Johnson & Johnson
Explore Johnson & Johnson
Core profile pages, annual revenue records, and related research hubs for this company.
CorpDigest
Johnson & Johnson
Explore Johnson & Johnson
Core profile pages, annual revenue records, and related research hubs for this company.
Annual Revenue
FY2025 Revenue
$94.2B
▲ 6% vs FY2024 ($88.8B)
Source: Annual report / company filing
Johnson & Johnson reported $94.2B in revenue for fiscal year 2025. This represents a growth of 6% compared to the 2024 figure of $88.8B.
FY2024 net sales of $88.821 billion declined from the $93.775 billion reported in FY2021 and FY2022 — the comparison is complicated by the Kenvue spinoff in 2023, which removed the consumer health segment's revenue from the consolidated results. The post-spinoff J&J generates $88.821 billion from pharmaceuticals and medical devices rather than the pre-spinoff total that included consumer products. Net income of $13.3 billion on $88.821 billion in revenue implies a 15% net margin — high for a diversified healthcare company and reflecting the pricing power of drugs like Darzalex and Stelara, which commands premium reimbursement from payers based on clinical evidence that is difficult to challenge. The $6.475 billion talc settlement, if approved, will be a significant one-time charge but eliminates the open-ended litigation overhang that has compressed J&J's valuation multiple for years. Resolving the talc liability removes uncertainty that is more damaging to valuation than the settlement amount itself. Market capitalization of $390 billion at roughly 4.4x revenue reflects the pharmaceutical growth profile — Darzalex approaching peak sales, the MedTech MedTech pipeline including Shockwave Medical's cardiovascular technology, and the AAA-rated acquisition capacity to add the next growth driver when the current portfolio matures. The pharmaceutical segment's gross margin profile, driven by patent-protected specialty drugs, is what justifies the premium multiple over the consolidated revenue base.
| Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $94.2B | — | +6.0% |
| FY2024 | $88.8B | $13.3B | +4.3% |
| FY2023 | $85.2B | — | -9.2% |
| FY2022 | $93.8B | — | +0.0% |
| FY2021 | $93.8B | — | +13.6% |
| FY2020 | $82.6B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.