What changed in this filing

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Item 1. Business

2024-02-16 compared with 2023-02-16 · 79 added, 87 removed, 147 unchanged (53% of the section changed)

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The Executive Committee of Johnson & Johnson is the principal management group responsible for the strategic operations and allocation of the resources of the Company.

This Committee oversees and coordinates the activities of the Company's three business segments:

Consumer Health, Pharmaceutical and MedTech (previously referred to as Medical Devices).

This Committee oversees and coordinates the activities of the Company's two business segments:

Innovative Medicine (previously referred to as Pharmaceutical) and MedTech.

Within the strategic parameters provided by the Committee, senior management groups at U.S.

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Segments of business

The Company is organized into three business segments:

Consumer Health, Pharmaceutical and MedTech.

Following the completion of the separation of the Consumer Health business (Kenvue) in August 2023, the Company is now organized into two business segments:

Innovative Medicine and MedTech.

Additional information required by this item is incorporated herein by reference to the narrative and tabular descriptions of segments and operating results under:

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and Note 17 Segments of business and geographic areas of the notes to consolidated financial statements included in Item 8 of this Report.

Consumer Health

The Consumer Health segment includes a broad range of products focused on personal healthcare used in the Skin Health/Beauty, Over-the-Counter medicines, Baby Care, Oral Care, Women’s Health and Wound Care markets.

Major brands in Skin Health/Beauty include the AVEENO;

CLEAN & CLEAR;

NEUTROGENA and OGX product lines.

Over-the-Counter (OTC) medicines include the broad family of TYLENOL acetaminophen products;

SUDAFED cold, flu and allergy products;

BENADRYL and ZYRTEC allergy products;

MOTRIN IB ibuprofen products;

NICORETTE smoking cessation products outside the U.S.;

ZARBEE’S products, inspired by nature, and the PEPCID line of acid reflux products.

Baby Care includes the JOHNSON’S and AVEENO Baby line of products.

Oral Care includes the LISTERINE product line.

Major brands in Women’s Health outside of North America are STAYFREE and CAREFREE sanitary pads and o.b.

tampon brands.

Wound Care brands include the BAND-AID Brand Adhesive Bandages and NEOSPORIN First Aid product lines.

These products are marketed to the general public and sold online (eCommerce) and to retail outlets and distributors throughout the world.

In November 2021, the Company announced its intention to separate the Company’s Consumer Health business (Kenvue as the name for the planned New Consumer Health Company), with the intention to create a new, publicly traded company by the end of the fiscal year 2023.

Pharmaceutical

The Pharmaceutical segment is focused on the following therapeutic areas:

Innovative Medicine

The Innovative Medicine segment is focused on the following therapeutic areas:

Immunology (e.g., rheumatoid arthritis, psoriatic arthritis, inflammatory bowel disease and psoriasis), Infectious Diseases (e.g., HIV/AIDS), Neuroscience (e.g., mood disorders, neurodegenerative disorders and schizophrenia), Oncology (e.g., prostate cancer, hematologic malignancies, lung cancer and bladder cancer), Cardiovascular and Metabolism (e.g., thrombosis, diabetes and macular degeneration) and Pulmonary Hypertension (e.g., Pulmonary Arterial Hypertension).

Medicines in this segment are distributed directly to retailers, wholesalers, distributors, hospitals and healthcare professionals for prescription use.

Key products in the Pharmaceutical segment include:

Key products in the Innovative Medicine segment include:

REMICADE (infliximab), a treatment for a number of immune-mediated inflammatory diseases;

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INVEGA TRINZA/TREVICTA (paliperidone palmitate), for the treatment of schizophrenia in patients after they have been adequately treated with INVEGA SUSTENNA for at least four months;

RISPERDAL CONSTA (risperidone long-acting injection), for the treatment of schizophrenia and the maintenance treatment of Bipolar 1 Disorder in adults;

(abiraterone acetate), a treatment for patients with prostate cancer;

SPRAVATO (Esketamine), a nasal spray, used along with an oral antidepressant, to treat adults with treatment-resistant depression (TRD) and depressive symptoms in adults with major depressive disorder (MDD) with suicidal thoughts or actions;

CARVYKTI (ciltacabtagene autoleucel), a chimeric antigen receptor (CAR)-T-cell therapy for the treatment of patients with relapsed/refractory multiple myeloma;

ZYTIGA (abiraterone

2023 Annual Report

acetate), a treatment for patients with prostate cancer;

ERLEADA (apalutamide), a next- generation androgen receptor inhibitor for the treatment of patients with prostate cancer;

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XARELTO (rivaroxaban), an oral anticoagulant for the prevention of deep vein thrombosis (DVT), which may lead to pulmonary embolism (PE) in patients undergoing hip or knee replacement surgery, to reduce the risk of stroke and systemic embolism in patients with nonvalvular atrial fibrillation, and for the treatment and reduction of risk of recurrence of DVT and PE to reduce the risk of major cardiovascular events in patients with coronary artery disease (CAD) and peripheral artery disease (PAD), for the treatment and secondary prevention of thromboembolism in pediatric patients, and for thromboprophylaxis in pediatric patients following the Fontan procedure;

INVOKANA (canagliflozin), for the treatment of adults with type 2 diabetes;

INVOKAMET/VOKANAMET (canagliflozin/metformin HCl), a combination therapy of fixed doses of canagliflozin and metformin hydrochloride for the treatment of adults with type 2 diabetes;

and INVOKAMET XR (canagliflozin/metformin hydrochloride extended-release), a once-daily, fixed-dose combination therapy of canagliflozin and metformin hydrochloride extended-release, for the treatment of adults with type 2 diabetes;

OPSUMIT (macitentan) as monotherapy or in combination, indicated for the long-term treatment of pulmonary arterial hypertension (PAH);

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Many of these medicines were developed in collaboration with strategic partners or are licensed from other companies and maintain active lifecycle development programs.

The MedTech (previously referred to as Medical Devices) segment includes a broad portfolio of products used in the Interventional Solutions, Orthopaedics, Surgery and Vision categories.

Interventional Solutions include Electrophysiology products (Biosense Webster) to treat cardiovascular diseases, Neurovascular care (Cerenovus) that treats hemorrhagic and ischemic stroke and the Heart Recovery portfolio (Abiomed) which includes technologies to treat severe coronary artery disease requiring high-risk PCI or AMI cardiogenic shock.

The Orthopaedics portfolio (DePuy Synthes) comprises products in support of Hips, Knees, Trauma, and Spine, Sports & Other.

The Surgery portfolios include advanced and general surgery offerings (Ethicon), solutions that focus on Breast Aesthetics (Mentor), and Ear, Nose and Throat (Acclarent) procedures.

Johnson & Johnson Vision products include ACUVUE Brand contact lenses and ophthalmic technologies related to cataract and laser refractive surgery.

The MedTech segment includes a broad portfolio of products used in the Interventional Solutions, Orthopaedics, Surgery and Vision categories.

Interventional Solutions include electrophysiology products (Biosense Webster) to treat heart rhythm disorders, the heart recovery portfolio (Abiomed) which includes technologies to treat severe coronary artery disease requiring high-risk PCI or AMI cardiogenic shock, and Neurovascular care (Cerenovus) that treats hemorrhagic and ischemic stroke.

The Orthopaedics portfolio (DePuy Synthes) includes products and enabling technologies that support Hips, Knees, Trauma, and Spine, Sports & Other.

The Surgery portfolios include advanced and general surgery technologies (Ethicon), as well as solutions that focus on breast aesthetics (Mentor), and Ear, Nose and Throat (Acclarent) procedures.

Johnson & Johnson Vision products include ACUVUE Brand contact lenses and TECNIS intraocular lenses for cataract surgery.

These products are distributed to wholesalers, hospitals and retailers, and used predominantly in the professional fields by physicians, nurses, hospitals, eye care professionals and clinics.

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The Company conducts business in virtually all countries of the world with the primary focus on products related to human health and well-being.

The products made and sold in the international business include many of those described above under “– Segments of Business – Consumer Health,” “– Pharmaceutical” and “– MedTech.” However, the principal markets, products and methods of distribution in the international business vary with the country and the culture.

The products made and sold in the international business include many of those described above under Segments of Business – Innovative Medicine and MedTech.

However, the principal markets, products and methods of distribution in the international business vary with the country and the culture.

The products sold in international business include those developed in the U.S.

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and other countries relating to their products, product uses, formulations and manufacturing processes, which in the aggregate are believed to be of material importance to the Company in the operation of its businesses.

The Company’s subsidiaries face patent challenges from third parties, including challenges seeking to manufacture and market generic and biosimilar versions of the Company's key pharmaceutical products prior to expiration of the applicable patents covering those products.

The Company’s subsidiaries face patent challenges from third parties, including challenges seeking to manufacture and market generic and biosimilar versions of the Company's key

pharmaceutical products prior to expiration of the applicable patents covering those products.

Significant legal proceedings and claims involving the Company's patent and other intellectual property are described in Note 19 Legal proceedings—Intellectual property of the Notes to Consolidated Financial Statements included in Item 8 of this Report.

Sales of the Company’s largest product, STELARA (ustekinumab) accounted for approximately 12.8% of the Company's total revenues for fiscal 2023.

Accordingly, the patents related to this product are believed to be material to the

Accordingly, the patents related to this product are believed to be material to the Company.

Janssen Biotech, Inc., a wholly-owned subsidiary of Johnson & Johnson, owns patents specifically related to STELARA.

The latest expiring United States composition of matter patent expires in 2023.

The latest expiring European composition of matter patent expires in 2024.

The latest expiring United States composition of matter patent expired in 2023.

As a result of settlements and other agreements with third parties, the Company does not anticipate the launch of a biosimilar version of STELARA before January 1, 2025 in the United States.

The latest expiring European composition of matter patent (Supplementary Protection Certificate) expires in 2024.

Sales of the Company’s second largest product, collectively DARZALEX (daratumumab) and DARZALEX FASPRO (daratumumab and hyaluronidase-fihj), accounted for approximately 11.4% of the Company's total revenues for fiscal 2023.

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has an exclusive license to those patent families.

The two patent families both expire in the United States in 2029.

The latest expiring licensed European patent expires in 2032.

The two patent families both expire in the United States in 2029, and in Europe, compound patent protection in select countries extends to 2031/2032.

Janssen Biotech, Inc.

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however, spending has typically been heavier in the fourth quarter of each year than in other quarters.

This reflects increased spending decisions, principally for advertising and research and development activity.

This reflects increased spending decisions, principally for research and development activity.

In all of their product lines, the Company's subsidiaries compete with companies both locally and globally.

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The competitive environment requires substantial investments in continuing research.

In addition, the development and maintenance of customer demand for the Company’s consumer products involve significant expenditures for advertising and promotion.

The Company is subject to a variety of U.S.

and international environmental protection measures.

The Company is subject to a variety of environmental laws and regulations in the United States and other jurisdictions.

The Company believes that its operations comply in all material respects with applicable environmental laws and regulations.

The Company’s compliance with these requirements is not expected to have a material effect upon its capital expenditures, cash flows, earnings or competitive position.

2023 Annual Report

The Company’s businesses are subject to varying degrees of governmental regulation in the countries in which operations are conducted, and the general trend is toward increasingly stringent regulation and enforcement.

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and foreign laws and governmental regulations and any adverse regulatory action may materially adversely affect the Company's financial condition and business operations.

In the U.S., the drug, device and cosmetic industries have long been subject to regulation by various federal and state agencies, primarily as to product safety, efficacy, manufacturing, advertising, labeling and safety reporting.

In the U.S., the pharmaceutical product and medical technology industries have long been subject to regulation by various federal and state agencies, primarily as to product safety, efficacy, manufacturing, advertising, labeling and safety reporting.

The exercise of broad regulatory powers by the U.S.

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The new medical device regulatory framework and the evolving privacy, data localization, and emerging cyber security laws and regulations around the world are examples of such increased regulation.

States (California, Connecticut, Colorado, Utah and Virginia) now have comprehensive privacy laws in place and China introduced broad personal information protection and data security regulations in 2022.

Within the U.S., an increasing number of U.S.

States have enacted comprehensive privacy laws and federal regulators (e.g., the U.S.

FDA, FTC and HHS) continue to stress the intersection of health and privacy as a compliance and enforcement priority.

In the EU, multiple directives and laws (including NIS2, EHDS, the Data Act, the Cyber Resilience Act, and the AI Act) are rapidly changing privacy and cybersecurity compliance requirements while introducing new enforcement risks.

In addition, China has introduced broad personal information protection and data security regulations, with more anticipated, thereby increasing China’s scrutiny of company compliance and data transfer practices.

With other jurisdictions enacting similar privacy laws, local data protection authorities will force greater accountability on the collection, access and use of personal data in the healthcare industry.

These laws can also restrict transfers of data across borders, potentially impacting how data-driven health care solutions are developed and deployed globally in a compliant manner.

Moreover, as a result of the broad scale release and availability of Artificial Intelligence (AI) technologies such as generative AI, a global trend towards more comprehensive and nuanced regulation (e.g., White House’s Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence;

the EU AI Act) to ensure the ethical use, privacy, and security of AI is underway that includes standards for transparency, accountability, and fairness, which will require compliance developments or enhancements.

The regulatory agencies under whose purview the Company operates have administrative powers that may subject it to actions such as product withdrawals, recalls, seizure of products and other civil and criminal sanctions.

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FDA and regulatory agencies around the globe are also increasing their enforcement activities.

FDA were to conclude that we are not in compliance with applicable laws or regulations, or that any of our drugs or medical

devices are ineffective or pose an unreasonable health risk, the U.S.

FDA were to conclude that we are not in compliance with applicable laws or regulations, or that any of our pharmaceutical products or medical technologies are ineffective or pose an unreasonable health risk, the U.S.

FDA could ban such products, detain or seize adulterated or misbranded products, order a recall, repair, replacement, or refund of such products, refuse to grant pending applications for marketing authorization or require certificates of foreign governments for exports, and/or require us to notify health professionals and others that the products present unreasonable risks of substantial harm to the public health.

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There is increased focus on interactions and financial relationships between healthcare companies and healthcare providers.

Various transparency laws and regulations require disclosures of payments and other transfers of value made to physicians and teaching hospitals and, beginning with disclosures in 2022, to certain non-physician practitioners.

Various state and federal transparency laws and regulations require disclosures of payments and other transfers of value made to certain healthcare practitioners, including physicians, teaching hospitals, and certain non-physician practitioners.

Federal and foreign laws governing international business practices require strict compliance with anti-bribery standards and certain prohibitions with respect to payments to any foreign government official.

Payers and Pharmacy Benefit Managers (PBMs) have become a more potent force in the market place and increased attention is being paid to drug pricing and appropriate drug and medical device utilization.

Payors and Pharmacy Benefit Managers (PBMs) are a potent force in the marketplace, and increased attention is being paid to the impact of PBM practices on healthcare cost and access in the U.S.

Our business has been and continues to be affected by federal and state legislation that alters the pricing, coverage, and reimbursement landscape.

At the federal level, in August 2022, President Biden signed into law the Inflation Reduction Act (IRA), which includes provisions that effectively authorize the government to establish prices for certain high-spend single-source drugs and biologics reimbursed by the Medicare program, starting in 2026 for Medicare Part D drugs and 2028 for Medicare Part B drugs.

It is not yet certain which products the federal government will select and subject to government-established prices, or how the federal government will establish prices for selected products, as the IRA specifies a ceiling price but not a minimum price.

One or more of our products could be selected and subject to the government-established price.

At the federal level, in August 2022, President Biden signed into law the Inflation Reduction Act

(IRA), which includes provisions that effectively authorize the government to establish prices for certain high-spend single-source drugs and biologics reimbursed by the Medicare program, starting in 2026 for Medicare Part D drugs and 2028 for Medicare Part B drugs.

On August 29, 2023, the Centers for Medicare & Medicaid Services (“CMS”) published the first “Selected Drug” list, which includes XARELTO and STELARA as well as IMBRUVICA, which is developed in collaboration and co-commercialized in the U.S.

with Pharmacyclics LLC, an AbbVie company.

The Selected Drug list also included other medicines targeting disease states that are prevalent in the Medicare population.

There remains uncertainty, however, regarding how the federal government will establish prices for the selected products, as the IRA specifies a ceiling price but not a minimum price.

In any event, we anticipate that the selected products will be subjected to a government-established price for the Medicare population.

The IRA also contains provisions that impose rebates if certain prices increase at a rate that outpaces the rate of inflation, beginning October 1, 2022, for Medicare Part D drugs and January 1, 2023, for Medicare Part B drugs.

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Failure to comply with IRA provisions may subject manufacturers to various penalties, including civil monetary penalties.

The impact of the IRA on our business and the broader pharmaceutical industry remains uncertain, as the federal government has yet to make various IRA implementation decisions.

Additionally, we expect continued scrutiny on drug pricing and government price reporting from Congress, agencies, and other bodies at the federal and state levels.

In July 2023, Janssen Pharmaceuticals, Inc.

(Janssen) filed litigation against the U.S.

Department of Health and Human Services as well as the Centers for Medicare and Medicaid Services challenging the constitutionality of the Inflation Reduction Act’s (IRA) Medicare Drug Price Negotiation Program.

The litigation requests a declaration that the IRA violates Janssen’s rights under the First Amendment and the Fifth Amendment to the Constitution and therefore that Janssen is not subject to the IRA’s mandatory pricing scheme.

The impact of the IRA on our business and the broader pharmaceutical industry remains uncertain, as litigation filed by Janssen and other pharmaceutical companies remains ongoing and CMS has yet to publicly announce the maximum fair price for each of the selected drugs.

Additionally, we expect continued scrutiny on drug pricing and government price reporting from Congress, agencies, and other bodies at the federal and state levels, which may result in additional regulations or other mechanisms to increase pricing transparency and controls.

There are a number of additional bills pending in Congress and healthcare reform proposals at the state level that would affect drug pricing, including in the Medicare and Medicaid programs.

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Of note is the increased enforcement activity by data protection authorities in various jurisdictions, particularly in the European Union, where significant fines have been levied on companies for data breaches, violations of privacy requirements, and unlawful cross-border data transfers.

In the U.S., the Federal Trade Commission has stepped up enforcement of data privacy with several significant settlements and there have been a material increase in class-action lawsuits linked to the collection and use of biometric data.

Further, the Company relies on global supply chains, and production and distribution processes, that are complex, are subject to increasing regulatory requirements, and may be faced with unexpected changes such as those resulting from the

COVID-19 pandemic and Brexit that may affect sourcing, supply and pricing of materials used in the Company's products.

In the U.S., the Federal Trade Commission has stepped up enforcement of data privacy with several significant settlements (including settlements concerning the downstream sharing of personal information and use and disclosure of personal health data) and there have been a material increase in class-action lawsuits linked to the collection and use of biometric data and use of tracking technologies.

Further, the Company relies on global supply chains, and production and distribution processes, that are complex, and subject to increasing regulatory requirements that may affect sourcing, supply and pricing of materials used in the Company's products.

These processes also are subject to complex and lengthy regulatory approvals.

2023 Annual Report

Employees and human capital management

As of January 1, 2023, and January 2, 2022, the number of employees were approximately:

155,800 144,300

As of December 31, 2023, the number of employees was approximately:

Full-time equivalent (FTE) positions 2

152,700 141,700

1 “Employee” is defined as an individual working full-time or part-time, excluding fixed term employees, interns and co-op employees.

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Contingent workers, contractors and subcontractors are also excluded.

Abiomed headcount has been included in the above table.

2 FTE represents the total number of full-time equivalent positions and does not reflect the total number of individual employees as some work part-time.

Employees by region (in percentages)

The Company believes that its employees are critical to its continued success and are an essential element of its long-term strategy.

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Employees worldwide must adhere to the Company’s Code of Business Conduct which sets basic requirements and serves as a foundation for the Company policies, procedures and guidelines, all of which provide additional guidance on expected employee behaviors in every market where it operates.

The Company c onducts global surveys that offer its employees the ability to provide feedback and valuable insight to help address potential human resources risks and identify opportunities to improve.

The Company conducts global surveys that offer its employees the ability to provide feedback and valuable insight to help address potential human resources risks and identify opportunities to improve.

In 2023, 94% of global employees across 76 countries participated in Our Credo Survey which was offered in 36 languages.

Growth and development

To continue to lead in the changing healthcare landscape, it is crucial that the Company continue to attract and retain top talent.

To lead in the changing healthcare landscape, it is crucial that the Company continue to attract and retain top talent.

In 2023, the Company's voluntary turnover rate was 7%.

The Company believes that its employees must be equipped with the right knowledge and skills and be provided with opportunities to grow and develop in their careers.

Accordingly, professional development programs and educational resources

are available to all employees.

Accordingly, professional development programs and educational resources are available to all employees.

The Company's objective is to foster a learning culture that helps shape each person’s unique career path while creating a robust pipeline of talent to deliver on the Company’s long-term strategies.

In furtherance of this objective, the Company deploys a global approach to ensure development is for everyone, regardless of where they are on their career journey.

In 2022, 46.2% of employees in Manager and above job categories who had movements (including upward promotions or lateral transfers) took advantage of career opportunities by moving across functions, country or business segment lines (excluding employees in the research and development organizations).

The Company's voluntary turnover rate was 9%.

To prioritize learning, the Company recently held Johnson & Johnson's first Global Learning Day.

Employees were encouraged to set aside a full day to explore skill-building courses across five areas:

leadership, business skills, digital upskilling, DEI, and well-being, on J&J Learn, the Company's new learning platform.

Diversity, equity, and inclusion (DEI)

The Company is committed to workplace diversity and to cultivating, fostering, and advancing a culture of equity and inclusion.

In 2022, Johnson & Johnson introduced the Company’s evolved enterprise Diversity, Equity and Inclusion strategy, which recognizes how DEI accelerates the Company’s ability to meet the changing needs of the communities the Company serves to deliver Our Purpose to profoundly change the trajectory of health for humanity.

The Company’s evidenced-based global enterprise Diversity, Equity and Inclusion strategy recognizes how DEI accelerates the Company's ability to meet the changing needs of the communities the Company serves in, as outlined in Our Credo.

The Company’s DEI Vision is:

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Make diversity, equity and inclusion how we work everyday .

Our evolved enterprise DEI Strategy is aligned to our DEI Vision and Mission and rests on four core pillars:

• Accelerate our global culture of inclusion where every individual belongs

• Build a workforce that reflects the diversity of our communities

• Transform talent and business processes to achieve equitable access and outcomes for all

The Company's enterprise DEI Strategy is aligned to the DEI Vision and Mission and rests on four core pillars:

• Build a workforce of individuals with diverse backgrounds, cultures, abilities and perspectives

• Foster a culture of inclusion where every individual belongs

• Transform talent and business processes to achieve equitable opportunities for all

• Drive innovation and growth with our business to serve diverse markets around the world

The Company’s DEI strategy is guided by internal and external insights, global best practices and continual employee feedback which remind the Company that while diversity changes by location, inclusion is the same everywhere.

The Company's DEI strategy is guided by internal and external insights, global best practices and continual employee feedback and recognizes that while diversity changes by location, inclusion is the same everywhere.

2023 Annual Report

Compensation and benefits

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The Company's total rewards offerings include an array of programs to support its employees' well-being, including annual performance incentive opportunities, pension and retirement savings programs, health and welfare benefits, paid time off, leave programs, flexible work schedules and employee assistance programs.

In recognition of the Company’s commitment to help employees balance their personal and professional responsibilities, the Company extended its paid parental leave benefit globally from 8 to 12 weeks for all eligible employees.

In the U.S., the benefit was effective on January 1, 2022, with retroactive coverage for new family additions as of July 1, 2021.

In recognition of the Company’s commitment to help employees balance their personal and professional responsibilities, the Company enhanced its caregiver, bereavement, and volunteer paid leave benefits, effective July 2023.

Health, wellness and safety

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The programs and practices the Company advances for total health—physical, mental, emotional and financial—ensure employee health protection for emerging health risks.

Protecting and supporting our employees as the COVID-19 pandemic has evolved continues to be a top priority and the Company’s approach includes:

ensuring the health and safety of our employees in the workplace through robust layers of protection;

enhanced cleaning and access to cleaning supplies and personal protective equipment;

supporting employees with benefits and well-being tools.

The Company continues to address our employees needs through J&J Flex, a hybrid model that empowers the Company’s office-based employees to find the right productivity and balance of in-person and remote work.

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The Company’s main corporate website address is www.jnj.com .

All of the Company’s SEC filings are also available on the Company’s website at www.investor.jnj.com/sec.cfm , as soon as reasonably practicable after having been electronically filed or furnished to the SEC.

All SEC filings are also available at the SEC’s website at www.sec.gov .

Investors and the public should note that the Company also announces information at www.factsaboutourprescriptionopioids.com, www.factsabouttalc.com and www.LTLManagementInformation.com .

The Company makes its SEC filings available on the Company’s website at www.investor.jnj.com/financials/sec-filings , as soon as reasonably practicable after having been electronically filed or furnished to the SEC.

The Company's SEC filings are also available at the SEC’s website at www.sec.gov .

Investors and the public should note that the Company also announces information at www.factsaboutourprescriptionopioids.com , www.factsabouttalc.com and www.LLTManagementInformation.com .

We use these websites to communicate with investors and the public about our products, litigation and other matters.

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Therefore, we encourage investors and others interested in the Company to review the information posted to these websites in conjunction with www.jnj.com , the Company's SEC filings, press releases, public conference calls and webcasts.

In addition, the Amended and Restated Certificate of Incorporation, By-Laws, the written charters of the Audit Committee, the Compensation & Benefits Committee, the Nominating & Corporate Governance Committee, the Regulatory Compliance & Sustainability Committee, the Science & Technology Committee and any special committee of the Board of Directors and the Company’s Principles of Corporate Governance, Code of Business Conduct (for employees), Code of Business Conduct & Ethics for Members of the Board of Directors and Executive Officers, and other corporate governance materials, are available at www.investor.jnj.com/gov.cfm on the Company's website and will be provided without charge to any shareholder submitting a written request, as provided above.

The information on www.jnj.com , www.factsaboutourprescriptionopioids.com, www.factsabouttalc.com and www.LTLManagementInformation.com is not, and will not be deemed, a part of this Report or incorporated into any other filings the Company makes with the SEC.

In addition, the Amended and Restated Certificate of Incorporation, By-Laws, the written charters of the Audit Committee, the Compensation & Benefits Committee, the Nominating & Corporate Governance Committee, the Regulatory Compliance & Sustainability Committee, the Science & Technology Committee and any special committee of the Board of Directors and the Company’s Principles of Corporate Governance, Code of Business Conduct (for employees), Code of Business Conduct & Ethics for Members of the Board of Directors and Executive Officers, and other corporate governance materials, are available at www.investor.jnj.com/governance/corporate-governance-overview on the Company's website and will be provided without charge to any shareholder submitting a written request, as provided above.

The information on www.jnj.com , www.factsaboutourprescriptionopioids.com , www.factsabouttalc.com and www.LLTManagementInformation.com is not, and will not be deemed, a part of this Report or incorporated into any other filings the Company makes with the SEC.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business