<SEC-DOCUMENT>0001214659-25-004577.txt : 20250320
<SEC-HEADER>0001214659-25-004577.hdr.sgml : 20250320
<ACCEPTANCE-DATETIME>20250320140033
ACCESSION NUMBER:		0001214659-25-004577
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250320
DATE AS OF CHANGE:		20250320
EFFECTIVENESS DATE:		20250320

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHNSON & JOHNSON
		CENTRAL INDEX KEY:			0000200406
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				221024240
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1229

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03215
		FILM NUMBER:		25755724

	BUSINESS ADDRESS:	
		STREET 1:		ONE JOHNSON & JOHNSON PLZ
		CITY:			NEW BRUNSWICK
		STATE:			NJ
		ZIP:			08933
		BUSINESS PHONE:		732-524-2455

	MAIL ADDRESS:	
		STREET 1:		ONE JOHNSON & JOHNSON PLZ
		CITY:			NEW BRUNSWICK
		STATE:			NJ
		ZIP:			08933

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mercy Investment Services, Inc.
		CENTRAL INDEX KEY:			0001699865
		ORGANIZATION NAME:           	
		IRS NUMBER:				263224636
		STATE OF INCORPORATION:			MO
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2039 NORTH GEYER ROAD
		CITY:			ST. LOUIS
		STATE:			MO
		ZIP:			63131
		BUSINESS PHONE:		314-909-4609

	MAIL ADDRESS:	
		STREET 1:		2039 NORTH GEYER ROAD
		CITY:			ST. LOUIS
		STATE:			MO
		ZIP:			63131
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notice of Exempt Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF REGISTRANT: </B>Johnson &amp; Johnson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF PERSON RELYING ON EXEMPTION: </B>Mercy Investment Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ADDRESS OF PERSON RELYING ON EXEMPTION: </B>2039 N Geyer Rd, Frontenac,
MO 63131</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
under the Securities Exchange Act of 1934.&nbsp; </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>This is not a solicitation of authority to
vote your proxy.ac1300</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Please DO NOT send us your proxy card as it will not be accepted</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are writing to urge Johnson &amp; Johnson (&ldquo;J&amp;J&rdquo;
or the &ldquo;Company) shareholders to VOTE FOR PROPOSAL 5 (produce a human rights impact assessment) on the Company&rsquo;s 2025 proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Shareholder Proposal:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Shareholders of Johnson &amp; Johnson (&ldquo;J&amp;J&rdquo;) urge
the board of directors to oversee conduct of human rights due diligence (&ldquo;HRDD&rdquo;) to produce a human rights impact assessment
(&ldquo;HRIA&rdquo;) covering J&amp;J&rsquo;s operations, activities, business relationships, and products related to access to medicines.
The HRIA should be prepared at reasonable cost and omitting confidential and proprietary information and made available on J&amp;J&rsquo;s
web site. The HRIA should describe actual and potential adverse human rights impacts identified; identify rightsholders that were consulted;
and discuss whether and how the results of the HRIA will be integrated into J&amp;J&rsquo;s operations and decision making.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Introduction:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The right to health is enshrined in international human rights principles:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The Universal Declaration of Human Rights states, &ldquo;Everyone has the
right to a standard of living adequate for the health and well-being of himself and of his family, including . . . medical care<SUP>1</SUP>.&rdquo;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Article 12.1 of the International Covenant on Economic, Social, and Cultural
Rights &ldquo;recognize[s] the right of everyone to the enjoyment of the highest attainable standard of physical and mental health<SUP>2</SUP>.&rdquo;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The World Health Organization&rsquo;s Constitution states, &ldquo;The enjoyment
of the highest attainable standard of health is one of the fundamental rights of every human being without distinction of race, religion,
political belief, economic or social condition<SUP>3</SUP>.&rdquo;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
h<FONT STYLE="font-family: Times New Roman, Times, Serif">ttps://www.ohchr.org/en/human-rights/universal-declaration/translations/english</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> www.ohchr.org/en/instruments-mechanisms/instruments/international-covenant-economic-social-and-cultural-rights;
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7605313</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT>
h<FONT STYLE="font-family: Times New Roman, Times, Serif">ttps://www.who.int/about/accountability/governance/constitution</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">According to the U.N. Special Rapporteur on the right to health (the
&ldquo;Special Rapporteur&rdquo;), &ldquo;[t]he issue of access to medicines is a fundamental component of the full realization of the
right to health. Medical care in the event of sickness and the prevention, and treatment and control of diseases, depends largely on timely
and appropriate access to quality medicines. . . . From a human rights perspective, access to medicines is intrinsically linked with the
principles of equality and non-discrimination, transparency, participation, and accountability<SUP>4</SUP>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pharmaceutical companies &ldquo;ha[ve] an indispensable role to play
in relation to the right to health and access to medicines,&rdquo; but their policies have been cited as a barrier to access<SUP>5</SUP>.
The Special Rapporteur&rsquo;s &ldquo;Human Rights Guidelines for Pharmaceutical Companies in Relation to Access to Medicines&rdquo; (the
&ldquo;Guidelines&rdquo;) recommend that pharmaceutical firms &ldquo;should adopt a human rights policy statement which expressly recognises
the importance of human rights generally, and the right to the highest attainable standard of health in particular&rdquo; and &ldquo;should
integrate human rights, including the right to the highest attainable standard of health, into the strategies, policies, programmes, projects
and activities of the company<SUP>6</SUP>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Specifically, the Guidelines urge that pharmaceutical companies should
&ldquo;be as transparent as possible&rdquo; with regard to access to medicines; &ldquo;disclose all current advocacy and lobbying positions,
and related activities, at the regional, national and international levels, that impact or may impact upon access to medicines&rdquo;;
and &ldquo;consider all the arrangements at its disposal with a view to ensuring that its medicines are affordable to as many people as
possible<SUP>7</SUP>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Moreover, the UNGPs explicitly state that companies must conduct human
rights due diligence to identify and address adverse salient risks and adverse impacts connected with their products and services, particularly
if the scale and scope of the impacts are likely to be large. HRIAs provide the best available evidence that such impacts are subject
to structured and ongoing reviews. Such an approach should certainly be applied to the Company&rsquo;s most important business consideration,
that of pricing and access to medicines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In fact, several direct industry peers have better due diligence and
assessment models in place. While not perfect, Sanofi<SUP>8</SUP>, Novartis<SUP>9</SUP>, and Novo Nordisk<SUP>10</SUP> all disclose processes
that describe their commitment not just to a robust human rights policy, but diligence and assessment of that policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT>
h<FONT STYLE="font-family: Times New Roman, Times, Serif">ttps://www.ohchr.org/en/special-procedures/sr-health/access-medicines-and-right-health</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> SYMPOSIUM ARTICLE: Human Rights Responsibilities of Pharmaceutical
Companies in Relation to Access to Medicines, 40 J.L. Med. &amp; Ethics 220 (Summer 2012)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.ohchr.org/Documents/Issues/Health/GuidelinesForPharmaceuticalCompanies.doc,
paras 1-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> Guidelines, paras. 6, 17, 33</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>8</SUP></FONT>
h<FONT STYLE="font-family: Times New Roman, Times, Serif">ttps://www.sanofi.com/assets/dotcom/content-app/documents/Human_right_activities_EN.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>9</SUP></FONT>
h<FONT STYLE="font-family: Times New Roman, Times, Serif">ttps://www.novartis.com/esg/ethics-risk-and-compliance/human-rights</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>10</SUP></FONT>
h<FONT STYLE="font-family: Times New Roman, Times, Serif">ttps://www.novonordisk.com/content/dam/nncorp/global/en/sustainable-business/pdfs/esg-portal/2024/novo-nordisk-human-rights-report-2023.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Regulatory, legal, and financial risks persist:</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J&amp;J continues to suffer from several high-profile controversies
which present significant risk to investors. Women in England recently received compensation for allegedly faulty vaginal mesh implants,
and some estimate that thousands more could be eligible for a payout<SUP>11</SUP>. And of course, the lawsuits surrounding alleged asbestos-laden
baby powder continue moving forward<SUP>12</SUP>. In fact, that potential financial liability has only increased with the recent announcement
that The U.S. Department of Health &amp; Human Services may seek over $1 billion in reimbursement for health care costs associated with
the use of talc<SUP>13</SUP>. A HRIA could potentially have flagged these products and as risky and the Company could have taken proactive
steps to keep these lawsuits from happening.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, the company is involved in more than one lawsuit against
the U.S. government<SUP>14</SUP> and its implementation of the Inflation Reduction Act. According to most advocates and scientific bodies,
these lawsuits will limit, rather than expand, access to medicines<SUP>1516</SUP>, thus increasing the risk for abuses related to the
human right to health.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The statement in opposition is insufficient:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s statement of opposition includes the following
declaration:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The proposal seeks a &ldquo;human rights impact
assessment&rdquo;, but is fundamentally about pricing and access to medicines</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This seems to imply that pricing and access to medicines are somehow
divorced from human rights, when they are intrinsically linked. We are not trying to conceal that the proposal is aimed at understanding
how the Company views its pricing and access responsibilities through a human rights lens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J&amp;J also states in several ways that they have a &ldquo;longstanding
commitment to respecting human rights&rdquo;. They mention policies that have been instituted to maintain high human rights standards,
they restate their credo, they restate their human rights position statement &ndash; all of which are good places to start. What is noticeably
missing from any public reporting is due diligence or assessment of those policies, credos, and position statements. The Company says
that it &ldquo;recognizes that respecting human rights and related due diligence is a process of continuous improvement,&rdquo; but then
provides no disclosures around any process that would demonstrate that sentiment to be true. While the commitments are laudable, they
ring hollow when the Company doesn&rsquo;t lean into this very commitment to examine the core of its business &ndash; which is getting
its products to patients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>11</SUP></FONT>
h<FONT STYLE="font-family: Times New Roman, Times, Serif">ttps://www.bbc.com/news/articles/clylng1dqx2o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.courthousenews.com/johnson-johnson-investors-defend-class-action-over-reports-of-asbestos-laden-baby-powder/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://www.reuters.com/business/healthcare-pharmaceuticals/us-government-could-seek-over-1-billion-jj-cancer-treatment-costs-2025-01-31/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>14</SUP></FONT>
h<FONT STYLE="font-family: Times New Roman, Times, Serif">ttps://www.biospace.com/policy/astrazeneca-bms-j-j-renew-legal-challenge-to-ira-before-appeals-court</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>15</SUP></FONT>
h<FONT STYLE="font-family: Times New Roman, Times, Serif">ttps://www.ajmc.com/view/lower-drug-prices-announced-under-medicare-negotiation-program</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://healthjournalism.org/blog/2024/11/for-medicare-members-the-inflation-reduction-act-cuts-drug-costs-spreads-out-payments/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Conclusion:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lack of access to medicines poses a systemic threat to public health
and the economy. When the availability of lifesaving drugs is compromised, the entire economy suffers. And when the economy suffers, investors
lose. Joaquin Duato was recently quoted in Time as saying<SUP>17</SUP>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>If you are a healthcare company, and if you
are the largest healthcare company, then we believe by conviction, independent of the cycles, that we have a responsibility to drive health
equity.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe that to fulfill this commitment, the company must assess,
and disclose the results of that assessment, the human rights impacts of its operations, activities, business relationships, and products
related to access to medicines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For these reasons, we ask you to vote <B>FOR Proposal 5</B><FONT STYLE="color: red">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>This is not a solicitation of authority to
vote your proxy.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Please DO NOT send us your proxy card as it will not be accepted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://time.com/7212011/joaquin-duato-johnson-and-johnson-interview/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0"></P>

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