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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported): 
July 20, 2023
Johnson & Johnson
 (Exact name of registrant as specified in its charter)
  
New Jersey 1-3215 22-1024240
(State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)

One Johnson & Johnson Plaza, New Brunswick, New Jersey  08933 
(Address of Principal Executive Offices)
 (Zip Code) 
Registrant's telephone number, including area code:
732-524-0400
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 
☐             Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 
☐             Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
               CFR 240.14d-2(b)) 
☐             Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
               CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
    Emerging growth company ☐  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, Par Value $1.00 JNJ New York Stock Exchange
0.650% Notes Due May 2024 JNJ24C New York Stock Exchange
5.50% Notes Due November 2024 JNJ24BP New York Stock Exchange
1.150% Notes Due November 2028 JNJ28 New York Stock Exchange
1.650% Notes Due May 2035 JNJ35 New York Stock Exchange
 
 



 
Item 2.02     Results of Operations and Financial Condition

On July 20, 2023, Johnson & Johnson issued the attached press release (Exhibit 99.1) announcing its sales and earnings for the second quarter ended July 2, 2023.
 
Item 9.01    Financial Statements and Exhibits

(d)     Exhibits. 
 
Exhibit No.
 		 Description of Exhibit
 
104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.



 
 
 


 

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
  Johnson & Johnson  
     (Registrant)
 
 
 		  
Date:  July 20, 2023 By: /s/ Robert J. Decker, Jr.  
    Robert J. Decker, Jr.
Controller
(Principal Accounting Officer)		  

EX-99.1 2 a2023q2exhibit991.htm EX-99.1 Document

Exhibit 99.1

JOHNSON & JOHNSON REPORTS 2023 SECOND-QUARTER RESULTS:
•2023 Second-Quarter reported sales growth of 6.3% to $25.5 Billion with operational growth of 7.5%* and adjusted operational growth of 6.2%*. Operational growth excluding COVID-19 Vaccine of 8.9%*

•Earnings per share (EPS) of $1.96 increasing 8.9% and adjusted EPS of $2.80 increasing by 8.1%*

•Company is increasing 2023 full-year guidance midpoints for adjusted operational sales excluding COVID-19 Vaccine and adjusted operational EPS

•Johnson & Johnson intends to "split off" Kenvue shares through an exchange offer as the form of its next step in the separation, subject to market conditions

New Brunswick, N.J. (July 20, 2023) – Johnson & Johnson (NYSE: JNJ) today announced results for second-quarter 2023. “Our robust performance in the second quarter and first half of 2023 is a testament to the hard work and commitment of our colleagues around the world,” said Joaquin Duato, Chairman of the Board and Chief Executive Officer. “We are entering the back half of the year from a position of strength with numerous catalysts, including becoming a two-sector company focused on Pharmaceutical and MedTech innovation.”

OVERALL FINANCIAL RESULTS:
overallresultsqtd.jpg
1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2 Excludes the impact of translational currency
3 Excludes the net impact of acquisitions and divestitures and translational currency
4 Excludes intangible amortization expense and special items
Note: values may have been rounded


REGIONAL SALES RESULTS:
regionalsalesqtd.jpg
1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2 Excludes the impact of translational currency
3 Excludes the net impact of acquisitions and divestitures and translational currency
Note: values may have been rounded


SEGMENT SALES RESULTS:
segmentsalesqtd.jpg
1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2 Excludes the impact of translational currency
3 Excludes the net impact of acquisitions and divestitures and translational currency
Note: Values may have been rounded Adjusted operational sales* reflected below excludes the net impact of acquisitions and divestitures and translational currency.




SECOND QUARTER 2023 SEGMENT COMMENTARY:

Pharmaceutical
Pharmaceutical worldwide adjusted operational sales grew 3.9%*. Excluding the COVID-19 Vaccine, adjusted operational sales grew 6.2%*. Growth was driven by DARZALEX (daratumumab), ERLEADA (apalutamide), and CARVYKTI (ciltacabtagene autoleucel) in Oncology, STELARA (ustekinumab) and TREMFYA (guselkumab) in Immunology, UPTRAVI (selexipag) and OPSUMIT (macitentan) in Pulmonary Hypertension, and SPRAVATO (esketamine) in Neuroscience. Growth was partially offset by ZYTIGA (abiraterone acetate) and IMBRUVICA (ibrutinib) in Oncology, COVID-19 Vaccine (Ad26.COV2.S) in Infectious Diseases, and REMICADE (infliximab) in Immunology.

MedTech
MedTech worldwide adjusted operational sales grew 9.9%*, driven primarily by electrophysiology products in Interventional Solutions, trauma in Orthopaedics, wound closure products in General Surgery, biosurgery in Advanced Surgery, and contact lenses in Vision. MedTech worldwide operational sales grew 14.7%*, with the acquisition of Abiomed contributing 4.8%.

Consumer Health
Consumer Health worldwide adjusted operational sales increased 7.7%* largely driven by over-the-counter (OTC) products. Major contributors to growth in OTC were TYLENOL and MOTRIN analgesics, upper respiratory products, international smoking cessation products, and IMODIUM in digestive health products. Additional contributors to growth were NEUTROGENA in Skin Health/Beauty products and Women’s Health products outside the United States.


NOTABLE NEW ANNOUNCEMENTS IN THE QUARTER:
The information contained in this section should be read in conjunction with Johnson & Johnson’s other disclosures filed with the Securities and Exchange Commission, including its Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. The reader is also encouraged to review all other news releases and information available in the Investors section of the company’s website at news releases, as well as www.factsabouttalc.com, www.factsaboutourprescriptionopioids.com, and www.LTLManagementInformation.com.

Regulatory Janssen Marks First Approval Worldwide for AKEEGA (Niraparib and Abiraterone Acetate Dual Action Tablet) with EC Authorisation for the Treatment of Patients with Metastatic Castration Resistant Prostate Cancer with BRCA1/2 Mutations Press Release
Milvexian Granted U.S. FDA Fast Track Designation for All Three Indications Under Evaluation in Phase 3 Librexia Program: Ischemic Stroke, Acute Coronary Syndrome and Atrial Fibrillation Press Release
Janssen Submits New Drug Application to U.S. FDA Seeking Approval of Investigational Single Tablet Combination Therapy of Macitentan and Tadalafil for Treatment of Patients with Pulmonary Arterial Hypertension (PAH) Press Release
Janssen Submits Supplemental Biologics License Application to U.S. FDA Seeking Approval of CARVYKTI for the Earlier Treatment of Patients with Relapsed or Refractory Multiple Myeloma Press Release
Data Release Janssen Reports First Results from Phase 2 SunRISe-1 Study of TAR-200 and Anti-PD-1 Antibody Cetrelimab in Patients with Bacillus Calmette-Guérin-Unresponsive Non-Muscle-Invasive Bladder Cancer Press Release
First Phase 3 TREMFYA (guselkumab) Data in Inflammatory Bowel Disease Show Positive Induction Results Among Patients with Moderately to Severely Active Ulcerative Colitis Press Release
New Data Published on Biosense Webster QDOT MICRO Catheter – the Latest Advancement in Focal RF Ablation for Treating AFib Press Release
Janssen to Highlight Scientific Advances and Commitment to Transform Cancer Care at ASCO and EHA with More than 90 Presentations Showcasing Robust, Differentiated Portfolio and Pipeline in Hematologic Malignancies and Solid Tumors Press Release
New Phase 2 Data Demonstrate Potential Benefit of Nipocalimab for Pregnant Individuals at High Risk of Early-Onset Severe Hemolytic Disease of the Fetus and Newborn (HDFN) Press Release
Janssen Announces Positive Topline Results for JNJ-2113—a Novel, First and Only Oral IL-23 Receptor Antagonist Peptide in Development for Moderate-to-Severe Plaque Psoriasis1
 Press Release
Treatment with RYBREVANT (amivantamab-vmjw) Plus Chemotherapy Resulted in Statistically Significant and Clinically Meaningful Improvement in Progression-Free Survival in Patients with Newly Diagnosed EGFR Exon 20 Insertion Mutation-Positive Non-Small Cell Lung Cancer1
 Press Release

Other		 Johnson & Johnson Announces Launch of Kenvue Inc. IPO Roadshow Press Release
Janssen Enters Worldwide Collaboration and License Agreement with Cellular Biomedicine Group to Develop Next Generation CAR-T Therapies Press Release
1 Subsequent to the quarter


FULL-YEAR 2023 GUIDANCE:

Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson's results computed in accordance with GAAP.
($ in Billions, except EPS)
July 2023
April 2023
Adjusted Operational Sales1,2,5
Change vs. Prior Year / Mid-point
6.0% – 7.0% / 6.5%
4.5% – 5.5% / 5.0%
Operational Sales2,5/ Mid-point
Change vs. Prior Year / Mid-point
$99.3B – $100.3B / $99.8B
7.0% – 8.0% / 7.5%
$97.9B – $98.9B / $98.4B
5.5% – 6.5% / 6.0%
Estimated Reported Sales3,5/ Mid-point
Change vs. Prior Year / Mid-point
$98.8B – $99.8B / $99.3B
6.5% – 7.5% / 7.0%
$97.9B – $98.9B / $98.4B
5.5% – 6.5% / 6.0%
Adjusted Operational EPS (Diluted)2,4/ Mid-point
Change vs. Prior Year / Mid-point
$10.60 – $10.70 / $10.65
4.5% – 5.5% / 5.0%
$10.50 – $10.60 / $10.55
3.5% – 4.5% / 4.0%
Adjusted EPS (Diluted)3,4 / Mid-point
Change vs. Prior Year / Mid-point
$10.70 – $10.80 / $10.75
5.5% – 6.5% / 6.0%
$10.60 – $10.70 / $10.65
4.5% – 5.5% / 5.0%

1 Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures
2 Non-GAAP financial measure; excludes the impact of translational currency
3 Calculated using Euro Average Rate: July 2023 = $1.09 and April 2023 = $1.10 (Illustrative purposes only)
4 Non-GAAP financial measure; excludes intangible amortization expense and special items
5 Excludes COVID-19 Vaccine
Note: percentages may have been rounded

Other modeling considerations will be provided on the webcast.




WEBCAST INFORMATION:
Johnson & Johnson will conduct a conference call with investors to discuss this earnings release today at 8:30 a.m., Eastern Time. A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Johnson & Johnson website. A replay and podcast will be available approximately two hours after the live webcast in the Investors section of the Company's website at events-and-presentations.

ABOUT JOHNSON & JOHNSON:
At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That’s why for more than 135 years, we have aimed to keep people well at every age and every stage of life. Today, as the world’s largest, most diversified healthcare products company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity.

NON-GAAP FINANCIAL MEASURES:
* “Operational sales growth” excluding the impact of translational currency, “adjusted operational sales growth” excluding the net impact of acquisitions and divestitures and translational currency, as well as “adjusted net earnings”, “adjusted diluted earnings per share” and “adjusted operational diluted earnings per share” excluding after-tax intangible amortization expense and special items, are non-GAAP financial measures and should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Except for guidance measures, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying financial schedules of the earnings release and the Investors section of the company's website at quarterly-results.

Copies of the financial schedules accompanying this earnings release are available on the company’s website at quarterly-results. These schedules include supplementary sales data, a condensed consolidated statement of earnings, reconciliations of non-GAAP financial measures, and sales of key products/franchises. Additional information on Johnson & Johnson, including adjusted income before tax by segment, a pharmaceutical pipeline of selected compounds in late stage development and a copy of today’s earnings call presentation can also be found in the Investors section of the company's website at quarterly-results.




NOTE TO INVESTORS CONCERNING FORWARD-LOOKING STATEMENTS:
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: future operating and financial performance, product development, market position and business strategy, and the anticipated separation of the Company’s Consumer Health business. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the company to successfully execute strategic plans, including restructuring plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies; the Company’s ability to satisfy the necessary conditions to consummate the separation of the Company’s Consumer Health business on a timely basis or at all; the Company’s ability to successfully separate the Company’s Consumer Health business and realize the anticipated benefits from the separation; and the New Consumer Health Company’s ability to succeed as a standalone publicly traded company. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended January 1, 2023, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in Johnson & Johnson’s subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.


Press Contacts: Investor Contacts:
Tesia Williams Jessica Moore
media-relations@its.jnj.com investor-relations@its.jnj.com

EX-99.2 3 a2023q2exhibit992.htm EX-99.2 Document

Exhibit 99.2


Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)
SECOND QUARTER
Percent Change
2023 2022 Total Operations Currency
Sales to customers by
geographic area
U.S. $ 13,444   12,197  10.2 %  10.2 — 
Europe  5,894  6,085 (3.1)  (3.9)  0.8
Western Hemisphere excluding U.S.  1,713  1,536  11.5 17.7  (6.2)
Asia-Pacific, Africa  4,479  4,202  6.6  12.5  (5.9)
International  12,086  11,823  2.2  4.7  (2.5)
        
Worldwide $ 25,530   24,020  6.3 %  7.5  (1.2)
           
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.




Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)
SIX MONTHS
Percent Change
2023 2022 Total Operations Currency
Sales to customers by
geographic area
U.S. $ 25,961   23,611 10.0 % 10.0 — 
Europe  12,226  12,109  1.0  3.0  (2.0)
Western Hemisphere excluding U.S.  3,300  3,018  9.3  16.1  (6.8)
Asia-Pacific, Africa  8,789  8,708  0.9  8.2  (7.3)
International  24,315  23,835  2.0  6.5  (4.5)
        
Worldwide $ 50,276   47,446  6.0 %  8.2  (2.2)
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.


Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)
SECOND QUARTER
 Percent Change
2023 2022 Total Operations Currency
Sales to customers by
segment of business
Consumer Health
    U.S. $ 1,787  1,687  6.0  % 6.0  — 
    International 2,224  2,118  5.0  9.0  (4.0)
4,011      3,805  5.4  7.7  (2.3)
Pharmaceutical (1)
    U.S. 7,818  7,159  9.2  9.2  — 
    International 5,913  6,158  (4.0) (2.5) (1.5)
13,731      13,317  3.1  3.8  (0.7)
Pharmaceutical excluding COVID-19 Vaccine (1)
     U.S. 7,818  7,114  9.9  9.9 — 
     International 5,628  5,659  (0.5) 1.5 (2.0)
13,446  12,773  5.3  6.2 (0.9)
MedTech
    U.S. 3,839      3,351  14.6  14.6  — 
    International 3,949  3,547  11.3  14.7  (3.4)
  7,788      6,898  12.9  14.7  (1.8)
U.S. 13,444  12,197  10.2  10.2  — 
International 12,086  11,823  2.2  4.7  (2.5)
Worldwide 25,530  24,020  6.3  7.5  (1.2)
       
U.S. 13,444  12,152  10.6  10.6  — 
International 11,801  11,324  4.2  7.0  (2.8)
Worldwide excluding COVID-19 Vaccine (1)
 $ 25,245  23,476  7.5  % 8.9  (1.4)
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(1) Refer to supplemental sales reconciliation schedules.




Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)
SIX MONTHS
 Percent Change
2022 2021 Total Operations Currency
Sales to customers by
segment of business
Consumer Health
    U.S. $ 3,522  3,244  8.6  % 8.6  — 
    International 4,341  4,147  4.7  10.1  (5.4)
7,863      7,391  6.4  9.5  (3.1)
Pharmaceutical (1)
    U.S. 14,841  13,791  7.6  7.6  — 
    International 12,303  12,395  (0.7) 3.1  (3.8)
27,144      26,186  3.7  5.5  (1.8)
Pharmaceutical excluding COVID-19 Vaccine (1)
     U.S. 14,841  13,671  8.6  8.6 — 
     International 11,271  11,514  (2.1) 1.9 (4.0)
26,112  25,185  3.7  5.5 (1.8)
MedTech
    U.S. 7,598      6,576  15.5  15.5  — 
    International 7,671  7,293  5.2  10.3  (5.1)
  15,269      13,869  10.1  12.8  (2.7)
U.S. 25,961  23,611  10.0  10.0  — 
International 24,315  23,835  2.0  6.5  (4.5)
Worldwide 50,276  47,446  6.0  8.2  (2.2)
       
U.S. 25,961  23,491  10.5  10.5  — 
International 23,283  22,954  1.4  6.1  (4.7)
Worldwide excluding COVID-19 Vaccine (1)
 $ 49,244  46,445  6.0  % 8.3  (2.3)
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(1) Refer to supplemental sales reconciliation schedules.


Johnson & Johnson and Subsidiaries  
Condensed Consolidated Statement of Earnings  
(Unaudited; in Millions Except Per Share Figures)
SECOND QUARTER
2023 2022 Percent
Percent Percent Increase
Amount to Sales Amount to Sales (Decrease)
Sales to customers $ 25,530  100.0  $ 24,020  100.0  6.3 
Cost of products sold 8,212  32.2  7,919  33.0  3.7 
Gross Profit 17,318  67.8  16,101  67.0  7.6 
Selling, marketing and administrative expenses 6,665  26.1  6,226  25.9  7.1 
Research and development expense 3,829  15.0  3,703  15.4  3.4 
Interest (income) expense, net (23) (0.1) (26) (0.1)  
Other (income) expense, net* (60) (0.2) 273  1.1   
Restructuring 145  0.5  85  0.4   
Earnings before provision for taxes on income 6,762  26.5  5,840  24.3  15.8 
Provision for taxes on income 1,618  6.4  1,026  4.3  57.7 
Net earnings $ 5,144  20.1  $ 4,814  20.0  6.9 
Net earnings per share (Diluted) $ 1.96  $ 1.80  8.9 
Average shares outstanding (Diluted) 2,625.7  2,667.9 
Effective tax rate 23.9  % 17.6  %
Adjusted earnings before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income $ 8,824  34.6 $ 8,171  34.0 8.0 
Net earnings $ 7,358  28.8 $ 6,912  28.8 6.5 
Net earnings per share (Diluted) $ 2.80  $ 2.59  8.1 
Effective tax rate 16.6  % 15.4  %
* Fiscal second quarter Other (income) expense, net includes $37 million related to the Company's 10.4% non-controlling interest in Kenvue, Inc. from the time of the initial public offering on May 8, 2023 through the end of the fiscal second quarter.
(1) See Reconciliation of Non-GAAP Financial Measures.
(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings before provision for taxes on income," "adjusted net earnings," "adjusted net earnings per share (diluted)," and "adjusted effective tax rate" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate on an adjusted basis because management believes that these measures provide useful information to investors. Among other things, these measures may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as intangible asset amortization expense, significant gains from divestitures, significant costs associated with acquisitions, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters). Special items may be highly variable, difficult to predict, and of a size that sometimes has substantial impact on the Company's reported results of operations for a period. Management uses these measures internally for planning, forecasting and evaluating the performances of the Company's businesses, including allocating resources and evaluating results relative to employee performance compensation targets. Unlike earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate prepared in accordance with GAAP, adjusted earnings before provision for taxes on income, adjusted net earnings, adjusted net earnings per share (diluted), and adjusted effective tax rate may not be comparable with the calculation of similar measures for other companies. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of the Company's results of operations without including all events during a period, such as intangible asset amortization expense, significant gains from divestitures, the effects of an acquisition, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters) and do not provide a comparable view of the Company's performance to other companies in the health care industry. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.



Johnson & Johnson and Subsidiaries  
Condensed Consolidated Statement of Earnings  
(Unaudited; in Millions Except Per Share Figures)
SIX MONTHS
2022 2021 Percent
Percent Percent Increase
Amount to Sales Amount to Sales (Decrease)
Sales to customers $ 50,276  100.0 $ 47,446  100.0 6.0 
Cost of products sold 16,607  33.0 15,517  32.7 7.0 
Gross Profit 33,669  67.0 31,929  67.3 5.4 
Selling, marketing and administrative expenses 12,803  25.5 12,164  25.6 5.3 
Research and development expense 7,392  14.7 7,165  15.1 3.2 
In-process research and development 49 0.1 610  1.3 
Interest (income) expense, net (43) (0.1) (38) (0.1)  
Other (income) expense, net* 7,168  14.3  171  0.4   
Restructuring 275  0.5 155  0.3  
Earnings before provision for taxes on income 6,025  12.0 11,702  24.7 (48.5)
Provision for taxes on income 949  1.9 1,739  3.7  (45.4)
Net earnings $ 5,076  10.1 $ 9,963  21.0 (49.1)
Net earnings per share (Diluted) $ 1.93  $ 3.73  (48.3)
Average shares outstanding (Diluted) 2,630.7  2,669.2 
Effective tax rate 15.8  % 14.9  %
Adjusted earnings before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income $ 17,292  34.4 $ 16,389  34.5 5.5 
Net earnings $ 14,426  28.7 $ 14,041  29.6 2.7 
Net earnings per share (Diluted) $ 5.48  $ 5.26  4.2 
Effective tax rate 16.6  % 14.3  %
* Fiscal six months Other (income) expense, net includes $37 million related to the Company's 10.4% non-controlling interest in Kenvue, Inc. from the time of the initial public offering on May 8, 2023 through the end of the fiscal second quarter.
(1) See Reconciliation of Non-GAAP Financial Measures.
(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings before provision for taxes on income," "adjusted net earnings," "adjusted net earnings per share (diluted)," and "adjusted effective tax rate" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate on an adjusted basis because management believes that these measures provide useful information to investors. Among other things, these measures may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as intangible asset amortization expense, significant gains from divestitures, significant costs associated with acquisitions, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters). Special items may be highly variable, difficult to predict, and of a size that sometimes has substantial impact on the Company's reported results of operations for a period. Management uses these measures internally for planning, forecasting and evaluating the performances of the Company's businesses, including allocating resources and evaluating results relative to employee performance compensation targets. Unlike earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate prepared in accordance with GAAP, adjusted earnings before provision for taxes on income, adjusted net earnings, adjusted net earnings per share (diluted), and adjusted effective tax rate may not be comparable with the calculation of similar measures for other companies. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of the Company's results of operations without including all events during a period, such as intangible asset amortization expense, significant gains from divestitures, the effects of an acquisition, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters) and do not provide a comparable view of the Company's performance to other companies in the health care industry. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.


Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Second Quarter
(Dollars in Millions Except Per Share Data) 2023 2022
Net Earnings, after tax- as reported $ 5,144  $ 4,814 
Pre-tax Adjustments
Litigation related 137  385
Intangible Asset Amortization expense 1,211 1,095
COVID-19 Vaccine related costs 1
  165  276
Consumer Health separation costs 282 268
Restructuring related 2
  145 128
Medical Device Regulation 3
 85 70
Acquisition, integration and divestiture related 38   -
(Gains)/losses on securities (1)  109
Tax Adjustments
Tax impact on special item adjustments 4
 (373) (313)
Consumer Health separation tax related costs 546  2
Tax legislation and other tax related (21)  78
Adjusted Net Earnings, after tax $ 7,358  $ 6,912 
Average shares outstanding (Diluted) 2,625.7  2,667.9 
Adjusted net earnings per share (Diluted) $ 2.80  $ 2.59 
Operational adjusted net earnings per share (Diluted) $ 2.84   
Notes:
1
 COVID-19 Vaccine related costs include remaining commitments and obligations, including external manufacturing network exit costs and required clinical trial expenses, associated with the Company's completion of its COVID-19 vaccine contractual commitments.
2
 In the first and second quarter of 2023, the company completed a prioritization of its research and development (R&D) investment within the Pharmaceutical segment to focus on the most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs within therapeutic areas. The R&D program exits are primarily in infectious diseases and vaccines including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, hepatitis and HIV development.  The restructuring expenses of $145 million in the quarter ($275 million Q2 YTD) include the termination of partnered and non-partnered program costs and asset impairments.
3
 European Medical Device Regulation (MDR) costs represent one-time compliance costs for the Company’s previously registered products. MDR is a replacement of the existing European Medical Devices Directive regulatory framework, and manufacturers of currently marketed medical devices were required to comply with EU MDR beginning in May 2021. The Company considers the adoption of EU MDR to be a significant one-time regulatory change and is not indicative of on-going operations. The Company has excluded only external third-party regulatory and consulting costs from its MedTech operating segments' measures of profit and loss used for making operating decisions and assessing performance which is expected to be completed during 2024.
4
 The tax impact related to special item adjustments reflects the current and deferred income taxes associated with the above pre-tax special items in arriving at adjusted earnings.




Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Six Months Ended
(Dollars in Millions Except Per Share Data) 2023 2022
Net Earnings, after tax- as reported $ 5,076  $ 9,963 
Pre-tax Adjustments
Litigation related 7,037 385
Intangible Asset Amortization expense 2,415 2,203
COVID-19 Vaccine related costs 1
  609  276
Consumer Health separation costs 582 370
Restructuring related 2
  275 200
Medical Device Regulation 3
 149 130
Acquisition, integration and divestiture related 80  -
(Gains)/losses on securities 71   520
IPR&D 49   610
Other -  (7)
Tax Adjustments
Tax impact on special item adjustments 4
 (2,430) (706)
Consumer Health separation tax related costs 557  98
Tax legislation and other tax related (44)  (1)
Adjusted Net Earnings, after tax $ 14,426  $ 14,041 
Average shares outstanding (Diluted) 2,630.7 2,669.2 
Adjusted net earnings per share (Diluted) $ 5.48  $ 5.26 
Operational adjusted net earnings per share (Diluted) $ 5.59   
Notes:
1
 COVID-19 Vaccine related costs include remaining commitments and obligations, including external manufacturing network exit costs and required clinical trial expenses, associated with the Company's completion of its COVID-19 vaccine contractual commitments.
2
 In the first and second quarter of 2023, the company completed a prioritization of its research and development (R&D) investment within the Pharmaceutical segment to focus on the most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs within therapeutic areas. The R&D program exits are primarily in infectious diseases and vaccines including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, hepatitis and HIV development.  The restructuring expenses of $145 million in the quarter ($275 million Q2 YTD) include the termination of partnered and non-partnered program costs and asset impairments.
3
 European Medical Device Regulation (MDR) costs represent one-time compliance costs for the Company’s previously registered products. MDR is a replacement of the existing European Medical Devices Directive regulatory framework, and manufacturers of currently marketed medical devices were required to comply with EU MDR beginning in May 2021. The Company considers the adoption of EU MDR to be a significant one-time regulatory change and is not indicative of on-going operations. The Company has excluded only external third-party regulatory and consulting costs from its MedTech operating segments' measures of profit and loss used for making operating decisions and assessing performance which is expected to be completed during 2024.
4
 The tax impact related to special item adjustments reflects the current and deferred income taxes associated with the above pre-tax special items in arriving at adjusted earnings.


Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Adjusted Operational Sales Growth (A)
 SECOND QUARTER 2023 ACTUAL vs. 2022 ACTUAL
 Segments
Consumer Health  Pharmaceutical  MedTech  Total
 WW As Reported 5.4  % 3.1  % 12.9  % 6.3  %
 U.S. 6.0  % 9.2  % 14.6  % 10.2  %
 International 5.0  % (4.0) % 11.3  % 2.2  %
 WW Currency (2.3) (0.7) (1.8) (1.2)
 U.S. — — — —
 International (4.0) (1.5) (3.4) (2.5)
 WW Operational 7.7  % 3.8  % 14.7  % 7.5  %
 U.S. 6.0  % 9.2  % 14.6  % 10.2  %
 International 9.0  % (2.5) % 14.7  % 4.7  %
Abiomed (4.8) (1.4)
 U.S. (8.1) (2.2)
 International (1.7) (0.5)
All Other Acquisitions and Divestitures 0.0 0.1 0.0 0.1
 U.S. 0.0 0.0 0.0 0.0
 International 0.0 0.3 0.0 0.2
WW Adjusted Operational 7.7  % 3.9  % 9.9  % 6.2  %
 U.S. 6.0  % 9.2  % 6.5  % 8.0  %
 International 9.0  % (2.2) % 13.0  % 4.4  %
Note: Percentages are based on actual, non-rounded figures and may not sum
(A) NON-GAAP FINANCIAL MEASURE “Adjusted operational sales growth" excludes acquisitions, divestitures and translational currency and is a non-GAAP financial measure. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and divestitures, and the impact they may have on the analysis of underlying business performance and trends, management believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to permit investors to more fully understand how management assesses the performance of the Company, including for internal evaluation of the performance of the Company's businesses and planning and forecasting for future periods. The use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company's results of operations without including all events during a period and may not provide a comparable view of the Company's performance to that of other companies in the health care industry.



Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Adjusted Operational Sales Growth (A)
SIX MONTHS 2023 ACTUAL vs. 2022 ACTUAL
 Segments
Consumer Health  Pharmaceutical MedTech  Total
 WW As Reported 6.4  % 3.7  % 10.1  % 6.0  %
 U.S. 8.6  % 7.6  % 15.5  % 10.0  %
 International 4.7  % (0.7) % 5.2  % 2.0  %
 WW Currency (3.1) (1.8) (2.7) (2.2)
 U.S. — — — —
 International (5.4) (3.8) (5.1) (4.5)
 WW Operational 9.5  % 5.5  % 12.8  % 8.2  %
 U.S. 8.6  % 7.6  % 15.5  % 10.0  %
 International 10.1  % 3.1  % 10.3  % 6.5  %
Abiomed (4.7) (1.4)
U.S. (8.2) (2.3)
International (1.6) (0.5)
All Other Acquisitions and Divestitures 0.0 0.1 0.0 0.1
 U.S. 0.0 0.0 0.0 0.0
 International 0.0 0.3 0.0 0.2
WW Adjusted Operational 9.5  % 5.6  % 8.1  % 6.9  %
 U.S. 8.6  % 7.6  % 7.3  % 7.7  %
 International 10.1  % 3.4  % 8.7  % 6.2  %
Note: Percentages are based on actual, non-rounded figures and may not sum
(A) NON-GAAP FINANCIAL MEASURE “Adjusted operational sales growth" excludes acquisitions, divestitures and translational currency and is a non-GAAP financial measure. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and divestitures, and the impact they may have on the analysis of underlying business performance and trends, management believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to permit investors to more fully understand how management assesses the performance of the Company, including for internal evaluation of the performance of the Company's businesses and planning and forecasting for future periods. The use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company's results of operations without including all events during a period and may not provide a comparable view of the Company's performance to that of other companies in the health care industry.



Johnson & Johnson
Segment Sales
(Dollars in Millions)
SECOND QUARTER
% Change
2023 2022 Reported
Operational (1)
 Currency
CONSUMER HEALTH SEGMENT (2)
OTC
US $ 712 663 7.5  % 7.5  % —  %
Intl 947 818 15.7  19.0  (3.3)
WW 1,659 1,482 12.0  13.9  (1.9)
SKIN HEALTH / BEAUTY
US 650 629 3.4  3.4  — 
Intl 498 497 0.3  3.8  (3.5)
WW 1,148  1,126 2.0  3.5  (1.5)
ORAL CARE
US 173 170 1.7  1.7  — 
Intl 225 224 0.3  3.4  (3.1)
WW 398  394  0.9  2.7  (1.8)
BABY CARE
US 99 88 12.5  12.5  — 
Intl 261 287 (9.1) (4.0) (5.1)
WW 360  375  (4.0) (0.2) (3.8)
WOMEN'S HEALTH
US 4 3 (2.1) (2.1) — 
Intl 235 228 3.5  10.2  (6.7)
WW 238 230 3.4  10.0  (6.6)
WOUND CARE / OTHER
US 149 133 12.3  12.3  — 
Intl 58 65 (10.3) (4.6) (5.7)
WW 207 197 4.9  6.8  (1.9)
TOTAL CONSUMER HEALTH
US 1,787  1,687  6.0  6.0  — 
Intl 2,224  2,118  5.0  9.0  (4.0)
WW $ 4,011  3,805  5.4  % 7.7  % (2.3) %
See footnotes at end of schedule





Johnson & Johnson
Segment Sales
(Dollars in Millions)
SECOND QUARTER
% Change
2023 2022 Reported
Operational (1)
 Currency
PHARMACEUTICAL SEGMENT (2) (3)
IMMUNOLOGY
US $ 2,865 2,853 0.4  % 0.4  % —  %
Intl 1,631 1,559 4.7  6.6  (1.9)
WW 4,496 4,411 1.9  2.6  (0.7)
     REMICADE
     US 277 391 (29.3) (29.3) — 
     US Exports (4)
 33 44 (24.9) (24.9) — 
     Intl 152 212 (28.2) (25.2) (3.0)
     WW 462 647 (28.6) (27.6) (1.0)
     SIMPONI / SIMPONI ARIA
     US 285 301 (5.1) (5.1) — 
     Intl 244 266 (8.2) (4.3) (3.9)
     WW 529 566 (6.6) (4.7) (1.9)
     STELARA
     US 1,817 1,731 4.9  4.9  — 
     Intl 981 868 13.0  14.1  (1.1)
     WW 2,797 2,599 7.6  8.0  (0.4)
     TREMFYA
     US 450  382  17.8  17.8  — 
     Intl 255  214  19.4  21.0  (1.6)
     WW 706  597  18.3  18.9  (0.6)
     OTHER IMMUNOLOGY
     US 4  3  17.8 17.8 — 
     Intl 0  0  — — — 
     WW 4  3  17.8 17.8 — 
INFECTIOUS DISEASES
US 395 415 (4.9) (4.9) — 
Intl 727 901 (19.4) (22.0) 2.6 
WW 1,121 1,316 (14.8) (16.6) 1.8 
     COVID-19 VACCINE
     US —  45 * * — 
     Intl 285 499 (43.0) (47.4) 4.4
     WW 285 544 (47.7) (51.8) 4.1
     EDURANT / rilpivirine
     US 8  9  (9.0) (9.0) — 
     Intl 258  215  19.9 17.3 2.6 
     WW 266  225  18.6 16.2 2.4 
     PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
     US 382 355 7.6 7.6 — 
     Intl 109 110 (0.2) (1.0) 0.8 
     WW 491 464 5.8 5.6 0.2 
     OTHER INFECTIOUS DISEASES
     US 5 6 (27.2) (27.2) — 
     Intl 74 77 (3.5) 3.6 (7.1)
     WW 79 83 (5.2) 1.3 (6.5)
See footnotes at end of schedule


Johnson & Johnson
Segment Sales
(Dollars in Millions)
SECOND QUARTER
% Change
2023 2022 Reported
Operational (1)
 Currency
PHARMACEUTICAL SEGMENT (2) (3) (Continued)
NEUROSCIENCE
US $ 1,029 896 14.9% 14.9% —%
Intl 764 837 (8.8) (4.6) (4.2)
WW 1,793 1,734 3.5 5.5 (2.0)
     CONCERTA / methylphenidate
     US 64 38 68.2 68.2 —
     Intl 143 123 16.3 21.3 (5.0)
     WW 208 161 28.6 32.4 (3.8)
     INVEGA SUSTENNA / XEPLION / INVEGA
     TRINZA / TREVICTA
     US 721 691 4.3 4.3 —
     Intl 310 362 (14.4) (12.6) (1.8)
     WW 1,031 1,054 (2.1) (1.5) (0.6)
     SPRAVATO
     US 144 74 93.2 93.2 —
     Intl 25 11 * * *
     WW 169 85 98.2 98.5 (0.3)
     OTHER NEUROSCIENCE
     US 100 93 9.3 9.3 —
     Intl 286 341 (16.4) (9.9) (6.5)
     WW 386 433 (10.9) (5.8) (5.1)
ONCOLOGY
US 2,069 1,679 23.2 23.2 —
Intl 2,329 2,362 (1.4) 0.1 (1.5)
WW 4,398 4,042 8.8 9.7 (0.9)
     CARVYKTI
US 114  24  * * —
Intl 3  —  * * *
WW 117  24  * * *
     DARZALEX
     US 1,322  1,021  29.5 29.5 —
     Intl 1,110  965  15.0 17.0 (2.0)
     WW 2,431  1,986  22.4 23.4 (1.0)
     ERLEADA
     US 241  233  3.6 3.6 —
     Intl 326  218  49.7 51.7 (2.0)
     WW 567  450  25.9 26.9 (1.0)
     IMBRUVICA
     US 262  349  (24.9) (24.9) —
     Intl 579  620  (6.7) (5.7) (1.0)
     WW 841  970  (13.2) (12.6) (0.6)
     ZYTIGA / abiraterone acetate
     US 9 19  (55.2) (55.2) —
     Intl 218 486 (55.1) (53.8) (1.3)
     WW 227 505 (55.1) (53.8) (1.3)
     OTHER ONCOLOGY
     US 122  33  * * —
     Intl 92 72 27.8 29.4 (1.6)
     WW 214 106 * * *
See footnotes at end of schedule


Johnson & Johnson
Segment Sales
(Dollars in Millions)
SECOND QUARTER
% Change
2023 2022 Reported
Operational (1)
 Currency
PHARMACEUTICAL SEGMENT (2) (3) (Continued)
PULMONARY HYPERTENSION
US $ 684  560  22.0  % 22.0  % —  %
Intl 289  284  2.0  5.7  (3.7)
WW 972  843  15.3  16.5  (1.2)
     OPSUMIT
     US 328  265  23.7  23.7  — 
     Intl 179  173  3.4  6.0  (2.6)
     WW 507  438  15.7  16.7  (1.0)
     UPTRAVI
     US 338  272  24.2  24.2  — 
     Intl 61  56  10.0  14.1  (4.1)
     WW 399  328  21.8  22.5  (0.7)
     OTHER PULMONARY HYPERTENSION
     US 18  23  (23.8) (23.8) — 
     Intl 48  55  (10.9) (3.7) (7.2)
     WW 66  78  (14.7) (9.7) (5.0)
CARDIOVASCULAR / METABOLISM / OTHER
US 776 757 2.6  2.6  — 
Intl 174 215 (19.0) (18.3) (0.7)
WW 950 972 (2.2) (2.0) (0.2)
     XARELTO
     US 637  609  4.7  4.7  — 
     Intl —  —  —  —  — 
     WW 637  609  4.7  4.7  — 
     OTHER
     US 138  148  (6.3) (6.3) — 
     Intl 174  215  (19.0) (18.3) (0.7)
     WW 313  363  (13.8) (13.4) (0.4)
TOTAL PHARMACEUTICAL
US 7,818 7,159 9.2  9.2  — 
Intl 5,913 6,158 (4.0) (2.5) (1.5)
WW $ 13,731 13,317 3.1  % 3.8  % (0.7) %
See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
SECOND QUARTER
% Change
2023 2022 Reported
Operational (1)
 Currency
MEDTECH SEGMENT (2) (3)
INTERVENTIONAL SOLUTIONS
US $ 908  525  73.1  % 73.1  % —  %
Intl 712  525 35.7  40.7  (5.0)
WW 1,620  1,049 54.4  56.9  (2.5)
ELECTROPHYSIOLOGY
US 609  499  22.0  22.0  — 
Intl 587  469 25.1  30.0  (4.9)
WW 1,196  968 23.5  25.9  (2.4)
ABIOMED
US 272  — * * — 
Intl 59  — * * *
WW 331  — * * *
OTHER INTERVENTIONAL SOLUTIONS
US 27  26  4.5  4.5  — 
Intl 67  56  20.0  25.3  (5.3)
WW 93  81 15.1  18.8  (3.7)
ORTHOPAEDICS
US 1,388  1,338  3.7  3.7  — 
Intl 878  820  7.0  9.0  (2.0)
WW 2,265  2,157  5.0  5.7  (0.7)
     HIPS
     US 250  240  4.1  4.1  — 
     Intl 147  148  (0.8) 1.2  (2.0)
     WW 397  388  2.2  3.0  (0.8)
     KNEES
     US 221  216  2.4  2.4  — 
     Intl 142  133  6.3  8.0  (1.7)
     WW 363  349  3.9  4.5  (0.6)
     TRAUMA
     US 483  464  4.3  4.3  — 
     Intl 255  232  9.9  10.9  (1.0)
     WW 739  696  6.1  6.5  (0.4)
     SPINE, SPORTS & OTHER
     US 433  418  3.5  3.5  — 
     Intl 334  306  9.0  11.6  (2.6)
     WW 766  724  5.8  7.0  (1.2)
See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
SECOND QUARTER
% Change
2023 2022 Reported
Operational (1)
 Currency
MEDTECH SEGMENT (2) (3) (Continued)
SURGERY
US $ 1,015  992  2.2  % 2.2  % —  %
Intl 1,580  1,458  8.4  12.6  (4.2)
WW 2,594  2,450  5.9  8.4  (2.5)
     ADVANCED
US 466  454  2.7  2.7  — 
Intl 757  702  7.8  12.1  (4.3)
WW 1,222  1,156  5.8  8.4  (2.6)
     GENERAL
US 548  538  1.9  1.9  — 
Intl 823  756  8.9  13.1  (4.2)
WW 1,372  1,294  6.0  8.4  (2.4)
VISION
US 529  496  6.6  6.6  — 
Intl 778  745  4.6  7.1  (2.5)
WW 1,308  1,241  5.4  6.9  (1.5)
     CONTACT LENSES / OTHER
US 409  374  9.1  9.1  — 
Intl 530  519  2.2  4.8  (2.6)
WW 939  894  5.1  6.6  (1.5)
     SURGICAL
US 120  122  (1.1) (1.1) — 
Intl 249  225  10.1 12.3  (2.2)
WW 369  347  6.2 7.6 (1.4)
TOTAL MEDTECH
US 3,839  3,351  14.6  14.6  — 
Intl 3,949  3,547  11.3  14.7  (3.4)
WW $ 7,788  6,898  12.9  % 14.7  % (1.8) %
See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
SIX MONTHS
% Change
2023 2022 Reported
Operational (1)
 Currency
CONSUMER HEALTH SEGMENT (2)
OTC
US $ 1,457 1,333 9.3  % 9.3  % —  %
Intl 1,844 1,609 14.6  19.4  (4.8)
WW 3,301 2,943 12.2  14.8  (2.6)
SKIN HEALTH / BEAUTY
US 1,267 1,173 8.0  8.0  — 
Intl 991 965 2.7  8.1  (5.4)
WW 2,258  2,138 5.6  8.0  (2.4)
ORAL CARE
US 332 313 6.2  6.2  — 
Intl 427 447 (4.7) (0.3) (4.4)
WW 759  760  (0.2) 2.4  (2.6)
BABY CARE
US 195 173 12.7  12.7  — 
Intl 524 557 (6.0) 0.1  (6.1)
WW 719  730  (1.6) 3.1  (4.7)
WOMEN'S HEALTH
US 7 7 (0.1) (0.1) — 
Intl 449 452 (0.7) 7.2  (7.9)
WW 455 458 (0.6) 7.1  (7.7)
WOUND CARE / OTHER
US 264 245 7.9  7.9  — 
Intl 107 117 (8.4) (1.5) (6.9)
WW 371 361 2.6  4.9  (2.3)
TOTAL CONSUMER HEALTH
US 3,522  3,244  8.6  8.6  — 
Intl 4,341  4,147  4.7  10.1  (5.4)
WW $ 7,863  7,391  6.4  % 9.5  % (3.1) %
See footnotes at end of schedule













Johnson & Johnson
Segment Sales
(Dollars in Millions)
SIX MONTHS
% Change
2023 2022 Reported
Operational (1)
 Currency
PHARMACEUTICAL SEGMENT (2) (3)
IMMUNOLOGY
US $ 5,313 5,354 (0.8) % (0.8) % —  %
Intl 3,295 3,176 3.8  8.2  (4.4)
WW 8,608 8,530 0.9  2.6  (1.7)
     REMICADE
     US 553 749 (26.2) (26.2) — 
     US Exports (4)
 74 124 (40.3) (40.3) — 
     Intl 322 437 (26.2) (22.5) (3.7)
     WW 949 1,310 (27.5) (26.3) (1.2)
     SIMPONI / SIMPONI ARIA
     US 556 588 (5.4) (5.4) — 
     Intl 510 549 (7.1) (1.1) (6.0)
     WW 1,066 1,137 (6.2) (3.3) (2.9)
     STELARA
     US 3,268 3,110 5.1  5.1  — 
     Intl 1,974 1,777 11.1  15.2  (4.1)
     WW 5,241 4,887 7.2  8.7  (1.5)
     TREMFYA
     US 856  773  10.7  10.7  — 
     Intl 489  413  18.4  22.8  (4.4)
     WW 1,346  1,187  13.4  15.0  (1.6)
     OTHER IMMUNOLOGY
     US 7  9  (30.2) (30.2) — 
     Intl 0  0  — — — 
     WW 7  9  (30.2) (30.2) — 
INFECTIOUS DISEASES
US 787 876 (10.2) (10.2) — 
Intl 1,920 1,737 10.5 12.3 (1.8)
WW 2,707 2,613 3.6 4.7 (1.1)
     COVID-19 VACCINE
     US — 120 * * — 
     Intl 1,032 881 17.1 18.4 (1.3)
     WW 1,032 1,001 3.0 4.2 (1.2)
     EDURANT / rilpivirine
     US 17  18  (5.3) (5.3) — 
     Intl 529  454  16.4 18.0 (1.6)
     WW 546  473  15.6 17.1 (1.5)
     PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
     US 760 724 5.0 5.0 — 
     Intl 208 242 (13.9) (12.1) (1.8)
     WW 968 965 0.3 0.7 (0.4)
     OTHER INFECTIOUS DISEASES
     US 10 14 (30.6) (30.6) — 
     Intl 151 160 (5.6) (1.2) (4.4)
     WW 161 174 (7.6) (3.6) (4.0)
See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
SIX MONTHS
% Change
2023 2022 Reported
Operational (1)
 Currency
PHARMACEUTICAL SEGMENT (2) (3) (Continued)
NEUROSCIENCE
US $ 2,007 1,739 15.4% 15.4% —%
Intl 1,590 1,735 (8.4) (3.8) (4.6)
WW 3,597 3,475 3.5 5.8 (2.3)
     CONCERTA / methylphenidate
     US 134 73 84.0 84.0 —
     Intl 279 245 13.9 20.7 (6.8)
     WW 414 318 30.0 35.3 (5.3)
     INVEGA SUSTENNA / XEPLION / INVEGA
     TRINZA / TREVICTA
     US 1,434 1,352 6.0 6.0 —
     Intl 641 749 (14.5) (10.7) (3.8)
     WW 2,075 2,102 (1.3) 0.1 (1.4)
     SPRAVATO
     US 255 135 88.3 88.3 —
     Intl 45 20 * * *
     WW 300 155 93.1 93.8 (0.7)
     OTHER NEUROSCIENCE
     US 184 179 3.1 3.1 —
     Intl 625 721 (13.4) (8.7) (4.7)
     WW 809 900 (10.1) (6.4) (3.7)
ONCOLOGY
US 3,958 3,261 21.4 21.4 —
Intl 4,552 4,731 (3.8) 0.0 (3.8)
WW 8,510 7,992 6.5 8.8 (2.3)
     CARVYKTI
US 184  24  * * —
Intl 5  —  * * *
WW 189  24  * * *
     DARZALEX
     US 2,513  1,974  27.3 27.3 —
     Intl 2,182  1,868  16.8 21.5 (4.7)
     WW 4,695  3,842  22.2 24.5 (2.3)
     ERLEADA
     US 490  439  11.8 11.8 —
     Intl 619  412  50.3 55.9 (5.6)
     WW 1,109  850  30.4 33.2 (2.8)
     IMBRUVICA
     US 532  719  (26.0) (26.0) —
     Intl 1,136  1,288  (11.8) (8.8) (3.0)
     WW 1,668  2,008  (16.9) (15.0) (1.9)
     ZYTIGA / abiraterone acetate
     US 25 38  (34.7) (34.7) —
     Intl 447 1,006 (55.6) (53.0) (2.6)
     WW 472 1,044 (54.8) (52.3) (2.5)
     OTHER ONCOLOGY
     US 214  67  * * —
     Intl 162 156 3.6 7.1 (3.5)
     WW 376 224 68.0 70.4 (2.4)
See footnotes at end of schedule


Johnson & Johnson
Segment Sales
(Dollars in Millions)
SIX MONTHS
% Change
2023 2022 Reported
Operational (1)
 Currency
PHARMACEUTICAL SEGMENT (2) (3) (Continued)
PULMONARY HYPERTENSION
US $ 1,284  1,132  13.4  % 13.4  % —  %
Intl 561  563  (0.4) 5.5  (5.9)
WW 1,844  1,695  8.8  10.8  (2.0)
     OPSUMIT
     US 601  538  11.6  11.6  — 
     Intl 346  343  0.9  6.1  (5.2)
     WW 947  881  7.5  9.5  (2.0)
     UPTRAVI
     US 642  541  18.7  18.7  — 
     Intl 119  112  6.6  11.7  (5.1)
     WW 761  653  16.6  17.5  (0.9)
     OTHER PULMONARY HYPERTENSION
     US 41  53  (23.0) (23.0) — 
     Intl 95  108  (11.7) (2.8) (8.9)
     WW 136  161  (15.5) (9.5) (6.0)
CARDIOVASCULAR / METABOLISM / OTHER
US 1,491 1,429 4.3  4.3  — 
Intl 386 453 (14.7) (12.0) (2.7)
WW 1,877 1,882 (0.3) 0.4  (0.7)
     XARELTO
     US 1,215  1,117  8.8  8.8  — 
     Intl —  —  —  —  — 
     WW 1,215  1,117  8.8  8.8  — 
     OTHER
     US 275  312  (11.8) (11.8) — 
     Intl 386  453  (14.7) (12.0) (2.7)
     WW 662  765  (13.5) (11.9) (1.6)
TOTAL PHARMACEUTICAL
US 14,841 13,791 7.6  7.6  — 
Intl 12,303 12,395 (0.7) 3.1  (3.8)
WW $ 27,144 26,186 3.7  % 5.5  % (1.8) %
See footnotes at end of schedule











Johnson & Johnson
Segment Sales
(Dollars in Millions)
SIX MONTHS
% Change
2023 2022 Reported
Operational (1)
 Currency
MEDTECH SEGMENT (2) (3)
INTERVENTIONAL SOLUTIONS
US $ 1,771  1,019  73.8  % 73.8  % —  %
Intl 1,352  1,123 20.5  27.0  (6.5)
WW 3,123  2,141 45.8  49.3  (3.5)
ELECTROPHYSIOLOGY
US 1,180  969  21.7  21.7  — 
Intl 1,109  1,001 10.8  17.3  (6.5)
WW 2,288  1,970 16.2  19.5  (3.3)
ABIOMED
US 536  —  * * — 
Intl 119  — * * *
WW 655  — * * *
OTHER INTERVENTIONAL SOLUTIONS
US 55  51  10.8  10.8  — 
Intl 125  121 2.8  8.9  (6.1)
WW 180  171 5.1  9.5  (4.4)
ORTHOPAEDICS
US 2,751  2,627  4.7  4.7  — 
Intl 1,759  1,719  2.3  6.4  (4.1)
WW 4,510  4,345  3.8  5.4  (1.6)
     HIPS
     US 491  465  5.6  5.6  — 
     Intl 296  312  (5.1) (1.3) (3.8)
     WW 787  777  1.3  2.8  (1.5)
     KNEES
     US 447  417  7.2  7.2  — 
     Intl 284  271  4.8  8.8  (4.0)
     WW 731  688  6.3  7.9  (1.6)
     TRAUMA
     US 974  939  3.7  3.7  — 
     Intl 522  505  3.2  7.0  (3.8)
     WW 1,496  1,444  3.6  4.9  (1.3)
     SPINE, SPORTS & OTHER
     US 839  805  4.1  4.1  — 
     Intl 657  630  4.2  8.7  (4.5)
     WW 1,495  1,436  4.2  6.1  (1.9)
See footnotes at end of schedule





Johnson & Johnson
Segment Sales
(Dollars in Millions)
SIX MONTHS
% Change
2023 2022 Reported
Operational (1)
 Currency
MEDTECH SEGMENT (2) (3) (Continued)
SURGERY
US $ 1,990  1,913  4.0  % 4.0  % —  %
Intl 3,039  2,971  2.3  7.7  (5.4)
WW 5,028  4,884  3.0  6.3  (3.3)
     ADVANCED
US 910  871  4.5  4.5  — 
Intl 1,430  1,431  0.0  5.3  (5.3)
WW 2,340  2,302  1.7  5.0  (3.3)
     GENERAL
US 1,079  1,042  3.6  3.6  — 
Intl 1,608  1,540  4.5  10.0  (5.5)
WW 2,688  2,582  4.1  7.4  (3.3)
VISION
US 1,087  1,017  6.9  6.9  — 
Intl 1,521  1,481  2.7  7.5  (4.8)
WW 2,608  2,498  4.4  7.2  (2.8)
     CONTACT LENSES / OTHER
US 853  774  10.1  10.1  — 
Intl 1,039  1,030  0.9  6.3  (5.4)
WW 1,892  1,804  4.9  8.0  (3.1)
     SURGICAL
US 234  243  (3.6) (3.6) — 
Intl 482  451  6.7 10.2  (3.5)
WW 716  694  3.1 5.4 (2.3)
TOTAL MEDTECH
US 7,598  6,576  15.5  15.5  — 
Intl 7,671  7,293  5.2  10.3  (5.1)
WW $ 15,269  13,869  10.1  % 12.8  % (2.7) %
See footnotes at end of schedule
Note: Column and rows within tables may not add due to rounding. Percentages have been calculated using actual, non-
rounded figures and, therefore, may not recalculate precisely.
* Percentage greater than 100% or not meaningful
(1) Operational growth excludes the effect of translational currency
(2) Unaudited
(3) Certain prior year amounts have been reclassified to conform to current year product disclosures
(4) Reported as U.S. sales


Supplemental Sales Reconciliation (Unaudited)
(Dollars in Millions)
SECOND QUARTER
Percent Change
2023 2022 Total Operations Currency
Pharmaceutical
U.S. $ 7,818   7,159  9.2 %  9.2  -
International  5,913  6,158  (4.0)  (2.5)  (1.5)
Worldwide  13,731  13,317  3.1  3.8  (0.7)
COVID-19 Vaccine
U.S.  -  45  *  *  -
International  285  499  (43.0)  (47.4)  4.4
Worldwide  285  544  (47.7)  (51.8)  4.1
Pharmaceutical excluding COVID-19 Vaccine
U.S.  7,818  7,114  9.9  9.9  -
International  5,628  5,659  (0.5)  1.5  (2.0)
Worldwide  13,446  12,773  5.3  6.2  (0.9)
Worldwide
U.S.  13,444  12,197  10.2  10.2  -
International  12,086  11,823  2.2  4.7  (2.5)
Worldwide  25,530  24,020  6.3  7.5  (1.2)
COVID-19 Vaccine
U.S.  -  45  *  *  -
International  285  499  (43.0)  (47.4)  4.4
Worldwide  285  544  (47.7)  (51.8)  4.1
Worldwide
U.S.  13,444  12,152  10.6  10.6  -
International  11,801  11,324  4.2  7.0  (2.8)
Worldwide excluding COVID-19 Vaccine $ 25,245   23,476  7.5 %  8.9  (1.4)
Note: Columns and rows within tables may not add due to rounding
* Percentage greater than 100% or not meaningful












Supplemental Sales Reconciliation (Unaudited)
(Dollars in Millions)
SIX MONTHS
Percent Change
2022 2021 Total Operations Currency
Pharmaceutical
U.S. $ 14,841   13,791  7.6 %  7.6  -
International  12,303  12,395  (0.7)  3.1  (3.8)
Worldwide  27,144  26,186  3.7  5.5  (1.8)
COVID-19 Vaccine
U.S.  -  120  *  *  -
International  1,032  881  17.1  18.4  (1.3)
Worldwide  1,032  1,001  3.0  4.2  (1.2)
Pharmaceutical excluding COVID-19 Vaccine
U.S.  14,841  13,671  8.6  8.6  -
International  11,271  11,514  (2.1)  1.9  (4.0)
Worldwide  26,112  25,185  3.7  5.5  (1.8)
Worldwide
U.S.  25,961  23,611  10.0  10.0  -
International  24,315  23,835  2.0  6.5  (4.5)
Worldwide  50,276  47,446  6.0  8.2  (2.2)
COVID-19 Vaccine
U.S.  -  120  *  *  -
International  1,032  881  17.1  18.4  (1.3)
Worldwide  1,032  1,001  3.0  4.2  (1.2)
Worldwide
U.S.  25,961  23,491  10.5  10.5  -
International  23,283  22,954  1.4  6.1  (4.7)
Worldwide excluding COVID-19 Vaccine $ 49,244   46,445  6.0 %  8.3  (2.3)
Note: Columns and rows within tables may not add due to rounding
* Percentage greater than 100% or not meaningful