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JOHNSON & JOHNSON JNJ

Comparing the 2025 proxy against the 2026 proxy.

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CEO total Δ

—

No prior-year CEO total to compare

Peer churn

+41 −42

Members added or dropped across all peer groups

Policy + metric churn

Disclosures whose value moved or appeared/disappeared

Peer groups

Peer disclosure

Peer Group
— · 19 → 23 members
0 kept · +23 · −19
Added
AbbVie Inc. (ABBV) · ALCON INC (ALC) · Beiersdorf AG · AMGEN INC (AMGN) · Bausch & Lomb Corp (BLCO) · COLGATE PALMOLIVE CO (CL) · BOSTON SCIENTIFIC CORP (BSX) · L'Oreal S.A. · BRISTOL MYERS SQUIBB CO (BMY) · COOPER COMPANIES, INC. (COO) · PROCTER & GAMBLE Co (PG) · ELI LILLY & Co (LLY) · INTUITIVE SURGICAL INC (ISRG) · Reckitt Benckiser Group plc · GlaxoSmithKline plc · Medtronic plc (MDT) · Merck & Co., Inc. (MRK) · SMITH & NEPHEW PLC (SNN) · NOVARTIS AG (NVS) · STRYKER CORP (SYK) · PFIZER INC (PFE) · ZIMMER BIOMET HOLDINGS, INC. (ZBH) · Roche Holding Ltd
Removed
3M CO (MMM) · ABBOTT LABORATORIES (ABT) · AbbVie Inc. (ABBV) · AMGEN INC (AMGN) · AT&T INC. (T) · BOEING CO (BA) · BRISTOL MYERS SQUIBB CO (BMY) · CISCO SYSTEMS, INC. (CSCO) · ELI LILLY & Co (LLY) · GILEAD SCIENCES, INC. (GILD) · INTEL CORP (INTC) · INTERNATIONAL BUSINESS MACHINES CORP (IBM) · Medtronic plc (MDT) · Merck & Co., Inc. (MRK) · MICROSOFT CORP (MSFT) · PFIZER INC (PFE) · PROCTER & GAMBLE Co (PG) · RTX Corp (RTX) · JOHNSON & JOHNSON (JNJ)
Peer Group
— · 23 → 18 members
0 kept · +18 · −23
Added
ABBOTT LABORATORIES (ABT) · AbbVie Inc. (ABBV) · AMGEN INC (AMGN) · AT&T INC. (T) · BOEING CO (BA) · BRISTOL MYERS SQUIBB CO (BMY) · CISCO SYSTEMS, INC. (CSCO) · ELI LILLY & Co (LLY) · GILEAD SCIENCES, INC. (GILD) · INTEL CORP (INTC) · INTERNATIONAL BUSINESS MACHINES CORP (IBM) · Medtronic plc (MDT) · Merck & Co., Inc. (MRK) · MICROSOFT CORP (MSFT) · PFIZER INC (PFE) · PROCTER & GAMBLE Co (PG) · RTX Corp (RTX) · JOHNSON & JOHNSON (JNJ)
Removed
AbbVie Inc. (ABBV) · ALCON INC (ALC) · Beiersdorf AG · AMGEN INC (AMGN) · Bausch & Lomb Corp (BLCO) · COLGATE PALMOLIVE CO (CL) · BOSTON SCIENTIFIC CORP (BSX) · L'Oreal S.A. · BRISTOL MYERS SQUIBB CO (BMY) · COOPER COMPANIES, INC. (COO) · PROCTER & GAMBLE Co (PG) · ELI LILLY & Co (LLY) · INTUITIVE SURGICAL INC (ISRG) · Reckitt Benckiser Group plc · GlaxoSmithKline plc · Medtronic plc (MDT) · Merck & Co., Inc. (MRK) · SMITH & NEPHEW PLC (SNN) · NOVARTIS AG (NVS) · STRYKER CORP (SYK) · PFIZER INC (PFE) · ZIMMER BIOMET HOLDINGS, INC. (ZBH) · Roche Holding Ltd

Executive pay

Named executive compensation

Executive	Status	From	To	Δ Total	Δ %	Δ At-risk
J. DuatoChairman/CEO	Changed	$24,302,360 2024	$32,758,111 2025	+$8,455,751	+34.8%	+0.9 pp
J. ReedEVP, Innovative Medicine, R&D	Changed	$9,304,430 2024	$12,214,062 2025	+$2,909,632	+31.3%	+4.1 pp
J. TaubertEVP, WWC Innovative Medicine	Changed	$11,190,045 2024	$14,030,063 2025	+$2,840,018	+25.4%	+1.6 pp
T. SchmidEVP, WWC, MedTech	Changed	$11,862,938 2024	$9,336,765 2025	-$2,526,173	-21.3%	+32.0 pp
J. WolkEVP, CFO	Changed	$12,617,568 2024	$14,405,442 2025	+$1,787,874	+14.2%	+0.1 pp

Governance

Policy guardrails

clawback
Unchanged
present → present
“recoupment policy applicable to our named executive officers”
compensation committee
Unchanged
Compensation & Benefits Committee → Compensation & Benefits Committee
“The table below lists factors the Compensation & Benefits Committee considers in its review”
compensation consultant
Unchanged
independent → independent
“independent compensation consultant reporting directly to the Committee”
hedging
Unchanged
prohibited → prohibited
“Our Policy Against Pledging, Hedging and Short Selling of Company Stock prohibits directors and executive officers from pledging, entering into hedging arrangements, short selling or transacting in derivative instruments…”
pledging
Unchanged
prohibited → prohibited
“Our Policy Against Pledging, Hedging and Short Selling of Company Stock prohibits directors and executive officers from pledging, entering into hedging arrangements, short selling or transacting in derivative instruments…”
stock ownership guidelines
Unchanged
present → present
“Stock ownership guidelines for named executive officers”

Performance markers

Metric facts

ceo pay ratio
Changed
293 to 1 → 360 to 1
Numeric delta: +67.00
“CEO pay ratio Ratio of the annual total compensation of the median-paid employee to the CEO The annual total compensation of our median-paid employee on a worldwide basis for 2025 was $91,000. The annual total compensati…”
say on pay
Changed
90% → 92%
Numeric delta: +2.00
“votes cast in favor. We believe this outcome reflects our sustained engagement with investors and disciplined, multi‑year refinements to our NEO pay program. We describe our shareholder engagement in detail on page 38. 9…”
revenue
Unchanged
$1 million → $1 million
Numeric delta: 0.00
“than in previous years. For federal income taxes, compensation is an expense that is fully tax-deductible for almost all our U.S. employees. Following the 2017 tax reform, annual compensation in excess of $1 million paid…”

Narrative

CD&A prose similarity

Coarse measure of how much the compensation discussion text moved year-over-year. Not a substitute for reading the actual filings.

44% shingled-prose overlap between the two filings.

2025: 119,383 chars · 2026: 118,958 chars

Committee Report:20% overlap (6,000 → 6,000 chars)
Pay Ratio (Item 402(u)):49% overlap (2,926 → 2,850 chars)
Say-on-Pay proposal:64% overlap (17,857 → 17,165 chars)

2025 proxy on SEC ↗2026 proxy on SEC ↗

Narrative

What actually changed in the CD&A

Sentence-level diff between the two filings. New disclosures appear first, then sentences whose wording shifted, then sentences the prior year had that are no longer present.

180 new220 changed212 removed580 unchanged

new522025 Executive compensation summary2025 NEOs52Our Credo522025 Compensation highlightsJoaquin DuatoChairman of the Board andChief Executive OfficerJoseph WolkExecutive Vice President,Chief Financial OfficerJennifer TaubertExecutive Vice President, WorldwideChairman, Innovative MedicineJohn Reed, M.D., Ph.D.Executive Vice President, Innovative Medicine, R&DTim SchmidExecutive Vice President, Worldwide Chairman, MedTech542025 Say on Pay results and shareholder engagement56Compensation governance best practices572025 Executive compensation57Guiding principles58Components of executive compensation64Compensation decisions for 2025 performance64Total direct compensation decisions66NEO performance and compensation summaries66CEO performance67Compensation decisions for 2025 CEO performance67Other named executive officer performance70Executive compensation decision process70Importance of Our Credo values in assessing performance70Assessing "the what" and "the how"70Aligning compensation to "the what" and "the how"71Governance of executive compensation72Peer groups for pay and performance75Additional information concerning executive compensation75No employment agreements with named executive officers75Use of tally sheets 75Non-competition and non-solicitation75Long-term incentive vesting and treatment upon termination77Compensation policies and practices77Stock ownership guidelines for named executive officers77Policy against pledging, hedging and short selling78Executive compensation recoupment policies78Tax impact on compensation78Compensation decisions for 2024 performance79Reconciliation of non-GAAP performance measures79Details on 2025 annual incentive non-GAAP performance measures81Details on 2023-2025 PSU non-GAAP performance measures
new2026 Proxy Statement51
changed2025 2024Executive compensation summary
new2025 Compensation highlights
newOver 90% of the CEO’s and over 85% of other NEOs’ target compensation is at risk based on performance.
changed2025 2024Pay mix at target
new2025 performance.
newWe delivered exceptional performance in 2025.
changedWe exceeded all of our 2025 2024enterprise financial goals and our performedwellagainstkey enterprise strategic objectives.
new2025 annual incentives.
changedOur 2025 2024annual incentives paid out at 118.3% 115.0%of target based on the Company’s combined financial and strategic performance.
changedOur financial performance payout factor was 122.7%. 128.8%.
changedOur strategic performance payout factor was 108.0%. 94.0%.
changedWe describe our 2025 2024annual incentive goals and performance on pages 60 64to 62. 66.
changed2023-2025 2022-2024performance share units (PSUs).
changedOur 2023-2025 2022-2024PSUs paid out at 113.6% 63.6%of target.
changedWe describe the performance of our 2023-2025 2022-2024PSUs in more detail on page 63. 67.
new52
changedThese elements are discussed in detail on pages 58 62to 63. 67.
changedFor this reason, 2025 2024TDC includes:
changed•Base salary earned in 2025, 2024,
changed•2025 •2024annual incentives and
changed•The planned long-term incentive (LTI) amounts approved by the Committee in February 2026, 2025,which were based on its assessment of 2025 2024performance.
changed2025 2024TDC differs from the values shown in the Summary compensation table on page 85 89because the Summary compensation table includes:
changed•The grant date fair value of February 2025 2024LTI awards, which were based on the Committee's assessment of 2024 2023performance and
changed2025 2024Total direct compensation
newDuato$1,600,000 $3,502,000 $22,040,000 $27,142,000J.
newWolk1,240,646 1,840,000 9,000,000 12,080,646 J.
newTaubert1,220,308 1,810,000 9,180,000 12,210,308 J.
newReed1,220,308 1,810,000 8,262,000 11,292,308 T.
newSchmid942,308 1,405,000 5,937,500 8,284,808
new2026 Proxy Statement53
changed2025 2024Say on Pay results and shareholder engagement
newWhat we heardShareholders supported the advisory vote on executive compensation, with approximately 92% of the 2025 Say on Pay votes cast in favor.
newWe believe this outcome reflects our sustained engagement with investors and disciplined, multi‑year refinements to our NEO pay program.
changedWe describe our shareholder engagement in detail on page 38. 41.
changed92%Approve 90%ApproveSay on PayWhat we didShareholder engagement.
changedWe start formal beginourshareholder outreach engagementprogramin the fall and continue engagement itthroughout the year.
newWe begin planning in early summer and incorporate the prior Annual Shareholders' Meeting vote results, our current performance, and prevailing market and regulatory trends.
changedDuring the fall engagement season: 58%of 55%ofour shares outstanding39%of outstandingshares39%ofour shares outstandingWe outstandingsharesWemet with proxy advisory firms and other interested parties.
changedOur Committee Chair and Lead Independent Director led many of these meetings, including with seven eightof our top 25 shareholders.We reached out to shareholders representing approximately 58% 55%of our shares outstanding.We engaged with 50 45U.S. and international institutional shareholders representing approximately 39% of our shares outstanding.
newFor each meeting, we bring the appropriate subject-matter leaders to enable substantive dialogue.
changedIn 2025, our engagements 2024engagementandothergovernanceexchangescovered a wide range of important corporate governance, environmental and social stewardship, compensation and public policy issues.
new54
changedThe Compensation & Benefits Committee and the Audit Committee continuetomeet every year to review all special items excluded from non-GAAP incentive plan performance metrics.
changedImpact on behaviorThe Committee considers whether the exclusion of each special item will incentivize future executive decision making decision-makingin the best interests of the Company and shareholders.
changedFiscal 2025 2024special items - litigation.
changedThe Company reversed recordedan accounting charge of $7.0 $5.1billion related to talc matters in 2025. 2024.
changedConsistent with the factors described above, the Committee considered this litigation-related charge reversal to determine the appropriate treatment for purposes of the executive compensation program.
newIncluding this accounting charge reversal in our executives' incentives would have resulted in a windfall to our executives that the Committee believes would not be warranted.
changedBased on the totality of the circumstances, the Committee determined it to be in the best interest of the Company and shareholders to exclude the $7.0 $5.1billion talc settlement charge reversal from 2025 2024incentive plan results.
new2026 Proxy Statement55
new2025 Executive compensation
changedPay for performanceWe tie annual incentive payouts and long-term incentive grants to the performance of the Company, the individual’s segment or function and the individual.Accountability for short-term and long-term performanceWe Westructure performance-based compensation to reward an appropriate balance of short-term and long-term financial and strategic business results, with an emphasis on managing the business for long-term results.
changedAlignment to shareholders’ interestsWe structure performance-based compensation to align the interests of our named executive officers with the long-term interests of our shareholders.CompetitivenessWe Wecompare our practices against appropriate peer companies that are of similar size and complexity so we can continue to attract, retain and motivate high-performing executives.
changedThe Board is responsible for oversight of risk management (including product development, supply chain and quality risks) as described under Oversight of our Company beginning on page 33. 35.
new2026 Proxy Statement57
changedComponentFormVesting / performance periodHow we determine the amountWhy we pay each componentBase salaryCashOngoing•We set base salary rates by considering:•Competitive on:•Competitivedata•Scope of responsibilities•Work experience•Time in position•Internal equity•Individual performance•Recognizes job responsibilities.Annual incentiveCash1 year•We set target awards as a percent of salary based on competitive data.•We determine award payouts based on business and individual performance.•Motivates attainment of our near-term priorities, consistent with our long-term strategic plan.Long-term incentivesEquity3 years (options: 10-year term)•We set target awards as a percent of salary based on competitive data.•We grant long-term incentives based on business and individual performance, contribution and long-term potential.•We determine payouts based on achievement of long-term operational goals, TSR and share price appreciation.•Motivates attainment of our long-term goals, TSR and share price growth.•Retains executives.
changedSee page 81 85for details.
new•We do not pay dividend equivalents on our unvested PSUs, options or RSUs.
new2026 Proxy Statement59
changed2025 2024Annual incentive goals and performance
changedPerformance against our enterprise 2025 2024financial goals (70% weight)
new2025 Financial goals
changedSee Our annual incentive goal-setting process on page 62 66for details.
newIf performance is above maximum, payouts are capped at 200%.
changedFor the purposes of assessing performance under our annual incentive program, we make certain adjustments to our financial measures that have been prepared in accordance with accounting principles generally accepted in the U.S. (GAAP), as detailed on page 79 83and 80. 84.
new2025 Financial results
changedAt the enterprise level, we exceeded our operational sales, adjusted operational EPS EPS,and our free cash flow goals.
changedAs shown below, our annual incentive financial payout factor was 122.7%. 128.8%.
new2025 Financial measuresWeightThreshold(50% payout)Target(100% payout)Maximum(200% payout)ResultsCalculatedpayoutWeightedpayoutOperational sales ($ millions) $86,735$91,300$95,865$92,872134.4%44.8%Adjusted operational EPS $10.31$10.85$11.39$10.94116.6%38.9%Free cash flow ($ millions) $17,550$19,500$21,450$19,830116.9%39.0%Financial payout factor122.7%
changedSee pages 79 83and 80 84for reconciliations to GAAP measures of performance.
new2025 Strategic goals
new2025 Strategic performance
changedBased on its evaluation of our performance against our strategic goals, the Committee determined a payout factor of 108.0% 94.0%of target appropriately recognized both the successes and disappointments we experienced during 2025. 2024.
changed2025 2024Strategic goals2025 goals2024Assessment highlightsCritical business objectives•We met or exceeded performedstronglyagainstour product pipeline value and innovation platform goals.
newWe also performed strongly against our priority R&D milestones.•We had mixed performance against our supply chain goals.•We delivered strong performance against our commercial goals.•We advanced the modernization of our technology ecosystem, while strengthening our cybersecurity posture and accelerating cloud adoptions.
changedEnabling our purpose•We exceeded madesubstantialprogressagainstour human capital management goals, advancing enhancingour talent pipeline and succession planning as well as the retention of Executive Committee and segment leaders.•We reinforced metour quality and compliance position by objectives,closing audit remediation gaps and reducing the number of health authority field actions.•We achieved all of our key safety goals.•We performed well against exceededour global sustainability goals and continued to advance our efforts to fight global public health challenges.Enterprise strategic payout factor108.0% factor94.0%
new2026 Proxy Statement61
new2025 Annual incentives

Removed from 2025

562024 Executive compensation summary2024 NEOs Currently Serving56Our Credo562024 Compensation highlightsJoaquin DuatoChairman of the Board andChief Executive OfficerJoseph WolkExecutive Vice President,Chief Financial OfficerTim SchmidExecutive Vice President, Worldwide Chairman, MedTechJennifer TaubertExecutive Vice President, Worldwide Chairman, Innovative MedicineJohn Reed, M.D., Ph.D.Executive Vice President, Innovative Medicine, R&D582024 Say on Pay results and shareholder engagement60Compensation governance best practices612024 Executive compensation61Guiding principles62Components of executive compensation68Compensation decisions for 2024 performance68Total direct compensation decisions70NEO performance and compensation summaries70CEO performance71Compensation decisions for 2024 CEO performance71Other named executive officer performance74Executive compensation decision process74Importance of Our Credo values in assessing performance74Assessing "the what" and "the how"74Aligning compensation to "the what" and "the how"75Governance of executive compensation76Peer groups for pay and performance78Additional information concerning executive compensation78No employment agreements with named executive officers79Use of tally sheets 79Non-competition and non-solicitation79Long-term incentive vesting and treatment upon termination81Compensation policies and practices81Stock ownership guidelines for named executive officers82Policy against pledging, hedging and short selling82Executive compensation recoupment policies82Tax impact on compensation82Compensation decisions for 2023 performance83Reconciliation of non-GAAP performance measures83Details on 2024 annual incentive non-GAAP performance measures85Details on 2022-2024 PSU non-GAAP performance measures
2025 Proxy Statement55
2024 Compensation highlights
2024 performance.
We delivered strong performance in 2024.
2024 annual incentives.
The Committee used its discretion to lower the payout from 118.4% to 115.0% based on its holistic assessment of Company performance in 2024.
Duato$1,600,000$3,220,000$19,760,000$24,580,000J.
Wolk1,212,3081,754,0008,235,00011,201,308T.
Schmid896,3081,294,0004,500,0006,690,308J.
Taubert1,192,3081,725,0008,100,00011,017,308J.
Reed1,192,3081,725,0008,100,00011,017,308
2025 Proxy Statement57
What we heardShareholders cast approximately 90% of their votes in favor of our executive compensation program as disclosed in our 2024 Proxy Statement (the Say on Pay vote).
We believe that our direct engagement with our shareholders and the changes we made over the years helped us achieve this strong support.
We develop our fall shareholder engagement plan in early summer.
We consider the voting results from the prior Annual Shareholders’ Meeting, our current performance, the external environment and market trends.
For each meeting, we try to have the right personnel available to have informed discussions on the topics that are most important to each shareholder.
In determining whether to include or exclude the $5.1 billion settlement charge from executive incentive metrics, the Committee considered the following factors, among others:
•Alignment of shareholder and executive interests.
More than two-thirds of our named executive officers’ compensation is tied to our stock and aligned with shareholder interests.
Executives must also meet published stock ownership requirements.
To the extent significant litigation charges impact the Company’s stock price, positively or negatively, our executives’ pay is similarly impacted.
•Best interests of the Company and shareholders and impact on behavior.
The Committee considered the amount of executive pay with the talc litigation charge included and excluded.
The Committee believes that incentives strongly motivate behavior.
Including this significant charge in the executives’ performance metrics could motivate executives to postpone or forgo legal actions or settlements that are in shareholders' long-term interests.
•Role of current executives.
The underlying events and decisions that resulted in the talc-related litigation charges occurred before Company executives assumed their current roles.
Company executives have taken steps to mitigate the impact of the litigation on behalf of the Company and shareholders.
The executive team determined that it was in the best interest of the Company and shareholders to resolve this matter as efficiently as possible.
•Legal determination of responsibility.
Johnson & Johnson has made no admission of wrongdoing, nor has the Company changed its longstanding position that its talcum powder products are safe.
The Company has prevailed in the majority of cases tried and continues to stress that the talc claims are unfounded and lack scientific merit.
2025 Proxy Statement59
2024 Executive compensation
•Pay for performance.
We tie annual incentive payouts and long-term incentive grants to the performance of the Company, the individual’s segment or function and the individual.
•Accountability for short-term and long-term performance.
•Alignment to shareholders’ interests.
We structure performance-based compensation to align the interests of our named executive officers with the long-term interests of our shareholders.
•Competitiveness.
2025 Proxy Statement61
•No dividend equivalents are paid on our PSUs, options or RSUs.
2025 Proxy Statement63
2024 Financial goals
2024 Financial results
2024 Financial measuresWeightThreshold(50% payout)Target(100% payout)Maximum(200% payout)ResultsCalculatedpayoutWeightedpayoutOperational sales ($ millions) $84,170$88,600$93,030$89,385117.7 %39.2 %Adjusted operational EPS $10.12$10.65$11.18$10.91148.8 %49.6 %Free cash flow ($ millions) $15,300$17,000$18,700$17,341120.1 %40.0 %Financial payout factor128.8 %
2024 Strategic goals
2024 Strategic performance
We also achieved all of our priority R&D milestones.•Our performance on our supply chain goals was mixed, in part due to macroeconomic challenges.•We continued to modernize our technology ecosystem, expand our cybersecurity foundation, and increase our cloud adoptions.
2025 Proxy Statement65
2024 Annual incentives
Weight2024 Payout factorsWeighted payoutEnterprise financial70.0 %128.8 %90.2 %Enterprise strategic30.0 %94.0 %28.2 %Calculated Enterprise payout factor118.4 %Discretionary reduction(3.4 %)Enterprise payout factor115.0 %
The Committee used its discretion to reduce the Enterprise payout factor by 3.4% percentage points, to 115.0% based on its holistic assessment of Company performance in 2024.
•Medical devices market recovery.
However, our 2022-2024 TSR compound annual growth rate (CAGR) fell below threshold.
We set the EPS goal based on:
2025 Proxy Statement67
Other changes to our security policies are outlined in the personal and home security section below.
We may, based on ongoing review and advice from security experts, decide to provide additional security services to our executives as determined to be necessary and in the best interest of the Company and our shareholders.
2025 Proxy Statement69
Mr. Duato:•Performed strongly against our product pipeline value and innovation platform goals, ensuring we achieved all of our priority R&D milestones.•Made substantial progress against our human capital management goals, enhancing our talent pipeline and succession planning as well as the retention of Executive Committee and segment leaders.•Advanced year-over-year capital allocation across R&D, acquisitions and dividends to shareholders.•Accelerated our focus on data science, AI and cybersecurity.2024 Total direct compensationTotal direct compensation: $24,580,0002025 Base salary rateMr.
Duato’s base salary rate did not change in 2025.
202220232024Amount($)Percentof target(%)Amount($)Percentof target(%)Amount($)Percentof target(%)Salary earned$1,490,962$1,584,615$1,600,000Annual incentive payout2,390,00091.0 %3,650,000130.4 %3,220,000115.0 %Long-term incentive awards15,990,000130.0 %16,400,000125.0 %19,760,000130.0 %Total direct compensation$19,870,962$21,634,615$24,580,000
JosephWolkExecutive Vice President, Chief Financial OfficerPerformanceIn addition to his contribution to our Company’s overall performance, Mr. Wolk:•Led our financial management processes that surpassed financial goals by actively planning, overseeing and streamlining Enterprise budgets.
•Successfully prioritized key strategic portfolio choices and capital allocation deployment.•Advanced digital transformation across the Company, led by the finance and global services functions adopting best in class financial processes and technology platforms.2024 Total direct compensationTotal direct compensation: $11,201,3082025 Base salary rateMr.
2025 Proxy Statement71
TimSchmidExecutive Vice President,Worldwide Chairman, MedTechPerformanceIn addition to his contribution to our Company’s overall performance, Mr. Schmid:•Strengthened our MedTech pipeline, delivering across all major organic innovation and clinical milestones.•Accelerated our portfolio shift into high-growth MedTech segments with more than 30 business development transactions, including the successful acquisitions of Shockwave and V-Wave, and the divestiture of Acclarent.•Restructured the MedTech segment, deploying a new end-to-end operating model focused on enhancing speed of decision making, execution and accountability.2024 Total direct compensationTotal direct compensation: $6,690,3082025 Base salary rateMr.
JenniferTaubertExecutive Vice President, Worldwide Chairman, Innovative MedicinePerformanceIn addition to her contribution to our Company’s overall performance, Ms. Taubert:•Delivered robust top line growth that exceeded the market and analyst consensus and demonstrated strength across therapeutic areas and geographic regions.•Advanced our portfolio and pipeline, successfully launching transformational new medicines and line extensions, and increasing investment in breakthrough manufacturing capabilities.
•Generated significant value through licensing, acquisitions and partnerships, expanding the value of our pipeline.
2024 Total direct compensationTotal direct compensation: $11,017,3082025 Base salary rateMs.
JohnReed, M.D., Ph.D.Executive Vice President, Innovative Medicine R&DPerformanceIn addition to his contribution to our Company’s overall performance, Dr. Reed:•Accelerated innovative product development, contributing to the achievement of key regulatory approvals and program advancements, increasing pipeline value.•Sharpened our focus on data science, digital health and R&D investments in oncology, immunology and neuroscience.•Supported accessing external innovation to strengthen capabilities and supplement pipeline.
2024 Total direct compensationTotal direct compensation: $11,017,3082025 Base salary rateDr.
2025 Proxy Statement73
2025 Proxy Statement75
Company (ticker symbol)Revenue($ millions)Net income($ millions)(1)Market cap($ billions)(2)Commonindustry(3)Grossmargin(>40%)EBITmargin(>10%)(4)Inter-nationalsales(> 33%)Businesscomplexity(5)R&D % ofsales(>or = 5%)3M Company (MMM)(6)$24,575$4,009$70 Abbott Laboratories (ABT)41,95013,402196 Abbvie Inc. (ABBV)56,3344,278314 Amgen Inc. (AMGN)33,4244,090140 AT&T Inc. (T)122,33610,948163 The Boeing Company (BA)66,517(11,875)132 Bristol Myers Squibb Company (BMY)48,300(8,948)115 Cisco Systems, Inc. (CSCO)(6)(7)54,1769,187236 Eli Lilly and Company (LLY)45,04310,590733 General Electric Company(8)N/AN/AN/A Gilead Sciences, Inc. (GILD)28,754480115 Intel Corporation (INTC)53,101(19,233)86 Intl Business Machines Corp. (IBM)(6)(11)62,7536,023203 Medtronic plc (MDT)(7)33,1994,260102 Merck & Co., Inc. (MRK)64,16817,117252 Microsoft Corporation (MSFT)(9)261,80292,7503,134 Pfizer Inc. (PFE)63,6278,031150 The Procter & Gamble Company (PG)(9)(10)84,34615,480395 RTX Corporation (RTX)80,7384,774154 Johnson & Johnson (JNJ)88,82114,066348 Johnson & Johnson's Ranking3rd4th4thJohnson & Johnson's Percentile Rank89 %83 %83 %
(8)General Electric Company completed its split into three separate companies in 2024 and was removed from the Executive Peer Group effective 2025.
(11)Used 2023 "Americas" sales for IBM due to lack of availability at the time of sourcing.
2025 Proxy Statement77

More changes truncated for legibility. Open the filings on SEC for full prose.

Cells reading “Not extracted” mean the deterministic extractor didn’t pick up that disclosure for the listed filing — not that it isn’t in the proxy. Open the company workspace and use Ask to query the CD&A directly.