Analysis of Revenues
Revenues as Reported
Johnson & Johnson, income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2025-12-28), 10-K (reporting date: 2024-12-29), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Overall revenue performance demonstrates varied trends across different segments between 2021 and 2025. While total sales to customers initially experienced modest growth, a subsequent decline was observed before recovering towards the end of the analyzed period. A detailed examination of individual segments reveals differing performance characteristics.
- Innovative Medicine
- Revenue from Innovative Medicine exhibited a slight increase from US$66,715 million in 2021 to US$67,516 million in 2022. However, a significant decrease occurred in 2023, with revenue falling to US$54,759 million. A partial recovery was noted in 2024, reaching US$56,964 million, followed by further growth to US$60,401 million in 2025. This segment demonstrates volatility, with a clear dip in 2023 followed by a recovery, but not returning to initial levels.
- MedTech
- MedTech revenue showed consistent growth throughout the analyzed period. Starting at US$27,060 million in 2021, it increased to US$27,427 million in 2022, US$30,400 million in 2023, US$31,857 million in 2024, and reached US$33,792 million in 2025. This segment consistently contributed to overall revenue and demonstrated a positive growth trajectory.
- Sales to Customers (Total)
- Total sales to customers increased marginally from US$93,775 million in 2021 to US$94,943 million in 2022. A notable decline was observed in 2023, with revenue decreasing to US$85,159 million. A recovery began in 2024, with sales reaching US$88,821 million, and continued into 2025, achieving US$94,193 million. The 2025 figure represents a return to levels comparable to those observed in 2021 and 2022, indicating a rebound after the 2023 downturn.
The decline in overall sales in 2023 appears to be primarily driven by a reduction in Innovative Medicine revenue. While MedTech consistently grew, it was insufficient to offset the decrease in the other segment. The recovery observed in 2024 and 2025 suggests a stabilization of the Innovative Medicine segment and continued strength in MedTech, leading to a return to near-prior peak sales levels.