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1st Quarter 2017

Earnings Call Presentation

April 18, 2017

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Joseph J. Wolk
Vice President
Investor Relations

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Cautionary Note on Forward-Looking Statements
This presentation contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating
and financial performance, product development, market position and business strategy. The viewer is cautioned not to rely on these forward-looking statements. These
statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual
results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to, economic factors, such
as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges
inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for
new and existing products; challenges to patents; the impact of patent expirations; the ability of the company to successfully execute strategic plans, including
restructuring plans; market conditions and the possibility that the on-going share repurchase program may be suspended or discontinued; the impact of business
combinations and divestitures, including the planned acquisition of Actelion Ltd.; significant adverse litigation or government action, including related to product liability
claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior
and spending patterns or financial distress of purchasers of health care products and services; financial instability of international economies and legal systems and
sovereign risk; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory
action; increased scrutiny of the health care industry by government agencies; and the potential failure to meet obligations in compliance agreements with government
bodies. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year
ended January 1, 2017, including in the sections captioned Cautionary Note Regarding Forward-Looking Statements and Item 1A. Risk Factors, and the company's
subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.investor.jnj.com, or on request from
Johnson & Johnson. Any forward-looking statement made in this presentation speaks only as of the date of this presentation. Johnson & Johnson does not undertake to
update any forward-looking statement as a result of new information or future events or developments.

Cautionary Note on Non-GAAP Financial Measures

This presentation refers to certain non-GAAP financial measures. These non-GAAP financial measures should not be considered replacements for, and should be read
together with, the most comparable GAAP financial measures.
A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying financial schedules
of the earnings release and the Investor Relations section of the Companys website at www.investor.jnj.com.

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Strategic Partnerships, Collaborations & Licensing Arrangements
During the course of this mornings presentations, we will discuss a number of products and compounds developed
in collaboration with strategic partners or licensed from other companies. Following is an acknowledgement of those
relationships.

REMICADE and SIMPONI/SIMPONI ARIA marketing partners are Schering-Plough (Ireland) Company, a subsidiary of Merck & Co., Inc.
Immunology and Mitsubishi Tanabe Pharma Corporation, sirukumab developed in collaboration with GlaxoSmithKline, guselkumab licensed from
MorphoSys AG

Neuroscience INVEGA SUSTENNA/XEPLION/INVEGA TRINZA/TREVICTA includes technology licensed from Alkermes, Inc.

Infectious OLYSIO developed in collaboration with Medivir AB, PREZCOBIX/ REZOLSTA fixed-dose combination, darunavir + C/F/TAF and
Diseases & rilpivirine +F/TAF FDC developed in collaboration with Gilead Sciences, Inc., rilpivirine + dolutegravir FDC in collaboration with ViiV
Virology Healthcare UK, JNJ-3872 (VX-787) licensed from Vertex, Pharmaceuticals, Inc.

Cardiovascular/ INVOKANA/INVOKAMET/VOKANAMET/INVOKAMET XR fixed-dose combination licensed from Mitsubishi Tanabe Pharma Corporation,

Metabolism XARELTO co-developed with Bayer HealthCare AG

IMBRUVICA developed in collaboration and co-marketed in the U.S. with Pharmacyclics, LLC, an AbbVie company, ZYTIGA licensed from
Oncology BTG International Ltd., VELCADE developed in collaboration with Millennium: The Takeda Oncology Company, DARZALEX licensed from
Genmab A/S, PROCRIT/EPREX licensed from Amgen Inc., and imetelstat licensed from Geron Corporation

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1st Quarter 2017 Sales by Geographic Area
$ U.S. Billions % Change

TOTAL COMPANY 1Q 2017 1Q 2016 Reported Operational*

U.S. $9.4 $9.3 0.6 0.6

Europe 3.9 3.9 0.3 4.2

Western Hemisphere (ex U.S.) 1.4 1.3 9.2 2.5

Asia-Pacific, Africa 3.1 3.0 3.1 3.4

International 8.4 8.2 2.8 3.6

Worldwide (WW) $17.8 $17.5 1.6 2.0

* Excludes impact of translational currency

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 1st Quarter 2017 Financial Highlights
$ U.S. Billions, except EPS

1Q 2017 1Q 2016 % Change

1.6 Total
Sales $17.8 $17.5
2.0 Ops*

GAAP Earnings 4.4 4.5 (0.8)

GAAP EPS 1.61 1.59 1.3

Adjusted Earnings** 5.0 4.9 3.8

5.8 Total
Adjusted EPS** 1.83 1.73
7.5 Ops*

* Excludes impact of translational currency

** Non-GAAP measure; excludes intangible amortization expense and special items; see reconciliation

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 Consumer Highlights 1st Quarter 2017
Sales: $3.2B: WW 1.0%, U.S. 4.1%, Intl (1.3%)
Ops Change1: WW 0.8%, U.S. 4.1%, Intl (1.6%)
KEY DRIVERS OF OPERATIONAL PERFORMANCE1
CONSUMER TOTAL WW REPORTED OPERATIONAL Baby U.S. category declines coupled with share loss due
SEGMENT SALES $MM % GROWTH % GROWTH1
Care to competitive pressure
OUS Hipoglos acquisition offset by competitive
Baby Care $455 (5.8%) (6.3%) pressure

Beauty U.S. Vogue, Light Mask, NeoStrata acq. add ~+21

pts, market growth offset by share declines and
Beauty 981 11.6 11.7 seasonal stocking shift for NEUTROGENA sun
products

Oral Care 362 (6.0) (6.2) OUS excl. acq/div flat due to new product launches
offset by soft consumption in EMEA and Asia

Oral Care U.S. category declines primarily due to elevated

OTC 1,013 1.4 1.5 levels of trade discounting
OUS weakness in EMEA due to competitive Womens U.S. TUCKS divestiture
Womens promotional activity Health
242 (3.6) (5.3) OUS macroeconomic impacts in Latin America and
Health
OTC U.S. TYLENOL strength due to new products and category slowdown in Europe

Wound share gains partially offset by new product and

175 (11.6) (11.9) promotional prior year stocking for RHINOCORT Wound U.S. category slowdown and share loss due to
Care/Other and ZYRTEC Care/ competitive activity
Other
OUS divestitures offset by higher seasonal OUS SPLENDA divestiture
Total
$3,228 1.0% 0.8% consumption of upper respiratory products in EMEA
Consumer Total Excluding impact of acq/div2, WW (2.3%), U.S.
Consumer (2.9%), OUS (1.9%)
1 Excludes impact of translational currency
2 Non-GAAP measure; see reconciliation

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 Pharmaceutical Highlights 1st Quarter 2017
Sales: $8.2B: WW 0.8%, U.S. (1.3%), Intl 4.1%
Ops Change1: WW 1.4%, U.S. (1.3%), Intl 5.6%

KEY DRIVERS OF OPERATIONAL PERFORMANCE1

PHARMACEUTICAL TOTAL WW REPORTED OPERATIONAL
SEGMENT SALES $MM % GROWTH % GROWTH1 Immunology Strong U.S. immunology market growth and
increased penetration for STELARA and
SIMPONI ARIA
Immunology $2,930 0.7% 0.6% OUS strength across major regions for
Oncology Lower U.S. sales of ZYTIGA driven by slight
STELARA and SIMPONI / SIMPONI ARIA.
(cont.) market decline and higher utilization of
Lower sales of REMICADE due to biosimilar
independent patient assistance foundations.
Infectious 749 (3.5) (2.6) competition
ZYTIGA maintains 1st line share leadership in
Diseases mCRPC; strong growth in Japan
Infectious Strong sales of PREZCOBIX offset by lower
Diseases sales of PREZISTA; new product launch of
Cardiovascular INVOKANA/INVOKAMET lower sales due to
Neuroscience 1,497 (3.4) (2.7) ODEFSEY
/ Metabolism / higher utilization in Medicaid and discounts in
Other Managed Care channels. TRx share of 6.0% in
Neuroscience WW paliperidone long-acting injectables grew on T2D market
strength of INVEGA TRINZA/TREVICTA and
Oncology 1,594 17.7 19.3 INVEGA SUSTENNA/XEPLION U.S. XARELTO increase in market share
offset by 1Q16 Prior Period Adjustment
Lower U.S. sales of CONCERTA due to (PPA), Timing of Donut Hole costs and higher
Cardiovascular/ generic entry access discounts
Metabolism/ 1,475 (7.2) (6.5) Divestiture of API business (Noramco)
Other Total Excluding impact of acq/div2, WW +2.2%, U.S.
Oncology DARZALEX continued strong uptake in U.S. Pharmaceutical (0.4%), OUS +6.1%.
and EU; launched in 18 countries in Europe
Total Pharma $8,245 0.8% 1.4% 1Q16 PPA of ~ $200mm negatively impacted
Strong sales of IMBRUVICA due to increased WW Pharm growth (2.5 pts) primarily
patient uptake globally; U.S. new and total share impacting: REMICADE, STELARA,
leader for 2nd line CLL and MCL, 1st line CLL XARELTO, PROCRIT
1 Excludes impact of translational currency
2 Non-GAAP measure; see reconciliation

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 Medical Devices Highlights 1st Quarter 2017
Sales: $6.3B: WW 3.0%, U.S. 2.2%, Intl 3.8%
Ops Change1: 3.4%, U.S. 2.2%, Intl 4.7%
MEDICAL DEVICES TOTAL WW REPORTED OPERATIONAL
KEY DRIVERS OF OPERATIONAL PERFORMANCE1
SEGMENT SALES $MM % GROWTH % GROWTH1
Cardiovascular Electrophysiology growth of +17% driven by
Cardiovascular $499 12.6% 13.1% strong market growth and continued uptake
of the THERMOCOOL SMARTTOUCH
Diabetes Care 399 (7.0) (6.5) Contact Force Sensing Catheter
Diagnostics 1 * * Impacted by divestiture of Cordis in Q4 2015

Orthopaedics 2,325 (0.7) (0.2) Diabetes Care U.S. BGM price declines in MCO channel;
ID lower due to competitive pressure
Hips 352 2.9 3.5
Surgery Advanced: Endocutters +10%, Energy +7% and
OUS ID competitive pressure
Knees 398 2.3 3.1 Biosurgery +5%
Orthopaedics Hips: PINNACLE GRIPTION launch in General: strong Suture growth in the U.S., Brazil
Trauma 642 0.0 0.3
China and continued uptake of primary stem and Argentina offset by declines in Hernia and
Spine & Other 933 (3.6) (3.1) platform Mechanical
Knees: ATTUNE launch and share gains in Specialty: U.S. market and share declines in Mentor
Surgery 2,271 1.9 2.5 China, strength in MEA coupled with U.S. share declines in ASP

Advanced 877 7.5 8.3 Trauma: continued success of TFN-

ADVANCED nailing system, strong U.S. Vision Contact Lenses/Other: category growth and share
General 1,074 0.4 1.1 market growth offset by competitive Care gains driven by new products including launch of
pressures in ASPAC OASYS 1-Day for Astigmatism
Specialty 320 (6.4) (6.9)
Spine & Other: share losses in U.S. Spine Surgical: AMO acquisition Feb 27, 2017
Vision Care 798 24.7 24.5 due to portfolio gaps coupled with declines in
Power Tools, CMF and Codman Total Excluding impact of acq/div2, WW +1.7%, U.S.
Contact Lenses/Other 683 6.7 6.5 Medical (0.2%), OUS +3.7%
Spine: WW ~(4)%, U.S. ~(7)%, OUS flat Devices
Surgical 115 * *
Total Med Dev $6,293 3.0% 3.4%
1 Excludes impact of translational currency
2 Non-GAAP measure; see reconciliation

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Important Developments in 1st Quarter 2017
Pharmaceutical:
Announcement of a definitive agreement to acquire Actelion Ltd., for approximately $30B
Committee for Medicinal Products for Human Use of the European Medicines Agency (EMA) issued a positive opinion recommending
broadening the existing marketing authorization for DARZALEX (daratumumab) for use in combination with lenalidomide and
dexamethasone, or bortezomib and dexamethasone, for the treatment of multiple myeloma in patients who have received at least one
prior therapy
A supplemental New Drug Application was submitted to U.S. Food and Drug Administration (FDA) for IMBRUVICA (ibrutinib) for the
treatment of chronic Graft-Versus-Host Disease after failure of one or more lines of systemic therapy
Subsequent to the quarter, a marketing authorization application was submitted to the EMA for ZYTIGA (abiraterone acetate) to
expand the existing indication to include treatment of men with newly diagnosed high-risk metastatic hormone sensitive prostate
cancer

Medical Devices:
Completion of the acquisition of Abbott Medical Optics, a wholly-owned subsidiary of Abbott and global leader in ophthalmic surgery
Completion of the acquisition of Megadyne Medical Products, Inc., a privately held medical device company that develops,
manufactures and markets electrosurgical tools
Completion of the acquisition of Torax Medical Inc., a privately held medical device company that manufactures and markets the
LINX Reflux Management System for the surgical treatment of gastroesophageal reflux disease
Subsequent to the quarter, completion of the acquisition of Neuravi Limited, a privately held medical device company that develops
and markets medical devices for neurointerventional therapy

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 Dominic Caruso
Executive Vice President,
Chief Financial Officer

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1st Quarter 2017 Condensed Consolidated Statement of Earnings
(Unaudited; Dollars and Shares in FIRST QUARTER
Millions Except Per Share Figures)
2017 2016 Percent
Percent Percent Increase
Amount to Sales Amount to Sales (Decrease)
Sales to customers $ 17,766 100.0 $ 17,482 100.0 1.6
Cost of products sold 5,386 30.3 5,329 30.5 1.1
Selling, marketing and administrative expenses 4,737 26.6 4,688 26.8 1.0
Research and development expense 2,060 11.6 2,013 11.5 2.3
Interest (income) expense, net 83 0.5 77 0.4
Other (income) expense, net (160) (0.9) (39) (0.2)
Restructuring 85 0.5 120 0.7
Earnings before provision for taxes on income 5,575 31.4 5,294 30.3 5.3
Provision for taxes on income 1,153 6.5 837 4.8 37.8
Net earnings 4,422 24.9 4,457 25.5 (0.8)

Net earnings per share (Diluted) $ 1.61 $ 1.59 1.3

Average shares outstanding (Diluted) 2,754.5 2,803.8

Effective tax rate 20.7 % 15.8 %

Adjusted earnings before provision for taxes and net earnings (1)
Earnings before provision for taxes on income $ 6,103 34.4 $ 5,801 33.2 5.2
Net earnings $ 5,038 28.4 $ 4,854 27.8 3.8
Net earnings per share (Diluted) $ 1.83 $ 1.73 5.8
Effective tax rate 17.5 % 16.3 %

(1) See Reconciliation of Non-GAAP Financial Measures.

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 1Q 2017 Adjusted Income Before Tax by Segment*
% to Sales
$6.1B Q1 2017 Q1 2016
$5.8B
Pharmaceutical 45.0% 41.0%

Medical Devices 31.6% 33.5%

$3.7
$3.4 Consumer 20.2% 18.7%

Total 34.4% 33.2%

$2.0 $2.0 Pharmaceutical

Medical Devices
$0.7 $0.6
($0.3) ($0.2) Consumer
2017** 2016
Expenses Not Allocated to Segments

* Non-GAAP measure; excludes amortization expense and special items; see reconciliation at www.investor.jnj.com
** Estimated as of 4/18/17

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 2017 Guidance
APRIL 2017 JANUARY 2017

Net Interest $500 - $600 million

$600 - $700 million
Expense

Net Other
$1.1 - $1.3 billion $1.1 - $1.3 billion
Income*

Adjusted Pre-tax
Maintain to slightly improve Maintain to slightly improve
Operating Margin*,**

Effective Tax
19.0% - 20.0% 19.0% - 20.0%
Rate*
Note: April 2017 guidance includes the expected impact of Actelion.

* Non-GAAP measure; excludes intangible amortization expense and special items

** Sales less: COGS, SM&A and R&D expenses

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 2017 Guidance Sales
ESTIMATED ESTIMATED ESTIMATED
APRIL 2017 OPERATIONAL* CURRENCY REPORTED**

$76.1B - $76.8B ($0.7B) $75.4B - $76.1B

Sales Change vs. PY 5.8% - 6.8% (1.0%) 4.8% - 5.8%
Net Impact: Acq./Div. (2.8% 3.3%)

Sales ex. Acq./Div. Change vs. PY 3.0% - 3.5%

Note: April 2017 guidance includes the expected impact of Actelion.

ESTIMATED ESTIMATED ESTIMATED

JANUARY 2017 OPERATIONAL* CURRENCY REPORTED

$74.8B - $75.5B ($0.7B) $74.1B - $74.8B

Sales Change vs. PY
4.0% - 5.0% (1.0%) 3.0% - 4.0%
Net Impact: Acq./Div. (1.0% 1.5%)

Sales ex. Acq./Div. Change vs. PY 3.0% - 3.5%

* Excludes the impact of translational currency

** Euro Average Rate: Apr 2017 = $1.07

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 2017 Guidance EPS
ESTIMATED ESTIMATED ESTIMATED
APRIL 2017 OPERATIONAL** CURRENCY REPORTED***

$7.12 - $7.27 ($0.12) $7.00 - $7.15

Adjusted EPS* Change vs. PY 5.8% - 8.0% (1.8%) 4.0% - 6.2%

Note: April 2017 guidance includes the expected impact of Actelion.

ESTIMATED ESTIMATED ESTIMATED

JANUARY 2017 OPERATIONAL** CURRENCY REPORTED

$7.05 - $7.20 ($0.12) $6.93 - $7.08

Adjusted EPS* Change vs. PY 4.8% - 7.0% (1.8%) 3.0% - 5.2%

* Non-GAAP measure; excludes intangible amortization expense and special items

** Excludes the impact of translational currency
*** Euro Average Rate: Apr 2017 = $1.07

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 2017 Guidance Sales and EPS Summary
ESTIMATED ESTIMATED ESTIMATED
APRIL 2017 OPERATIONAL1 CURRENCY REPORTED2

$76.1B - $76.8B ($0.7B) $75.4B - $76.1B

Sales Change vs. PY 5.8% - 6.8% (1.0%) 4.8% 5.8%

Sales ex. Acq./Div.

3.0% - 3.5%
Change vs. PY3

$7.12 - $7.27 ($0.12) $7.00 - $7.15

Adjusted EPS4 Change vs. PY 5.8% - 8.0% (1.8%) 4.0% - 6.2%

Adjusted Pre-tax Operating Margin4,5 Maintain to slightly improve

Note: April 2017 guidance includes the expected impact of Actelion.

1 Excludes the impact of translational currency 4 Non-GAAP measure; excludes intangible amortization expense and special items
2 Euro Average Rate: Apr 2017 = $1.07 5 Sales less: COGS, SM&A and R&D expenses
3 Excludes Acq./Div impact of (2.8% - 3.3%)

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 Save the Date
Pharmaceutical
Business Review
Wednesday, May 17, 2017
Hyatt Regency, New Brunswick

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