Johnson & Johnson Reports Q4 and Full-Year 2021 Results

2021 Fourth-Quarter Sales of $24.8 Billion reflecting growth of 10.4%, operational sales growth of 11.6% and adjusted operational sales growth of 12.3%.

- 2021 Fourth-Quarter Sales of $24.8 Billion reflecting growth of 10.4%, operational sales growth of 11.6%*, and adjusted operational sales growth of 12.3%*
- 2021 Full-Year Sales of $93.8 Billion reflecting growth of 13.6%, operational sales growth of 12.2%*, and adjusted operational sales growth of 12.8%*
- 2021 Fourth-Quarter EPS of $1.77 increased 172.3%; adjusted EPS of $2.13 increased 14.5%*
- 2021 Full-Year EPS of $7.81 increased 41.7%; adjusted EPS of $9.80 increased 22.0%*
- Company guides 2022 adjusted operational sales growth of 7.7%* and adjusted operational EPS growth of 9.2%*

[25-January-2022]

NEW BRUNSWICK, N.J., Jan. 25, 2022 /PRNewswire/ -- Johnson & Johnson (NYSE: JNJ) today announced results for fourth-quarter and full year 2021. “Our 2021 performance reflects continued strength across all segments of our business. Guided by Our Credo, I am honored to assume the role of CEO, leading our global teams in continuing our work to deliver life-changing solutions to consumers, patients, and health care providers” said Joaquin Duato, Chief Executive Officer. “Given our strong results, financial profile, and innovative pipeline we are well positioned for success in 2022 and beyond.”

OVERALL FINANCIAL RESULTS

Q4

Full Year

($ in Millions, except EPS)

2021

2020

% Change

2021

2020

% Change

Reported Sales

$ 24,804

$ 22,475

10.4%

$ 93,775

$ 82,584

13.6%

Net Earnings

4,736

1,738

172.5%

20,878

14,714

41.9%

EPS (diluted)

$ 1.77

$ 0.65

172.3%

$ 7.81

$ 5.51

41.7%

Q4

Full Year

Non-GAAP*($ in Millions, except EPS)

2021

2020

% Change

2021

2020

% Change

Operational Sales1,2

11.6%

12.2%

Adjusted Operational Sales1,3

12.3%

12.8%

Adjusted Net Earnings1,4

5,678

4,965

14.4%

26,195

21,433

22.2%

Adjusted EPS (diluted)1,4

$ 2.13

$ 1.86

14.5%

$ 9.80

$ 8.03

22.0%

REGIONAL SALES RESULTS

Q4

% Change

($ in Millions)

2021

2020

Reported

Operational1,2

Currency

Adjusted
Operational1,3

U.S.

$ 12,163

$ 11,809

3.0%

3.0

-

3.1

International

12,641

10,666

18.5%

21.2

(2.7)

22.4

Worldwide

$ 24,804

$ 22,475

10.4%

11.6

(1.2)

12.3

Full Year

% Change

($ in Millions)

2021

2020

Reported

Operational1,2

Currency

Adjusted
Operational1,3

U.S.

$ 47,156

$ 43,133

9.3%

9.3

-

9.5

International

46,619

39,451

18.2%

15.3

2.9

16.6

Worldwide

$ 93,775

$ 82,584

13.6%

12.2

1.4

12.8

SEGMENT SALES RESULTS

Q4

% Change

($ in Millions)

2021

2020

Reported

Operational1,2

Currency

Adjusted
Operational1,3

Consumer Health

$ 3,657

$ 3,618

1.1%

1.8

(0.7)

2.9

Pharmaceutical

14,288

12,268

16.5%

17.9

(1.4)

18.6

Medical Devices

6,859

6,589

4.1%

5.3

(1.2)

5.6

Worldwide

$ 24,804

$ 22,475

10.4%

11.6

(1.2)

12.3

Full Year

% Change

($ in Millions)

2021

2020

Reported

Operational1,2

Currency

Adjusted
Operational1,3

Consumer Health

$ 14,635

$ 14,053

4.1%

2.8

1.3

3.8

Pharmaceutical

52,080

45,572

14.3%

13.1

1.2

13.6

Medical Devices

27,060

22,959

17.9%

16.2

1.7

16.8

Worldwide

$ 93,775

$ 82,584

13.6%

12.2

1.4

12.8

1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules

2 Excludes the impact of translational currency

3 Excludes the net impact of acquisitions and divestitures and translational currency

4 Excludes intangible amortization expense and special items

Note: values may have been rounded

FULL YEAR 2021 SEGMENT COMMENTARY:

Consumer Health
Consumer Health worldwide adjusted operational sales increased 3.8%* primarily driven by over-the-counter (OTC) products including TYLENOL analgesics and digestive health, in addition to NEUTROGENA and AVEENO products in Skin Health / Beauty primarily due to COVID-19 market recovery. The growth was partially offset by external supply constraints mainly impacting Skin Health / Beauty.

Pharmaceutical
Pharmaceutical worldwide adjusted operational sales grew 13.6%* driven by DARZALEX (daratumumab), a biologic for the treatment of multiple myeloma, STELARA (ustekinumab), a biologic for the treatment of a number of immune-mediated inflammatory diseases, TREMFYA (guselkumab), a biologic for the treatment of adults living with moderate to severe plaque psoriasis, and for adults with active psoriatic arthritis, ERLEADA (apalutamide), a next-generation androgen receptor inhibitor for the treatment of patients with prostate cancer, and INVEGA SUSTENNA/XEPLION/INVEGA TRINZA/TREVICTA (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults. Also contributing to growth were sales of the Janssen COVID-19 Vaccine (Ad26.COV2.S) for the treatment of the SARS-CoV-2 virus. This growth was partially offset by declines in U.S. sales of REMICADE (infliximab), a biologic approved for the treatment of a number of immune-mediated inflammatory diseases.

Medical Devices
Medical Devices worldwide adjusted operational sales grew 16.8%*, driven primarily by the market recovery from COVID-19 impacts and the associated deferral of medical procedures in the prior year across all of our businesses including Surgery, Interventional Solutions, Vision and Orthopaedics.

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

Regulatory
Decisions

European Commission Approves BYANNLI® (6-monthly Paliperidone Palmitate; PP6M) for the Maintenance Treatment of Schizophrenia in Adults

(press release)

U.S. FDA Approves DARZALEX FASPRO® (daratumumab and hyaluronidase-fihj) in Combination with Carfilzomib and Dexamethasone for Patients with Multiple Myeloma After First or Subsequent Relapse

(press release)

Janssen EMEA Receives Conditional Marketing Authorisation for RYBREVANT®

(amivantamab), the First Treatment Approved for Patients with Advanced NonSmall Cell Lung Cancer (NSCLC) with EGFR Exon 20 Insertion Mutations After Failure of Platinum-Based Therapy

(press release)

Johnson & Johnson COVID-19 Vaccine Booster Shot Authorized for Emergency Use by U.S. FDA

(press release)

World Health Organization Strategic Advisory Group of Experts (SAGE) Interim Recommendation Supports Use of Johnson & Johnson COVID-19 Vaccine as a Booster

(press release)

Johnson & Johnson Announces Positive CHMP Opinion for a Booster Shot of its COVID-19 Vaccine

(press release)

FDA Approves Two New Indications for XARELTO® (rivaroxaban) to Help Prevent and Treat Blood Clots in Pediatric Patients

(press release)

U.S. FDA Approves New MENTOR® MemoryGel BOOST™ Breast Implant1

(press release)

Regulatory
Submissions

Janssen Seeks Approval of IMBRUVICA® (ibrutinib) in a Fixed-Duration Regimen for Patients with Untreated Chronic Lymphocytic Leukaemia (CLL) (EU)

(press release)

Janssen Submits Biologics License Application to U.S. FDA Seeking Approval of Teclistamab for the Treatment of Patients with Relapsed or Refractory Multiple Myeloma

(press release)

Other

Johnson & Johnson Announces Plans to Accelerate Innovation, Serve Patients and Consumers, and Unlock Value through Intent to Separate Consumer Health Business

(press release)

Johnson & Johnson Appoints Senior Leaders to Executive Committee

(press release)

Johnson & Johnson announces significant progress towards its climate goals – 100% renewable electricity for all sites in the United States, Canada and Europe by 2023

(press release)

Johnson & Johnson Medical Devices Companies Announces Strategic Partnership with Microsoft to Further Enable its Digital Surgery Solutions1

(press release)

Johnson & Johnson COVID-19 Booster, Administered Six Months After Two-Dose Regimen of BNT162b2, Shows Substantial Increase in Antibody and T-cell Responses

(press release)

Johnson & Johnson Enters into Agreement to Provide its Single-Shot COVID-19 Vaccine for the World’s Most Vulnerable People through Novel Humanitarian Buffer

(press release)

Johnson & Johnson COVID-19 Vaccine Demonstrates 85 Percent Effectiveness against Hospitalization in South Africa when Omicron was Dominant

(press release)

1Subsequent to the quarter

FULL-YEAR 2022 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)

January 2022

(ex. COVID Vx)

January 2022

(COVID Vx)

January 2022

(incl. COVID Vx)

Adjusted Operational Sales1,2

Change vs. Prior Year

6.5% – 7.5%

7.0% – 8.5%

Operational Sales2

Change vs. Prior Year

$97.3B – $98.3B

6.5% – 7.5%

$3.0B - $3.5B

$100.3B – $101.8B

7.0% – 8.5%

Estimated Reported Sales3

Change vs. Prior Year

$95.9B - $96.9B

5.0% – 6.0%

$3.0B - $3.5B

$98.9B - $100.4B

5.5% – 7.0%

Adjusted Operational EPS (Diluted)2,4

Change vs. Prior Year

$10.60 - $10.80

8.2% – 10.2%

Adjusted EPS (Diluted)3,4

Change vs. Prior Year

$10.40 - $10.60

6.1% – 8.2%

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: January 2022 = $1.14 (Illustrative purposes only)

4 Non-GAAP financial measure; excludes intangible amortization expense and special items

Note: % may have been rounded

Other modeling considerations will be provided on the webcast.

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

ABOUT JOHNSON & JOHNSON:
At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That’s why for more than 130 years, we have aimed to keep people well at every age and every stage of life. Today, as the world’s largest and most broadly-based health care company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity.

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

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

NOTE TO INVESTORS CONCERNING FORWARD-LOOKING STATEMENTS:
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: future operating and financial performance, product development, market position, business strategy, and the anticipated separation of the company’s Consumer Health business. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: risks related to the impact of the COVID-19 global pandemic, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response, material delays and cancellations of medical procedures, supply chain disruptions and other impacts to the business, or on the company’s ability to execute business continuity plans, as a result of the COVID-19 pandemic; economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the company to successfully execute strategic plans, including restructuring plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies; the company’s ability to satisfy the necessary conditions to consummate the separation of the company’s Consumer Health business on a timely basis or at all; the company’s ability to successfully separate the company’s Consumer Health business and realize the anticipated benefits from the separation; and the New Consumer Health Company’s ability to succeed as a standalone publicly traded company. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended January 3, 2021 including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in the company’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.

Johnson & Johnson and Subsidiaries

Supplementary Sales Data

(Unaudited; Dollars in Millions)

FOURTH QUARTER

TWELVE MONTHS

Percent Change

Percent Change

2021

2020

Total

Operations

Currency

2021

2020

Total

Operations

Currency

Sales to customers by

segment of business

Consumer Health

U.S.

$ 1,529

1,509

1.3

%

1.3

-

$ 6,516

6,362

2.4

%

2.4

-

International

2,128

2,109

0.9

2.1

(1.2)

8,119

7,691

5.6

3.1

2.5

3,657

3,618

1.1

1.8

(0.7)

14,635

14,053

4.1

2.8

1.3

Pharmaceutical

U.S.

7,418

7,116

4.2

4.2

-

27,954

25,735

8.6

8.6

-

International

6,870

5,152

33.4

36.9

(3.5)

24,126

19,837

21.6

18.8

2.8

14,288

12,268

16.5

17.9

(1.4)

52,080

45,572

14.3

13.1

1.2

Medical Devices

U.S.

3,216

3,184

1.0

1.0

-

12,686

11,036

14.9

14.9

-

International

3,643

3,405

7.0

9.3

(2.3)

14,374

11,923

20.6

17.3

3.3

6,859

6,589

4.1

5.3

(1.2)

27,060

22,959

17.9

16.2

1.7

U.S.

12,163

11,809

3.0

3.0

-

47,156

43,133

9.3

9.3

-

International

12,641

10,666

18.5

21.2

(2.7)

46,619

39,451

18.2

15.3

2.9

Worldwide

$ 24,804

22,475

10.4

%

11.6

(1.2)

$ 93,775

82,584

13.6

%

12.2

1.4

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)

FOURTH QUARTER

TWELVE MONTHS

Percent Change

Percent Change

2021

2020

Total

Operations

Currency

2021

2020

Total

Operations

Currency

Sales to customers by

geographic area

U.S.

$ 12,163

11,809

3.0

%

3.0

-

$ 47,156

43,133

9.3

%

9.3

-

Europe

6,925

5,271

31.4

34.7

(3.3)

23,594

18,980

24.3

20.7

3.6

Western Hemisphere excluding U.S.

1,459

1,404

3.9

5.0

(1.1)

5,750

5,335

7.8

7.3

0.5

Asia-Pacific, Africa

4,257

3,991

6.6

9.0

(2.4)

17,275

15,136

14.1

11.4

2.7

International

12,641

10,666

18.5

21.2

(2.7)

46,619

39,451

18.2

15.3

2.9

Worldwide

$ 24,804

22,475

10.4

%

11.6

(1.2)

$ 93,775

82,584

13.6

%

12.2

1.4

Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

Johnson & Johnson and Subsidiaries

Condensed Consolidated Statement of Earnings

(Unaudited; in Millions Except Per Share Figures)

FOURTH QUARTER

2021

2020

Percent

Percent

Percent

Increase

Amount

to Sales

Amount

to Sales

(Decrease)

Sales to customers

$ 24,804

100.0

$ 22,475

100.0

10.4

Cost of products sold

7,955

32.1

7,814

34.8

1.8

Gross Profit

16,849

67.9

14,661

65.2

14.9

Selling, marketing and administrative expenses

7,154

28.9

6,457

28.7

10.8

Research and development expense

4,720

19.0

4,032

17.9

17.1

In-process research and development

0

0.0

37

0.2

Interest (income) expense, net

47

0.2

74

0.3

Other (income) expense, net

9

0.0

2,354

10.5

Restructuring

83

0.3

60

0.3

Earnings before provision for taxes on income

4,836

19.5

1,647

7.3

193.6

Provision for/(Benefit from) taxes on income

100

0.4

(91)

(0.4)

(209.9)

Net earnings

$ 4,736

19.1

$ 1,738

7.7

172.5

Net earnings per share (Diluted)

$ 1.77

$ 0.65

172.3

Average shares outstanding (Diluted)

2,670.2

2,669.2

Effective tax rate

2.1

%

(5.5)

%

Adjusted earnings before provision for taxes and net earnings (1)

Earnings before provision for taxes on income

$ 6,339

25.6

$ 5,601

24.9

13.2

Net earnings

$ 5,678

22.9

$ 4,965

22.1

14.4

Net earnings per share (Diluted)

$ 2.13

$ 1.86

14.5

Effective tax rate

10.4

%

11.4

%

(1)See Reconciliation of Non-GAAP Financial Measures.

Johnson & Johnson and Subsidiaries

Condensed Consolidated Statement of Earnings

(Unaudited; in Millions Except Per Share Figures)

TWELVE MONTHS

2021

2020

Percent

Percent

Percent

Increase

Amount

to Sales

Amount

to Sales

(Decrease)

Sales to customers

$ 93,775

100.0

$ 82,584

100.0

13.6

Cost of products sold

29,855

31.8

28,427

34.4

5.0

Gross Profit

63,920

68.2

54,157

65.6

18.0

Selling, marketing and administrative expenses

24,659

26.3

22,084

26.8

11.7

Research and development expense

14,714

15.7

12,159

14.7

21.0

In-process research and development

900

1.0

181

0.2

Interest (income) expense, net

130

0.1

90

0.1

Other (income) expense, net

489

0.5

2,899

3.5

Restructuring

252

0.3

247

0.3

Earnings before provision for taxes on income

22,776

24.3

16,497

20.0

38.1

Provision for taxes on income

1,898

2.0

1,783

2.2

6.4

Net earnings

$ 20,878

22.3

$ 14,714

17.8

41.9

Net earnings per share (Diluted)

$ 7.81

$ 5.51

41.7

Average shares outstanding (Diluted)

2,674.0

2,670.7

Effective tax rate

8.3

%

10.8

%

Adjusted earnings before provision for taxes and net earnings (1)

Earnings before provision for taxes on income

$ 30,464

32.5

$ 25,428

30.8

19.8

Net earnings

$ 26,195

27.9

$ 21,433

26.0

22.2

Net earnings per share (Diluted)

$ 9.80

$ 8.03

22.0

Effective tax rate

14.0

%

15.7

%

(1)See Reconciliation of Non-GAAP Financial Measures.

Johnson & Johnson and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

Fourth Quarter

Twelve Months Ended

(Dollars in Millions Except Per Share Data)

2021

2020

2021

2020

Net Earnings, after tax- as reported

$4,736

$1,738

$20,878

$14,714

Pre-tax Adjustments

Intangible Asset Amortization expense

1,121

1,234

4,697

4,660

Litigation expense, net

274

2,902

2,328

5,112

IPR&D

-

37

900

181

Restructuring related

140

85

473

448

Acquisition, integration and divestiture related ¹

26

14

(478)

(1,073)

(Gains)/losses on securities

(198)

(373)

(533)

(547)

Medical Device Regulation

73

55

234

144

Consumer Health separation costs

67

-

67

-

Other

-

-

-

6

Tax Adjustments

Tax impact on special item adjustments 2

(184)

(606)

(1,281)

(1,608)

Tax legislation and other tax related

(377)

(121)

(1,090)

(604)

Adjusted Net Earnings, after tax

$5,678

$4,965

$26,195

$21,433

Average shares outstanding (Diluted)

2,670.2

2,669.2

2,674.0

2,670.7

Adjusted net earnings per share (Diluted)

$2.13

$1.86

$9.80

$8.03

Operational adjusted net earnings per share (Diluted)

$2.18

$9.65

Notes:

1

Acquisition, integration and divestiture related for 2021 primarily includes the gain on the divestiture of two Pharmaceutical brands outside of the U.S. Acquisition, integration and divestiture related for 2020 primarily includes a Contingent Consideration reversal of $1,148M related to the timing of certain developmental milestones associated with the Auris Health acquisition.

2

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

FOURTH QUARTER 2021 ACTUAL vs. 2020 ACTUAL

Segments

Consumer Health

Pharmaceutical

Medical Devices

Total

WW As Reported

1.1%

16.5%

4.1%

10.4%

U.S.

1.3%

4.2%

1.0%

3.0%

International

0.9%

33.4%

7.0%

18.5%

WW Currency

(0.7)

(1.4)

(1.2)

(1.2)

U.S.

-

-

-

-

International

(1.2)

(3.5)

(2.3)

(2.7)

WW Operational

1.8%

17.9%

5.3%

11.6%

U.S.

1.3%

4.2%

1.0%

3.0%

International

2.1%

36.9%

9.3%

21.2%

General Surgery

Advanced Sterilization Products

0.3

0.1

U.S.

0.0

0.0

International

0.5

0.2

Skin Health / Beauty

Dr. Ci Labo - Sedona

0.7

0.1

U.S.

0.0

0.0

International

1.2

0.3

All Other Acquisitions and Divestitures

0.4

0.7

0.1

0.4

U.S.

0.6

0.0

0.2

0.1

International

0.3

1.7

0.0

0.8

WW Adjusted Operational

2.9%

18.6%

5.6%

12.3%

U.S.

1.9%

4.2%

1.2%

3.1%

International

3.6%

38.6%

9.8%

22.4%

Note: Percentages are based on actual, non-rounded figures and may not sum

Johnson & Johnson and Subsidiaries

Reconciliation of Non-GAAP Financial Measure

Adjusted Operational Sales Growth

TWELVE MONTHS 2021 ACTUAL vs. 2020 ACTUAL

Segments

Consumer Health

Pharmaceutical

Medical Devices

Total

WW As Reported

4.1%

14.3%

17.9%

13.6%

U.S.

2.4%

8.6%

14.9%

9.3%

International

5.6%

21.6%

20.6%

18.2%

WW Currency

1.3

1.2

1.7

1.4

U.S.

-

-

-

-

International

2.5

2.8

3.3

2.9

WW Operational

2.8%

13.1%

16.2%

12.2%

U.S.

2.4%

8.6%

14.9%

9.3%

International

3.1%

18.8%

17.3%

15.3%

General Surgery

Advanced Sterilization Products

0.5

0.1

U.S.

0.0

0.0

International

1.0

0.3

Skin Health / Beauty

Dr. Ci Labo - Sedona

0.5

0.1

U.S.

0.0

0.0

International

1.0

0.2

All Other Acquisitions and Divestitures

0.4

0.5

0.1

0.4

U.S.

0.6

0.0

0.4

0.2

International

0.3

1.4

0.0

0.8

WW Adjusted Operational

3.8%

13.6%

16.8%

12.8%

U.S.

3.0%

8.6%

15.3%

9.5%

International

4.4%

20.2%

18.3%

16.6%

Note: Percentages are based on actual, non-rounded figures and may not sum

REPORTED SALES vs. PRIOR PERIOD ($MM)

REPORTED SALES vs. PRIOR PERIOD ($MM)

FOURTH QUARTER

TWELVE MONTHS

% Change

% Change

2021

2020

Reported

Operational (1)

Currency

2021

2020

Reported

Operational (1)

Currency

CONSUMER HEALTH SEGMENT (2)

OTC

US

$ 633

543

16.8%

16.8%

-

$ 2,594

2,460

5.4%

5.4%

-

Intl

740

642

15.1%

14.9%

0.2%

2,634

2,364

11.4%

6.9%

4.5%

WW

1,373

1,185

15.9%

15.8%

0.1%

5,227

4,824

8.4%

6.2%

2.2%

SKIN HEALTH / BEAUTY

US

538

583

-7.8%

-7.8%

-

2,400

2,350

2.1%

2.1%

-

Intl

546

594

-8.2%

-6.4%

-1.8%

2,141

2,100

1.9%

-0.3%

2.2%

WW

1,084

1,177

-8.0%

-7.1%

-0.9%

4,541

4,450

2.0%

1.0%

1.0%

ORAL CARE

US

159

173

-8.2%

-8.2%

-

637

683

-6.7%

-6.7%

-

Intl

246

264

-7.2%

-5.5%

-1.7%

1,008

958

5.1%

2.8%

2.3%

WW

405

437

-7.6%

-6.5%

-1.1%

1,645

1,641

0.2%

-1.2%

1.4%

BABY CARE

US

90

97

-7.5%

-7.5%

-

378

376

0.5%

0.5%

-

Intl

309

310

-0.3%

1.3%

-1.6%

1,188

1,141

4.1%

3.7%

0.4%

WW

399

407

-2.0%

-0.8%

-1.2%

1,566

1,517

3.2%

2.9%

0.3%

WOMEN’S HEALTH

US

4

3

14.1%

14.1%

-

13

13

-1.6%

-1.6%

-

Intl

230

234

-1.8%

1.2%

-3.0%

905

888

1.8%

2.0%

-0.2%

WW

233

237

-1.6%

1.3%

-2.9%

917

901

1.8%

1.9%

-0.1%

WOUND CARE / OTHER

US

106

110

-4.2%

-4.2%

-

495

480

3.1%

3.1%

-

Intl

57

65

-9.6%

-10.2%

0.6%

243

240

1.7%

-2.7%

4.4%

WW

164

175

-6.2%

-6.4%

0.2%

739

720

2.6%

1.2%

1.4%

TOTAL CONSUMER HEALTH

US

1,529

1,509

1.3%

1.3%

-

6,516

6,362

2.4%

2.4%

-

Intl

2,128

2,109

0.9%

2.1%

-1.2%

8,119

7,691

5.6%

3.1%

2.5%

WW

$ 3,657

3,618

1.1%

1.8%

-0.7%

$ 14,635

14,053

4.1%

2.8%

1.3%

See footnotes at end of schedule

REPORTED SALES vs. PRIOR PERIOD ($MM)

REPORTED SALES vs. PRIOR PERIOD ($MM)

FOURTH QUARTER

TWELVE MONTHS

% Change

% Change

PHARMACEUTICAL SEGMENT (2,3)

2021

2020

Reported

Operational (1)

Currency

2021

2020

Reported

Operational (1)

Currency

IMMUNOLOGY

US

$ 2,912

2,845

2.4%

2.4%

-

$ 10,843

10,175

6.6%

6.6%

-

Intl

1,443

1,261

14.5%

17.9%

-3.4%

5,907

4,880

21.0%

17.7%

3.3%

WW

4,355

4,105

6.1%

7.1%

-1.0%

16,750

15,055

11.3%

10.2%

1.1%

REMICADE

US

511

656

-22.2%

-22.2%

-

2,019

2,508

-19.5%

-19.5%

-

US Exports (4)

39

25

53.5%

53.5%

-

236

346

-31.9%

-31.9%

-

Intl

214

220

-2.3%

-2.4%

0.1%

935

893

4.8%

0.4%

4.4%

WW

764

901

-15.2%

-15.2%

0.0%

3,190

3,747

-14.9%

-15.9%

1.0%

SIMPONI / SIMPONI ARIA

US

287

315

-8.9%

-8.9%

-

1,127

1,155

-2.4%

-2.4%

-

Intl

271

261

3.6%

8.4%

-4.8%

1,148

1,088

5.5%

4.1%

1.4%

WW

559

576

-3.2%

-1.0%

-2.2%

2,276

2,243

1.4%

0.8%

0.6%

STELARA

US

1,542

1,572

-1.9%

-1.9%

-

5,938

5,240

13.3%

13.3%

-

Intl

792

672

17.9%

21.7%

-3.8%

3,196

2,467

29.6%

25.9%

3.7%

WW

2,334

2,244

4.0%

5.1%

-1.1%

9,134

7,707

18.5%

17.3%

1.2%

TREMFYA

US

528

276

90.9%

90.9%

-

1,503

926

62.3%

62.3%

-

Intl

165

105

56.9%

61.8%

-4.9%

624

421

48.2%

44.0%

4.2%

WW

693

382

81.5%

82.8%

-1.3%

2,127

1,347

57.9%

56.5%

1.4%

OTHER IMMUNOLOGY

US

6

-

*

*

-

21

-

*

*

-

Intl

0

2

*

*

*

3

11

-73.3%

-74.6%

1.3%

WW

6

2

*

*

*

24

11

*

*

*

INFECTIOUS DISEASES

US

614

470

30.8%

30.8%

-

2,249

1,735

29.7%

29.7%

-

Intl

1,824

442

*

*

-3.0%

3,612

1,839

96.3%

93.4%

2.9%

WW

2,437

912

*

*

-1.5%

5,861

3,574

64.0%

62.5%

1.5%

COVID-19 VACCINE

US

213

-

*

*

-

634

-

*

*

-

Intl

1,405

-

*

*

-

1,751

-

*

*

-

WW

1,619

-

*

*

-

2,385

-

*

*

-

EDURANT / rilpivirine

US

10

11

-15.8%

-15.8%

-

41

44

-7.6%

-7.6%

-

Intl

220

236

-6.8%

-3.3%

-3.5%

953

920

3.6%

0.4%

3.2%

WW

230

248

-7.2%

-3.9%

-3.3%

994

964

3.1%

0.0%

3.1%

PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA

US

380

433

-12.2%

-12.2%

-

1,508

1,587

-4.9%

-4.9%

-

Intl

135

136

-0.1%

3.0%

-3.1%

575

597

-3.6%

-6.0%

2.4%

WW

515

569

-9.3%

-8.5%

-0.8%

2,083

2,184

-4.6%

-5.2%

0.6%

OTHER INFECTIOUS DISEASES

US

11

25

-55.9%

-55.9%

-

66

104

-36.0%

-36.0%

-

Intl

63

71

-10.9%

-10.0%

-0.9%

333

323

3.0%

-0.1%

3.1%

WW

74

96

-22.9%

-22.2%

-0.7%

399

427

-6.5%

-8.9%

2.4%

REPORTED SALES vs. PRIOR PERIOD ($MM)

REPORTED SALES vs. PRIOR PERIOD ($MM)

FOURTH QUARTER

TWELVE MONTHS

% Change

% Change

2021

2020

Reported

Operational (1)

Currency

2021

2020

Reported

Operational (1)

Currency

NEUROSCIENCE

US

899

806

11.4%

11.4%

-

3,347

3,091

8.3%

8.3%

-

Intl

894

892

0.2%

3.2%

-3.0%

3,664

3,457

6.0%

3.9%

2.1%

WW

1,793

1,698

5.5%

7.1%

-1.6%

7,011

6,548

7.1%

5.9%

1.2%

CONCERTA / Methylphenidate

US

55

33

68.1%

68.1%

-

172

183

-5.8%

-5.8%

-

Intl

123

120

3.2%

6.0%

-2.8%

495

439

12.8%

10.1%

2.7%

WW

178

153

17.2%

19.4%

-2.2%

667

622

7.3%

5.4%

1.9%

INVEGA SUSTENNA / XEPLION /
INVEGA TRINZA / TREVICTA

US

668

610

9.5%

9.5%

-

2,550

2,314

10.2%

10.2%

-

Intl

361

355

1.5%

5.0%

-3.5%

1,472

1,339

10.0%

6.9%

3.1%

WW

1,029

965

6.5%

7.8%

-1.3%

4,022

3,653

10.1%

9.0%

1.1%

RISPERDAL CONSTA

US

77

76

2.3%

2.3%

-

287

296

-2.9%

-2.9%

-

Intl

63

92

-30.3%

-26.4%

-3.9%

305

346

-11.8%

-13.1%

1.3%

WW

140

167

-15.6%

-13.4%

-2.2%

592

642

-7.7%

-8.4%

0.7%

OTHER NEUROSCIENCE

US

99

88

11.7%

11.7%

-

338

298

13.3%

13.3%

-

Intl

346

326

6.2%

8.6%

-2.4%

1,391

1,334

4.3%

3.2%

1.1%

WW

445

414

7.4%

9.2%

-1.8%

1,729

1,632

6.0%

5.0%

1.0%

ONCOLOGY

US

1,594

1,469

8.5%

8.5%

-

5,958

5,092

17.0%

17.0%

-

Intl

2,184

1,965

11.1%

15.2%

-4.1%

8,590

7,275

18.1%

15.3%

2.8%

WW

3,778

3,434

10.0%

12.3%

-2.3%

14,548

12,367

17.6%

16.0%

1.6%

DARZALEX

US

867

692

25.3%

25.3%

-

3,169

2,232

42.0%

42.0%

-

Intl

778

561

38.9%

43.5%

-4.6%

2,854

1,958

45.8%

42.6%

3.2%

WW

1,645

1,253

31.4%

33.4%

-2.0%

6,023

4,190

43.8%

42.3%

1.5%

ERLEADA

US

235

176

33.4%

33.4%

-

813

583

39.3%

39.3%

-

Intl

149

64

*

*

*

478

176

*

*

*

WW

384

241

59.8%

61.3%

-1.5%

1,291

760

70.0%

68.7%

1.3%

IMBRUVICA

US

436

492

-11.3%

-11.3%

-

1,747

1,821

-4.0%

-4.0%

-

Intl

626

625

0.0%

3.4%

-3.4%

2,622

2,307

13.6%

10.4%

3.2%

WW

1,062

1,117

-5.0%

-3.1%

-1.9%

4,369

4,128

5.8%

4.1%

1.7%

ZYTIGA / abiraterone acetate

US

23

89

-74.2%

-74.2%

-

119

373

-68.1%

-68.1%

-

Intl

525

533

-1.4%

3.1%

-4.5%

2,178

2,097

3.9%

1.5%

2.4%

WW

548

622

-11.8%

-7.9%

-3.9%

2,297

2,470

-7.0%

-9.0%

2.0%

OTHER ONCOLOGY

US

34

20

64.7%

64.7%

-

110

83

31.7%

31.7%

-

Intl

106

183

-42.0%

-39.2%

-2.8%

458

738

-37.9%

-38.7%

0.8%

WW

140

202

-31.3%

-28.8%

-2.5%

568

821

-30.8%

-31.5%

0.7%

REPORTED SALES vs. PRIOR PERIOD ($MM)

REPORTED SALES vs. PRIOR PERIOD ($MM)

FOURTH QUARTER

TWELVE MONTHS

% Change

% Change

2021

2020

Reported

Operational (1)

Currency

2021

2020

Reported

Operational (1)

Currency

PULMONARY HYPERTENSION

US

587

592

-0.7%

-0.7%

-

2,365

2,133

10.9%

10.9%

-

Intl

264

273

-3.6%

0.8%

-4.4%

1,085

1,015

6.9%

5.5%

1.4%

WW

851

865

-1.6%

-0.2%

-1.4%

3,450

3,148

9.6%

9.2%

0.4%

OPSUMIT

US

286

279

2.0%

2.0%

-

1,147

1,008

13.7%

13.7%

-

Intl

162

173

-6.1%

-1.7%

-4.4%

672

631

6.6%

5.1%

1.5%

WW

448

452

-1.1%

0.6%

-1.7%

1,819

1,639

11.0%

10.4%

0.6%

UPTRAVI

US

264

263

0.0%

0.0%

-

1,056

955

10.5%

10.5%

-

Intl

46

38

21.9%

24.7%

-2.8%

181

138

31.1%

27.0%

4.1%

WW

310

301

2.7%

3.1%

-0.4%

1,237

1,093

13.1%

12.6%

0.5%

OTHER PULMONARY HYPERTENSION

US

38

49

-20.1%

-20.1%

-

163

169

-3.7%

-3.7%

-

Intl

56

63

-12.2%

-6.6%

-5.6%

232

247

-5.9%

-5.4%

-0.5%

WW

94

112

-15.6%

-12.4%

-3.2%

395

416

-5.0%

-4.7%

-0.3%

CARDIOVASCULAR / METABOLISM / OTHER

US

813

935

-13.1%

-13.1%

-

3,192

3,509

-9.0%

-9.0%

-

Intl

261

317

-17.8%

-16.0%

-1.8%

1,268

1,369

-7.4%

-10.9%

3.5%

WW

1,074

1,253

-14.3%

-13.8%

-0.5%

4,460

4,878

-8.6%

-9.6%

1.0%

XARELTO

US

644

629

2.5%

2.5%

-

2,438

2,345

4.0%

4.0%

-

Intl

-

-

-

-

-

-

-

-

-

-

WW

644

629

2.5%

2.5%

-

2,438

2,345

4.0%

4.0%

-

INVOKANA / INVOKAMET

US

59

159

-63.1%

-63.1%

-

308

564

-45.4%

-45.4%

-

Intl

60

58

3.8%

4.5%

-0.7%

254

231

9.9%

5.4%

4.5%

WW

120

217

-45.1%

-44.9%

-0.2%

563

795

-29.3%

-30.6%

1.3%

PROCRIT / EPREX

US

55

62

-12.8%

-12.8%

-

223

277

-19.7%

-19.7%

-

Intl

58

66

-13.0%

-11.7%

-1.3%

256

274

-6.8%

-10.1%

3.3%

WW

113

129

-12.9%

-12.2%

-0.7%

479

552

-13.3%

-14.9%

1.6%

OTHER

US

55

85

-35.6%

-35.6%

-

223

323

-31.0%

-31.0%

-

Intl

143

194

-25.9%

-23.8%

-2.1%

758

864

-12.2%

-15.5%

3.3%

WW

198

278

-28.9%

-27.4%

-1.5%

981

1,186

-17.3%

-19.7%

2.4%

TOTAL PHARMACEUTICAL

US

7,418

7,116

4.2%

4.2%

-

27,954

25,735

8.6%

8.6%

-

Intl

6,870

5,152

33.4%

36.9%

-3.5%

24,126

19,837

21.6%

18.8%

2.8%

WW

$ 14,288

12,268

16.5%

17.9%

-1.4%

$ 52,080

45,572

14.3%

13.1%

1.2%

REPORTED SALES vs. PRIOR PERIOD ($MM)

REPORTED SALES vs. PRIOR PERIOD ($MM)

FOURTH QUARTER

TWELVE MONTHS

% Change

% Change

MEDICAL DEVICES SEGMENT (2)

2021

2020

Reported

Operational (1)

Currency

2021

2020

Reported

Operational (1)

Currency

INTERVENTIONAL SOLUTIONS

US

$ 483

433

11.6%

11.6%

-

1,836

1,452

26.4%

26.4%

-

Intl

536

460

16.5%

18.8%

-2.3%

2,135

1,594

34.0%

29.8%

4.2%

WW

1,019

893

14.1%

15.3%

-1.2%

3,971

3,046

30.4%

28.2%

2.2%

ORTHOPAEDICS

US

1,305

1,352

-3.5%

-3.5%

-

5,126

4,779

7.3%

7.3%

-

Intl

851

839

1.5%

3.9%

-2.4%

3,462

2,984

16.0%

12.1%

3.9%

WW

2,155

2,191

-1.6%

-0.7%

-0.9%

8,588

7,763

10.6%

9.1%

1.5%

HIPS

US

229

229

0.4%

0.4%

-

883

793

11.4%

11.4%

-

Intl

151

143

4.9%

6.5%

-1.6%

602

487

23.6%

18.9%

4.7%

WW

380

372

2.1%

2.7%

-0.6%

1,485

1,280

16.0%

14.3%

1.7%

KNEES

US

208

216

-4.2%

-4.2%

-

787

743

5.9%

5.9%

-

Intl

135

129

4.6%

6.5%

-1.9%

538

427

26.1%

21.7%

4.4%

WW

342

345

-0.9%

-0.2%

-0.7%

1,325

1,170

13.3%

11.7%

1.6%

TRAUMA

US

467

454

2.8%

2.8%

-

1,819

1,648

10.4%

10.4%

-

Intl

261

268

-2.4%

0.7%

-3.1%

1,066

966

10.4%

7.1%

3.3%

WW

728

722

0.9%

2.0%

-1.1%

2,885

2,614

10.4%

9.2%

1.2%

SPINE, SPORTS & OTHER

US

401

453

-11.4%

-11.4%

-

1,637

1,595

2.6%

2.6%

-

Intl

304

299

2.0%

4.3%

-2.3%

1,256

1,104

13.8%

9.9%

3.9%

WW

706

752

-6.1%

-5.2%

-0.9%

2,893

2,699

7.2%

5.6%

1.6%

REPORTED SALES vs. PRIOR PERIOD ($MM)

REPORTED SALES vs. PRIOR PERIOD ($MM)

FOURTH QUARTER

TWELVE MONTHS

% Change

% Change

2021

2020

Reported

Operational (1)

Currency

2021

2020

Reported

Operational (1)

Currency

SURGERY

US

986

1,002

-1.7%

-1.7%

-

3,867

3,249

19.0%

19.0%

-

Intl

1,527

1,427

7.0%

8.7%

-1.7%

5,945

4,983

19.3%

15.6%

3.7%

WW

2,513

2,429

3.5%

4.4%

-0.9%

9,812

8,232

19.2%

17.0%

2.2%

ADVANCED

US

457

456

0.5%

0.5%

-

1,761

1,535

14.9%

14.9%

-

Intl

735

660

11.2%

12.6%

-1.4%

2,861

2,304

24.1%

20.0%

4.1%

WW

1,192

1,116

6.8%

7.6%

-0.8%

4,622

3,839

20.4%

18.0%

2.4%

GENERAL

US

528

546

-3.4%

-3.4%

-

2,105

1,714

22.7%

22.7%

-

Intl

793

767

3.4%

5.3%

-1.9%

3,085

2,679

15.2%

11.8%

3.4%

WW

1,321

1,312

0.6%

1.7%

-1.1%

5,190

4,392

18.1%

16.1%

2.0%

VISION

US

443

397

11.4%

11.4%

-

1,857

1,557

19.3%

19.3%

-

Intl

728

679

7.2%

10.8%

-3.6%

2,831

2,362

19.8%

18.8%

1.0%

WW

1,171

1,076

8.7%

11.0%

-2.3%

4,688

3,919

19.6%

19.0%

0.6%

CONTACT LENSES / OTHER

US

316

289

9.4%

9.4%

-

1,398

1,213

15.2%

15.2%

-

Intl

518

507

1.9%

5.8%

-3.9%

2,043

1,781

14.7%

14.0%

0.7%

WW

833

796

4.6%

7.1%

-2.5%

3,440

2,994

14.9%

14.5%

0.4%

SURGICAL

US

126

108

16.8%

16.8%

-

459

344

33.5%

33.5%

-

Intl

211

172

22.9%

25.4%

-2.5%

788

581

35.7%

33.3%

2.4%

WW

338

280

20.5%

22.1%

-1.6%

1,248

925

34.9%

33.4%

1.5%

TOTAL MEDICAL DEVICES

US

3,216

3,184

1.0%

1.0%

-

12,686

11,036

14.9%

14.9%

-

Intl

3,643

3,405

7.0%

9.3%

-2.3%

14,374

11,923

20.6%

17.3%

3.3%

WW

$ 6,859

6,589

4.1%

5.3%

-1.2%

$ 27,060

22,959

17.9%

16.2%

1.7%

Note: Columns 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.

The Company estimates that the inclusion of an additional week in the 2020 fiscal year impacted fiscal fourth quarter 2021 comparative sales growth by
approximately -4% and impacted full year fiscal 2021 comparative sales growth by approximately -1%.

* Percentage greater than 100% or not meaningful

(1) Operational growth excludes the effect of translational currency

(2) Unaudited

(3) Certain prior year amounts have been reclassified to conform to current year product disclosures

(4) Reported as U.S. sales

(PRNewsfoto/Johnson & Johnson)

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/johnson--johnson-reports-q4-and-full-year-2021-results-301467057.html

SOURCE Johnson & Johnson


Company Codes: NYSE:JNJ
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