Exhibit 99.1

Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)	FIRST QUARTER
	2024				2023				Percent
				Percent				Percent	Increase
	Amount			to Sales	Amount			to Sales	(Decrease)
Sales to customers	$	21,383		100.0	$	20,894		100.0	2.3
Cost of products sold	6,511			30.4	6,687			32.0	(2.6)
Gross Profit	14,872			69.6	14,207			68.0	4.7
Selling, marketing and administrative expenses	5,257			24.6	4,906			23.5	7.2
Research and development expense	3,542			16.6	3,455			16.6	2.5
In-process research and development impairments	—			—	49			0.2
Interest (income) expense, net	(209)			(1.0)	14			0.1
Other (income) expense, net	2,404			11.2	6,940			33.2
Restructuring	164			0.8	130			0.6
Earnings/(loss) before provision for taxes on income	3,714			17.4	(1,287)			(6.2)
Provision for/(Benefit from) taxes on income	459			2.2	(796)			(3.9)
Net earnings/(loss) from Continuing Operations	$	3,255		15.2	$	(491)		(2.3)
Net earnings from Discontinued Operations, net of tax	—				423
Net earnings/(loss)	$	3,255			$	(68)
Net earnings (loss) per share (Diluted/Basic) from Continuing Operations	$	1.34			$	(0.19)
Net earnings per share (Diluted) from Discontinued Operations	$	—			$	0.16
Average shares outstanding (Diluted/Basic)	2,430.1				2,605.5		*
Effective tax rate from Continuing Operations	12.4		%		61.8		%
Adjusted earnings from Continuing Operations before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income from Continuing Operations	$	7,877		36.8	$	7,536		36.1	4.5
Net earnings from Continuing Operations	$	6,580		30.8	$	6,340		30.3	3.8
Net earnings per share (Diluted) from Continuing Operations	$	2.71			$	2.41			12.4
Average shares outstanding (Diluted)	2,430.1				2,634.3
Effective tax rate from Continuing Operations	16.5		%		15.9		%
*Basic shares are used to calculate loss per share in the first quarter of 2023 as use of diluted shares when in a loss position would be anti-dilutive
(1) See Reconciliation of Non-GAAP Financial Measures.
(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings from continuing operations before provision for taxes on income," "adjusted net earnings from continuing operations," "adjusted net earnings per share (diluted) from continuing operations," and "adjusted effective tax rate from continuing operations" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings from continuing operations before provision for taxes on income, net earnings from continuing operations, net earnings per share (diluted) from continuing operations, and effective tax rate from continuing operations on an adjusted basis because management believes that these measures provide useful information to investors. Among other things, these measures may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as intangible asset amortization expense, significant gains from divestitures, significant costs associated with acquisitions, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters). Special items may be highly variable, difficult to predict, and of a size that sometimes has substantial impact on the Company's reported results of operations for a period. Management uses these measures internally for planning, forecasting and evaluating the performances of the Company's businesses, including allocating resources and evaluating results relative to employee performance compensation targets. Unlike earnings from continuing operations before provision for taxes on income, net earnings from continuing operations, net earnings per share (diluted) from continuing operations, and effective tax rate from continuing operations prepared in accordance with GAAP, adjusted earnings from continuing operations before provision for taxes on income, adjusted net earnings from continuing operations, adjusted net earnings per share (diluted) from continuing operations, and adjusted effective tax rate from continuing operations may not be comparable with the calculation of similar measures for other companies. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of the Company's results of operations without including all events during a period, such as intangible asset amortization expense, significant gains from divestitures, the effects of an acquisition, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters) and do not provide a comparable view of the Company's performance to other companies in the health care industry. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
		First Quarter
	(Dollars in Millions Except Per Share Data)	2024		2023
	Net Earnings/(Loss) from Continuing Operations, after tax- as reported	$	3,255	$	(491)
	Pre-tax Adjustments
	Litigation related	2,726		6,900
	Intangible Asset Amortization expense	1,078		1,122
	COVID-19 Vaccine related costs 1	9		444
	Restructuring related 2	171		130
	Medical Device Regulation 3	51		64
	Acquisition, integration and divestiture related	148		42
	(Gains)/losses on securities	(20)		72
	IPR&D impairments	—		49
	Tax Adjustments
	Tax impact on special item adjustments 4	(856)		(1,980)
	Tax legislation and other tax related	18		(12)
	Adjusted Net Earnings from Continuing Operations, after tax	$	6,580	$	6,340
	Average shares outstanding (Diluted)	2,430.1		2,634.3
	Adjusted net earnings per share from Continuing Operations (Diluted)	$	2.71	$	2.41
	Operational adjusted net earnings per share from Continuing Operations (Diluted)	$	2.72
	Notes:
1	COVID-19 Vaccine related costs include remaining commitments and obligations, including external manufacturing network exit costs and required clinical trial expenses, associated with the Company's completion of its COVID-19 vaccine contractual commitments.
2	In fiscal 2023, the company completed a prioritization of its research and development (R&D) investment within the Innovative Medicine segment to focus on the most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs within therapeutic areas. The R&D program exits are primarily in infectious diseases and vaccines including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, hepatitis and HIV development. The restructuring expenses of $144 million in the fiscal first quarter of 2024 and $130 million in the fiscal first quarter of 2023 include the termination of partnered and non-partnered program costs and asset impairments. In fiscal 2023, the company initiated a restructuring program of its Orthopaedics franchise within the MedTech segment to streamline operations by exiting certain markets, product lines and distribution network arrangements. The restructuring expenses of $27 million in the fiscal first quarter of 2024 primarily includes costs related to market and product exits.
3	European Medical Device Regulation (MDR) costs represent one-time compliance costs for the Company’s previously registered products. MDR is a replacement of the existing European Medical Devices Directive regulatory framework, and manufacturers of currently marketed medical devices were required to comply with EU MDR beginning in May 2021. The Company considers the adoption of EU MDR to be a significant one-time regulatory change and is not indicative of on-going operations. The Company has excluded only external third-party regulatory and consulting costs from its MedTech operating segments' measures of profit and loss used for making operating decisions and assessing performance which will be completed during 2024.
4	The tax impact related to special item adjustments reflects the current and deferred income taxes associated with the above pre-tax special items in arriving at adjusted earnings.

Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
	First Quarter March 31, 2024 GAAP		Intangible asset amortization	Litigation related	In-process research and development Impairments	Restructuring related	Acquisition, integration and divestiture related	(Loss)/gain on securities	Medical Device Regulation	COVID-19 Vaccine Related Costs	Tax legislation and other tax related	First Quarter March 31, 2024 Non-GAAP
Cost of products sold	$	6,511	(1,078)			(7)			(20)	(2)		5,404
Selling, marketing and admin expenses	5,257								(4)			5,253
Research and development expense	3,542						(18)		(27)	(7)		3,490
Other (Income) / Expense	2,404			(2,726)			(130)	20				(432)
Restructuring	164					(164)						—
Provision for taxes on income	459		148	627	—	39	38	(7)	9	2	(18)	1,297
Net Earnings from Continuing Operations	$	3,255	930	2,099	—	132	110	(13)	42	7	18	6,580
	First Quarter April 2, 2023 GAAP		Intangible asset amortization	Litigation related	In-process research and development Impairments	Restructuring related	Acquisition, integration and divestiture related	(Loss)/gain on securities	Medical Device Regulation	COVID-19 Vaccine Related Costs	Tax legislation and other tax related	First Quarter April 2, 2023 Non-GAAP
Cost of products sold	$	6,687	(1,118)						(23)	(206)		5,340
Selling, marketing and admin expenses	4,906								(7)			4,899
Research and development expense	3,455						(16)		(34)	(16)		3,389
Other (Income) / Expense	6,940		(4)	(6,900)			(26)	(72)		(222)		(284)
In-process research and development Impairments	49				(49)							—
Restructuring	130					(130)						—
Provision for/(Benefit from) taxes on income	(796)		177	1,622	11	32	5	16	12	105	12	1,196
Net Earnings/(Loss) from Continuing Operations	$	(491)	945	5,278	38	98	37	56	52	339	(12)	6,340

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Q1 YTD - Income Before Tax and Research & Development Expense by Segment
(Dollars in Millions)
	Innovative Medicine					MedTech				Unallocated				Worldwide Total
	2024			2023		2024		2023		2024		2023		2024		2023
Reported Income Before Tax by Segment from Continuing Operations	$	4,969		4,402		1,520		1,409		(2,775)		(7,098)		3,714		(1,287)
% to Sales	36.6%			32.8%		19.4%		18.8%		(13.0)%		(34.0)%		17.4	%	(6.2)	%
Intangible asset amortization expense	698			739		380		383		—		—		1,078		1,122
In-process research and development Impairments	—			—		—		49		—		—		—		49
Litigation Related	—			—		—		—		2,726		6,900		2,726		6,900
Loss/(gain) on securities	(55)			38		22		34		13		—		(20)		72
Restructuring related	144			130		27		—		—		—		171		130
Acquisition, integration and divestiture related	47			—		61		42		40		—		148		42
Medical Device Regulation	—			—		51		64		—		—		51		64
COVID-19 Vaccine related costs	9			444		—		—		—		—		9		444
Adjusted Income Before Tax by Segment from Continuing Operations	$	5,812		5,753		2,061		1,981		4		(198)		7,877		7,536
% to Sales	42.9		%	42.9	%	26.4	%	26.5	%	0.0	%	(0.9)	%	36.8	%	36.1	%
As Reported Research and development expense	$	2,896		2,778		646		677						3,542		3,455
% to Sales	21.4		%	20.7	%	8.3	%	9.1	%					16.6	%	16.6	%