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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 17, 2024
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
5.50% Notes Due November 2024 JNJ24BP New York Stock Exchange
1.150% Notes Due November 2028 JNJ28 New York Stock Exchange
3.20% Notes Due November 2032 JNJ32 New York Stock Exchange
1.650% Notes Due May 2035 JNJ35 New York Stock Exchange
3.350% Notes Due November 2036 JNJ36A New York Stock Exchange
3.550% Notes Due November 2044 JNJ44 New York Stock Exchange



Item 2.02 Results of operations and financial condition
On July 17, 2024, Johnson & Johnson issued the attached press release (Exhibit 99.1) announcing its sales and earnings for the second quarter ended June 30, 2024.
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.
Date: July 17, 2024
JOHNSON & JOHNSON
(Registrant)
By:
/s/ Robert J. Decker, Jr.
Robert J. Decker, Jr.
Controller
(Principal Accounting Officer)

EX-99.1 2 a2024q2exhibit991.htm EX-99.1 Document

Exhibit 99.1
Media contact:
Tesia Williams
media-relations@its.jnj.com
Investor contact:
Jessica Moore
investor-relations@its.jnj.com
image_0a.jpg
image_1a.jpg
Johnson & Johnson reports Q2 2024 results
•2024 Second-Quarter reported sales growth of 4.3% to $22.4 Billion with operational growth of 6.6%* and adjusted operational growth of 6.5%*. Adjusted operational growth excluding COVID-19 Vaccine of 7.1%*
•2024 Second-Quarter Earnings per share (EPS) of $1.93 decreasing by 5.9% due to one-time special charges and adjusted EPS of $2.82 increasing by 10.2%*
•Significant new product pipeline progress including TREMFYA IBD and subcutaneous filings, RYBREVANT subcutaneous filing, and VARIPULSE admIRE data release
•Company increases Full-Year 2024 operational sales5 guidance to reflect the acquisition of Shockwave Medical
•Company updates Full-Year 2024 adjusted operational EPS guidance to reflect improved performance; costs associated with recent strategic acquisitions more than offset the improvement
New Brunswick, N.J. (July 17, 2024) – Johnson & Johnson (NYSE: JNJ) today announced results for second-quarter 2024. “Johnson & Johnson's second quarter performance reflects our relentless focus on advancing the next wave of medical innovation and resulted in strong sales and adjusted operational earnings per share growth,” said Joaquin Duato, Chairman and Chief Executive Officer. “With a robust pipeline, upcoming regulatory milestones for RYBREVANT and TREMFYA, the integration of Shockwave, and continued expansion of newly launched products, including ACUVUE OASYS MAX 1-Day contact lenses and our VARIPULSE platform, we have a strong foundation for near and long-term growth.”
Unless otherwise noted, the financial results and earnings guidance included below reflect the continuing operations of Johnson & Johnson.

Overall financial results
Q2
($ in Millions, except EPS) 2024 2023 % Change
Reported Sales $22,447
$    21,519
4.3%
Net Earnings $4,686 $5,376 (12.8)%
EPS (diluted) $1.93 $2.05 (5.9)%





Q2
Non-GAAP* ($ in Millions, except EPS) 2024 2023 % Change
Operational Sales1,2
    6.6%    
Adjusted Operational Sales1,3
    6.5%    
Adjusted Operational Sales ex. COVID-19 Vaccine1,3
          7.1%
Adjusted Net Earnings1,4
$6,840 $6,730 1.6%
Adjusted EPS (diluted)1,4
$2.82 $2.56     10.2%
1Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2Excludes the impact of translational currency
3Excludes the net impact of acquisitions and divestitures and translational currency
4Excludes intangible amortization expense and special items
5Excludes COVID-19 Vaccine
Note: values may have been rounded


Regional sales results
Q2 % Change
($ in Millions) 2024 2023 Reported
Operational1,2
Currency
Adjusted
Operational1,3
U.S. $12,569 $11,657 7.8% 7.8 7.6
International 9,878 9,862 0.2 5.1 (4.9) 5.3
Worldwide $22,447 $21,519 4.3% 6.6 (2.3) 6.5
1Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2Excludes the impact of translational currency
3Excludes the net impact of acquisitions and divestitures and translational currency
Note: values may have been rounded

Segment sales results
Q2 % Change
($ in Millions) 2024 2023 Reported
Operational1,2
Currency
Adjusted
Operational1,3
Innovative Medicine $14,490 $13,731 5.5% 7.8 (2.3) 8.0
MedTech 7,957 7,788 2.2 4.4 (2.2) 4.0
Worldwide $22,447 $21,519 4.3% 6.6 (2.3) 6.5
1Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2Excludes the impact of translational currency
3Excludes the net impact of acquisitions and divestitures and translational currency
Note: values may have been rounded




Second Quarter 2024 segment commentary:
Operational sales* reflected below excludes the impact of translational currency.
Innovative Medicine
Innovative Medicine worldwide operational sales, excluding the COVID-19 Vaccine, grew 8.8%*. Growth was driven by DARZALEX (daratumumab), ERLEADA (apalutamide), and Other Oncology in Oncology, TREMFYA (guselkumab) and STELARA (ustekinumab) in Immunology, and SPRAVATO (esketamine) in Neuroscience. Growth was partially offset by Other Neuroscience. Including the COVID-19 Vaccine, Innovative Medicine worldwide operational sales grew 7.8%*.

MedTech
MedTech worldwide operational sales grew 4.4%*, with acquisitions and divestitures positively impacting growth by 0.4%. Operational sales growth was driven primarily by electrophysiology products and Abiomed in Cardiovascular, previously referred to as Interventional Solutions, and wound closure products in General Surgery.
Full-year 2024 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.
Johnson & Johnson is updating its 2024 guidance, including adjusted operational EPS guidance, to reflect improved performance and the impact for the recent acquisitions of Shockwave Medical, Proteologix, and NM26 Bispecific Antibody.

Non-GAAP* 2024
April 2024 Adjusted Operational EPS1,2
$10.68
Improved performance outlook $0.05
July 2024 Adjusted Operational EPS1,2 pre-M&A
$10.73
M&A impact ($0.68)
July 2024 Adjusted Operational EPS1,2
$10.05
1Non-GAAP financial measure; excludes the impact of translational currency
2Non-GAAP financial measure; excludes intangible amortization expense and special items
Note: Adjusted operational EPS figures reflect midpoint of issued guidance




($ in Billions, except EPS) July 2024 April 2024
Adjusted Operational Sales1,2,5
Change vs. Prior Year / Mid-point
5.5% – 6.0% / 5.8% 5.5% – 6.0% / 5.8%
Operational Sales2,5/ Mid-point
Change vs. Prior Year / Mid-point
$89.2B – $89.6B / $89.4B
6.1% – 6.6% / 6.4%
$88.7B – $89.1B / $88.9B
5.5% – 6.0% / 5.8%
Estimated Reported Sales3,5/ Mid-point
Change vs. Prior Year / Mid-point
$88.0B – $88.4B / $88.2B
4.7% – 5.2% / 5.0%
$88.0B – $88.4B / $88.2B
4.7% – 5.2% / 5.0%
Adjusted Operational EPS (Diluted)2,4/ Mid-point
Change vs. Prior Year / Mid-point
$10.00 – $10.10 / $10.05
0.8% – 1.8% / 1.3%
$10.60 – $10.75 / $10.68
6.9% – 8.4% / 7.7%
Adjusted EPS (Diluted)3,4 / Mid-point
Change vs. Prior Year / Mid-point
$9.97 – $10.07 / $10.02
0.5% – 1.5% / 1.0%
$10.57 – $10.72 / $10.65
6.6% – 8.1% / 7.4%
1Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures
2Non-GAAP financial measure; excludes the impact of translational currency
3Calculated using Euro Average Rate: July 2024 = $1.08 and April 2024 = $1.08 (Illustrative purposes only)
4Non-GAAP financial measure; excludes intangible amortization expense and special items
5Excludes COVID-19 Vaccine
Note: percentages may have been rounded
Other modeling considerations will be provided on the webcast.
Notable 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 Innovative Medicine News Center, MedTech News & Events, www.factsabouttalc.com, and www.LLTManagementInformation.com.
Regulatory CHMP adopts positive opinion for BALVERSA (erdafitinib) for the treatment of adult patients with unresectable or metastatic urothelial carcinoma with susceptible FGFR3 genetic alterations
Press Release
RYBREVANT (amivantamab) in combination with chemotherapy is the first therapy approved by the European Commission for the first-line treatment of patients with advanced non-small cell lung cancer with activating EGFR exon 20 insertion mutations
Press Release
Johnson & Johnson submits application to U.S. FDA seeking approval of TREMFYA (guselkumab) for the treatment of moderately to severely active Crohn’s disease
Press Release
Subcutaneous amivantamab Biologics License Application submitted to U.S. FDA for patients with EGFR-mutated non-small cell lung cancer
Press Release
DePuy Synthes Receives 510(k) FDA Clearance of the VELYS Robotic-Assisted Solution for Use in Unicompartmental Knee Arthroplasty Procedures
Press Release
Johnson & Johnson submits regulatory applications to European Medicines Agency for TREMFYA (guselkumab) for treatment of patients with ulcerative colitis and Crohn's disease
Press Release
CARVYKTI (ciltacabtagene autoleucel; cilta-cel) is the first BCMA-targeted treatment approved by the European Commission for patients with relapsed and refractory multiple myeloma who have received at least one prior line of therapy
Press Release



Data Releases
CARVYKTI (ciltacabtagene autoleucel) achieved statistically significant and clinically meaningful improvement in overall survival in landmark CARTITUDE-4 study1
Press Release
Nipocalimab pivotal Phase 3 trial demonstrates longest sustained disease control in FcRn class for broadest population of myasthenia gravis patients
Press Release
TREMFYA (guselkumab) studies underscore its potential to be the only IL-23 inhibitor to offer both subcutaneous and intravenous induction
Press Release
Johnson & Johnson showcases innovation and leadership in rheumatology at EULAR 2024 Congress
Press Release
Johnson & Johnson pivotal study of seltorexant shows statistically significant and clinically meaningful improvement in depressive symptoms and sleep disturbance outcomes
Press Release
Johnson & Johnson advances leadership in oncology innovation with more than 75 clinical study and real-world presentations at ASCO and EHA
Press Release
TREMFYA (guselkumab) demonstrates superiority versus STELARA (ustekinumab) in Phase 3 Crohn’s disease program
Press Release
TREMFYA (guselkumab) QUASAR Maintenance Study in UC met its primary endpoint and all major secondary endpoints, including highly statistically significant rates of endoscopic remission
Press Release
Biosense Webster Presents Late-Breaking Data from admIRE Clinical Trial at the Heart Rhythm Society Annual Meeting
Press Release
TAR-210 results show 90% recurrence-free survival and 90% complete response in patients with high-risk and intermediate-risk non–muscle-invasive bladder cancer, respectively
Press Release
Johnson & Johnson Highlights Commitment to Transform Treatment of Retinal Diseases at ARVO 2024
Press Release
Phase 2 data for ERLEADA (apalutamide) plus androgen deprivation therapy following radical prostatectomy in patients with high-risk localized prostate cancer show 100% biochemical free recurrence rate more than two years post-surgery
Press Release
TAR-200 monotherapy shows greater than 80% complete response rate in patients with high-risk non–muscle-invasive bladder cancer
Press Release
Product Launch Biosense Webster Launches New Version of CARTO 3 Electro-Anatomical Mapping System
Press Release
Other
Johnson & Johnson Strengthens Pipeline to Lead in Atopic Dermatitis With the Completion of the Acquisition of Yellow Jersey Therapeutics, Gaining Ownership of NM261
Press Release
Johnson & Johnson Completes Acquisition of Proteologix, Inc.
Press Release
Johnson & Johnson Completes Acquisition of Shockwave Medical
Press Release
Johnson & Johnson to Obtain Rights to a Clinical-Stage Bispecific Antibody to Address Distinct Patient Needs in Atopic Dermatitis
Press Release
Johnson & Johnson Announces Plan by its Subsidiary, LLT Management LLC, to Resolve All Current and Future Ovarian Cancer Talc Claims Through a Consensual “Prepackaged” Reorganization
Press Release
1 Subsequent to the quarter




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 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; and the Company’s ability to realize the anticipated benefits from the separation of Kenvue Inc. 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 December 31, 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 a2024q2exhibit992.htm EX-99.2 Document

Exhibit 99.2
Johnson & Johnson and subsidiaries
Supplementary sales data
(Unaudited; Dollars in Millions) SECOND QUARTER
Percent Change
Sales to customers by geographic area 2024 2023 Total Operations Currency
U.S. $12,569  11,657  7.8  % 7.8  — 
Europe 5,214  5,131  1.6  3.4  (1.8)
Western Hemisphere excluding U.S. 1,212  1,136  6.7  22.6  (15.9)
Asia-Pacific, Africa 3,452  3,595  (4.0) 1.9  (5.9)
International 9,878  9,862  0.2  5.1  (4.9)
Worldwide $22,447  21,519  4.3  % 6.6  (2.3)


Johnson & Johnson and subsidiaries
Supplementary sales data
(Unaudited; Dollars in Millions) SECOND QUARTER
Percent Change
Sales to customers by geographic area (ex. COVID-19 Vaccine) 2024 2023 Total Operations Currency
U.S.* $12,569  11,657  7.8  % 7.8  — 
Europe(1)
5,042  4,846  4.1  6.0  (1.9)
Western Hemisphere excluding U.S.* 1,212  1,136  6.7  22.6  (15.9)
Asia-Pacific, Africa* 3,452  3,595  (4.0) 1.9  (5.9)
International 9,706  9,577  1.3  6.4  (5.1)
Worldwide $22,275  21,234  4.9  % 7.2  (2.3)
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(1) Refer to supplemental sales information schedules
*No COVID-19 Vaccine Sales



Johnson & Johnson and subsidiaries
Supplementary sales data
(Unaudited; Dollars in Millions) SIX MONTHS
Percent Change
Sales to customers by geographic area 2024 2023 Total Operations Currency
U.S. $24,189  22,439  7.8  % 7.8  — 
Europe 10,377  10,721  (3.2) (2.4) (0.8)
Western Hemisphere excluding U.S. 2,406  2,212  8.8  21.9  (13.1)
Asia-Pacific, Africa 6,858  7,041  (2.6) 3.4  (6.0)
International 19,641  19,974  (1.7) 2.4  (4.1)
Worldwide $43,830  42,413  3.3  % 5.2  (1.9)


Johnson & Johnson and subsidiaries
Supplementary sales data
(Unaudited; Dollars in Millions) SIX MONTHS
Percent Change
Sales to customers by geographic area (ex. COVID-19 Vaccine) 2024 2023 Total Operations Currency
U.S.* $24,189  22,439  7.8  % 7.8  — 
Europe(1)
10,180  9,689  5.1  6.0  (0.9)
Western Hemisphere excluding U.S.* 2,406  2,212  8.8  21.9  (13.1)
Asia-Pacific, Africa* 6,858  7,041  (2.6) 3.4  (6.0)
International 19,444  18,942  2.7  6.9  (4.2)
Worldwide $43,633  41,381  5.4  % 7.4  (2.0)
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(1) Refer to supplemental sales information schedules
*No COVID-19 Vaccine Sales



Johnson & Johnson and subsidiaries
Supplementary sales data
(Unaudited; Dollars in Millions) SECOND QUARTER
Percent Change
Sales to customers by segment of business 2024 2023 Total Operations Currency
Innovative Medicine (1)
U.S. $ 8,510  7,818  8.9  % 8.9  — 
International 5,980  5,913  1.1  6.4  (5.3)
14,490  13,731  5.5  7.8  (2.3)
Innovative Medicine excluding COVID-19 Vaccine (1)
U.S. 8,510  7,818  8.9  8.9  — 
International 5,808  5,628  3.2  8.7  (5.5)
14,318  13,446  6.5  8.8  (2.3)
MedTech
U.S. 4,059  3,839  5.7  5.7  — 
International 3,898  3,949  (1.3) 3.2  (4.5)
7,957  7,788  2.2  4.4  (2.2)
U.S. 12,569  11,657  7.8  7.8  — 
International 9,878  9,862  0.2  5.1  (4.9)
Worldwide 22,447  21,519  4.3  6.6  (2.3)
U.S. 12,569  11,657  7.8  7.8  — 
International 9,706  9,577  1.3  6.4  (5.1)
Worldwide excluding COVID-19 Vaccine (1)
$ 22,275  21,234  4.9  % 7.2  (2.3)
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(1)Refer to supplemental sales information schedules.




Johnson & Johnson and subsidiaries
Supplementary sales data
(Unaudited; Dollars in Millions) SIX MONTHS
Percent Change
Sales to customers by segment of business 2024 2023 Total Operations Currency
Innovative Medicine (1)
U.S. $16,122  14,841  8.6  % 8.6  — 
International 11,930  12,303  (3.0) 1.0  (4.0)
28,052  27,144  3.3  5.2  (1.9)
Innovative Medicine excluding COVID-19 Vaccine (1)
U.S. 16,122  14,841  8.6  8.6  — 
International 11,733  11,271  4.1  8.5  (4.4)
27,855  26,112  6.7  8.6  (1.9)
MedTech
U.S. 8,067  7,598  6.2  6.2  — 
International 7,711  7,671  0.5  4.6  (4.1)
15,778  15,269  3.3  5.4  (2.1)
U.S. 24,189  22,439  7.8  7.8  — 
International 19,641  19,974  (1.7) 2.4  (4.1)
Worldwide 43,830  42,413  3.3  5.2  (1.9)
U.S. 24,189  22,439  7.8  7.8  — 
International 19,444  18,942  2.7  6.9  (4.2)
Worldwide excluding COVID-19 Vaccine (1)
$43,633  41,381  5.4  % 7.4  (2.0)
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(1)Refer to supplemental sales information schedules.




Johnson & Johnson and subsidiaries
Condensed consolidated statement of earnings
(Unaudited; in Millions Except Per Share Figures) SECOND QUARTER
2024 2023 Percent
Increase
(Decrease)
Amount Percent
to Sales
Amount Percent
to Sales
Sales to customers $ 22,447  100.0  $21,519  100.0  4.3 
Cost of products sold 6,869  30.6  6,462  30.0  6.3 
Gross Profit 15,578  69.4  15,057  70.0  3.5 
Selling, marketing and administrative expenses 5,681  25.3  5,396  25.1  5.3 
Research and development expense 3,440  15.3  3,703  17.2  (7.1)
In-process research and development impairments 194  0.9  —  — 
Interest (income) expense, net (125) (0.6) (109) (0.5)
Other (income) expense, net 653  2.9  (384) (1.8)
Restructuring (13) 0.0  145  0.7 
Earnings before provision for taxes on income 5,748  25.6  6,306  29.3  (8.8)
Provision for taxes on income 1,062  4.7  930  4.3  14.2 
Net earnings from Continuing Operations $4,686  20.9  $5,376  25.0  (12.8)
Net earnings/(loss) from Discontinued Operations, net of tax —    (232)  
Net earnings $4,686    $5,144   
Net earnings per share (Diluted) from Continuing Operations $1.93  $2.05  (5.9)
Net earnings/(loss) per share (Diluted) from Discontinued Operations $—  ($0.09)  
Average shares outstanding (Diluted) 2,422.0  2,625.7 
Effective tax rate from Continuing Operations 18.5  % 14.7  %
Adjusted earnings from Continuing Operations before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income from Continuing Operations $8,404  37.4 $8,005  37.2 5.0 
Net earnings from Continuing Operations $6,840  30.5 $6,730  31.3 1.6 
Net earnings per share (Diluted) from Continuing Operations $2.82  $2.56  10.2 
Effective tax rate from Continuing Operations 18.6  % 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) SIX MONTHS
2024 2023 Percent Increase (Decrease)
Amount Percent to Sales Amount Percent to Sales
Sales to customers $ 43,830  100.0  $ 42,413  100.0  3.3 
Cost of products sold 13,380  30.5  13,149  31.0  1.8 
Gross Profit 30,450  69.5  29,264  69.0  4.1 
Selling, marketing and administrative expenses 10,938  25.0  10,302  24.3  6.2 
Research and development expense 6,982  16.0  7,158  16.9  (2.5)
In-process research and development impairments 194  0.4  49  0.1   
Interest (income) expense, net (334) (0.8) (95) (0.2)  
Other (income) expense, net 3,057  7.0  6,556  15.5   
Restructuring 151  0.3  275  0.6 
Earnings before provision for taxes on income 9,462  21.6  5,019  11.8  88.5 
Provision for taxes on income 1,521  3.5  134  0.3  1,035.1 
Net earnings from Continuing Operations $ 7,941  18.1  $ 4,885  11.5  62.6 
Net earnings from Discontinued Operations, net of tax —      191     
Net earnings $ 7,941      $ 5,076     
Net earnings per share (Diluted) from Continuing Operations $3.27  $1.86  75.8 
Net earnings per share (Diluted) from Discontinued Operations $—  $0.07   
Average shares outstanding (Diluted) 2,428.5  2,630.7 
Effective tax rate from Continuing Operations 16.1  % 2.7  %
Adjusted earnings from Continuing Operations before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income from Continuing Operations $ 16,281  37.1  $ 15,541  36.6  4.8 
Net earnings from Continuing Operations $ 13,420  30.6  $ 13,070  30.8  2.7 
Net earnings per share (Diluted) from Continuing Operations $ 5.53  $4.97  11.3 
Effective tax rate from Continuing Operations 17.6  % 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
Reconciliation of non-GAAP financial measures
Second Quarter
(Dollars in Millions Except Per Share Data) 2024 2023
Net Earnings from Continuing Operations, after tax- as reported $4,686  $5,376 
Pre-tax Adjustments
Litigation related 352  137 
Intangible Asset Amortization expense 1,106  1,130 
COVID-19 Vaccine related costs 1
64  165 
Restructuring related 2
(11) 145 
Medical Device Regulation 3
68  85 
Acquisition, integration and divestiture related 452  38 
(Gains)/losses on securities 431  (1)
IPR&D impairments 194  — 
Tax Adjustments
Tax impact on special item adjustments4
(437) (307)
Tax legislation and other tax related (65) (38)
Adjusted Net Earnings from Continuing Operations, after tax $6,840  $6,730 
Average shares outstanding (Diluted) 2,422.0  2,625.7 
Adjusted net earnings per share from Continuing Operations (Diluted) $2.82  $2.56 
Operational adjusted net earnings per share from Continuing Operations (Diluted) $2.82   
Notes:
1COVID-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.
2In 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 income of $63 million in the fiscal second quarter of 2024 ($81 million expense Q2 2024 YTD) and $145 million expense in the fiscal second quarter of 2023 ($275 million Q2 2023 YTD) include asset divestments and the termination of partnered and non-partnered program costs and asset impairments.
In fiscal 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 expenses of $52 million in the fiscal second quarter of 2024 ($79 million Q2 2024 YTD) includes costs related to market and product exits.
3European 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 will be completed during 2024.
4The 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) 2024 2023
Net Earnings from Continuing Operations, after tax- as reported $7,941  $4,885 
Pre-tax Adjustments
Litigation related 3,078  7,037 
Intangible Asset Amortization expense 2,184  2,252 
COVID-19 Vaccine related costs 1
73  609 
Restructuring related 2
160  275 
Medical Device Regulation 3
119  149 
Acquisition, integration and divestiture related 600  80 
(Gains)/losses on securities 411  71 
IPR&D impairments 194  49 
Tax Adjustments
Tax impact on special item adjustments 4
(1,293) (2,287)
Tax legislation and other tax related (47) (50)
Adjusted Net Earnings from Continuing Operations, after tax $13,420  $13,070 
Average shares outstanding (Diluted) 2,428.5  2,630.7 
Adjusted net earnings per share from Continuing Operations (Diluted) $5.53  $4.97 
Operational adjusted net earnings per share from Continuing Operations (Diluted) $5.54   
Notes:
1COVID-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.
2In 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 income of $63 million in the fiscal second quarter of 2024 ($81 million expense Q2 2024 YTD) and $145 million expense in the fiscal second quarter of 2023 ($275 million Q2 2023 YTD) include asset divestments and the termination of partnered and non-partnered program costs and asset impairments.
In fiscal 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 expenses of $52 million in the fiscal second quarter of 2024 ($79 million Q2 2024 YTD) includes costs related to market and product exits.
3European 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 will be completed during 2024.
4The 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
Adjusted operational sales growth(A)
Second quarter 2024 actual vs. 2023 actual
Segments
 Innovative Medicine  MedTech  Total
WW As Reported 5.5  % 2.2  % 4.3  %
U.S. 8.9  % 5.7  % 7.8  %
International 1.1  % (1.3) % 0.2  %
WW Currency (2.3) (2.2) (2.3)
U.S.
International (5.3) (4.5) (4.9)
WW Operational 7.8  % 4.4  % 6.6  %
U.S. 8.9  % 5.7  % 7.8  %
International 6.4  % 3.2  % 5.1  %
Shockwave (1.0) (0.4)
U.S. (2.0) (0.7)
International 0.0 0.0
All Other Acquisitions and Divestitures (A&D) 0.2 0.6 0.3
U.S. 0.1 1.0 0.5
International 0.2 0.1 0.2
WW Adjusted Operational Ex A&D 8.0  % 4.0  % 6.5  %
U.S. 9.0  % 4.7  % 7.6  %
International 6.6  % 3.3  % 5.3  %
COVID-19 Vaccine 1.0 0.6
U.S. 0.0 0.0
International 2.3 1.3
WW Adjusted Operational Ex A&D & COVID-19 Vaccine 9.0  % 4.0  % 7.1  %
U.S. 9.0  % 4.7  % 7.6  %
International 8.9  % 3.3  % 6.6  %
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 measures
Adjusted operational sales growth(A)
Six months 2024 actual vs. 2023 actual
Segments
 Innovative Medicine  MedTech  Total
WW As Reported 3.3  % 3.3  % 3.3  %
U.S. 8.6  % 6.2  % 7.8  %
International (3.0) % 0.5  % (1.7) %
WW Currency (1.9) (2.1) (1.9)
U.S.
International (4.0) (4.1) (4.1)
WW Operational 5.2  % 5.4  % 5.2  %
U.S. 8.6  % 6.2  % 7.8  %
International 1.0  % 4.6  % 2.4  %
Shockwave (0.5) (0.2)
U.S. (1.0) (0.3)
International 0.0 0.0
All Other Acquisitions and Divestitures (A&D) 0.1 0.3 0.2
U.S. 0.1 0.6 0.3
International 0.1 0.1 0.1
WW Adjusted Operational Ex A&D 5.3  % 5.2  % 5.2  %
U.S. 8.7  % 5.8  % 7.8  %
International 1.1  % 4.7  % 2.5  %
COVID-19 Vaccine 3.4 2.2
U.S. 0.0 0.0
International 7.5 4.5
WW Adjusted Operational Ex A&D & COVID-19 Vaccine 8.7  % 5.2  % 7.4  %
U.S. 8.7  % 5.8  % 7.8  %
International 8.6  % 4.7  % 7.0  %
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
2024 2023 Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)
IMMUNOLOGY
US $2,978  2,865  4.0  % 4.0  % —  %
Intl 1,744  1,631  6.9  13.2  (6.3)
WW 4,722  4,496  5.0  7.3  (2.3)
REMICADE
US 231  277  (16.7) (16.7) — 
US Exports(3)
35  33  7.9  7.9  — 
Intl 127  152  (16.6) (12.0) (4.6)
WW 393  462  (14.9) (13.4) (1.5)
SIMPONI / SIMPONI ARIA
US 267  285  (6.3) (6.3) — 
Intl 270  244  10.9  22.8  (11.9)
WW 537  529  1.6  7.1  (5.5)
STELARA
US 1,855  1,817  2.1  2.1  — 
Intl 1,030  981  5.0  10.1  (5.1)
WW 2,885  2,797  3.1  4.9  (1.8)
TREMFYA
US 589  450  30.8  30.8  — 
Intl 317  255  23.9  30.5  (6.6)
WW 906  706  28.3  30.7  (2.4)
OTHER IMMUNOLOGY
US (51.5) (51.5) — 
Intl —  —  — 
WW (51.5) (51.5) — 
INFECTIOUS DISEASES
US 334  395  (15.4) (15.4) — 
Intl 631  727  (13.1) (11.6) (1.5)
WW 965  1,121  (13.9) (12.9) (1.0)
COVID-19 VACCINE
US —  —  — 
Intl 172  285  (39.7) (39.7) 0.0 
WW 172  285  (39.7) (39.7) 0.0 
EDURANT / rilpivirine
US (2.8) (2.8) — 
Intl 288  258  11.5  13.0  (1.5)
WW 297  266  11.0  12.5  (1.5)
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US 321  382  (16.0) (16.0) — 
Intl 117  109  6.5  9.9  (3.4)
WW 438  491  (11.0) (10.3) (0.7)
OTHER INFECTIOUS DISEASES
US 18.5  18.5  — 
Intl 55  74  (25.6) (21.1) (4.5)
WW 61  79  (23.1) (18.8) (4.3)
See footnotes at end of schedule



Johnson & Johnson
Segment sales
(Dollars in Millions)
SECOND QUARTER
% Change
2024 2023 Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
NEUROSCIENCE
US $1,102  1,029  7.1  % 7.1  % —  %
Intl 679  764  (11.1) (6.0) (5.1)
WW 1,782  1,793  (0.6) 1.5  (2.1)
CONCERTA / methylphenidate
US 34  64  (47.7) (47.7) — 
Intl 129  143  (9.8) (4.6) (5.2)
WW 163  208  (21.5) (17.9) (3.6)
INVEGA SUSTENNA / XEPLION / INVEGA
TRINZA / TREVICTA
US 784  721  8.8  8.8  — 
Intl 269  310  (13.1) (9.0) (4.1)
WW 1,054  1,031  2.2  3.5  (1.3)
SPRAVATO
US 226  144  57.9  57.9  — 
Intl 44  25  73.5  77.4  (3.9)
WW 271  169  60.2  60.8  (0.6)
OTHER NEUROSCIENCE
US 57  100  (42.5) (42.5) — 
Intl 237  286  (17.0) (10.8) (6.2)
WW 294  386  (23.7) (19.1) (4.6)
ONCOLOGY
US 2,636  2,069  27.4  27.4  — 
Intl 2,455  2,329  5.4  10.8  (5.4)
WW 5,090  4,398  15.7  18.6  (2.9)
CARVYKTI
US 167  114  46.5  46.5  — 
Intl 20  * * *
WW 186  117  59.8  59.9  (0.1)
DARZALEX
US 1,641  1,322  24.2  24.2  — 
Intl 1,237  1,110  11.5  17.9  (6.4)
WW 2,878  2,431  18.4  21.3  (2.9)
ERLEADA
US 318  241  32.2  32.2  — 
Intl 418  326  28.0  32.8  (4.8)
WW 736  567  29.8  32.5  (2.7)
IMBRUVICA
US 246  262  (6.4) (6.4) — 
Intl 525  579  (9.4) (5.6) (3.8)
WW 770  841  (8.5) (5.9) (2.6)
TECVAYLI
US 104  82  27.5  27.5  — 
Intl 30  12  * * *
WW 135  94  42.9  43.5  (0.6)
ZYTIGA / abiraterone acetate
US 11  21.6  21.6  — 
Intl 154  218  (29.6) (23.6) (6.0)
WW 165  227  (27.7) (21.9) (5.8)
OTHER ONCOLOGY
US 148  40  * * — 
Intl 71  80  (10.4) (6.0) (4.4)
WW 221  120  84.2  87.2  (3.0)
See footnotes at end of schedule



Johnson & Johnson
Segment sales
(Dollars in Millions)
SECOND QUARTER
% Change
2024 2023 Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
PULMONARY HYPERTENSION
US $ 743  684  8.7  % 8.7  % —  %
Intl 296  289  2.6  11.2  (8.6)
WW 1,039  972  6.9  9.4  (2.5)
OPSUMIT
US 373  328  13.7  13.7  — 
Intl 170  179  (5.0) 0.5  (5.5)
WW 544  507  7.1  9.1  (2.0)
UPTRAVI
US 349  338  3.3  3.3  — 
Intl 76  61  24.6  34.4  (9.8)
WW 426  399  6.6  8.1  (1.5)
OTHER PULMONARY HYPERTENSION
US 20  18  18.8  18.8  — 
Intl 50  48  3.1  21.0  (17.9)
WW 71  66  7.2  20.4  (13.2)
CARDIOVASCULAR / METABOLISM / OTHER
US 717 776 (7.7) (7.7) — 
Intl 176 174 0.6  4.0  (3.4)
WW 892 950 (6.2) (5.5) (0.7)
XARELTO
US 587  637  (7.9) (7.9) — 
Intl —  —  —  —  — 
WW 587  637  (7.9) (7.9) — 
OTHER
US 129  138  (6.4) (6.4) — 
Intl 176  174  0.6  4.0  (3.4)
WW 305  313  (2.5) (0.6) (1.9)
TOTAL INNOVATIVE MEDICINE
US 8,510 7,818 8.9  8.9  — 
Intl 5,980 5,913 1.1  6.4  (5.3)
WW $ 14,490  13,731 5.5  % 7.8  % (2.3) %
See footnotes at end of schedule



Johnson & Johnson
Segment sales
(Dollars in Millions)
SECOND QUARTER
% Change
2024 2023 Reported
Operational(1)
Currency
MEDTECH SEGMENT(2)
CARDIOVASCULAR(4)
US $ 1,119  908  23.3  % 23.3  % —  %
Intl 753  712  5.7  11.2  (5.5)
WW 1,873  1,620  15.6  18.0  (2.4)
ELECTROPHYSIOLOGY
US 705  609  15.7  15.7  — 
Intl 618  587  5.4  11.1  (5.7)
WW 1,323  1,196  10.6  13.4  (2.8)
ABIOMED
US 309  272  13.2  13.2  — 
Intl 72  59  20.7  25.3  (4.6)
WW 379  331  14.5  15.4  (0.9)
SHOCKWAVE(5)
US 77  —  * * — 
Intl —  —  —  — 
WW 77  —  * * — 
OTHER CARDIOVASCULAR(4)
US 29  27  12.5  12.5  — 
Intl 64  67  (4.5) (1.0) (3.5)
WW 93  93 0.3  2.8  (2.5)
ORTHOPAEDICS
US 1,422  1,388  2.5  2.5  — 
Intl 890  878  1.4  4.5  (3.1)
WW 2,312  2,265  2.1  3.3  (1.2)
HIPS
US 265  250  5.8  5.8  — 
Intl 152  147  3.4  6.8  (3.4)
WW 417  397  4.9  6.2  (1.3)
KNEES
US 230  221  4.2  4.2  — 
Intl 163  142  14.9  17.7  (2.8)
WW 394  363  8.4  9.5  (1.1)
TRAUMA
US 498  483  3.0  3.0  — 
Intl 260  255  2.4  5.5  (3.1)
WW 759  739  2.8  3.8  (1.0)
SPINE, SPORTS & OTHER
US 430  433  (0.8) (0.8) — 
Intl 314  334  (6.1) (2.9) (3.2)
WW 743  766  (3.1) (1.7) (1.4)
See footnotes at end of schedule



Johnson & Johnson
Segment sales
(Dollars in Millions)
SECOND QUARTER
% Change
2024 2023 Reported
Operational(1)
Currency
MEDTECH SEGMENT(2)(Continued)
SURGERY
US $995  1,015  (2.0) % (2.0) % —  %
Intl 1,493  1,580  (5.5) (0.7) (4.8)
WW 2,488  2,594  (4.1) (1.2) (2.9)
ADVANCED
US 466  466  0.1  0.1  — 
Intl 675  757  (10.8) (6.4) (4.4)
WW 1,141  1,222  (6.7) (3.9) (2.8)
GENERAL
US 528  548  (3.7) (3.7) — 
Intl 818  823  (0.7) 4.5  (5.2)
WW 1,346  1,372  (1.9) 1.2  (3.1)
VISION
US 523  529  (1.2) (1.2) — 
Intl 763  778  (2.0) 2.2  (4.2)
WW 1,285  1,308  (1.7) 0.8  (2.5)
CONTACT LENSES / OTHER
US 409  409  0.2  0.2  — 
Intl 509  530  (4.0) 1.2  (5.2)
WW 918  939  (2.2) 0.7  (2.9)
SURGICAL
US 113  120  (5.8) (5.8) — 
Intl 254  249  2.1  4.5  (2.4)
WW 367  369  (0.5) 1.2  (1.7)
TOTAL MEDTECH
US 4,059  3,839  5.7  5.7  — 
Intl 3,898  3,949  (1.3) 3.2  (4.5)
WW $7,957  7,788  2.2  % 4.4  % (2.2) %
See footnotes at end of schedule



Johnson & Johnson
Segment sales
(Dollars in Millions)
SIX MONTHS
% Change
2024 2023 Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)
IMMUNOLOGY
US $5,431  5,313  2.2  % 2.2  % —  %
Intl 3,538  3,295  7.4  12.1  (4.7)
WW 8,969  8,608  4.2  6.0  (1.8)
REMICADE
US 497  553  (10.1) (10.1) — 
US Exports(3)
62  74  (15.4) (15.4) — 
Intl 268  322  (16.9) (13.2) (3.7)
WW 827  949  (12.9) (11.6) (1.3)
SIMPONI / SIMPONI ARIA
US 521  556  (6.2) (6.2) — 
Intl 569  510  11.7  21.3  (9.6)
WW 1,091  1,066  2.3  7.0  (4.7)
STELARA
US 3,251  3,268  (0.5) (0.5) — 
Intl 2,085  1,974  5.6  9.1  (3.5)
WW 5,336  5,241  1.8  3.1  (1.3)
TREMFYA
US 1,098  856  28.2  28.2  — 
Intl 616  489  25.8  31.0  (5.2)
WW 1,714  1,346  27.3  29.2  (1.9)
OTHER IMMUNOLOGY
US (75.4) (75.4) — 
Intl —  —  — 
WW (75.4) (75.4) — 
INFECTIOUS DISEASES
US 658  787  (16.4) (16.4) — 
Intl 1,128  1,920  (41.3) (40.7) (0.6)
WW 1,786  2,707  (34.0) (33.7) (0.3)
COVID-19 VACCINE
US —  —  — 
Intl 197  1,032  (80.9) (80.9) 0.0 
WW 197  1,032  (80.9) (80.9) 0.0 
EDURANT / rilpivirine
US 16  17  (7.0) (7.0) — 
Intl 603  529  14.1  14.4  (0.3)
WW 620  546  13.4  13.7  (0.3)
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US 635  760  (16.5) (16.5) — 
Intl 221  208  6.0  7.8  (1.8)
WW 856  968  (11.6) (11.2) (0.4)
OTHER INFECTIOUS DISEASES
US 10  (29.4) (29.4) — 
Intl 107  151  (29.3) (26.0) (3.3)
WW 114  161  (29.3) (26.2) (3.1)
See footnotes at end of schedule



Johnson & Johnson
Segment sales
(Dollars in Millions)
SIX MONTHS
% Change
2024 2023 Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
NEUROSCIENCE
US $2,156  2,007  7.4  % 7.4  % —  %
Intl 1,428  1,590  (10.2) (5.2) (5.0)
WW 3,585  3,597  (0.3) 1.9  (2.2)
CONCERTA / methylphenidate
US 75  134  (44.3) (44.3) — 
Intl 265  279  (5.1) (0.2) (4.9)
WW 340  414  (17.8) (14.5) (3.3)
INVEGA SUSTENNA / XEPLION / INVEGA
TRINZA / TREVICTA
US 1,549  1,434  8.0  8.0  — 
Intl 561  641  (12.4) (8.8) (3.6)
WW 2,110  2,075  1.7  2.8  (1.1)
SPRAVATO
US 417  255  63.9  63.9  — 
Intl 78  45  74.6  76.3  (1.7)
WW 496  300  65.5  65.7  (0.2)
OTHER NEUROSCIENCE
US 115  184  (37.3) (37.3) — 
Intl 524  625  (16.2) (9.5) (6.7)
WW 639  809  (21.0) (15.8) (5.2)
ONCOLOGY
US 5,019  3,958  26.8  26.8  — 
Intl 4,885  4,552  7.3  11.7  (4.4)
WW 9,904  8,510  16.4  18.7  (2.3)
CARVYKTI
US 307  184  66.8  66.8  — 
Intl 36  * * *
WW 343  189  81.5  81.5  0.0 
DARZALEX
US 3,105  2,513  23.6  23.6  — 
Intl 2,465  2,182  12.9  18.4  (5.5)
WW 5,570  4,695  18.6  21.2  (2.6)
ERLEADA
US 603  490  23.0  23.0  — 
Intl 822  619  32.8  36.5  (3.7)
WW 1,425  1,109  28.4  30.5  (2.1)
IMBRUVICA
US 511  532  (3.9) (3.9) — 
Intl 1,043  1,136  (8.3) (5.6) (2.7)
WW 1,554  1,668  (6.9) (5.1) (1.8)
TECVAYLI
US 205  139  47.7  47.7  — 
Intl 63  18  * * *
WW 268  157  70.2  70.2  0.0 
ZYTIGA / abiraterone acetate
US 20  25  (19.7) (19.7) — 
Intl 326  447  (27.2) (22.1) (5.1)
WW 346  472  (26.8) (22.0) (4.8)
OTHER ONCOLOGY
US 267  75  * * — 
Intl 131  144  (8.5) (5.8) (2.7)
WW 399  219  82.4  % 84.2  % (1.8) %
See footnotes at end of schedule



Johnson & Johnson
Segment sales
(Dollars in Millions)
SIX MONTHS
% Change
2024 2023 Reported
Operational(1)
Currency
INNOVATIVE MEDICINE SEGMENT(2)(Continued)
PULMONARY HYPERTENSION
US $ 1,509  1,284  17.5  % 17.5  % —  %
Intl 579  561  3.4  11.0  (7.6)
WW 2,088  1,844  13.2  15.5  (2.3)
OPSUMIT
US 729  601  21.3  21.3  — 
Intl 339  346  (2.2) 2.5  (4.7)
WW 1,068  947  12.7  14.4  (1.7)
UPTRAVI
US 741  642  15.5  15.5  — 
Intl 152  119  27.6  36.4  (8.8)
WW 894  761  17.4  18.7  (1.3)
OTHER PULMONARY HYPERTENSION
US 38  41  (6.1) (6.1) — 
Intl 89  95  (6.7) 10.2  (16.9)
WW 127  136  (6.5) 5.3  (11.8)
CARDIOVASCULAR / METABOLISM / OTHER
US 1,348 1,491 (9.6) (9.6) — 
Intl 373 386 (3.6) (1.9) (1.7)
WW 1,721 1,877 (8.3) (8.0) (0.3)
XARELTO
US 1,105  1,215  (9.1) (9.1) — 
Intl —  —  —  —  — 
WW 1,105  1,215  (9.1) (9.1) — 
OTHER
US 243  275  (11.8) (11.8) — 
Intl 373  386  (3.6) (1.9) (1.7)
WW 616  662  (7.0) (6.0) (1.0)
TOTAL INNOVATIVE MEDICINE
US 16,122 14,841 8.6  8.6  — 
Intl 11,930 12,303 (3.0) 1.0  (4.0)
WW $ 28,052  27,144 3.3  % 5.2  % (1.9) %
See footnotes at end of schedule



Johnson & Johnson
Segment sales
(Dollars in Millions)
SIX MONTHS
% Change
2024 2023 Reported
Operational(1)
Currency
MEDTECH SEGMENT(2)
CARDIOVASCULAR(4)
US $ 2,144  1,771  21.1  % 21.1  % —  %
Intl 1,534  1,352  13.4  18.9  (5.5)
WW 3,679  3,123  17.8  20.2  (2.4)
ELECTROPHYSIOLOGY
US 1,397  1,180  18.4  18.4  — 
Intl 1,270  1,109  14.6  20.4  (5.8)
WW 2,667  2,288  16.5  19.4  (2.9)
ABIOMED
US 612  536  14.1  14.1  — 
Intl 139  119  16.5  20.0  (3.5)
WW 750  655  14.5  15.2  (0.7)
SHOCKWAVE(5)
US 77  —  * * — 
Intl —  —  —  — 
WW 77  —  * * — 
OTHER CARDIOVASCULAR(4)
US 59  55  7.7  7.7  — 
Intl 126  125  0.8  4.8  (4.0)
WW 185  180 2.9  5.7  (2.8)
ORTHOPAEDICS
US 2,870  2,751  4.3  4.3  — 
Intl 1,782  1,759  1.3  3.6  (2.3)
WW 4,652  4,510  3.2  4.0  (0.8)
HIPS
US 535  491  8.9  8.9  — 
Intl 304  296  2.6  5.0  (2.4)
WW 839  787  6.5  7.4  (0.9)
KNEES
US 472  447  5.5  5.5  — 
Intl 323  284  13.6  15.4  (1.8)
WW 795  731  8.7  9.4  (0.7)
TRAUMA   
US 1,002  974  2.9  2.9  — 
Intl 521  522  0.0  2.1  (2.1)
WW 1,524  1,496  1.9  2.6  (0.7)
SPINE, SPORTS & OTHER
US 862  839  2.7  2.7  — 
Intl 634  657  (3.5) (1.0) (2.5)
WW 1,495  1,495  0.0  1.1  (1.1)
See footnotes at end of schedule



Johnson & Johnson
Segment sales
(Dollars in Millions)
SIX MONTHS
% Change
2024 2023 Reported
Operational(1)
Currency
MEDTECH SEGMENT(2)(Continued)
SURGERY
US $1,982  1,990  (0.4) % (0.4) % —  %
Intl 2,922  3,039  (3.8) 0.7  (4.5)
WW 4,904  5,028  (2.5) 0.3  (2.8)
ADVANCED   
US 912  910  0.2  0.2  — 
Intl 1,316  1,430  (8.0) (3.7) (4.3)
WW 2,228  2,340  (4.8) (2.2) (2.6)
GENERAL   
US 1,070  1,079  (0.9) (0.9) — 
Intl 1,606  1,608  (0.2) 4.7  (4.9)
WW 2,676  2,688  (0.5) 2.4  (2.9)
VISION
US 1,070  1,087  (1.5) (1.5) — 
Intl 1,473  1,521  (3.2) 0.6  (3.8)
WW 2,543  2,608  (2.5) (0.3) (2.2)
CONTACT LENSES / OTHER      
US 847  853  (0.6) (0.6) — 
Intl 981  1,039  (5.6) (0.9) (4.7)
WW 1,828  1,892  (3.4) (0.8) (2.6)
SURGICAL      
US 223  234  (4.8) (4.8) — 
Intl 492  482  2.1  4.0  (1.9)
WW 715  716  (0.1) 1.1  (1.2)
     
TOTAL MEDTECH
US 8,067  7,598  6.2  6.2  — 
Intl 7,711  7,671  0.5  4.6  (4.1)
WW $15,778  15,269  3.3  % 5.4  % (2.1) %

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)Reported as U.S. sales
(4)Previously referred to as Interventional Solutions
(5)Acquired on May 31, 2024



Supplemental sales information (unaudited)
(Dollars in Millions)
SECOND QUARTER
% Change
2024 2023 Total Operations Currency
Innovative Medicine
U.S. $ 8,510  7,818  8.9  % 8.9  — 
International 5,980  5,913  1.1  6.4  (5.3)
Worldwide 14,490  13,731  5.5  7.8  (2.3)
COVID-19 Vaccine
U.S. —  —  —  —  — 
International 172  285  (39.7) (39.7) 0.0 
Worldwide 172  285  (39.7) (39.7) 0.0 
Innovative Medicine excluding COVID-19 Vaccine
U.S. 8,510  7,818  8.9  8.9  — 
International 5,808  5,628  3.2  8.7  (5.5)
Worldwide 14,318  13,446  6.5  8.8  (2.3)
Worldwide
U.S. 12,569  11,657  7.8  7.8  — 
International 9,878  9,862  0.2  5.1  (4.9)
Worldwide 22,447  21,519  4.3  6.6  (2.3)
COVID-19 Vaccine
U.S. —  —  —  —  — 
International 172  285  (39.7) (39.7) 0.0 
Worldwide 172  285  (39.7) (39.7) 0.0 
Worldwide
U.S. 12,569  11,657  7.8  7.8  — 
International 9,706  9,577  1.3  6.4  (5.1)
Worldwide excluding COVID-19 Vaccine $ 22,275  21,234  4.9  % 7.2  (2.3)
Europe $ 5,214  5,131  1.6  % 3.4  (1.8)
Europe COVID-19 Vaccine Sales 172  285  (39.7) (39.7) 0.0 
Europe excluding COVID-19 Vaccine $ 5,042  4,846  4.1  % 6.0  (1.9)
Note: Columns and rows within tables may not add due to rounding




Supplemental sales information (unaudited)
(Dollars in Millions)
SIX MONTHS
% Change
2024 2023 Total Operations Currency
Innovative Medicine
U.S. $ 16,122  14,841  8.6  % 8.6  — 
International 11,930  12,303  (3.0) 1.0  (4.0)
Worldwide 28,052  27,144  3.3  5.2  (1.9)
COVID-19 Vaccine
U.S. —  —  —  —  — 
International 197  1,032  (80.9) (80.9) 0.0 
Worldwide 197  1,032  (80.9) (80.9) 0.0 
Innovative Medicine excluding COVID-19 Vaccine
U.S. 16,122  14,841  8.6  8.6  — 
International 11,733  11,271  4.1  8.5  (4.4)
Worldwide 27,855  26,112  6.7  8.6  (1.9)
Worldwide
U.S. 24,189  22,439  7.8  7.8  — 
International 19,641  19,974  (1.7) 2.4  (4.1)
Worldwide 43,830  42,413  3.3  5.2  (1.9)
COVID-19 Vaccine
U.S. —  —  —  —  — 
International 197  1,032  (80.9) (80.9) 0.0 
Worldwide 197  1,032  (80.9) (80.9) 0.0 
Worldwide
U.S. 24,189  22,439  7.8  7.8  — 
International 19,444  18,942  2.7  6.9  (4.2)
Worldwide excluding COVID-19 Vaccine $ 43,633  41,381  5.4  % 7.4  (2.0)
Europe $ 10,377  10,721  (3.2) % (2.4) (0.8)
Europe COVID-19 Vaccine Sales 197  1,032  (80.9) (80.9) 0.0 
Europe excluding COVID-19 Vaccine $ 10,180  9,689  5.1  % 6.0  (0.9)
Note: Columns and rows within tables may not add due to rounding