 2024 and 2023. Intangible amortization expense of $0.8 billion in both the fiscal six months of 2024 and 2023.
•Favorable intellectual property litigation settlements of $0.3 billion in both the fiscal second quarter and fiscal six months of 2023
•Acquisition and integration related expense of $0.6 billion and $0.6 billion, primarily driven by the Shockwave acquisition, in the fiscal second quarter and fiscal six months of 2024, respectively. Acquisition and integration related expense of $0.1 billion in the fiscal six months of 2023.
•A gain of $0.2 billion related to the Acclarent divestiture recorded in Other (income) expense in the fiscal second quarter and fiscal six months of 2024
•Restructuring related charge of $0.1 billion in the fiscal second quarter and fiscal six months of 2024
(3)    Amounts not allocated to segments include interest (income)/expense and general corporate (income)/expense. The fiscal second quarters of 2024 and 2023 include charges for talc matters of $0.3 billion and $0.2 billion, respectively. The fiscal six months of 2024 and 2023 include charges for talc matters of $3.0 billion and $7.1 billion, respectively (See Note 11, Legal Proceedings, for additional details). The fiscal second quarter and six months of 2024 includes a loss of approximately $0.4 billion related to the debt to equity exchange of the Company's remaining shares of Kenvue Common Stock
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 30, 2024July 2, 2023Percent
Change		June 30, 2024July 2, 2023Percent Change
United States$12,56911,6577.8 %$24,18922,4397.8 %
Europe5,2145,1311.6 10,37710,721(3.2)
Western Hemisphere, excluding U.S.1,2121,1366.7 2,4062,2128.8 
Asia-Pacific, Africa3,4523,595(4.0)6,8587,041(2.6)
Total$22,44721,5194.3 %$43,83042,4133.3 %
v3.24.2
Acquisitions and Divestitures (Tables)
 6 Months Ended
Jun. 30, 2024
Business Combinations [Abstract]  
Schedule of Preliminary Amounts Recognized for Assets Acquired and Liabilities Assumed
Details of the fair value amounts recognized for assets acquired and liabilities assumed as of the acquisition date:
(Dollars in Billions)
Assets acquired:
Cash $1.1
Goodwill7.5
Amortizable intangibles5.3
IPR&D0.6
Inventory0.5
Other assets0.5
Total assets acquired$15.5
Liabilities assumed:
Deferred taxes$1.5
Notes payable*1.0
Accrued liabilities**0.4
Total liabilities assumed$2.9
Net assets acquired$12.6
Net assets acquired as of May 31, 2024$12.6
Less: Cash acquired1.1
Equity awards settled0.6
Settlement of Note payable*1.0
Total enterprise value as of June 30, 2024$13.1
•Represents the convertible debt which was subsequently paid in the fiscal second quarter of 2024.
** Includes $0.2 billion of equity awards
v3.24.2
Legal Proceedings (Tables)
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Summary Of Claims In Pending Lawsuits
The table below contains the most significant of these cases and provides the approximate number of plaintiffs in the United States with direct claims in pending lawsuits regarding injuries allegedly due to the relevant product or product category as of June 30, 2024:
Product or product category
Number of plaintiffs
Body powders containing talc, primarily JOHNSON’S Baby Powder62,370
DePuy ASR XL Acetabular System and DePuy ASR Hip Resurfacing System160
PINNACLE Acetabular Cup System910
Pelvic meshes6,230
ETHICON PHYSIOMESH Flexible Composite Mesh170
RISPERDAL20
ELMIRON2,170
v3.24.2
Kenvue Separation (Tables)
 6 Months Ended
Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations
Details of Net Earnings from Discontinued Operations, net of taxes are as follows:
Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)July 2, 2023July 2, 2023
Sales to customers$4,011$7,863
Cost of products sold1,7503,458
Gross profit2,2614,405
Selling, marketing and administrative expenses1,2692,501
Research and development expense126234
Interest Income(42)(79)
Interest expense, net of portion capitalized 128131
Other (income) expense, net324612
Earnings from Discontinued Operations Before Provision for Taxes on Income4561,006
Provision for taxes on income688815
Net (loss)/earnings from Discontinued Operations$(232)$191
The following table presents depreciation, amortization and capital expenditures of the discontinued operations related to Kenvue:
Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)July 2, 2023July 2, 2023
Depreciation and Amortization$149$302
Capital expenditures$92$139
v3.24.2
Restructuring (Tables)
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Reserve
The following table summarizes the restructuring (income) expenses for 2024:
(Pre-tax Dollars in Millions)Fiscal Second Quarter EndedFiscal Six Months Ended
Innovative Medicine Segment(1)
$(63)81
MedTech Segment(2)
5279
Total Programs$(11)160
(1)Included in Restructuring on the Consolidated Statement of Earnings
(2)The fiscal second quarter of 2024 included $50 million in Restructuring and $2 million in Cost of products sold on the Consolidated Statement of Earnings. The fiscal six months of 2024 included $70 million in Restructuring and $9 million in Cost of products sold on the Consolidated Statement of Earnings.
v3.24.2
Summary of Significant Accounting Policies (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Accounting Policies [Abstract]    
Supplier finance program, payment timing, period 90 days  
Supplier finance program, obligation $ 600 $ 700
v3.24.2
Inventories (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials and supplies $ 2,407 $ 2,355
Goods in process 2,556 1,952
Finished goods 7,206 6,874
Total inventories $ 12,169 $ 11,181
v3.24.2
Intangible Assets and Goodwill (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Intangible assets with indefinite lives:    
Total intangible assets with indefinite lives $ 13,964 $ 10,929
Total intangible assets — net 39,725 34,175
Trademarks    
Intangible assets with indefinite lives:    
Total intangible assets with indefinite lives 1,655 1,714
Purchased In-Process Research And Development    
Intangible assets with indefinite lives:    
Total intangible assets with indefinite lives 12,309 9,215
Patents And Trademarks    
Intangible assets with definite lives:    
Finite-lived intangible assets, gross 43,438 40,417
Less accumulated amortization (24,835) (24,808)
Finite-lived intangible assets, net 18,603 15,609
Customer relationships and other intangible assets    
Intangible assets with definite lives:    
Finite-lived intangible assets, gross 20,176 20,322
Less accumulated amortization (13,018) (12,685)
Finite-lived intangible assets, net $ 7,158 $ 7,637
v3.24.2
Intangible Assets and Goodwill - Goodwill By Segment (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Goodwill [Roll Forward]  
Goodwill Beginning of Period $ 36,558
Goodwill, related to acquisitions 8,057
Goodwill, related to divestitures (56)
Currency translation/Other (309)
Goodwill End of Period 44,250
Innovative Medicine  
Goodwill [Roll Forward]  
Goodwill Beginning of Period 10,407
Goodwill, related to acquisitions 563
Goodwill, related to divestitures 0
Currency translation/Other (202)
Goodwill End of Period 10,768
MedTech  
Goodwill [Roll Forward]  
Goodwill Beginning of Period 26,151
Goodwill, related to acquisitions 7,494
Goodwill, related to divestitures (56)
Currency translation/Other (107)
Goodwill End of Period $ 33,482
v3.24.2
Intangible Assets and Goodwill - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Finite-Lived Intangible Assets [Line Items]        
Amortization expense of amortizable intangible assets $ 1,100 $ 1,100 $ 2,200 $ 2,200
Patents And Trademarks        
Finite-Lived Intangible Assets [Line Items]        
Useful life (in years) 12 years   12 years  
Customer relationships and other intangible assets        
Finite-Lived Intangible Assets [Line Items]        
Useful life (in years) 18 years   18 years  
v3.24.2
Intangible Assets and Goodwill - Intangible Asset Amortization Expense (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2024 $ 4,500
2025 3,900
2026 3,300
2027 2,700
2028 $ 2,000
v3.24.2
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
May 17, 2024
May 15, 2024
Jun. 30, 2024
Dec. 31, 2023
Derivative [Line Items]        
Accumulated other comprehensive income on derivatives, after tax     $ 899  
Hedging exposure     18 months  
Commercial paper   $ 3,600    
Proceeds from issuance of commercial paper   $ 3,600    
Debt for equity exchange, shares exchanged (in shares) 182,329,550      
Debt for equity exchange, loss on shares exchanged $ 400      
Weighted average interest rate on non-current debt     3.28%  
Excess of carrying value over fair value of debt       $ 1,000
Current Debt     $ 9,855 3,451
Commercial Paper        
Derivative [Line Items]        
Current Debt     $ 8,500  
Weighted average interest rate     5.28%  
Term     1 month  
Forward foreign exchange contracts        
Derivative [Line Items]        
Collateral already posted, aggregate fair value     $ 2,300  
Derivative, notional amount     44,500 42,900
Cross currency interest rate swaps        
Derivative [Line Items]        
Derivative, notional amount     41,000 39,700
Interest Rate Swap        
Derivative [Line Items]        
Derivative, notional amount     $ 10,000 $ 10,000
v3.24.2
Fair Value Measurements - Summary of Derivative Activity (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Other (income) expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) reclassified from AOCI into income $ 0 $ 0 $ 0 $ 0
Cross currency interest rate swaps | Other (income) expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) reclassified from AOCI into income 0 0 0 0
Fair Value Hedging | Interest Rate Swap | Sales to customers        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing 0 0 0 0
Amount of gain or (loss) recognized in AOCI 0 0 0 0
Fair Value Hedging | Interest Rate Swap | Cost of products sold        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing 0 0 0 0
Amount of gain or (loss) recognized in AOCI 0 0 0 0
Fair Value Hedging | Interest Rate Swap | Research and Development Expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing 0 0 0 0
Amount of gain or (loss) recognized in AOCI 0 0 0 0
Fair Value Hedging | Interest Rate Swap | Interest (income)/Interest expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing (53) (175) (45) (6)
Amount of gain or (loss) recognized in AOCI 53 175 45 6
Fair Value Hedging | Interest Rate Swap | Other (income) expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing 0 0 0 0
Amount of gain or (loss) recognized in AOCI 0 0 0 0
Fair Value Hedging | Cross currency interest rate swaps | Sales to customers        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing     0 0
Amount of gain or (loss) recognized in AOCI     0 0
Fair Value Hedging | Cross currency interest rate swaps | Cost of products sold        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing     0 0
Amount of gain or (loss) recognized in AOCI     0 0
Fair Value Hedging | Cross currency interest rate swaps | Research and Development Expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing     0 0
Amount of gain or (loss) recognized in AOCI     0 0
Fair Value Hedging | Cross currency interest rate swaps | Interest (income)/Interest expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing     67 67
Amount of gain or (loss) recognized in AOCI     67 67
Fair Value Hedging | Cross currency interest rate swaps | Other (income) expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing     0 0
Amount of gain or (loss) recognized in AOCI     0 0
Net Investment Hedging | Net Investment Hedging | Sales to customers        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing 0 0    
Amount of gain or (loss) recognized in AOCI 0 0    
Net Investment Hedging | Net Investment Hedging | Cost of products sold        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing 0 0    
Amount of gain or (loss) recognized in AOCI 0 0    
Net Investment Hedging | Net Investment Hedging | Research and Development Expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing 0 0    
Amount of gain or (loss) recognized in AOCI 0 0    
Net Investment Hedging | Net Investment Hedging | Interest (income)/Interest expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing 33 33    
Amount of gain or (loss) recognized in AOCI 33 33    
Net Investment Hedging | Net Investment Hedging | Other (income) expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing 0 0    
Amount of gain or (loss) recognized in AOCI 0 0    
Cash Flow Hedging | Forward foreign exchange contracts | Sales to customers        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in AOCI 2 (14) (1) 10
Amount of gain or (loss) reclassified from AOCI into income (1) (15) 0 (3)
Cash Flow Hedging | Forward foreign exchange contracts | Cost of products sold        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in AOCI 66 251 47 396
Amount of gain or (loss) reclassified from AOCI into income 94 56 259 (90)
Cash Flow Hedging | Forward foreign exchange contracts | Research and Development Expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in AOCI 11 7 33 (29)
Amount of gain or (loss) reclassified from AOCI into income 8 (12) 12 (25)
Cash Flow Hedging | Forward foreign exchange contracts | Interest (income)/Interest expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in AOCI 0 0 0 0
Amount of gain or (loss) reclassified from AOCI into income 0 0 0 0
Cash Flow Hedging | Forward foreign exchange contracts | Other (income) expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in AOCI 1 18 5 4
Amount of gain or (loss) reclassified from AOCI into income 3 3 1 5
Cash Flow Hedging | Cross currency interest rate swaps | Sales to customers        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in AOCI 0 0 0 0
Amount of gain or (loss) reclassified from AOCI into income 0 0 0 0
Cash Flow Hedging | Cross currency interest rate swaps | Cost of products sold        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in AOCI 0 0 0 0
Amount of gain or (loss) reclassified from AOCI into income 0 0 0 0
Cash Flow Hedging | Cross currency interest rate swaps | Research and Development Expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in AOCI 0 0 0 0
Amount of gain or (loss) reclassified from AOCI into income 0 0 0 0
Cash Flow Hedging | Cross currency interest rate swaps | Interest (income)/Interest expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in AOCI (38) (432) (243) (15)
Amount of gain or (loss) reclassified from AOCI into income 42 74 91 182
Cash Flow Hedging | Cross currency interest rate swaps | Other (income) expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in AOCI 0 0 0 0
Amount of gain or (loss) reclassified from AOCI into income $ 0 $ 0 $ 0 $ 0
v3.24.2
Fair Value Measurements - Derivatives, Balance Sheet Location (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Carrying Amount of the Hedged Liability $ 4,405 $ 6,037
Designated as Hedging Instrument    
Derivative [Line Items]    
Carrying Amount of the Hedged Liability 8,812 8,862
Cumulative Amount of Fair Value Hedging Gain/ (Loss) Included in the Carrying Amount of the Hedged Liability $ (1,274) $ (1,216)
v3.24.2
Fair Value Measurements - Schedule of Effect of Derivatives not Designated as Hedging Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Not Designated as Hedging Instrument | Forward foreign exchange contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain/(Loss) Recognized In Income on Derivative $ 20 $ 33 $ 45 $ 2
v3.24.2
Fair Value Measurements - Schedule of Effect of Net Investment Hedges (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Gain/(Loss) Recognized In Accumulated OCI $ 46 $ 11 $ 130 $ (66)
Other Income Expense Net        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) reclassified from AOCI into income 0 0 0 0
Cross Currency Interest Rate Contract        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain/(Loss) Recognized In Accumulated OCI 92 (24) 820 666
Cross Currency Interest Rate Contract | Other Income Expense Net        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) reclassified from AOCI into income $ 0 $ 0 $ 0 $ 0
v3.24.2
Fair Value Measurements - Summary of Activity Related to Equity Investments (Details) - USD ($)
$ in Millions
 6 Months Ended
Aug. 23, 2023
Jun. 30, 2024
Dec. 31, 2023
Equity Investment [Roll Forward]      
Non Current Other Assets   $ 10,544 $ 14,153
Kenvue Inc. | Johnson & Johnson      
Equity Investment [Roll Forward]      
Percentage ownership after transaction 9.50%    
Equity Securities | Equity Investments with readily determinable value*      
Equity Investment [Roll Forward]      
Carrying value, beginning of period   4,473  
Equity, Fair Value Adjustment   (4)  
Sales/ Purchases/Other   (3,999)  
Carrying value, end of period   470  
Non Current Other Assets   470  
Equity Securities | Equity Investments without readily determinable value      
Equity Investment [Roll Forward]      
Carrying value, beginning of period   696  
Equity, Fair Value Adjustment   (15)  
Sales/ Purchases/Other   (8)  
Carrying value, end of period   673  
Non Current Other Assets   $ 673  
v3.24.2
Fair Value Measurements - Financial Assets and Liabilities at Fair Value (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Dec. 31, 2023
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets $ 1,915    
Derivatives designated as hedging instruments : Liabilities 4,386    
Available-for-sale Securities, Equity Securities 470   $ 4,473
Available-for-sale Securities 6,840   8,874
Contingent consideration 1,248   1,092
Total Gross Assets 1,942   1,591
Credit Support Agreement (CSA) (1,911)   (1,575)
Total Net Asset 31   16
Total Gross Liabilities 4,405   6,037
Credit Support Agreement (CSA) (4,229)   (5,604)
Total Net Liabilities 176   433
Beginning Balance 1,092 $ 1,120  
Changes in estimated fair value(6) 44 25  
Additions 112 0  
Payments 0 (3)  
Ending Balance 1,248 $ 1,142  
Quoted prices in active markets for identical assets and liabilities Level 1      
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets 0    
Derivatives designated as hedging instruments : Liabilities 0    
Available-for-sale Securities, Equity Securities 470   4,473
Available-for-sale Securities 0    
Contingent consideration 0    
Significant other observable inputs Level 2      
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets 1,915   1,527
Derivatives designated as hedging instruments : Liabilities 4,386   5,962
Available-for-sale Securities, Equity Securities 0    
Available-for-sale Securities 6,840    
Contingent consideration 0    
Significant unobservable inputs Level 3      
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets 0    
Derivatives designated as hedging instruments : Liabilities 0    
Available-for-sale Securities, Equity Securities 0    
Available-for-sale Securities 0    
Contingent consideration 1,248   1,092
Interest Rate Contract      
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets 1,392    
Derivatives designated as hedging instruments : Liabilities 3,874    
Interest Rate Contract | Quoted prices in active markets for identical assets and liabilities Level 1      
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets 0    
Derivatives designated as hedging instruments : Liabilities 0    
Interest Rate Contract | Significant other observable inputs Level 2      
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets 1,392   988
Derivatives designated as hedging instruments : Liabilities 3,874   5,338
Interest Rate Contract | Significant unobservable inputs Level 3      
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets 0    
Derivatives designated as hedging instruments : Liabilities 0    
Forward foreign exchange contracts      
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets 523    
Derivatives designated as hedging instruments : Liabilities 512    
Derivatives not designated as hedging instruments : Assets 27    
Derivatives not designated as hedging instruments : Liabilities 19    
Forward foreign exchange contracts | Quoted prices in active markets for identical assets and liabilities Level 1      
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets 0    
Derivatives designated as hedging instruments : Liabilities 0    
Derivatives not designated as hedging instruments : Assets 0    
Derivatives not designated as hedging instruments : Liabilities 0    
Forward foreign exchange contracts | Significant other observable inputs Level 2      
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets 523   539
Derivatives designated as hedging instruments : Liabilities 512   624
Derivatives not designated as hedging instruments : Assets 27   64
Derivatives not designated as hedging instruments : Liabilities 19   $ 75
Forward foreign exchange contracts | Significant unobservable inputs Level 3      
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets 0    
Derivatives designated as hedging instruments : Liabilities 0    
Derivatives not designated as hedging instruments : Assets 0    
Derivatives not designated as hedging instruments : Liabilities $ 0    
v3.24.2
Fair Value Measurements - Cash, Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Abstract]    
Available-for-sale Securities - Estimated Fair Value $ 6,840 $ 8,874
Debt Securities, Available-for-sale and Held-to-maturity [Abstract]    
Cash and Cash Equivalents 24,878 21,859
Marketable securities 597 $ 1,068
Total cash, cash equivalents and current marketable securities, Carrying Amount 25,475  
Total cash, cash equivalents and current marketable securities, Unrealized Gain 0  
Total cash, cash equivalents and current marketable securities, Estimated Fair Value 25,475  
Held-to-maturity Securities    
Debt Securities, Held-to-maturity [Abstract]    
Held-to-maturity Securities - Carrying Amount 18,635  
Held-to-maturity Securities, Unrecognized Gain 0  
Held-to-maturity Securities - Estimated Fair Value 18,635  
Debt Securities, Available-for-sale and Held-to-maturity [Abstract]    
Cash and Cash Equivalents 18,635  
Marketable securities 0  
Held-to-maturity Securities | Cash    
Debt Securities, Held-to-maturity [Abstract]    
Held-to-maturity Securities - Carrying Amount 4,247  
Held-to-maturity Securities, Unrecognized Gain 0  
Held-to-maturity Securities - Estimated Fair Value 4,247  
Debt Securities, Available-for-sale and Held-to-maturity [Abstract]    
Cash and Cash Equivalents 4,247  
Marketable securities 0  
Held-to-maturity Securities | U.S. Gov't securities    
Debt Securities, Held-to-maturity [Abstract]    
Held-to-maturity Securities - Carrying Amount 0  
Held-to-maturity Securities, Unrecognized Gain 0  
Held-to-maturity Securities - Estimated Fair Value 0  
Debt Securities, Available-for-sale and Held-to-maturity [Abstract]    
Cash and Cash Equivalents 0  
Marketable securities 0  
Held-to-maturity Securities | Non-U.S. sovereign securities    
Debt Securities, Held-to-maturity [Abstract]    
Held-to-maturity Securities - Carrying Amount 150  
Held-to-maturity Securities, Unrecognized Gain 0  
Held-to-maturity Securities - Estimated Fair Value 150  
Debt Securities, Available-for-sale and Held-to-maturity [Abstract]    
Cash and Cash Equivalents 150  
Marketable securities 0  
Held-to-maturity Securities | U.S. reverse repurchase agreements    
Debt Securities, Held-to-maturity [Abstract]    
Held-to-maturity Securities - Carrying Amount 8,496  
Held-to-maturity Securities, Unrecognized Gain 0  
Held-to-maturity Securities - Estimated Fair Value 8,496  
Debt Securities, Available-for-sale and Held-to-maturity [Abstract]    
Cash and Cash Equivalents 8,496  
Marketable securities 0  
Held-to-maturity Securities | Corporate debt securities(1)    
Debt Securities, Held-to-maturity [Abstract]    
Held-to-maturity Securities - Carrying Amount 0  
Held-to-maturity Securities, Unrecognized Gain 0  
Held-to-maturity Securities - Estimated Fair Value 0  
Debt Securities, Available-for-sale and Held-to-maturity [Abstract]    
Cash and Cash Equivalents 0  
Marketable securities 0  
Held-to-maturity Securities | Money market funds    
Debt Securities, Held-to-maturity [Abstract]    
Held-to-maturity Securities - Carrying Amount 4,883  
Held-to-maturity Securities, Unrecognized Gain 0  
Held-to-maturity Securities - Estimated Fair Value 4,883  
Debt Securities, Available-for-sale and Held-to-maturity [Abstract]    
Cash and Cash Equivalents 4,883  
Marketable securities 0  
Held-to-maturity Securities | Time deposits(1)    
Debt Securities, Held-to-maturity [Abstract]    
Held-to-maturity Securities - Carrying Amount 859  
Held-to-maturity Securities, Unrecognized Gain 0  
Held-to-maturity Securities - Estimated Fair Value 859  
Debt Securities, Available-for-sale and Held-to-maturity [Abstract]    
Cash and Cash Equivalents 859  
Marketable securities 0  
Available-for-sale Securities    
Debt Securities, Available-for-sale [Abstract]    
Available-for-sale Securities - Carrying Amount 6,840  
Available-for-sale Securities, Unrecognized Gain 0  
Available-for-sale Securities - Estimated Fair Value 6,840  
Debt Securities, Available-for-sale and Held-to-maturity [Abstract]    
Cash and Cash Equivalents 6,243  
Marketable securities 597  
Available-for-sale Securities | U.S. Gov’t securities    
Debt Securities, Available-for-sale [Abstract]    
Available-for-sale Securities - Carrying Amount 6,585  
Available-for-sale Securities - Estimated Fair Value 6,585  
Available-for-sale Securities | U.S. Gov’t Agencies    
Debt Securities, Available-for-sale [Abstract]    
Available-for-sale Securities - Carrying Amount 11  
Available-for-sale Securities - Estimated Fair Value 11  
Available-for-sale Securities | Non-U.S. sovereign securities    
Debt Securities, Available-for-sale [Abstract]    
Available-for-sale Securities - Carrying Amount 2  
Available-for-sale Securities - Estimated Fair Value 2  
Available-for-sale Securities | Corporate debt securities(1)    
Debt Securities, Available-for-sale [Abstract]    
Available-for-sale Securities - Carrying Amount 242  
Available-for-sale Securities - Estimated Fair Value 242  
Available-for-sale Securities | Non-U.S. sovereign securities    
Debt Securities, Available-for-sale [Abstract]    
Available-for-sale Securities, Unrecognized Gain 0  
Debt Securities, Available-for-sale and Held-to-maturity [Abstract]    
Cash and Cash Equivalents 0  
Marketable securities 2  
Available-for-sale Securities | Corporate debt securities(1)    
Debt Securities, Available-for-sale [Abstract]    
Available-for-sale Securities, Unrecognized Gain 0  
Debt Securities, Available-for-sale and Held-to-maturity [Abstract]    
Cash and Cash Equivalents 61  
Marketable securities 181  
Available-for-sale Securities | U.S. Gov’t securities    
Debt Securities, Available-for-sale [Abstract]    
Available-for-sale Securities, Unrecognized Gain 0  
Debt Securities, Available-for-sale and Held-to-maturity [Abstract]    
Cash and Cash Equivalents 6,182  
Marketable securities 403  
Available-for-sale Securities | U.S. Gov’t Agencies    
Debt Securities, Available-for-sale [Abstract]    
Available-for-sale Securities, Unrecognized Gain 0  
Debt Securities, Available-for-sale and Held-to-maturity [Abstract]    
Cash and Cash Equivalents 0  
Marketable securities $ 11  
v3.24.2
Fair Value Measurements - Schedule of Available for Sale Securities Maturities (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Cost Basis  
Due within one year $ 6,821
Due after one year through five years 19
Due after five years through ten years 0
Total debt securities 6,840
Fair Value  
Due within one year 6,821
Due after one year through five years 19
Due after five years through ten years 0
Total debt securities $ 6,840
v3.24.2
Fair Value Measurements - Financial Liabilities not Measured at Fair Value (Details)
Jun. 30, 2024
USD ($)
Jun. 30, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Financial Liabilities      
Current Debt $ 9,855,000,000   $ 3,451,000,000
Non-Current Debt      
Non-Current Debt 31,636,000,000   $ 25,881,000,000
Unsecured Notes      
Non-Current Debt      
Debt instrument, face amount 6,700,000,000    
Carrying Amount      
Financial Liabilities      
Current Debt 9,855,000,000    
Non-Current Debt      
Non-Current Debt 31,636,000,000    
Estimated Fair Value      
Financial Liabilities      
Current Debt 9,835,000,000    
Non-Current Debt      
Non-Current Debt $ 29,716,000,000    
0.55% Notes due 2025      
Non-Current Debt      
Stated interest rate (as a percent) 0.55% 0.55%  
0.55% Notes due 2025 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 973,000,000    
0.55% Notes due 2025 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 950,000,000    
2.46% Notes due 2026      
Non-Current Debt      
Stated interest rate (as a percent) 2.46% 2.46%  
2.46% Notes due 2026 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 1,998,000,000    
2.46% Notes due 2026 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,921,000,000    
2.95% Notes due 2027      
Non-Current Debt      
Stated interest rate (as a percent) 2.95% 2.95%  
2.95% Notes due 2027 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 902,000,000    
2.95% Notes due 2027 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 955,000,000    
0.95% Notes due 2027      
Non-Current Debt      
Stated interest rate (as a percent) 0.95% 0.95%  
0.95% Notes due 2027 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 1,430,000,000    
0.95% Notes due 2027 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,334,000,000    
2.90% Notes due 2028      
Non-Current Debt      
Stated interest rate (as a percent) 2.90% 2.90%  
2.90% Notes due 2028 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 1,497,000,000    
2.90% Notes due 2028 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,418,000,000    
1.150% Notes due 2028 (750MM Euro 1.0721)      
Non-Current Debt      
Stated interest rate (as a percent) 1.15% 1.15%  
Debt instrument, face amount | €   € 750,000,000  
Foreign exchange rate 1.0721 1.0721  
1.150% Notes due 2028 (750MM Euro 1.0721) | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 801,000,000    
1.150% Notes due 2028 (750MM Euro 1.0721) | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 744,000,000    
4.80% Notes due 2029      
Non-Current Debt      
Stated interest rate (as a percent) 4.80% 4.80%  
4.80% Notes due 2029 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 1,145,000,000    
4.80% Notes due 2029 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,161,000,000    
6.95% Notes due 2029      
Non-Current Debt      
Stated interest rate (as a percent) 6.95% 6.95%  
6.95% Notes due 2029 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 298,000,000    
6.95% Notes due 2029 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 332,000,000    
1.30% Notes due 2030      
Non-Current Debt      
Stated interest rate (as a percent) 1.30% 1.30%  
1.30% Notes due 2030 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 1,626,000,000    
1.30% Notes due 2030 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,445,000,000    
4.90% Notes due 2031      
Non-Current Debt      
Stated interest rate (as a percent) 4.90% 4.90%  
4.90% Notes due 2031 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 1,145,000,000    
4.90% Notes due 2031 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,161,000,000    
3.20% Notes due 2032 (700MM Euro 1.0721)      
Non-Current Debt      
Stated interest rate (as a percent) 3.20% 3.20%  
Debt instrument, face amount $ 700,000,000    
Foreign exchange rate 1.0721 1.0721  
3.20% Notes due 2032 (700MM Euro 1.0721) | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 747,000,000    
3.20% Notes due 2032 (700MM Euro 1.0721) | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 750,000,000    
4.95% Notes due 2033      
Non-Current Debt      
Stated interest rate (as a percent) 4.95% 4.95%  
4.95% Notes due 2033 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 499,000,000    
4.95% Notes due 2033 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 513,000,000    
4.375% Notes due 2033      
Non-Current Debt      
Stated interest rate (as a percent) 4.375% 4.375%  
4.375% Notes due 2033 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 854,000,000    
4.375% Notes due 2033 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 835,000,000    
4.95% Notes due 2034      
Non-Current Debt      
Stated interest rate (as a percent) 4.95% 4.95%  
4.95% Notes due 2034 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 846,000,000    
4.95% Notes due 2034 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt 860,000,000    
1.650% Notes due 2035 (1.5B Euro 1.0721) | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 1,597,000,000    
Stated interest rate (as a percent) 1.65% 1.65%  
Debt instrument, face amount $ 1,500,000,000    
Foreign exchange rate 1.0721 1.0721  
1.650% Notes due 2035 (1.5B Euro 1.0721) | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,384,000,000    
3.35% Notes Due 2036 (800MM Euro 1.0721)      
Non-Current Debt      
Stated interest rate (as a percent) 3.35% 3.35%  
Debt instrument, face amount $ 800,000,000    
Foreign exchange rate 1.0721 1.0721  
3.35% Notes Due 2036 (800MM Euro 1.0721) | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 852,000,000    
3.35% Notes Due 2036 (800MM Euro 1.0721) | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 853,000,000    
3.587% Notes due 2036      
Non-Current Debt      
Stated interest rate (as a percent) 3.587% 3.587%  
3.587% Notes due 2036 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 855,000,000    
3.587% Notes due 2036 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 876,000,000    
5.95% Notes due 2037      
Non-Current Debt      
Stated interest rate (as a percent) 5.95% 5.95%  
5.95% Notes due 2037 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 994,000,000    
5.95% Notes due 2037 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,089,000,000    
3.625% Notes due 2037      
Non-Current Debt      
Stated interest rate (as a percent) 3.625% 3.625%  
3.625% Notes due 2037 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 1,346,000,000    
3.625% Notes due 2037 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,310,000,000    
3.40% Notes due 2038      
Non-Current Debt      
Stated interest rate (as a percent) 3.40% 3.40%  
3.40% Notes due 2038 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 993,000,000    
3.40% Notes due 2038 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 839,000,000    
5.85% Notes due 2038      
Non-Current Debt      
Stated interest rate (as a percent) 5.85% 5.85%  
5.85% Notes due 2038 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 697,000,000    
5.85% Notes due 2038 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 756,000,000    
4.50% Notes due 2040      
Non-Current Debt      
Stated interest rate (as a percent) 4.50% 4.50%  
4.50% Notes due 2040 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 541,000,000    
4.50% Notes due 2040 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 521,000,000    
2.10% Notes due 2040      
Non-Current Debt      
Stated interest rate (as a percent) 2.10% 2.10%  
2.10% Notes due 2040 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 836,000,000    
2.10% Notes due 2040 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 670,000,000    
4.85% Notes due 2041      
Non-Current Debt      
Stated interest rate (as a percent) 4.85% 4.85%  
4.85% Notes due 2041 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 297,000,000    
4.85% Notes due 2041 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 293,000,000    
4.50% Notes due 2043      
Non-Current Debt      
Stated interest rate (as a percent) 4.50% 4.50%  
4.50% Notes due 2043 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 496,000,000    
4.50% Notes due 2043 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 470,000,000    
3.55% Notes Due 2044 (1.0B Euro 1.0721)      
Non-Current Debt      
Stated interest rate (as a percent) 3.55% 3.55%  
Debt instrument, face amount $ 1,000,000,000.0    
Foreign exchange rate 1.0721 1.0721  
3.55% Notes Due 2044 (1.0B Euro 1.0721) | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 1,062,000,000    
3.55% Notes Due 2044 (1.0B Euro 1.0721) | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,062,000,000    
3.73% Notes due 2046      
Non-Current Debt      
Stated interest rate (as a percent) 3.73% 3.73%  
3.73% Notes due 2046 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 1,978,000,000    
3.73% Notes due 2046 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,609,000,000    
3.75% Notes due 2047      
Non-Current Debt      
Stated interest rate (as a percent) 3.75% 3.75%  
3.75% Notes due 2047 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 816,000,000    
3.75% Notes due 2047 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 805,000,000    
3.50% Notes due 2048      
Non-Current Debt      
Stated interest rate (as a percent) 3.50% 3.50%  
3.50% Notes due 2048 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 743,000,000    
3.50% Notes due 2048 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 579,000,000    
2.25% Notes due 2050      
Non-Current Debt      
Stated interest rate (as a percent) 2.25% 2.25%  
2.25% Notes due 2050 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 807,000,000    
2.25% Notes due 2050 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 593,000,000    
5.25% Notes due 2054      
Non-Current Debt      
Stated interest rate (as a percent) 5.25% 5.25%  
5.25% Notes due 2054 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 843,000,000    
5.25% Notes due 2054 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 854,000,000    
2.45% Notes due 2060      
Non-Current Debt      
Stated interest rate (as a percent) 2.45% 2.45%  
2.45% Notes due 2060 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 1,055,000,000    
2.45% Notes due 2060 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt 707,000,000    
Other | Carrying Amount      
Non-Current Debt      
Non-Current Debt 67,000,000    
Other | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 67,000,000    
v3.24.2
Income Taxes (Details) - USD ($)
$ in Billions
 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Income Tax Contingency    
Worldwide effective income tax rate (as a percent) 16.10% 2.70%
Effective income tax rate reconciliation, tax settlement, percent 23.00% 23.00%
Unrecognized tax benefits $ 2.5  
Current unrecognized tax benefits and interest 0.4  
Talc | Consumer    
Income Tax Contingency    
Litigation expense $ 3.0 $ 7.0
v3.24.2
Pensions and Other Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Retirement Plans        
Components of net periodic benefit cost        
Service cost $ 222 $ 215 $ 446 $ 425
Interest cost 351 371 703 723
Expected return on plan assets (639) (694) (1,281) (1,362)
Amortization of prior service cost/‍(credit) (46) (46) (92) (92)
Recognized actuarial (gains)/losses 44 (50) 87 (100)
Curtailments and settlements (8) 0 (8) 0
Net periodic benefit cost/(credit) (76) (204) (145) (406)
Other Benefit Plans        
Components of net periodic benefit cost        
Service cost 69 69 138 137
Interest cost 52 55 104 109
Expected return on plan assets (1) (2) (3) (3)
Amortization of prior service cost/‍(credit) (1) (1) (1) (1)
Recognized actuarial (gains)/losses 13 7 26 13
Curtailments and settlements 0 0 0 0
Net periodic benefit cost/(credit) $ 132 $ 128 $ 264 $ 255
v3.24.2
Pensions and Other Benefit Plans (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
U.S.  
Defined Benefit Plan Disclosure [Line Items]  
Contribution to pension plans $ 61
Foreign Plan  
Defined Benefit Plan Disclosure [Line Items]  
Contribution to pension plans $ 7
v3.24.2
Accumulated Other Comprehensive Income (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Beginning balance $ 68,774
Net change 1,274
Ending balance 71,538
Foreign Currency Translation  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Beginning balance (10,149)
Net change 1,734
Ending balance (8,415)
Gain/ (Loss) On Securities  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Beginning balance (1)
Net change 1
Ending balance 0
Employee Benefit Plans  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Beginning balance (2,000)
Net change 61
Ending balance (1,939)
Gain/ (Loss) On Derivatives & Hedges  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Beginning balance (377)
Net change (522)
Ending balance (899)
Total Accumulated Other Comprehensive Income/(Loss)  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Beginning balance (12,527)
Ending balance $ (11,253)
v3.24.2
Earnings Per Share (Details) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Reconciliation of basic net earnings per share to diluted net earnings per share        
Continuing operations - basic (in dollars per share) $ 1.95 $ 2.07 $ 3.30 $ 1.88
Discontinued operations - basic (in dollars per share) 0 (0.09) 0 0.07
Total net earnings per share - basic (in dollars per share) $ 1.95 $ 1.98 $ 3.30 $ 1.95
Average shares outstanding — basic 2,406,800,000 2,598,400,000 2,407,500,000 2,601,900,000
Potential shares exercisable under stock option plans 62,600,000 95,200,000 79,300,000 96,900,000
Less: shares which could be repurchased under treasury stock method (47,400,000) (67,900,000) (58,300,000) (68,100,000)
Average shares outstanding — diluted 2,422,000,000 2,625,700,000 2,428,500,000 2,630,700,000
Continuing operations - diluted (in dollars per share) $ 1.93 $ 2.05 $ 3.27 $ 1.86
Discontinued operations - diluted (in dollars per share) 0 (0.09) 0 0.07
Total net earnings per share - diluted (in dollars per share) $ 1.93 $ 1.96 $ 3.27 $ 1.93
Antidilutive securities excluded from computation of earnings per share, amount 72.2 50.8 53.8 46.8
v3.24.2
Segments of Business and Geographic Areas - Narrative (Details)
 6 Months Ended
Jun. 30, 2024
segment
Segment Reporting [Abstract]  
Number of operating segments 2
v3.24.2
Segments of Business and Geographic Areas - Sales By Segment Of Business (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Sales by segment of business        
Sales to customers $ 22,447 $ 21,519 $ 43,830 $ 42,413
Percent Change (as a percent) 4.30%   3.30%  
U.S.        
Sales by segment of business        
Sales to customers $ 12,569 11,657 $ 24,189 22,439
Percent Change (as a percent) 7.80%   7.80%  
International        
Sales by segment of business        
Sales to customers $ 9,878 9,862 $ 19,641 19,974
Percent Change (as a percent) 0.20%   (1.70%)  
MEDTECH        
Sales by segment of business        
Sales to customers $ 7,957 7,788 $ 15,778 15,269
Percent Change (as a percent) 2.20%   3.30%  
MEDTECH | U.S.        
Sales by segment of business        
Sales to customers $ 4,059 3,839 $ 8,067 7,598
Percent Change (as a percent) 5.70%   6.20%  
MEDTECH | International        
Sales by segment of business        
Sales to customers $ 3,898 3,949 $ 7,711 7,671
Percent Change (as a percent) (1.30%)   0.50%  
MEDTECH | Cardiovascular(1)        
Sales by segment of business        
Sales to customers $ 1,873 1,620 $ 3,679 3,123
Percent Change (as a percent) 15.60%   17.80%  
MEDTECH | Cardiovascular(1) | U.S.        
Sales by segment of business        
Sales to customers $ 1,119 908 $ 2,144 1,771
Percent Change (as a percent) 23.30%   21.10%  
MEDTECH | Cardiovascular(1) | International        
Sales by segment of business        
Sales to customers $ 753 712 $ 1,534 1,352
Percent Change (as a percent) 5.70%   13.40%  
MEDTECH | ELECTROPHYSIOLOGY        
Sales by segment of business        
Sales to customers $ 1,323 1,196 $ 2,667 2,288
Percent Change (as a percent) 10.60%   16.50%  
MEDTECH | ELECTROPHYSIOLOGY | U.S.        
Sales by segment of business        
Sales to customers $ 705 609 $ 1,397 1,180
Percent Change (as a percent) 15.70%   18.40%  
MEDTECH | ELECTROPHYSIOLOGY | International        
Sales by segment of business        
Sales to customers $ 618 587 $ 1,270 1,109
Percent Change (as a percent) 5.40%   14.60%  
MEDTECH | ABIOMED        
Sales by segment of business        
Sales to customers $ 379 331 $ 750 655
Percent Change (as a percent) 14.50%   14.50%  
MEDTECH | ABIOMED | U.S.        
Sales by segment of business        
Sales to customers $ 309 272 $ 612 536
Percent Change (as a percent) 13.20%   14.10%  
MEDTECH | ABIOMED | International        
Sales by segment of business        
Sales to customers $ 72 59 $ 139 119
Percent Change (as a percent) 20.70%   16.50%  
MEDTECH | Shockwave        
Sales by segment of business        
Sales to customers $ 77 0 $ 77 0
MEDTECH | Shockwave | U.S.        
Sales by segment of business        
Sales to customers 77 0 77 0
MEDTECH | Shockwave | International        
Sales by segment of business        
Sales to customers $ 0 0 $ 0 0
Percent Change (as a percent) 0.00%   0.00%  
MEDTECH | OTHER CARDIOVASCULAR(1)        
Sales by segment of business        
Sales to customers $ 93 93 $ 185 180
Percent Change (as a percent) 0.30%   2.90%  
MEDTECH | OTHER CARDIOVASCULAR(1) | U.S.        
Sales by segment of business        
Sales to customers $ 29 27 $ 59 55
Percent Change (as a percent) 12.50%   7.70%  
MEDTECH | OTHER CARDIOVASCULAR(1) | International        
Sales by segment of business        
Sales to customers $ 64 67 $ 126 125
Percent Change (as a percent) (4.50%)   0.80%  
MEDTECH | Orthopaedics        
Sales by segment of business        
Sales to customers $ 2,312 2,265 $ 4,652 4,510
Percent Change (as a percent) 2.10%   3.20%  
MEDTECH | Orthopaedics | U.S.        
Sales by segment of business        
Sales to customers $ 1,422 1,388 $ 2,870 2,751
Percent Change (as a percent) 2.50%   4.30%  
MEDTECH | Orthopaedics | International        
Sales by segment of business        
Sales to customers $ 890 878 $ 1,782 1,759
Percent Change (as a percent) 1.40%   1.30%  
MEDTECH | Orthopaedics | HIPS        
Sales by segment of business        
Sales to customers $ 417 397 $ 839 787
Percent Change (as a percent) 4.90%   6.50%  
MEDTECH | Orthopaedics | HIPS | U.S.        
Sales by segment of business        
Sales to customers $ 265 250 $ 535 491
Percent Change (as a percent) 5.80%   8.90%  
MEDTECH | Orthopaedics | HIPS | International        
Sales by segment of business        
Sales to customers $ 152 147 $ 304 296
Percent Change (as a percent) 3.40%   2.60%  
MEDTECH | Orthopaedics | KNEES        
Sales by segment of business        
Sales to customers $ 394 363 $ 795 731
Percent Change (as a percent) 8.40%   8.70%  
MEDTECH | Orthopaedics | KNEES | U.S.        
Sales by segment of business        
Sales to customers $ 230 221 $ 472 447
Percent Change (as a percent) 4.20%   5.50%  
MEDTECH | Orthopaedics | KNEES | International        
Sales by segment of business        
Sales to customers $ 163 142 $ 323 284
Percent Change (as a percent) 14.90%   13.60%  
MEDTECH | Orthopaedics | TRAUMA        
Sales by segment of business        
Sales to customers $ 759 739 $ 1,524 1,496
Percent Change (as a percent) 2.80%   1.90%  
MEDTECH | Orthopaedics | TRAUMA | U.S.        
Sales by segment of business        
Sales to customers $ 498 483 $ 1,002 974
Percent Change (as a percent) 3.00%   2.90%  
MEDTECH | Orthopaedics | TRAUMA | International        
Sales by segment of business        
Sales to customers $ 260 255 $ 521 522
Percent Change (as a percent) 2.40%   0.00%  
MEDTECH | Orthopaedics | SPINE, SPORTS & OTHER        
Sales by segment of business        
Sales to customers $ 743 766 $ 1,495 1,495
Percent Change (as a percent) (3.10%)   0.00%  
MEDTECH | Orthopaedics | SPINE, SPORTS & OTHER | U.S.        
Sales by segment of business        
Sales to customers $ 430 433 $ 862 839
Percent Change (as a percent) (0.80%)   2.70%  
MEDTECH | Orthopaedics | SPINE, SPORTS & OTHER | International        
Sales by segment of business        
Sales to customers $ 314 334 $ 634 657
Percent Change (as a percent) (6.10%)   (3.50%)  
MEDTECH | Surgery        
Sales by segment of business        
Sales to customers $ 2,488 2,594 $ 4,904 5,028
Percent Change (as a percent) (4.10%)   (2.50%)  
MEDTECH | Surgery | U.S.        
Sales by segment of business        
Sales to customers $ 995 1,015 $ 1,982 1,990
Percent Change (as a percent) (2.00%)   (0.40%)  
MEDTECH | Surgery | International        
Sales by segment of business        
Sales to customers $ 1,493 1,580 $ 2,922 3,039
Percent Change (as a percent) (5.50%)   (3.80%)  
MEDTECH | Surgery | ADVANCED        
Sales by segment of business        
Sales to customers $ 1,141 1,222 $ 2,228 2,340
Percent Change (as a percent) (6.70%)   (4.80%)  
MEDTECH | Surgery | ADVANCED | U.S.        
Sales by segment of business        
Sales to customers $ 466 466 $ 912 910
Percent Change (as a percent) 0.10%   0.20%  
MEDTECH | Surgery | ADVANCED | International        
Sales by segment of business        
Sales to customers $ 675 757 $ 1,316 1,430
Percent Change (as a percent) (10.80%)   (8.00%)  
MEDTECH | Surgery | GENERAL        
Sales by segment of business        
Sales to customers $ 1,346 1,372 $ 2,676 2,688
Percent Change (as a percent) (1.90%)   (0.50%)  
MEDTECH | Surgery | GENERAL | U.S.        
Sales by segment of business        
Sales to customers $ 528 548 $ 1,070 1,079
Percent Change (as a percent) (3.70%)   (0.90%)  
MEDTECH | Surgery | GENERAL | International        
Sales by segment of business        
Sales to customers $ 818 823 $ 1,606 1,608
Percent Change (as a percent) (0.70%)   (0.20%)  
MEDTECH | Vision        
Sales by segment of business        
Sales to customers $ 1,285 1,308 $ 2,543 2,608
Percent Change (as a percent) (1.70%)   (2.50%)  
MEDTECH | Vision | U.S.        
Sales by segment of business        
Sales to customers $ 523 529 $ 1,070 1,087
Percent Change (as a percent) (1.20%)   (1.50%)  
MEDTECH | Vision | International        
Sales by segment of business        
Sales to customers $ 763 778 $ 1,473 1,521
Percent Change (as a percent) (2.00%)   (3.20%)  
MEDTECH | Vision | CONTACT LENSES / OTHER        
Sales by segment of business        
Sales to customers $ 918 939 $ 1,828 1,892
Percent Change (as a percent) (2.20%)   (3.40%)  
MEDTECH | Vision | CONTACT LENSES / OTHER | U.S.        
Sales by segment of business        
Sales to customers $ 409 409 $ 847 853
Percent Change (as a percent) 0.20%   (0.60%)  
MEDTECH | Vision | CONTACT LENSES / OTHER | International        
Sales by segment of business        
Sales to customers $ 509 530 $ 981 1,039
Percent Change (as a percent) (4.00%)   (5.60%)  
MEDTECH | Vision | SURGICAL        
Sales by segment of business        
Sales to customers $ 367 369 $ 715 716
Percent Change (as a percent) (0.50%)   (0.10%)  
MEDTECH | Vision | SURGICAL | U.S.        
Sales by segment of business        
Sales to customers $ 113 120 $ 223 234
Percent Change (as a percent) (5.80%)   (4.80%)  
MEDTECH | Vision | SURGICAL | International        
Sales by segment of business        
Sales to customers $ 254 249 $ 492 482
Percent Change (as a percent) 2.10%   2.10%  
Innovative Medicine        
Sales by segment of business        
Sales to customers $ 14,490 13,731 $ 28,052 27,144
Percent Change (as a percent) 5.50%   3.30%  
Innovative Medicine | U.S.        
Sales by segment of business        
Sales to customers $ 8,510 7,818 $ 16,122 14,841
Percent Change (as a percent) 8.90%   8.60%  
Innovative Medicine | International        
Sales by segment of business        
Sales to customers $ 5,980 5,913 $ 11,930 12,303
Percent Change (as a percent) 1.10%   (3.00%)  
Innovative Medicine | Immunology        
Sales by segment of business        
Sales to customers $ 4,722 4,496 $ 8,969 8,608
Percent Change (as a percent) 5.00%   4.20%  
Innovative Medicine | Immunology | U.S.        
Sales by segment of business        
Sales to customers $ 2,978 2,865 $ 5,431 5,313
Percent Change (as a percent) 4.00%   2.20%  
Innovative Medicine | Immunology | International        
Sales by segment of business        
Sales to customers $ 1,744 1,631 $ 3,538 3,295
Percent Change (as a percent) 6.90%   7.40%  
Innovative Medicine | Immunology | REMICADE        
Sales by segment of business        
Sales to customers $ 393 462 $ 827 949
Percent Change (as a percent) (14.90%)   (12.90%)  
Innovative Medicine | Immunology | REMICADE | U.S.        
Sales by segment of business        
Sales to customers $ 231 277 $ 497 553
Percent Change (as a percent) (16.70%)   (10.10%)  
Innovative Medicine | Immunology | REMICADE | U.S. Exports        
Sales by segment of business        
Sales to customers $ 35 33 $ 62 74
Percent Change (as a percent) 7.90%   (15.40%)  
Innovative Medicine | Immunology | REMICADE | International        
Sales by segment of business        
Sales to customers $ 127 152 $ 268 322
Percent Change (as a percent) (16.60%)   (16.90%)  
Innovative Medicine | Immunology | SIMPONI / SIMPONI ARIA        
Sales by segment of business        
Sales to customers $ 537 529 $ 1,091 1,066
Percent Change (as a percent) 1.60%   2.30%  
Innovative Medicine | Immunology | SIMPONI / SIMPONI ARIA | U.S.        
Sales by segment of business        
Sales to customers $ 267 285 $ 521 556
Percent Change (as a percent) (6.30%)   (6.20%)  
Innovative Medicine | Immunology | SIMPONI / SIMPONI ARIA | International        
Sales by segment of business        
Sales to customers $ 270 244 $ 569 510
Percent Change (as a percent) 10.90%   11.70%  
Innovative Medicine | Immunology | STELARA        
Sales by segment of business        
Sales to customers $ 2,885 2,797 $ 5,336 5,241
Percent Change (as a percent) 3.10%   1.80%  
Innovative Medicine | Immunology | STELARA | U.S.        
Sales by segment of business        
Sales to customers $ 1,855 1,817 $ 3,251 3,268
Percent Change (as a percent) 2.10%   (0.50%)  
Innovative Medicine | Immunology | STELARA | International        
Sales by segment of business        
Sales to customers $ 1,030 981 $ 2,085 1,974
Percent Change (as a percent) 5.00%   5.60%  
Innovative Medicine | Immunology | TREMFYA        
Sales by segment of business        
Sales to customers $ 906 706 $ 1,714 1,346
Percent Change (as a percent) 28.30%   27.30%  
Innovative Medicine | Immunology | TREMFYA | U.S.        
Sales by segment of business        
Sales to customers $ 589 450 $ 1,098 856
Percent Change (as a percent) 30.80%   28.20%  
Innovative Medicine | Immunology | TREMFYA | International        
Sales by segment of business        
Sales to customers $ 317 255 $ 616 489
Percent Change (as a percent) 23.90%   25.80%  
Innovative Medicine | Immunology | OTHER IMMUNOLOGY        
Sales by segment of business        
Sales to customers $ 2 4 $ 2 7
Percent Change (as a percent) (51.50%)   (75.40%)  
Innovative Medicine | Immunology | OTHER IMMUNOLOGY | U.S.        
Sales by segment of business        
Sales to customers $ 2 4 $ 2 7
Percent Change (as a percent) (51.50%)   (75.40%)  
Innovative Medicine | Immunology | OTHER IMMUNOLOGY | International        
Sales by segment of business        
Sales to customers $ 0 0 $ 0 0
Percent Change (as a percent) 0.00%   0.00%  
Innovative Medicine | Infectious Diseases        
Sales by segment of business        
Sales to customers $ 965 1,121 $ 1,786 2,707
Percent Change (as a percent) (13.90%)   (34.00%)  
Innovative Medicine | Infectious Diseases | U.S.        
Sales by segment of business        
Sales to customers $ 334 395 $ 658 787
Percent Change (as a percent) (15.40%)   (16.40%)  
Innovative Medicine | Infectious Diseases | International        
Sales by segment of business        
Sales to customers $ 631 727 $ 1,128 1,920
Percent Change (as a percent) (13.10%)   (41.30%)  
Innovative Medicine | Infectious Diseases | COVID-19        
Sales by segment of business        
Sales to customers $ 172 285 $ 197 1,032
Percent Change (as a percent) (39.70%)   (80.90%)  
Innovative Medicine | Infectious Diseases | COVID-19 | U.S.        
Sales by segment of business        
Sales to customers $ 0 0 $ 0 0
Percent Change (as a percent) 0.00%   0.00%  
Innovative Medicine | Infectious Diseases | COVID-19 | International        
Sales by segment of business        
Sales to customers $ 172 285 $ 197 1,032
Percent Change (as a percent) (39.70%)   (80.90%)  
Innovative Medicine | Infectious Diseases | EDURANT / rilpivirine        
Sales by segment of business        
Sales to customers $ 297 266 $ 620 546
Percent Change (as a percent) 11.00%   13.40%  
Innovative Medicine | Infectious Diseases | EDURANT / rilpivirine | U.S.        
Sales by segment of business        
Sales to customers $ 8 8 $ 16 17
Percent Change (as a percent) (2.80%)   (7.00%)  
Innovative Medicine | Infectious Diseases | EDURANT / rilpivirine | International        
Sales by segment of business        
Sales to customers $ 288 258 $ 603 529
Percent Change (as a percent) 11.50%   14.10%  
Innovative Medicine | Infectious Diseases | PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA        
Sales by segment of business        
Sales to customers $ 438 491 $ 856 968
Percent Change (as a percent) (11.00%)   (11.60%)  
Innovative Medicine | Infectious Diseases | PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA | U.S.        
Sales by segment of business        
Sales to customers $ 321 382 $ 635 760
Percent Change (as a percent) (16.00%)   (16.50%)  
Innovative Medicine | Infectious Diseases | PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA | International        
Sales by segment of business        
Sales to customers $ 117 109 $ 221 208
Percent Change (as a percent) 6.50%   6.00%  
Innovative Medicine | Infectious Diseases | OTHER INFECTIOUS DISEASES(        
Sales by segment of business        
Sales to customers $ 61 79 $ 114 161
Percent Change (as a percent) (23.10%)   (29.30%)  
Innovative Medicine | Infectious Diseases | OTHER INFECTIOUS DISEASES( | U.S.        
Sales by segment of business        
Sales to customers $ 5 5 $ 7 10
Percent Change (as a percent) 18.50%   (29.40%)  
Innovative Medicine | Infectious Diseases | OTHER INFECTIOUS DISEASES( | International        
Sales by segment of business        
Sales to customers $ 55 74 $ 107 151
Percent Change (as a percent) (25.60%)   (29.30%)  
Innovative Medicine | Neuroscience        
Sales by segment of business        
Sales to customers $ 1,782 1,793 $ 3,585 3,597
Percent Change (as a percent) (0.60%)   (0.30%)  
Innovative Medicine | Neuroscience | U.S.        
Sales by segment of business        
Sales to customers $ 1,102 1,029 $ 2,156 2,007
Percent Change (as a percent) 7.10%   7.40%  
Innovative Medicine | Neuroscience | International        
Sales by segment of business        
Sales to customers $ 679 764 $ 1,428 1,590
Percent Change (as a percent) (11.10%)   (10.20%)  
Innovative Medicine | Neuroscience | CONCERTA / methylphenidate        
Sales by segment of business        
Sales to customers $ 163 208 $ 340 414
Percent Change (as a percent) (21.50%)   (17.80%)  
Innovative Medicine | Neuroscience | CONCERTA / methylphenidate | U.S.        
Sales by segment of business        
Sales to customers $ 34 64 $ 75 134
Percent Change (as a percent) (47.70%)   (44.30%)  
Innovative Medicine | Neuroscience | CONCERTA / methylphenidate | International        
Sales by segment of business        
Sales to customers $ 129 143 $ 265 279
Percent Change (as a percent) (9.80%)   (5.10%)  
Innovative Medicine | Neuroscience | INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA        
Sales by segment of business        
Sales to customers $ 1,054 1,031 $ 2,110 2,075
Percent Change (as a percent) 2.20%   1.70%  
Innovative Medicine | Neuroscience | INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA | U.S.        
Sales by segment of business        
Sales to customers $ 784 721 $ 1,549 1,434
Percent Change (as a percent) 8.80%   8.00%  
Innovative Medicine | Neuroscience | INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA | International        
Sales by segment of business        
Sales to customers $ 269 310 $ 561 641
Percent Change (as a percent) (13.10%)   (12.40%)  
Innovative Medicine | Neuroscience | SPRAVATO        
Sales by segment of business        
Sales to customers $ 271 169 $ 496 300
Percent Change (as a percent) 60.20%   65.50%  
Innovative Medicine | Neuroscience | SPRAVATO | U.S.        
Sales by segment of business        
Sales to customers $ 226 144 $ 417 255
Percent Change (as a percent) 57.90%   63.90%  
Innovative Medicine | Neuroscience | SPRAVATO | International        
Sales by segment of business        
Sales to customers $ 44 25 $ 78 45
Percent Change (as a percent) 73.50%   74.60%  
Innovative Medicine | Neuroscience | OTHER NEUROSCIENCE        
Sales by segment of business        
Sales to customers $ 294 386 $ 639 809
Percent Change (as a percent) (23.70%)   (21.00%)  
Innovative Medicine | Neuroscience | OTHER NEUROSCIENCE | U.S.        
Sales by segment of business        
Sales to customers $ 57 100 $ 115 184
Percent Change (as a percent) (42.50%)   (37.30%)  
Innovative Medicine | Neuroscience | OTHER NEUROSCIENCE | International        
Sales by segment of business        
Sales to customers $ 237 286 $ 524 625
Percent Change (as a percent) (17.00%)   (16.20%)  
Innovative Medicine | Oncology        
Sales by segment of business        
Sales to customers $ 5,090 4,398 $ 9,904 8,510
Percent Change (as a percent) 15.70%   16.40%  
Innovative Medicine | Oncology | U.S.        
Sales by segment of business        
Sales to customers $ 2,636 2,069 $ 5,019 3,958
Percent Change (as a percent) 27.40%   26.80%  
Innovative Medicine | Oncology | International        
Sales by segment of business        
Sales to customers $ 2,455 2,329 $ 4,885 4,552
Percent Change (as a percent) 5.40%   7.30%  
Innovative Medicine | Oncology | CARVYKTI        
Sales by segment of business        
Sales to customers $ 186 117 $ 343 189
Percent Change (as a percent) 59.80%   81.50%  
Innovative Medicine | Oncology | CARVYKTI | U.S.        
Sales by segment of business        
Sales to customers $ 167 114 $ 307 184
Percent Change (as a percent) 46.50%   66.80%  
Innovative Medicine | Oncology | CARVYKTI | International        
Sales by segment of business        
Sales to customers $ 20 3 $ 36 5
Innovative Medicine | Oncology | DARZALEX        
Sales by segment of business        
Sales to customers $ 2,878 2,431 $ 5,570 4,695
Percent Change (as a percent) 18.40%   18.60%  
Innovative Medicine | Oncology | DARZALEX | U.S.        
Sales by segment of business        
Sales to customers $ 1,641 1,322 $ 3,105 2,513
Percent Change (as a percent) 24.20%   23.60%  
Innovative Medicine | Oncology | DARZALEX | International        
Sales by segment of business        
Sales to customers $ 1,237 1,110 $ 2,465 2,182
Percent Change (as a percent) 11.50%   12.90%  
Innovative Medicine | Oncology | ERLEADA        
Sales by segment of business        
Sales to customers $ 736 567 $ 1,425 1,109
Percent Change (as a percent) 29.80%   28.40%  
Innovative Medicine | Oncology | ERLEADA | U.S.        
Sales by segment of business        
Sales to customers $ 318 241 $ 603 490
Percent Change (as a percent) 32.20%   23.00%  
Innovative Medicine | Oncology | ERLEADA | International        
Sales by segment of business        
Sales to customers $ 418 326 $ 822 619
Percent Change (as a percent) 28.00%   32.80%  
Innovative Medicine | Oncology | IMBRUVICA        
Sales by segment of business        
Sales to customers $ 770 841 $ 1,554 1,668
Percent Change (as a percent) (8.50%)   (6.90%)  
Innovative Medicine | Oncology | IMBRUVICA | U.S.        
Sales by segment of business        
Sales to customers $ 246 262 $ 511 532
Percent Change (as a percent) (6.40%)   (3.90%)  
Innovative Medicine | Oncology | IMBRUVICA | International        
Sales by segment of business        
Sales to customers $ 525 579 $ 1,043 1,136
Percent Change (as a percent) (9.40%)   (8.30%)  
Innovative Medicine | Oncology | ZYTIGA / abiraterone acetate        
Sales by segment of business        
Sales to customers $ 165 227 $ 346 472
Percent Change (as a percent) (27.70%)   (26.80%)  
Innovative Medicine | Oncology | ZYTIGA / abiraterone acetate | U.S.        
Sales by segment of business        
Sales to customers $ 11 9 $ 20 25
Percent Change (as a percent) 21.60%   (19.70%)  
Innovative Medicine | Oncology | ZYTIGA / abiraterone acetate | International        
Sales by segment of business        
Sales to customers $ 154 218 $ 326 447
Percent Change (as a percent) (29.60%)   (27.20%)  
Innovative Medicine | Oncology | OTHER ONCOLOGY        
Sales by segment of business        
Sales to customers $ 221 120 $ 399 219
Percent Change (as a percent) 84.20%   82.40%  
Innovative Medicine | Oncology | OTHER ONCOLOGY | U.S.        
Sales by segment of business        
Sales to customers $ 148 40 $ 267 75
Innovative Medicine | Oncology | OTHER ONCOLOGY | International        
Sales by segment of business        
Sales to customers $ 71 80 $ 131 144
Percent Change (as a percent) (10.40%)   (8.50%)  
Innovative Medicine | Oncology | Tecvayli        
Sales by segment of business        
Sales to customers $ 135 94 $ 268 157
Percent Change (as a percent) 42.90%   70.20%  
Innovative Medicine | Oncology | Tecvayli | U.S.        
Sales by segment of business        
Sales to customers $ 104 82 $ 205 139
Percent Change (as a percent) 27.50%   47.70%  
Innovative Medicine | Oncology | Tecvayli | International        
Sales by segment of business        
Sales to customers $ 30 12 $ 63 18
Innovative Medicine | Pulmonary Hypertension        
Sales by segment of business        
Sales to customers $ 1,039 972 $ 2,088 1,844
Percent Change (as a percent) 6.90%   13.20%  
Innovative Medicine | Pulmonary Hypertension | U.S.        
Sales by segment of business        
Sales to customers $ 743 684 $ 1,509 1,284
Percent Change (as a percent) 8.70%   17.50%  
Innovative Medicine | Pulmonary Hypertension | International        
Sales by segment of business        
Sales to customers $ 296 289 $ 579 561
Percent Change (as a percent) 2.60%   3.40%  
Innovative Medicine | Pulmonary Hypertension | OPSUMIT        
Sales by segment of business        
Sales to customers $ 544 507 $ 1,068 947
Percent Change (as a percent) 7.10%   12.70%  
Innovative Medicine | Pulmonary Hypertension | OPSUMIT | U.S.        
Sales by segment of business        
Sales to customers $ 373 328 $ 729 601
Percent Change (as a percent) 13.70%   21.30%  
Innovative Medicine | Pulmonary Hypertension | OPSUMIT | International        
Sales by segment of business        
Sales to customers $ 170 179 $ 339 346
Percent Change (as a percent) (5.00%)   (2.20%)  
Innovative Medicine | Pulmonary Hypertension | UPTRAVI        
Sales by segment of business        
Sales to customers $ 426 399 $ 894 761
Percent Change (as a percent) 6.60%   17.40%  
Innovative Medicine | Pulmonary Hypertension | UPTRAVI | U.S.        
Sales by segment of business        
Sales to customers $ 349 338 $ 741 642
Percent Change (as a percent) 3.30%   15.50%  
Innovative Medicine | Pulmonary Hypertension | UPTRAVI | International        
Sales by segment of business        
Sales to customers $ 76 61 $ 152 119
Percent Change (as a percent) 24.60%   27.60%  
Innovative Medicine | Pulmonary Hypertension | Other        
Sales by segment of business        
Sales to customers $ 71 66 $ 127 136
Percent Change (as a percent) 7.20%   (6.50%)  
Innovative Medicine | Pulmonary Hypertension | Other | U.S.        
Sales by segment of business        
Sales to customers $ 20 18 $ 38 41
Percent Change (as a percent) 18.80%   (6.10%)  
Innovative Medicine | Pulmonary Hypertension | Other | International        
Sales by segment of business        
Sales to customers $ 50 48 $ 89 95
Percent Change (as a percent) 3.10%   (6.70%)  
Innovative Medicine | Cardiovascular / Metabolism / Other        
Sales by segment of business        
Sales to customers $ 892 950 $ 1,721 1,877
Percent Change (as a percent) (6.20%)   (8.30%)  
Innovative Medicine | Cardiovascular / Metabolism / Other | U.S.        
Sales by segment of business        
Sales to customers $ 717 776 $ 1,348 1,491
Percent Change (as a percent) (7.70%)   (9.60%)  
Innovative Medicine | Cardiovascular / Metabolism / Other | International        
Sales by segment of business        
Sales to customers $ 176 174 $ 373 386
Percent Change (as a percent) 0.60%   (3.60%)  
Innovative Medicine | Cardiovascular / Metabolism / Other | Other        
Sales by segment of business        
Sales to customers $ 305 313 $ 616 662
Percent Change (as a percent) (2.50%)   (7.00%)  
Innovative Medicine | Cardiovascular / Metabolism / Other | Other | U.S.        
Sales by segment of business        
Sales to customers $ 129 138 $ 243 275
Percent Change (as a percent) (6.40%)   (11.80%)  
Innovative Medicine | Cardiovascular / Metabolism / Other | Other | International        
Sales by segment of business        
Sales to customers $ 176 174 $ 373 386
Percent Change (as a percent) 0.60%   (3.60%)  
Innovative Medicine | Cardiovascular / Metabolism / Other | XARELTO        
Sales by segment of business        
Sales to customers $ 587 637 $ 1,105 1,215
Percent Change (as a percent) (7.90%)   (9.10%)  
Innovative Medicine | Cardiovascular / Metabolism / Other | XARELTO | U.S.        
Sales by segment of business        
Sales to customers $ 587 637 $ 1,105 1,215
Percent Change (as a percent) (7.90%)   (9.10%)  
Innovative Medicine | Cardiovascular / Metabolism / Other | XARELTO | International        
Sales by segment of business        
Sales to customers $ 0 $ 0 $ 0 $ 0
Percent Change (as a percent) 0.00%   0.00%  
v3.24.2
Segments of Business and Geographic Areas - Operating Profit by Segment of Business (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Segment Reporting Information [Line Items]        
Worldwide income (loss) before tax $ 5,748 $ 6,306 $ 9,462 $ 5,019
Percent Change (8.80%)   88.50%  
Restructuring charges $ (13) 145 $ 151 275
Loss on shares outstanding 400   400  
Baby Powder | Talc        
Segment Reporting Information [Line Items]        
Loss contingency, loss in period 300 200 3,000 7,100
Innovative Medicine        
Segment Reporting Information [Line Items]        
Restructuring charges   100 100 300
Restructuring income 100      
Impairment of intangible assets 200   200  
MedTech        
Segment Reporting Information [Line Items]        
Restructuring charges 100   100  
Litigation settlement, gain   300   300
Acquisition related costs 600   600 100
Gain from divestiture of business 200   200  
Operating Segments        
Segment Reporting Information [Line Items]        
Total segment operating income $ 6,548 6,483 $ 13,037 12,294
Percent Change 1.00%   6.00%  
Restructuring charges $ (11)   $ 160  
Operating Segments | Innovative Medicine        
Segment Reporting Information [Line Items]        
Total segment operating income $ 5,459 4,812 $ 10,428 9,214
Percent Change 13.40%   13.20%  
Amortization $ 700 700 $ 1,400 1,500
Restructuring charges (63)   81  
Other cost of operating revenue 100 200 100 600
Operating Segments | MedTech        
Segment Reporting Information [Line Items]        
Total segment operating income $ 1,089 1,671 $ 2,609 3,080
Percent Change (34.80%)   (15.30%)  
Amortization $ 400 400 $ 800 800
Restructuring charges 52   79  
Corporate, Non-Segment        
Segment Reporting Information [Line Items]        
Total segment operating income $ 800 $ 177 $ 3,575 $ 7,275
v3.24.2
Segments of Business and Geographic Areas - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Sales by geographic area        
Sales $ 22,447 $ 21,519 $ 43,830 $ 42,413
Percent Change 4.30%   3.30%  
United States        
Sales by geographic area        
Sales $ 12,569 11,657 $ 24,189 22,439
Percent Change 7.80%   7.80%  
Europe        
Sales by geographic area        
Sales $ 5,214 5,131 $ 10,377 10,721
Percent Change 1.60%   (3.20%)  
Western Hemisphere, excluding U.S.        
Sales by geographic area        
Sales $ 1,212 1,136 $ 2,406 2,212
Percent Change 6.70%   8.80%  
Asia-Pacific, Africa        
Sales by geographic area        
Sales $ 3,452 $ 3,595 $ 6,858 $ 7,041
Percent Change (4.00%)   (2.60%)  
v3.24.2
Acquisitions and Divestitures (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jul. 11, 2024
Jun. 20, 2024
May 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2024
Jul. 02, 2023
Dec. 31, 2023
Business Acquisition [Line Items]                
Payments to acquire businesses           $ 14,807 $ 0  
Goodwill, related to acquisitions           8,057    
Contingent consideration       $ 1,248   1,248   $ 1,092
Proceeds from sale of business       300 $ 200      
Subsequent Event | Yellow Jersey Therapeutics                
Business Acquisition [Line Items]                
Asset acquisition, consideration transferred $ 1,250              
Acquired in-process research and development $ 1,250              
Proteologix                
Business Acquisition [Line Items]                
Payments to acquire businesses   $ 800            
Assets acquired   1,200            
IPR&D   900            
Goodwill, related to acquisitions   300            
Liabilities assumed   300            
Contingent consideration   $ 100            
Discount rate   16.00%            
Acquisition related costs       0        
Proteologix | Minimum                
Business Acquisition [Line Items]                
Probability of success factor   30.00%            
Proteologix | Maximum                
Business Acquisition [Line Items]                
Probability of success factor   45.00%            
Shockwave Medical, Inc.                
Business Acquisition [Line Items]                
Assets acquired     $ 15,500          
IPR&D     600          
Liabilities assumed     $ 2,900          
Discount rate     9.00%          
Acquisition related costs       500        
Acquisition related costs, equity awards       400        
Share price (in dollars per share)     $ 335.00          
Consideration transferred     $ 200          
Weighted average useful life     14 years          
Deferred taxes     $ 1,500          
Shockwave Medical, Inc. | Minimum                
Business Acquisition [Line Items]                
Probability of success factor     50.00%          
Ambrx                
Business Acquisition [Line Items]                
Payments to acquire businesses       1,800        
Assets acquired       2,300   2,300    
IPR&D       1,900   1,900    
Goodwill, related to acquisitions           300    
Liabilities assumed       $ 500   $ 500    
Discount rate       17.00%   17.00%    
Share price (in dollars per share)       $ 28.00   $ 28.00    
Consideration transferred       $ 2,000        
Deferred taxes       $ 400   $ 400    
Ambrx | Minimum                
Business Acquisition [Line Items]                
Probability of success factor       40.00%   40.00%    
Ambrx | Maximum                
Business Acquisition [Line Items]                
Probability of success factor       70.00%   70.00%    
v3.24.2
Acquisitions and Divestitures - Schedule of Preliminary Amounts Recognized for Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2024
May 31, 2024
Dec. 31, 2023
Assets acquired:      
Goodwill (Note 3) $ 44,250   $ 36,558
Shockwave Medical, Inc.      
Assets acquired:      
Cash   $ 1,100  
Goodwill (Note 3)   7,500  
Amortizable intangibles   5,300  
IPR&D   600  
Inventory   500  
Other assets   500  
Total assets acquired   15,500  
Liabilities assumed:      
Deferred taxes   1,500  
Notes payable assumed   1,000  
Accrued liabilities assumed   400  
Total liabilities assumed   2,900  
Net assets acquired 13,100 $ 12,600  
Equity awards settled 600    
Settlement of notes payable $ 1,000    
v3.24.2
Legal Proceedings (Details)
$ in Millions
 1 Months Ended 3 Months Ended
May 01, 2024
USD ($)
Oct. 31, 2021
entity
Jun. 30, 2021
USD ($)
Jun. 30, 2020
USD ($)
Jan. 31, 2020
USD ($)
Oct. 31, 2019
USD ($)
Jul. 31, 2018
USD ($)
Jun. 30, 2024
USD ($)
claimant
claim
Apr. 03, 2022
USD ($)
Sep. 30, 2021
cases
May 31, 2021
cases
claimant
Legal Proceeding (Textuals)                      
Number of new entities created | entity   3                  
Judicial Ruling                      
Legal Proceeding (Textuals)                      
Damages awarded         $ 6.8 $ 8,000.0          
Opioid                      
Legal Proceeding (Textuals)                      
Loss contingency accrual                 $ 5,000.0    
Number of pending claims | claim               20      
Product liability contingency, number of claimants | claimant               3,500      
Loss contingency accrual, payment percentage               70.00%      
Pending claims, number, remaining | claim               420      
Loss contingency pending claims, number, additional | claim               3      
Physiomesh                      
Legal Proceeding (Textuals)                      
Product liability contingency, number of claimants | claimant               170      
Physiomesh | Pending Litigation                      
Legal Proceeding (Textuals)                      
Number of pending claims | cases                     3,600
Product liability contingency, number of claimants | claimant                     4,300
Number of claims within settlement agreement | cases                   3,729  
Ingham v. Johnson & Johnson                      
Legal Proceeding (Textuals)                      
Damages awarded       $ 2,100.0     $ 4,700.0        
Damages paid     $ 2,500.0                
DePuy ASR U.S. | Settled Litigation                      
Legal Proceeding (Textuals)                      
Number of patients in settlement | claimant               10,000      
Talc                      
Legal Proceeding (Textuals)                      
Litigation contingency $ 6,475.0                    
Payment period 25 years                    
Damages sought, nominal value $ 8,000.0                    
Bankruptcy loss contingency, discount rate 4.40%                    
Total claims against company, percent 99.75%                    
Incremental charges               $ 3,000.0      
Loss contingency accrual               10,600.0      
Loss contingency accrual, nominal value               $ 12,800.0      
Mesothelioma and State Claims                      
Legal Proceeding (Textuals)                      
Claims settled, percent 95.00%                    
v3.24.2
Legal Proceedings - Product Liability (Details)
Jun. 30, 2024
claimant
Talc  
Loss Contingencies [Line Items]  
Product liability contingency, number of claimants 62,370
ASR  
Loss Contingencies [Line Items]  
Product liability contingency, number of claimants 160
Pinnacle Acetabular Cup System  
Loss Contingencies [Line Items]  
Product liability contingency, number of claimants 910
Pelvic Meshes  
Loss Contingencies [Line Items]  
Product liability contingency, number of claimants 6,230
Physiomesh  
Loss Contingencies [Line Items]  
Product liability contingency, number of claimants 170
Risperdal  
Loss Contingencies [Line Items]  
Product liability contingency, number of claimants 20
Elmiron  
Loss Contingencies [Line Items]  
Product liability contingency, number of claimants 2,170
v3.24.2
Kenvue Separation - Net Earnings from Discontinued Operation (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jul. 02, 2023
Jul. 02, 2023
Discontinued Operations and Disposal Groups [Abstract]    
Sales to customers $ 4,011 $ 7,863
Cost of products sold 1,750 3,458
Gross profit 2,261 4,405
Selling, marketing and administrative expenses 1,269 2,501
Research and development expense 126 234
Interest Income (42) (79)
Interest expense, net of portion capitalized 128 131
Other (income) expense, net 324 612
Earnings from Discontinued Operations Before Provision for Taxes on Income 456 1,006
Provision for taxes on income 688 815
Net (loss)/earnings from Discontinued Operations $ (232) $ 191
v3.24.2
Kenvue Separation - Depreciation and Amortization of Discontinued Operation (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jul. 02, 2023
Jul. 02, 2023
Discontinued Operations and Disposal Groups [Abstract]    
Depreciation and Amortization $ 149 $ 302
Capital expenditures $ 92 $ 139
v3.24.2
Restructuring - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ (13) $ 145 $ 151 $ 275
R&D Restructuring Plan        
Restructuring Cost and Reserve [Line Items]        
Restructuring income 100      
Restructuring charges   $ 100 100 $ 300
Restructuring charges recorded to date 600   600  
Orthopedics Restructuring Plan        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 100   100  
Restructuring charges recorded to date 400   400  
Orthopedics Restructuring Plan | Minimum        
Restructuring Cost and Reserve [Line Items]        
Restructuring estimated cost 700   700  
Orthopedics Restructuring Plan | Maximum        
Restructuring Cost and Reserve [Line Items]        
Restructuring estimated cost $ 800   $ 800  
v3.24.2
Restructuring - Schedule of Restructuring Reserve (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jul. 02, 2023
Jun. 30, 2024
Jul. 02, 2023
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ (13) $ 145 $ 151 $ 275
Operating Segments        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges (11)   160  
Innovative Medicine        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges   $ 100 100 $ 300
Innovative Medicine | Operating Segments        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges (63)   81  
MEDTECH        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 100   100  
MEDTECH | Operating Segments        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 52   79  
MEDTECH | Restructuring Charges        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 50   70  
MEDTECH | Costs of Goods and Services Sold        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 2   $ 9