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3rd Quarter 2015

Earnings Call Presentation

October 13, 2015

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Louise Mehrotra

Vice President

Investor Relations

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Note on Forward-Looking Statements These presentations contain “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 and uncertainties inherent in new product development, including uncertainty of clinical success and obtaining regulatory approvals;

uncertainty of commercial success for new and existing products; the ability of the company to successfully execute strategic plans; impact of

business combinations and divestitures; challenges to patents; the impact of patent expirations; market conditions and the possibility that the

share repurchase program may be suspended or discontinued; significant adverse litigation or government action, including related to product

liability claims; changes to applicable laws and regulations, including 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 description 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 December 28,

2014, including Exhibit 99 thereto, 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

these presentations speaks only as of the date of these presentations. Johnson & Johnson does not undertake to update any forward-looking

statements as a result of new information or future events or developments.

Note on Non-GAAP Financial Measures These presentations refer 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 Company’s website at www.investor.jnj.com.

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3rd Quarter 2015 Sales by Geographic Area

% Change

TOTAL COMPANY 3Q 2015 3Q 2014 Reported Operational*

U.S. $8.8 $8.8 (0.6) (0.6)

Europe 3.8 4.4 (14.5) 2.7

Western Hemisphere

(ex U.S.) 1.5 1.8 (19.6) 2.7

Asia-Pacific, Africa 3.0 3.4 (9.3) 1.2

International 8.3 9.6 (13.7) 2.1

Worldwide (WW) $17.1 $18.5 (7.4) 0.8

* Excludes impact of translational currency

$ U.S. Billions

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3rd Quarter 2015 Financial Highlights

* Excludes impact of translational currency

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

$ U.S. Billions, except EPS

3Q 2015 3Q 2014 % Change

Sales $17.1 $18.5 (7.4) Total

0.8 Ops*

GAAP Earnings 3.4 4.7 (29.3)

GAAP EPS 1.20 1.66 (27.7)

Adjusted Earnings** 4.2 4.6 (9.4)

Adjusted EPS** 1.49 1.61 (7.5) Total

1.2 Ops*

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Consumer Highlights – 3rd Quarter 2015

Key Drivers of Operational Performance*

• Skin Care

– Strong growth for AVEENO® &

NEUTROGENA® due share

gains and seasonal inventory

build

– OUS impacted by soft sales in

China

• Women's Health

– New products & successful

marketing campaigns OUS

• Wound Care/Other

– BENECOL® divestiture OUS

in November 2014

• Total Consumer

– Excl. net impact of Acq./Div.**,

WW growth +4.0%, U.S.

+8.9%, OUS +1.5%

• Baby Care

– New product launches partially

offset by soft sales in China

• Oral Care

– LISTERINE® new products

& successful marketing

campaigns

• OTC

– US analgesics up 29%; US

adult share ~12.5% & pediatric

share ~44.5%

– US Zyrtec® seasonal inventory

builds & initial stocking for re-

launched digestive health

– OUS results negatively

impacted by timing of seasonal

inventory build for upper

respiratory products

Sales: $3.3B Ops Change*: WW 3.1%, U.S. 8.9%, Int’l 0.4%

CONSUMER

SEGMENT

TOTAL WW

SALES $MM

REPORTED

% GROWTH

OPERATIONAL

% GROWTH*

Baby Care $506 (10.1%) 2.0%

Oral Care 378 (7.6) 3.5

OTC 963 (5.5) 6.3

Skin Care 863 (6.2) 2.5

Women’s

Health 310 (4.6) 13.3

Wound

Care/Other 294 (16.7) (11.9)

Total

Consumer $3,314 (7.7%) 3.1%

* Excludes impact of translational currency ** Non-GAAP measure; see reconciliation

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Pharmaceutical Highlights – 3rd Quarter 2015

Key Drivers of Operational Performance* • Oncology (cont.)

– ZYTIGA®

• U.S. - strong market growth

partially offset by share decline

• OUS - strong growth in Asia and

Latin America partially offset by

lower sales in Europe due to

increased competition

• Cardiovascular / Metabolism / Other** – INVOKANA®/INVOKAMET®

achieved 6.3% in defined U.S. T2D

market and ~13% share with

endocrinologists

– XARELTO® continued novel oral

anticoagulant U.S. market

leadership; 15.8% share of broader

oral anticoagulant market

• Total Pharmaceutical – Excl. net impact of Acq/Div and Hep

C sales***, WW growth +10.1%,

U.S. +11.5% and OUS +8.5%

• Immunology – Strong U.S. immunology market

growth and increased penetration

of SIMPONI ARIA®

– Two thirds of decline in

REMICADE® export attributed to

lower sales to our distributor in

Japan primarily due to an inventory

drawdown in preparation for label

expansion

• Infectious Diseases – Lower sales of hepatitis C products

due to competitive launches

– Increased sales of HIV products

with introduction of PREZCOBIX®

• Neuroscience – Long-acting injectable products

growth of +10% WW and +18%

U.S.

– CONCERTA® positive impact of

reclassification of generic competitor

products in U.S.

• Oncology − Sales of IMBRUVICA® due to

new indications and strong

patient uptake

Sales: $7.7B Ops Change*: WW (0.3%), U.S. (4.5%), Int’l 5.5%

PHARMACEUTICAL

SEGMENT

TOTAL WW

SALES $MM

REPORTED

% GROWTH

OPERATIONAL

% GROWTH*

Immunology $2,614 (1.0%) 4.4%

Infectious Diseases 848 (45.7) (39.9)

Neuroscience 1,476 (6.0) 3.4

Oncology 1,170 5.2 18.4

Cardiovascular/

Metabolism / Other ** 1,586 11.5 16.1

Total Pharma $7,694 (7.4%) (0.3%)

* Excludes impact of translational currency

** Previously referred to as Other *** Non-GAAP measure; see reconciliation

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Medical Devices Highlights – 3rd Quarter 2015

Key Drivers of Operational Performance*

• Orthopaedics (cont.)

– Results OUS were negatively impacted

by softer demand and a reduction in

inventory levels primarily in China

– Pricing pressure across major categories

partially offset by mix

• Specialty Surgery/Other

– WW Biosurgery +9%, OUS Energy +6%,

WW Mentor +13% due to market growth,

market share gains in certain segments

and new products

• Surgical Care

– Endo growth with ECHELON FLEXTM

family partially offset by pricing pressure

• Vision Care

– New product introductions drove strong

growth in all major regions

• Total Medical Devices

– Excl. net impact of Acq./Div.**, WW

growth +1.3%, U.S. +2.0%, OUS +0.8%

• Cardiovascular

– WW electrophysiology +9%; driven by

strong growth of THERMOCOOL

SMARTTOUCH® Contact Force

Sensing Catheter

• Diabetes

– Lower price partially offset by

ANIMAS® VIBETM strong double digit

growth and SMBG volume growth

• Diagnostics

– Divestiture of Ortho-Clinical

Diagnostics in June 2014

• Orthopaedics

– WW Knees flat; US +2%, strong sales

of ATTUNE® Knee System

– WW Hips +2%, US +3% driven by

primary stem platform

– WW Trauma flat, US +5%, new product

introduction - TFNA

– WW Spine (6%), US flat, competitive

challenges

– ORTHOVISC® /MONOVISC® strong

contributor to growth

Sales: $6.1B Ops Change*: WW 0.9%, U.S. 2.0%, Int’l 0.1%

MEDICAL DEVICES

SEGMENT

TOTAL WW

SALES $MM

REPORTED

% GROWTH

OPERATIONAL

% GROWTH*

Cardiovascular $524 (3.3%) 5.2%

Diabetes 470 (15.8) (6.4)

Diagnostics 16 (63.6) (39.8)

Orthopaedics 2,181 (7.0) (0.7)

Specialty

Surgery/Other 821 (4.3) 3.5

Surgical Care 1,399 (8.0) 0.9

Vision Care 683 (3.0) 8.1

Total Med Dev $6,094 (7.3%) 0.9%

* Excludes impact of translational currency ** Non-GAAP measure; see reconciliation

Gary Pruden Worldwide Chairman

SURGERY ORTHOPAEDICS CARDIOVASCULAR & SPECIALTY

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An Attractive, Evolving Market

GROWING (+4% 5-yr. CAGR) $325B

GLOBAL MARKET

AGING DEMOGRAPHICS,

RISE OF CHRONIC DISEASES

EXPANDING ACCESS TO CARE

CONSOLIDATION

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Our Advantage

BREADTH, DEPTH, SCALE AND FINANCIAL

STRENGTH

LEADERSHIP IN 17 KEY CATEGORIES 1 2 # #

BUSINESS SCALE IN EMERGING MARKETS

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Performance Year to Date

GROWTH FROM KEY EMERGING MARKETS – Slowing but continued growth

CHALLENGES – Global economy

– Pricing pressure

SOLID PERFORMANCE IN KEY PLATFORMS

OPPORTUNITIES – Aggressive reallocation to high-growth segments

– Strategic customer partnerships

– Disciplined approach to divestiture/acquisition

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Reaching more patients

Restoring more lives

Our Strategy

• Drive growth in priority platforms through innovation

and launch excellence

• Sustain our leadership in foundation platforms

• Leverage our breadth and scale through novel

commercial models

• Invest in areas of significant unmet need

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CARDIOVASCULAR SURGERY ORTHOPAEDICS

SUSTAIN GROWTH

IN CORE PLATFORMS

ANZ

GERMANY

BRAZIL

JAPAN CHINA

RUSSIA

US ITALY

UK

ACCELERATE

GROWTH IN PRIORITY

PLATFORMS

Our Strategy to Win

INNOVATION FOCUS:

5 KEY UNMET NEEDS

Surgical Oncology

Obesity

Select Cardiovascular

Disease Areas

Osteoarthritis

Osteoporosis

DRIVE ABOVE

MARKET GROWTH

IN 9 KEY

GEOGRAPHIES

ADVANCE INNOVATION

CADENCE

Products filed since

May 2014

LEVERAGING

OUR BREADTH AND SCALE

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14+ New product launches

planned in next 18-24 mos.

Novel

Commercial

Models

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Innovative Commercial Models

GLOBAL AND EMERGING MARKET SCALE

INNOVATION IN GROWTH PLATFORMS

ADDRESSING SIGNIFICANT UNMET NEEDS

– EU Orthopaedics hospital 6 year agreement

– US Academic medical center agreement

– Multinational hospital network risk sharing agreement

STRATEGIC CUSTOMER PARTNERSHIPS

INTEGRATED PROCEDURAL SELLING

CROSS-PLATFORM PROCEDURAL

INNOVATION

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Transforming the Future of

Surgery-enabling Robotics

• Advanced data analytics in the OR

• Flexible OR workflow dynamic

• Reduced cost to serve

+

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Robotics Opportunities: Today and Future

Robotics is shifting the

basis of competition

• Innovation at the system

level

• Connection between OR

and broader environment

• Potential bridge to the OR

for imaging & diagnostic

companies

Data

Integration

Cost

Reduction

Improved

Decision Making

Imaging

Integration

Reduced

OR Footprint

Today

Surgeon

Comfort

Marketability

Precision

Wristed

Movement 3D

Visualization

Access to deep

& angled spaces

Cutting &

Coagulation

Tissue

Removal

Anastomosis

Access

Manipulation

Transection

Closure

Future

Surgical

Environment

Emerging

Unmet Needs

New Robotic

Benefits

Traditional

MIP Benefits

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Leveraging Our Advantage

FOCUSING ON THE CATEGORIES

WHERE WE LEAD

LEVERAGING THE BROAD SCALE

OF JOHNSON & JOHNSON

ADVANCING STANDARDS OF CARE

FOR PATIENTS

POSITIONING TO DRIVE ABOVE MARKET

GROWTH AND DELIVER STRONG RETURNS

TO SHAREHOLDERS

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Dominic Caruso

Vice President, Finance

&

Chief Financial Officer

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Important Developments in 3rd Quarter 2015 Pharmaceutical:

• IMBRUVICA® (ibrutinib) Supplemental New Drug Application for treatment-naïve chronic lymphocytic leukemia submitted to the U.S. FDA

• Daratumumab Marketing Authorization Application submitted to the European Medicines Agency for relapsed and refractory multiple myeloma and is accepted for accelerated CHMP assessment

• U.S. FDA grants Priority Review for daratumumab as a treatment for double refractory multiple myeloma

• U.S. FDA approves update of SIMPONI ARIA® (golimumab for infusion) label to include improvement in both physical and emotional measures of health when treating moderately to severely active rheumatoid arthritis

• European Extension Marketing Authorization Application submitted for paliperidone palmitate once-every-three-months formulation for the treatment of schizophrenia

• U.S. FDA approved EDURANT® (rilpirivine), in combination with other anti-retroviral agents, for treatment-naïve adolescent patients aged 12 to 18 years with human immunodeficiency virus-1 (HIV-1) infection

• Supplemental New Drug Application submitted to U.S. FDA for all-oral, once-daily OLYSIO® (simeprevir) in combination with sofosbuvir

Medical Devices:

• Completion of Cordis divestiture to Cardinal Health*

Consumer:

• Completion of the divestiture of SPLENDA® brand to Heartland Food Products Group

Other:

• Board of Directors approval of the repurchase of up to $10 billion of the company's common stock*

* Q4 2015 event

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3rd Quarter 2015 Condensed Consolidated Statement of Earnings (Unaudited; Dollars and Shares in Millions Except Per Share Figures)

(Unaudited; in Millions Except Per Share Figures) THIRD QUARTER

2015 2014 Percent

Percent Percent Increase

Amount to Sales Amount to Sales (Decrease)

Sales to customers 17,102$ 100.0 18,467$ 100.0 (7.4)

Cost of products sold 5,224 30.5 5,399 29.2 (3.2)

Selling, marketing and administrative expenses 5,081 29.7 5,468 29.6 (7.1)

Research and development expense 2,154 12.6 2,023 11.0 6.5

In-process research and development 10 0.1 - -

Interest (income) expense, net 91 0.5 112 0.6

Other (income) expense, net 420 2.5 (1,345) (7.3)

Earnings before provision for taxes on income 4,122 24.1 6,810 36.9 (39.5)

Provision for taxes on income 764 4.5 2,061 11.2 (62.9)

Net earnings 3,358$ 19.6 4,749$ 25.7 (29.3)

Net earnings per share (Diluted) 1.20$ 1.66$ (27.7)

Average shares outstanding (Diluted) 2,807.2 2,864.3

Effective tax rate 18.5 % 30.3 %

Adjusted earnings before provision for taxes and net earnings (1)

Earnings before provision for taxes on income 5,212$ 30.5 6,077$ 32.9 (14.2)

Net earnings 4,172$ 24.4 4,605$ 24.9 (9.4)

Net earnings per share (Diluted) 1.49$ 1.61$ (7.5)

Effective tax rate 20.0 % 24.2 %

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

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2015 Guidance

OCTOBER 2015

JULY 2015

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

$450 - $550 million

$2.2 - $2.3 billion

21% - 22%

Net Interest

Expense

Net Other

Income*

Effective Tax

Rate*

$450 - $500 million

$2.3 - $2.4 billion

21% - 22%

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OCTOBER 2015 ESTIMATED

OPERATIONAL*

ESTIMATED

CURRENCY

ESTIMATED

REPORTED**

2015 Guidance – Sales

JULY 2015 ESTIMATED

OPERATIONAL*

ESTIMATED

CURRENCY

ESTIMATED

REPORTED**

** Euro Average Rate: October 2015 = 1.12; July 2015 = 1.10

$75.0B - $76.0B

1.0% - 2.0%

($5.0B)

(7.0%)

$70.0B - $71.0B

(6.0%) – (5.0%)

4.5%

5.5% - 6.5%

Sales % Change vs. PY

Sales ex. Acq./Div. & Hep C % Change vs. PY

Net Impact: Acq./Div. and Hep C

Sales % Change vs. PY

Net Impact: Acq./Div. and Hep C

Sales ex. Acq./Div. & Hep C % Change vs. PY

$75.0B - $76.0B

1.0% - 2.0%

4.5%

($5.0B)

(7.0%)

$70.0B - $71.0B

(6.0%) – (5.0%)

5.5% - 6.5%

* Excludes the impact of translational currency

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OCTOBER 2015 ESTIMATED

OPERATIONAL**

ESTIMATED

CURRENCY

ESTIMATED

REPORTED***

*** Euro Average Rate: October 2015 = 1.12 ; July 2015 = 1.10

JULY 2015 ESTIMATED

OPERATIONAL**

ESTIMATED

CURRENCY

ESTIMATED

REPORTED***

($0.60)

(9.4%)

$6.70 - $6.80

4.8% - 6.4%

$6.10 - $6.20

(4.6%) - (3.0%) Adjusted EPS* % Change vs. PY

Adjusted EPS* % Change vs. PY

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

** Excludes the impact of translational currency

$6.75 - $6.80

5.6% - 6.4%

($0.60)

(9.4%)

$6.15 - $6.20

(3.8%) - (3.0%)

2015 Guidance – EPS

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OCTOBER 2015 ESTIMATED

OPERATIONAL**

ESTIMATED

CURRENCY

ESTIMATED

REPORTED***

Sales % Change vs. PY

Adjusted EPS* % Change vs. PY

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

** Excludes the impact of translational currency

*** Euro Average Rate: October = 1.12

2015 Guidance – Sales and EPS Summary

$75.0B - $76.0B

1.0% - 2.0%

($5.0B)

(7.0%)

$70.0B - $71.0B

(6.0%) – (5.0%)

$6.75 - $6.80

5.6% - 6.4%

($0.60)

(9.4%)

$6.15 - $6.20

(3.8%) - (3.0%)