1 1st Quarter 2017 Earnings Call Presentation

April 18, 2017

2 Joseph J. Wolk Vice President Investor Relations

3 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 Company’s website at www.investor.jnj.com.

4 Strategic Partnerships, Collaborations & Licensing Arrangements

During the course of this morning’s 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, licensed from MorphoSys AG

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

Infectious OLYSIO® developed in collaboration with Medivir AB, PREZCOBIX®/ REZOLSTA® fixed-dose combination, + C/F/TAF and Diseases & +F/TAF FDC developed in collaboration with , 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 Inc., and imetelstat licensed from Geron Corporation

5 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

6 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

7 Consumer Highlights – 1st Quarter 2017 Sales: $3.2B: WW 1.0%, U.S. 4.1%, Int’l (1.3%) Ops Change1: WW 0.8%, U.S. 4.1%, Int’l (1.6%)

KEY DRIVERS OF OPERATIONAL PERFORMANCE1

CONSUMER TOTAL WW REPORTED OPERATIONAL Baby – U.S. category declines coupled with share loss due 1 SEGMENT SALES $MM % GROWTH % GROWTH 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 Beauty 981 11.6 11.7 pts, market growth offset by share declines and seasonal stocking shift for ® 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 Women’s – U.S. TUCKS® divestiture Women’s promotional activity 242 (3.6) (5.3) Health – Health OUS macroeconomic impacts in Latin America and OTC – U.S. ® strength due to new products and category slowdown in Europe share gains partially offset by new product and Wound – 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 ® divestiture Total – OUS divestitures offset by higher seasonal $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

8 Pharmaceutical Highlights – 1st Quarter 2017 Sales: $8.2B: WW 0.8%, U.S. (1.3%), Int’l 4.1% Ops Change1: WW 1.4%, U.S. (1.3%), Int’l 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. competition Infectious 749 (3.5) (2.6) 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 ODEFSEY® Neuroscience 1,497 (3.4) (2.7) / Metabolism / higher utilization in Medicaid and discounts in Other Managed Care channels. TRx share of 6.0% in – Neuroscience WW 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 1Q’16 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% 1Q’16 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

9 Medical Devices Highlights – 1st Quarter 2017 Sales: $6.3B: WW 3.0%, U.S. 2.2%, Int’l 3.8% Ops Change1: 3.4%, U.S. 2.2%, Int’l 4.7%

1 MEDICAL DEVICES TOTAL WW REPORTED OPERATIONAL KEY DRIVERS OF OPERATIONAL PERFORMANCE 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; Hips 352 2.9 3.5 ID lower due to competitive pressure Surgery – Advanced: Endocutters +10%, Energy +7% and – OUS ID competitive pressure Knees 398 2.3 3.1 Biosurgery +5% ® ® – Trauma 642 0.0 0.3 Orthopaedics – Hips: PINNACLE GRIPTION launch in General: strong Suture growth in the U.S., Brazil 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 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 OASYS 1-Day for Astigmatism Specialty 320 (6.4) (6.9) pressures in ASPAC – – 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 2 Power Tools, CMF and Codman Total – Excluding impact of acq/div , 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

* Not meaningful 10 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® () 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® () 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® () 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

11 Dominic Caruso Executive Vice President, Chief Financial Officer

12 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.

13 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 $600 - $700 million $500 - $600 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

18 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

19 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

4 $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%

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%)

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

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