1 4th Quarter 2016 Earnings Call Presentation

January 24, 2017

2 Joseph J. Wolk Vice President Investor Relations

3 Cautionary 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 inherent in 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 business plans, transactions and restructuring plans; market conditions and the possibility that the on-going share repurchase program may be delayed, suspended or discontinued; the impact of business combinations and divestitures; 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 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 January 3, 2016, including in 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 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

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.

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, 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

Orthopaedics: MONOVISC®/ORTHOVISC® licensed from Anika Therapeutics, Inc.

5 4th Quarter and Full-Year 2016 Sales $ U.S. Billions % Change

TOTAL COMPANY 4Q 2016 4Q 2015 Reported Operational*

U.S. $9.5 $9.3 2.6% 2.6% International 8.6 8.5 0.6 1.9

Worldwide (WW) $18.1 $17.8 1.7% 2.3%

TOTAL COMPANY FY 2016 FY 2015 Reported Operational*

U.S. $37.8 $35.7 6.0% 6.0% International 34.1 34.4 (0.9) 1.8

Worldwide (WW) $71.9 $70.1 2.6% 3.9%

* Excludes impact of translational currency

6 4th Quarter 2016 Financial Highlights

$ U.S. Billions, except EPS

4Q 2016 4Q 2015 % Change

1.7 Total Sales $18.1 $17.8 2.3 Ops*

GAAP Earnings 3.8 3.2 18.6

GAAP EPS 1.38 1.15 20.0

Adjusted Earnings** 4.4 4.0 7.9

9.7 Total Adjusted EPS** 1.58 1.44 10.4 Ops*

* Excludes impact of translational currency ** Non-GAAP measure; excludes intangible amortization expense and special items; see reconciliation

7 Full-Year 2016 Financial Highlights

$ U.S. Billions, except EPS

FY 2016 FY 2015 % Change

2.6 Total Sales $71.9 $70.1 3.9 Ops*

GAAP Earnings 16.5 15.4 7.3

GAAP EPS 5.93 5.48 8.2

Adjusted Earnings** 18.8 17.4 7.6

8.5 Total Adjusted EPS** 6.73 6.20 9.4 Ops*

* Excludes impact of translational currency ** Non-GAAP measure; excludes intangible amortization expense and special items; see reconciliation

8 Consumer Highlights – 4th Quarter 2016 Sales: $3.4B: WW 3.4%, U.S. 12.7%, Int’l (2.1)% Ops Change*: WW 4.9%, U.S. 12.7%, Int’l 0.2%

KEY DRIVERS OF OPERATIONAL PERFORMANCE*

CONSUMER TOTAL WW REPORTED OPERATIONAL Baby – U.S. continued shift to competitive, premium SEGMENT SALES $MM % GROWTH % GROWTH* Care products partially offset by strength in AVEENO® Baby Baby Care $493 (3.9)% (2.3)% – OUS Hipoglos acquisition offset by softness in cleansers and India demonetization

® Beauty 1,063 17.7 18.7 Beauty – U.S. Vogue, Light Mask, and NeoStrata acquisitions (formerly (~+19 pts), NEUTROGENA® strength driven by retail Skin Care) restocking and new product inventory

Oral Care 397 (2.7) (1.6) – OUS Vogue acquisition (~+5 pts) and Dabao Women’s – U.S. TUCKS® divestiture strength with 11/11 event and new products/ Health geographic expansion for NEUTROGENA® and – OUS Venezuela impact offset by LATAM AVEENO® promotional response and price OTC 1,039 2.1 4.1 Oral Care – U.S. REMBRANDT® divestiture and mouthwash Wound – U.S. SPLENDA® divestiture offset by retailer category down partially offset by increased share Care/ restocking for BAND-AID® Women’s Other 264 (6.7) (4.4) ® Health – OUS strong marketing campaigns bolstering – OUS SPLENDA divestiture EMEA Wound Total – Venezuela (Vnz) negatively impacted WW growth 176 (9.7) (9.5) – ® ® Consumer by 40 bps and OUS by 70bps Care/Other OTC U.S. share gains in TYLENOL and ZYRTEC coupled with inventory build due to replenishment – Addt’l 2015 shipping days negatively impacted from Q3 burn and build for upcoming season Total growth: WW 460bps, US 700bps, OUS 330bps $3,432 3.4% 4.9% ® Consumer – OUS strength in anti-smoking aids and IMODIUM – Excluding impact of acq/div/Vnz/2015 shipping in EMEA and Canada partially offset by BeTotal days**, WW +7.6%, U.S. +13.7%, OUS +4.1% divestiture and softness in China

* Excludes impact of translational currency ** Non-GAAP measure; see reconciliation 9 Pharmaceutical Highlights – 4th Quarter 2016 Sales: $8.2B: WW 2.1%, U.S. 1.9%, Int’l 2.4% Ops Change*: WW 2.6%, U.S. 1.9%, Int’l 3.7%

KEY DRIVERS OF OPERATIONAL PERFORMANCE* PHARMACEUTICAL TOTAL WW REPORTED OPERATIONAL SEGMENT SALES $MM % GROWTH % GROWTH* Immunology – Strong U.S. immunology market growth and increased penetration for STELARA® and SIMPONI ARIA® Immunology $2,936 6.0% 6.1% – OUS strength across major regions for STELARA® and SIMPONI® / SIMPONI ARIA®

Infectious 761 (5.0) (3.9) Infectious – Lower sales of Hepatitis C products due to Diseases Diseases competitive launches – Strong sales of PREZCOBIX® and new product launch of ODEFSEY® Neuroscience 1,470 (8.2) (8.2) Neuroscience – WW long-acting injectables grew on strength of Cardiovascular – INVOKANA®/INVOKAMET® U.S. modest INVEGA TRINZA® /TREVICTA® and XEPLION® / Metabolism / market growth; TRx share of 6.1% in T2D Other market Oncology 1,462 14.8 15.9 – Lower U.S. sales of INVEGA® due to generic entries – U.S. XARELTO® driven by continued TRx share growth Cardiovascular/ Oncology – DARZALEX® continued strong uptake in U.S.; Metabolism/ 1,603 (0.9) (0.1) launched in 15 countries in Europe Total – Addt’l 2015 shipping days negatively impacted Other Pharmaceutical growth: WW 570bps, US 870bps, OUS – Strong sales of IMBRUVICA® due to increased patient uptake globally; U.S. total share leader 120bps nd st Total Pharma $8,232 2.1% 2.6% for 2 line CLL and MCL, 1 line CLL and WM – Excluding impact of acq/div/Hep C/Vnz/2015 – ZYTIGA® negative U.S. market growth (partly shipping days**, WW +9.9%, U.S. +11.8%, higher utilization of patient assistance OUS +7.1% foundations); competitive pressure for EMEA; strong sales in ASPAC region

* Excludes impact of translational currency ** Non-GAAP measure; see reconciliation 10 Medical Devices Highlights – 4th Quarter 2016 Sales: $6.4B: WW 0.2%, U.S. (0.1)%, Int’l 0.6% Ops Change*: 0.6%, U.S. (0.1)%, Int’l 1.3%

KEY DRIVERS OF OPERATIONAL PERFORMANCE* MEDICAL DEVICES TOTAL WW REPORTED OPERATIONAL SEGMENT SALES $MM % GROWTH % GROWTH* Cardiovascular – Electrophysiology: +10% driven by strong Cardiovascular $485 10.5% 10.1% market growth and continued share uptake; launch of THERMOCOOL SMARTTOUCH® Diabetes Care 462 (3.8) (3.0) Contact Force Sensing Catheter in EMEA Surgery – Advanced: Endocutters +5%, Energy +5% and – Impacted by divestiture of Cordis in Q4 2015 Biosurgery +3% Diagnostics - *** *** – General: Market growth in U.S., wound care and Diabetes Care – U.S. BGM impacted by negative price and Orthopaedics 2,387 (1.5) (0.9) suture performance in China, offset by hernia rebates offset by higher strip consumption; declines in LATAM & China ID lower due to competitive pressure Hips 350 (1.1) (0.1) – Specialty: U.S. market share and market declines in – OUS BGM Algeria import restrictions and ID Mentor and Sterilmed; ASP divestitures offset by Knees 395 (2.5) (1.4) softness in consumables U.S. market share and market growth in ASP

Trauma 654 1.6 1.9 Orthopaedics – Hips: Strength in China, EMEA and continued Vision – U.S. Inventory build, net price and consumption uptake of primary stem platform Care growth driven by new products Spine & Other 988 (3.1) (2.7) – Knees: ATTUNE® launch in China and – OUS driven by category and share growth primarily strength in EMEA due to new products Surgery 2,387 (1.1) (0.4) – Trauma: Continued success of TFN- Total – Venezuela (Vnz) negatively impacted WW growth ADVANCED™ nailing system, strong U.S. Advanced 908 4.4 5.2 Medical market growth and BME acquisition by 10bps and OUS by 20bps Devices General 1,102 (3.9) (3.1) – Spine & Other: Lower OUS inventory levels – Addt’l 2015 shipping days negatively impacted in prior period partially offset by share losses growth: WW 370bps, US 490bps, OUS 260bps Specialty 377 (4.8) (4.8) in spine – Excluding impact of acq/div/Vnz/2015 shipping – Spine: WW (4)%, U.S. (5)%, OUS (1)% days**, WW +4.7%, U.S. +4.5%, OUS +5.0% Vision Care 721 11.3 10.3

Total Med Dev $6,442 0.2% 0.6%

* Excludes impact of translational currency ** Non-GAAP measure; see reconciliation *** Not meaningful 11 Important Developments in 4th Quarter 2016

Pharmaceutical: • European Commission (EC) approval of STELARA® (ustekinumab) for the treatment of adult patients with moderately to severely active Crohn’s disease • Biologic License Application submitted to U.S. Food and Drug Administration (FDA) and Marketing Authorisation Application submitted to the European Medicines Agency (EMA) for guselkumab for the treatment of adults living with moderate to severe plaque psoriasis • FDA approval of DARZALEX® (daratumumab) in combination with lenalidomide and dexamethasone, or bortezomib and dexamethasone, for the treatment of patients with multiple myeloma who have received at least one prior therapy. • EC granted orphan drug designation for ibrutinib for the treatment of graft-versus-host disease • Supplemental Biologics License Application (sBLA) submitted to the U.S. FDA seeking approval of STELARA® (ustekinumab) for the treatment of adolescents (12 to 17 years of age) with moderate to severe plaque psoriasis. • Two sBLAs submitted to the FDA seeking approval of SIMPONI ARIA® (golimumab) for the treatment of adults living with active psoriatic arthritis and the treatment of adults living with active ankylosing spondylitis. • FDA approval of IMBRUVICA® (ibrutinib) for the treatment of patients with marginal zone lymphoma in patients who require systemic therapy and have received at least one prior anti-CD20-based therapy (approved January 2017) . Medical Devices: • FDA approval for the sale of the OneTouch Vibe™ Plus Insulin Pump and Continuous Glucose Monitoring System for the treatment of patients age two and older living with diabetes. • FDA approval on expanded indication for general hemostasis for EVARREST® Fibrin Sealant Patch • Completed the purchase of expandable cage technologies for spinal fusion and entered into a development agreement with Interventional Spine, Inc.

12 Consumer Highlights – 2016 Full Year Sales: $13.3B: WW (1.5)%, U.S. 3.8%, Int’l (4.8)% Ops Change*: WW 1.5%, U.S. 3.8%, Int’l 0.1%

KEY DRIVERS OF OPERATIONAL PERFORMANCE* CONSUMER TOTAL WW REPORTED OPERATIONAL SEGMENT SALES $MM % GROWTH % GROWTH* Baby – U.S. continued shift to competitive, premium Care products partially offset by strength in AVEENO® Baby Baby Care $2,001 (7.2)% (2.7)% – OUS Hipolgos acquisition offset by softness in cleansers and India demonetization

Beauty 3,897 7.3 9.4 Beauty – U.S. Vogue, La Lumiere light mask, and NeoStrata® (formerly acquisitions (~+10 pts); NEUTROGENA® strength Skin Care) driven by retail restocking and new product inventory Oral Care 1,568 (0.8) 2.0 – OUS Dabao e-commerce strength, Vogue acquisition Women’s – U.S. TUCKS® divestiture ® Health and AVEENO share growth partially offset by – OUS negative impact of Venezuela; excl. competitive pressure in China for Johnson’s Adult Venezuela +4% OTC 3,997 2.1 4.8 coupled with softness in RoC® Wound Care/ – SPLENDA® divestiture ® Oral Care – U.S. category growth and LISTERINE share gains Other Women’s behind successful campaigns 1,067 (11.1) (5.1) Health – OUS strong marketing campaigns Total – Venezuela (Vnz) negatively impacted WW Consumer growth by 120bps and OUS by 190bps Wound OTC – U.S. driven by re-launches and new products. Strong – Addt’l 2015 shipping days negatively impacted 797 (23.5) (22.3) consumption across the brands partially offset by Care/Other growth: WW 110bps, US 150bps, OUS 80bps weaker season in upper respiratory – Excluding impact of acq/div/Vnz/2015 Total – OUS anti-smoking aid strength primarily in EMEA, $13,307 (1.5)% 1.5% shipping days**, WW +4.3%, U.S. +5.6%, Consumer digestive health growth behind strong promotional campaigns OUS +3.4%

* Excludes impact of translational currency ** Non-GAAP measure; see reconciliation 13 Pharmaceutical Highlights – 2016 Full Year Sales: $33.5B: WW 6.5%, U.S. 9.8%, Int’l 1.8% Ops Change*: WW 7.4%, U.S. 9.8%, Int’l 4.0%

KEY DRIVERS OF OPERATIONAL PERFORMANCE* PHARMACEUTICAL TOTAL WW REPORTED OPERATIONAL SEGMENT SALES $MM % GROWTH % GROWTH* Immunology – Strong U.S. immunology market growth and increased penetration of STELARA® and SIMPONI ARIA® Immunology $11,968 15.1% 15.9% – OUS – Strong growth in major regions

Infectious – Lower sales of Hepatitis C products due to Infectious 3,208 (12.3) (11.2) Diseases competitive launches Diseases – Increased sales of HIV products including EDURANT® and PREZCOBIX® 6,085 (2.8) (2.3) Neuroscience Neuroscience – Growth of long-acting injectable products offset by generic competition for INVEGA® Cardiovascular – XARELTO® continued share growth; ~18% – Divestiture of API business (Noramco) / Metabolism / TRx share of broader oral anticoagulant market Oncology 5,807 23.7 25.2 Other in 4Q – CONCERTA® positive impact of reclassification of generic competitor products in U.S. – INVOKANA®/INVOKAMET® defined U.S. T2D Cardiovascular/ market growth of 4.5% ; continued uptake in Metabolism/ 6,396 (0.3) 0.8 Oncology – Strong sales of IMBRUVICA® due to continued EU and Canada Other patient uptake and additional country launches; U.S. share leader 1st and 2nd line CLL, and 2nd Total – Addt’l 2015 shipping days negatively impacted line MCL Pharmaceutical growth: WW 150bps, US 240bps, OUS 30bps Total Pharma $33,464 6.5% 7.4% – DARZALEX® continued strong uptake in the – Excluding impact of acq/div/Hep C/Vnz/2015 U.S.; approved in 34 countries shipping days**, WW +11.5%, U.S. +13.8%, – Generic competition for VELCADE® OUS +8.3%

* Excludes impact of translational currency ** Non-GAAP measure; see reconciliation 14 Medical Devices Highlights – 2016 Full Year Sales: $25.1B: WW (0.1)%, U.S. 1.1%, Int’l (1.2)% Ops Change*: 0.9%, U.S. 1.1%, Int’l 0.7%

KEY DRIVERS OF OPERATIONAL PERFORMANCE* MEDICAL DEVICES TOTAL WW REPORTED OPERATIONAL SALES $MM % GROWTH % GROWTH* SEGMENT Cardiovascular – Electrophysiology: +16% driven by strong Orthopaedics – Spine: WW (1)%, U.S. 0%, OUS (1)% market growth and launch of THERMOCOOL (cont.) Cardiovascular $1,849 (9.2)% (9.2)% SMARTTOUCH® Contact Force Sensing Catheter Surgery – Advanced: Endocutters +11%, Energy +8% and Diabetes Care 1,789 (7.2) (5.9) Biosurgery +6% – Impacted by divestiture of Cordis in Q4 2015 Diagnostics 66 (23.3) (13.9) – General: Market growth in U.S., wound care Diabetes Care – U.S. BGM negative price and ID competitive and suture performance in China, offset by pressure impact of PHYSIOMESH® & THERMACHOICE® Orthopaedics 9,334 0.8 1.8 discontinuations and pricing pressure – OUS BGM Algerian import restrictions and Hips 1,361 2.2 3.6 negative price in China and Japan; ID driven – Specialty: OUS Mentor & ASP share gains and by growth in consumables market growth partially offset by ASP divestitures Knees 1,524 1.9 3.2 and aesthetic market decline in U.S. Diagnostics – Divestiture of Ortho-Clinical Diagnostics in Trauma 2,569 1.6 2.5 June 2014 Vision Care – U.S. category growth and market share gains driven by core and new products Spine & Other 3,880 (0.7) 0.1 Orthopaedics – Hips: Primary stem platform and market growth – OUS category growth and market share gains – Knees: Strong sales of ATTUNE® Knee System primarily driven by demand generation programs Surgery 9,296 0.9 2.3 and market growth and new products as well as price

Advanced 3,517 7.4 8.9 – Trauma: Continued success of TFN- Total Medical – Venezuela (Vnz) negatively impacted WW ADVANCED™ nailing system and Devices growth by 20bps and OUS by 40bps General 4,362 (2.7) (1.2) market growth – Addt’l 2015 shipping days negatively impacted – Spine & Other: US spine market growth, spine growth: WW 90bps, US 120bps, OUS 70bps Specialty 1,417 (2.9) (1.9) new product launches and MONOVISC® partially offset by U.S. spine share declines – Excluding impact of acq/div/Vnz/2015 shipping Vision Care 2,785 6.8 6.4 and pricing pressure days**, WW +3.8%, U.S. +2.9%, OUS +4.7%

Total Med Dev $25,119 (0.1)% 0.9%

* Excludes impact of translational currency ** Non-GAAP measure; see reconciliation 15 Alex Gorsky Chairman of the Board & Chief Executive Officer

16 17 Delivering Strong Total Shareholder Returns

AS OF 12/31/2016

1 YEAR 3 YEAR 5 YEAR 10 YEAR 20 YEAR

Johnson & Johnson 15.3% 11.0% 15.3% 9.0% 10.5%

Competitor Composite* -0.2% 6.3% 13.0% 7.0% 8.5%

S&P 500 12.0% 8.9% 14.6% 6.9% 7.7%

S&P Pharm -1.6% 8.4% 14.5% 9.0% 8.4%

S&P HC Equipment 6.5% 12.5% 16.3% 7.3% 9.5%

Dow Jones Industrial Average 16.5% 8.7% 12.9% 7.5% 8.2%

Data Source: Bloomberg • For the list of companies included in the Competitor Composite, see page 40 of the company’s 2016 Proxy Statement, which can be found at www.investor.jnj.com

18 Creating Value through Portfolio Management in 2016

Invested more than $9 billion in R&D Sustaining Investments in Innovation 243 product approvals

Value-Creating Acquisitions 14 Acquisitions & Licensing Agreements

67 Innovation Deals Strategic Deals & Partnerships 21 New Development Deals

Seeking Strategic Options for Diabetes Portfolio Optimization 8 Divestitures and Out-Licenses

19 Deploying Capital Aligned with Our Framework

1 Non-GAAP measure; defined as operating cash flow less capital spending

20 Leading Responsibly

We believe that investing in innovation to create differentiated products that ultimately help people live longer, healthier and happier lives is our first responsibility…

We are committed to responsible pricing We are continuing resulting in accessible our proud legacy of products, representative managing our business of the outcomes and in a transparent manner value delivered

21 Shaping Policy Discussions Impacting Our Stakeholders

Maintaining important Encouraging investments components of existing in health care that yield health care system economic returns

Advocating for models Modernizing the U.S. tax that reward innovation code to improve global and value competitiveness of U.S.- based businesses

22 Near-Term Priorities

Enterprise Deliver on our financial and quality commitments

Drive continued growth while delivering on our near-term Pharmaceutical pipeline

Accelerate growth through innovation, portfolio management, Medical Devices and new business models

Enhance leadership in priority categories and continue to Consumer improve profitability

23 Pharmaceutical Industry-Leading Pipeline & Commercial Excellence

Priority: Drive continued growth while delivering on our near-term pipeline Strategy: Focus on five therapeutic areas of high unmet medical need, robust innovation and commercial capabilities Plans for Growth: • Increase penetration in markets such as anti-coagulants, psoriasis, and long-acting anti-psychotics • Capitalize on early launch successes of DARZALEX®, IMBRUVICA®, and STELARA® in Crohn’s disease • Anticipate regulatory approval for Guselkumab and Sirukumab

24 Pharmaceutical Pipeline – Key Events in 2017

Potential Approvals US/EU* Potential Clinical Data Presentations Phase 3 Guselkumab – Psoriasis (US) Guselkumab – Psoriasis Sirukumab – Rheumatoid Arthritis (US/ EU) XARELTO ® – LT VTE prevention DARZALEX® – Relapsed Refractory Multiple Myeloma (EU) ZYTIGA® – Hormone naïve metastatic PC DARUNAVIR –HIV (EU) STR D/C/F/TAF DARZALEX® – FLMM nontransplant – GVHD relapsed/refractory (US) ® IMBRUVICA® IMBRUVICA – MCL frontline maintenance – Marginal Zone Lyhmphoma (US) Rilpivirine+dolutegravir –HIV FDC (ViiV) ® – Aria AS (US) SIMPONI / INVOKANA® – T2DM – cardiovascular outcomes SIMPONI ARIA® – Aria PSA (US) Phase 2 STELARA® – Pediatric psoriasis (US) – Low/int-1 risk Planned Submissions US/EU Imetelstat – MF relapse/refractory Apalutamide – Pre-metastatic PC (US) JNJ-1575 (AL-8176)** – RSV Rilpivirine+dolutegravir – HIV (US/ EU) FDC (ViiV) JNJ-3872 – Influenza DARUNAVIR STR –HIV (US) D/C/F/TAF Guselkumab – PsA

IMBRUVICA® – GVHD relapsed/refractory (US) DARZALEX® – Smoldering Multiple Myeloma (SMM)

ZYTIGA® – Hormone-naïve metastatic PC (EU) *Based on submissions in 2016 ** data availability will be determined by enrollment rates, driven by RSV seasonality

25 Medical Devices Comprehensive Portfolio & Accelerated Growth Strategy

Priority: Accelerate growth through innovation, portfolio management, and new business models Strategy: Drive growth in priority platforms, sustain leadership in core platforms, implement novel commercial models and invest in disease areas of significant unmet needs Plans for Growth: • Continue progress on restructuring • Target 12+ major product launches • Accelerate the impact from strategic acquisitions • Integrate holistic, insights-driven capabilities to help health systems navigate value-based care

26 Consumer Iconic Brands & Unparalleled Consumer Insights

Priority: Enhance leadership in priority categories and continue to improve profitability Strategy: Focus on critical geographies and our iconic mega-brands Plans for Growth: • Continue to grow faster than the market and gain share • Launch key, science-based new products • Accelerate growth from our recent acquisitions in the beauty franchise • Continue to use supply chain and SG&A efficiencies to achieve benchmark margins

27 Dominic Caruso Executive Vice President, Chief Financial Officer

28 Full-Year 2016 Condensed Consolidated Statement of Earnings

(Unaudited; Dollars and Shares in TWELV E M ONTHS Millions Except Per Share Figures) 2016 2015 Per c ent Percent Percent Increase Amount to Sales Amount to Sales (Decrease) Sales to customers$ 71,890 100.0 $ 70,074 100.0 2.6 Cost of products sold 21,685 30.2 21,536 30.7 0.7 Selling, marketing and administrative expenses 19,945 27.7 21,203 30.3 (5.9) Research and development expense 9,095 12.7 9,046 12.9 0.5 In-process research and development 29 0.0 224 0.3 Interest (income) expense, net 358 0.5 424 0.6 Other (income) expense, net 484 0.7 (2,064) (2.9) Restructuring 491 0.7 509 0.7 Earnings before provision for taxes on income 19,803 27.5 19,196 27.4 3.2 Provision for taxes on income 3,263 4.5 3,787 5.4 (13.8) Net earnings$ 16,540 23.0 $ 15,409 22.0 7.3

Net earnings per share (Diluted)$ 5.93 $ 5.48 8.2

Average shares outstanding (Diluted) 2,788.9 2,812.9

Effective tax rate 16.5 % 19.7 %

Adjusted earnings before provision for taxes and net earnings (1) Earnings before provision for taxes on income$ 22,759 31.7$ 22,003 31.4 3.4 Net earnings$ 18,764 26.1$ 17,445 24.9 7.6 Net earnings per share (Diluted)$ 6.73 $ 6.20 8.5 Effective tax rate 17.6 % 20.7 %

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

29 4Q 2016 Condensed Consolidated Statement of Earnings (Unaudited; Dollars and Shares in Millions Except Per Share Figures)

30 Full-Year 2016 – Adjusted Income Before Tax by Segment*

% to Sales

Q4 YTD 2016 Q4 YTD 2015 Pharmaceutical 39.1% 39.1% $22.8B $22.0B Medical Devices 32.2% 35.6% Consumer 19.9% 14.3% $3.3 $13.1 $12.3$2.8 Total 31.7% 31.4%

Pharmaceutical Medical Devices $8.1$2.0 $8.9$1.9 Consumer Expenses Not Allocated to Segments

$2.6$0.7 $1.9$0.8 ($1.0) ($1.1) 2016** 2015

* Non-GAAP measure; excludes amortization expense and special items; see reconciliation ** Estimated as of 1/24/17

31 2017 Guidance

JANUARY 2017

Net Interest Expense $500 - $600 million

Net Other Income* $1.1 - $1.3 billion

Pre-tax Operating Margin** Maintain to slightly improve

Effective Tax Rate* 19.0% - 20.0%

* Non-GAAP measure; excludes intangible amortization expense and special items ** Sales less: COGS, SM&A and R&D expenses

32 2017 Guidance – Sales

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: January 2017 = $1.07

33 2017 Guidance – EPS

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: January 2017 = $1.07

34 2017 Guidance – Sales and EPS Summary

ESTIMATED ESTIMATED ESTIMATED JANUARY 2017 OPERATIONAL1 CURRENCY REPORTED2

$74.8B - $75.5B ($0.7B) $74.1B - $74.8B Sales Change vs. PY 4.0% - 5.0% (1.0%) 3.0% - 4.0%

Sales ex. Acq./Div. Change vs. PY3 3.0% - 3.5%

4 $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%

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

1 Excludes the impact of translational currency 4 Non-GAAP measure; excludes intangible amortization expense and special items 2 Euro Average Rate: January 2017 = $1.07 5 Sales less: COGS, SM&A and R&D expenses 3 Excludes Acq./Div impact of (1.0% - 1.5%)

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