JOHNSON & JOHNSON, 10-Q filed on 7/23/2026
Quarterly Report
v3.26.1
Cover - shares
 6 Months Ended
Jun. 28, 2026
Jul. 17, 2026
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 28, 2026  
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   2,409,898,597
Entity Central Index Key 0000200406  
Current Fiscal Year End Date --01-03  
Document Fiscal Year Focus 2026  
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 $1.00  
Trading Symbol JNJ  
Security Exchange Name NYSE  
1.150% Notes Due November 2028    
Entity Information [Line Items]    
Title of 12(b) Security 1.150% Notes Due November 2028  
Trading Symbol JNJ28  
Security Exchange Name NYSE  
2.700% Notes Due February 2029    
Entity Information [Line Items]    
Title of 12(b) Security 2.700% Notes Due February 2029  
Trading Symbol JNJ29B  
Security Exchange Name NYSE  
3.20% Notes Due November 2032    
Entity Information [Line Items]    
Title of 12(b) Security 3.200% Notes Due June 2032  
Trading Symbol JNJ32  
Security Exchange Name NYSE  
3.050% Notes Due February 2033    
Entity Information [Line Items]    
Title of 12(b) Security 3.050% Notes Due February 2033  
Trading Symbol JNJ33B  
Security Exchange Name NYSE  
1.650% Notes Due May 2035    
Entity Information [Line Items]    
Title of 12(b) Security 1.650% Notes Due May 2035  
Trading Symbol JNJ35  
Security Exchange Name NYSE  
3.350% Notes Due November 2036    
Entity Information [Line Items]    
Title of 12(b) Security 3.350% Notes Due June 2036  
Trading Symbol JNJ36A  
Security Exchange Name NYSE  
3.350% Notes Due February 2037    
Entity Information [Line Items]    
Title of 12(b) Security 3.350% Notes Due February 2037  
Trading Symbol JNJ37B  
Security Exchange Name NYSE  
3.550% Notes Due November 2044    
Entity Information [Line Items]    
Title of 12(b) Security 3.550% Notes Due June 2044  
Trading Symbol JNJ44  
Security Exchange Name NYSE  
3.600% Notes Due February 2045    
Entity Information [Line Items]    
Title of 12(b) Security 3.600% Notes Due February 2045  
Trading Symbol JNJ45  
Security Exchange Name NYSE  
3.700% Notes Due February 2055    
Entity Information [Line Items]    
Title of 12(b) Security 3.700% Notes Due February 2055  
Trading Symbol JNJ55  
Security Exchange Name NYSE  
v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 28, 2026
Dec. 28, 2025
Current assets:    
Cash and cash equivalents (Note 4) $ 20,422 $ 19,709
Marketable securities 336 393
Accounts receivable, trade, less allowances $171 (2025, $183) 19,046 17,178
Inventories (Note 2) 15,144 14,191
Prepaid expenses and other 4,826 4,153
Total current assets 59,774 55,624
Property, plant and equipment at cost 55,518 54,364
Less: accumulated depreciation (31,936) (31,195)
Property, plant and equipment, net 23,582 23,169
Intangible assets, net (Note 3) 48,229 50,403
Goodwill (Note 3) 48,479 48,772
Deferred taxes on income (Note 5) 6,728 6,874
Other assets 14,269 14,368
Total assets 201,061 199,210
Current liabilities:    
Loans and notes payable 11,692 8,495
Accounts payable 9,223 11,991
Accrued liabilities 9,464 8,594
Accrued rebates, returns and promotions 19,990 19,124
Accrued compensation and employee related obligations 3,475 4,534
Accrued taxes on income (Note 5) 1,051 1,388
Total current liabilities 54,895 54,126
Long-term debt (Note 4) 37,344 39,438
Deferred taxes on income (Note 5) 6,608 6,791
Employee related obligations (Note 6) 6,657 6,957
Long-term taxes payable (Note 5) 485 486
Other liabilities 10,101 9,868
Total liabilities 116,090 117,666
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) (13,951) (14,930)
Retained earnings and Additional paid-in capital 171,665 168,978
Less: common stock held in treasury, at cost (711,615,000 and 711,904,000 shares) 75,863 75,624
Total shareholders’ equity 84,971 81,544
Total shareholders’ equity 84,971 81,544
Total liabilities and shareholders’ equity $ 201,061 $ 199,210
v3.26.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Jun. 28, 2026
Dec. 28, 2025
Current assets:    
Allowances for doubtful accounts $ 171 $ 183
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) 711,615,000 711,904,000
v3.26.1
Consolidated Statements of Earnings - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 28, 2026
Jun. 29, 2025
Jun. 28, 2026
Jun. 29, 2025
Income Statement [Abstract]        
Sales to customers (Note 9) $ 25,310 $ 23,743 $ 49,372 $ 45,636
Sales to customers percent to sales 100.00% 100.00% 100.00% 100.00%
Cost of products sold $ 8,051 $ 7,628 $ 16,157 $ 14,985
Cost of products sold percent to sales 31.80% 32.10% 32.70% 32.80%
Gross profit $ 17,259 $ 16,115 $ 33,215 $ 30,651
Gross Profit Percent To Sales 68.20% 67.90% 67.30% 67.20%
Selling, marketing and administrative expenses $ 6,432 $ 5,889 $ 12,466 $ 11,001
Selling marketing and administrative expenses percent to sales 25.40% 24.80% 25.30% 24.10%
Research and development expense $ 3,653 $ 3,516 $ 7,180 $ 6,741
Research and development expense percent to sales 14.40% 14.80% 14.50% 14.80%
In-process research and development impairments     $ 36 $ 0
In-process research and development percent to sales     0.10% 0.00%
Interest income $ (219) $ (260) $ (448) $ (592)
Interest income percent to sales (0.90%) (1.10%) (0.90%) (1.30%)
Interest expense, net of portion capitalized $ 281 $ 308 $ 553 $ 512
Interest expense, net of portion capitalized percent to sales 1.10% 1.30% 1.10% 1.10%
Other (income) expense, net $ 331 $ 107 $ 625 $ (7,214)
Other (income) expense, net percent to sales 1.30% 0.50% 1.30% (15.80%)
Restructuring (Note 12) $ 34 $ 64 $ 66 $ 81
Restructuring charge percent to sales 0.20% 0.30% 0.10% 0.20%
Earnings before provision for taxes on income $ 6,747 $ 6,491 $ 12,737 $ 20,122
Earnings before provision for taxes on income percent to sales 26.70% 27.30% 25.80% 44.10%
Provision for taxes on income (Note 5) $ 1,213 $ 954 $ 1,968 $ 3,586
Provision for taxes on income percent to sales 4.80% 4.00% 4.00% 7.90%
Net earnings from continuing operations percent of sales 21.90% 23.30% 21.80% 36.20%
Net earnings $ 5,534 $ 5,537 $ 10,769 $ 16,536
NET EARNINGS PER SHARE        
Total net earnings per share - basic (in dollars per share) $ 2.30 $ 2.30 $ 4.47 $ 6.87
Total net earnings per share - diluted (in dollars per share) $ 2.27 $ 2.29 $ 4.41 $ 6.82
Avg. shares outstanding        
Basic (shares) 2,407.4 2,406.3 2,408.1 2,406.7
Diluted (shares) 2,440.1 2,419.1 2,443.9 2,423.3
v3.26.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 28, 2026
Jun. 29, 2025
Jun. 28, 2026
Jun. 29, 2025
Statement of Comprehensive Income [Abstract]        
Net earnings $ 5,534 $ 5,537 $ 10,769 $ 16,536
Other comprehensive income (loss), net of tax        
Foreign currency translation 1,204 (3,164) 1,538 (3,739)
Unrealized holding gain (loss) arising during period 0 (1) 0 (1)
Net change 0 (1) 0 (1)
Employee benefit plans:        
Prior service cost amortization during period (34) (36) (70) (71)
Gain (loss) amortization during period 77 79 152 156
Net change 43 43 82 85
Derivatives & hedges:        
Unrealized gain (loss) arising during period (139) 532 (216) 1,208
Reclassifications to earnings (228) 25 (425) (117)
Net change (367) 557 (641) 1,091
Other comprehensive income (loss) 880 (2,565) 979 (2,564)
Comprehensive income $ 6,414 $ 2,972 $ 11,748 $ 13,972
v3.26.1
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 28, 2026
Jun. 29, 2025
Jun. 28, 2026
Jun. 29, 2025
Statement of Comprehensive Income [Abstract]        
Foreign currency translation adjustment income (loss) $ (444) $ 824 $ (723) $ 1,200
Employee benefit plans income (loss) 6 10 16 21
Derivatives & hedges income (loss) $ (97) $ 148 $ (170) $ 290
v3.26.1
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
Beginning balance at Dec. 29, 2024 $ 71,490 $ 155,791 $ (11,741) $ 3,120 $ (75,680)
Net earnings 16,536 16,536      
Cash dividends paid (6,118) (6,118)      
Employee compensation and stock option plans 1,256 (838)     2,094
Repurchase of common stock (including excise tax) (2,127)       (2,127)
Other comprehensive income (loss), net of tax (2,564)   (2,564)    
Ending balance at Jun. 29, 2025 78,473 165,371 (14,305) 3,120 (75,713)
Beginning balance at Mar. 30, 2025 78,109 162,635 (11,740) 3,120 (75,906)
Net earnings 5,537 5,537      
Cash dividends paid (3,129) (3,129)      
Employee compensation and stock option plans 519 328     191
Repurchase of common stock (including excise tax) 2       2
Other comprehensive income (loss), net of tax (2,565)   (2,565)    
Ending balance at Jun. 29, 2025 78,473 165,371 (14,305) 3,120 (75,713)
Beginning balance at Dec. 28, 2025 81,544 168,978 (14,930) 3,120 (75,624)
Net earnings 10,769 10,769      
Cash dividends paid (6,358) (6,358)      
Employee compensation and stock option plans 2,290 (1,724)     4,014
Repurchase of common stock (including excise tax) (4,253)       (4,253)
Other comprehensive income (loss), net of tax 979   979    
Ending balance at Jun. 28, 2026 84,971 171,665 (13,951) 3,120 (75,863)
Beginning balance at Mar. 29, 2026 81,186 169,161 (14,831) 3,120 (76,264)
Net earnings 5,534 5,534      
Cash dividends paid (3,227) (3,227)      
Employee compensation and stock option plans 817 197     620
Repurchase of common stock (including excise tax) (219)       (219)
Other comprehensive income (loss), net of tax 880   880    
Ending balance at Jun. 28, 2026 $ 84,971 $ 171,665 $ (13,951) $ 3,120 $ (75,863)
v3.26.1
Consolidated Statements of Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 28, 2026
Jun. 29, 2025
Jun. 28, 2026
Jun. 29, 2025
Statement of Stockholders' Equity [Abstract]        
Cash dividends paid (in dollars per share) $ 1.34 $ 1.30 $ 2.64 $ 2.54
v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 28, 2026
Jun. 29, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net earnings $ 10,769 $ 16,536
Adjustments to reconcile net earnings to cash flows from operating activities:    
Depreciation and amortization of property and intangibles 3,963 3,715
Stock based compensation 758 698
Asset write-downs 220 30
Charges for acquired in-process research and development assets 2 92
Net loss/(gain) on sale of assets/businesses (43) (74)
Deferred tax provision (320) 2,997
Credit losses and accounts receivable allowances (12) 3
Changes in assets and liabilities, net of effects from acquisitions and divestitures:    
Increase in accounts receivable (1,947) (2,283)
Increase in inventories (1,002) (656)
Decrease in accounts payable and accrued liabilities (956) (886)
Decrease/(Increase) in other current and non-current assets 1,299 (6,194)
Decrease in other current and non-current liabilities (1,601) (5,926)
Net cash flows from operating activities 11,130 8,052
Cash flows used for investing activities    
Additions to property, plant and equipment (2,370) (1,838)
Proceeds from the disposal of assets/businesses, net (Note 10) 92 332
Acquisitions, net of cash acquired (Note 10) (263) (14,458)
Acquired in-process research and development assets / related milestones (Note 10) 0 (369)
Purchases of investments (299) (431)
Sales of investments 368 953
Credit support agreements activity, net 515 (2,684)
Other (including capitalized licenses and milestones) (193) (66)
Net cash used for investing activities (2,150) (18,561)
Cash flows (used for) from financing activities    
Dividends to shareholders (6,358) (6,118)
Repurchase of common stock (4,249) (2,127)
Proceeds from short-term debt, net 13,146 9,349
Repayment of short-term debt, net (9,677) (5,058)
Proceeds from long-term debt, net of issuance costs 0 9,138
Repayment of long-term debt (2,003) (754)
Proceeds from the exercise of stock options/employee withholding tax on stock awards, net 1,531 557
Credit support agreements activity, net (49) (271)
Other (588) 41
Net cash (used for) from financing activities (8,247) 4,757
Effect of exchange rate changes on cash and cash equivalents (20) 224
Increase in cash and cash equivalents 713 (5,528)
Cash and cash equivalents, beginning of period 19,709 24,105
Cash and cash equivalents, end of period $ 20,422 $ 18,577
v3.26.1
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 28, 2026
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 28, 2025. 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.
Recently Adopted Accounting Standards
ASU 2025-07: Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606)
Effective beginning fiscal year 2026, the Company prospectively adopted the amended guidance issued by the FASB that adds a scope exception to exclude from derivative accounting non-exchange-traded contracts with variables (underlyings) that are based on operations or activities specific to one of the parties to the contract. The adoption of this new accounting standard did not have a material impact on the Company’s consolidated financial statements.
Recently Issued Accounting Standards Not Yet Adopted
There were no new material accounting standards issued in the fiscal six months of 2026.
Supplier finance program obligations
The Company has agreements for supplier finance programs with third-party financial institutions. These programs provide enrolled suppliers with 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 join in the program.
Confirmed obligations under the program as of June 28, 2026, and December 28, 2025, were $0.7 billion and $0.8 billion, respectively. The obligations are presented as Accounts payable on the Consolidated Balance Sheets.
v3.26.1
Inventories
 6 Months Ended
Jun. 28, 2026
Inventory Disclosure [Abstract]  
Inventories Inventories
(Dollars in Millions)June 28, 2026December 28, 2025
Raw materials and supplies$2,5152,530
Goods in process4,2243,828
Finished goods8,4057,833
Total inventories$15,14414,191
v3.26.1
Intangible assets and goodwill
 6 Months Ended
Jun. 28, 2026
Intangible Asset, Goodwill and Other [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 2025. 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 28, 2026December 28, 2025
Intangible assets with definite lives:  
Patents and trademarks — gross$58,54259,156
Less accumulated amortization
(33,727)
(32,507)
Patents and trademarks — net
$24,815
26,649
Customer relationships and other intangibles — gross21,28321,361
Less accumulated amortization(15,334)(14,998)
Customer relationships and other intangibles — net(1)
$5,949
6,363
Intangible assets with indefinite lives:  
Trademarks1,7441,772
Purchased in-process research and development15,72115,619
Total intangible assets — net$48,22950,403
(1)The majority is comprised of customer relationships
Goodwill as of June 28, 2026 was allocated by segment of business as follows:
(Dollars in Millions)
Innovative
Medicine
MedTechTotal
Goodwill at December 28, 2025
$14,96733,80548,772
Goodwill, related to acquisitions—33
Goodwill, related to divestitures———
Currency translation/Other
(212)
(84)
(296)
Goodwill at June 28, 2026
$14,75533,72448,479
    
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 19 years. The amortization expense of amortizable intangible assets included in the cost of products sold was $1.2 billion and $1.3 billion for the fiscal second quarters ended June 28, 2026 and June 29, 2025, respectively. The amortization expense of amortizable intangible assets included in the cost of products sold was $2.5 billion and $2.4 billion for the fiscal six months ended June 28, 2026 and June 29, 2025, respectively.
The estimated amortization expense for approved products, before tax, for the five succeeding years is approximately:
(Dollars in Millions)
20262027202820292030
$5,1004,4003,7003,6003,500
See Note 10 to the Consolidated Financial Statements for additional details related to acquisitions and divestitures.
v3.26.1
Fair value measurements
 6 Months Ended
Jun. 28, 2026
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 28, 2026, the cumulative amount of cash collateral paid by the Company under the CSA amounted to $4.1 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 28, 2026, the Company had notional amounts outstanding for forward foreign exchange contracts, cross currency interest rate swaps and interest rate swaps of $43.8 billion, $36.8 billion and $8.0 billion, respectively. As of December 28, 2025, the Company had notional amounts outstanding for forward foreign exchange contracts, cross currency interest rate swaps and interest rate swaps of $40.6 billion, $38.9 billion and $8.0 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 2028 to 2055 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 28, 2026, the balance of deferred net loss on derivatives included in accumulated other comprehensive income was $0.9 billion 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 28, 2026 and June 29, 2025, net of tax:


June 28, 2026June 29, 2025
(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$———(31)————52—
    Derivatives designated as hedging instruments———31————(52)—
Gain (Loss) on net investment hedging relationship:
Cross currency interest rate swaps contracts:
   Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing———45————48—
   Amount of gain or (loss) recognized in AOCI———45————48—
Gain (Loss) on cash flow hedging relationship:
Forward foreign exchange contracts:
   Amount of gain or (loss) reclassified from AOCI into income (2)9010—32(132)(16)—(3)
   Amount of gain or (loss) recognized in AOCI (5)(190)40—1811466(72)—(29)
Cross currency interest rate swaps contracts:
   Amount of gain or (loss) reclassified from AOCI into income———82————76—
   Amount of gain or (loss) recognized in AOCI$———(47)————108—
The following table is a summary of the activity related to derivatives and hedges for the fiscal six months ended June 28, 2026 and June 29, 2025, net of tax:

June 28, 2026June 29, 2025
(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$———5————240—
 Derivatives designated as hedging instruments———(5)————(240)—
Gain (Loss) on net investment hedging relationship:
Cross currency interest rate swaps contracts:
   Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing———92————98—
   Amount of gain or (loss) recognized in AOCI———92————98—
Gain (Loss) on cash flow hedging relationship:
Forward foreign exchange contracts:
   Amount of gain or (loss) reclassified from AOCI into income (1)1635—11(122)(15)—(3)
   Amount of gain or (loss) recognized in AOCI (12)(385)77—4314571(108)—(40)
Cross currency interest rate swaps contracts:
   Amount of gain or (loss) reclassified from AOCI into income———165————158—
   Amount of gain or (loss) recognized in AOCI$———(31)————673—
As of June 28, 2026, and December 28, 2025, 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 28, 2026December 28, 2025June 28, 2026December 28, 2025
Long-term Debt$8,3248,318(688)(694)

The following table is the effect of derivatives not designated as hedging instruments for the fiscal second quarters ended 2026 and 2025:
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 28, 2026June 29, 2025June 28, 2026June 29, 2025
Foreign Exchange ContractsOther (income) expense$(34)(19)(99)43

The following table is the effect of net investment hedges for the fiscal second quarters ended in 2026 and 2025:
Gain/(Loss)
Recognized In
Accumulated OCI
Location of Gain or (Loss)
Reclassified from Accumulated OCI Into Income		Gain/(Loss) Reclassified From
Accumulated OCI
Into Income
(Dollars in Millions)June 28, 2026June 29, 2025June 28, 2026June 29, 2025
Debt
$163
(803)
Interest (income) expense
—
—
Cross Currency interest rate swaps
$128
(700)
Interest (income) expense
—
—
The following table is the effect of net investment hedges for the fiscal six months ended in 2026 and 2025:
Gain/(Loss)
Recognized In
Accumulated OCI		Location of Gain or (Loss)
Reclassified from Accumulated
OCI Into Income		Gain/(Loss) Reclassified From
Accumulated OCI
Into Income
(Dollars in Millions)June 28, 2026June 29, 2025June 28, 2026June 29, 2025
Debt
$376(1,119)Interest (income) expense——
Cross Currency interest rate swaps
$345140Interest (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 28, 2025June 28, 2026
(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$665190(52)803803
Equity Investments without readily determinable value$91040(118)832832
(1)Recorded in Other (income)/expense, net
(2)Other includes impact of currency

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 28, 2026 and December 28, 2025 were as follows:
 June 28, 2026December 28, 2025
(Dollars in Millions)Level 1Level 2Level 3Total
Total(1)
Derivatives designated as hedging instruments:     
Assets:     
Forward foreign exchange contracts $—632—632686
Interest rate contracts(2)
—685—685589
Total —1,317—1,3171,275
Liabilities:     
Forward foreign exchange contracts —714—714413
Interest rate contracts(2)
—4,757—4,7575,848
Total —5,471—5,4716,261
Derivatives not designated as hedging instruments:     
Assets:     
Forward foreign exchange contracts —67—6738
Liabilities:     
Forward foreign exchange contracts —67—6746
Other Investments:
Equity investments(3)
803——803665
Debt securities(4)
—5,360—5,3602,854
Other Liabilities:
Contingent consideration(5)
$——823823753
Gross to Net Derivative ReconciliationJune 28, 2026December 28, 2025
(Dollars in Millions)
Total Gross Assets$1,3841,313
Credit Support Agreement (CSA)(1,292)(1,308)
Total Net Asset925
Total Gross Liabilities5,5386,307
Credit Support Agreement (CSA)(5,421)(5,903)
Total Net Liabilities$117404
Summarized information about changes in liabilities for contingent consideration for the fiscal second quarters ended June 28, 2026 and June 29, 2025 is as follows:
June 28, 2026June 29, 2025
(Dollars in Millions)
Beginning Balance$7531,217
Changes in estimated fair value(6)
6(60)
Additions64—
Payments——
Ending Balance$8231,157
(1)2025 assets and liabilities are all classified as Level 2 with the exception of equity investments of $665 million, which are classified as Level 1 and contingent consideration of $753 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.
(6)Ongoing fair value adjustment amounts are primarily recorded in Research and Development expense.
As of June 28, 2026, and December 28, 2025, cash and cash equivalents include money market funds of $4,749 million and $5,993 million, respectively, which would be considered level 1 in the fair value hierarchy.

The Company's cash, cash equivalents and current marketable securities as of June 28, 2026 comprised:
(Dollars in Millions)
Carrying
Amount
Estimated
Fair Value
Cash & Cash
Equivalents
Current
Marketable
Securities
Cash
$3,235
3,235
3,235
—
Non-U.S. sovereign securities
16
16
—
16
U.S. reverse repurchase agreements
6,626
6,626
6,626
—
Money market funds
4,749
4,749
4,749
—
Time deposits(1)
772
772
772
—
   Subtotal
15,398
15,398
15,382
16
​
U.S. Gov’t securities
4,908
4,908
4,894
14
Other sovereign securities
224
224
95
129
Corporate and other debt securities
228
228
51
177
   Subtotal available for sale debt(2)
$5,360
5,360
5,040
320
Total cash, cash equivalents and current marketable securities
$20,758
20,758
20,422
336
(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 28, 2025, the carrying amount of cash, cash equivalents and current marketable securities was 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 current marketable securities.
The contractual maturities of the available for sale securities as of June 28, 2026 are as follows:
(Dollars in Millions)Cost BasisFair Value
Due within one year
$5,355
5,355
Due after one year through five years
5
5
Due after five years through ten years
—
—
Total debt securities
$5,360
5,360
Financial instruments not measured at fair value
The following financial liabilities are held at carrying amount on the consolidated balance sheet as of June 28, 2026:
(Dollars in Millions)
Carrying
Amount
Estimated
Fair Value
Financial Liabilities  
Current Debt$11,692
11,704
Non-Current Debt  
0.95% Notes due 2027
1,4991,449
2.90% Notes due 2028
1,4991,473
1.150% Notes due 2028 (750MM Euro 1.1354)
850821
4.55% Notes due 2028
749755
4.80% Notes due 2029
1,1471,171
6.95% Notes due 2029
299324
2.70% Notes due 2029 (600MM Euro 1.1354)
681681
1.30% Notes due 2030
1,7001,554
4.70% Notes due 2030
9961,015
4.90% Notes due 2031
1,1461,178
3.20% Notes due 2032 (700MM Euro 1.1354)
792803
4.85% Notes due 2032
1,2441,280
4.95% Notes due 2033
499518
4.375% Notes due 2033
853849
3.050% Notes due 2033 (700MM Euro 1.1354)
793792
4.95% Notes due 2034

847875
1.650% Notes due 2035 (1.5B Euro 1.1354)
1,6941,489
5.00% Notes due 2035
1,2441,285
3.35% Notes due 2036 (800MM Euro 1.1354)

904905
3.587% Notes due 2036
920913
5.95% Notes due 2037
9951,101
3.625% Notes due 2037
1,4081,348
3.350% Notes due 2037 (1.0B Euro 1.1354)
1,1331,118
3.40% Notes due 2038
994871
5.85% Notes due 2038
697762
4.50% Notes due 2040
542523
2.10% Notes due 2040
895709
4.85% Notes due 2041
298294
4.50% Notes due 2043
497467
3.55% Notes due 2044 (1.0B Euro 1.1354)
1,1261,082
3.60% Notes due 2045 (700MM Euro 1.1354)
790757
3.73% Notes due 2046
1,9801,610
3.75% Notes due 2047
870805
3.50% Notes due 2048
744573
2.25% Notes due 2050
857585
5.25% Notes due 2054

843857
3.70% Notes due 2055 (1.0B Euro 1.1354)
1,1301,051
2.45% Notes due 2060
1,111687
Other7878
Total Non-Current Debt$37,34435,408
The weighted average effective interest rate on non-current debt is 3.57%.
The excess of the carrying value over the estimated fair value of debt was $1.7 billion at December 28, 2025.
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 28, 2026, includes $9.9 billion of commercial paper which has a weighted average interest rate of 3.68% and a weighted average maturity of approximately two months. The current debt balance as of December 28, 2025, included $6.5 billion of commercial paper which has a weighted average interest rate of 3.81% and a weighted average maturity of approximately two months.
v3.26.1
Income taxes
 6 Months Ended
Jun. 28, 2026
Income Tax Disclosure [Abstract]  
Income taxes Income taxes
The worldwide effective income tax rates for the fiscal six months of 2026 and 2025 were 15.5% and 17.8%, respectively. The primary drivers for year over year change in the Company’s effective tax were:
•In the fiscal first quarter of 2025, the Company reversed approximately $7.0 billion related to the talc reserve which was recorded at approximately 22%.
•In the first fiscal six months of 2025, the effective tax rate benefited from changes in uncertain international tax positions due to expiration of statute of limitations.
•Additional tax benefits in the fiscal first six months of 2026 related to the Company’s share-based equity compensation programs that either vested or were exercised during the fiscal six months of 2026 and 2025, which reduced the effective tax rate by 2.9% and 0.3%, respectively.
As of June 28, 2026, the Company had approximately $2.7 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 several jurisdictions. With respect to the United States, the Internal Revenue Service has completed its audit for the tax years through 2016 and the audit for tax years 2017 through 2020 is ongoing. In other major jurisdictions where the Company conducts business, the years that remain open to tax audit go back to the year 2014.
v3.26.1
Pensions and other benefit plans
 6 Months Ended
Jun. 28, 2026
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 28, 2026June 29, 2025June 28, 2026June 29, 2025June 28, 2026June 29, 2025June 28, 2026June 29, 2025
Service cost$2352198072471433160144
Interest cost3603565253720707104107
Expected return on plan assets(638)(599)(2)(1)(1,277)(1,186)(4)(3)
Amortization of prior service cost/(credit)
(46)(46)(1)(1)(92)(92)(1)(1)
Recognized actuarial (gains)/losses
70
85
26
15
1391685231
Curtailments and settlements
—
1
—
—
—
1
—
—
Net periodic benefit cost/(credit)$(19)16155138(39)31311278
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, and Selling, marketing and administrative expenses. 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 28, 2026, the Company contributed $70 million and $10 million to its U.S. and international retirement plans, respectively. The Company plans to continue to fund its U.S. defined benefit plans to comply with the Pension Protection Act of 2006. International plans are funded in accordance with local regulations.
v3.26.1
Accumulated other comprehensive income
 6 Months Ended
Jun. 28, 2026
Equity [Abstract]  
Accumulated other comprehensive income Accumulated other comprehensive income
Components of other comprehensive income/(loss) consist of the following:
(Dollars in Millions)
Foreign
Currency
Translation
Gain/
(Loss) On
Securities
Employee
Benefit
Plans
Gain/
(Loss) On
Derivatives
& Hedges
Total
Accumulated
Other
Comprehensive
Income/(Loss)
December 28, 2025$(13,947)—(693)(290)(14,930)
Net change1,538—82(641)979
June 28, 2026$(12,409)—(611)(931)(13,951)
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.
v3.26.1
Earnings per share
 6 Months Ended
Jun. 28, 2026
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 28, 2026June 29, 2025June 28, 2026June 29, 2025
Basic net earnings per share$2.302.304.476.87
Average shares outstanding — basic2,407.42,406.32,408.12,406.7
Potential shares exercisable under stock option plans92.964.696.767.0
Less: shares which could be repurchased under treasury stock method(60.2)(51.8)(60.9)(50.4)
Average shares outstanding — diluted2,440.12,419.12,443.92,423.3
Diluted net earnings per share$2.272.294.416.82
(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.
6.866.35.163.3
v3.26.1
Segments of business and geographic areas
 6 Months Ended
Jun. 28, 2026
Segment Reporting [Abstract]  
Segments of business and geographic areas Segments of business and geographic areas
The Company is organized into two business segments: Innovative Medicine and MedTech.
The Company’s chief operating decision maker (CODM) is the Chief Executive Officer (Principal Executive Officer). For the Innovative Medicine and MedTech segments, the CODM uses segment income before tax to allocate resources (including employees, financial, and capital resources) for each segment predominantly in the annual forecasting process. The CODM considers planning-to-actual variances on a quarterly basis to assess performance and make decisions about allocating resources to the segments.
Sales by segment of business
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 28,
2026		June 29,
2025		Percent
Change		June 28,
2026		June 29,
2025
Percent
Change
INNOVATIVE MEDICINE
Oncology
U.S.
$4,0693,38520.3 %$7,6846,39820.1 %
International
3,3372,92814.0 6,6955,59219.7 
Worldwide
7,4066,31217.3 14,37911,99019.9 
DARZALEX
U.S.
2,4352,01720.7 4,6433,84620.7 
International
1,7721,52116.4 3,5282,93020.4 
Worldwide
4,2073,53918.9 8,1716,77620.6 
CARVYKTI
U.S.
47235831.790567633.8
International
18581*349132*
Worldwide
65743949.41,25480855.1
TECVAYLI
U.S.
18611463.9 31321943.1 
International
745240.71489851.1 
Worldwide
26016656.5 46231745.5 
TALVEY
U.S.
1128236.2 21315041.7 
International
6224*11342*
Worldwide
17410663.3 32619269.3 
RYBREVANT/ LAZCLUZE
U.S.
19013936.836525245.0
International
9941*18169*
Worldwide
28917960.854632070.4
ERLEADA
U.S.
3963784.7 73867010.2 
International
59953012.9 1,2061,00919.4 
Worldwide
9959089.5 1,9441,67915.8 
IMBRUVICA
U.S.
149239(37.6)292474(38.4)
International
449496(9.5)966970(0.4)
Worldwide
599735(18.6)1,2591,444(12.9)
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 28,
2026		June 29,
2025		Percent
Change		June 28,
2026		June 29,
2025
Percent
Change
OTHER ONCOLOGY(1)
U.S.
13156*21611094.5 
International
97181(46.5)203341(40.5)
Worldwide
226238(4.6)418452(7.4)
Immunology
U.S.
2,3722,505(5.3)4,2274,701(10.1)
International
1,4731,489(1.0)2,9972,999(0.1)
Worldwide
3,8443,993(3.7)7,2247,700(6.2)
TREMFYA
U.S.
1,46579684.2 2,5071,39579.7 
International
58139148.7 1,14774753.6 
Worldwide
2,0461,18672.5 3,6542,14270.6 
SIMPONI / SIMPONI ARIA
U.S.
260305(14.6)529597(11.2)
International
358387(7.3)736753(2.3)
Worldwide
618690(10.5)1,2651,349(6.2)
REMICADE
U.S.
215283(24.1)484597(19.0)
U.S. Exports
1034(71.0)2844(37.1)
International
112138(18.4)248281(11.5)
Worldwide
338455(25.8)760922(17.6)
STELARA
U.S.
3361,078(68.8)5562,059(73.0)
International
404575(29.7)8391,219(31.1)
Worldwide
7401,653(55.2)1,3963,278(57.4)
OTHER IMMUNOLOGY
U.S.
858*1239*
International
180*270*
Worldwide
1048*1509*
Neuroscience
U.S.
1,6591,37720.5 3,1532,34534.5 
International
6786740.6 1,3591,3530.4 
Worldwide
2,3372,05114.0 4,5123,69822.0 
SPRAVATO
U.S.
51436640.7 92064243.4 
International
705041.2 1319341.8 
Worldwide
58441440.8 1,05273443.2 
CAPLYTA(2)
U.S.
36121170.9 631211*
International
——— ——— 
Worldwide
36121170.9 631211*
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 28,
2026		June 29,
2025		Percent
Change		June 28,
2026		June 29,
2025
Percent
Change
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
U.S.
7387320.8 1,4961,35710.2 
International
2782606.6 5585373.7 
Worldwide
1,0159922.3 2,0531,8958.4 
CONCERTA / methylphenidate
U.S.
1224(48.6)3462(45.5)
International
133139(4.2)248249(0.4)
Worldwide
146164(10.8)282312(9.5)
OTHER NEUROSCIENCE
U.S.
3445(22.9)7273(1.1)
International
198226(12.3)422474(10.9)
Worldwide
232270(14.0)494547(9.6)
Pulmonary Hypertension (PH)
U.S.
8147991.8 1,6451,5436.5 
International
3293144.9 6335956.4 
Worldwide
1,1431,1132.6 2,2782,1386.5 
UPTRAVI
U.S.3863821.0 
771 
747 
3.2 
International1089415.0 
206 
180 
14.7 
Worldwide4944763.8 
977 
927 
5.4 
OPSUMIT/OPSYNVI
U.S.4164033.2 84976610.9 
International1871803.9 3593396.1 
Worldwide6025823.4 1,2081,1049.4 
OTHER PULMONARY HYPERTENSION
U.S.
1316(16.9)2531(19.0)
International3440(14.3)6877(11.5)
Worldwide 4755(15.0)93107(13.6)
Infectious Diseases (ID)
U.S.
300320(6.3)6426351.1 
International
463484(4.1)1,0109714.1 
Worldwide
763803(5.0)1,6521,6052.9 
EDURANT / rilpivirine
U.S.
36(49.6)1014(29.3)
International
347354(1.9)7497046.4 
Worldwide
350360(2.7)7597185.7 
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
U.S.
296312(5.1)6306172.1 
International
7685(10.4)1851831.2 
Worldwide
372396(6.3)8157991.9 
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 28,
2026		June 29,
2025		Percent
Change		June 28,
2026		June 29,
2025
Percent
Change
OTHER INFECTIOUS DISEASES
U.S.
12(47.9)24(51.6)
International
4045(9.6)7684(9.0)
Worldwide
4147(11.6)7888(11.1)
Cardiovascular / Metabolism / Other (CVM)
U.S.765776(1.3)1,4991,631(8.1)
International124154(19.4)266312(14.8)
Worldwide889930(4.3)1,7651,943(9.2)
XARELTO
U.S.6646217.1 1,3061,311(0.3)
International——— ——— 
Worldwide6646217.1 1,3061,311(0.3)
OTHER
U.S.101155(35.0)192320(39.9)
International124154(19.4)266312(14.8)
Worldwide225309(27.2)458632(27.5)
Total PH, ID, CVM
U.S.1,8781,895(0.9)3,7853,809(0.6)
International916952(3.6)1,9091,8781.7 
Worldwide2,7952,846(1.8)5,6945,6860.1 
TOTAL INNOVATIVE MEDICINE
 
 
U.S.9,9799,1618.9 18,85017,2539.3 
International6,4056,0416.0 12,96011,8229.6 
Worldwide16,38415,2027.8 31,81029,0759.4 
MEDTECH
Cardiovascular
U.S.1,4261,3644.5 2,8252,6257.6 
International9789483.2 1,9561,7909.3 
Worldwide2,4042,3134.0 4,7814,4168.3 
ELECTROPHYSIOLOGY
U.S.7837415.8 1,5191,4256.6 
International7497282.9 1,5021,36610.0 
Worldwide1,5331,4684.4 3,0222,7918.3 
ABIOMED
U.S.342360(4.8)7316994.6 
International97899.5 19717016.1 
Worldwide440448(2.0)9288686.8 
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 28,
2026		June 29,
2025		Percent
Change		June 28,
2026		June 29,
2025
Percent
Change
SHOCKWAVE
U.S.26823314.6 51043916.1
International675814.5 13011017.7
Worldwide33529214.6 64055016.4
OTHER CARDIOVASCULAR
U.S.33315.5 6563
3.1 
International6572(10.5)127144(11.9)
Worldwide98104(5.7)192207(7.4)
Surgery
U.S.
1,094
1,043
5.0 
2,140
2,045
4.7 
International
1,559
1,512
3.1 
3,024
2,906
4.1 
Worldwide
2,653
2,555
3.9 
5,164
4,951
4.3 
ADVANCED
U.S.4994774.7 9769344.5 
International6916870.5 1,3371,3032.6 
Worldwide1,1891,1642.2 2,3122,2373.4 
GENERAL
U.S.5965675.2 1,1651,1114.8 
International8688255.3 1,6871,6035.2 
Worldwide1,4641,3915.2 2,8522,7145.1 
Vision
U.S.5655571.4 1,1441,1231.9 
International8878139.1 1,6721,5269.6 
Worldwide1,4511,3696.0 2,8162,6486.3 
CONTACT LENSES / OTHER
U.S.4454293.6 9138813.7 
International5805368.1 1,0811,0037.7 
Worldwide1,0259656.1 1,9941,8845.8 
SURGICAL
U.S.120128(6.0)231242(4.5)
International30627710.9 59152313.1 
Worldwide4264035.6 8227647.5 
Orthopaedics
U.S.
1,470
1,420
3.5 
2,9052,8043.6 
International
948
885
7.2 
1,8961,7428.9 
Worldwide
2,418
2,305
4.9 
4,8014,5465.6 
HIPS
U.S.
283
271
4.6 
5605344.9 
International
158
150
5.5 
3172967.2 
Worldwide
441
421
4.9 
8778305.7 
KNEES
U.S.
228
226
1.1 
4674572.2 
International
182
164
11.4 
36332213.0 
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 28,
2026		June 29,
2025		Percent
Change		June 28,
2026		June 29,
2025
Percent
Change
Worldwide
410
389
5.5 
8307786.7 
TRAUMA
U.S.
536
501
6.7 
1,0681,0036.4 
International
291
267
9.2 
59253710.3 
Worldwide
827
768
7.6 
1,6601,5407.8 
SPINE, SPORTS & OTHER
U.S.
423
422
0.2 
8108100.0 
International
317
305
4.0 
6245886.1 
Worldwide
740
727
1.8 
1,4341,3982.6 
TOTAL MEDTECH    
U.S.4,5544,3833.9 9,0138,5964.8 
International4,3724,1585.2 8,5497,9657.3 
Worldwide8,9268,5414.5 17,56216,5616.0 
WORLDWIDE      
U.S.14,53313,5447.3 27,86325,8497.8 
International10,77710,1995.7 21,50919,7878.7 
Worldwide$25,31023,7436.6%$49,37245,6368.2%
*    Percentage greater than 100% or not meaningful
(1) Includes the sales of ZYTIGA which were previously disclosed separately
(2) Acquired with Intra-Cellular Therapies on April 2, 2025
Adjustments to revenue recognized as a result of changes in estimates for the Company's most significant U.S. rebates and discounts liability balances for products shipped in previous years were approximately 3.0% and 2.6% of U.S. Innovative Medicine revenue during the fiscal second quarter of 2026 and 2025, respectively and approximately 3.8% and 3.5% of U.S. Innovative Medicine revenue during the fiscal six months of 2026 and 2025, respectively .
In October 2025, the Company announced its intention to separate its Orthopaedics business. The Company continues to explore multiple paths to effect the planned separation with a targeted completion within 18 to 24 months after the initial announcement.
Segment income before tax
 Fiscal Second Quarter Ended
(Dollars in Millions)June 28,
2026		June 29,
2025
Innovative Medicine(1)
MedTech(2)
Total
Innovative Medicine(1)
MedTech(2)
Total
Sales to customers$16,3848,92615,2028,541
Cost of products sold4,2963,7373,9783,638
Selling, marketing and administrative3,1303,0692,7892,862
Research and development expense2,8757782,869647
Other segment items (3)
(166)16514190
Segment income before tax$6,2491,1777,4265,5521,2046,756
(Income)/Expense not allocated to segments (4)
679265
Earnings before provision for taxes on income$6,747$6,491
Fiscal Six Months Ended
Sales to customers$31,81017,56229,07516,561
Cost of products sold8,6867,4387,9986,964
Selling, marketing and administrative6,0485,9755,0505,518
Research and development expense5,6881,4925,4171,324
Other segment items (3)
(178)241(152)130
Segment income before tax$11,5662,41613,98210,7622,62513,387
(Income)/Expense not allocated to segments (4)
1,245(6,735)
Earnings before provision for taxes on income$12,737$20,122
(1) Innovative Medicine includes:
•Intangible amortization expense of $0.8 billion in both the fiscal second quarters of 2026 and 2025.
Intangible amortization expense of $1.5 billion and $1.4 billion in the fiscal six months of 2026 and 2025, respectively.
•Restructuring related charge of $0.2 billion in both the fiscal second quarter and fiscal six months of 2026. Refer to Note 12 for additional details.
•Acquisition and integration related expense of $0.1 billion in both the fiscal second quarter of 2026 and fiscal six months of 2026 and $0.2 billion in both the fiscal second quarter of 2025 and fiscal six months of 2025, primarily related to the Intra-Cellular acquisition.
(2)    MedTech includes:
•Intangible amortization expense of $0.5 billion in both the fiscal second quarters of 2026 and 2025.
Intangible amortization expense of $1.0 billion in both the fiscal six months of 2026 and 2025.
•Orthopaedics Separation related costs of $0.3 billion and $0.4 billion in the fiscal second quarter and fiscal six months of 2026, respectively as compared to $0 in the fiscal second quarter and fiscal six months of 2025.
(3)    Other segment items for each reportable segment include other income and expense (gains and losses on divestitures and sales of assets), restructuring activities and impairment charges related to in-process research and development
(4) Amounts not allocated to segments include interest (income)/expense and general corporate (income)/expense. The fiscal second quarter and fiscal six months of 2026 include charges for talc matters of $0.4 billion and $0.8 billion, respectively. The fiscal six months of 2025 includes approximately $7.0 billion related to the talc reserve reversal.
Identifiable Assets
(Dollars in Millions)June 28, 2026December 28, 2025
Innovative Medicine$78,856
78,057
MedTech86,58186,482
Total
165,437
164,539
General corporate (1)
35,62434,671
Worldwide total$201,061199,210
(1)General corporate includes cash, cash equivalents, marketable securities and other corporate assets.
Additions to Property,
Plant & Equipment		Depreciation and
Amortization
Fiscal Six Months Ended
(Dollars in Millions)June 28, 2026June 29, 2025June 28, 2026June 29, 2025
Innovative Medicine$1,161687$2,0761,925
MedTech1,1021,0711,7671,678
Segments total2,2631,7583,8433,603
General corporate10780120112
Worldwide total$2,3701,838$3,9633,715

Sales by geographic area
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 28, 2026June 29, 2025Percent
Change		June 28, 2026June 29, 2025Percent Change
United States$14,53313,5447.3%$27,86325,8497.8%
Europe5,7265,3876.3 11,57410,49710.3 
Western Hemisphere, excluding U.S.1,3091,2068.5 2,6022,3739.6 
Asia-Pacific, Africa3,7423,6063.8 7,3336,9176.0 
Total$25,31023,7436.6%$49,37245,6368.2%
v3.26.1
Acquisitions, divestitures and other arrangements
 6 Months Ended
Jun. 28, 2026
Business Combination [Abstract]  
Acquisitions, divestitures and other arrangements Acquisitions, divestitures and other arrangements
On June 8, 2026, the Company announced it had entered into a definitive agreement to acquire Firefly Bio, Inc., a biotechnology company advancing its proprietary Firelink™ degrader antibody conjugate (DAC) platform, for $1 billion in cash. The closing of the transaction is expected to occur in the fiscal third quarter of 2026, subject to applicable regulatory approvals and other customary closing conditions. The results of operations will be included in the Innovative Medicine segment beginning on the acquisition date.

Business combinations
Acquisitions of a business are accounted for as business combinations applying the acquisition method of accounting. Under this method, the assets acquired and liabilities assumed are recorded at their respective fair values as of the acquisition date in the Company’s consolidated financial statements. The excess of the purchase price over the fair value of the acquired net assets, where applicable, is recorded as goodwill. The results of operations of these acquisitions have been included in the Company’s financial statements from their respective dates of acquisition.

In the fiscal six months of 2026, there were no material business combinations.
2025 Transactions
During the fiscal year 2025, the Company acquired Halda Therapeutics OpCo, Inc. (Halda Therapeutics) and Intra-Cellular Therapies, Inc. (Intra-Cellular) for a total of $17.5 billion, net of cash acquired.

Halda Therapeutics

On December 26, 2025, the Company completed the acquisition of Halda Therapeutics, a clinical-stage biotechnology company with proprietary Regulated Induced Proximity TArgeting Chimera (RIPTACTM) platform to develop oral, targeting therapies for multiple types of solid tumors, including prostate cancer, in an all-cash merger transaction for total consideration transferred of approximately $3.05 billion, net of cash acquired. The acquisition was accounted for as a business combination and the results of operations and goodwill are included in the Innovative Medicine segment as of the acquisition date. Included in the total consideration transferred was $0.2 billion of acquisition-related costs, primarily related to post-closing compensation expense due to the acceleration of equity awards. This expense was recorded in Other (income) expense, net. Acquisition related costs before tax for the fiscal six months of 2026 were not material.

The fair value of the assets acquired is $3.4 billion, which primarily relates to acquired in-process research and development (IPR&D) of $2.8 billion and goodwill of $0.6 billion. The fair value of the liabilities assumed is $0.6 billion, primarily related to deferred taxes. These values are preliminary and based on the best estimate of management, which is subject to change within the measurement period. As of the fiscal six months ended June 28, 2026, there have been no material measurement period adjustments.

Intra-Cellular
On April 2, 2025, the Company completed the acquisition of Intra-Cellular, a biopharmaceutical company focused on the development and commercialization of therapeutics for central nervous system disorders. This acquisition advances the Company’s industry-leading portfolio in mental health with the addition of CAPLYTA (lumateperone), the first and only U.S. FDA-approved treatment for bipolar I and II depression as an adjunctive therapy and monotherapy and is also approved for the treatment of schizophrenia in adults. This acquisition also includes a promising clinical-stage pipeline with best-in-class potential in generalized anxiety disorder and Alzheimer’s disease-related psychosis and agitation.

The Company acquired all the outstanding shares of Intra-Cellular’s common stock for $132.00 per share in an all-cash merger transaction for total consideration transferred of $14.5 billion. The acquisition was accounted for as a business combination and the results of operations and goodwill are included in the Innovative Medicine segment as of the acquisition date. In addition, acquisition-related costs before tax incurred during the fiscal year 2025 were $0.4 billion, of which $0.1 billion related to post-closing compensation expense due to the acceleration of equity awards and were recorded to Other (income) expense, net. Acquisition related costs before tax for the fiscal six months of 2026 were not material.

The fair value of the assets acquired is $17.5 billion, which primarily relates to acquired in-process research and development (IPR&D) of $8.3 billion, an amortizable intangible asset of $5.2 billion, goodwill of $2.9 billion and other current and non-current assets of $1.1 billion. The fair value of the liabilities assumed is $3.0 billion, primarily related to deferred taxes. As of the fiscal six months ended June 28, 2026, there have been no material measurement period adjustments. During the fiscal fourth quarter of 2025, the U.S. FDA approved CAPLYTA as an adjunctive therapy with anti-depressants for the treatment of major depressive disorder in adults. This IPR&D asset was reclassified to a definite lived asset and began amortizing in the fiscal fourth quarter of 2025.


In the fiscal six months of 2026 and 2025, there were no material asset acquisitions or divestitures.

Other arrangements

In the fiscal first quarter of 2026, the Company entered into a co-funding agreement with Royalty Pharma plc. (Royalty Pharma) under which the Company will receive up to a total of $0.5 billion during the fiscal years 2026 and 2027 to support the clinical development of JNJ-4804, a co-antibody therapy in development to treat chronic immune-mediated diseases. As there is a substantive and genuine transfer of risk to Royalty Pharma, the development funding will be recognized as an obligation to perform contractual services. Accordingly, the funding the Company receives will be recognized as a reduction to research & development expense as the Company performs its contractual services. The funding received during the fiscal six months of 2026 was not material.
If successful, upon regulatory approval of certain indications in the U.S. or other major markets, Royalty Pharma will receive approval-based fixed milestone payments up to approximately $0.5 billion and will also be eligible to receive sales-based milestone payments and low-single digit royalties based on commercial sales.
v3.26.1
Legal proceedings
 6 Months Ended
Jun. 28, 2026
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 28, 2026, 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
As of June 28, 2026, there are approximately 76,000 plaintiffs in the United States with direct claims against the Company and its affiliates in pending lawsuits regarding injuries allegedly due to 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. The Company continues to believe that it has strong legal grounds to contest all the 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 an effort to expeditiously resolve the litigation for the overwhelming majority of claimants, beginning in October 2021, the Company underwent a series of corporate restructurings which ultimately resulted in two entities, Red River Talc, LLC (Red River) and Pecos River Talc LLC (Pecos River), being assigned 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. As a result of the restructurings, all claims in North America related to ovarian and other gynecological cancers were separated and allocated to Red River, and mesothelioma, governmental unit and certain other claims in North America were allocated to Pecos River. In connection with these restructurings, the Company filed a series of three Chapter 11 bankruptcy proceedings. Ultimately, each of the bankruptcy proceedings was dismissed and, as a result, the Company reversed substantially all, or approximately $7.0 billion, from amounts previously reserved for the bankruptcy resolution in the fiscal first quarter of 2025. Litigation in the tort system recommenced.
As of the second quarter of 2026, the total present value of the reserve for talc related matters is approximately $3.7 billion, comprising executed settlement agreements, litigation defense and other costs. Approximately 40% of the reserve is recorded as a current liability.
As in years prior, both ovarian cancer and mesothelioma trials are being scheduled in various state courts throughout 2026 and beyond. In the ovarian cancer multi-district litigation (MDL) in the United States District Court for the District of New Jersey, the court is addressing the Company's Daubert motions related to general causation, specific causation, and certain asbestos testing
methods. In January 2026, the Special Master issued her Report and Recommendation related to general causation, excluding certain opinions by plaintiff experts, but also allowing other opinions to proceed. The Company has filed an appeal of the Report and Recommendation to the district court. In May 2026, the Special Master held evidentiary hearings on the Company's specific causation motion. Thereafter, the plaintiffs withdrew two of their specific causation experts. In June 2026, the Company filed a Motion to Show Cause requiring the plaintiffs to explain why the MDL should not be dismissed after they withdrew those experts. In July 2026, the court granted the Motion to Show Cause and a case management conference related to the motion is scheduled for August 2026. In July 2026, the Special Master issued her Report and Recommendation related to certain asbestos testing methods, granting in part the Company's motion. The Company also faces litigation in Canada.
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 December 2023, the court granted plaintiffs’ motion for class certification. In July 2025, the Third Circuit affirmed the court's order granting class certification. In September 2025, the Company petitioned the Third Circuit for rehearing or rehearing en banc, which was denied in October 2025. In February 2026, the Company filed a writ of certiorari with the United States Supreme Court regarding the Third Circuit’s decision, which the Supreme Court denied in April 2026. Expert discovery is proceeding.
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 voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. In February 2021, Cyprus Mines Corporation (Cyprus), which sold certain talc mines and assets to Imerys, filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the Delaware Bankruptcy Court. In July 2024, the Company, Imerys, and Cyprus and certain of their affiliates (including their parent entities), and the tort claimants' committees and future claimants' representatives appointed in the Imerys debtors' and Cyprus debtors' respective Chapter 11 cases, entered into a global settlement agreement (the Imerys Settlement Agreement) to resolve the parties' ongoing disputes, including disputes raised in the Imerys and Cyprus bankruptcies regarding (i) the Company's alleged obligations to indemnify Imerys and Cyprus for personal injury claims allegedly caused by exposure to talc contained in the Company's products and (ii) entitlements to proceeds of certain of the Company's insurance policies. In October 2024, the Delaware Bankruptcy Court entered an order approving the Imerys Settlement Agreement (the Settlement Order). Certain insurers have appealed the Settlement Order and sought a stay of the Settlement Order pending appeal, which the Delaware Bankruptcy Court denied in January 2025. In August 2025, the district court denied the insurers' appeal of the Settlement Order. The insurers have appealed that decision to the Third Circuit. Briefing in the Third Circuit appeal is complete and a ruling is pending.
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.

The Company’s Innovative Medicine 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.
Innovative Medicine
INVEGA SUSTENNA
Beginning in January 2018, Janssen Pharmaceutica NV and Janssen Pharmaceuticals, Inc. (collectively, Janssen) 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: Pharmascience Inc.; Mallinckrodt PLC; SpecGx LLC; Eugia Pharma Specialities Ltd.; Eugia US, LLC; and Aurobindo Pharma USA, Inc. The following U.S. patent is included in one or more cases: 9,439,906. In May 2026, Janssen and Pharmascience Inc., Mallinckrodt PLC (now Keenova Therapeutics plc), and SpecGx LLC entered into a confidential settlement agreement. In June 2026, Janssen entered into a stipulated dismissal with Aurobindo Pharma USA, Inc. and a confidential settlement with Eugia Pharma Specialities Ltd. and Eugia US, LLC.

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. Pharmascience Inc. is a named defendant. The following Canadian patent is included in one or more cases: 2,655,335. In September 2024, the Supreme Court of Canada granted Pharmascience's motion to appeal the Federal Court's decision that the 2,655,335 Patent is not invalid. In July 2026, the Supreme Court of Canada dismissed Pharmascience's appeal.
ERLEADA

Beginning in January 2025, Aragon Pharmaceuticals, Inc., Janssen Inc. (collectively, Janssen Inc.), and Sloan-Kettering Institute for Cancer Research (SKI) initiated Statements of Claims under Section 6 of the Patented Medicines (Notice of Compliance) Regulations against Sandoz Canada Inc. (Sandoz) in response to Sandoz’s filing of ANDSs seeking approval to market 60 mg and 240 mg generic versions of ERLEADA before the expiration of CA Patent Nos. 3,008,345; 2,875,767; 2,885,415; and 3,128,331. Janssen Inc. and SKI are seeking orders enjoining Sandoz from marketing 60 mg and 240 mg generic versions of ERLEADA before the expiration of the relevant patents. Trial is scheduled to begin in August 2026.

Beginning in June 2025, Aragon Pharmaceuticals, Inc., Janssen Biotech, Inc., The Regents of the University of California, and Sloan-Kettering Institute for Cancer Research initiated a patent infringement lawsuit in the United States District Court for the District of New Jersey against Hetero Labs Limited Unit V and Hetero USA, Inc. who filed an ANDA seeking approval to market a 240 mg generic version of ERLEADA before the expiration of certain Orange Book Listed Patents. The following U.S. patents are included in the case: 8,445,507; 8,802,689; 9,338,159; 9,987,261; 9,481,663; 9,884,054; RE49,353; 10,849,888; 10,702,508; 11,963,952; 12,303,493; and 12,303,497. In May 2026, the parties entered into a confidential settlement agreement, and the case was dismissed.

Beginning in June 2026, Aragon Pharmaceuticals, Inc., Janssen Biotech, Inc., and Sloan-Kettering Institute for Cancer Research initiated a patent infringement lawsuit in the United States District Court for the District of New Jersey against MSN Pharmaceuticals Inc., MSN Laboratories Private Limited, and Novadoz Pharmaceuticals, LLC who filed an ANDA seeking approval to market 60 mg and 240 mg generic versions of ERLEADA before the expiration of certain Orange Book Listed Patents. The following U.S. patents are included in the case: 9,481,663; 11,963,952; 12,303,493; and 12,303,497.
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. 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. A trial against Sandoz Inc. took place in February 2026. Post-trial briefing is complete, and the parties await a decision from the court.
CAPLYTA
Beginning in March 2024, Intra-Cellular Therapies, Inc. (Intra-Cellular) filed patent infringement lawsuits in the United States District Court for the District of New Jersey against generic manufacturers who have filed ANDAs seeking approval to market generic versions of CAPLYTA before expiration of certain Orange Book Listed Patents. The following entities are named
defendants: Aurobindo Pharma Ltd., Aurobindo Pharma USA, Inc., Zydus Pharmaceuticals (USA) Inc., and Zydus Lifesciences Ltd. The following U.S. patents are included in one or more cases: RE 48,825; RE 48,839; 8,648,077; 9,168,258; 9,199,995; 9,616,061; 9,956,227; 10,117,867; 10,464,938; 10,960,009; 11,026,951; 11,753,419; 11,980,617; 12,070,459; 12,090,155; 12,122,792; 12,128,043; 12,409,176; and 12,410,195. In June 2026, Intra-Cellular, Aurobindo Pharma Ltd., and Aurobindo Pharma USA, Inc. entered into a confidential settlement agreement and the case was dismissed. Trial is scheduled to begin in March 2027 against Zydus Pharmaceuticals (USA) Inc. and Zydus Lifesciences Ltd.
CARVYKTI
In January 2026, 2seventy bio, Inc. filed suit in the Unified Patent Court, Local Division of Brussels, against the Company, Janssen Biotech, Inc., Janssen Pharmaceuticals Inc., Janssen-Cilag International NV, Janssen Pharmaceutica NV, Janssen-Cilag NV, Janssen Biologics B.V., Janssen-Cilag B.V., Janssen-Cilag GmbH, Janssen-Cilag, Janssen-Cilag SpA, Janssen-Cilag A/S, Janssen-Cilag Aktiebolag, Janssen-Cilag Farmaceutica Lda., Legend Biotech Corporation, Legend Biotech USA Inc., Legend Biotech Ireland Limited, and Legend Biotech Belgium BV alleging that the manufacture and sale of CARVYKTI infringes EU Patent No. 3 689 383. In the suit, the exclusive licensee, 2seventy bio, Inc., seeks damages and an injunction. In May 2026, The United States of America, including the Department of Health and Human Services, Office of Technology Transfer, as the patent owner, intervened in the action. An oral hearing is scheduled for March 2027.

DARZALEX

In February 2026, BIOCAD filed an unfair competition action against Genmab and Johnson & Johnson LLC in the Arbitrazh Court of Moscow Region seeking: (1) a declaration of entitlement to use the inventions claimed in Genmab’s EA Patent No. 015584 in the manufacture/marketing of their drug “Daratumia” (INN daratumumab) starting from March 24, 2026, on the basis that patent EA 015584 expires March 23, 2026; (2) a declaration that Genmab’s and Johnson & Johnson LLC’s actions in obtaining PTE extending Genmab’s EA Patent No. 037929 and sending warning letters to BIOCAD asserting infringement risks after March 24, 2026 constitute unfair competition under Article 14.8 of Law on Protection of Competition (EA 037929 has PTE until March 23, 2031); and (3) an order restraining Genmab and Johnson & Johnson LLC from creating obstacles to BIOCAD’s introduction of “Daratumia” into civil circulation starting from March 24, 2026.
SIMPONI
In March 2026, Janssen Biotech, Inc. and Janssen Sciences Ireland Unlimited Company (collectively, Janssen) filed a patent infringement lawsuit in the United States District Court for the District of Delaware against Accord BioPharma, Inc. (Accord) and Bio-Thera Solutions, Ltd. in response to Accord’s filing of an aBLA seeking approval to market biosimilar versions of SIMPONI and SIMPONI ARIA and providing notice of commercial marketing pursuant to 42 U.S.C. § 262(l)(8)(A) for those biosimilar products. The following U.S. patents are currently included in that case: 8,017,325; 8,586,356; 8,852,889; 8,956,830; 9,170,249; 9,217,168; 9,475,858; 9,487,810; 9,663,810; 9,890,410; 12,129,292; 12,139,735; and 12,180,271. The following U.S. patents were dismissed without prejudice: 11,014,982; 11,041,020; 12,122,824; and 12,291,566. Janssen is seeking an order enjoining defendants from marketing their biosimilar versions of SIMPONI and SIMPONI ARIA before the expiration of the asserted patents. In May 2026, Janssen filed a motion for preliminary injunction. The court scheduled a hearing on the motion for September 2026.

In March 2026, Accord BioPharma, Inc., Intas Pharmaceuticals Ltd., and Bio-Thera Solutions, Ltd. submitted four petitions requesting inter partes review (IPR) of U.S. patent nos. 11,014,982; 11,041,020; 12,122,824; and 12,291,566. Janssen Biotech, Inc., as the Patent Owner, has requested that the USPTO deny institution of the IPRs.

In June 2026, Janssen Biotech, Inc. and Janssen Sciences Ireland Unlimited Company (collectively, Janssen) filed a patent infringement lawsuit in the United States District Court for the Eastern District of Virginia against Alvotech hf. and Alvotech USA Inc. (Alvotech USA) in response to Alvotech USA’s filing of aBLAs seeking approval to market biosimilar versions of SIMPONI and SIMPONI ARIA and providing notice of commercial marketing pursuant to 42 U.S.C. § 262(l)(8)(A) for those biosimilar products. The following U.S. patents are included in the case: 8,017,325; 8,852,889; 8,956,830; 9,170,249; 9,217,168; 9,475,858; 9,487,810; 9,663,810; 9,890,410; 10,421,986; 11,225,516; 12,139,735; 12,534,524; and 12,595,454. Janssen is seeking an order enjoining defendants from marketing their biosimilar versions of SIMPONI and SIMPONI ARIA before the expiration of the asserted patents.
MedTech
In March 2016, Abiomed, Inc. filed a declaratory judgment action against Maquet Cardiovascular LLC (Maquet) in the United States District Court for the District of Massachusetts seeking a declaration that certain Impella products do not infringe Maquet patents. Maquet counterclaimed for infringement against Abiomed, Inc., Abiomed Europe GmbH, and Abiomed R&D, Inc. The following U.S. patents are at issue: 8,888,728; 9,327,068; 9,545,468; 9,561,314; and 9,597,437. In February 2026, the U.S. Court of Appeals for
the Federal Circuit remanded the case after considering the district court's claim constructions. Discovery will begin based on the altered constructions.

In November 2017, Maquet Cardiovascular LLC filed suit against Abiomed, Inc., Abiomed R&D, Inc., and Abiomed Europe GmbH in the United States District Court for the District of Massachusetts alleging that certain Impella products infringe Maquet patents. U.S. Patent No. 10,238,783 remains in the suit, and trial was held in May 2026. The jury returned a verdict in Abiomed's favor. Post-trial briefing is ongoing.

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 June 2026, three Relators filed an Amended False Claims Act Complaint in the United States District Court for the Southern District of Florida alleging the Company and DePuy Synthes, along with Tenet Healthcare Corporation, Delray Medical Center, and West Boca Medical Center caused the submission of false claims to federal and Florida healthcare programs. The Relators are sales representatives for competitor companies, and the complaint was served following a decision by the Department of Justice to decline intervening in the case. The Company and DePuy Synthes disagree with and are defending themselves against these claims.

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. In June 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 challenged the verdict on the off-label claims in post-trial briefing. In March 2025, the court dismissed the state law portion of the claims but entered judgment on the federal claims. The Company appealed the remainder of the verdict to the Third Circuit. The federal government has intervened for the limited purpose of defending the qui tam provision of the False Claims Act. Briefing is complete and oral argument was held in March 2026. A decision is pending. In April 2026, the Third Circuit ordered the parties to engage in mediation.

In March 2017, Janssen Biotech, Inc. (JBI) received a Civil Investigative Demand from the United States Department of Justice (DOJ) 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 DOJ 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 DOJ 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. The court heard argument on the parties’ summary judgment motions in May 2026, but has not yet issued a decision. The court has scheduled a trial date in November 2026.
General litigation
The Company or its subsidiaries regularly face claims in legal proceedings related to contracts, trade secrets, antitrust, unfair competition, consumer protection, and environmental issues, the most significant of which are listed below. Although the Company and its subsidiaries believe that they have substantial defenses to these cases, there can be no assurance as to the outcome of these matters. A loss in any of these cases could require the payment of damages, injunctions, and/or other relief.

In October 2017, certain United States service members and their families brought a complaint against a number of pharmaceutical and medical devices companies, including the Company and certain of its subsidiaries in the 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 2024, the Supreme Court vacated the D.C. Circuit's decision and remanded the case to the D.C. Circuit for reconsideration. In January 2026, the D.C. Circuit affirmed its reversal of the district court's dismissal of the complaint. In April 2026, the D.C. Circuit denied the defendants' rehearing petition.

In February 2024, a putative class action was filed against the Company and the Pension & Benefits Committee of Johnson & Johnson in the United States District Court for the District of New Jersey. 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 March 2025, plaintiffs filed a second amended complaint. In November 2025, the court granted defendants' motion to dismiss plaintiffs' fiduciary duty claims. Plaintiffs voluntarily withdrew their remaining claim, and the court entered final judgment in defendants' favor in January 2026. Plaintiffs appealed to the United States Court of Appeals for the Third Circuit.

MedTech
In October 2020, Fortis Advisors LLC, as representative of the former stockholders of Auris Health Inc. (Auris), filed a complaint against the Company alleging breach of contract, fraud, and other causes of action in connection with Ethicon’s acquisition of Auris in 2019. In January 2026, the Company paid a $0.8 billion judgment, inclusive of interest.

In October 2019, Innovative Health, LLC filed a complaint against Biosense Webster, Inc. (BWI) in the United States District Court for the Central District of California. The complaint alleges that certain of BWI's business practices and contractual terms violate the antitrust laws of the United States and the State of California by restricting competition in the sale of High Density Mapping Catheters and Ultrasound Catheters. In May 2025, a jury returned its verdict in favor of Innovative Health. In August 2025, the court issued a permanent injunction concerning BWI's business practices. BWI appealed both the jury verdict and the permanent injunction. In June 2026, briefing of the appeal was completed.

Innovative Medicine

In October 2018, two separate putative class actions were filed against Actelion Pharmaceuticals Ltd., Actelion Pharmaceuticals US, Inc. and Actelion Clinical Research, Inc. (collectively, Actelion) in the United States District Court for the District of Maryland and the 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 2024, the district court granted plaintiffs' motion for class certification. In February 2026, the parties agreed to settle the matter. In July 2026, the court granted final approval of the settlement.

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 August 2024, the court granted in part and denied in part Janssen's motion to dismiss plaintiffs' amended complaint. In December 2025, the court granted plaintiffs' motion for class certification. In January 2026, the court granted summary judgment for Janssen on plaintiffs' claim regarding patents obtained through the acquisition of Momenta Pharmaceuticals, Inc. in 2020. In March 2026, plaintiffs appealed to the United States Court of Appeals for the Fourth Circuit.

In December 2018, Janssen Biotech, Inc., Janssen Oncology, Inc., Janssen Research & Development, LLC, and the Company (collectively, Janssen) were served with a qui tam complaint on behalf of the United States, certain states, and the District of Columbia. The complaint alleges that Janssen violated the federal False Claims Act and state law when providing pricing information for ZYTIGA to the government in connection with direct sales and reimbursement programs. At this time, the federal and state governments have declined to intervene. In December 2021, the United States District Court for the District of New Jersey denied Janssen's motion to dismiss. Daubert proceedings are ongoing.

In August 2025, Xoma Corporation (Xoma) filed a complaint against Janssen Biotech, Inc. (Janssen) in the United States District Court for the Eastern District of Pennsylvania. The complaint alleges breach of contract, unjust enrichment, and declaratory relief claims against Janssen regarding the alleged failure to obtain a license from Xoma in connection with Janssen's commercialization of TREMFYA. In December 2025, the court denied Janssen's motion to dismiss.
v3.26.1
Restructuring
 6 Months Ended
Jun. 28, 2026
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
In the fiscal second quarter of 2026, the Company initiated a supply chain restructuring program primarily in the Innovative Medicine segment to exit certain manufacturing locations as part of its optimization efforts to streamline operations. The program is expected to be substantially complete by the end of 2029 with estimated costs between $650 million and $750 million, and include site and supplier exit costs, decommissioning and asset impairments costs. Restructuring expenses of $200 million, primarily related to asset impairments, were recorded in the fiscal second quarter of 2026.
In fiscal 2025, the Company initiated a restructuring program of its Surgery franchise within the MedTech segment to simplify and focus operations by exiting certain non-strategic product lines and optimize select sites across the network. The pre-tax restructuring expense in the fiscal second quarter of 2026 primarily included costs related to product exits. Total project costs of approximately $0.3 billion have been recorded since the restructuring was announced. The estimated costs of the total program are between $0.6 billion - $0.7 billion and is expected to be substantially completed by the end of fiscal year 2026.
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 in the fiscal second quarter of 2026 primarily included costs related to market and product exits. The pre-tax restructuring expense in the fiscal second quarter of 2025 primarily included costs related to market and product exits. Total project costs of approximately $0.8 billion have been recorded since the restructuring was announced. This program will be completed as of the fourth quarter of 2026 at a total cost of approximately $1.0 billion.
The following table summarizes the restructuring expenses for 2026 and 2025:
(Pre-tax Dollars in Millions)Q2 2026Q2 2025Q2 YTD 2026Q2 YTD 2025
Innovative Medicine supply chain(1)
$200
—
200
—
MedTech Segment Surgery franchise(2)
59
29
114
29
MedTech Segment Orthopaedics franchise(3)
17
50
24
105
Total Programs
$276
79
338
134
(1)Included $18 million in Cost of products sold and $182 million in Other (Income)/Expense on the Consolidated Statement of Earnings in the fiscal second quarter and fiscal six months of 2026.
(2)Included $31 million in Restructuring, $4 million in Cost of products sold and $24 million in Other (Income)/Expense on the Consolidated Statement of Earnings in the fiscal second quarter of 2026. Included $61 million in Restructuring, $24 million in Cost of products sold and $29 million in Other (Income)/Expense on the Consolidated Statement of Earnings in the fiscal six months of 2026. Included $29 million in Restructuring on the Consolidated Statement of Earnings in the fiscal second quarter and fiscal six months of 2025.
(3)Included $3 million in Restructuring, $13 million in Cost of products sold and $1 million in Other (Income)/Expense on the Consolidated Statement of Earnings in the fiscal second quarter of 2026. Included $5 million in Restructuring, $18 million in Cost of products sold and $1 million in Other (Income)/Expense on the Consolidated Statement of Earnings in the fiscal six months of 2026. Included $35 million in Restructuring and $15 million in Cost of products sold on the Consolidated Statement of Earnings in the fiscal second quarter of 2025. Included $52 million in Restructuring, $23 million in Cost of products sold and $30 million in Other (Income)/Expense on the Consolidated Statement of Earnings in the fiscal six months of 2025.
Restructuring reserves as of June 28, 2026 and December 28, 2025 were insignificant.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Jun. 28, 2026
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
v3.26.1
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 28, 2026
Accounting Policies [Abstract]  
New and Recently Adopted Accounting Standards
There were no new material accounting standards issued in the fiscal six months of 2026.
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 current marketable securities.
v3.26.1
Inventories (Tables)
 6 Months Ended
Jun. 28, 2026
Inventory Disclosure [Abstract]  
Summary of Inventories
(Dollars in Millions)June 28, 2026December 28, 2025
Raw materials and supplies$2,5152,530
Goods in process4,2243,828
Finished goods8,4057,833
Total inventories$15,14414,191
v3.26.1
Intangible assets and goodwill (Tables)
 6 Months Ended
Jun. 28, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Intangible Assets and Goodwill
(Dollars in Millions)June 28, 2026December 28, 2025
Intangible assets with definite lives:  
Patents and trademarks — gross$58,54259,156
Less accumulated amortization
(33,727)
(32,507)
Patents and trademarks — net
$24,815
26,649
Customer relationships and other intangibles — gross21,28321,361
Less accumulated amortization(15,334)(14,998)
Customer relationships and other intangibles — net(1)
$5,949
6,363
Intangible assets with indefinite lives:  
Trademarks1,7441,772
Purchased in-process research and development15,72115,619
Total intangible assets — net$48,22950,403
(1)The majority is comprised of customer relationships
Goodwill
Goodwill as of June 28, 2026 was allocated by segment of business as follows:
(Dollars in Millions)
Innovative
Medicine
MedTechTotal
Goodwill at December 28, 2025
$14,96733,80548,772
Goodwill, related to acquisitions—33
Goodwill, related to divestitures———
Currency translation/Other
(212)
(84)
(296)
Goodwill at June 28, 2026
$14,75533,72448,479
Intangible Asset Amortization Expense
The estimated amortization expense for approved products, before tax, for the five succeeding years is approximately:
(Dollars in Millions)
20262027202820292030
$5,1004,4003,7003,6003,500
v3.26.1
Fair value measurements (Tables)
 6 Months Ended
Jun. 28, 2026
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 28, 2026 and June 29, 2025, net of tax:


June 28, 2026June 29, 2025
(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$———(31)————52—
    Derivatives designated as hedging instruments———31————(52)—
Gain (Loss) on net investment hedging relationship:
Cross currency interest rate swaps contracts:
   Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing———45————48—
   Amount of gain or (loss) recognized in AOCI———45————48—
Gain (Loss) on cash flow hedging relationship:
Forward foreign exchange contracts:
   Amount of gain or (loss) reclassified from AOCI into income (2)9010—32(132)(16)—(3)
   Amount of gain or (loss) recognized in AOCI (5)(190)40—1811466(72)—(29)
Cross currency interest rate swaps contracts:
   Amount of gain or (loss) reclassified from AOCI into income———82————76—
   Amount of gain or (loss) recognized in AOCI$———(47)————108—
The following table is a summary of the activity related to derivatives and hedges for the fiscal six months ended June 28, 2026 and June 29, 2025, net of tax:

June 28, 2026June 29, 2025
(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$———5————240—
 Derivatives designated as hedging instruments———(5)————(240)—
Gain (Loss) on net investment hedging relationship:
Cross currency interest rate swaps contracts:
   Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing———92————98—
   Amount of gain or (loss) recognized in AOCI———92————98—
Gain (Loss) on cash flow hedging relationship:
Forward foreign exchange contracts:
   Amount of gain or (loss) reclassified from AOCI into income (1)1635—11(122)(15)—(3)
   Amount of gain or (loss) recognized in AOCI (12)(385)77—4314571(108)—(40)
Cross currency interest rate swaps contracts:
   Amount of gain or (loss) reclassified from AOCI into income———165————158—
   Amount of gain or (loss) recognized in AOCI$———(31)————673—
The following table is the effect of net investment hedges for the fiscal second quarters ended in 2026 and 2025:
Gain/(Loss)
Recognized In
Accumulated OCI
Location of Gain or (Loss)
Reclassified from Accumulated OCI Into Income		Gain/(Loss) Reclassified From
Accumulated OCI
Into Income
(Dollars in Millions)June 28, 2026June 29, 2025June 28, 2026June 29, 2025
Debt
$163
(803)
Interest (income) expense
—
—
Cross Currency interest rate swaps
$128
(700)
Interest (income) expense
—
—
The following table is the effect of net investment hedges for the fiscal six months ended in 2026 and 2025:
Gain/(Loss)
Recognized In
Accumulated OCI		Location of Gain or (Loss)
Reclassified from Accumulated
OCI Into Income		Gain/(Loss) Reclassified From
Accumulated OCI
Into Income
(Dollars in Millions)June 28, 2026June 29, 2025June 28, 2026June 29, 2025
Debt
$376(1,119)Interest (income) expense——
Cross Currency interest rate swaps
$345140Interest (income) expense——
Schedule of Derivative Financial Instruments and Classification on Consolidated Balance Sheet
As of June 28, 2026, and December 28, 2025, 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 28, 2026December 28, 2025June 28, 2026December 28, 2025
Long-term Debt$8,3248,318(688)(694)
Schedule of Effect of Derivatives not Designated as Hedging Instruments
The following table is the effect of derivatives not designated as hedging instruments for the fiscal second quarters ended 2026 and 2025:
Gain/(Loss)
Recognized In
Income on Derivative		Gain/(Loss)
Recognized In
Income on Derivative
(Dollars in Millions)Location of
Gain /(Loss)
Recognized in
Income on Derivative		Fiscal Second Quarter EndedFiscal Six Months Ended
Derivatives Not Designated as Hedging InstrumentsJune 28, 2026June 29, 2025June 28, 2026June 29, 2025
Foreign Exchange ContractsOther (income) expense$(34)(19)(99)43
Summary of Activity Related to Equity Investments
The following table is a summary of the activity related to equity investments:
December 28, 2025June 28, 2026
(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$665190(52)803803
Equity Investments without readily determinable value$91040(118)832832
(1)Recorded in Other (income)/expense, net
(2)Other includes impact of currency
Financial Assets and Liabilities at Fair Value
The Company’s significant financial assets and liabilities measured at fair value as of June 28, 2026 and December 28, 2025 were as follows:
 June 28, 2026December 28, 2025
(Dollars in Millions)Level 1Level 2Level 3Total
Total(1)
Derivatives designated as hedging instruments:     
Assets:     
Forward foreign exchange contracts $—632—632686
Interest rate contracts(2)
—685—685589
Total —1,317—1,3171,275
Liabilities:     
Forward foreign exchange contracts —714—714413
Interest rate contracts(2)
—4,757—4,7575,848
Total —5,471—5,4716,261
Derivatives not designated as hedging instruments:     
Assets:     
Forward foreign exchange contracts —67—6738
Liabilities:     
Forward foreign exchange contracts —67—6746
Other Investments:
Equity investments(3)
803——803665
Debt securities(4)
—5,360—5,3602,854
Other Liabilities:
Contingent consideration(5)
$——823823753
Gross to Net Derivative ReconciliationJune 28, 2026December 28, 2025
(Dollars in Millions)
Total Gross Assets$1,3841,313
Credit Support Agreement (CSA)(1,292)(1,308)
Total Net Asset925
Total Gross Liabilities5,5386,307
Credit Support Agreement (CSA)(5,421)(5,903)
Total Net Liabilities$117404
Summarized information about changes in liabilities for contingent consideration for the fiscal second quarters ended June 28, 2026 and June 29, 2025 is as follows:
June 28, 2026June 29, 2025
(Dollars in Millions)
Beginning Balance$7531,217
Changes in estimated fair value(6)
6(60)
Additions64—
Payments——
Ending Balance$8231,157
(1)2025 assets and liabilities are all classified as Level 2 with the exception of equity investments of $665 million, which are classified as Level 1 and contingent consideration of $753 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.
(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 28, 2026 comprised:
(Dollars in Millions)
Carrying
Amount
Estimated
Fair Value
Cash & Cash
Equivalents
Current
Marketable
Securities
Cash
$3,235
3,235
3,235
—
Non-U.S. sovereign securities
16
16
—
16
U.S. reverse repurchase agreements
6,626
6,626
6,626
—
Money market funds
4,749
4,749
4,749
—
Time deposits(1)
772
772
772
—
   Subtotal
15,398
15,398
15,382
16
​
U.S. Gov’t securities
4,908
4,908
4,894
14
Other sovereign securities
224
224
95
129
Corporate and other debt securities
228
228
51
177
   Subtotal available for sale debt(2)
$5,360
5,360
5,040
320
Total cash, cash equivalents and current marketable securities
$20,758
20,758
20,422
336
(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 28, 2026 are as follows:
(Dollars in Millions)Cost BasisFair Value
Due within one year
$5,355
5,355
Due after one year through five years
5
5
Due after five years through ten years
—
—
Total debt securities
$5,360
5,360
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 28, 2026:
(Dollars in Millions)
Carrying
Amount
Estimated
Fair Value
Financial Liabilities  
Current Debt$11,692
11,704
Non-Current Debt  
0.95% Notes due 2027
1,4991,449
2.90% Notes due 2028
1,4991,473
1.150% Notes due 2028 (750MM Euro 1.1354)
850821
4.55% Notes due 2028
749755
4.80% Notes due 2029
1,1471,171
6.95% Notes due 2029
299324
2.70% Notes due 2029 (600MM Euro 1.1354)
681681
1.30% Notes due 2030
1,7001,554
4.70% Notes due 2030
9961,015
4.90% Notes due 2031
1,1461,178
3.20% Notes due 2032 (700MM Euro 1.1354)
792803
4.85% Notes due 2032
1,2441,280
4.95% Notes due 2033
499518
4.375% Notes due 2033
853849
3.050% Notes due 2033 (700MM Euro 1.1354)
793792
4.95% Notes due 2034

847875
1.650% Notes due 2035 (1.5B Euro 1.1354)
1,6941,489
5.00% Notes due 2035
1,2441,285
3.35% Notes due 2036 (800MM Euro 1.1354)

904905
3.587% Notes due 2036
920913
5.95% Notes due 2037
9951,101
3.625% Notes due 2037
1,4081,348
3.350% Notes due 2037 (1.0B Euro 1.1354)
1,1331,118
3.40% Notes due 2038
994871
5.85% Notes due 2038
697762
4.50% Notes due 2040
542523
2.10% Notes due 2040
895709
4.85% Notes due 2041
298294
4.50% Notes due 2043
497467
3.55% Notes due 2044 (1.0B Euro 1.1354)
1,1261,082
3.60% Notes due 2045 (700MM Euro 1.1354)
790757
3.73% Notes due 2046
1,9801,610
3.75% Notes due 2047
870805
3.50% Notes due 2048
744573
2.25% Notes due 2050
857585
5.25% Notes due 2054

843857
3.70% Notes due 2055 (1.0B Euro 1.1354)
1,1301,051
2.45% Notes due 2060
1,111687
Other7878
Total Non-Current Debt$37,34435,408
v3.26.1
Pensions and other benefit plans (Tables)
 6 Months Ended
Jun. 28, 2026
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 28, 2026June 29, 2025June 28, 2026June 29, 2025June 28, 2026June 29, 2025June 28, 2026June 29, 2025
Service cost$2352198072471433160144
Interest cost3603565253720707104107
Expected return on plan assets(638)(599)(2)(1)(1,277)(1,186)(4)(3)
Amortization of prior service cost/(credit)
(46)(46)(1)(1)(92)(92)(1)(1)
Recognized actuarial (gains)/losses
70
85
26
15
1391685231
Curtailments and settlements
—
1
—
—
—
1
—
—
Net periodic benefit cost/(credit)$(19)16155138(39)31311278
v3.26.1
Accumulated other comprehensive income (Tables)
 6 Months Ended
Jun. 28, 2026
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 28, 2025$(13,947)—(693)(290)(14,930)
Net change1,538—82(641)979
June 28, 2026$(12,409)—(611)(931)(13,951)
v3.26.1
Earnings per share (Tables)
 6 Months Ended
Jun. 28, 2026
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 28, 2026June 29, 2025June 28, 2026June 29, 2025
Basic net earnings per share$2.302.304.476.87
Average shares outstanding — basic2,407.42,406.32,408.12,406.7
Potential shares exercisable under stock option plans92.964.696.767.0
Less: shares which could be repurchased under treasury stock method(60.2)(51.8)(60.9)(50.4)
Average shares outstanding — diluted2,440.12,419.12,443.92,423.3
Diluted net earnings per share$2.272.294.416.82
(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.
6.866.35.163.3
v3.26.1
Segments of business and geographic areas (Tables)
 6 Months Ended
Jun. 28, 2026
Segment Reporting [Abstract]  
Sales By Segment Of Business
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 28,
2026		June 29,
2025		Percent
Change		June 28,
2026		June 29,
2025
Percent
Change
INNOVATIVE MEDICINE
Oncology
U.S.
$4,0693,38520.3 %$7,6846,39820.1 %
International
3,3372,92814.0 6,6955,59219.7 
Worldwide
7,4066,31217.3 14,37911,99019.9 
DARZALEX
U.S.
2,4352,01720.7 4,6433,84620.7 
International
1,7721,52116.4 3,5282,93020.4 
Worldwide
4,2073,53918.9 8,1716,77620.6 
CARVYKTI
U.S.
47235831.790567633.8
International
18581*349132*
Worldwide
65743949.41,25480855.1
TECVAYLI
U.S.
18611463.9 31321943.1 
International
745240.71489851.1 
Worldwide
26016656.5 46231745.5 
TALVEY
U.S.
1128236.2 21315041.7 
International
6224*11342*
Worldwide
17410663.3 32619269.3 
RYBREVANT/ LAZCLUZE
U.S.
19013936.836525245.0
International
9941*18169*
Worldwide
28917960.854632070.4
ERLEADA
U.S.
3963784.7 73867010.2 
International
59953012.9 1,2061,00919.4 
Worldwide
9959089.5 1,9441,67915.8 
IMBRUVICA
U.S.
149239(37.6)292474(38.4)
International
449496(9.5)966970(0.4)
Worldwide
599735(18.6)1,2591,444(12.9)
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 28,
2026		June 29,
2025		Percent
Change		June 28,
2026		June 29,
2025
Percent
Change
OTHER ONCOLOGY(1)
U.S.
13156*21611094.5 
International
97181(46.5)203341(40.5)
Worldwide
226238(4.6)418452(7.4)
Immunology
U.S.
2,3722,505(5.3)4,2274,701(10.1)
International
1,4731,489(1.0)2,9972,999(0.1)
Worldwide
3,8443,993(3.7)7,2247,700(6.2)
TREMFYA
U.S.
1,46579684.2 2,5071,39579.7 
International
58139148.7 1,14774753.6 
Worldwide
2,0461,18672.5 3,6542,14270.6 
SIMPONI / SIMPONI ARIA
U.S.
260305(14.6)529597(11.2)
International
358387(7.3)736753(2.3)
Worldwide
618690(10.5)1,2651,349(6.2)
REMICADE
U.S.
215283(24.1)484597(19.0)
U.S. Exports
1034(71.0)2844(37.1)
International
112138(18.4)248281(11.5)
Worldwide
338455(25.8)760922(17.6)
STELARA
U.S.
3361,078(68.8)5562,059(73.0)
International
404575(29.7)8391,219(31.1)
Worldwide
7401,653(55.2)1,3963,278(57.4)
OTHER IMMUNOLOGY
U.S.
858*1239*
International
180*270*
Worldwide
1048*1509*
Neuroscience
U.S.
1,6591,37720.5 3,1532,34534.5 
International
6786740.6 1,3591,3530.4 
Worldwide
2,3372,05114.0 4,5123,69822.0 
SPRAVATO
U.S.
51436640.7 92064243.4 
International
705041.2 1319341.8 
Worldwide
58441440.8 1,05273443.2 
CAPLYTA(2)
U.S.
36121170.9 631211*
International
——— ——— 
Worldwide
36121170.9 631211*
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 28,
2026		June 29,
2025		Percent
Change		June 28,
2026		June 29,
2025
Percent
Change
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
U.S.
7387320.8 1,4961,35710.2 
International
2782606.6 5585373.7 
Worldwide
1,0159922.3 2,0531,8958.4 
CONCERTA / methylphenidate
U.S.
1224(48.6)3462(45.5)
International
133139(4.2)248249(0.4)
Worldwide
146164(10.8)282312(9.5)
OTHER NEUROSCIENCE
U.S.
3445(22.9)7273(1.1)
International
198226(12.3)422474(10.9)
Worldwide
232270(14.0)494547(9.6)
Pulmonary Hypertension (PH)
U.S.
8147991.8 1,6451,5436.5 
International
3293144.9 6335956.4 
Worldwide
1,1431,1132.6 2,2782,1386.5 
UPTRAVI
U.S.3863821.0 
771 
747 
3.2 
International1089415.0 
206 
180 
14.7 
Worldwide4944763.8 
977 
927 
5.4 
OPSUMIT/OPSYNVI
U.S.4164033.2 84976610.9 
International1871803.9 3593396.1 
Worldwide6025823.4 1,2081,1049.4 
OTHER PULMONARY HYPERTENSION
U.S.
1316(16.9)2531(19.0)
International3440(14.3)6877(11.5)
Worldwide 4755(15.0)93107(13.6)
Infectious Diseases (ID)
U.S.
300320(6.3)6426351.1 
International
463484(4.1)1,0109714.1 
Worldwide
763803(5.0)1,6521,6052.9 
EDURANT / rilpivirine
U.S.
36(49.6)1014(29.3)
International
347354(1.9)7497046.4 
Worldwide
350360(2.7)7597185.7 
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
U.S.
296312(5.1)6306172.1 
International
7685(10.4)1851831.2 
Worldwide
372396(6.3)8157991.9 
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 28,
2026		June 29,
2025		Percent
Change		June 28,
2026		June 29,
2025
Percent
Change
OTHER INFECTIOUS DISEASES
U.S.
12(47.9)24(51.6)
International
4045(9.6)7684(9.0)
Worldwide
4147(11.6)7888(11.1)
Cardiovascular / Metabolism / Other (CVM)
U.S.765776(1.3)1,4991,631(8.1)
International124154(19.4)266312(14.8)
Worldwide889930(4.3)1,7651,943(9.2)
XARELTO
U.S.6646217.1 1,3061,311(0.3)
International——— ——— 
Worldwide6646217.1 1,3061,311(0.3)
OTHER
U.S.101155(35.0)192320(39.9)
International124154(19.4)266312(14.8)
Worldwide225309(27.2)458632(27.5)
Total PH, ID, CVM
U.S.1,8781,895(0.9)3,7853,809(0.6)
International916952(3.6)1,9091,8781.7 
Worldwide2,7952,846(1.8)5,6945,6860.1 
TOTAL INNOVATIVE MEDICINE
 
 
U.S.9,9799,1618.9 18,85017,2539.3 
International6,4056,0416.0 12,96011,8229.6 
Worldwide16,38415,2027.8 31,81029,0759.4 
MEDTECH
Cardiovascular
U.S.1,4261,3644.5 2,8252,6257.6 
International9789483.2 1,9561,7909.3 
Worldwide2,4042,3134.0 4,7814,4168.3 
ELECTROPHYSIOLOGY
U.S.7837415.8 1,5191,4256.6 
International7497282.9 1,5021,36610.0 
Worldwide1,5331,4684.4 3,0222,7918.3 
ABIOMED
U.S.342360(4.8)7316994.6 
International97899.5 19717016.1 
Worldwide440448(2.0)9288686.8 
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 28,
2026		June 29,
2025		Percent
Change		June 28,
2026		June 29,
2025
Percent
Change
SHOCKWAVE
U.S.26823314.6 51043916.1
International675814.5 13011017.7
Worldwide33529214.6 64055016.4
OTHER CARDIOVASCULAR
U.S.33315.5 6563
3.1 
International6572(10.5)127144(11.9)
Worldwide98104(5.7)192207(7.4)
Surgery
U.S.
1,094
1,043
5.0 
2,140
2,045
4.7 
International
1,559
1,512
3.1 
3,024
2,906
4.1 
Worldwide
2,653
2,555
3.9 
5,164
4,951
4.3 
ADVANCED
U.S.4994774.7 9769344.5 
International6916870.5 1,3371,3032.6 
Worldwide1,1891,1642.2 2,3122,2373.4 
GENERAL
U.S.5965675.2 1,1651,1114.8 
International8688255.3 1,6871,6035.2 
Worldwide1,4641,3915.2 2,8522,7145.1 
Vision
U.S.5655571.4 1,1441,1231.9 
International8878139.1 1,6721,5269.6 
Worldwide1,4511,3696.0 2,8162,6486.3 
CONTACT LENSES / OTHER
U.S.4454293.6 9138813.7 
International5805368.1 1,0811,0037.7 
Worldwide1,0259656.1 1,9941,8845.8 
SURGICAL
U.S.120128(6.0)231242(4.5)
International30627710.9 59152313.1 
Worldwide4264035.6 8227647.5 
Orthopaedics
U.S.
1,470
1,420
3.5 
2,9052,8043.6 
International
948
885
7.2 
1,8961,7428.9 
Worldwide
2,418
2,305
4.9 
4,8014,5465.6 
HIPS
U.S.
283
271
4.6 
5605344.9 
International
158
150
5.5 
3172967.2 
Worldwide
441
421
4.9 
8778305.7 
KNEES
U.S.
228
226
1.1 
4674572.2 
International
182
164
11.4 
36332213.0 
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 28,
2026		June 29,
2025		Percent
Change		June 28,
2026		June 29,
2025
Percent
Change
Worldwide
410
389
5.5 
8307786.7 
TRAUMA
U.S.
536
501
6.7 
1,0681,0036.4 
International
291
267
9.2 
59253710.3 
Worldwide
827
768
7.6 
1,6601,5407.8 
SPINE, SPORTS & OTHER
U.S.
423
422
0.2 
8108100.0 
International
317
305
4.0 
6245886.1 
Worldwide
740
727
1.8 
1,4341,3982.6 
TOTAL MEDTECH    
U.S.4,5544,3833.9 9,0138,5964.8 
International4,3724,1585.2 8,5497,9657.3 
Worldwide8,9268,5414.5 17,56216,5616.0 
WORLDWIDE      
U.S.14,53313,5447.3 27,86325,8497.8 
International10,77710,1995.7 21,50919,7878.7 
Worldwide$25,31023,7436.6%$49,37245,6368.2%
*    Percentage greater than 100% or not meaningful
(1) Includes the sales of ZYTIGA which were previously disclosed separately
(2) Acquired with Intra-Cellular Therapies on April 2, 2025
Operating Profit by Segment of Business
Segment income before tax
 Fiscal Second Quarter Ended
(Dollars in Millions)June 28,
2026		June 29,
2025
Innovative Medicine(1)
MedTech(2)
Total
Innovative Medicine(1)
MedTech(2)
Total
Sales to customers$16,3848,92615,2028,541
Cost of products sold4,2963,7373,9783,638
Selling, marketing and administrative3,1303,0692,7892,862
Research and development expense2,8757782,869647
Other segment items (3)
(166)16514190
Segment income before tax$6,2491,1777,4265,5521,2046,756
(Income)/Expense not allocated to segments (4)
679265
Earnings before provision for taxes on income$6,747$6,491
Fiscal Six Months Ended
Sales to customers$31,81017,56229,07516,561
Cost of products sold8,6867,4387,9986,964
Selling, marketing and administrative6,0485,9755,0505,518
Research and development expense5,6881,4925,4171,324
Other segment items (3)
(178)241(152)130
Segment income before tax$11,5662,41613,98210,7622,62513,387
(Income)/Expense not allocated to segments (4)
1,245(6,735)
Earnings before provision for taxes on income$12,737$20,122
(1) Innovative Medicine includes:
•Intangible amortization expense of $0.8 billion in both the fiscal second quarters of 2026 and 2025.
Intangible amortization expense of $1.5 billion and $1.4 billion in the fiscal six months of 2026 and 2025, respectively.
•Restructuring related charge of $0.2 billion in both the fiscal second quarter and fiscal six months of 2026. Refer to Note 12 for additional details.
•Acquisition and integration related expense of $0.1 billion in both the fiscal second quarter of 2026 and fiscal six months of 2026 and $0.2 billion in both the fiscal second quarter of 2025 and fiscal six months of 2025, primarily related to the Intra-Cellular acquisition.
(2)    MedTech includes:
•Intangible amortization expense of $0.5 billion in both the fiscal second quarters of 2026 and 2025.
Intangible amortization expense of $1.0 billion in both the fiscal six months of 2026 and 2025.
•Orthopaedics Separation related costs of $0.3 billion and $0.4 billion in the fiscal second quarter and fiscal six months of 2026, respectively as compared to $0 in the fiscal second quarter and fiscal six months of 2025.
(3)    Other segment items for each reportable segment include other income and expense (gains and losses on divestitures and sales of assets), restructuring activities and impairment charges related to in-process research and development
(4) Amounts not allocated to segments include interest (income)/expense and general corporate (income)/expense. The fiscal second quarter and fiscal six months of 2026 include charges for talc matters of $0.4 billion and $0.8 billion, respectively. The fiscal six months of 2025 includes approximately $7.0 billion related to the talc reserve reversal.
Identifiable Assets
(Dollars in Millions)June 28, 2026December 28, 2025
Innovative Medicine$78,856
78,057
MedTech86,58186,482
Total
165,437
164,539
General corporate (1)
35,62434,671
Worldwide total$201,061199,210
(1)General corporate includes cash, cash equivalents, marketable securities and other corporate assets.
Additions to Property,
Plant & Equipment		Depreciation and
Amortization
Fiscal Six Months Ended
(Dollars in Millions)June 28, 2026June 29, 2025June 28, 2026June 29, 2025
Innovative Medicine$1,161687$2,0761,925
MedTech1,1021,0711,7671,678
Segments total2,2631,7583,8433,603
General corporate10780120112
Worldwide total$2,3701,838$3,9633,715
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset
Sales by geographic area
 Fiscal Second Quarter EndedFiscal Six Months Ended
(Dollars in Millions)June 28, 2026June 29, 2025Percent
Change		June 28, 2026June 29, 2025Percent Change
United States$14,53313,5447.3%$27,86325,8497.8%
Europe5,7265,3876.3 11,57410,49710.3 
Western Hemisphere, excluding U.S.1,3091,2068.5 2,6022,3739.6 
Asia-Pacific, Africa3,7423,6063.8 7,3336,9176.0 
Total$25,31023,7436.6%$49,37245,6368.2%
v3.26.1
Restructuring (Tables)
 6 Months Ended
Jun. 28, 2026
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Reserve
The following table summarizes the restructuring expenses for 2026 and 2025:
(Pre-tax Dollars in Millions)Q2 2026Q2 2025Q2 YTD 2026Q2 YTD 2025
Innovative Medicine supply chain(1)
$200
—
200
—
MedTech Segment Surgery franchise(2)
59
29
114
29
MedTech Segment Orthopaedics franchise(3)
17
50
24
105
Total Programs
$276
79
338
134
(1)Included $18 million in Cost of products sold and $182 million in Other (Income)/Expense on the Consolidated Statement of Earnings in the fiscal second quarter and fiscal six months of 2026.
(2)Included $31 million in Restructuring, $4 million in Cost of products sold and $24 million in Other (Income)/Expense on the Consolidated Statement of Earnings in the fiscal second quarter of 2026. Included $61 million in Restructuring, $24 million in Cost of products sold and $29 million in Other (Income)/Expense on the Consolidated Statement of Earnings in the fiscal six months of 2026. Included $29 million in Restructuring on the Consolidated Statement of Earnings in the fiscal second quarter and fiscal six months of 2025.
(3)Included $3 million in Restructuring, $13 million in Cost of products sold and $1 million in Other (Income)/Expense on the Consolidated Statement of Earnings in the fiscal second quarter of 2026. Included $5 million in Restructuring, $18 million in Cost of products sold and $1 million in Other (Income)/Expense on the Consolidated Statement of Earnings in the fiscal six months of 2026. Included $35 million in Restructuring and $15 million in Cost of products sold on the Consolidated Statement of Earnings in the fiscal second quarter of 2025. Included $52 million in Restructuring, $23 million in Cost of products sold and $30 million in Other (Income)/Expense on the Consolidated Statement of Earnings in the fiscal six months of 2025.
v3.26.1
Summary of Significant Accounting Policies - Narrative (Details) - USD ($)
$ in Billions
Jun. 28, 2026
Dec. 28, 2025
Accounting Policies [Abstract]    
Supplier finance program, payment timing, period 90 days  
Supplier finance program, obligation $ 0.7 $ 0.8
v3.26.1
Inventories (Details) - USD ($)
$ in Millions
Jun. 28, 2026
Dec. 28, 2025
Inventory Disclosure [Abstract]    
Raw materials and supplies $ 2,515 $ 2,530
Goods in process 4,224 3,828
Finished goods 8,405 7,833
Total inventories $ 15,144 $ 14,191
v3.26.1
Intangible assets and goodwill (Details) - USD ($)
$ in Millions
Jun. 28, 2026
Dec. 28, 2025
Intangible assets with indefinite lives:    
Total intangible assets — net $ 48,229 $ 50,403
Trademarks    
Intangible assets with indefinite lives:    
Total intangible assets with indefinite lives 1,744 1,772
Purchased In-Process Research And Development    
Intangible assets with indefinite lives:    
Total intangible assets with indefinite lives 15,721 15,619
Patents And Trademarks    
Intangible assets with definite lives:    
Finite-lived intangible assets, gross 58,542 59,156
Less accumulated amortization (33,727) (32,507)
Finite-lived intangible assets, net 24,815 26,649
Customer relationships and other intangible assets    
Intangible assets with definite lives:    
Finite-lived intangible assets, gross 21,283 21,361
Less accumulated amortization (15,334) (14,998)
Finite-lived intangible assets, net $ 5,949 $ 6,363
v3.26.1
Intangible assets and goodwill - Goodwill By Segment (Details)
$ in Millions
 6 Months Ended
Jun. 28, 2026
USD ($)
Goodwill [Roll Forward]  
Goodwill Beginning of Period $ 48,772
Goodwill, related to acquisitions 3
Goodwill, related to divestitures 0
Currency translation/Other (296)
Goodwill End of Period 48,479
Innovative Medicine  
Goodwill [Roll Forward]  
Goodwill Beginning of Period 14,967
Goodwill, related to acquisitions 0
Goodwill, related to divestitures 0
Currency translation/Other (212)
Goodwill End of Period 14,755
MedTech  
Goodwill [Roll Forward]  
Goodwill Beginning of Period 33,805
Goodwill, related to acquisitions 3
Goodwill, related to divestitures 0
Currency translation/Other (84)
Goodwill End of Period $ 33,724
v3.26.1
Intangible assets and goodwill - Narrative (Details) - USD ($)
$ in Billions
 3 Months Ended 6 Months Ended
Jun. 28, 2026
Jun. 29, 2025
Jun. 28, 2026
Jun. 29, 2025
Intangible Asset, Finite-Lived [Line Items]        
Amortization expense of amortizable intangible assets $ 1.2 $ 1.3 $ 2.5 $ 2.4
Patents And Trademarks        
Intangible Asset, Finite-Lived [Line Items]        
Useful life (in years) 12 years   12 years  
Customer relationships and other intangible assets        
Intangible Asset, Finite-Lived [Line Items]        
Useful life (in years) 19 years   19 years  
v3.26.1
Intangible assets and goodwill - Intangible Asset Amortization Expense (Details)
$ in Millions
Jun. 28, 2026
USD ($)
Intangible Asset, Goodwill and Other [Abstract]  
2026 $ 5,100
2027 4,400
2028 3,700
2029 3,600
2030 $ 3,500
v3.26.1
Fair value measurements - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 29, 2026
Jun. 28, 2026
Dec. 28, 2025
Derivative [Line Items]      
Accumulated other comprehensive loss on derivatives, after tax   $ (900)  
Hedging exposure   18 months  
Weighted average interest rate on non-current debt   3.57%  
Excess of carrying value over fair value of debt     $ 1,700
Current Debt   $ 11,692 8,495
Cash and Cash Equivalents   20,422 19,709
Money market funds | Fair Value, Inputs, Level 1 [Member]      
Derivative [Line Items]      
Cash and Cash Equivalents   4,749 5,993
Commercial Paper      
Derivative [Line Items]      
Current Debt   $ 9,900 $ 6,500
Weighted average interest rate   3.68% 3.81%
Term 2 months 2 months  
Forward foreign exchange contracts      
Derivative [Line Items]      
Collateral already posted, aggregate fair value   $ 4,100  
Derivative, notional amount   43,800 $ 40,600
Cross currency interest rate swaps      
Derivative [Line Items]      
Derivative, notional amount   36,800 38,900
Interest Rate Swap      
Derivative [Line Items]      
Derivative, notional amount   $ 8,000 $ 8,000
v3.26.1
Fair value measurements - Summary of Derivative Activity (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 28, 2026
Jun. 29, 2025
Jun. 28, 2026
Jun. 29, 2025
Income Statement Location [Axis]: us-gaap:InvestmentIncomeInterest        
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 | Income Statement Location [Axis]: us-gaap:InvestmentIncomeInterest        
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 | Income Statement Location [Axis]: us-gaap:CostOfGoodsAndServicesSold        
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 | Income Statement Location [Axis]: us-gaap:InterestExpenseNonoperating        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing     5 240
Amount of gain or (loss) recognized in AOCI 31 (52)    
Fair Value Hedging | Interest Rate Swap | Income Statement Location [Axis]: us-gaap:InvestmentIncomeInterest        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing (31) 52    
Amount of gain or (loss) recognized in AOCI     (5) (240)
Fair Value Hedging | Interest Rate Swap | Income Statement Location [Axis]: us-gaap:OtherNonoperatingIncomeExpense        
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 | Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost        
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 | Income Statement Location [Axis]: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax        
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 | Income Statement Location [Axis]: us-gaap:CostOfGoodsAndServicesSold        
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 | Income Statement Location [Axis]: us-gaap:InterestExpenseNonoperating        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing     92 98
Amount of gain or (loss) recognized in AOCI     92 98
Fair Value Hedging | Cross currency interest rate swaps | Income Statement Location [Axis]: us-gaap:OtherNonoperatingIncomeExpense        
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 | Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost        
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 | Income Statement Location [Axis]: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax        
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 | Income Statement Location [Axis]: us-gaap:CostOfGoodsAndServicesSold        
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 | Income Statement Location [Axis]: us-gaap:InvestmentIncomeInterest        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing 45 48    
Amount of gain or (loss) recognized in AOCI 45 48    
Net Investment Hedging | Net Investment Hedging | Income Statement Location [Axis]: us-gaap:OtherNonoperatingIncomeExpense        
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 | Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost        
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 | Income Statement Location [Axis]: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax        
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 | Income Statement Location [Axis]: us-gaap:CostOfGoodsAndServicesSold        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in AOCI (190) 466 (385) 571
Amount of gain or (loss) reclassified from AOCI into income 90 (132) 163 (122)
Cash Flow Hedging | Forward foreign exchange contracts | Income Statement Location [Axis]: us-gaap:InterestExpenseNonoperating        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in AOCI     0 0
Amount of gain or (loss) reclassified from AOCI into income     0 0
Cash Flow Hedging | Forward foreign exchange contracts | Income Statement Location [Axis]: us-gaap:InvestmentIncomeInterest        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in AOCI 0 0    
Amount of gain or (loss) reclassified from AOCI into income 0 0    
Cash Flow Hedging | Forward foreign exchange contracts | Income Statement Location [Axis]: us-gaap:OtherNonoperatingIncomeExpense        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in AOCI 18 (29) 43 (40)
Amount of gain or (loss) reclassified from AOCI into income 3 (3) 1 (3)
Cash Flow Hedging | Forward foreign exchange contracts | Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in AOCI 40 (72) 77 (108)
Amount of gain or (loss) reclassified from AOCI into income 10 (16) 5 (15)
Cash Flow Hedging | Forward foreign exchange contracts | Income Statement Location [Axis]: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in AOCI (5) 11 (12) 14
Amount of gain or (loss) reclassified from AOCI into income (2) 2 (1) 1
Cash Flow Hedging | Cross currency interest rate swaps | Income Statement Location [Axis]: us-gaap:CostOfGoodsAndServicesSold        
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 | Income Statement Location [Axis]: us-gaap:InterestExpenseNonoperating        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in AOCI       673
Amount of gain or (loss) reclassified from AOCI into income     165 158
Cash Flow Hedging | Cross currency interest rate swaps | Income Statement Location [Axis]: us-gaap:InvestmentIncomeInterest        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in AOCI (47) 108 (31)  
Amount of gain or (loss) reclassified from AOCI into income 82 76    
Cash Flow Hedging | Cross currency interest rate swaps | Income Statement Location [Axis]: us-gaap:OtherNonoperatingIncomeExpense        
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 | Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost        
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 | Income Statement Location [Axis]: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax        
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
v3.26.1
Fair value measurements - Derivatives, Balance Sheet Location (Details) - USD ($)
$ in Millions
Jun. 28, 2026
Dec. 28, 2025
Derivative [Line Items]    
Carrying Amount of the Hedged Liability $ 5,538 $ 6,307
Designated as Hedging Instrument    
Derivative [Line Items]    
Carrying Amount of the Hedged Liability 8,324 8,318
Cumulative Amount of Fair Value Hedging Gain/ (Loss) Included in the Carrying Amount of the Hedged Liability $ (688) $ (694)
v3.26.1
Fair value measurements - Schedule of Effect of Derivatives not Designated as Hedging Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 28, 2026
Jun. 29, 2025
Jun. 28, 2026
Jun. 29, 2025
Not Designated as Hedging Instrument | Forward foreign exchange contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain/(Loss) Recognized In Income on Derivative $ (34) $ (19) $ (99) $ 43
v3.26.1
Fair value measurements - Schedule of Effect of Net Investment Hedges (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 28, 2026
Jun. 29, 2025
Jun. 28, 2026
Jun. 29, 2025
Derivative Instruments, Gain (Loss) [Line Items]        
Gain/(Loss) Recognized In Accumulated OCI $ 163 $ (803) $ 376 $ (1,119)
Income Statement Location [Axis]: us-gaap:InvestmentIncomeInterest        
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 128 (700) 345 140
Cross Currency Interest Rate Contract | Income Statement Location [Axis]: us-gaap:InvestmentIncomeInterest        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) reclassified from AOCI into income $ 0 $ 0 $ 0 $ 0
v3.26.1
Fair value measurements - Summary of Activity Related to Equity Investments (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 28, 2026
Dec. 28, 2025
Equity Investment [Roll Forward]    
Non Current Other Assets $ 14,269 $ 14,368
Equity Securities | Equity Investments with readily determinable value    
Equity Investment [Roll Forward]    
Carrying value, beginning of period 665  
Equity, Fair Value Adjustment 190  
Sales/ Purchases/Other (52)  
Carrying value, end of period 803  
Non Current Other Assets 803  
Equity Securities | Equity Investments without readily determinable value    
Equity Investment [Roll Forward]    
Carrying value, beginning of period 910  
Equity, Fair Value Adjustment 40  
Sales/ Purchases/Other (118)  
Carrying value, end of period 832  
Non Current Other Assets $ 832  
v3.26.1
Fair value measurements - Financial Assets and Liabilities at Fair Value (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 28, 2026
Jun. 29, 2025
Dec. 28, 2025
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets $ 1,317    
Derivatives designated as hedging instruments : Liabilities 5,471    
Available-for-sale Securities, Equity Securities 803   $ 665
Available-for-sale Securities 5,360   2,854
Contingent consideration 823   753
Total Gross Assets 1,384   1,313
Credit Support Agreement (CSA) (1,292)   (1,308)
Total Net Asset 92   5
Total Gross Liabilities 5,538   6,307
Credit Support Agreement (CSA) (5,421)   (5,903)
Total Net Liabilities 117   404
Beginning Balance 753 $ 1,217  
Changes in estimated fair value(6) 6 (60)  
Additions 64 0  
Payments 0 0  
Ending Balance 823 $ 1,157  
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 803   665
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 1,317   1,275
Derivatives designated as hedging instruments : Liabilities 5,471   6,261
Available-for-sale Securities, Equity Securities 0    
Available-for-sale Securities 5,360    
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 823   753
Interest Rate Contract      
Financial assets and liabilities at fair value      
Derivatives designated as hedging instruments : Assets 685    
Derivatives designated as hedging instruments : Liabilities 4,757    
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 685   589
Derivatives designated as hedging instruments : Liabilities 4,757   5,848
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 632    
Derivatives designated as hedging instruments : Liabilities 714    
Derivatives not designated as hedging instruments : Assets 67    
Derivatives not designated as hedging instruments : Liabilities 67    
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 632   686
Derivatives designated as hedging instruments : Liabilities 714   413
Derivatives not designated as hedging instruments : Assets 67   38
Derivatives not designated as hedging instruments : Liabilities 67   $ 46
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    
v3.26.1
Fair value measurements - Cash, Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Millions
Jun. 28, 2026
Dec. 28, 2025
Debt Securities, Available-for-sale [Abstract]    
Available-for-sale Securities - Estimated Fair Value $ 5,360 $ 2,854
Debt Securities, Available-for-sale and Held-to-maturity [Abstract]    
Cash and Cash Equivalents 20,422 19,709
Marketable securities 336 393
Total cash, cash equivalents and current marketable securities, Carrying Amount 20,758  
Total cash, cash equivalents and current marketable securities, Estimated Fair Value 20,758  
Excess of carrying value over fair value of debt   $ 1,700
Held-to-maturity Securities    
Debt Securities, Held-to-maturity [Abstract]    
Held-to-maturity Securities - Carrying Amount 15,398  
Held-to-maturity Securities - Estimated Fair Value 15,398  
Debt Securities, Available-for-sale and Held-to-maturity [Abstract]    
Cash and Cash Equivalents 15,382  
Marketable securities 16  
Held-to-maturity Securities | Cash    
Debt Securities, Held-to-maturity [Abstract]    
Held-to-maturity Securities - Carrying Amount 3,235  
Held-to-maturity Securities - Estimated Fair Value 3,235  
Debt Securities, Available-for-sale and Held-to-maturity [Abstract]    
Cash and Cash Equivalents 3,235  
Marketable securities 0  
Held-to-maturity Securities | Non-U.S. sovereign securities    
Debt Securities, Held-to-maturity [Abstract]    
Held-to-maturity Securities - Carrying Amount 16  
Held-to-maturity Securities - Estimated Fair Value 16  
Debt Securities, Available-for-sale and Held-to-maturity [Abstract]    
Cash and Cash Equivalents 0  
Marketable securities 16  
Held-to-maturity Securities | U.S. reverse repurchase agreements    
Debt Securities, Held-to-maturity [Abstract]    
Held-to-maturity Securities - Carrying Amount 6,626  
Held-to-maturity Securities - Estimated Fair Value 6,626  
Debt Securities, Available-for-sale and Held-to-maturity [Abstract]    
Cash and Cash Equivalents 6,626  
Marketable securities 0  
Held-to-maturity Securities | Money market funds    
Debt Securities, Held-to-maturity [Abstract]    
Held-to-maturity Securities - Carrying Amount 4,749  
Held-to-maturity Securities - Estimated Fair Value 4,749  
Debt Securities, Available-for-sale and Held-to-maturity [Abstract]    
Cash and Cash Equivalents 4,749  
Marketable securities 0  
Held-to-maturity Securities | Time deposits(1)    
Debt Securities, Held-to-maturity [Abstract]    
Held-to-maturity Securities - Carrying Amount 772  
Held-to-maturity Securities - Estimated Fair Value 772  
Debt Securities, Available-for-sale and Held-to-maturity [Abstract]    
Cash and Cash Equivalents 772  
Marketable securities 0  
Available-for-sale Securities    
Debt Securities, Available-for-sale [Abstract]    
Available-for-sale Securities - Carrying Amount 5,360  
Available-for-sale Securities - Estimated Fair Value 5,360  
Debt Securities, Available-for-sale and Held-to-maturity [Abstract]    
Cash and Cash Equivalents 5,040  
Marketable securities 320  
Available-for-sale Securities | U.S. Gov’t securities    
Debt Securities, Available-for-sale [Abstract]    
Available-for-sale Securities - Carrying Amount 4,908  
Available-for-sale Securities - Estimated Fair Value 4,908  
Available-for-sale Securities | Non-U.S. sovereign securities    
Debt Securities, Available-for-sale [Abstract]    
Available-for-sale Securities - Carrying Amount 224  
Available-for-sale Securities - Estimated Fair Value 224  
Available-for-sale Securities | Corporate debt securities(1)    
Debt Securities, Available-for-sale [Abstract]    
Available-for-sale Securities - Carrying Amount 228  
Available-for-sale Securities - Estimated Fair Value 228  
Available-for-sale Securities | Non-U.S. sovereign securities    
Debt Securities, Available-for-sale and Held-to-maturity [Abstract]    
Cash and Cash Equivalents 95  
Marketable securities 129  
Available-for-sale Securities | Corporate debt securities(1)    
Debt Securities, Available-for-sale and Held-to-maturity [Abstract]    
Cash and Cash Equivalents 51  
Marketable securities 177  
Available-for-sale Securities | U.S. Gov’t securities    
Debt Securities, Available-for-sale and Held-to-maturity [Abstract]    
Cash and Cash Equivalents 4,894  
Marketable securities $ 14  
v3.26.1
Fair value measurements - Schedule of Available for Sale Securities Maturities (Details)
$ in Millions
Jun. 28, 2026
USD ($)
Cost Basis  
Due within one year $ 5,355
Due after one year through five years 5
Due after five years through ten years 0
Total debt securities 5,360
Fair Value  
Due within one year 5,355
Due after one year through five years 5
Due after five years through ten years 0
Total debt securities $ 5,360
v3.26.1
Fair value measurements - Financial Liabilities not Measured at Fair Value (Details)
$ in Millions
Jun. 28, 2026
USD ($)
Jun. 28, 2026
EUR (€)
Dec. 28, 2025
USD ($)
Financial Liabilities      
Current Debt $ 11,692   $ 8,495
Non-Current Debt      
Non-Current Debt 37,344   39,438
Excess of carrying value over fair value of debt     $ 1,700
Carrying Amount      
Financial Liabilities      
Current Debt 11,692    
Non-Current Debt      
Non-Current Debt 37,344    
Estimated Fair Value      
Financial Liabilities      
Current Debt 11,704    
Non-Current Debt      
Non-Current Debt $ 35,408    
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 $ 1,499    
0.95% Notes due 2027 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,449    
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 $ 1,499    
2.90% Notes due 2028 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,473    
1.150% Notes due 2028 (750MM Euro 1.1354)      
Non-Current Debt      
Stated interest rate (as a percent) 1.15% 1.15%  
Debt instrument, face amount | €   € 750,000,000  
Foreign exchange rate 1.1354 1.1354  
1.150% Notes due 2028 (750MM Euro 1.1354) | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 850    
1.150% Notes due 2028 (750MM Euro 1.1354) | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 821    
4.55% Notes Due 2029      
Non-Current Debt      
Stated interest rate (as a percent) 4.55% 4.55%  
4.55% Notes Due 2029 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 749    
4.55% Notes Due 2029 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 755    
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 $ 1,147    
4.80% Notes due 2029 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,171    
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 $ 299    
6.95% Notes due 2029 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 324    
2.700% Notes Due February 2029      
Non-Current Debt      
Stated interest rate (as a percent) 2.70% 2.70%  
Debt instrument, face amount | €   € 600,000,000  
Foreign exchange rate 1.1354 1.1354  
2.700% Notes Due February 2029 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 681    
2.700% Notes Due February 2029 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 681    
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 $ 1,700    
1.30% Notes due 2030 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,554    
4.70% Notes due 2030      
Non-Current Debt      
Stated interest rate (as a percent) 4.70% 4.70%  
4.70% Notes due 2030 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 996    
4.70% Notes due 2030 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,015    
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 $ 1,146    
4.90% Notes due 2031 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,178    
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 1.1354 1.1354  
3.20% Notes due 2032 (700MM Euro 1.0721) | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 792    
3.20% Notes due 2032 (700MM Euro 1.0721) | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 803    
4.85% Notes Due 2032      
Non-Current Debt      
Stated interest rate (as a percent) 4.85% 4.85%  
4.85% Notes Due 2032 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 1,244    
4.85% Notes Due 2032 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,280    
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    
4.95% Notes due 2033 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 518    
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 $ 853    
4.375% Notes due 2033 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt 849    
3.050% Notes Due February 2033 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 793    
Stated interest rate (as a percent) 3.05% 3.05%  
Debt instrument, face amount | €   € 700,000,000  
Foreign exchange rate 1.1354 1.1354  
3.050% Notes Due February 2033 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 792    
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 $ 847    
4.95% Notes due 2034 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt 875    
1.650% Notes due 2035 (1.5B Euro 1.1354) | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 1,694    
Stated interest rate (as a percent) 1.65% 1.65%  
Debt instrument, face amount | €   € 1,500,000,000  
Foreign exchange rate 1.1354 1.1354  
1.650% Notes due 2035 (1.5B Euro 1.1354) | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,489    
5.00% Notes due 2035      
Non-Current Debt      
Stated interest rate (as a percent) 5.00% 5.00%  
5.00% Notes due 2035 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 1,244    
5.00% Notes due 2035 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,285    
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 1.1354 1.1354  
3.35% Notes Due 2036 (800MM Euro 1.0721) | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 904    
3.35% Notes Due 2036 (800MM Euro 1.0721) | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 905    
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 $ 920    
3.587% Notes due 2036 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 913    
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 $ 995    
5.95% Notes due 2037 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,101    
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 $ 1,408    
3.625% Notes due 2037 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,348    
3.350% Notes Due February 2037      
Non-Current Debt      
Stated interest rate (as a percent) 3.35% 3.35%  
Debt instrument, face amount | €   € 1,000,000,000.0  
Foreign exchange rate 1.1354 1.1354  
3.350% Notes Due February 2037 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 1,133    
3.350% Notes Due February 2037 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,118    
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 $ 994    
3.40% Notes due 2038 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 871    
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    
5.85% Notes due 2038 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 762    
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 $ 542    
4.50% Notes due 2040 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 523    
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 $ 895    
2.10% Notes due 2040 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 709    
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 $ 298    
4.85% Notes due 2041 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 294    
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 $ 497    
4.50% Notes due 2043 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 467    
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 1.1354 1.1354  
3.55% Notes Due 2044 (1.0B Euro 1.0721) | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 1,126    
3.55% Notes Due 2044 (1.0B Euro 1.0721) | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,082    
3.600% Notes Due February 2045      
Non-Current Debt      
Stated interest rate (as a percent) 3.60% 3.60%  
Debt instrument, face amount | €   € 700,000,000  
Foreign exchange rate 1.1354 1.1354  
3.600% Notes Due February 2045 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 790    
3.600% Notes Due February 2045 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 757    
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 $ 1,980    
3.73% Notes due 2046 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,610    
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 $ 870    
3.75% Notes due 2047 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 805    
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 $ 744    
3.50% Notes due 2048 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 573    
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 $ 857    
2.25% Notes due 2050 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 585    
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    
5.25% Notes due 2054 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 857    
3.700% Notes Due February 2055      
Non-Current Debt      
Stated interest rate (as a percent) 3.70% 3.70%  
Debt instrument, face amount | €   € 1,000,000,000.0  
Foreign exchange rate 1.1354 1.1354  
3.700% Notes Due February 2055 | Carrying Amount      
Non-Current Debt      
Non-Current Debt $ 1,130    
3.700% Notes Due February 2055 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 1,051    
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 $ 1,111    
2.45% Notes due 2060 | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt 687    
Other | Carrying Amount      
Non-Current Debt      
Non-Current Debt 78    
Other | Estimated Fair Value      
Non-Current Debt      
Non-Current Debt $ 78    
v3.26.1
Income taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 28, 2026
Jun. 29, 2025
Jun. 28, 2026
Jun. 29, 2025
Income Tax Contingency        
Worldwide effective income tax rate (as a percent)     15.50% 17.80%
Effective income tax rate reconciliation, tax settlement, percent   22.00%    
Unrecognized tax benefits $ 2,700   $ 2,700  
Reduction in effective income tax rate     2.90% 0.30%
Talc | General Corporate        
Income Tax Contingency        
Reversal of fee expense   $ 7,000   $ 7,000
Litigation expense $ 400   $ 800  
v3.26.1
Pensions and other benefit plans - Components of Net Periodic Benefit Cost (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 28, 2026
Jun. 29, 2025
Jun. 28, 2026
Jun. 29, 2025
Retirement Plans        
Components of net periodic benefit cost        
Service cost $ 235 $ 219 $ 471 $ 433
Interest cost 360 356 720 707
Expected return on plan assets (638) (599) (1,277) (1,186)
Amortization of prior service cost/‍(credit) (46) (46) (92) (92)
Recognized actuarial (gains)/losses 70 85 139 168
Curtailments and settlements 0 1 0 1
Net periodic benefit cost/(credit) (19) 16 (39) 31
Other Benefit Plans        
Components of net periodic benefit cost        
Service cost 80 72 160 144
Interest cost 52 53 104 107
Expected return on plan assets (2) (1) (4) (3)
Amortization of prior service cost/‍(credit) (1) (1) (1) (1)
Recognized actuarial (gains)/losses 26 15 52 31
Curtailments and settlements 0 0 0 0
Net periodic benefit cost/(credit) $ 155 $ 138 $ 311 $ 278
v3.26.1
Pensions and other benefit plans (Details)
$ in Millions
 6 Months Ended
Jun. 28, 2026
USD ($)
U.S.  
Defined Benefit Plan Disclosure [Line Items]  
Contribution to pension plans $ 70
Foreign Plan  
Defined Benefit Plan Disclosure [Line Items]  
Contribution to pension plans $ 10
v3.26.1
Accumulated other comprehensive income (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 28, 2026
Jun. 29, 2025
Jun. 28, 2026
Jun. 29, 2025
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance $ 81,186 $ 78,109 $ 81,544 $ 71,490
Ending balance 84,971 78,473 84,971 78,473
Change from continuing operations 880 (2,565) 979 (2,564)
Foreign Currency Translation        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance     (13,947)  
Net change     1,538  
Ending balance (12,409)   (12,409)  
Gain/ (Loss) On Securities        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance     0  
Net change     0  
Ending balance 0   0  
Employee Benefit Plans        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance     (693)  
Net change     82  
Ending balance (611)   (611)  
Gain/ (Loss) On Derivatives & Hedges        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance     (290)  
Net change     (641)  
Ending balance (931)   (931)  
Total Accumulated Other Comprehensive Income/(Loss)        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance (14,831) (11,740) (14,930) (11,741)
Ending balance (13,951) (14,305) (13,951) (14,305)
Change from continuing operations $ 880 $ (2,565) $ 979 $ (2,564)
v3.26.1
Earnings per share (Details) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 28, 2026
Jun. 29, 2025
Jun. 28, 2026
Jun. 29, 2025
Reconciliation of basic net earnings per share to diluted net earnings per share        
Total net earnings per share - basic (in dollars per share) $ 2.30 $ 2.30 $ 4.47 $ 6.87
Average shares outstanding — basic 2,407,400,000 2,406,300,000 2,408,100,000 2,406,700,000
Potential shares exercisable under stock option plans 92,900,000 64,600,000 96,700,000 67,000,000.0
Less: shares which could be repurchased under treasury stock method (60,200,000) (51,800,000) (60,900,000) (50,400,000)
Average shares outstanding — diluted 2,440,100,000 2,419,100,000 2,443,900,000 2,423,300,000
Total net earnings per share - diluted (in dollars per share) $ 2.27 $ 2.29 $ 4.41 $ 6.82
Antidilutive securities excluded from computation of earnings per share, amount 6,800,000 66,300,000 5,100,000 63,300,000
v3.26.1
Segments of business and geographic areas - Narrative (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 28, 2026
USD ($)
Jun. 29, 2025
USD ($)
Jun. 28, 2026
USD ($)
segment
Jun. 29, 2025
USD ($)
Oct. 14, 2025
Segment Reporting [Line Items]          
Number of operating segments | segment     2    
Number of reportable segments | segment     2    
Sales to customers (Note 9) | $ $ 25,310 $ 23,743 $ 49,372 $ 45,636  
Innovative Medicine          
Segment Reporting [Line Items]          
Sales to customers (Note 9) | $ $ 16,384 $ 15,202 $ 31,810 $ 29,075  
Innovative Medicine | Change in Accounting Method Accounted for as Change in Estimate          
Segment Reporting [Line Items]          
Adjustments To Revenue Recognized, Percent 3.00% 2.60% 3.80% 3.50%  
Minimum | Orthopaedics Business          
Segment Reporting [Line Items]          
Disposal group, estimated term to complete         18 months
Maximum | Orthopaedics Business          
Segment Reporting [Line Items]          
Disposal group, estimated term to complete         24 months
v3.26.1
Segments of business and geographic areas - Sales By Segment Of Business (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 28, 2026
Jun. 29, 2025
Jun. 28, 2026
Jun. 29, 2025
Sales by segment of business        
Sales to customers $ 25,310 $ 23,743 $ 49,372 $ 45,636
Percent Change (as a percent) 6.60%   8.20%  
U.S.        
Sales by segment of business        
Sales to customers $ 14,533 13,544 $ 27,863 25,849
Percent Change (as a percent) 7.30%   7.80%  
International        
Sales by segment of business        
Sales to customers $ 10,777 10,199 $ 21,509 19,787
Percent Change (as a percent) 5.70%   8.70%  
Innovative Medicine        
Sales by segment of business        
Sales to customers $ 16,384 $ 15,202 $ 31,810 $ 29,075
Percent Change (as a percent) 7.80%   9.40%  
Innovative Medicine | Change in Accounting Method Accounted for as Change in Estimate        
Sales by segment of business        
Adjustments To Revenue Recognized, Percent 3.00% 2.60% 3.80% 3.50%
Innovative Medicine | U.S.        
Sales by segment of business        
Sales to customers $ 9,979 $ 9,161 $ 18,850 $ 17,253
Percent Change (as a percent) 8.90%   9.30%  
Innovative Medicine | International        
Sales by segment of business        
Sales to customers $ 6,405 6,041 $ 12,960 11,822
Percent Change (as a percent) 6.00%   9.60%  
Innovative Medicine | Oncology        
Sales by segment of business        
Sales to customers $ 7,406 6,312 $ 14,379 11,990
Percent Change (as a percent) 17.30%   19.90%  
Innovative Medicine | Oncology | U.S.        
Sales by segment of business        
Sales to customers $ 4,069 3,385 $ 7,684 6,398
Percent Change (as a percent) 20.30%   20.10%  
Innovative Medicine | Oncology | International        
Sales by segment of business        
Sales to customers $ 3,337 2,928 $ 6,695 5,592
Percent Change (as a percent) 14.00%   19.70%  
Innovative Medicine | Oncology | DARZALEX        
Sales by segment of business        
Sales to customers $ 4,207 3,539 $ 8,171 6,776
Percent Change (as a percent) 18.90%   20.60%  
Innovative Medicine | Oncology | DARZALEX | U.S.        
Sales by segment of business        
Sales to customers $ 2,435 2,017 $ 4,643 3,846
Percent Change (as a percent) 20.70%   20.70%  
Innovative Medicine | Oncology | DARZALEX | International        
Sales by segment of business        
Sales to customers $ 1,772 1,521 $ 3,528 2,930
Percent Change (as a percent) 16.40%   20.40%  
Innovative Medicine | Oncology | CARVYKTI        
Sales by segment of business        
Sales to customers $ 657 439 $ 1,254 808
Percent Change (as a percent) 49.40%   55.10%  
Innovative Medicine | Oncology | CARVYKTI | U.S.        
Sales by segment of business        
Sales to customers $ 472 358 $ 905 676
Percent Change (as a percent) 31.70%   33.80%  
Innovative Medicine | Oncology | CARVYKTI | International        
Sales by segment of business        
Sales to customers $ 185 81 $ 349 132
Innovative Medicine | Oncology | Tecvayli        
Sales by segment of business        
Sales to customers $ 260 166 $ 462 317
Percent Change (as a percent) 56.50%   45.50%  
Innovative Medicine | Oncology | Tecvayli | U.S.        
Sales by segment of business        
Sales to customers $ 186 114 $ 313 219
Percent Change (as a percent) 63.90%   43.10%  
Innovative Medicine | Oncology | Tecvayli | International        
Sales by segment of business        
Sales to customers $ 74 52 $ 148 98
Percent Change (as a percent) 40.70%   51.10%  
Innovative Medicine | Oncology | TALVEY        
Sales by segment of business        
Sales to customers $ 174 106 $ 326 192
Percent Change (as a percent) 63.30%   69.30%  
Innovative Medicine | Oncology | TALVEY | U.S.        
Sales by segment of business        
Sales to customers $ 112 82 $ 213 150
Percent Change (as a percent) 36.20%   41.70%  
Innovative Medicine | Oncology | TALVEY | International        
Sales by segment of business        
Sales to customers $ 62 24 $ 113 42
Innovative Medicine | Oncology | RYBREVANT + LAZCLUZE        
Sales by segment of business        
Sales to customers $ 289 179 $ 546 320
Percent Change (as a percent) 60.80%   70.40%  
Innovative Medicine | Oncology | RYBREVANT + LAZCLUZE | U.S.        
Sales by segment of business        
Sales to customers $ 190 139 $ 365 252
Percent Change (as a percent) 36.80%   45.00%  
Innovative Medicine | Oncology | RYBREVANT + LAZCLUZE | International        
Sales by segment of business        
Sales to customers $ 99 41 $ 181 69
Innovative Medicine | Oncology | ERLEADA        
Sales by segment of business        
Sales to customers $ 995 908 $ 1,944 1,679
Percent Change (as a percent) 9.50%   15.80%  
Innovative Medicine | Oncology | ERLEADA | U.S.        
Sales by segment of business        
Sales to customers $ 396 378 $ 738 670
Percent Change (as a percent) 4.70%   10.20%  
Innovative Medicine | Oncology | ERLEADA | International        
Sales by segment of business        
Sales to customers $ 599 530 $ 1,206 1,009
Percent Change (as a percent) 12.90%   19.40%  
Innovative Medicine | Oncology | IMBRUVICA        
Sales by segment of business        
Sales to customers $ 599 735 $ 1,259 1,444
Percent Change (as a percent) (18.60%)   (12.90%)  
Innovative Medicine | Oncology | IMBRUVICA | U.S.        
Sales by segment of business        
Sales to customers $ 149 239 $ 292 474
Percent Change (as a percent) (37.60%)   (38.40%)  
Innovative Medicine | Oncology | IMBRUVICA | International        
Sales by segment of business        
Sales to customers $ 449 496 $ 966 970
Percent Change (as a percent) (9.50%)   (0.40%)  
Innovative Medicine | Oncology | Other Oncology        
Sales by segment of business        
Sales to customers $ 226 238 $ 418 452
Percent Change (as a percent) (4.60%)   (7.40%)  
Innovative Medicine | Oncology | Other Oncology | U.S.        
Sales by segment of business        
Sales to customers $ 131 56 $ 216 110
Percent Change (as a percent)     94.50%  
Innovative Medicine | Oncology | Other Oncology | International        
Sales by segment of business        
Sales to customers $ 97 181 $ 203 341
Percent Change (as a percent) (46.50%)   (40.50%)  
Innovative Medicine | Immunology        
Sales by segment of business        
Sales to customers $ 3,844 3,993 $ 7,224 7,700
Percent Change (as a percent) (3.70%)   (6.20%)  
Innovative Medicine | Immunology | U.S.        
Sales by segment of business        
Sales to customers $ 2,372 2,505 $ 4,227 4,701
Percent Change (as a percent) (5.30%)   (10.10%)  
Innovative Medicine | Immunology | International        
Sales by segment of business        
Sales to customers $ 1,473 1,489 $ 2,997 2,999
Percent Change (as a percent) (1.00%)   (0.10%)  
Innovative Medicine | Immunology | Tremfya        
Sales by segment of business        
Sales to customers $ 2,046 1,186 $ 3,654 2,142
Percent Change (as a percent) 72.50%   70.60%  
Innovative Medicine | Immunology | Tremfya | U.S.        
Sales by segment of business        
Sales to customers $ 1,465 796 $ 2,507 1,395
Percent Change (as a percent) 84.20%   79.70%  
Innovative Medicine | Immunology | Tremfya | International        
Sales by segment of business        
Sales to customers $ 581 391 $ 1,147 747
Percent Change (as a percent) 48.70%   53.60%  
Innovative Medicine | Immunology | SIMPONI / SIMPONI ARIA        
Sales by segment of business        
Sales to customers $ 618 690 $ 1,265 1,349
Percent Change (as a percent) (10.50%)   (6.20%)  
Innovative Medicine | Immunology | SIMPONI / SIMPONI ARIA | U.S.        
Sales by segment of business        
Sales to customers $ 260 305 $ 529 597
Percent Change (as a percent) (14.60%)   (11.20%)  
Innovative Medicine | Immunology | SIMPONI / SIMPONI ARIA | International        
Sales by segment of business        
Sales to customers $ 358 387 $ 736 753
Percent Change (as a percent) (7.30%)   (2.30%)  
Innovative Medicine | Immunology | Remicade        
Sales by segment of business        
Sales to customers $ 338 455 $ 760 922
Percent Change (as a percent) (25.80%)   (17.60%)  
Innovative Medicine | Immunology | Remicade | U.S.        
Sales by segment of business        
Sales to customers $ 215 283 $ 484 597
Percent Change (as a percent) (24.10%)   (19.00%)  
Innovative Medicine | Immunology | Remicade | International        
Sales by segment of business        
Sales to customers $ 10 34 $ 28 44
Percent Change (as a percent) (71.00%)   (37.10%)  
Innovative Medicine | Immunology | Remicade | International        
Sales by segment of business        
Sales to customers $ 112 138 $ 248 281
Percent Change (as a percent) (18.40%)   (11.50%)  
Innovative Medicine | Immunology | STELARA        
Sales by segment of business        
Sales to customers $ 740 1,653 $ 1,396 3,278
Percent Change (as a percent) (55.20%)   (57.40%)  
Innovative Medicine | Immunology | STELARA | U.S.        
Sales by segment of business        
Sales to customers $ 336 1,078 $ 556 2,059
Percent Change (as a percent) (68.80%)   (73.00%)  
Innovative Medicine | Immunology | STELARA | International        
Sales by segment of business        
Sales to customers $ 404 575 $ 839 1,219
Percent Change (as a percent) (29.70%)   (31.10%)  
Innovative Medicine | Immunology | OTHER IMMUNOLOGY        
Sales by segment of business        
Sales to customers $ 104 8 $ 150 9
Innovative Medicine | Immunology | OTHER IMMUNOLOGY | U.S.        
Sales by segment of business        
Sales to customers 85 8 123 9
Innovative Medicine | Immunology | OTHER IMMUNOLOGY | International        
Sales by segment of business        
Sales to customers 18 0 27 0
Innovative Medicine | Infectious Diseases        
Sales by segment of business        
Sales to customers $ 763 803 $ 1,652 1,605
Percent Change (as a percent) (5.00%)   2.90%  
Innovative Medicine | Infectious Diseases | U.S.        
Sales by segment of business        
Sales to customers $ 300 320 $ 642 635
Percent Change (as a percent) (6.30%)   1.10%  
Innovative Medicine | Infectious Diseases | International        
Sales by segment of business        
Sales to customers $ 463 484 $ 1,010 971
Percent Change (as a percent) (4.10%)   4.10%  
Innovative Medicine | Infectious Diseases | EDURANT/rilpivirine        
Sales by segment of business        
Sales to customers $ 350 360 $ 759 718
Percent Change (as a percent) (2.70%)   5.70%  
Innovative Medicine | Infectious Diseases | EDURANT/rilpivirine | U.S.        
Sales by segment of business        
Sales to customers $ 3 6 $ 10 14
Percent Change (as a percent) (49.60%)   (29.30%)  
Innovative Medicine | Infectious Diseases | EDURANT/rilpivirine | International        
Sales by segment of business        
Sales to customers $ 347 354 $ 749 704
Percent Change (as a percent) (1.90%)   6.40%  
Innovative Medicine | Infectious Diseases | PREZISTA/PREZCOBIX/REZOLSTA/SYMTUZA        
Sales by segment of business        
Sales to customers $ 372 396 $ 815 799
Percent Change (as a percent) (6.30%)   1.90%  
Innovative Medicine | Infectious Diseases | PREZISTA/PREZCOBIX/REZOLSTA/SYMTUZA | U.S.        
Sales by segment of business        
Sales to customers $ 296 312 $ 630 617
Percent Change (as a percent) (5.10%)   2.10%  
Innovative Medicine | Infectious Diseases | PREZISTA/PREZCOBIX/REZOLSTA/SYMTUZA | International        
Sales by segment of business        
Sales to customers $ 76 85 $ 185 183
Percent Change (as a percent) (10.40%)   1.20%  
Innovative Medicine | Infectious Diseases | OTHER INFECTIOUS DISEASES        
Sales by segment of business        
Sales to customers $ 41 47 $ 78 88
Percent Change (as a percent) (11.60%)   (11.10%)  
Innovative Medicine | Infectious Diseases | OTHER INFECTIOUS DISEASES | U.S.        
Sales by segment of business        
Sales to customers $ 1 2 $ 2 4
Percent Change (as a percent) (47.90%)   (51.60%)  
Innovative Medicine | Infectious Diseases | OTHER INFECTIOUS DISEASES | International        
Sales by segment of business        
Sales to customers $ 40 45 $ 76 84
Percent Change (as a percent) (9.60%)   (9.00%)  
Innovative Medicine | Neuroscience        
Sales by segment of business        
Sales to customers $ 2,337 2,051 $ 4,512 3,698
Percent Change (as a percent) 14.00%   22.00%  
Innovative Medicine | Neuroscience | U.S.        
Sales by segment of business        
Sales to customers $ 1,659 1,377 $ 3,153 2,345
Percent Change (as a percent) 20.50%   34.50%  
Innovative Medicine | Neuroscience | International        
Sales by segment of business        
Sales to customers $ 678 674 $ 1,359 1,353
Percent Change (as a percent) 0.60%   0.40%  
Innovative Medicine | Neuroscience | SPRAVATO        
Sales by segment of business        
Sales to customers $ 584 414 $ 1,052 734
Percent Change (as a percent) 40.80%   43.20%  
Innovative Medicine | Neuroscience | SPRAVATO | U.S.        
Sales by segment of business        
Sales to customers $ 514 366 $ 920 642
Percent Change (as a percent) 40.70%   43.40%  
Innovative Medicine | Neuroscience | SPRAVATO | International        
Sales by segment of business        
Sales to customers $ 70 50 $ 131 93
Percent Change (as a percent) 41.20%   41.80%  
Innovative Medicine | Neuroscience | CAPLYTA        
Sales by segment of business        
Sales to customers $ 361 211 $ 631 211
Percent Change (as a percent) 70.90%      
Innovative Medicine | Neuroscience | CAPLYTA | U.S.        
Sales by segment of business        
Sales to customers $ 361 211 631 211
Percent Change (as a percent) 70.90%      
Innovative Medicine | Neuroscience | CAPLYTA | International        
Sales by segment of business        
Sales to customers $ 0 0 $ 0 0
Percent Change (as a percent) 0.00%   0.00%  
Innovative Medicine | Neuroscience | INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA        
Sales by segment of business        
Sales to customers $ 1,015 992 $ 2,053 1,895
Percent Change (as a percent) 2.30%   8.40%  
Innovative Medicine | Neuroscience | INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA | U.S.        
Sales by segment of business        
Sales to customers $ 738 732 $ 1,496 1,357
Percent Change (as a percent) 0.80%   10.20%  
Innovative Medicine | Neuroscience | INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA | International        
Sales by segment of business        
Sales to customers $ 278 260 $ 558 537
Percent Change (as a percent) 6.60%   3.70%  
Innovative Medicine | Neuroscience | CONCERTA/Methylphenidate        
Sales by segment of business        
Sales to customers $ 146 164 $ 282 312
Percent Change (as a percent) (10.80%)   (9.50%)  
Innovative Medicine | Neuroscience | CONCERTA/Methylphenidate | U.S.        
Sales by segment of business        
Sales to customers $ 12 24 $ 34 62
Percent Change (as a percent) (48.60%)   (45.50%)  
Innovative Medicine | Neuroscience | CONCERTA/Methylphenidate | International        
Sales by segment of business        
Sales to customers $ 133 139 $ 248 249
Percent Change (as a percent) (4.20%)   (0.40%)  
Innovative Medicine | Neuroscience | OTHER NEUROSCIENCE        
Sales by segment of business        
Sales to customers $ 232 270 $ 494 547
Percent Change (as a percent) (14.00%)   (9.60%)  
Innovative Medicine | Neuroscience | OTHER NEUROSCIENCE | U.S.        
Sales by segment of business        
Sales to customers $ 34 45 $ 72 73
Percent Change (as a percent) (22.90%)   (1.10%)  
Innovative Medicine | Neuroscience | OTHER NEUROSCIENCE | International        
Sales by segment of business        
Sales to customers $ 198 226 $ 422 474
Percent Change (as a percent) (12.30%)   (10.90%)  
Innovative Medicine | Pulmonary Hypertension        
Sales by segment of business        
Sales to customers $ 1,143 1,113 $ 2,278 2,138
Percent Change (as a percent) 2.60%   6.50%  
Innovative Medicine | Pulmonary Hypertension | U.S.        
Sales by segment of business        
Sales to customers $ 814 799 $ 1,645 1,543
Percent Change (as a percent) 1.80%   6.50%  
Innovative Medicine | Pulmonary Hypertension | International        
Sales by segment of business        
Sales to customers $ 329 314 $ 633 595
Percent Change (as a percent) 4.90%   6.40%  
Innovative Medicine | Pulmonary Hypertension | UPTRAVI        
Sales by segment of business        
Sales to customers $ 494 476 $ 977 927
Percent Change (as a percent) 3.80%   5.40%  
Innovative Medicine | Pulmonary Hypertension | UPTRAVI | U.S.        
Sales by segment of business        
Sales to customers $ 386 382 $ 771 747
Percent Change (as a percent) 1.00%   3.20%  
Innovative Medicine | Pulmonary Hypertension | UPTRAVI | International        
Sales by segment of business        
Sales to customers $ 108 94 $ 206 180
Percent Change (as a percent) 15.00%   14.70%  
Innovative Medicine | Pulmonary Hypertension | OPSUMIT/OPSYNVI        
Sales by segment of business        
Sales to customers $ 602 582 $ 1,208 1,104
Percent Change (as a percent) 3.40%   9.40%  
Innovative Medicine | Pulmonary Hypertension | OPSUMIT/OPSYNVI | U.S.        
Sales by segment of business        
Sales to customers $ 416 403 $ 849 766
Percent Change (as a percent) 3.20%   10.90%  
Innovative Medicine | Pulmonary Hypertension | OPSUMIT/OPSYNVI | International        
Sales by segment of business        
Sales to customers $ 187 180 $ 359 339
Percent Change (as a percent) 3.90%   6.10%  
Innovative Medicine | Pulmonary Hypertension | Other        
Sales by segment of business        
Sales to customers $ 47 55 $ 93 107
Percent Change (as a percent) (15.00%)   (13.60%)  
Innovative Medicine | Pulmonary Hypertension | Other | U.S.        
Sales by segment of business        
Sales to customers $ 13 16 $ 25 31
Percent Change (as a percent) (16.90%)   (19.00%)  
Innovative Medicine | Pulmonary Hypertension | Other | International        
Sales by segment of business        
Sales to customers $ 34 40 $ 68 77
Percent Change (as a percent) (14.30%)   (11.50%)  
Innovative Medicine | Cardiovascular / Metabolism / Other        
Sales by segment of business        
Sales to customers $ 889 930 $ 1,765 1,943
Percent Change (as a percent) (4.30%)   (9.20%)  
Innovative Medicine | Cardiovascular / Metabolism / Other | U.S.        
Sales by segment of business        
Sales to customers $ 765 776 $ 1,499 1,631
Percent Change (as a percent) (1.30%)   (8.10%)  
Innovative Medicine | Cardiovascular / Metabolism / Other | International        
Sales by segment of business        
Sales to customers $ 124 154 $ 266 312
Percent Change (as a percent) (19.40%)   (14.80%)  
Innovative Medicine | Cardiovascular / Metabolism / Other | Other        
Sales by segment of business        
Sales to customers $ 225 309 $ 458 632
Percent Change (as a percent) (27.20%)   (27.50%)  
Innovative Medicine | Cardiovascular / Metabolism / Other | Other | U.S.        
Sales by segment of business        
Sales to customers $ 101 155 $ 192 320
Percent Change (as a percent) (35.00%)   (39.90%)  
Innovative Medicine | Cardiovascular / Metabolism / Other | Other | International        
Sales by segment of business        
Sales to customers $ 124 154 $ 266 312
Percent Change (as a percent) (19.40%)   (14.80%)  
Innovative Medicine | Cardiovascular / Metabolism / Other | XARELTO        
Sales by segment of business        
Sales to customers $ 664 621 $ 1,306 1,311
Percent Change (as a percent) 7.10%   (0.30%)  
Innovative Medicine | Cardiovascular / Metabolism / Other | XARELTO | U.S.        
Sales by segment of business        
Sales to customers $ 664 621 $ 1,306 1,311
Percent Change (as a percent) 7.10%   (0.30%)  
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%  
Innovative Medicine | Total PH, ID, CVM | Other        
Sales by segment of business        
Sales to customers $ 2,795 2,846 $ 5,694 5,686
Percent Change (as a percent) (1.80%)   0.10%  
Innovative Medicine | Total PH, ID, CVM | Other | U.S.        
Sales by segment of business        
Sales to customers $ 1,878 1,895 $ 3,785 3,809
Percent Change (as a percent) (0.90%)   (0.60%)  
Innovative Medicine | Total PH, ID, CVM | Other | International        
Sales by segment of business        
Sales to customers $ 916 952 $ 1,909 1,878
Percent Change (as a percent) (3.60%)   1.70%  
MEDTECH        
Sales by segment of business        
Sales to customers $ 8,926 8,541 $ 17,562 16,561
Percent Change (as a percent) 4.50%   6.00%  
MEDTECH | U.S.        
Sales by segment of business        
Sales to customers $ 4,554 4,383 $ 9,013 8,596
Percent Change (as a percent) 3.90%   4.80%  
MEDTECH | International        
Sales by segment of business        
Sales to customers $ 4,372 4,158 $ 8,549 7,965
Percent Change (as a percent) 5.20%   7.30%  
MEDTECH | Cardiovascular        
Sales by segment of business        
Sales to customers $ 2,404 2,313 $ 4,781 4,416
Percent Change (as a percent) 4.00%   8.30%  
MEDTECH | Cardiovascular | U.S.        
Sales by segment of business        
Sales to customers $ 1,426 1,364 $ 2,825 2,625
Percent Change (as a percent) 4.50%   7.60%  
MEDTECH | Cardiovascular | International        
Sales by segment of business        
Sales to customers $ 978 948 $ 1,956 1,790
Percent Change (as a percent) 3.20%   9.30%  
MEDTECH | ELECTROPHYSIOLOGY        
Sales by segment of business        
Sales to customers $ 1,533 1,468 $ 3,022 2,791
Percent Change (as a percent) 4.40%   8.30%  
MEDTECH | ELECTROPHYSIOLOGY | U.S.        
Sales by segment of business        
Sales to customers $ 783 741 $ 1,519 1,425
Percent Change (as a percent) 5.80%   6.60%  
MEDTECH | ELECTROPHYSIOLOGY | International        
Sales by segment of business        
Sales to customers $ 749 728 $ 1,502 1,366
Percent Change (as a percent) 2.90%   10.00%  
MEDTECH | ABIOMED        
Sales by segment of business        
Sales to customers $ 440 448 $ 928 868
Percent Change (as a percent) (2.00%)   6.80%  
MEDTECH | ABIOMED | U.S.        
Sales by segment of business        
Sales to customers $ 342 360 $ 731 699
Percent Change (as a percent) (4.80%)   4.60%  
MEDTECH | ABIOMED | International        
Sales by segment of business        
Sales to customers $ 97 89 $ 197 170
Percent Change (as a percent) 9.50%   16.10%  
MEDTECH | Shockwave        
Sales by segment of business        
Sales to customers $ 335 292 $ 640 550
Percent Change (as a percent) 14.60%   16.40%  
MEDTECH | Shockwave | U.S.        
Sales by segment of business        
Sales to customers $ 268 233 $ 510 439
Percent Change (as a percent) 14.60%   16.10%  
MEDTECH | Shockwave | International        
Sales by segment of business        
Sales to customers $ 67 58 $ 130 110
Percent Change (as a percent) 14.50%   17.70%  
MEDTECH | Other Cardiovascular        
Sales by segment of business        
Sales to customers $ 98 104 $ 192 207
Percent Change (as a percent) (5.70%)   (7.40%)  
MEDTECH | Other Cardiovascular | U.S.        
Sales by segment of business        
Sales to customers $ 33 31 $ 65 63
Percent Change (as a percent) 5.50%   3.10%  
MEDTECH | Other Cardiovascular | International        
Sales by segment of business        
Sales to customers $ 65 72 $ 127 144
Percent Change (as a percent) (10.50%)   (11.90%)  
MEDTECH | Orthopaedics        
Sales by segment of business        
Sales to customers $ 2,418 2,305 $ 4,801 4,546
Percent Change (as a percent) 4.90%   5.60%  
MEDTECH | Orthopaedics | U.S.        
Sales by segment of business        
Sales to customers $ 1,470 1,420 $ 2,905 2,804
Percent Change (as a percent) 3.50%   3.60%  
MEDTECH | Orthopaedics | International        
Sales by segment of business        
Sales to customers $ 948 885 $ 1,896 1,742
Percent Change (as a percent) 7.20%   8.90%  
MEDTECH | Orthopaedics | HIPS        
Sales by segment of business        
Sales to customers $ 441 421 $ 877 830
Percent Change (as a percent) 4.90%   5.70%  
MEDTECH | Orthopaedics | HIPS | U.S.        
Sales by segment of business        
Sales to customers $ 283 271 $ 560 534
Percent Change (as a percent) 4.60%   4.90%  
MEDTECH | Orthopaedics | HIPS | International        
Sales by segment of business        
Sales to customers $ 158 150 $ 317 296
Percent Change (as a percent) 5.50%   7.20%  
MEDTECH | Orthopaedics | KNEES        
Sales by segment of business        
Sales to customers $ 410 389 $ 830 778
Percent Change (as a percent) 5.50%   6.70%  
MEDTECH | Orthopaedics | KNEES | U.S.        
Sales by segment of business        
Sales to customers $ 228 226 $ 467 457
Percent Change (as a percent) 1.10%   2.20%  
MEDTECH | Orthopaedics | KNEES | International        
Sales by segment of business        
Sales to customers $ 182 164 $ 363 322
Percent Change (as a percent) 11.40%   13.00%  
MEDTECH | Orthopaedics | TRAUMA        
Sales by segment of business        
Sales to customers $ 827 768 $ 1,660 1,540
Percent Change (as a percent) 7.60%   7.80%  
MEDTECH | Orthopaedics | TRAUMA | U.S.        
Sales by segment of business        
Sales to customers $ 536 501 $ 1,068 1,003
Percent Change (as a percent) 6.70%   6.40%  
MEDTECH | Orthopaedics | TRAUMA | International        
Sales by segment of business        
Sales to customers $ 291 267 $ 592 537
Percent Change (as a percent) 9.20%   10.30%  
MEDTECH | Orthopaedics | SPINE & OTHER        
Sales by segment of business        
Sales to customers $ 740 727 $ 1,434 1,398
Percent Change (as a percent) 1.80%   2.60%  
MEDTECH | Orthopaedics | SPINE & OTHER | U.S.        
Sales by segment of business        
Sales to customers $ 423 422 $ 810 810
Percent Change (as a percent) 0.20%   0.00%  
MEDTECH | Orthopaedics | SPINE & OTHER | International        
Sales by segment of business        
Sales to customers $ 317 305 $ 624 588
Percent Change (as a percent) 4.00%   6.10%  
MEDTECH | Surgery        
Sales by segment of business        
Sales to customers $ 2,653 2,555 $ 5,164 4,951
Percent Change (as a percent) 3.90%   4.30%  
MEDTECH | Surgery | U.S.        
Sales by segment of business        
Sales to customers $ 1,094 1,043 $ 2,140 2,045
Percent Change (as a percent) 5.00%   4.70%  
MEDTECH | Surgery | International        
Sales by segment of business        
Sales to customers $ 1,559 1,512 $ 3,024 2,906
Percent Change (as a percent) 3.10%   4.10%  
MEDTECH | Surgery | ADVANCED        
Sales by segment of business        
Sales to customers $ 1,189 1,164 $ 2,312 2,237
Percent Change (as a percent) 2.20%   3.40%  
MEDTECH | Surgery | ADVANCED | U.S.        
Sales by segment of business        
Sales to customers $ 499 477 $ 976 934
Percent Change (as a percent) 4.70%   4.50%  
MEDTECH | Surgery | ADVANCED | International        
Sales by segment of business        
Sales to customers $ 691 687 $ 1,337 1,303
Percent Change (as a percent) 0.50%   2.60%  
MEDTECH | Surgery | GENERAL        
Sales by segment of business        
Sales to customers $ 1,464 1,391 $ 2,852 2,714
Percent Change (as a percent) 5.20%   5.10%  
MEDTECH | Surgery | GENERAL | U.S.        
Sales by segment of business        
Sales to customers $ 596 567 $ 1,165 1,111
Percent Change (as a percent) 5.20%   4.80%  
MEDTECH | Surgery | GENERAL | International        
Sales by segment of business        
Sales to customers $ 868 825 $ 1,687 1,603
Percent Change (as a percent) 5.30%   5.20%  
MEDTECH | Vision        
Sales by segment of business        
Sales to customers $ 1,451 1,369 $ 2,816 2,648
Percent Change (as a percent) 6.00%   6.30%  
MEDTECH | Vision | U.S.        
Sales by segment of business        
Sales to customers $ 565 557 $ 1,144 1,123
Percent Change (as a percent) 1.40%   1.90%  
MEDTECH | Vision | International        
Sales by segment of business        
Sales to customers $ 887 813 $ 1,672 1,526
Percent Change (as a percent) 9.10%   9.60%  
MEDTECH | Vision | CONTACT LENSES / OTHER        
Sales by segment of business        
Sales to customers $ 1,025 965 $ 1,994 1,884
Percent Change (as a percent) 6.10%   5.80%  
MEDTECH | Vision | CONTACT LENSES / OTHER | U.S.        
Sales by segment of business        
Sales to customers $ 445 429 $ 913 881
Percent Change (as a percent) 3.60%   3.70%  
MEDTECH | Vision | CONTACT LENSES / OTHER | International        
Sales by segment of business        
Sales to customers $ 580 536 $ 1,081 1,003
Percent Change (as a percent) 8.10%   7.70%  
MEDTECH | Vision | SURGICAL        
Sales by segment of business        
Sales to customers $ 426 403 $ 822 764
Percent Change (as a percent) 5.60%   7.50%  
MEDTECH | Vision | SURGICAL | U.S.        
Sales by segment of business        
Sales to customers $ 120 128 $ 231 242
Percent Change (as a percent) (6.00%)   (4.50%)  
MEDTECH | Vision | SURGICAL | International        
Sales by segment of business        
Sales to customers $ 306 $ 277 $ 591 $ 523
Percent Change (as a percent) 10.90%   13.10%  
v3.26.1
Segments of business and geographic areas - Operating Profit by Segment of Business (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 28, 2026
Jun. 29, 2025
Jun. 28, 2026
Jun. 29, 2025
Segment Reporting [Line Items]        
Restructuring (Note 12) $ 34 $ 64 $ 66 $ 81
Sales to customers (Note 9) 25,310 23,743 49,372 45,636
Cost of products sold 8,051 7,628 16,157 14,985
Selling, marketing and administrative expenses 6,432 5,889 12,466 11,001
Research and development expense 3,653 3,516 7,180 6,741
Other (income) expense, net (331) (107) (625) 7,214
Earnings before provision for taxes on income 6,747 6,491 12,737 20,122
Less: Expense not allocated to segments 679 265 1,245 (6,735)
Acquisition related costs     100 200
Innovative Medicine        
Segment Reporting [Line Items]        
Sales to customers (Note 9) 16,384 15,202 31,810 29,075
Acquisition related costs 100 200    
Innovative Medicine | Separation Related Costs        
Segment Reporting [Line Items]        
Restructuring (Note 12) 200   200  
MedTech        
Segment Reporting [Line Items]        
Sales to customers (Note 9) 8,926 8,541 17,562 16,561
MedTech | Disposal Group, Disposed of Other than by Sale, Not Discontinued Operation, Spinoff        
Segment Reporting [Line Items]        
Other (income) expense, net 300 0 400 0
General Corporate | Talc        
Segment Reporting [Line Items]        
Litigation expense 400   800  
Reversal of fee expense   7,000   7,000
Operating Segments        
Segment Reporting [Line Items]        
Restructuring (Note 12) 276 79 338 134
Earnings before provision for taxes on income 7,426 6,756 13,982 13,387
Operating Segments | Innovative Medicine        
Segment Reporting [Line Items]        
Restructuring (Note 12) 200 0 200 0
Sales to customers (Note 9) 16,384 15,202 31,810 29,075
Cost of products sold 4,296 3,978 8,686 7,998
Selling, marketing and administrative expenses 3,130 2,789 6,048 5,050
Research and development expense 2,875 2,869 5,688 5,417
Other (income) expense, net (166) 14 (178) (152)
Earnings before provision for taxes on income 6,249 5,552 11,566 10,762
Amortization 800 800 1,500 1,400
Operating Segments | MedTech        
Segment Reporting [Line Items]        
Restructuring (Note 12) 17 50 24 105
Sales to customers (Note 9) 8,926 8,541 17,562 16,561
Cost of products sold 3,737 3,638 7,438 6,964
Selling, marketing and administrative expenses 3,069 2,862 5,975 5,518
Research and development expense 778 647 1,492 1,324
Other (income) expense, net 165 190 241 130
Earnings before provision for taxes on income 1,177 1,204 2,416 2,625
Amortization $ 500 $ 500 $ 1,000 $ 1,000
v3.26.1
Segments of business and geographic areas - Identifiable Assets (Details) - USD ($)
$ in Millions
Jun. 28, 2026
Dec. 28, 2025
Segment Reporting [Line Items]    
Assets $ 201,061 $ 199,210
Segments Total    
Segment Reporting [Line Items]    
Assets 165,437 164,539
Operating Segments | Innovative Medicine    
Segment Reporting [Line Items]    
Assets 78,856 78,057
Operating Segments | MEDTECH    
Segment Reporting [Line Items]    
Assets 86,581 86,482
Corporate, Non-Segment | General Corporate    
Segment Reporting [Line Items]    
Assets $ 35,624 $ 34,671
v3.26.1
Segments of business and geographic areas - Additions to Property, Plan & Equipment and Depreciation and Amortization (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 28, 2026
Jun. 29, 2025
Segment Reporting [Line Items]    
Additions to Property, Plant & Equipment $ 2,370 $ 1,838
Depreciation and Amortization 3,963 3,715
Segments Total    
Segment Reporting [Line Items]    
Additions to Property, Plant & Equipment 2,263 1,758
Depreciation and Amortization 3,843 3,603
Operating Segments | Innovative Medicine    
Segment Reporting [Line Items]    
Additions to Property, Plant & Equipment 1,161 687
Depreciation and Amortization 2,076 1,925
Operating Segments | MEDTECH    
Segment Reporting [Line Items]    
Additions to Property, Plant & Equipment 1,102 1,071
Depreciation and Amortization 1,767 1,678
Corporate, Non-Segment | General Corporate    
Segment Reporting [Line Items]    
Additions to Property, Plant & Equipment 107 80
Depreciation and Amortization $ 120 $ 112
v3.26.1
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. 28, 2026
Jun. 29, 2025
Jun. 28, 2026
Jun. 29, 2025
Sales by geographic area        
Sales $ 25,310 $ 23,743 $ 49,372 $ 45,636
Percent Change 6.60%   8.20%  
United States        
Sales by geographic area        
Sales $ 14,533 13,544 $ 27,863 25,849
Percent Change 7.30%   7.80%  
Europe        
Sales by geographic area        
Sales $ 5,726 5,387 $ 11,574 10,497
Percent Change 6.30%   10.30%  
Western Hemisphere, excluding U.S.        
Sales by geographic area        
Sales $ 1,309 1,206 $ 2,602 2,373
Percent Change 8.50%   9.60%  
Asia-Pacific, Africa        
Sales by geographic area        
Sales $ 3,742 $ 3,606 $ 7,333 $ 6,917
Percent Change 3.80%   6.00%  
v3.26.1
Acquisitions, divestitures and other arrangements - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended 24 Months Ended
Dec. 26, 2025
Apr. 02, 2025
Sep. 27, 2026
Mar. 29, 2026
Jun. 28, 2026
Jun. 29, 2025
Jan. 02, 2028
Dec. 28, 2025
Business Combination [Line Items]                
Payments to acquire businesses       $ 17,500 $ 263 $ 14,458    
Acquisition related costs         100 $ 200    
Goodwill (Note 3)         48,479     $ 48,772
Royalty Pharma plc.                
Business Combination [Line Items]                
Milestone payments receivable         $ 500      
Scenario, Forecast                
Business Combination [Line Items]                
Other commitment, maximum funds to receive             $ 500  
Halda Therapeutics                
Business Combination [Line Items]                
Payments to acquire businesses $ 3,050              
Acquisition related costs 200              
Assets acquired including goodwill 3,400              
Goodwill (Note 3) 600              
Liabilities assumed 600              
Halda Therapeutics | In-process research and development                
Business Combination [Line Items]                
Asset acquired, identifiable intangible asset, indefinite-lived $ 2,800              
Intra-Cellular Therapies, Inc.                
Business Combination [Line Items]                
Acquisition related costs   $ 400            
Goodwill (Note 3)   2,900            
Liabilities assumed   $ 3,000            
Share price (in dollars per share)   $ 132.00            
Consideration transferred   $ 14,500            
Integration-related cost, expense   100            
Assets acquired   17,500            
Amortizable intangibles asset   5,200            
Business combination, other asset   1,100            
Intra-Cellular Therapies, Inc. | In-process research and development                
Business Combination [Line Items]                
Asset acquired, identifiable intangible asset, indefinite-lived   $ 8,300            
Firefly Bio, Inc. | Scenario, Forecast                
Business Combination [Line Items]                
Business acquisition cost     $ 1,000          
v3.26.1
Legal proceedings (Details)
$ in Billions
 1 Months Ended 3 Months Ended 6 Months Ended
Jan. 31, 2026
USD ($)
Jun. 29, 2025
USD ($)
Jun. 28, 2026
USD ($)
plaintiff
Jun. 29, 2025
USD ($)
Legal Proceeding (Textuals)        
Payments for legal settlements $ 0.8      
Talc        
Legal Proceeding (Textuals)        
Number of plaintiffs | plaintiff     76,000  
Loss contingency accrual     $ 3.7  
Loss contingency accrual, payment percentage     40.00%  
Talc | General Corporate        
Legal Proceeding (Textuals)        
Reversal of fee expense   $ 7.0   $ 7.0
v3.26.1
Restructuring - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 28, 2026
Jun. 29, 2025
Jun. 28, 2026
Jun. 29, 2025
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 34 $ 64 $ 66 $ 81
MedTech Surgery Franchise        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges recorded to date 300   300  
MedTech Surgery Franchise | Minimum        
Restructuring Cost and Reserve [Line Items]        
Restructuring estimated cost 600   600  
MedTech Surgery Franchise | Maximum        
Restructuring Cost and Reserve [Line Items]        
Restructuring estimated cost 700   700  
Orthopaedics Restructuring Plan        
Restructuring Cost and Reserve [Line Items]        
Restructuring estimated cost 1,000   1,000  
Restructuring charges recorded to date 800   800  
Innovative Medicine        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 200      
Innovative Medicine | Minimum        
Restructuring Cost and Reserve [Line Items]        
Restructuring estimated cost 650   650  
Innovative Medicine | Maximum        
Restructuring Cost and Reserve [Line Items]        
Restructuring estimated cost $ 750   $ 750  
v3.26.1
Restructuring - Schedule of Restructuring Reserve (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 28, 2026
Jun. 29, 2025
Jun. 28, 2026
Jun. 29, 2025
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 34 $ 64 $ 66 $ 81
Operating Segments        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 276 79 338 134
MEDTECH | Operating Segments        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 17 50 24 105
MEDTECH | Income Statement Location [Axis]: us-gaap:CostOfGoodsAndServicesSold        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 13 15 18 23
MEDTECH | Income Statement Location [Axis]: us-gaap:OtherNonoperatingIncomeExpense        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 1   1 30
MEDTECH | Income Statement Location [Axis]: us-gaap:RestructuringCharges        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 3 35 5 52
MedTech Surgery Franchise        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges   29   29
MedTech Surgery Franchise | Operating Segments        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 59 29 114 29
MedTech Surgery Franchise | Income Statement Location [Axis]: us-gaap:CostOfGoodsAndServicesSold        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 4   24  
MedTech Surgery Franchise | Income Statement Location [Axis]: us-gaap:OtherNonoperatingIncomeExpense        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 24   29  
MedTech Surgery Franchise | Income Statement Location [Axis]: us-gaap:RestructuringCharges        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 31   61  
Innovative Medicine | Operating Segments        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 200 $ 0 200 $ 0
Innovative Medicine | Income Statement Location [Axis]: us-gaap:CostOfGoodsAndServicesSold        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 18   18  
Innovative Medicine | Income Statement Location [Axis]: us-gaap:OtherNonoperatingIncomeExpense        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 182   $ 182