JOHNSON & JOHNSON (JNJ) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that JOHNSON & JOHNSON surfaced in its latest filing.

• The Inflation Reduction Act of 2022 changed Medicare Part D benefit design and certain products will be subject to government-established pricing beginning in 2026.2026
• The Company is a defendant in numerous lawsuits arising out of the use of body powders containing talc, primarily JOHNSON’S Baby Powder.
• Current government investigations and litigation described in Note 19 Legal proceedings—Government proceedings.
• Current legal proceedings involving the Company’s patents and other intellectual property rights are described in Note 19 Legal proceedings—Intellectual property.
• Planned separation of the Orthopaedics business announced October 2025, with completion targeted 18 to 24 months thereafter, subject to consultations, board approval, and regulatory approvals.October 2025
• The Company has accounted for operations in Argentina, Turkey, Venezuela and Egypt as highly inflationary, as the prior three-year cumulative inflation rate surpassed 100%.
• Russia-Ukraine war, Middle East conflict, and rising U.S.-China tensions are impacting the Company.
• The U.S. government has imposed or announced potential tariffs on products manufactured in other jurisdictions, with reciprocal tariffs or restrictive trade measures possible.
• The Company maintains investment grade credit ratings with Moody’s Investors Service and Standard & Poor’s Ratings Services.