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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): 
October 17, 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 October 17, 2023, Johnson & Johnson issued the attached press release (Exhibit 99.1) announcing its sales and earnings for the third quarter ended October 1, 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:  October 17, 2023 By: /s/ Robert J. Decker, Jr.  
    Robert J. Decker, Jr.
Controller
(Principal Accounting Officer)		  

EX-99.1 2 a2023q3exhibit991.htm EX-99.1 Document

Exhibit 99.1
logo.jpg
Media contact:
Tesia Williams
media-relations@its.jnj.com
Investor contact:
Jessica Moore
investor-relations@its.jnj.com


JOHNSON & JOHNSON REPORTS Q3 2023 RESULTS:

•2023 Third-Quarter reported sales growth of 6.8% to $21.4 Billion with operational growth of 6.4%* and adjusted operational growth of 4.9%*. Operational growth excluding COVID-19 Vaccine of 9.0%*

•Earnings per share (EPS) of $1.69 increasing 4.3% and adjusted EPS of $2.66 increasing by 19.3%*

•Company is increasing 2023 full-year guidance midpoints for sales5 and adjusted EPS


New Brunswick, N.J. (October 17, 2023) – Johnson & Johnson (NYSE: JNJ) today announced results for third-quarter 2023. “Johnson & Johnson delivered strong results and significant pipeline advances in the third quarter, providing a solid foundation for future sustained growth,” said Joaquin Duato, Chairman of the Board and Chief Executive Officer. “With a sharpened focus on Innovative Medicine and MedTech solutions, Johnson & Johnson is innovating across the spectrum of healthcare and is poised to deliver the medical breakthroughs of tomorrow.”

Unless otherwise noted, the financial results and earnings guidance included below reflect the continuing operations of Johnson & Johnson. The Company recognized a one-time, non-cash gain of approximately $21 billion in the quarter as part of discontinued operations related to the final separation of its Consumer Health business.


Overall Financial Results
overallresultsupdated.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
5 Excludes COVID-19 Vaccine
Note: values may have been rounded


REGIONAL SALES RESULTS:
regionupdated.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:
segmentsupdated.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: The Innovative Medicine segment was previously referred to as the Pharmaceutical segment
Values may have been rounded


Third Quarter 2023 Segment Commentary:

Adjusted operational sales* reflected below excludes the net impact of acquisitions and divestitures and translational currency.

Innovative Medicine

Innovative Medicine worldwide adjusted operational sales grew 4.4%*. Excluding the COVID-19 Vaccine, operational sales grew 8.2%*. Growth was driven by DARZALEX (daratumumab), ERLEADA (apalutamide), Other Oncology, and CARVYKTI (ciltacabtagene autoleucel) in Oncology, STELARA (ustekinumab), TREMFYA (guselkumab), and SIMPONI/SIMPONI ARIA (golimumab) in Immunology, SPRAVATO (esketamine) in Neuroscience, and UPTRAVI (selexipag) in Pulmonary Hypertension. Growth was partially offset by COVID-19 Vaccine (Ad26.COV2.S) in Infectious Diseases, ZYTIGA (abiraterone acetate) and IMBRUVICA (ibrutinib) in Oncology, and REMICADE (infliximab) in Immunology.

MedTech

MedTech worldwide adjusted operational sales grew 6.0%*, driven primarily by electrophysiology products in Interventional Solutions, wound closure products in General Surgery, contact lenses in Vision, and biosurgery in Advanced Surgery. MedTech worldwide operational sales grew 10.4%*, with the acquisition of Abiomed contributing 4.6%.



Notable New Announcements in the Quarter:

The information contained in this section should be read together 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 Investor Relations section of the company’s website at news releases, as well as www.factsabouttalc.com, www.factsaboutourprescriptionopioids.com, and www.LTLManagementInformation.com.

Regulatory Biosense Webster Receives FDA Approval for Multiple Atrial Fibrillation Ablation Products to be Used in a Workflow Without Fluoroscopy Press Release
U.S. FDA Approves TALVEY (talquetamab-tgvs), a First-in-Class Bispecific Therapy for the Treatment of Patients with Heavily Pretreated Multiple Myeloma Press Release
European Commission Approves TALVEY (talquetamab), Janssen’s Novel Bispecific Therapy for the Treatment of Patients with Relapsed and Refractory Multiple Myeloma Press Release
European Commission Approves Reduced Dosing Frequency for Janssen’s Bispecific Antibody TECVAYLI (teclistamab) Press Release
Janssen Submits Application to the European Medicines Agency for RYBREVANT (amivantamab) in Combination with Chemotherapy for the First-Line Treatment of Adult Patients with Advanced Non-Small Cell Lung Cancer with Activating EGFR Exon 20 Insertion Mutations1
 Press Release
Janssen Submits Supplemental New Drug Application to the U.S. Food and Drug Administration Seeking Full Approval of BALVERSA (erdafitinib) for the Treatment of Patients with Locally Advanced or Metastatic Urothelial Carcinoma and Selected Fibroblast Growth Factor Receptor Gene Alterations Press Release
Janssen Submits Marketing Authorisation Application to the European Medicines Agency Seeking Approval of Erdafitinib for the Treatment of Patients with Locally Advanced or Metastatic Urothelial Cancer with Susceptible FGFR Alterations Press Release
U.S. FDA Approves AKEEGA (Niraparib and Abiraterone Acetate), the First-And-Only Dual Action Tablet for the Treatment of Patients with BRCA-Positive Metastatic Castration-Resistant Prostate Cancer Press Release
Data Release
Janssen to Highlight Latest Research from Nipocalimab Clinical Development Program to Address Unmet Need in Myasthenia Gravis at AANEM 2023 Meeting1
 Press Release
Janssen Aims to Define New Standards of Care in the Treatment of Solid Tumor Cancers with Transformative Data Planned for Presentation at ESMO1
 Press Release
TREMFYA (guselkumab) Maintains Key Efficacy Endpoints Through Three Years for Adults with Moderately to Severely Active Crohn's Disease in a Phase 2 Study1
 Press Release
Janssen Highlights Latest Research for TREMFYA (guselkumab) and Investigational Targeted Oral Peptide JNJ-2113 in Moderate to Severe Plaque Psoriasis at the European Academy of Dermatology and Venereology (EADV) Congress1
 Press Release
Landmark Phase 3 MARIPOSA Study Meets Primary Endpoint Resulting in Statistically Significant and Clinically Meaningful Improvement in Progression-Free Survival for RYBREVANT (amivantamab-vmjw) plus Lazertinib Versus Osimertinib in Patients with EGFR-Mutated Non-Small Cell Lung Cancer Press Release
Phase 3 MARIPOSA-2 Study Meets Dual Primary Endpoint Resulting in Statistically Significant and Clinically Meaningful Improvement in Progression-Free Survival for RYBREVANT (amivantamab-vmjw) Plus Chemotherapy with and without Lazertinib versus Chemotherapy Alone in Patients with EGFR-Mutated Non-Small Cell Lung Cancer after Disease Progression on Osimertinib Press Release
Treatment with RYBREVANT (amivantamab-vmjw) and Lazertinib Plus Chemotherapy Showed Durable Progression-Free Survival in Patients with Previously Treated EGFR-Mutated Advanced Non-Small Cell Lung Cancer Press Release
Janssen to Highlight Latest Advances in Retina Portfolio at the European Society of Retina Specialists (EURETINA) 2023 Annual Meeting1
 Press Release
Product Launch Biosense Webster Launches the OPTRELL Mapping Catheter with TRUEref Technology for Mapping of Complex Cardiac Arrhythmias Press Release
Other Johnson & Johnson Announces Final Results of Exchange Offer and Finalizes Separation of Kenvue Inc. Press Release
Johnson & Johnson Announces Updated Financials and 2023 Guidance Following Completion of the Kenvue Separation Press Release
Johnson & Johnson Marks New Era as Global Healthcare Company with Updated Visual Identity 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) October 2023 August 2023
Adjusted Operational Sales1,2,5
Change vs. Prior Year / Mid-point
 7.2% – 7.7% / 7.5% 6.2% – 7.2% / 6.7%
Operational Sales2,5/ Mid-point
Change vs. Prior Year / Mid-point
 $84.4B – $84.8B / $84.6B
8.5% – 9.0% / 8.7%		 $83.6B – $84.4B / $84.0B
7.5% – 8.5% / 8.0%
Estimated Reported Sales3,5/ Mid-point
Change vs. Prior Year / Mid-point
 $83.6B – $84.0B / $83.8B
7.5% – 8.0% / 7.7%		 $83.2B – $84.0B / $83.6B
7.0% – 8.0% / 7.5%
Adjusted Operational EPS (Diluted)2,4/ Mid-point
Change vs. Prior Year / Mid-point
$10.02 – $10.08 / $10.05
12.2% – 12.8% / 12.5%
$9.90 – $10.00 / $9.95
11.0% – 12.0% / 11.5%
Adjusted EPS (Diluted)3,4 / Mid-point
Change vs. Prior Year / Mid-point
$10.07 – $10.13 / $10.10
12.7% – 13.3% / 13.0%
$10.00 – $10.10 / $10.05
12.0% – 13.0% / 12.5%
Average Shares Outstanding (Diluted)6
~2,557.2
~2,557.2

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: October 2023 = $1.08 and July 2023 = $1.09 (Illustrative purposes only)
4 Non-GAAP financial measure; excludes intangible amortization expense and special items
5 Excludes COVID-19 Vaccine
6 Full Year 2023 Projected Average Shares Outstanding (Diluted) only reflects impact from the Kenvue exchange offer
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 Investor Relations section of the company's website at events-and-presentations.

About Johnson & Johnson:
At Johnson & Johnson, we believe health is everything. Our strength in healthcare innovation empowers us to build a world where complex diseases are prevented, treated, and cured, where treatments are smarter and less invasive, and solutions are personal. Through our expertise in Innovative Medicine and MedTech, we are uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow, and profoundly impact health for humanity. Learn more at https://www.jnj.com/.




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 Investor Relations 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, an Innovative Medicine pipeline of selected compounds in late stage development and a copy of today’s earnings call presentation can also be found in the Investor Relations 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, and market position and business strategy. 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 realize the anticipated benefits from the separation of the Company’s Consumer Health business; 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.



EX-99.2 3 a2023q3exhibit992.htm EX-99.2 Document

Exhibit 99.2


Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)
THIRD QUARTER
Percent Change
2023 2022 Total Operations Currency
Sales to customers by
geographic area
U.S. $ 11,996   10,794  11.1 %  11.1 — 
Europe  4,727  4,844 (2.4)  (7.8)  5.4
Western Hemisphere excluding U.S.  1,171  1,059  10.5  12.8  (2.3)
Asia-Pacific, Africa  3,457  3,299  4.8  9.4  (4.6)
International  9,355  9,202  1.6  0.7  0.9
        
Worldwide $ 21,351   19,996  6.8 %  6.4  0.4
           
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)
NINE MONTHS
Percent Change
2023 2022 Total Operations Currency
Sales to customers by
geographic area
U.S. $ 34,435   31,161  10.5 %  10.5 — 
Europe  15,448  15,540  (0.6)  (1.0)  0.4
Western Hemisphere excluding U.S.  3,383  3,084  9.7  15.0  (5.3)
Asia-Pacific, Africa  10,498  10,266  2.2  8.7  (6.5)
International  29,329  28,890  1.5  4.2  (2.7)
        
Worldwide $ 63,764   60,051  6.2 %  7.5  (1.3)
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)
THIRD QUARTER
 Percent Change
2023 2022 Total Operations Currency
Sales to customers by
segment of business
Innovative Medicine (1,2)
    U.S. 8,249  7,438  10.9  10.9  — 
    International 5,644  5,776  (2.3) (4.3) 2.0 
13,893      13,214  5.1  4.3  0.8 
Innovative Medicine excluding COVID-19 Vaccine (1,2)
     U.S. 8,249  7,438  10.9  10.9 — 
     International 5,603  5,287  5.9  4.3 1.6 
13,852  12,725  8.9  8.2 0.7 
MedTech
    U.S. 3,747      3,356  11.6  11.6  — 
    International 3,711  3,426  8.3  9.2  (0.9)
  7,458      6,782  10.0  10.4  (0.4)
U.S. 11,996  10,794  11.1  11.1  — 
International 9,355  9,202  1.6  0.7  0.9 
Worldwide 21,351  19,996  6.8  6.4  0.4 
       
U.S. 11,996  10,794  11.1  11.1  — 
International 9,314  8,713  6.9  6.3  0.6 
Worldwide excluding COVID-19 Vaccine (1)
 $ 21,310  19,507  9.2  % 9.0  0.2 
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(1) Refer to supplemental sales reconciliation schedules.
(2) Previously referred to as Pharmaceutical




Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)
NINE MONTHS
 Percent Change
2023 2022 Total Operations Currency
Sales to customers by
segment of business
Innovative Medicine (1,2)
    U.S. 23,090  21,229  8.8  8.8  — 
    International 17,947  18,171  (1.2) 0.8  (2.0)
41,037      39,400  4.2  5.1  (0.9)
Innovative Medicine excluding COVID-19 Vaccine (1,2)
     U.S. 23,090  21,109  9.4  9.4 — 
     International 16,874  16,801  0.4  2.7 (2.3)
39,964  37,910  5.4  6.4 (1.0)
MedTech
    U.S. 11,345      9,932  14.2  14.2  — 
    International 11,382  10,719  6.2  10.0  (3.8)
  22,727      20,651  10.0  12.0  (2.0)
U.S. 34,435  31,161  10.5  10.5  — 
International 29,329  28,890  1.5  4.2  (2.7)
Worldwide 63,764  60,051  6.2  7.5  (1.3)
       
U.S. 34,435  31,041  10.9  10.9  — 
International 28,256  27,520  2.7  5.5  (2.8)
Worldwide excluding COVID-19 Vaccine (1)
 $ 62,691  58,561  7.1  % 8.4  (1.3)
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(1) Refer to supplemental sales reconciliation schedules.
(2) Previously referred to as Pharmaceutical


Johnson & Johnson and Subsidiaries  
Condensed Consolidated Statement of Earnings  
(Unaudited; in Millions Except Per Share Figures)
THIRD QUARTER
2023 2022 Percent
Percent Percent Increase
Amount to Sales Amount to Sales (Decrease)
Sales to customers $ 21,351  100.0  $ 19,996  100.0  6.8 
Cost of products sold 6,606  30.9  6,172  30.9  7.0 
Gross Profit 14,745  69.1  13,824  69.1  6.7 
Selling, marketing and administrative expenses 5,400  25.3  4,975  24.9  8.5 
Research and development expense 3,447  16.2  3,485  17.4  (1.1)
In-process research and development impairments 206  1.0  —  —   
Interest (income) expense, net (182) (0.8) (99) (0.5)  
Other (income) expense, net 499  2.3  226  1.1   
Restructuring 158  0.7  65  0.3   
Earnings before provision for taxes on income 5,217  24.4  5,172  25.9  0.9 
Provision for taxes on income 908  4.2  862  4.3  5.3 
Net earnings from Continuing Operations $ 4,309  20.2  $ 4,310  21.6  0.0 
Net earnings from Discontinued Operations, net of tax 21,719      148     
Net earnings $ 26,028      $ 4,458     
Net earnings per share (Diluted) from Continuing Operations $ 1.69  $ 1.62  4.3 
Net earnings per share (Diluted) from Discontinued Operations $ 8.52  $ 0.06 
Average shares outstanding (Diluted) 2,549.7  2,661.3 
Effective tax rate from Continuing Operations 17.4  % 16.7  %
Adjusted earnings from Continuing Operations before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income from Continuing Operations $ 8,033  37.6 $ 7,060  35.3 13.8 
Net earnings from Continuing Operations $ 6,777  31.7 $ 5,938  29.7 14.1 
Net earnings per share (Diluted) from Continuing Operations $ 2.66  $ 2.23  19.3 
Effective tax rate from Continuing Operations 15.6  % 15.9  %
(1) See Reconciliation of Non-GAAP Financial Measures.
(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings from continuing operations before provision for taxes on income," "adjusted net earnings from continuing operations," "adjusted net earnings per share (diluted) from continuing operations," and "adjusted effective tax rate from continuing operations" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings from continuing operations before provision for taxes on income, net earnings from continuing operations, net earnings per share (diluted) from continuing operations, and effective tax rate from continuing operations 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 from continuing operations before provision for taxes on income, net earnings from continuing operations, net earnings per share (diluted) from continuing operations, and effective tax rate from continuing operations prepared in accordance with GAAP, adjusted earnings from continuing operations before provision for taxes on income, adjusted net earnings from continuing operations, adjusted net earnings per share (diluted) from continuing operations, and adjusted effective tax rate from continuing operations 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)
NINE MONTHS
2023 2022 Percent
Percent Percent Increase
Amount to Sales Amount to Sales (Decrease)
Sales to customers $ 63,764  100.0  $ 60,051  100.0  6.2 
Cost of products sold 19,755  31.0  18,512  30.8  6.7 
Gross Profit 44,009  69.0  41,539  69.2  5.9 
Selling, marketing and administrative expenses 15,702  24.6  14,907  24.8  5.3 
Research and development expense 10,605  16.6  10,425  17.4  1.7 
In-process research and development impairments 255  0.4  610  1.0   
Interest (income) expense, net (277) (0.4) (137) (0.2)  
Other (income) expense, net 7,055  11.1  15  0.0   
Restructuring 433  0.6  200  0.4   
Earnings before provision for taxes on income 10,236  16.1  15,519  25.8  (34.0)
Provision for taxes on income 1,042  1.7  2,376  3.9  (56.1)
Net earnings from Continuing Operations $ 9,194  14.4  $ 13,143  21.9  (30.0)
Net earnings from Discontinued Operations, net of tax 21,910      1,278     
Net earnings $ 31,104      $ 14,421     
Net earnings per share (Diluted) from Continuing Operations $ 3.53  $ 4.93  (28.4)
Net earnings per share (Diluted) from Discontinued Operations $ 8.42  $ 0.48 
Average shares outstanding (Diluted) 2,603.4  2,667.5 
Effective tax rate from Continuing Operations 10.2  % 15.3  %
Adjusted earnings from Continuing Operations before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income from Continuing Operations $ 23,574  37.0 $ 21,491  35.8 9.7 
Net earnings from Continuing Operations $ 19,847  31.1 $ 18,364  30.6 8.1 
Net earnings per share (Diluted) from Continuing Operations $ 7.62  $ 6.89  10.6 
Effective tax rate from Continuing Operations 15.8  % 14.6  %
(1) See Reconciliation of Non-GAAP Financial Measures.
(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings from continuing operations before provision for taxes on income," "adjusted net earnings from continuing operations," "adjusted net earnings per share (diluted) from continuing operations," and "adjusted effective tax rate from continuing operations" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings from continuing operations before provision for taxes on income, net earnings from continuing operations, net earnings per share (diluted) from continuing operations, and effective tax rate from continuing operations 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 from continuing operations before provision for taxes on income, net earnings from continuing operations, net earnings per share (diluted) from continuing operations, and effective tax rate from continuing operations prepared in accordance with GAAP, adjusted earnings from continuing operations before provision for taxes on income, adjusted net earnings from continuing operations, adjusted net earnings per share (diluted) from continuing operations, and adjusted effective tax rate from continuing operations 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
Third Quarter
(Dollars in Millions Except Per Share Data) 2023 2022
Net Earnings from Continuing Operations, after tax- as reported $ 4,309  $ 4,310 
Pre-tax Adjustments
Litigation related (51) 219
Intangible Asset Amortization expense 1,132 958
COVID-19 Vaccine related costs 1
 44  377
Restructuring related 2
 384 92
Medical Device Regulation 3
 74  78
Acquisition, integration and divestiture related  22  -
(Gains)/losses on securities 1,005  164
IPR&D impairments 206   -
Tax Adjustments
Tax impact on special item adjustments 4
 (482) (312)
Tax legislation and other tax related 134 52
Adjusted Net Earnings from Continuing Operations, after tax $ 6,777  $ 5,938 
Average shares outstanding (Diluted) 2,549.7  2,661.3 
Adjusted net earnings per share (Diluted) from Continuing Operations $ 2.66  $ 2.23 
Operational adjusted net earnings per share (Diluted) from Continuing Operations $ 2.54   
 
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 fiscal 2023, the company completed a prioritization of its research and development (R&D) investment within the Innovative Medicine 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 $149 million in the quarter ($424 million Q3 YTD) include the termination of partnered and non-partnered program costs and asset impairments.

In the third quarter of 2023, the company initiated a restructuring program of its Orthopaedics franchise within the MedTech segment to streamline operations by exiting certain markets, product lines and distribution network arrangements. The restructuring expense in the quarter of $235 million primarily includes inventory and instrument reserves related to the market and product exits.
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
Nine Months Ended
(Dollars in Millions Except Per Share Data) 2023 2022
Net Earnings from Continuing Operations, after tax- as reported $ 9,194  $ 13,143 
Pre-tax Adjustments
Litigation related 6,986 604
Intangible Asset Amortization expense 3,384 2,967
COVID-19 Vaccine related costs 1
 653  653
Restructuring related 2
 659 253
Medical Device Regulation 3
 223  208
Acquisition, integration and divestiture related  102  -
(Gains)/losses on securities 1,076  684
IPR&D impairments 255   610
Other  - (7)
Tax Adjustments
Tax impact on special item adjustments 4
 (2,769) (900)
Tax legislation and other tax related 84  149
Adjusted Net Earnings from Continuing Operations, after tax $ 19,847  $ 18,364 
Average shares outstanding (Diluted) 2,603.4  2,667.5 
Adjusted net earnings per share (Diluted) from Continuing Operations $ 7.62  $ 6.89 
Operational adjusted net earnings per share (Diluted) from Continuing Operations $ 7.60   
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 fiscal 2023, the company completed a prioritization of its research and development (R&D) investment within the Innovative Medicine 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 $149 million in the quarter ($424 million Q3 YTD) include the termination of partnered and non-partnered program costs and asset impairments.

In the third quarter of 2023, the company initiated a restructuring program of its Orthopaedics franchise within the MedTech segment to streamline operations by exiting certain markets, product lines and distribution network arrangements. The restructuring expense in the quarter of $235 million primarily includes inventory and instrument reserves related to the market and product exits.
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)
 THIRD QUARTER 2023 ACTUAL vs. 2022 ACTUAL
 Segments
 Innovative Medicine  MedTech  Total
 WW As Reported 5.1  % 10.0  % 6.8  %
 U.S. 10.9  % 11.6  % 11.1  %
 International (2.3) % 8.3  % 1.6  %
 WW Currency 0.8 (0.4) 0.4
 U.S. — — —
 International 2.0 (0.9) 0.9
 WW Operational 4.3  % 10.4  % 6.4  %
 U.S. 10.9  % 11.6  % 11.1  %
 International (4.3) % 9.2  % 0.7  %
Abiomed (4.6) (1.6)
 U.S. (7.6) (2.3)
 International (1.7) (0.6)
All Other Acquisitions and Divestitures 0.1 0.2 0.1
 U.S. 0.0 0.3 0.1
 International 0.2 0.1 0.2
WW Adjusted Operational 4.4  % 6.0  % 4.9  %
 U.S. 10.9  % 4.3  % 8.9  %
 International (4.1) % 7.6  % 0.3  %
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)
NINE MONTHS 2023 ACTUAL vs. 2022 ACTUAL
Segments
Innovative Medicine MedTech Total
WW As Reported 4.2  % 10.0  % 6.2  %
U.S. 8.8  % 14.2  % 10.5  %
International (1.2) % 6.2  % 1.5  %
WW Currency (0.9) (2.0) (1.3)
U.S. — — —
International (2.0) (3.8) (2.7)
WW Operational 5.1  % 12.0  % 7.5  %
U.S. 8.8  % 14.2  % 10.5  %
International 0.8  % 10.0  % 4.2  %
Abiomed (4.7) (1.6)
U.S. (7.9) (2.5)
International (1.6) (0.6)
All Other Acquisitions and Divestitures 0.1 0.1 0.1
U.S. 0.0 0.1 0.0
International 0.2 0.0 0.1
WW Adjusted Operational 5.2  % 7.4  % 6.0  %
U.S. 8.8  % 6.4  % 8.0  %
International 1.0  % 8.4  % 3.7  %
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)
THIRD QUARTER
% Change
2023 2022 Reported
Operational (1)
 Currency
INNOVATIVE MEDICINE SEGMENT (2,3,4)
IMMUNOLOGY
US $ 3,193 2,876 11.0  % 11.0  % —  %
Intl 1,656 1,411 17.4  15.2  2.2 
WW 4,849 4,287 13.1  12.4  0.7 
     REMICADE
     US 296 350 (15.4) (15.4) — 
     US Exports (5)
 38 39 (2.5) (2.5) — 
     Intl 127 169 (25.1) (24.3) (0.8)
     WW 461 558 (17.4) (17.1) (0.3)
     SIMPONI / SIMPONI ARIA
     US 310 298 3.9  3.9  — 
     Intl 319 248 29.1  30.2  (1.1)
     WW 629 545 15.3  15.8  (0.5)
     STELARA
     US 1,912 1,655 15.5  15.5  — 
     Intl 951 794 19.9  16.2  3.7 
     WW 2,864 2,449 16.9  15.8  1.1 
     TREMFYA
     US 634  530  19.6  19.6  — 
     Intl 258  200  29.0  26.3  2.7 
     WW 891  729  22.2  21.5  0.7 
     OTHER IMMUNOLOGY
     US 2  5  (47.1) (47.1) — 
     Intl 0  0  — — — 
     WW 2  5  (47.1) (47.1) — 
INFECTIOUS DISEASES
US 360 390 (7.8) (7.8) — 
Intl 500 905 (44.8) (50.7) 5.9 
WW 859 1,295 (33.6) (37.8) 4.2 
     COVID-19 VACCINE
     US 0  0  — — — 
     Intl 41 489 (91.5) (97.8) 6.3
     WW 41 489 (91.5) (97.8) 6.3
     EDURANT / rilpivirine
     US 9  9  10.2 10.2 — 
     Intl 287  237  21.4 13.4 8.0 
     WW 297  245  21.0 13.3 7.7 
     PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
     US 345 372 (7.3) (7.3) — 
     Intl 102 112 (9.5) (15.0) 5.5 
     WW 447 485 (7.8) (9.0) 1.2 
     OTHER INFECTIOUS DISEASES
     US 5 10 (42.7) (42.7) — 
     Intl 69 68 2.0 5.5 (3.5)
     WW 74 77 (3.6) (0.5) (3.1)
See footnotes at end of schedule


Johnson & Johnson
Segment Sales
(Dollars in Millions)
THIRD QUARTER
% Change
2023 2022 Reported
Operational (1)
 Currency
INNOVATIVE MEDICINE SEGMENT (2,3,4)(Continued)
NEUROSCIENCE
US $ 1,036 919 12.7% 12.7% —%
Intl 706 763 (7.4) (5.1) (2.3)
WW 1,742 1,681 3.6 4.6 (1.0)
     CONCERTA / methylphenidate
     US 57 41 38.1 38.1 —
     Intl 133 117 13.6 15.5 (1.9)
     WW 189 158 20.0 21.4 (1.4)
     INVEGA SUSTENNA / XEPLION / INVEGA
     TRINZA / TREVICTA
     US 730 684 6.8 6.8 —
     Intl 299 348 (14.0) (14.4) 0.4
     WW 1,029 1,031 (0.2) (0.3) 0.1
     SPRAVATO
     US 154 88 75.1 75.1 —
     Intl 29 12 * * *
     WW 183 100 82.1 81.0 1.1
     OTHER NEUROSCIENCE
     US 94 106 (11.3) (11.3) —
     Intl 245 286 (13.9) (7.8) (6.1)
     WW 340 393 (13.2) (8.7) (4.5)
ONCOLOGY
US 2,219 1,812 22.5 22.5 —
Intl 2,313 2,252 2.7 0.7 2.0
WW 4,533 4,064 11.5 10.4 1.1
     CARVYKTI
US 140  55  * * —
Intl 12  —  * * —
WW 152  55  * * —
     DARZALEX
     US 1,369  1,097  24.8 24.8 —
     Intl 1,130  955  18.3 16.0 2.3
     WW 2,499  2,052  21.8 20.7 1.1
     ERLEADA
     US 288  254  12.9 12.9 —
     Intl 342  235  45.8 42.3 3.5
     WW 631  490  28.7 27.0 1.7
     IMBRUVICA
     US 264  353  (25.2) (25.2) —
     Intl 545  559  (2.5) (4.6) 2.1
     WW 808  911  (11.3) (12.6) 1.3
     ZYTIGA / abiraterone acetate
     US 16 16  (2.8) (2.8) —
     Intl 199 440 (54.9) (55.1) 0.2
     WW 214 456 (53.0) (53.2) 0.2
     OTHER ONCOLOGY
     US 143  37  * * —
     Intl 86 64 34.5 30.4 4.1
     WW 229 100 * * *
See footnotes at end of schedule


Johnson & Johnson
Segment Sales
(Dollars in Millions)
THIRD QUARTER
% Change
2023 2022 Reported
Operational (1)
 Currency
INNOVATIVE MEDICINE SEGMENT (2,3,4)(Continued)
PULMONARY HYPERTENSION
US $ 680  604  12.6  % 12.6  % —  %
Intl 274  247  10.5  11.7  (1.2)
WW 954  852  12.0  12.4  (0.4)
     OPSUMIT
     US 323  289  12.2  12.2  — 
     Intl 166  152  9.3  8.6  0.7 
     WW 490  441  11.2  10.9  0.3 
     UPTRAVI
     US 336  283  18.9  18.9  — 
     Intl 66  50  30.9  33.8  (2.9)
     WW 402  333  20.7  21.1  (0.4)
     OTHER PULMONARY HYPERTENSION
     US 20  33  (37.1) (37.1) — 
     Intl 42  46  (7.5) (2.1) (5.4)
     WW 63  78  (19.8) (16.6) (3.2)
CARDIOVASCULAR / METABOLISM / OTHER
US 763 837 (8.8) (8.8) — 
Intl 194 198 (2.1) (4.7) 2.6 
WW 957 1,034 (7.5) (8.0) 0.5 
     XARELTO
     US 625  689  (9.4) (9.4) — 
     Intl —  —  —  —  — 
     WW 625  689  (9.4) (9.4) — 
     OTHER
     US 139  147  (6.1) (6.1) — 
     Intl 194  198  (2.1) (4.7) 2.6 
     WW 332  345  (3.8) (5.3) 1.5 
TOTAL INNOVATIVE MEDICINE
US 8,249 7,438 10.9  10.9  — 
Intl 5,644 5,776 (2.3) (4.3) 2.0 
WW $ 13,893 13,214 5.1  % 4.3  % 0.8  %
See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
THIRD QUARTER
% Change
2023 2022 Reported
Operational (1)
 Currency
MEDTECH SEGMENT (2,3)
INTERVENTIONAL SOLUTIONS
US $ 891  547  63.0  % 63.0  % —  %
Intl 667  513 29.9  32.2  (2.3)
WW 1,558  1,060 47.0  48.1  (1.1)
ELECTROPHYSIOLOGY
US 611  520  17.6  17.6  — 
Intl 549  453 21.2  23.4  (2.2)
WW 1,161  973 19.3  20.3  (1.0)
ABIOMED
US 254  — * * — 
Intl 57  — * * — 
WW 311  — * * — 
OTHER INTERVENTIONAL SOLUTIONS
US 26  27  (3.2) (3.2) — 
Intl 61  60  1.0  3.7  (2.7)
WW 87  87 (0.3) 1.6  (1.9)
ORTHOPAEDICS
US 1,349  1,309  3.1  3.1  — 
Intl 815  785  3.9  1.7  2.2 
WW 2,164  2,095  3.4  2.6  0.8 
     HIPS
     US 239  228  4.9  4.9  — 
     Intl 136  124  9.3  7.3  2.0 
     WW 375  352  6.5  5.8  0.7 
     KNEES
     US 207  203  2.3  2.3  — 
     Intl 131  115  14.6  11.7  2.9 
     WW 338  317  6.7  5.7  1.0 
     TRAUMA
     US 488  473  3.2  3.2  — 
     Intl 253  244  4.2  0.8  3.4 
     WW 742  717  3.5  2.4  1.1 
     SPINE, SPORTS & OTHER
     US 415  406  2.3  2.3  — 
     Intl 295  303  (2.6) (3.6) 1.0 
     WW 710  708  0.2  (0.2) 0.4 
See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
THIRD QUARTER
% Change
2023 2022 Reported
Operational (1)
 Currency
MEDTECH SEGMENT (2,3)(Continued)
SURGERY
US $ 994  984  1.1  % 1.1  % —  %
Intl 1,483  1,439  3.1  4.6  (1.5)
WW 2,479  2,422  2.3  3.2  (0.9)
     ADVANCED
US 455  457  (0.4) (0.4) — 
Intl 709  701  1.0  2.7  (1.7)
WW 1,164  1,158  0.5  1.5  (1.0)
     GENERAL
US 540  527  2.4  2.4  — 
Intl 775  737  5.1  6.5  (1.4)
WW 1,314  1,264  4.0  4.8  (0.8)
VISION
US 512  517  (1.0) (1.0) — 
Intl 744  689  8.1  10.1  (2.0)
WW 1,256  1,206  4.2  5.4  (1.2)
     CONTACT LENSES / OTHER
US 399  405  (1.2) (1.2) — 
Intl 529  503  4.9  8.2  (3.3)
WW 928  908  2.2  4.0  (1.8)
     SURGICAL
US 112  112  (0.1) (0.1) — 
Intl 216  186  16.6 15.4  1.2 
WW 328  298  10.3 9.5 0.8 
TOTAL MEDTECH
US 3,747  3,356  11.6  11.6  — 
Intl 3,711  3,426  8.3  9.2  (0.9)
WW $ 7,458  6,782  10.0  % 10.4  % (0.4) %
See footnotes at end of schedule




Johnson & Johnson
Segment Sales
(Dollars in Millions)
NINE MONTHS
% Change
2023 2022 Reported
Operational (1)
 Currency
INNOVATIVE MEDICINE SEGMENT (2,3,4)
IMMUNOLOGY
US $ 8,506 8,230 3.3  % 3.3  % —  %
Intl 4,951 4,587 7.9  10.3  (2.4)
WW 13,457 12,817 5.0  5.9  (0.9)
     REMICADE
     US 849 1,099 (22.7) (22.7) — 
     US Exports (5)
 112 163 (31.3) (31.3) — 
     Intl 449 606 (25.9) (23.0) (2.9)
     WW 1,410 1,868 (24.5) (23.6) (0.9)
     SIMPONI / SIMPONI ARIA
     US 866 886 (2.3) (2.3) — 
     Intl 829 797 4.1  8.6  (4.5)
     WW 1,695 1,682 0.8  2.9  (2.1)
     STELARA
     US 5,180 4,766 8.7  8.7  — 
     Intl 2,925 2,571 13.8  15.5  (1.7)
     WW 8,105 7,336 10.5  11.1  (0.6)
     TREMFYA
     US 1,490  1,303  14.4  14.4  — 
     Intl 747  613  21.9  24.0  (2.1)
     WW 2,237  1,916  16.8  17.4  (0.6)
     OTHER IMMUNOLOGY
     US 9  14  (36.1) (36.1) — 
     Intl 0  0  — — — 
     WW 9  14  (36.1) (36.1) — 
INFECTIOUS DISEASES
US 1,147 1,266 (9.4) (9.4) — 
Intl 2,420 2,642 (8.4) (9.3) 0.9 
WW 3,566 3,908 (8.7) (9.3) 0.6 
     COVID-19 VACCINE
     US 0 120 * * — 
     Intl 1,073 1,370 (21.6) (23.0) 1.4
     WW 1,073 1,490 (27.9) (29.2) 1.3
     EDURANT / rilpivirine
     US 26  27  (0.5) (0.5) — 
     Intl 816  691  18.2 16.4 1.8 
     WW 843  718  17.5 15.8 1.7 
     PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
     US 1,105 1,096 0.9 0.9 — 
     Intl 310 354 (12.5) (13.0) 0.5 
     WW 1,415 1,450 (2.4) (2.5) 0.1 
     OTHER INFECTIOUS DISEASES
     US 15 24 (35.5) (35.5) — 
     Intl 220 228 (3.4) 0.8 (4.2)
     WW 235 251 (6.4) (2.6) (3.8)
See footnotes at end of schedule


Johnson & Johnson
Segment Sales
(Dollars in Millions)
NINE MONTHS
% Change
2023 2022 Reported
Operational (1)
 Currency
INNOVATIVE MEDICINE SEGMENT (2,3,4)(Continued)
NEUROSCIENCE
US $ 3,043 2,658 14.5% 14.5% —%
Intl 2,296 2,498 (8.1) (4.2) (3.9)
WW 5,339 5,156 3.5 5.4 (1.9)
     CONCERTA / methylphenidate
     US 191 114 67.4 67.4 —
     Intl 412 362 13.8 19.0 (5.2)
     WW 603 476 26.7 30.7 (4.0)
     INVEGA SUSTENNA / XEPLION / INVEGA
     TRINZA / TREVICTA
     US 2,164 2,036 6.3 6.3 —
     Intl 940 1,097 (14.3) (11.9) (2.4)
     WW 3,104 3,132 (0.9) (0.1) (0.8)
     SPRAVATO
     US 409 223 83.1 83.1 —
     Intl 74 32 * * *
     WW 483 255 88.8 88.7 0.1
     OTHER NEUROSCIENCE
     US 278 285 (2.3) (2.3) —
     Intl 870 1,007 (13.5) (8.5) (5.0)
     WW 1,149 1,293 (11.0) (7.1) (3.9)
ONCOLOGY
US 6,177 5,073 21.8 21.8 —
Intl 6,865 6,983 (1.7) 0.3 (2.0)
WW 13,043 12,056 8.2 9.3 (1.1)
     CARVYKTI
US 324  79  * * —
Intl 17  —  * * —
WW 341  79  * * —
     DARZALEX
     US 3,882  3,071  26.4 26.4 —
     Intl 3,312  2,823  17.3 19.7 (2.4)
     WW 7,194  5,894  22.1 23.2 (1.1)
     ERLEADA
     US 778  693  12.2 12.2 —
     Intl 961  647  48.7 51.0 (2.3)
     WW 1,740  1,340  29.8 30.9 (1.1)
     IMBRUVICA
     US 796  1,072  (25.8) (25.8) —
     Intl 1,681  1,847  (9.0) (7.6) (1.4)
     WW 2,476  2,918  (15.2) (14.2) (1.0)
     ZYTIGA / abiraterone acetate
     US 41 54  (24.9) (24.9) —
     Intl 646 1,446 (55.3) (53.6) (1.7)
     WW 686 1,500 (54.2) (52.6) (1.6)
     OTHER ONCOLOGY
     US 357  104  * * —
     Intl 248 220 12.5 13.8 (1.3)
     WW 605 324 86.5 87.4 (0.9)
See footnotes at end of schedule


Johnson & Johnson
Segment Sales
(Dollars in Millions)
NINE MONTHS
% Change
2023 2022 Reported
Operational (1)
 Currency
INNOVATIVE MEDICINE SEGMENT (2,3,4)(Continued)
PULMONARY HYPERTENSION
US $ 1,964  1,736  13.1  % 13.1  % —  %
Intl 835  810  3.0  7.4  (4.4)
WW 2,798  2,547  9.9  11.3  (1.4)
     OPSUMIT
     US 924  827  11.8  11.8  — 
     Intl 512  495  3.5  6.8  (3.3)
     WW 1,437  1,322  8.7  9.9  (1.2)
     UPTRAVI
     US 978  824  18.7  18.7  — 
     Intl 185  162  14.1  18.6  (4.5)
     WW 1,163  986  18.0  18.7  (0.7)
     OTHER PULMONARY HYPERTENSION
     US 61  86  (28.4) (28.4) — 
     Intl 137  154  (10.5) (2.6) (7.9)
     WW 199  239  (16.9) (11.8) (5.1)
CARDIOVASCULAR / METABOLISM / OTHER
US 2,254 2,266 (0.5) (0.5) — 
Intl 580 651 (10.8) (9.8) (1.0)
WW 2,834 2,916 (2.8) (2.6) (0.2)
     XARELTO
     US 1,840  1,806  1.9  1.9  — 
     Intl —  —  —  —  — 
     WW 1,840  1,806  1.9  1.9  — 
     OTHER
     US 414  459  (9.9) (9.9) — 
     Intl 580  651  (10.8) (9.8) (1.0)
     WW 994  1,110  (10.5) (9.8) (0.7)
TOTAL INNOVATIVE MEDICINE
US 23,090 21,229 8.8  8.8  — 
Intl 17,947 18,171 (1.2) 0.8  (2.0)
WW $ 41,037 39,400 4.2  % 5.1  % (0.9) %
See footnotes at end of schedule











Johnson & Johnson
Segment Sales
(Dollars in Millions)
NINE MONTHS
% Change
2023 2022 Reported
Operational (1)
 Currency
MEDTECH SEGMENT (2,3)
INTERVENTIONAL SOLUTIONS
US $ 2,662  1,566  70.0  % 70.0  % —  %
Intl 2,019  1,636 23.4  28.6  (5.2)
WW 4,681  3,202 46.2  48.9  (2.7)
ELECTROPHYSIOLOGY
US 1,791  1,489  20.3  20.3  — 
Intl 1,658  1,454 14.0  19.2  (5.2)
WW 3,449  2,943 17.2  19.8  (2.6)
ABIOMED
US 790  — * * — 
Intl 176  — * * — 
WW 966  — * * — 
OTHER INTERVENTIONAL SOLUTIONS
US 81  77  5.9  5.9  — 
Intl 186  181 2.2  7.2  (5.0)
WW 267  258 3.3  6.8  (3.5)
ORTHOPAEDICS
US 4,100  3,936  4.2  4.2  — 
Intl 2,574  2,504  2.8  4.9  (2.1)
WW 6,674  6,440  3.6  4.5  (0.9)
     HIPS
     US 730  693  5.4  5.4  — 
     Intl 432  437  (1.0) 1.1  (2.1)
     WW 1,162  1,129  2.9  3.8  (0.9)
     KNEES
     US 654  620  5.6  5.6  — 
     Intl 415  386  7.7  9.7  (2.0)
     WW 1,069  1,005  6.4  7.2  (0.8)
     TRAUMA
     US 1,462  1,412  3.5  3.5  — 
     Intl 775  749  3.5  5.0  (1.5)
     WW 2,238  2,161  3.5  4.0  (0.5)
     SPINE, SPORTS & OTHER
     US 1,254  1,211  3.5  3.5  — 
     Intl 952  933  2.0  4.7  (2.7)
     WW 2,205  2,144  2.8  4.0  (1.2)
See footnotes at end of schedule





Johnson & Johnson
Segment Sales
(Dollars in Millions)
NINE MONTHS
% Change
2023 2022 Reported
Operational (1)
 Currency
MEDTECH SEGMENT (2,3)(Continued)
SURGERY
US $ 2,984  2,897  3.0  % 3.0  % —  %
Intl 4,522  4,410  2.6  6.7  (4.1)
WW 7,507  7,306  2.7  5.3  (2.6)
     ADVANCED
US 1,365  1,328  2.8  2.8  — 
Intl 2,139  2,132  0.3  4.5  (4.2)
WW 3,504  3,460  1.3  3.8  (2.5)
     GENERAL
US 1,619  1,569  3.2  3.2  — 
Intl 2,383  2,277  4.7  8.8  (4.1)
WW 4,002  3,846  4.1  6.5  (2.4)
VISION
US 1,599  1,534  4.2  4.2  — 
Intl 2,265  2,170  4.4  8.3  (3.9)
WW 3,864  3,704  4.3  6.6  (2.3)
     CONTACT LENSES / OTHER
US 1,252  1,179  6.2  6.2  — 
Intl 1,568  1,533  2.3  7.0  (4.7)
WW 2,820  2,712  4.0  6.6  (2.6)
     SURGICAL
US 346  355  (2.5) (2.5) — 
Intl 698  637  9.6 11.7  (2.1)
WW 1,044  992  5.3 6.6 (1.3)
TOTAL MEDTECH
US 11,345  9,932  14.2  14.2  — 
Intl 11,382  10,719  6.2  10.0  (3.8)
WW $ 22,727  20,651  10.0  % 12.0  % (2.0) %
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) Previously referred to as Pharmaceutical
(5) Reported as U.S. sales


Supplemental Sales Reconciliation (Unaudited)
(Dollars in Millions)
THIRD QUARTER
% Change
2023 2022 Total Operations Currency
Innovative Medicine
U.S. $ 8,249   7,438  10.9 %  10.9  -
International  5,644  5,776  (2.3)  (4.3)  2.0
Worldwide  13,893  13,214  5.1  4.3  0.8
COVID-19 Vaccine
U.S.  -  - -  -   -
International  41  489  (91.5)  (97.8)  6.3
Worldwide  41  489  (91.5)  (97.8)  6.3
Innovative Medicine excluding COVID-19 Vaccine
U.S.  8,249  7,438  10.9  10.9  -
International  5,603  5,287  5.9  4.3  1.6
Worldwide  13,852  12,725  8.9  8.2  0.7
Worldwide
U.S.  11,996  10,794  11.1  11.1  -
International  9,355  9,202  1.6  0.7  0.9
Worldwide  21,351  19,996  6.8  6.4  0.4
COVID-19 Vaccine
U.S.  -  - -  -   -
International  41  489  (91.5)  (97.8)  6.3
Worldwide  41  489  (91.5)  (97.8)  6.3
Worldwide
U.S.  11,996  10,794  11.1  11.1  -
International  9,314  8,713  6.9  6.3  0.6
Worldwide excluding COVID-19 Vaccine $ 21,310   19,507  9.2 %  9.0  0.2
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)
NINE MONTHS
% Change
2023 2022 Total Operations Currency
Innovative Medicine
U.S. $ 23,090   21,229  8.8 %  8.8  -
International  17,947  18,171  (1.2)  0.8  (2.0)
Worldwide  41,037  39,400  4.2  5.1  (0.9)
COVID-19 Vaccine
U.S.  -  120 * *  -
International  1,073  1,370  (21.6)  (23.0)  1.4
Worldwide  1,073  1,490  (27.9)  (29.2)  1.3
Innovative Medicine excluding COVID-19 Vaccine
U.S.  23,090  21,109  9.4  9.4  -
International  16,874  16,801  0.4  2.7  (2.3)
Worldwide  39,964  37,910  5.4  6.4  (1.0)
Worldwide
U.S.  34,435  31,161  10.5  10.5  -
International  29,329  28,890  1.5  4.2  (2.7)
Worldwide  63,764  60,051  6.2  7.5  (1.3)
COVID-19 Vaccine
U.S.  -  120  *  *  -
International  1,073  1,370  (21.6)  (23.0)  1.4
Worldwide  1,073  1,490  (27.9)  (29.2)  1.3
Worldwide
U.S.  34,435  31,041  10.9  10.9  -
International  28,256  27,520  2.7  5.5  (2.8)
Worldwide excluding COVID-19 Vaccine $ 62,691   58,561  7.1 %  8.4  (1.3)
Note: Columns and rows within tables may not add due to rounding
* Percentage greater than 100% or not meaningful