Question:
You are tasked with answering the user's question using the provided context, which includes financial statements (Income Statements, Balance Sheets, and Cash Flow Statements) and financial news articles in multiple languages (English, Chinese, Japanese, Spanish, and Greek). Please provide a detailed and well-supported answer based on the information available. Limit your response to 100 words or fewer. If you cannot answer the question or if no relevant evidence is found, write “None”.

Answer Format:
Answer: {Answer using the financial statement.}
News Evidence: {Verify your answer using quote(s) from the financial news. Write “None” if no news evidence is available.}
Context:
Financial Statements:
| Column 1                                                                                | Column 2   | Column 3           | Column 4   | Column 5          | Column 6   | Column 7   | Column 8   | Column 9   | Column 10   | Column 11   | Column 12   | Column 13   | Column 14   | Column 15   |
|:---------------------------------------------------------------------------------------------------|:-----------|:-------------------|:-----------|:------------------|:-----------|:-----------|:-----------|:-----------|:------------|:------------|:------------|:------------|:------------|:------------|
|                                                                                |            |                    |            |                   |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            | September 28, 2025 |            | December 29, 2024 |            |            |            |            |             |             |             |             |             |             |
| Assets                                                                                |            |                    |            |                   |            |            |            |            |             |             |             |             |             |             |
| Current assets:                                                                                |            |                    |            |                   |            |            |            |            |             |             |             |             |             |             |
| Cash and cash equivalents (Note 4)                                                                 |            | $18,231            |            | 24,105            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                    |            |                   |            |            |            |            |             |             |             |             |             |             |
| Marketable securities                                                                              |            | 331                |            | 417               |            |            |            |            |             |             |             |             |             |             |
| Accounts receivable, trade, less allowances $176(2024, $167)                                       |            | 17,611             |            | 14,842            |            |            |            |            |             |             |             |             |             |             |
| Inventories (Note 2)                                                                               |            | 14,146             |            | 12,444            |            |            |            |            |             |             |             |             |             |             |
| Prepaid expenses and other                                                                         |            | 4,292              |            | 4,085             |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                    |            |                   |            |            |            |            |             |             |             |             |             |             |
| Total current assets                                                                               |            | 54,611             |            | 55,893            |            |            |            |            |             |             |             |             |             |             |
| Property, plant and equipment at cost                                                              |            | 53,375             |            | 48,768            |            |            |            |            |             |             |             |             |             |             |
| Less: accumulated depreciation                                                                     |            | (31,037)           |            | (28,250)          |            |            |            |            |             |             |             |             |             |             |
| Property, plant and equipment, net                                                                 |            | 22,338             |            | 20,518            |            |            |            |            |             |             |             |             |             |             |
| Intangible assets, net (Note 3)                                                                    |            | 48,737             |            | 37,618            |            |            |            |            |             |             |             |             |             |             |
| Goodwill (Note 3)                                                                                |            | 48,048             |            | 44,200            |            |            |            |            |             |             |             |             |             |             |
| Deferred taxes on income (Note 5)                                                                  |            | 6,666              |            | 10,461            |            |            |            |            |             |             |             |             |             |             |
| Other assets                                                                                |            | 12,416             |            | 11,414            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                    |            |                   |            |            |            |            |             |             |             |             |             |             |
| Total assets                                                                                |            | $192,816           |            | 180,104           |            |            |            |            |             |             |             |             |             |             |
| Liabilities and shareholders’ equity                                                               |            |                    |            |                   |            |            |            |            |             |             |             |             |             |             |
| Current liabilities:                                                                               |            |                    |            |                   |            |            |            |            |             |             |             |             |             |             |
| Loans and notes payable                                                                            |            | $6,387             |            | 5,983             |            |            |            |            |             |             |             |             |             |             |
| Accounts payable                                                                                |            | 9,625              |            | 10,311            |            |            |            |            |             |             |             |             |             |             |
| Accrued liabilities                                                                                |            | 7,601              |            | 8,549             |            |            |            |            |             |             |             |             |             |             |
| Accrued rebates, returns and promotions                                                            |            | 21,356             |            | 17,580            |            |            |            |            |             |             |             |             |             |             |
| Accrued compensation and employee related obligations                                              |            | 3,972              |            | 4,126             |            |            |            |            |             |             |             |             |             |             |
| Accrued taxes on income (Note 5)                                                                   |            | 1,928              |            | 3,772             |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                    |            |                   |            |            |            |            |             |             |             |             |             |             |
| Total current liabilities                                                                          |            | 50,869             |            | 50,321            |            |            |            |            |             |             |             |             |             |             |
| Long-term debt (Note 4)                                                                            |            | 39,408             |            | 30,651            |            |            |            |            |             |             |             |             |             |             |
| Deferred taxes on income (Note 5)                                                                  |            | 5,988              |            | 2,448             |            |            |            |            |             |             |             |             |             |             |
| Employee related obligations (Note 6)                                                              |            | 6,930              |            | 7,255             |            |            |            |            |             |             |             |             |             |             |
| Long-term taxes payable (Note 5)                                                                   |            | 418                |            | 390               |            |            |            |            |             |             |             |             |             |             |
| Other liabilities                                                                                |            | 9,926              |            | 17,549            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                    |            |                   |            |            |            |            |             |             |             |             |             |             |
| Total liabilities                                                                                |            | $113,539           |            | 108,614           |            |            |            |            |             |             |             |             |             |             |
| Commitments and Contingencies (Note 11)                                                            |            |                    |            |                   |            |            |            |            |             |             |             |             |             |             |
| Shareholders’ equity:                                                                              |            |                    |            |                   |            |            |            |            |             |             |             |             |             |             |
| Common stock — par value $1.00per share (authorized4,320,000,000shares; issued3,119,843,000shares) |            | $3,120             |            | 3,120             |            |            |            |            |             |             |             |             |             |             |
| Accumulated other comprehensive income (loss) (Note 7)                                             |            | (15,237)           |            | (11,741)          |            |            |            |            |             |             |             |             |             |             |
| Retained earnings and Additional paid-in capital                                                   |            | 167,281            |            | 155,791           |            |            |            |            |             |             |             |             |             |             |
| Less: common stock held in treasury, at cost (713,648,000and712,921,000shares)                     |            | 75,887             |            | 75,680            |            |            |            |            |             |             |             |             |             |             |
| Total shareholders’ equity                                                                         |            | $79,277            |            | 71,490            |            |            |            |            |             |             |             |             |             |             |
| Total liabilities and shareholders’ equity                                                         |            | $192,816           |            | 180,104           |            |            |            |            |             |             |             |             |             |             |

---

| Column 1                                                                                | Column 2   | Column 3                 | Column 4   | Column 5          | Column 6   | Column 7   | Column 8   | Column 9   | Column 10   | Column 11   | Column 12   | Column 13   | Column 14   | Column 15   |
|:------------------------------------------------------------------------------------------|:-----------|:-------------------------|:-----------|:------------------|:-----------|:-----------|:-----------|:-----------|:------------|:------------|:------------|:------------|:------------|:------------|
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            | Fiscal Nine Months Ended |            |                   |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            | September 28,2025        |            | September 29,2024 |            |            |            |            |             |             |             |             |             |             |
| Cash flows from operating activities                                                      |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
| Net earnings                                                                              |            | $21,688                  |            | 10,635            |            |            |            |            |             |             |             |             |             |             |
| Adjustments to reconcile net earnings to cash flows from operating activities:            |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
| Depreciation and amortization of property and intangibles                                 |            | 5,492                    |            | 5,443             |            |            |            |            |             |             |             |             |             |             |
| Stock based compensation                                                                  |            | 1,045                    |            | 938               |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
| Asset write-downs                                                                         |            | 123                      |            | 379               |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
| Charges for acquired in-process research and development assets                           |            | 109                      |            | 1,252             |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
| Net gain on sale of assets/businesses                                                     |            | (131)                    |            | (225)             |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
| Deferred tax provision                                                                    |            | 5,215                    |            | (2,167)           |            |            |            |            |             |             |             |             |             |             |
| Credit losses and accounts receivable allowances                                          |            | (6)                      |            | (11)              |            |            |            |            |             |             |             |             |             |             |
| Changes in assets and liabilities, net of effects from acquisitions and divestitures:     |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
| Increase in accounts receivable                                                           |            | (2,172)                  |            | (1,259)           |            |            |            |            |             |             |             |             |             |             |
| Increase in inventories                                                                   |            | (1,404)                  |            | (1,038)           |            |            |            |            |             |             |             |             |             |             |
| Increase in accounts payable and accrued liabilities                                      |            | 1,111                    |            | 2,713             |            |            |            |            |             |             |             |             |             |             |
| (Increase)/Decrease in other current and non-current assets                               |            | (7,653)                  |            | 949               |            |            |            |            |             |             |             |             |             |             |
| Decrease in other current and non-current liabilities                                     |            | (6,196)                  |            | (326)             |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
| Net cash flows from operating activities                                                  |            | 17,221                   |            | 17,283            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
| Cash flows from investing activities                                                      |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
| Additions to property, plant and equipment                                                |            | (2,995)                  |            | (2,812)           |            |            |            |            |             |             |             |             |             |             |
| Proceeds from the disposal of assets/businesses, net (Note 10)                            |            | 408                      |            | 623               |            |            |            |            |             |             |             |             |             |             |
| Acquisitions, net of cash acquired (Note 10)                                              |            | (14,459)                 |            | (15,145)          |            |            |            |            |             |             |             |             |             |             |
| Acquired in-process research and development assets / related milestones (Note 10)        |            | (385)                    |            | (1,250)           |            |            |            |            |             |             |             |             |             |             |
| Purchases of investments                                                                  |            | (677)                    |            | (1,464)           |            |            |            |            |             |             |             |             |             |             |
| Sales of investments                                                                      |            | 1,442                    |            | 2,172             |            |            |            |            |             |             |             |             |             |             |
| Credit support agreements activity, net                                                   |            | (2,338)                  |            | 699               |            |            |            |            |             |             |             |             |             |             |
| Other (including capitalized licenses and milestones)                                     |            | (99)                     |            | (102)             |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
| Net cash used for investing activities                                                    |            | (19,103)                 |            | (17,279)          |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
| Cash flows from financing activities                                                      |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
| Dividends to shareholders                                                                 |            | (9,250)                  |            | (8,839)           |            |            |            |            |             |             |             |             |             |             |
| Repurchase of common stock                                                                |            | (4,029)                  |            | (2,150)           |            |            |            |            |             |             |             |             |             |             |
| Proceeds from short-term debt, net                                                        |            | 10,673                   |            | 11,984            |            |            |            |            |             |             |             |             |             |             |
| Repayment of short-term debt, net                                                         |            | (10,524)                 |            | (8,354)           |            |            |            |            |             |             |             |             |             |             |
| Proceeds from long-term debt, net of issuance costs                                       |            | 9,138                    |            | 6,660             |            |            |            |            |             |             |             |             |             |             |
| Repayment of long-term debt                                                               |            | (1,755)                  |            | (804)             |            |            |            |            |             |             |             |             |             |             |
| Proceeds from the exercise of stock options/employee withholding tax on stock awards, net |            | 1,831                    |            | 714               |            |            |            |            |             |             |             |             |             |             |
| Credit support agreements activity, net                                                   |            | (246)                    |            | 5                 |            |            |            |            |             |             |             |             |             |             |
| Settlement of convertible debt acquired from Shockwave                                    |            | —                        |            | (970)             |            |            |            |            |             |             |             |             |             |             |
| Other                                                                                |            | (8)                      |            | (38)              |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
| Net cash used for financing activities                                                    |            | (4,170)                  |            | (1,792)           |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
| Effect of exchange rate changes on cash and cash equivalents                              |            | 178                      |            | (91)              |            |            |            |            |             |             |             |             |             |             |
| Decrease in cash and cash equivalents                                                     |            | (5,874)                  |            | (1,879)           |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
| Cash and cash equivalents, beginning of period                                            |            | 24,105                   |            | 21,859            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
| Cash and cash equivalents, end of period                                                  |            | 18,231                   |            | 19,980            |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |
|                                                                                |            |                          |            |                   |            |            |            |            |             |             |             |             |             |             |

---

| Column 1                                       | Column 2   | Column 3                   | Column 4   | Column 5        | Column 6   | Column 7          | Column 8   | Column 9        | Column 10   | Column 11   | Column 12   | Column 13   | Column 14   | Column 15   | Column 16   | Column 17   | Column 18   | Column 19   | Column 20   | Column 21   | Column 22   | Column 23   | Column 24   | Column 25   | Column 26   | Column 27   |
|:-----------------------------------------------|:-----------|:---------------------------|:-----------|:----------------|:-----------|:------------------|:-----------|:----------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|:------------|
|                                                |            |                            |            |                 |            |                   |            |                 |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                |            | Fiscal Third Quarter Ended |            |                 |            |                   |            |                 |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                |            | September 28,2025          |            | Percentto Sales |            | September 29,2024 |            | Percentto Sales |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Sales to customers (Note 9)                    |            | $23,993                    |            | 100.0           | %          |                   | $22,471    |                 | 100.0       | %           |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Cost of products sold                          |            | 7,303                      |            |                 | 30.4       |                   |            | 6,963           |             | 31.0        |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Gross profit                                   |            | 16,690                     |            |                 | 69.6       |                   |            | 15,508          |             | 69.0        |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Selling, marketing and administrative expenses |            | 5,922                      |            |                 | 24.7       |                   |            | 5,478           |             | 24.3        |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Research and development expense               |            | 3,672                      |            |                 | 15.3       |                   |            | 4,952           |             | 22.0        |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                |            |                            |            |                 |            |                   |            |                 |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Interest income                                |            | (227)                      |            |                 | (0.9)      |                   |            | (292)           |             | (1.3)       |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Interest expense, net of portion capitalized   |            | 245                        |            |                 | 1.0        |                   |            | 193             |             | 0.9         |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Other (income) expense, net                    |            | (478)                      |            |                 | (2.0)      |                   |            | 1,798           |             | 8.0         |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Restructuring (Note 12)                        |            | 63                         |            |                 | 0.3        |                   |            | 41              |             | 0.2         |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Earnings before provision for taxes on income  |            | 7,493                      |            |                 | 31.2       |                   |            | 3,338           |             | 14.9        |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Provision for taxes on income (Note 5)         |            | 2,341                      |            |                 | 9.7        |                   |            | 644             |             | 2.9         |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                |            |                            |            |                 |            |                   |            |                 |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                |            |                            |            |                 |            |                   |            |                 |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Net earnings                                   |            | $5,152                     |            |                 | 21.5       | %                 |            | $2,694          |             | 12.0        | %           |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Net earnings per share (Note 8)                |            |                            |            |                 |            |                   |            |                 |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Basic                                          |            | $2.14                      |            |                 |            |                   | $1.12      |                 |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                |            |                            |            |                 |            |                   |            |                 |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                |            |                            |            |                 |            |                   |            |                 |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Diluted                                        |            | $2.12                      |            |                 |            |                   | $1.11      |                 |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                |            |                            |            |                 |            |                   |            |                 |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
|                                                |            |                            |            |                 |            |                   |            |                 |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Avg. shares outstanding                        |            |                            |            |                 |            |                   |            |                 |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Basic                                          |            | 2,408.3                    |            |                 |            |                   | 2,407.2    |                 |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |
| Diluted                                        |            | 2,428.6                    |            |                 |            |                   | 2,427.9    |                 |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |             |

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English News:
How the Narrative Around Johnson & Johnson Is Evolving After Earnings and Analyst Upgrades Johnson & Johnson shares are drawing renewed attention as analysts lift their average price target from $185.13 to $198.03, signaling improved confidence following a series of positive company updates. Strong quarterly performance and higher guidance have helped shift sentiment, suggesting new momentum for the pharmaceutical and medical-technology leader. Below is a closer look at how Wall Street’s views are changing—and what this means for the company’s investment story. What Analysts Are Saying Bullish Commentary: A number of research firms have boosted their price targets for Johnson & Johnson, citing better-than-expected results and constructive forward guidance. Argus raised its target to $210 from $185, pointing to strong Q3 results, upcoming product launches, and benefits from the company’s separation of its orthopedics unit—changes expected to support growth and margin expansion. Raymond James increased its target to $209 from $174 and reaffirmed an Outperform rating, crediting the strength of J&J’s innovation pipeline and the strategic exit from slower-growth businesses, which should help counter near-term patent headwinds. TD Cowen lifted its target to $222 from $185, emphasizing solid execution and the anticipated revenue and margin uplift from spinning off the ortho business. RBC Capital and Bank of America also issued higher targets of $209 and $204, respectively, citing improving MedTech trends, manageable legal exposure, and consistent performance. Guggenheim upgraded the stock to Buy from Neutral, setting a $206 target, expressing confidence in the company’s ability to navigate patent expirations and accelerate growth in its Innovative Medicine division. Wells Fargo shifted to an Overweight rating and increased its target to $212, highlighting more attractive valuation levels and diminishing risk factors. Across the bullish updates, analysts emphasized J&J’s cost discipline, clearer guidance, and strengthening innovation. Some noted that valuation could limit upside, but overall sentiment has turned more positive. Bearish and Cautious Perspectives: Stifel raised its target to $190 from $165 but kept a Hold rating, signaling that although near-term growth looks better, expectations for significant stock appreciation remain tempered. BofA, despite increasing its target to $204, maintained a Neutral stance—implying that while strategic moves may create long-term value, the stock’s current price may already reflect these improvements. Citi maintained a cautious tone regarding Kenvue, J&J’s consumer-health spinoff, pointing to ongoing uncertainties around talc-related litigation outside the U.S. and Canada, which could indirectly affect J&J’s risk profile. Other neutral analysts continue to cite valuation concerns and short-term market risks even as guidance improves and litigation uncertainties appear more contained. Recent Headlines Affecting the Stock Johnson & Johnson is reportedly in advanced talks to acquire Protagonist Therapeutics, a deal valued at over $4 billion, which would deepen their collaboration on an oral immune-disease therapy. The company faces its first U.K. lawsuits tied to talc-related cancer claims, with roughly 3,000 cases filed as J&J seeks to transfer liabilities for non-U.S./Canada claims to Kenvue. A Los Angeles jury awarded $966 million to the family of a woman who died from mesothelioma—the largest talc-related verdict against J&J to date. J&J is joining a pharmaceutical consortium focused on AI, aimed at pooling data to accelerate drug discovery and development using artificial intelligence. How Fair Value Estimates Have Shifted Analysts’ consensus view of Johnson & Johnson’s intrinsic value has moved upward in response to these developments: Price target increased from $185.13 to $198.03 Revenue growth expectations ticked up from 4.85% to 5.08% Net profit margin projections rose from 23.02% to 23.44% Forward P/E expanded from 22.58× to 23.97×, indicating a stronger valuation outlook Discount rate remained unchanged at 6.78%

Chinese News:
中金：全球医疗器械市场稳健增长 电生理、RDN等8个细分赛道值得重点关注 中金发布研报称，根据QY Research数据，基于人口老龄化、慢性病患病率上升、医疗技术进步、政策支持以及医疗服务体系的不断完善等，全球医疗器械市场规模2030年可达8,626亿美元，2025E-2030ECAGR为5%。通过梳理，巨头公司较多提及电生理、RDN、复杂血管介入、结构心、神经科学、手术机器人、内镜、血糖管理等8个细分方向。这些领域或有术式升级/产品迭代优化，或通过新技术打开未被满足的蓝海市场，未来或迎来商业化放量。 中金主要观点如下： 全球医疗器械市场稳健增长 根据QY Research数据，基于人口老龄化、慢性病患病率上升、医疗技术进步、政策支持以及医疗服务体系的不断完善等，全球医疗器械市场规模2030年可达8,626亿美元，2025E-2030ECAGR为5%。就2025年市场情况而言，北美/欧洲/中国/亚太/拉美/中东非分别占比32%/25%/8%/19%/11%/5%；高值耗材/低值耗材/医学影像设备/体外诊断/其他分别占比32%/12%/12%/13%/31%。 估值体系：增长质量决定溢价 中金尝试对全球15家医疗器械头部企业的主营业务、增速和估值进行了梳理，发现心血管、医学影像、外科、骨科、血糖管理和神经科学是较多企业聚焦的细分赛道。而估值呈现出显著的分层特征，高增长的细分龙头可以享受31-57x2025EP/E，而偏成熟的平台企业估值通常在13-18x2025EP/E，估值分化的核心原因是市场对未来增长预期的强度和所在赛道之技术壁垒/可持续优势的差异判断。 创新驱动成长，8个细分赛道值得重点关注 中金梳理发现，巨头公司较多提及电生理、RDN、复杂血管介入、结构心、神经科学、手术机器人、内镜、血糖管理等8个细分方向。这些领域或有术式升级/产品迭代优化，或通过新技术打开未被满足的蓝海市场，未来或迎来商业化放量。一方面细分龙头可凭借高增长高壁垒，长期享受确定性溢价；另一方面部分传统巨头或可通过大单品放量，拉动业绩增速和估值水平抬升。 标的方面 建议关注心血管、手术机器人、神经科学、内镜、血糖管理等高增长预期的细分赛道。产业链相关标的有：波士顿科学(BSX.US)、爱德华兹生命科学(EW.US)、直觉外科(ISRG.US)、美敦力(MDT.US)、雅培(ABT.US)、强生(JNJ.US)、史赛克(SYK.US)、德康医疗(DXCM.US)、奥林巴斯、泰尔茂等。 风险因素 研发失败风险，海外业务经营风险，商誉减值风险，产品召回风险。

Japanese News:
ジョンソン＆ジョンソン<JNJ>が取引開始前に７－９月期決算（第３四半期）を発表し、１株利益、売上高とも予想を上回った。医療機器、医薬品とも好調だった。一方、通期のガイダンスも公表し、１株利益は従来の見通しを維持したものの、売上高は上方修正した。 同社はまた、成長の鈍い整形外科事業を１８－２４カ月以内に分離独立させる意向を表明した。これにより、革新的医薬品および医療機器部門の成長余地を確保する狙いがある。背景には、トランプ政権が薬価引き下げを強く求めていることがある。 トランプ大統領は第２期政権の最優先課題として、医療コスト削減を掲げ、値下げに応じない企業に関税を課す方針を示している。同業のファイザー<PFE>とアストラゼネカは、関税を３年間免除される代わりに、薬価を大幅に引き下げ、他の先進国との価格格差を是正することで合意した。 ウォルクＣＦＯによると、同社もトランプ政権と引き続き協議を行っており、「価格面で共通理解に達することに十分な自信がある」と述べた。「政権側との建設的な対話には非常に満足している」とも語った。 また、整形外科事業について同ＣＦＯは「依然として優良事業ではあるが、他の事業に比べて成長性・収益性が低く、独立運営の方が機動的に動ける可能性がある」と述べている。 ただ、本日の市場は全体的にネガティブな雰囲気が広がっていることもあり、同社株も下落している。 （７－９月・第３四半期） ・１株利益（調整後）：2.80ドル（予想：2.74ドル） ・売上高：239.9億ドル 6.8％増（予想：237.4億ドル） 医療機器：84.3億ドル（予想：83.8億ドル） 医薬品：155.6億ドル（予想：153.8億ドル） イムブルビカ：6.95億ドル（予想：7.05億ドル） インベガ・サステナ：9.29億ドル（予想：10.0億ドル） ダラザレックス：36.7億ドル（予想：36.9億ドル） アーリーダ：9.36億ドル（予想：9.48億ドル） トレムフィア：14.2億ドル（予想：13.2億ドル） レミケード：4.76億ドル（予想：4.30億ドル） ステラーラ：15.7億ドル（予想：14.9億ドル） ザイティガ：1.13億ドル（予想：1.11億ドル） イグザレルト：6.35億ドル（予想：6.19億ドル） シンポニー：6.87億ドル（予想：6.24億ドル） （通期見通し） ・１株利益（調整後）：10.80～10.90ドルを維持 ・売上高：935～939億ドル（従来：932～936億ドル） ・営業利益（調整後）：10.63～10.73ドルを維持

Spanish News:
Johnson & Johnson (JNJ) presentó el martes unos resultados trimestrales superiores a lo previsto por el mercado, impulsados por un sólido crecimiento tanto en beneficios como en ingresos. La compañía registró un beneficio ajustado de 2,80 dólares por acción diluida para el tercer trimestre fiscal, por encima de los 2,42 dólares obtenidos en el mismo periodo del año anterior y superando ligeramente los 2,76 dólares estimados por los analistas de FactSet.

Los ingresos trimestrales ascendieron a 23.990 millones de dólares, frente a los 22.470 millones de un año antes, también situándose por encima de las previsiones del consenso, que apuntaban a 23.760 millones.

De cara a 2025, Johnson & Johnson reiteró su previsión de beneficio ajustado por acción en un rango de 10,80 a 10,90 dólares, alineado con las expectativas del mercado. Asimismo, la compañía revisó al alza su proyección anual de ventas reportadas, que ahora se sitúa entre 93.500 y 93.900 millones de dólares, por encima del rango previo de 93.200 a 93.600 millones. El consenso de FactSet espera un EPS no-GAAP de 10,85 dólares sobre ingresos de 93.480 millones.

Tras la publicación de los resultados, las acciones de Johnson & Johnson avanzaban un 0,6% en las operaciones previas a la apertura del mercado.
For the quarter ending September 28, the company posted adjusted earnings of $2.80 per diluted share, an increase from $2.42 per share in the same period a year ago. The result surpassed the $2.76 per share estimate projected by analysts surveyed by FactSet.

Total reported sales for the quarter reached $23.99 billion, up from $22.47 billion the previous year. This figure also topped the consensus estimate of $23.76 billion.

Updated Full-Year Guidance Following the strong quarterly performance, Johnson & Johnson updated its financial outlook for 2025. The company raised its annual sales forecast to a range of $93.5 billion to $93.9 billion, up from the previously projected range of $93.2 billion to $93.6 billion.

The company reiterated its adjusted earnings per share (EPS) guidance for 2025, maintaining a target range of $10.80 to $10.90. Wall Street analysts currently expect full-year revenue of $93.48 billion and an adjusted EPS of $10.85.

Shares of Johnson & Johnson rose 0.6% in pre-market trading on Tuesday following the announcement.

Greek News:
Η Johnson & Johnson ανακοίνωσε σημαντική αύξηση στα οικονομικά της αποτελέσματα για την τελευταία περίοδο, καταγράφοντας ισχυρή ανάπτυξη σε βασικούς επιχειρηματικούς τομείς. Οι πωλήσεις προς πελάτες αυξήθηκαν κατά 6,8% σε ετήσια βάση, αγγίζοντας περίπου τα 24 δισ. δολάρια ΗΠΑ. Παράλληλα, τα καθαρά κέρδη σημείωσαν εντυπωσιακή άνοδο της τάξης του 91%, φτάνοντας τα 5,15 δισ. δολάρια, με το προσαρμοσμένο κέρδος ανά μετοχή (diluted EPS) να διαμορφώνεται στα 2,12 δολάρια. Η μικτή κερδοφορία βελτιώθηκε επίσης, καθώς το περιθώριο μικτού κέρδους ανήλθε στο 69,6% έναντι 69,0% την αντίστοιχη περίοδο πέρυσι. Η ανάπτυξη οφείλεται κυρίως στους τομείς Innovative Medicine, που κατέγραψε λειτουργική αύξηση 5,3%, και MedTech, με λειτουργική άνοδο 5,6%. Λαμβάνοντας υπόψη την ισχυρή πορεία, η εταιρεία αναθεώρησε ανοδικά την καθοδήγησή της για τις ετήσιες αναφερόμενες πωλήσεις, στο επίπεδο των περίπου 93,7 δισ. δολαρίων. Η θετική πορεία των οικονομικών μεγεθών υποδηλώνει ανθεκτικότητα σε ένα μεταβαλλόμενο μακροοικονομικό περιβάλλον και επιβεβαιώνει την αποτελεσματικότητα της στρατηγικής της εταιρείας στους βασικούς επιχειρηματικούς της τομείς.

Question:
Are there any significant changes or irregularities in the amount of operating, investing and financing cash flow? Please quote the piece(s) of news aligned with the finding(s), if any.

Answer:

Question: Are there any significant changes or irregularities in the amount of operating, investing and financing cash flow? Please quote the piece(s) of news aligned with the finding(s), if any.