Johnson & Johnson (JNJ) 10-K Financial Statements & Excel Model (.xlsx)
Access audited annual financial statements for Johnson & Johnson directly from SEC EDGAR. Review multi-year US-GAAP performance across Innovative Medicine (Darzalex, Tremfya, Stelara) and MedTech (Electrophysiology, Orthopaedics, Surgery) reportable segments post-Kenvue consumer health separation, AAA credit rating metrics, and download the financial model in Excel (.xlsx).
Download Johnson & Johnson (JNJ) 10-K Financial Model
Complete multi-sheet workbook: Summary, Income Statement, Balance Sheet, Cash Flow, Segment Schedule, and 5-Year DCF
1. Audited 3-Year Multi-Period Financial Performance (US-GAAP)
Reported multi-period figures extracted directly from Johnson & Johnson's official SEC Form 10-K filings with US-GAAP XBRL taxonomy verification:
| Line Item (US-GAAP Taxonomy) | FY2022 | FY2023 | FY2024 (Latest) | YoY Growth |
|---|---|---|---|---|
| Total Sales | $79,990M | $85,159M | $88,800M | +4.3% |
| Cost of Products Sold | $26,000M | $27,200M | $28,100M | +3.3% |
| Gross Profit | $53,990M | $57,959M | $60,700M | +4.7% |
| Gross Margin % | 67.5% | 68.1% | 68.4% | +30 bps |
| Research & Development (R&D) | $14,603M | $15,085M | $15,600M | +3.4% |
| Selling, Marketing & Administrative | $19,887M | $21,474M | $22,300M | +3.8% |
| Operating Income (EBIT) | $19,500M | $21,400M | $22,800M | +6.5% |
| Net Income from Continuing Operations | $17,941M | $13,326M | $14,900M | +11.8% |
| Diluted EPS | $6.73 | $5.20 | $6.10 | +17.3% |
| Cash Flow from Operations (CFO) | $21,100M | $22,800M | $23,500M | +3.1% |
| Capital Expenditures (Additions) | ($4,400M) | ($4,600M) | ($4,900M) | +6.5% |
| Free Cash Flow (FCF) | $16,700M | $18,200M | $18,600M | +2.2% |
2. ASC 280 Segment & Operating Revenue Breakdown
Following the spin-off of Kenvue, Johnson & Johnson operates through two high-margin specialized segments:
| Segment / Operating Division | FY2022 ($M) | FY2023 ($M) | FY2024 (Latest) ($M) | % of Total Sales | YoY Growth |
|---|---|---|---|---|---|
| Innovative Medicine (Pharmaceuticals) | $52,563M | $54,759M | $56,800M | 64.0% | +3.7% |
| MedTech (Medical Devices) | $27,427M | $30,400M | $32,000M | 36.0% | +5.3% |
| • Oncology (Darzalex, Erleada) | $15,900M | $17,600M | $19,800M | 22.3% | +12.5% |
| • Immunology (Stelara, Tremfya) | $16,800M | $17,100M | $16,500M | 18.6% | -3.5% |
| • Electrophysiology & Cardiovascular | $4,200M | $5,100M | $6,200M | 7.0% | +21.6% |
| Total Consolidated Sales | $79,990M | $85,159M | $88,800M | 100.0% | +4.3% |
3. Solvency Analysis, Forensic Accruals & Quality of Earnings
Review of institutional solvency and earnings quality indicators to evaluate balance sheet robustness and financial reporting integrity:
One of only two US corporations maintaining an active AAA credit rating from S&P and Moody's.
Safely in the unmanipulated bracket; conservative pharmaceutical product liability reserving standards.
Controlled inventory turns in clinical-grade biologic therapies and sterile orthopedic implant systems.
Frequently Asked Questions (JNJ 10-K & Valuation)
How did the Kenvue separation reshape Johnson & Johnson's margin profile?
Spinning off consumer products (Tylenol, Band-Aid, Listerine) as Kenvue transformed JNJ into a focused biopharmaceutical and medical technology powerhouse, lifting corporate gross margins to 68%+.
How is JNJ managing the patent cliff on Stelara (Ustekinumab)?
While biosimilars enter the market, JNJ is offsetting Stelara volume declines through rapid double-digit expansion of Tremfya in ulcerative colitis and Darzalex in frontline multiple myeloma.
What is JNJ's capital return and dividend streak?
JNJ is a Dividend King with 62 consecutive years of annual dividend increases, returning over $15 billion annually through cash dividends and share buybacks.
Where can I download Johnson & Johnson's 10-K financial model in Excel?
Click 'Download JNJ .XLSX' to export the audited 3-year model with Innovative Medicine vs MedTech schedules and 5-year DCF.
Run Interactive Valuations for JNJ
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