2014 Historical Financial Review

2014 Historical Financial Review

Historical Financial Review T he Historical Financial Review is prepared once per year and is available on line at www.investor.jnj.com. It is intended to supplement the Annual Report and other SEC filings and be used primarily by financial analysts to assist in a detailed financial analysis. While this document does include abbreviated financial statements, it is not a substitute for the more detailed financial statements (including footnotes) found in the Annual Report and other SEC filings. We appreciate your comments and suggestions on ways to improve this document and will attempt to incorporate them into future editions. Index Page Introduction 1 Five Year Selected Financial Data 2 Description of Major Business Franchises 3 Balance Sheets, Statements of Earnings, Statements of Cash Flows 4-6 Segments of Business Information 7-8 Geographical Areas 9 Sales Growth Rates 10 Quarterly Sales and Earnings Information 11-14 Sales and Net Earnings 1887-2014 15 Stock Split and Share Repurchase Information 16 Common Stock Information 1944-2014 17-18 Reconciliation of Non-GAAP Measures 19 Corporate and Shareholder/Investor Information 20 1

Five-Year Selected Financial Data 2010-2014 (Dollars in Millions Except Per Share Figures) Operating Results 2014 (1) 2013 (1) 2012 (1) 2011 (1) 2010 (1) Sales to customers $ 74,331 71,312 67,224 65,030 61,587 Earnings before provision for taxes on income 20,563 15,471 13,775 12,361 16,947 Net earnings attributable to J&J (2) 16,323 13,831 10,853 9,672 13,334 Basic net earnings per share 5.80 4.92 3.94 3.54 4.85 Diluted net earnings per share 5.70 4.81 3.86 3.49 4.78 Statistics Before tax margin 27.7 % 21.7 % 20.5 19.0 27.5 Net profit margin (2) 22.0 19.4 16.1 14.9 21.7 Effective tax rate 20.6 10.6 23.7 21.8 21.3 Return on average shareholders' equity 22.7 19.9 17.8 17.0 24.9 Return on total assets 12.4 % 10.4 % 8.9 8.5 13.0 Capital Structure Cash and Current Marketable Securities $ 33,089 29,206 21,089 32,261 27,658 Debt 18,760 18,180 16,165 19,627 16,773 Equity 69,752 74,053 64,826 57,080 56,579 Total capital 88,512 92,233 80,991 76,707 73,352 Net cash/(debt) $ 14,329 11,026 4,924 12,634 10,885 Total debt/total capital 21.2 % 19.7 % 20.0 25.6 22.9 Common Stock Information Dividends paid per share $ 2.760 2.590 2.400 2.250 2.110 Shareholders' equity per share 25.06 26.25 23.33 20.95 20.66 Market price per share (year end close) 105.06 92.35 69.48 65.58 61.85 Average shares outstanding (mm) - basic 2,815.2 2,809.2 2,753.3 2,736.0 2,751.4 - diluted 2,863.9 2,877.0 2,812.6 2,775.3 2,788.8 Cash dividends $ 7,768 7,286 6,614 6,156 5,804 Other Data Total assets $ 131,119 132,683 121,347 113,644 102,908 Research & development expense 8,494 8,183 7,665 7,548 6,844 Capital expenditures 3,714 3,595 2,934 2,893 2,384 Number of employees (thousands) 126.5 128.1 127.6 117.9 114.0 (1) For Adjusted earnings (before and after tax) and adjusted earnings per share, see Reconciliation of Non-GAAP Measures on Page 19. (2) After noncontrolling interests 2

Description of Major Business Franchises Consumer Segment Worldwide Consumer sales of $14.5 billion for the fullyear 2014 represented an operational increase of 1.0 percent. Excluding the net impact of acquisitions and divestitures, on an operational basis, worldwide sales increased 2.8 percent. Positive contributors to operational results were sales of TYLENOL and MOTRIN analgesics and ZYRTEC allergy overthe-counter products; AVEENO and NEUTROGENA skin care products; and LISTERINE oral care products. During the year, we launched several new products including Women s ROGAINE, ZYRTEC dissolve tabs and several new formulations of LISTERINE, and re-launched brands such as TYLENOL PM. Our insight-driven innovation in the Consumer business is focused on addressing key consumer need states, led by our 12 megabrands, with 20 new product launches planned for 2015. Medical Devices Segment Worldwide Medical Devices sales of $27.5 billion for the fullyear 2014 represented an operational decrease of 1.6 percent. Excluding the net impact of acquisitions and divestitures, on an operational basis, worldwide sales increased 1.6 percent. The Medical Devices business holds a strong leadership position in the industry, including 10 platforms with more than $1 billion in sales. We ve launched over 50 major new products since 2012, and have more than 30 major new filings planned by the end of 2016. Primary contributors to operational growth were our broad portfolio of Orthopaedic products; Biosense Webster s electrophysiology products in the Cardiovascular Care business; and biosurgicals and international sales of energy products in the Specialty Surgery business. Sales results in the Vision Care and U.S. Diabetes Care businesses were negatively impacted by competitive pricing dynamics. Key approvals and launches during the year include U.S. Food and Drug Administration (FDA) approval for the Animas Vibe insulin pump and Continuous Glucose Monitoring system for the management of insulinrequiring diabetes in adults ages 18 and older; the INCRAFT AAA Stent Graft System was approved and launched for treatment of abdominal aortic aneurysms (AAA) in Europe and Canada; the SABER PTA Dilatation Catheter for the treatment of patients with Peripheral Arterial Disease received FDA and European Commission approval; and the FDA approved the THERMOCOOL SMARTTOUCH Catheter for treatment of patients suffering from drug-resistant paroxysmal atrial fibrillation. On June 30, 2014, the Company completed the divestiture of its Ortho-Clinical Diagnostics business to The Carlyle Group for approximately $4 billion. Pharmaceutical Segment Worldwide Pharmaceutical sales of $32.3 billion for the fullyear 2014 represented operational growth of 16.5 percent. With 14 new medicines launched since 2009, our Pharmaceutical segment is the fastest growing of the top 10 pharmaceutical businesses in the U.S., Europe and Japan*, and our medicines are making a dramatic impact. The strong sales results were driven by new products and the strength of our core products. New products include OLYSIO /SOVRIAD (simeprevir), for combination treatment of chronic hepatitis C in adult patients; XARELTO (rivaroxaban), an oral anticoagulant; ZYTIGA (abiraterone acetate), an oral, once-daily medication for use in combination with prednisone for the treatment of metastatic, castration-resistant prostate cancer; INVOKANA (canagliflozin), for the treatment of adults with type 2 diabetes; and IMBRUVICA (ibrutinib), an oral, once-daily therapy approved for use in treating certain B-cell malignancies, or blood cancers. Additional contributors to operational sales growth were STELARA (ustekinumab), a biologic approved for the treatment of moderate to severe plaque psoriasis and psoriatic arthritis; INVEGA SUSTENNA /XEPLION (paliperidone palmitate), a oncemonthly, long-acting, injectable atypical antipsychotic for the treatment of schizophrenia in adults; SIMPONI /SIMPONI ARIA (golimumab) and REMICADE (infliximab), biologics approved for the treatment of a number of immunemediated inflammatory diseases. When it comes to innovation and ensuring we have continuous access to new ideas and products at their earliest stages, we expect the best science to prevail regardless of whether that comes from sources inside or outside of Johnson & Johnson. In 2014, we made two significant acquisitions to add to our innovation portfolio: Alios BioPharma, Inc., a privately-held clinical stage biopharmaceutical company focused on developing therapies for viral diseases; and Covagen AG, a privatelyheld biopharmaceutical company specializing in the development of multispecific protein therapeutics through the FynomAb technology platform. 3

Consolidated Balance Sheets Assets 2014 2013 2012 Current assets Cash and cash equivalents $ 14,523 20,927 14,911 Marketable securities 18,566 8,279 6,178 Accounts receivable trade, less allowance for doubtful accounts 10,985 11,713 11,309 Inventories 8,184 7,878 7,495 Other current assets 7,053 7,610 6,223 Total current assets 59,311 56,407 46,116 Property, plant and equipment, net 16,126 16,710 16,097 Intangible assets, net and Goodwill 49,054 50,745 51,176 Other non-current assets 6,628 8,821 7,958 Total assets $ 131,119 132,683 121,347 Liabilities and Shareholders' Equity Current liabilities Loans and notes payable $ 3,638 4,852 4,676 Accounts payable 7,633 6,266 5,831 Accrued liabilities 13,314 13,787 12,691 Accrued taxes on income 500 770 1,064 Total current liabilities 25,085 25,675 24,262 Long-term debt 15,122 13,328 11,489 Other long-term liabilities 21,160 19,627 20,770 Total liabilities 61,367 58,630 56,521 Shareholders' equity Common stock 3,120 3,120 3,120 Accumulated other comprehensive income (10,722) (2,860) (5,810) Retained earnings 97,245 89,493 85,992 89,643 89,753 83,302 Less: common stock held in treasury, at cost 19,891 15,700 18,476 Total shareholders' equity $ 69,752 74,053 64,826 Total liabilities and shareholders' equity $ 131,119 132,683 121,347 4

Consolidated Statements of Earnings 2014 (1) 2013 (1) 2012 (1) 2011 (1) 2010 (1) Sales to customers $ 74,331 $ 71,312 $ 67,224 $ 65,030 $ 61,587 Cost of products sold 22,746 22,342 21,658 20,360 18,792 Gross profit 51,585 48,970 45,566 44,670 42,795 Selling, marketing and administrative expenses 21,954 21,830 20,869 20,969 19,424 Research and development expense 8,494 8,183 7,665 7,548 6,844 In-process research and development 178 580 1,163 - - Interest income (67) (74) (64) (91) (107) Interest expense, net of portion capitalized 533 482 532 571 455 Other (income) expense, net (70) 2,498 1,626 2,743 (768) Restructuring - - 569 - Earnings before provision for taxes on income 20,563 15,471 13,775 12,361 16,947 Provision for taxes on income 4,240 1,640 3,261 2,689 3,613 Net earnings 16,323 13,831 10,514 9,672 13,334 Add: Net loss attributable to noncontrolling interests - - 339 - - Net earnings attributable to Johnson & Johnson 16,323 13,831 10,853 9,672 13,334 Basic net earnings per share attributable to J&J $ 5.80 $ 4.92 $ 3.94 $ 3.54 $ 4.85 Diluted net earnings per share attributable to J&J $ 5.70 $ 4.81 $ 3.86 $ 3.49 $ 4.78 Ratios to Sales Sales to customers 100.0% 100.0% 100.0% 100.0% 100.0% Cost of products sold 30.6 31.3 32.2 31.3 30.5 Gross profit 69.4 68.7 67.8 68.7 69.5 Selling, marketing & administrative expense 29.5 30.6 31.0 32.3 31.5 Research and development expense 11.4 11.5 11.4 11.6 11.1 Earnings before provision for taxes on income 27.7 21.7 20.5 19.0 27.5 Provision for taxes on income 5.7 2.3 4.9 4.1 5.8 Net earnings attributable to Johnson & Johnson 22.0 19.4 16.1 14.9 21.7 (1) For adjusted earnings (before and after tax) and adjusted earnings per share, see Reconciliation of Non-GAAP Measures on Page 19. 5

Consolidated Statements of Cash Flows 2014 2013 2012 Cash flows from operations Net earnings $ 16,323 13,831 10,514 Adjustments to reconcile net earnings to cash flows: Depreciation and amortization of property and intangibles 3,895 4,104 3,666 Stock Based Compensation 792 728 662 Noncontrolling interest - - 339 Venezuela adjustments 87 108 - Asset write-downs 410 739 2,131 Net gain on sale of assets/businesses (2,383) (113) (908) Net gain on equity investment transactions - (417) - Deferred tax provision 441 (607) (39) Accounts receivable allowances (28) (131) 92 Changes in assets and liabilities, net of effects from acquisitions: (Increase) in accounts receivable (247) (632) (9) (Increase) in inventories (1,120) (622) (1) Increase in accounts payable and accrued liabilities 955 1,821 2,768 Decrease/(Increase) in other current and non-current assets 442 (1,693) (1,264) (Decrease)/Increase in other current and non-current liabilities (1,096) 298 (2,555) Net cash flows from operating activities 18,471 17,414 15,396 Cash flows from investing activities Additions to property, plant and equipment (3,714) (3,595) (2,934) Proceeds from the disposal of assets / businesses, net 4,631 458 1,509 Acquisitions, net of cash acquired (2,129) (835) (4,486) Purchases of investments (34,913) (18,923) (13,434) Sales of investments 24,119 18,058 14,797 Other (299) (266) 38 Net cash used by investing activities (12,305) (5,103) (4,510) Cash flows from financing activities Dividends to shareholders (7,768) (7,286) (6,614) Repurchase of common stock (7,124) (3,538) (12,919) Proceeds from short-term debt 1,863 1,411 3,268 Retirement of short-term debt (1,267) (1,397) (6,175) Proceeds from long-term debt 2,098 3,607 45 Retirement of long-term debt (1,844) (1,593) (804) Proceeds from the exercise of stock options/excess tax benefits 1,782 2,649 2,720 Other - 56 (83) Net cash used by financing activities (12,260) (6,091) (20,562) Effect of exchange rate changes on cash and cash equivalents (310) (204) 45 (Decrease)/Increase in cash and cash equivalents (6,404) 6,016 (9,631) Cash and cash equivalents, beginning of year 20,927 14,911 24,542 Cash and cash equivalents, end of year $ 14,523 20,927 14,911 Supplemental cash flow data Cash paid during the year for: Interest $ 603 596 616 Interest, net of amount capitalized 488 491 501 Income taxes 3,536 3,155 2,507 Supplemental schedule of non-cash investing and financing activities Issuance of common stock associated with the acquisition of Synthes, Inc. $ - - 13,335 Treasury stock issued for employee compensation and stock option plans, net of cash proceeds 1,170 743 615 Conversion of debt 17 22 - Acquisition of businesses Fair value of assets acquired $ 2,167 1,028 19,025 Fair value of liabilities assumed and noncontrolling interests (38) (193) (1,204) Net fair value of acquisitions $ 2,129 835 17,821 Less: Issuance of common stock associated with the acquisition of Synthes, Inc. - - 13,335 Net cash paid for acquisitions $ 2,129 835 4,486 6

Segments of Business Sales to Customers 2014 (1) 2013 (2) 2012 (3) 2011 (4) 2010 (5) Consumer United States $ 5,096 5,162 5,046 5,151 5,519 International 9,400 9,535 9,401 9,732 9,071 Total 14,496 14,697 14,447 14,883 14,590 Pharmaceutical United States 17,432 13,948 12,421 12,386 12,519 International 14,881 14,177 12,930 11,982 9,877 Total 32,313 28,125 25,351 24,368 22,396 Medical Devices United States 12,254 12,800 12,363 11,371 11,412 International 15,268 15,690 15,063 14,408 13,189 Total 27,522 28,490 27,426 25,779 24,601 Worldwide United States 34,782 31,910 29,830 28,908 29,450 International 39,549 39,402 37,394 36,122 32,137 Total $ 74,331 71,312 67,224 65,030 61,587 Pre-Tax Profit Consumer $ 1,941 1,973 1,693 2,096 2,342 Pharmaceutical 11,696 9,178 6,075 6,406 7,086 Medical Devices 7,953 5,261 7,187 5,263 8,272 Segments Total 21,590 16,412 14,955 13,765 17,700 Less: Expenses not allocated to segments (6) 1,027 941 1,180 1,404 753 Worldwide Total $ 20,563 15,471 13,775 12,361 16,947 Pre-Tax Profit as % of Segment Sales Consumer 13.4% 13.4 11.7 14.1 16.1 Pharmaceutical 36.2% 32.6 24.0 26.3 31.6 Medical Devices 28.9% 18.5 26.2 20.4 33.6 Segments Total 29.0% 23.0 22.2 21.2 28.7 Worldwide Total 27.7% 21.7 20.5 19.0 27.5 Identifiable Assets Consumer $ 21,813 23,711 24,131 24,210 23,753 Pharmaceutical 25,803 23,783 23,219 23,747 19,961 Medical Devices 41,445 44,585 42,926 23,609 23,277 Segments Total 89,061 92,079 90,276 71,566 66,991 General corporate (7) 42,058 40,604 31,071 42,078 35,917 Worldwide Total $ 131,119 132,683 121,347 113,644 102,908 (1) 2014 pre-tax profit includes net litigation expense of $1,253 million comprised of $907 million, $259 million and $87 million in the Medical Devices, Pharmaceutical and Consumer segments, respectively. Includes $178 million of in-process research and development expense, comprised of $147 million and $31 million in the Pharmaceutical and Medical Devices segments, respectively. The Medical Devices segment includes a net gain of $1,899 million from the divestiture of the Ortho- Clinical Diagnostics business, Synthes integration costs of $754 million and $126 million expense for the cost associated with the DePuy ASR TM Hip program. Includes an additional year of the Branded Prescription Drug Fee of $220 million in the Pharmaceutical segment. (2) 2013 pre-tax profit includes $2,276 million of net litigation expense comprised of $1,975 million and $301 million in the Medical Devices and Pharmaceutical segments, respectively. Includes $683 million of Synthes integration/transaction costs in the Medical Devices segment. Includes $580 million of in-process research and development expense, comprised of $514 million and $66 million in the Pharmaceutical and Medical Devices segments, respectively. The Medical Devices segment also includes $251 million expense for the cost associated with the DePuy ASR TM Hip program. Includes $98 million of income related to other adjustments comprised of $55 million and $43 million in the Consumer and Pharmaceutical segments, respectively. (3) 2012 pre-tax profit includes $1,218 million of net litigation expense comprised of $658 million and $560 million in the Pharmaceutical and Medical Devices segments, respectively. Includes $1,163 million of in-process research and development expense, comprised of $1,111 million and $52 million in the Pharmaceutical and Medical Devices segments, respectively. Includes $795 million of Synthes integration/transaction costs in the Medical Devices segment. Includes $909 million of asset writedowns and other adjustments, comprised of $499 million, $264 million and $146 million in the Pharmaceutical, Consumer and Medical Devices segments, respectively. The Medical Devices segment also includes $110 million expense for the cost associated with the DePuy ASR Hip program. (4) 2011 pre-tax profit includes $3,310 million of net litigation expense comprised of $1,741 million and $1,569 million in the Pharmaceutical and Medical Devices segments, respectively. Includes $656 million of net restructuring expense, comprised of $676 million expense in the Medical Devices segment and a gain of $20 million in the Pharmaceutical segment. The Medical Devices segment also includes $521 million expense for the cost associated with the DePuy ASR Hip program. (5) 2010 pre-tax profit includes $397 million of net litigation gain comprised of $447 million expense in the Pharmaceutical segment and a gain of $844 million in the Medical Devices segment. The Medical Devices segment also includes $280 million expense for the cost associated with the DePuy ASR Hip program. (6) Amounts not allocated to segments include interest (income) expense, noncontrolling interests and general corporate (income) expense. Includes expense of $0.2 billion and $0.5 billion of currency related expense related to the acquisition of Synthes, Inc. in 2012 and 2011, respectively. (7) General corporate includes cash, cash equivalents & marketable securities. 7

Segments of Business Additions to Property, Plant and Equipment 2014 2013 2012 2011 2010 Consumer $ 581 533 468 670 526 Pharmaceutical 977 856 737 729 508 Medical Devices 1,807 1,724 1,230 1,095 1,113 Segments Total 3,365 3,113 2,435 2,494 2,147 General corporate 349 482 499 399 237 Worldwide Total $ 3,714 3,595 2,934 2,893 2,384 Depreciation & Amortization Consumer $ 577 539 575 631 532 Pharmaceutical 1,053 1,075 1,010 958 912 Medical Devices 1,974 2,224 1,857 1,331 1,270 Segments Total 3,604 3,838 3,442 2,920 2,714 General corporate 291 266 224 238 225 Worldwide Total $ 3,895 4,104 3,666 3,158 2,939 Research Expense and Development Consumer segment $ 629 590 622 659 609 Pharmaceutical segment 6,213 5,810 5,362 5,138 4,432 Medical Devices segment 1,652 1,783 1,681 1,751 1,803 Worldwide total $ 8,494 8,183 7,665 7,548 6,844 Research Expense as a Percent of Segment Sales Consumer segment 4.3% 4.0% 4.3% 4.4% 4.2% Pharmaceutical segment 19.2% 20.7% 21.2% 21.1% 19.8% Medical Devices segment 6.0% 6.3% 6.1% 6.8% 7.3% Worldwide total 11.4% 11.5% 11.4% 11.6% 11.1% Pharmaceutical Research Expense as a Percent of total J&J WW Sales 8.4% 8.1% 8.0% 7.9% 7.2% 8

Geographical Areas Sales to Customers 2014 2013 2012 2011 2010 United States $ 34,782 31,910 29,830 28,908 29,450 Europe 18,947 18,599 16,945 17,129 15,510 Western Hemisphere excluding U.S. 7,160 7,421 7,207 6,418 5,550 Asia-Pacific, Africa 13,442 13,382 13,242 12,575 11,077 Total $ 74,331 71,312 67,224 65,030 61,587 Long-Lived Assets United States $ 36,835 35,880 35,115 23,529 23,315 Europe 21,559 24,868 25,261 19,056 16,791 Western Hemisphere excluding U.S. 3,210 3,281 3,636 3,517 3,653 Asia-Pacific, Africa 2,438 2,434 2,362 2,163 2,089 Segments total 64,042 66,463 66,374 48,265 45,848 General corporate 1,138 992 899 750 715 Other non long-lived assets 65,939 65,228 54,074 64,629 56,345 Worldwide total $ 131,119 132,683 121,347 113,644 102,908 9

Sales Growth Rates 2014 2013 2012 2011 2010 United States 9.0% 7.0% 3.2% -1.8% -4.7% Operations 9.0% 7.0% 3.2% -1.8% -4.7% International 0.4% 5.4% 3.5% 12.4% 3.6% Operations 3.7% 8.2% 8.4% 7.0% 1.9% Currency -3.3% -2.8% -4.9% 5.4% 1.7% Worldwide 4.2% 6.1% 3.4% 5.6% -0.5% Operations 6.1% 7.7% 6.1% 2.8% -1.3% Currency -1.9% -1.6% -2.7% 2.8% 0.8% Compound Growth Rates United States International Worldwide 2009-2014 (5 Yr.) 2.4% 5.0% 3.7% 2004-2014 (10 Yr.) 2.3% 7.3% 4.6% 10

Quarterly Sales by Segment (Dollars in Millions) Consumer Pharmaceutical Year U.S. Int'l WW U.S. Int'l WW 1Q 2010 1,560 2,206 3,766 3,206 2,432 5,638 2Q 2010 1,463 2,184 3,647 3,110 2,443 5,553 3Q 2010 1,277 2,290 3,567 3,054 2,441 5,495 4Q 2010 1,219 2,391 3,610 3,149 2,561 5,710 2010 5,519 9,071 14,590 12,519 9,877 22,396 1Q 2011 1,345 2,337 3,682 3,391 2,668 6,059 2Q 2011 1,339 2,454 3,793 3,239 2,994 6,233 3Q 2011 1,219 2,521 3,740 2,869 3,113 5,982 4Q 2011 1,248 2,420 3,668 2,887 3,207 6,094 2011 5,151 9,732 14,883 12,386 11,982 24,368 1Q 2012 1,316 2,279 3,595 3,026 3,107 6,133 2Q 2012 1,313 2,306 3,619 3,094 3,197 6,291 3Q 2012 1,214 2,367 3,581 3,288 3,114 6,402 4Q 2012 1,203 2,449 3,652 3,013 3,512 6,525 2012 5,046 9,401 14,447 12,421 12,930 25,351 1Q 2013 1,348 2,327 3,675 3,471 3,297 6,768 2Q 2013 1,326 2,332 3,658 3,377 3,648 7,025 3Q 2013 1,225 2,386 3,611 3,549 3,487 7,036 4Q 2013 1,263 2,490 3,753 3,551 3,745 7,296 2013 5,162 9,535 14,697 13,948 14,177 28,125 1Q 2014 1,309 2,248 3,557 3,740 3,758 7,498 2Q 2014 1,320 2,424 3,744 4,613 3,896 8,509 3Q 2014 1,173 2,416 3,589 4,723 3,584 8,307 4Q 2014 1,294 2,312 3,606 4,356 3,643 7,999 2014 5,096 9,400 14,496 17,432 14,881 32,313 11

Quarterly Sales by Segment (Dollars in Millions) Medical Devices Total Year U.S. Int'l WW U.S. Int'l WW 1Q 2010 2,886 3,341 6,227 7,652 7,979 15,631 2Q 2010 2,865 3,265 6,130 7,438 7,892 15,330 3Q 2010 2,800 3,120 5,920 7,131 7,851 14,982 4Q 2010 2,861 3,463 6,324 7,229 8,415 15,644 2010 11,412 13,189 24,601 29,450 32,137 61,587 1Q 2011 2,872 3,560 6,432 7,608 8,565 16,173 2Q 2011 2,869 3,702 6,571 7,447 9,150 16,597 3Q 2011 2,780 3,503 6,283 6,868 9,137 16,005 4Q 2011 2,850 3,643 6,493 6,985 9,270 16,255 2011 11,371 14,408 25,779 28,908 36,122 65,030 1Q 2012 2,877 3,534 6,411 7,219 8,920 16,139 2Q 2012 2,953 3,612 6,565 7,360 9,115 16,475 3Q 2012 3,289 3,780 7,069 7,791 9,261 17,052 4Q 2012 3,244 4,137 7,381 7,460 10,098 17,558 2012 12,363 15,063 27,426 29,830 37,394 67,224 1Q 2013 3,206 3,856 7,062 8,025 9,480 17,505 2Q 2013 3,243 3,951 7,194 7,946 9,931 17,877 3Q 2013 3,151 3,777 6,928 7,925 9,650 17,575 4Q 2013 3,200 4,106 7,306 8,014 10,341 18,355 2013 12,800 15,690 28,490 31,910 39,402 71,312 1Q 2014 3,155 3,905 7,060 8,204 9,911 18,115 2Q 2014 3,199 4,043 7,242 9,132 10,363 19,495 3Q 2014 2,946 3,625 6,571 8,842 9,625 18,467 4Q 2014 2,954 3,695 6,649 8,604 9,650 18,254 2014 12,254 15,268 27,522 34,782 39,549 74,331 12

Quarterly Statement of Earnings (1) (Dollars in Millions except per share figures) Year Sales Cost of Products Sold SM&A R&D In-process Research and Development Net Interest Exp. (Inc.) Other Exp. (Inc.) 1Q 2014 $ 18,115 $ 5,455 $ 5,183 $ 1,831 $ 18 $ 118 $ 86 2Q 2014 19,495 6,039 5,481 2,005 4 114 226 3Q 2014 18,467 5,399 5,468 2,023-112 (1,345) 4Q 2014 18,254 5,853 5,822 2,635 156 122 963 2014 $ 74,331 $ 22,746 $ 21,954 $ 8,494 $ 178 $ 466 $ (70) Quarterly Statement of Earnings - as a % of Sales Year Sales Cost of Products Sold Gross Margin SM&A R&D In-process Research and Development Net Interest Exp. (Inc.) 1Q 2014 100.0% 30.1% 69.9% 28.6% 10.1% 0.1% 0.7% 2Q 2014 100.0% 31.0% 69.0% 28.1% 10.3% 0.0% 0.6% 3Q 2014 100.0% 29.2% 70.8% 29.6% 11.0% - 0.6% 4Q 2014 100.0% 32.1% 67.9% 31.9% 14.4% 0.8% 0.7% 2014 100.0% 30.6% 69.4% 29.5% 11.4% 0.3% 0.6% (1) Net Earnings are GAAP and therefore, do not exclude special items. Refer to Page 19, Reconciliation of Non-GAAP Measures, for an analysis of 2010-2014 Full Year Adjusted Earnings 13

Quarterly Statement of Earnings (Continued) (1) (Dollars in Millions except per share figures) Year Total Cost & Expense Earnings Before Taxes Provision for/(benefit from) Taxes on Income Net Earnings Basic Earnings per Share Basic Average Shares Diluted Earnings per Share Diluted Average Shares 1Q 2014 $ 12,691 $ 5,424 $ 697 $ 4,727 $ 1.67 2,826.8 $ 1.64 2,874.7 2Q 2014 13,869 5,626 1,300 4,326 1.53 2,826.4 1.51 2,874.2 3Q 2014 11,657 6,810 2,061 4,749 1.69 2,814.4 1.66 2,864.3 4Q 2014 15,551 2,703 182 2,521 0.90 2,795.2 0.89 2,845.3 2014 $ 53,768 $ 20,563 $ 4,240 $ 16,323 $ 5.80 2,815.2 $ 5.70 2,863.9 Quarterly Statement of Earnings - as a % of Sales Year Other Exp. (Inc.) Total Cost & Expense Earnings Before Taxes Provision for/(benefit from) Taxes on Income Income Taxes (Eff. Rate) Net Earnings 1Q 2014 0.5% 70.1% 29.9% 3.8% 12.9% 26.1% 2Q 2014 1.1% 71.1% 28.9% 6.7% 23.1% 22.2% 3Q 2014-7.3% 63.1% 36.9% 11.2% 30.3% 25.7% 4Q 2014 5.3% 85.2% 14.8% 1.0% 6.7% 13.8% 2014-0.1% 72.3% 27.7% 5.7% 20.6% 22.0% (1) Net Earnings are GAAP and therefore, do not exclude special items. Refer to Page 19, Reconciliation of Non-GAAP Measures, for an analysis of 2010-2014 Full Year Adjusted Earnings 14

Sales and Net Earnings (2) 1887-2014 (1) (Dollars in Millions) Year Net Trade Sales Net Earnings Year Net Trade Sales Net Earnings Year Net Trade Sales (1) Net Earnings 1931 17.4 1.3 1976 2,522.5 205.4 1887 $ 0.1 1932 15.2 1.1 1977 2,914.1 247.3 1888 0.2 1933 17.1 0.9 1978 3,497.3 299.1 1889 0.3 1934 20.7 1.0 1979 4,211.6 352.1 1890 0.4 1935 24.7 1.3 1980 4,837.4 400.7 1891 0.4 1936 28.9 2.1 1981 5,399.0 467.6 1892 0.5 1937 32.3 1.7 1982 5,760.9 473.0 1893 0.5 1938 33.4 2.7 1983 5,972.9 489.0 1894 0.6 1939 35.1 3.7 1984 6,124.5 514.5 1895 0.6 1940 39.1 2.4 1985 6,421.3 613.7 1896 0.7 1941 56.6 3.2 1986 7,003.0 330.0 1897 0.7 $ 0.19 1942 78.2 2.8 1987 8,011.5 833.0 1898 0.9 0.13 1943 93.1 3.1 1988 8,999.5 974.0 1899 1.1 0.20 1944 93.6 3.1 1989 9,829.0 1,082.0 1900 1.3 0.23 1945 96.0 3.1 1990 11,365.0 1,080.0 1901 1.4 0.23 1946 112.6 8.3 1991 12,210.0 1,270.0 1902 1.6 0.27 1947 152.3 9.9 1992 13,600.0 977.0 1903 1.8 0.28 1948 165.6 12.1 1993 13,877.0 1,786.0 1904 2.0 0.36 1949 168.3 10.0 1994 15,454.0 1,961.0 1905 2.4 0.33 1950 195.5 15.7 1995 18,537.0 2,416.0 1906 2.7 0.53 1951 227.6 12.3 1996 21,387.0 2,942.0 1907 3.0 0.77 1952 232.2 8.8 1997 22,522.0 3,070.0 1908 2.9 0.54 1953 236.1 11.2 1998 23,811.0 3,024.0 1909 3.2 0.63 1954 243.5 12.2 1999 27,357.0 4,133.0 1910 3.9 0.67 1955 267.5 14.0 2000 29,172.0 4,764.0 1911 4.4 0.54 1956 293.6 15.6 2001 32,317.0 5,405.0 1912 4.6 1.05 1957 315.6 16.9 2002 36,298.0 6,277.0 1913 4.8 0.75 1958 321.2 15.1 2003 41,862.0 6,848.0 1914 5.0 0.63 1959 368.4 19.7 2004 47,348.0 8,180.0 1915 5.1 0.74 1960 384.4 20.2 2005 50,514.0 10,060.0 1916 6.2 1.11 1961 414.5 17.7 2006 53,324.0 11,053.0 1917 9.6 1.22 1962 447.6 19.9 2007 61,095.0 10,576.0 1918 13.7 1.37 1963 462.4 21.5 2008 63,747.0 12,949.0 1919 11.2 0.83 1964 503.3 26.8 2009 61,897.0 12,266.0 1920 15.2 0.50 1965 576.0 34.4 2010 61,587.0 13,334.0 1921 12.5 1.30 1966 660.6 40.1 2011 65,030.0 9,672.0 1922 13.7 1.90 1967 712.3 45.9 2012 67,224.0 10,853.0 1923 15.5 1.80 1968 801.3 57.6 2013 71,312.0 13,831.0 1924 16.0 1.80 1969 901.9 69.4 2014 $ 74,331.0 $ 16,323.0 1925 16.2 2.10 1970 1,002.0 83.7 1926 16.5 2.00 1971 1,140.5 101.8 1927 16.8 1.50 1972 1,317.7 120.7 1928 18.4 0.80 1973 1,611.8 148.4 1929 19.9 1.60 1974 1,937.2 161.6 1930 18.7 1.20 1975 2,224.7 183.8 (1) Sales restated for EITF change for 1991-2001 only. Net Earnings restated for FAS 123R Share Based Payment for 1996-2005. (2) Net Earnings attributable to Johnson & Johnson. Note: 1887-1989 information not restated and may include estimates. Note: Net Earnings are reported according to GAAP and therefore do not exclude special items. Refer to Page 19, Reconciliation of Non-GAAP Measures, for an analysis of 2010-2014 Adjusted Earnings. 15

Stock Split and Share Repurchase Information (Dollars in Millions) Stock Splits Pay Out Date May 5, 1947 November 15, 1948 November 15, 1949 March 20, 1951 January 9, 1959 June 19, 1967 May 15, 1970 May 18, 1981 May 10, 1989 June 9, 1992 June 11, 1996 June 12, 2001 Action 100% Stock Dividend 5% Stock Dividend 5% Stock Dividend 5% Stock Dividend 2 1/2 for 1 Split 200% Stock Dividend 3 for 1 Split 3 for 1 Split 2 for 1 Split 2 for 1 Split 2 for 1 Split 2 for 1 Split Share Repurchase Program* Total Shares Total Value Avg. Price Year (Millions) (Dollars in Millions) Per Share 1984 160.0 $329 $2.0550 1986 160.0 670 4.1865 1988 97.8 500 5.1230 1992 42.4 500 11.7975 1993 49.6 500 10.0625 2002 83.6 5,000 59.7994 2006 81.8 5,000 61.1247 2007 55.8 3,600 64.5870 2008 69.1 4,500 65.1230 2009 15.5 800 51.6129 2010 17.9 1,100 61.4525 2014 (1) 33.7 $3,500 $103.8576 * Total value may be rounded. In addition, the Company repurchases shares annually for use in employee stock option and employee incentive plans. In 1990, the Company repurchased 12.8 million shares for a total value of $100 million in connection with the establishment of an ESOP. All shares and average price per share have been adjusted for stock split. (1) On July 21, 2014, the Company announced that is Board of Directors approved a share repurchase program, authorizing the Company to purchase up to $5.0 billion of the Company's Common Stock. 16

Common Stock Information 1944-2014 (Price per share/shares in Millions) YEARLY YEARLY YEARLY YEAR-END YEARLY NET SHARES P/E YEAR HIGH LOW AVERAGE PRICE DIVIDEND OUTSTANDING* RATIO 9/25/44 (open) $ 0.02 2,213.6 1944 $ 0.02 $ 0.01 $ 0.02 0.01 $ 0.00008 2,213.6 10 1945 0.03 0.02 0.02 0.02 0.00012 2,242.7 19 1946 0.03 0.02 0.02 0.03 0.00012 2,264.0 7 1947 0.03 0.02 0.03 0.02 0.00020 2,276.0 6 1948 0.03 0.03 0.03 0.03 0.00067 2,243.1 6 1949 0.05 0.03 0.03 0.05 0.00115 2,247.9 12 1950 0.07 0.04 0.05 0.07 0.00176 2,260.2 12 1951 0.08 0.06 0.07 0.06 0.00102 2,264.1 18 1952 0.07 0.05 0.06 0.06 0.00093 2,259.8 15 1953 0.06 0.05 0.06 0.06 0.00152 2,268.4 15 1954 0.07 0.06 0.06 0.07 0.00152 2,274.9 17 1955 0.08 0.06 0.07 0.07 0.00152 2,270.4 15 1956 0.08 0.06 0.07 0.07 0.00152 2,276.6 12 1957 0.09 0.07 0.08 0.08 0.00167 2,288.0 14 1958 0.14 0.08 0.11 0.12 0.00157 2,290.3 22 1959 0.17 0.11 0.16 0.14 0.00185 2,558.8 23 1960 0.18 0.13 0.16 0.17 0.00231 2,563.5 28 1961 0.26 0.17 0.22 0.24 0.00231 2,586.3 31 1962 0.26 0.14 0.22 0.17 0.00231 2,584.8 24 1963 0.29 0.17 0.24 0.24 0.00255 2,591.9 29 1964 0.28 0.22 0.25 0.26 0.00278 2,574.6 27 1965 0.40 0.26 0.35 0.40 0.00336 2,603.0 32 1966 0.47 0.32 0.41 0.40 0.00382 2,588.2 28 1967 0.67 0.38 0.50 0.64 0.00428 2,606.1 33 1968 0.75 0.52 0.63 0.74 0.00451 2,619.4 34 1969 1.26 0.70 0.99 1.25 0.00590 2,656.4 41 1970 1.25 0.89 1.06 1.19 0.00708 2,676.3 43 1971 2.08 1.18 1.74 2.05 0.00896 2,690.8 54 1972 2.77 1.96 2.50 2.72 0.00932 2,708.1 59 1973 2.76 2.11 2.47 2.35 0.01094 2,761.1 41 1974 2.49 1.52 1.97 1.69 0.01510 2,773.6 28 1975 2.08 1.51 1.85 1.87 0.01771 2,785.7 30 1976 2.01 1.49 1.84 1.63 0.02188 2,796.1 22 1977 1.63 1.30 1.46 1.60 0.02917 2,808.3 16 1978 1.86 1.37 1.61 1.54 0.03542 2,872.9 14 1979 1.68 1.35 1.52 1.65 0.04167 2,938.2 12 1980 2.11 1.38 1.67 2.08 0.04646 2,966.6 15 1981 2.46 1.77 2.06 2.32 0.05313 2,993.0 15 1982 3.20 2.03 2.55 3.10 0.06625 3,026.0 16 1983 3.22 2.44 2.86 2.55 0.06750 3,061.3 14 1984 2.68 1.75 2.16 2.26 0.07375 2,925.5 14 1985 3.45 2.20 2.78 3.29 0.08000 2,925.6 15 1986 4.64 2.86 3.97 4.10 0.08625 2,765.6 43 1987 6.59 3.44 5.28 4.68 0.10063 2,753.5 17 1988 5.51 4.35 5.06 5.32 0.12000 2,664.6 16 1989 7.44 5.19 6.25 7.42 0.14000 2,679.4 19 1990 9.27 6.39 7.85 8.97 0.16375 2,700.4 21 1991 14.53 8.17 11.19 14.31 0.19250 2,713.4 30 1992 14.67 10.75 12.34 12.63 0.22250 2,674.2 23 1993 12.60 8.91 10.50 11.22 0.25250 2,627.8 17 1994 14.13 9.00 11.54 13.69 0.28250 2,645.0 19 1995 23.10 13.41 17.19 21.38 0.32000 2,665.6 25 17

Common Stock Information 1944-2014 (Price per share/shares in Millions) YEARLY YEARLY YEARLY YEAR-END YEARLY NET SHARES P/E YEAR HIGH LOW AVERAGE PRICE DIVIDEND OUTSTANDING* RATIO 1996 27.00 20.78 24.29 24.88 0.36750 2,753.4 25 1997 33.66 24.32 29.82 32.97 0.42500 2,971.6 32 1998 44.88 31.69 37.46 41.94 0.48500 2,975.3 41 1999 53.44 38.50 46.99 46.63 0.54500 2,979.6 34 2000 52.97 33.07 44.64 52.53 0.62000 3,014.6 33 2001 60.97 40.25 51.88 59.86 0.70000 3,047.2 34 2002 65.89 41.40 57.67 53.11 0.79500 2,968.3 25 2003 59.08 48.05 52.62 50.62 0.92500 2,967.9 22 2004 64.25 49.25 55.84 63.42 1.09500 2,971.0 23 2005 64.60 59.76 64.70 60.10 1.27500 2,971.0 18 2006 69.41 56.70 62.21 66.02 1.45500 2,893.2 18 2007 68.75 59.72 63.98 67.38 1.62000 2,840.2 18 2008 72.76 52.06 64.91 58.56 1.79500 2,769.2 13 2009 65.41 46.25 56.88 64.41 1.93000 2,754.3 15 2010 66.20 56.86 62.16 61.85 2.11000 2,738.1 13 2011 68.05 57.50 63.56 65.58 2.25000 2,724.4 19 2012 72.74 61.71 66.95 69.48 2.40000 2,778.5 18 2013 95.99 69.18 85.65 92.35 2.59000 2,820.6 19 2014 109.49 86.09 100.82 105.06 2.76000 2,783.2 18 * Net shares outstanding = shares issued less treasury stock at Johnson & Johnson year-end close. Note: All data adjusted for prior stock splits; shares outstanding are actual J&J year-end close; year -end share price per Yahoo Finance at J&J year-end close; P/E ratio based on fiscal year-end closing price. 18

Reconciliation of Non-GAAP Measures 2014 2013 2012 2011 2010 Earnings before provision for taxes on income- as reported $ 20,563 15,471 13,775 12,361 16,947 Net litigation loss (gain) 1,253 2,282 1,229 3,310 (397) Ortho-Clinical Diagnostics divestiture net gain (1,899) - - - - Additional year of Branded Prescription Drug Fee 220 - - - - DePuy ASR TM Hip program 126 251 110 521 280 Synthes integration/transaction costs and currency related 754 683 1,028 491 - In-process research & development 178 580 1,163 14 - Intangible asset write-downs - - 939 - - Restructuring expense - - - 656 - Other - (98) (30) - - Earnings before provision for taxes on income- as adjusted $ 21,195 19,169 18,214 17,353 16,830 Net Earnings (1) - as reported $ 16,323 13,831 10,853 9,672 13,334 Net litigation loss (gain) 1,225 (2) 1,646 1,052 2,745 (294) Ortho-Clinical Diagnostics divestiture net gain (1,062) - - - - Additional year of Branded Prescription Drug Fee 220 - - - - Tax benefit associated with Conor Medsystems (398) - - - - DePuy ASR TM Hip program 111 240 97 426 239 Synthes integration/transaction costs and currency related 555 483 899 477 - In-process research & development 131 462 743 (3) 11 - Scios Tax Benefit - (707) - - - Intangible asset write-downs - - 717 - - Restructuring expense - - - 536 - Other - (79) (16) - - Net Earnings (1) - as adjusted $ 17,105 15,876 14,345 13,331 13,279 Diluted net earnings per share (1) - as reported $ 5.70 4.81 3.86 3.49 4.78 Net litigation loss (gain) 0.43 0.57 0.37 0.99 (0.11) Ortho-Clinical Diagnostics divestiture net gain (0.37) - - - - Additional year of Branded Prescription Drug Fee 0.08 - - - - Tax benefit associated with Conor Medsystems (0.14) - - - - DePuy ASR TM Hip program 0.04 0.08 0.03 0.16 0.09 Synthes integration/transaction costs and currency related 0.19 0.17 0.32 0.17 - In-process research & development 0.04 0.16 0.27 - - Scios Tax Benefit - (0.25) - - - Intangible asset write-downs - - 0.26 - - Restructuring expense - - - 0.19 - Other - (0.02) (0.01) - - Diluted net earnings per share (1) - as adjusted $ 5.97 5.52 5.10 5.00 4.76 (1) Attributable to Johnson & Johnson (2) Includes adjustment to deferred tax asset related to deductibility by tax jurisdiction (3) Amount includes in-process research and development charge of $679M related to bapineuzumab IV offset by $339M reported as net loss attributable to noncontrolling interest The Company believes investors gain additional perspective of underlying business trends and results by providing a measure of earnings before provision for taxes on income, net earnings and diluted net earnings per share that excludes special items in order to evaluate ongoing business operations. These non-gaap financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. 19

Corporate and Shareholder/Investor Information Principal Office One Johnson & Johnson Plaza New Brunswick, New Jersey 08933 (732) 524-0400 Common Stock Listed on New York Stock Exchange Stock Symbol: JNJ Annual Meeting The Annual Meeting of Shareholders will take place on Thursday, April 23, 2015, at the Hyatt Regency Hotel, Two Albany Street, New Brunswick, New Jersey. The meeting will convene at 10 a.m. All shareholders as of the record date of February 24, 2015 are cordially invited to attend. A formal Notice of Annual Meeting, Proxy Statement and Proxy have been sent to shareholders. Transfer Agent and Registrar Questions regarding stock holdings, certificate replacement/transfer, dividends and address changes should be directed to: Computershare Trust Company, N.A. 250 Royall St. Canton, MA 02021 (800) 328-9033 or (781) 575-2718 (outside the U.S.) www.computershare.com Dividend Reinvestment Plan The Plan allows for full or partial dividend reinvestment and additional monthly cash investments up to $50,000 per year in Johnson & Johnson Common Stock without brokerage commissions or service charges on stock purchases. If you are interested in participating in the Plan and need an authorization form and/or more information, please call Computershare Trust Company, N.A. at (800) 328-9033 or (781) 575-2718 (outside the U.S.). Shareholder Relations Contact Douglas K. Chia Corporate Secretary (732) 524-2455 Investor Relations Department One Johnson & Johnson Plaza New Brunswick, New Jersey 08933 1-800-950-5089 Fax: (732) 524-3867 Louise Mehrotra Vice President, Investor Relations (732) 524-6492 Jason Valmore Senior Director, Investor Relations (732) 524-3709 Lesley Fishman Senior Director, Investor Relations (732) 524-3922 Lisa Romanko Senior Director, Investor Relations (732) 524-2034 Renee McKenna Senior Analyst (732) 524-6492 Reports Available Copies of the Company's 2014 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K to the Securities and Exchange Commission, Proxy Statement and the Annual Report are available online at www.jnj.com or to shareholders without charge upon written request to the Secretary at the Company's principal address or by calling (800) 328-9033 or (781) 575-2718 (outside the U.S.) Press Releases Press releases, including earnings reports, are available via web access http://www.jnj.com Internet Access Visit the Johnson & Johnson Home Page on the Internet: http://www.jnj.com Johnson & Johnson 2014 Trademarks and service marks of Johnson & Johnson and its affiliated companies are designated by all capital letters in this publication 20