CORRECTING and REPLACING Johnson & Johnson Reports Q1 2024 Results

Johnson & Johnson announced results for first-quarter 2024. “Johnson & Johnson’s solid first quarter performance reflects our sharpened focus and the progress in our portfolio and pipeline,” said Joaquin Duato, Chairman and Chief Executive Officer.

  • 2024 First-Quarter reported sales growth of 2.3% to $21.4 Billion with operational growth of 3.9%* and adjusted operational growth of 4.0%*
    • Adjusted operational growth excluding COVID-19 Vaccine of 7.7%*
  • 2024 First-Quarter Earnings per share (EPS) increased to $2.20 and adjusted EPS increased to $2.71 or 12.4%*
  • Company increasing the midpoint for Full-Year 2024 operational sales5 and adjusted operational EPS guidance
CORRECTION...by Johnson & Johnson

NEW BRUNSWICK, N.J.--(BUSINESS WIRE)-- In the section titled “Full-Year 2024 Guidance”, in the table, row titled “Operational Sales2,5/ Mid-point”, the numbers for the April 2024 column should read: $88.7B – $89.1B / $88.9B (instead of: $88.7B – $89.1B / $88.0B).

The updated release reads:

JOHNSON & JOHNSON REPORTS Q1 2024 RESULTS

Johnson & Johnson (NYSE: JNJ) today announced results for first-quarter 2024. “Johnson & Johnson’s solid first quarter performance reflects our sharpened focus and the progress in our portfolio and pipeline,” said Joaquin Duato, Chairman and Chief Executive Officer. “Our impact across the full spectrum of healthcare is unique in our industry, and the milestones achieved this quarter reinforce our position as an innovation powerhouse.”

Unless otherwise noted, the financial results and earnings guidance included below reflect the continuing operations of Johnson & Johnson.

Overall Financial Results

Q1

($ in Millions, except EPS)

2024

2023

% Change

Reported Sales

$21,383

$20,894

2.3%

Net Earnings/(Loss)

$5,354

($491)

EPS (Diluted/Basic)6

$2.20

($0.19)

Q1

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

2024

2023

% Change

Operational Sales1,2

3.9%

Adjusted Operational Sales1,3

4.0%

Adjusted Operational Sales ex. COVID-19 Vaccine1,3

7.7%

Adjusted Net Earnings1,4

$6,580

$6,340

3.8%

Adjusted EPS (Diluted)1,4

$2.71

$2.41

12.4%

1

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

2

Excludes the impact of translational currency

3

Excludes the net impact of acquisitions and divestitures and translational currency

4

Excludes intangible amortization expense and special items

5

Excludes COVID-19 Vaccine

6

Basic shares are used to calculate loss per share in the first quarter of 2023 as use of diluted shares when in a loss position would be anti-dilutive

Note: Values may have been rounded

Regional Sales Results

Q1

% Change

($ in Millions)

2024

2023

Reported

Operational1,2

Currency

Adjusted
Operational1,3

U.S.

$11,620

$10,782

7.8%

7.8

-

7.9

International

9,763

10,112

(3.4)

(0.3)

(3.1)

(0.3)

Worldwide

$21,383

$20,894

2.3%

3.9

(1.6)

4.0

1

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

2

Excludes the impact of translational currency

3

Excludes the net impact of acquisitions and divestitures and translational currency

Note: Values may have been rounded

Segment Sales Results

Q1

% Change

($ in Millions)

2024

2023

Reported

Operational1,2

Currency

Adjusted
Operational1,3

Innovative Medicine

$13,562

$13,413

1.1%

2.5

(1.4)

2.5

MedTech

7,821

7,481

4.5

6.3

(1.8)

6.5

Worldwide

$21,383

$20,894

2.3%

3.9

(1.6)

4.0

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

Values may have been rounded

First Quarter 2024 Segment Commentary:

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

Innovative Medicine

Innovative Medicine worldwide operational sales, excluding the COVID-19 Vaccine, grew 8.3%*. Growth was driven by DARZALEX (daratumumab), ERLEADA (apalutamide), CARVYKTI (ciltacabtagene autoleucel), TECVAYLI (teclistamab-cqyv) and Other Oncology in Oncology, UPTRAVI (selexipag) and OPSUMIT (macitentan) in Pulmonary Hypertension, TREMFYA (guselkumab) in Immunology, and SPRAVATO (esketamine) in Neuroscience. Including the COVID-19 Vaccine, Innovative Medicine worldwide operational sales grew 2.5%*.

MedTech

MedTech worldwide operational sales grew 6.3%* driven primarily by electrophysiology products and Abiomed in Cardiovascular, previously referred to as Interventional Solutions, and wound closure products in General Surgery.

Notable New Announcements in the Quarter:

The information contained in this section should be read together with Johnson & Johnson’s other disclosures filed with the Securities and Exchange Commission, including its Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. The reader is also encouraged to review all other news releases and information available in the Investor Relations section of the company’s website at News Releases, as well as Innovative Medicine News Center, MedTech News & Events, www.factsabouttalc.com, and www.LLTManagementInformation.com.

Regulatory

CARVYKTI is the First and Only BCMA-Targeted Treatment Approved by the U.S. FDA for Patients with Relapsed or Refractory Multiple Myeloma Who Have Received At Least One Prior Line of Therapy1

Press Release

Johnson & Johnson’s nipocalimab granted U.S. FDA Fast Track designation to reduce the risk of fetal neonatal alloimmune thrombocytopenia (FNAIT) in alloimmunized pregnant adults

Press Release

Biosense Webster Submits Application to U.S. FDA Seeking Approval of the VARIPULSE Platform for the Treatment of Paroxysmal Atrial Fibrillation

Press Release

U.S. FDA Approves OPSYNVI (macitentan and tadalafil) as the First and Only Once-Daily Single-Tablet Combination Therapy for Patients with Pulmonary Arterial Hypertension (PAH)

Press Release

U.S. FDA Oncologic Drugs Advisory Committee recommends CARVYKTI (ciltacabtagene autoleucel) for the earlier treatment of patients with relapsed or refractory multiple myeloma

Press Release

Johnson & Johnson submits supplemental Biologics License Application to U.S. FDA seeking approval of TREMFYA (guselkumab) for the treatment of adults with moderately to severely active ulcerative colitis

Press Release

Johnson & Johnson submits application to the European Medicines Agency for DARZALEX (daratumumab)-based quadruplet therapy for the treatment of patients with transplant-eligible, newly diagnosed multiple myeloma

Press Release

RYBREVANT (amivantamab-vmjw) in Combination With Chemotherapy Is the First FDA Approved Therapy for First-line Treatment of Patients With Non-Small Cell Lung Cancer with EGFR Exon 20 Insertion Mutations

Press Release

Janssen Receives Positive CHMP Opinion for CARVYKTI (ciltacabtagene autoleucel; cilta-cel) for Treatment in Earlier Lines of Relapsed and Refractory Multiple Myeloma

Press Release

TECVAYLI (teclistamab-cqyv) biweekly dosing approved by the U.S. FDA for the treatment of patients with relapsed or refractory multiple myeloma

Press Release

Johnson & Johnson’s nipocalimab granted U.S. FDA Breakthrough Therapy Designation for the treatment of individuals at high risk for severe hemolytic disease of the fetus and newborn (HDFN)

Press Release

Johnson & Johnson submits supplemental Biologics License Application to U.S. FDA seeking approval of DARZALEX FASPRO (daratumumab and hyaluronidase-fihj) based regimen for the treatment of patients with transplant-eligible, newly diagnosed multiple myeloma

Press Release

Data Release

Unique molecular properties of nipocalimab enabling differentiated potential in treating generalized myasthenia gravis to be presented at American Academy of Neurology’s 2024 Annual Meeting1

Press Release

Johnson & Johnson to Showcase its Broad Scientific Leadership and Latest Innovations to Combat Cardiovascular Disease at ACC.241

Press Release

RYBREVANT (amivantamab-vmjw) data at ELCC advance Johnson & Johnson’s ambition to transform the standard of care for patients with EGFR-mutated non-small cell lung cancer

Press Release

New data shows JNJ-2113, the first and only investigational targeted oral peptide, maintained skin clearance in moderate-to-severe plaque psoriasis through one year

Press Release

Investigational targeted oral peptide JNJ-2113 demonstrated positive results in moderate-to-severe plaque psoriasis in Phase 2b study published in New England Journal of Medicine

Press Release

Johnson & Johnson reports positive topline results for Nipocalimab from a Phase 3 pivotal study in generalized myasthenia gravis (gMG) and a Phase 2 study in Sjögren’s Disease (SjD)

Press Release

Johnson & Johnson Highlights Ambition to Transform the Treatment of Prostate Cancer and Bladder Cancer through Data Presentations at ASCO GU

Press Release

Product Launch

Biosense Webster Announces CE Mark approval in Europe for VARIPULSE Pulsed Field Ablation (PFA) Platform

Press Release

Other

Johnson & Johnson to Acquire Shockwave Medical1

Press Release

Johnson & Johnson Completes Acquisition of Ambrx

Press Release

1 Subsequent to the quarter

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.

($ in Billions, except EPS)

April 2024

January 2024

Adjusted Operational Sales1,2,5
Change vs. Prior Year / Mid-point

5.5% – 6.0% / 5.8%

5.0% – 6.0% / 5.5%

Operational Sales2,5/ Mid-point
Change vs. Prior Year / Mid-point

$88.7B – $89.1B / $88.9B

5.5% – 6.0% / 5.8%

$88.2B – $89.0B / $88.6B

5.0% – 6.0% / 5.5%

Estimated Reported Sales3,5/ Mid-point
Change vs. Prior Year / Mid-point

$88.0B – $88.4B / $88.2B

4.7% – 5.2% / 5.0%

$87.8B – $88.6B / $88.2B

4.5% – 5.5% / 5.0%

Adjusted Operational EPS (Diluted)2,4/ Mid-point

Change vs. Prior Year / Mid-point

$10.60 – $10.75 / $10.68

6.9% – 8.4% / 7.7%

$10.55 – $10.75 / $10.65

6.4% – 8.4% / 7.4%

Adjusted EPS (Diluted)3,4 / Mid-point
Change vs. Prior Year / Mid-point

$10.57 – $10.72 / $10.65

6.6% – 8.1% / 7.4%

$10.55 – $10.75 / $10.65

6.4% – 8.4% / 7.4%

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: April 2024 = $1.08 and January 2024 = $1.09 (Illustrative purposes only)

4

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

5

Excludes COVID-19 Vaccine

Note: Percentages may have been rounded

Other modeling considerations will be provided on the webcast.

Webcast Information:

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

About Johnson & Johnson:

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

Non-GAAP Financial Measures:

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

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

Note to Investors Concerning Forward-Looking Statements:

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: future operating and financial performance, product development, and market position and business strategy. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the Company to successfully execute strategic plans, including restructuring plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies; the Company’s ability to realize the anticipated benefits from the separation of Kenvue Inc; and Kenvue’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 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.

Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)

FIRST QUARTER

Percent Change

2024

2023

Total

Operations

Currency

Sales to customers by
segment of business
Innovative Medicine (1)
U.S.

7,612

7,023

8.4

8.4

-

International

5,950

6,390

(6.9

)

(4.0

)

(2.9

)

13,562

13,413

1.1

2.5

(1.4

)

Innovative Medicine excluding COVID-19 Vaccine (1)
U.S.

7,612

7,023

8.4

8.4

-

International

5,925

5,643

5.0

8.3

(3.3

)

13,537

12,666

6.9

8.3

(1.4

)

MedTech
U.S.

4,008

3,759

6.6

6.6

-

International

3,813

3,722

2.4

6.1

(3.7

)

7,821

7,481

4.5

6.3

(1.8

)

U.S.

11,620

10,782

7.8

7.8

-

International

9,763

10,112

(3.4

)

(0.3

)

(3.1

)

Worldwide

21,383

20,894

2.3

3.9

(1.6

)

U.S.

11,620

10,782

7.8

7.8

-

International

9,738

9,365

4.0

7.4

(3.4

)

Worldwide excluding COVID-19 Vaccine (1)

$

21,358

20,147

6.0

%

7.6

(1.6

)

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) FIRST QUARTER

Percent Change

2024

2023

Total

Operations

Currency

Sales to customers by
geographic area
U.S.

$

11,620

10,782

7.8

%

7.8

-

Europe

5,163

5,590

(7.6

)

(7.7

)

0.1

Western Hemisphere excluding U.S.

1,194

1,076

11.0

21.3

(10.3

)

Asia-Pacific, Africa

3,406

3,446

(1.1

)

5.0

(6.1

)

International

9,763

10,112

(3.4

)

(0.3

)

(3.1

)

Worldwide

$

21,383

20,894

2.3

%

3.9

(1.6

)

Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions) FIRST QUARTER

Percent Change

2024

2023

Total

Operations

Currency

Sales to customers by
geographic area (ex. COVID-19 Vaccine)
U.S.*

$

11,620

10,782

7.8

%

7.8

-

Europe(1)

5,138

4,843

6.1

6.0

0.1

Western Hemisphere excluding U.S.*

1,194

1,076

11.0

21.3

(10.3

)

Asia-Pacific, Africa*

3,406

3,446

(1.1

)

5.0

(6.1

)

International

9,738

9,365

4.0

7.4

(3.4

)

Worldwide

$

21,358

20,147

6.0

%

7.6

(1.6

)

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
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures) FIRST QUARTER

2024

2023

Percent

Percent

Percent

Increase

Amount

to Sales

Amount

to Sales

(Decrease)

Sales to customers

$

21,383

100.0

$

20,894

100.0

2.3

Cost of products sold

6,511

30.4

6,687

32.0

(2.6

)

Gross Profit

14,872

69.6

14,207

68.0

4.7

Selling, marketing and administrative expenses

5,257

24.6

4,906

23.5

7.2

Research and development expense

3,542

16.6

3,455

16.6

2.5

In-process research and development impairments

-

-

49

0.2

Interest (income) expense, net

(209

)

(1.0

)

14

0.1

Other (income) expense, net

(322

)

(1.5

)

6,940

33.2

Restructuring

164

0.8

130

0.6

Earnings/(loss) before provision for taxes on income

6,440

30.1

(1,287

)

(6.2

)

Provision for/(Benefit from) taxes on income

1,086

5.1

(796

)

(3.9

)

Net earnings/(loss) from Continuing Operations

$

5,354

25.0

$

(491

)

(2.3

)

Net earnings from Discontinued Operations, net of tax

-

423

Net earnings/(loss)

$

5,354

$

(68

)

Net earnings (loss) per share (Diluted/Basic) from Continuing Operations

$

2.20

$

(0.19

)

Net earnings per share (Diluted) from Discontinued Operations

$

-

$

0.16

Average shares outstanding (Diluted/Basic)

2,430.1

2,605.5

*
Effective tax rate from Continuing Operations

16.9

%

61.8

%

Adjusted earnings from Continuing Operations before provision for taxes and net earnings (1)
Earnings before provision for taxes on income from Continuing Operations

$

7,877

36.8

$

7,536

36.1

4.5

Net earnings from Continuing Operations

$

6,580

30.8

$

6,340

30.3

3.8

Net earnings per share (Diluted) from Continuing Operations

$

2.71

$

2.41

12.4

Average shares outstanding (Diluted)

2,430.1

2,634.3

Effective tax rate from Continuing Operations

16.5

%

15.9

%

*Basic shares are used to calculate loss per share in the first quarter of 2023 as use of diluted shares when in a loss position would be anti-dilutive
(1) See Reconciliation of Non-GAAP Financial Measures.
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures

First Quarter

(Dollars in Millions Except Per Share Data)

2024

2023

Net Earnings/(loss) from Continuing Operations, after tax- as reported

$5,354

($491

)

Pre-tax Adjustments
Litigation related

-

6,900

Intangible Asset Amortization expense

1,078

1,122

COVID-19 Vaccine related costs 1

9

444

Restructuring related 2

171

130

Medical Device Regulation 3

51

64

Acquisition, integration and divestiture related

148

42

(Gains)/losses on securities

(20

)

72

IPR&D impairments

-

49

Tax Adjustments
Tax impact on special item adjustments 4

(229

)

(1,980

)

Tax legislation and other tax related

18

(12

)

Adjusted Net Earnings from Continuing Operations, after tax

$6,580

$6,340

Average shares outstanding (Diluted)

2,430.1

2,634.3

Adjusted net earnings per share from Continuing Operations (Diluted)

$2.71

$2.41

Operational adjusted net earnings per share from Continuing Operations (Diluted)

$2.72

Notes:

1

COVID-19 Vaccine related costs include remaining commitments and obligations, including external manufacturing network exit costs and required clinical trial expenses, associated with the Company’s completion of its COVID-19 vaccine contractual commitments.

2

In fiscal 2023, the company completed a prioritization of its research and development (R&D) investment within the Innovative Medicine segment to focus on the most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs within therapeutic areas. The R&D program exits are primarily in infectious diseases and vaccines including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, hepatitis and HIV development. The restructuring expenses of $144 million in the fiscal first quarter of 2024 and $130 million in the fiscal first quarter of 2023 include 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 $27 million in the fiscal first quarter of 2024 primarily includes costs related to market and product exits.

3

European Medical Device Regulation (MDR) costs represent one-time compliance costs for the Company’s previously registered products. MDR is a replacement of the existing European Medical Devices Directive regulatory framework, and manufacturers of currently marketed medical devices were required to comply with EU MDR beginning in May 2021. The Company considers the adoption of EU MDR to be a significant one-time regulatory change and is not indicative of on-going operations. The Company has excluded only external third-party regulatory and consulting costs from its MedTech operating segments’ measures of profit and loss used for making operating decisions and assessing performance which will be completed during 2024.

4

The tax impact related to special item adjustments reflects the current and deferred income taxes associated with the above pre-tax special items in arriving at adjusted earnings.
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Adjusted Operational Sales Growth
FIRST QUARTER 2024 ACTUAL vs. 2023 ACTUAL
Segments

Innovative Medicine

MedTech

Total

WW As Reported

1.1%

4.5%

2.3%

U.S.

8.4%

6.6%

7.8%

International

(6.9)%

2.4%

(3.4)%

WW Currency

(1.4)

(1.8)

(1.6)

U.S.

-

-

-

International

(2.9)

(3.7)

(3.1)

WW Operational

2.5%

6.3%

3.9%

U.S.

8.4%

6.6%

7.8%

International

(4.0)%

6.1%

(0.3)%

All Other Acquisitions and Divestitures (A&D)

0.0

0.2

0.1

U.S.

0.0

0.2

0.1

International

0.0

0.1

0.0

WW Adjusted Operational Ex A&D

2.5%

6.5%

4.0%

U.S.

8.4%

6.8%

7.9%

International

(4.0)%

6.2%

(0.3)%

COVID-19 Vaccine

5.8

3.7

U.S.

0.0

0.0

International

12.3

7.7

WW Adjusted Operational Ex A&D & COVID-19 Vaccine

8.3%

6.5%

7.7%

U.S.

8.4%

6.8%

7.9%

International

8.3%

6.2%

7.4%

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

REPORTED SALES vs. PRIOR PERIOD ($MM)

FIRST QUARTER

% Change

INNOVATIVE MEDICINE SEGMENT (2)

2024

2023

Reported

Operational (1)

Currency

IMMUNOLOGY
US

$

2,453

2,448

0.2%

0.2%

-

Intl

1,794

1,664

7.9%

11.0%

-3.1%

WW

4,247

4,112

3.3%

4.6%

-1.3%

REMICADE
US

266

276

-3.9%

-3.9%

-

US Exports (3)

27

41

-32.7%

-32.7%

-

Intl

141

170

-17.2%

-14.2%

-3.0%

WW

434

487

-10.9%

-9.9%

-1.0%

SIMPONI / SIMPONI ARIA
US

254

271

-6.2%

-6.2%

-

Intl

299

266

12.4%

20.0%

-7.6%

WW

554

537

3.0%

6.8%

-3.8%

STELARA
US

1,396

1,451

-3.8%

-3.8%

-

Intl

1,055

993

6.2%

8.2%

-2.0%

WW

2,451

2,444

0.3%

1.1%

-0.8%

TREMFYA
US

509

406

25.4%

25.4%

-

Intl

299

234

27.9%

31.5%

-3.6%

WW

808

640

26.3%

27.6%

-1.3%

OTHER IMMUNOLOGY
US

0

3

* *

-

Intl

0

0

-

-

-

WW

0

3

* *

-

INFECTIOUS DISEASES
US

324

392

-17.4%

-17.4%

-

Intl

497

1,193

-58.4%

-58.5%

0.1%

WW

821

1,586

-48.3%

-48.3%

0.0%

COVID-19 VACCINE
US

0

0

-

-

-

Intl

25

747

-96.6%

-96.7%

0.1%

WW

25

747

-96.6%

-96.7%

0.1%

EDURANT / rilpivirine
US

8

9

-10.9%

-10.9%

-

Intl

315

271

16.6%

15.7%

0.9%

WW

323

280

15.7%

14.8%

0.9%

PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US

314

378

-16.9%

-16.9%

-

Intl

104

99

5.5%

5.5%

0.0%

WW

418

477

-12.3%

-12.3%

0.0%

OTHER INFECTIOUS DISEASES
US

2

5

-68.8%

-68.8%

-

Intl

52

77

-32.8%

-30.6%

-2.2%

WW

53

82

-35.1%

-33.1%

-2.0%

REPORTED SALES vs. PRIOR PERIOD ($MM)

FIRST QUARTER

% Change

2024

2023

Reported

Operational (1)

Currency

NEUROSCIENCE
US

1,054

978

7.8%

7.8%

-

Intl

749

826

-9.3%

-4.4%

-4.9%

WW

1,803

1,804

0.0%

2.2%

-2.2%

CONCERTA / Methylphenidate
US

41

70

-41.2%

-41.2%

-

Intl

136

136

-0.1%

4.5%

-4.6%

WW

177

206

-14.1%

-11.1%

-3.0%

INVEGA SUSTENNA / XEPLION /
INVEGA TRINZA / TREVICTA
US

765

713

7.2%

7.2%

-

Intl

292

331

-11.8%

-8.7%

-3.1%

WW

1,056

1,044

1.2%

2.2%

-1.0%

SPRAVATO
US

191

111

71.5%

71.5%

-

Intl

34

20

76.1%

74.8%

1.3%

WW

225

131

72.2%

72.0%

0.2%

OTHER NEUROSCIENCE
US

58

84

-31.1%

-31.1%

-

Intl

287

339

-15.5%

-8.4%

-7.1%

WW

345

423

-18.5%

-12.9%

-5.6%

ONCOLOGY
US

2,383

1,889

26.2%

26.2%

-

Intl

2,430

2,223

9.3%

12.6%

-3.3%

WW

4,814

4,112

17.1%

18.8%

-1.7%

CARVYKTI
US

140

70

99.8%

99.8%

-

Intl

16

2

* * *
WW

157

72

* * *
DARZALEX
US

1,464

1,191

22.9%

22.9%

-

Intl

1,228

1,072

14.5%

19.0%

-4.5%

WW

2,692

2,264

18.9%

21.0%

-2.1%

ERLEADA
US

285

249

14.1%

14.1%

-

Intl

404

293

38.0%

40.6%

-2.6%

WW

689

542

27.0%

28.4%

-1.4%

IMBRUVICA
US

265

270

-1.5%

-1.5%

-

Intl

518

557

-7.0%

-5.6%

-1.4%

WW

784

827

-5.2%

-4.3%

-0.9%

TECVAYLI(4)
US

101

57

76.7%

76.7%

-

Intl

33

6

* * *
WW

133

63

* * *
ZYTIGA / abiraterone acetate
US

9

16

-41.3%

-41.3%

-

Intl

172

229

-24.8%

-20.7%

-4.1%

WW

181

245

-25.9%

-22.1%

-3.8%

OTHER ONCOLOGY(4)
US

119

35

* *

-

Intl

60

64

-6.1%

-5.6%

-0.5%

WW

178

99

80.2%

80.5%

-0.3%

REPORTED SALES vs. PRIOR PERIOD ($MM)

FIRST QUARTER

% Change

2024

2023

Reported

Operational (1)

Currency

PULMONARY HYPERTENSION
US

766

600

27.5%

27.5%

-

Intl

283

272

4.1%

10.9%

-6.8%

WW

1,049

872

20.2%

22.4%

-2.2%

OPSUMIT
US

356

273

30.4%

30.4%

-

Intl

169

167

0.8%

4.6%

-3.8%

WW

524

440

19.1%

20.6%

-1.5%

UPTRAVI
US

392

304

29.0%

29.0%

-

Intl

76

58

30.7%

38.6%

-7.9%

WW

468

362

29.2%

30.5%

-1.3%

OTHER PULMONARY HYPERTENSION
US

18

23

-24.6%

-24.6%

-

Intl

39

47

-16.9%

-1.0%

-15.9%

WW

56

70

-19.5%

-8.9%

-10.6%

CARDIOVASCULAR / METABOLISM / OTHER
US

631

715

-11.7%

-11.7%

-

Intl

197

212

-7.0%

-6.8%

-0.2%

WW

829

927

-10.6%

-10.5%

-0.1%

XARELTO
US

518

578

-10.4%

-10.4%

-

Intl

-

-

-

-

-

WW

518

578

-10.4%

-10.4%

-

OTHER
US

114

137

-17.1%

-17.1%

-

Intl

197

212

-7.0%

-6.8%

-0.2%

WW

311

349

-11.0%

-10.9%

-0.1%

TOTAL INNOVATIVE MEDICINE
US

7,612

7,023

8.4%

8.4%

-

Intl

5,950

6,390

-6.9%

-4.0%

-2.9%

WW

$

13,562

13,413

1.1%

2.5%

-1.4%

See footnotes at end of schedule

REPORTED SALES vs. PRIOR PERIOD ($MM)

FIRST QUARTER

% Change

MEDTECH SEGMENT (2)

2024

2023

Reported Operational (1) Currency
CARDIOVASCULAR (5)
US

$

1,025

863

18.8%

18.8%

-

Intl

781

640

22.1%

27.6%

-5.5%

WW

1,806

1,503

20.2%

22.5%

-2.3%

ELECTROPHYSIOLOGY
US

692

571

21.3%

21.3%

-

Intl

652

522

24.9%

30.9%

-6.0%

WW

1,344

1,092

23.0%

25.9%

-2.9%

ABIOMED
US

303

264

15.0%

15.0%

-

Intl

67

60

12.4%

14.7%

-2.3%

WW

371

324

14.5%

15.0%

-0.5%

OTHER CARDIOVASCULAR (5)
US

30

28

3.3%

3.3%

-

Intl

62

58

6.9%

11.5%

-4.6%

WW

92

87

5.7%

8.8%

-3.1%

ORTHOPAEDICS
US

1,448

1,363

6.2%

6.2%

-

Intl

892

881

1.3%

2.7%

-1.4%

WW

2,340

2,245

4.3%

4.8%

-0.5%

HIPS
US

270

241

12.1%

12.1%

-

Intl

152

149

1.7%

3.3%

-1.6%

WW

422

390

8.1%

8.7%

-0.6%

KNEES
US

242

226

6.9%

6.9%

-

Intl

160

142

12.3%

13.1%

-0.8%

WW

401

368

9.0%

9.3%

-0.3%

TRAUMA
US

504

491

2.8%

2.8%

-

Intl

261

267

-2.3%

-1.1%

-1.2%

WW

765

757

1.0%

1.4%

-0.4%

SPINE, SPORTS & OTHER
US

432

406

6.5%

6.5%

-

Intl

320

323

-0.9%

0.9%

-1.8%

WW

752

729

3.2%

4.0%

-0.8%

REPORTED SALES vs. PRIOR PERIOD ($MM)

FIRST QUARTER
% Change

2024

2023

Reported Operational (1) Currency
SURGERY
US

987

975

1.2%

1.2%

-

Intl

1,429

1,459

-2.0%

2.3%

-4.3%

WW

2,416

2,434

-0.7%

1.9%

-2.6%

ADVANCED
US

446

444

0.2%

0.2%

-

Intl

641

673

-4.7%

-0.7%

-4.0%

WW

1,087

1,118

-2.8%

-0.3%

-2.5%

GENERAL
US

542

531

2.1%

2.1%

-

Intl

788

785

0.3%

4.8%

-4.5%

WW

1,330

1,316

1.0%

3.7%

-2.7%

VISION
US

547

558

-1.8%

-1.8%

-

Intl

710

743

-4.4%

-1.1%

-3.3%

WW

1,258

1,300

-3.3%

-1.4%

-1.9%

CONTACT LENSES / OTHER
US

438

444

-1.4%

-1.4%

-

Intl

472

509

-7.4%

-3.1%

-4.3%

WW

910

953

-4.6%

-2.3%

-2.3%

SURGICAL
US

110

114

-3.7%

-3.7%

-

Intl

238

233

2.2%

3.4%

-1.2%

WW

348

347

0.3%

1.1%

-0.8%

TOTAL MEDTECH
US

4,008

3,759

6.6%

6.6%

-

Intl

3,813

3,722

2.4%

6.1%

-3.7%

WW

$

7,821

$

7,481

4.5%

6.3%

-1.8%

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
* 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) See Supplemental Sales Information Schedule
(5) Previously referred to as Interventional Solutions
Supplemental Sales Information (Unaudited)
(Dollars in Millions)
Schedule 1

FIRST QUARTER

Percent Change

2024

2023

Total

Operations

Currency

Innovative Medicine
U.S.

$

7,612

7,023

8.4

%

8.4

-

International

5,950

6,390

(6.9

)

(4.0

)

(2.9

)

Worldwide

13,562

13,413

1.1

2.5

(1.4

)

COVID-19 Vaccine
U.S.

-

-

-

-

-

International

25

747

(96.6

)

(96.7

)

0.1

Worldwide

25

747

(96.6

)

(96.7

)

0.1

Innovative Medicine excluding COVID-19 Vaccine
U.S.

7,612

7,023

8.4

8.4

-

International

5,925

5,643

5.0

8.3

(3.3

)

Worldwide

13,537

12,666

6.9

8.3

(1.4

)

Worldwide
U.S.

11,620

10,782

7.8

7.8

-

International

9,763

10,112

(3.4

)

(0.3

)

(3.1

)

Worldwide

21,383

20,894

2.3

3.9

(1.6

)

COVID-19 Vaccine
U.S.

-

-

-

-

-

International

25

747

(96.6

)

(96.7

)

0.1

Worldwide

25

747

(96.6

)

(96.7

)

0.1

Worldwide
U.S.

11,620

10,782

7.8

7.8

-

International

9,738

9,365

4.0

7.4

(3.4

)

Worldwide excluding COVID-19 Vaccine

$

21,358

20,147

6.0

%

7.6

(1.6

)

Europe

$

5,163

5,590

(7.6

)

%

(7.7

)

0.1

Europe COVID-19 Vaccine Sales

25

747

(96.6

)

(96.7

)

0.1

Europe excluding COVID-19 Vaccine Sales

$

5,138

4,843

6.1

%

6.0

0.1

Schedule 2

2022

2023

2023

Full Year

Q1

Q2

Q3

Q4

Full Year

INNOVATIVE MEDICINE SEGMENT (1)
ONCOLOGY
TECVAYLI
US

12

57

82

93

102

334

INTL

3

6

12

19

24

61

WW

15

63

94

112

126

395

OTHER ONCOLOGY
US

144

35

40

50

90

215

INTL

280

64

80

67

58

269

WW

423

99

120

117

148

484

Note: Columns and rows within tables may not add due to rounding
(1) Unaudited
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Q1 YTD - Income Before Tax and Research & Development Expense by Segment*
Dollars in Millions

Innovative Medicine

MedTech

Unallocated

Worldwide Total

2024

2023

2024

2023

2024

2023

2024

2023

Reported Income Before Tax by Segment From Continuing Operations $

4,969

4,402

1,520

1,409

(49

)

(7,098

)

6,440

(1,287

)

% to Sales

36.6

%

32.8

%

19.4

%

18.8

%

-0.2

%

-34.0

%

30.1

%

-6.2

%

Intangible asset amortization expense

698

739

380

383

-

-

1,078

1,122

In-process research and development impairments

-

-

-

49

-

-

-

49

Litigation related

-

-

-

-

-

6,900

-

6,900

Loss/(gain) on securities

(55

)

38

22

34

13

-

(20

)

72

Restructuring related

144

130

27

-

-

-

171

130

Acquisition, integration and divestiture related

47

-

61

42

40

-

148

42

Medical Device Regulation

-

-

51

64

-

-

51

64

COVID-19 Vaccine related costs

9

444

-

-

-

-

9

444

Adjusted Income Before Tax by Segment From Continuing Operations $

5,812

5,753

2,061

1,981

4

(198

)

7,877

7,536

% to Sales

42.9

%

42.9

%

26.4

%

26.5

%

0.0

%

-0.9

%

36.8

%

36.1

%

*Estimated as of 4/16/2024
As Reported Research and development expense $

2,896

2,778

646

677

3,542

3,455

% to Sales

21.4

%

20.7

%

8.3

%

9.1

%

16.6

%

16.6

%

Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
Year to Date
First Quarter
March 31, 2024
GAAP
Intangible asset
amortization
Litigation related In-process
research and
development
impairments

Restructuring
related

Acquisition, integration and
divestiture related
(Loss)/gain on
securities

Medical Device
Regulation

COVID-19 Vaccine
Related Costs
Tax legislation
and other tax
related
First Quarter
March 31, 2024
Non-GAAP
Cost of products sold

$

6,511

(1,078

)

(7

)

(20

)

(2

)

-

5,404

Selling, marketing and admin expenses

5,257

(4

)

5,253

Research and development expense

3,542

(18

)

(27

)

(7

)

3,490

Other (Income) / Expense

(322

)

-

-

-

(130

)

20

-

-

(432

)

In-process research and development impairments

-

-

-

Restructuring

164

(164

)

-

Provision for taxes on income

1,086

148

-

-

39

38

(7

)

9

2

(18

)

1,297

Net Earnings from Continuing Operations

5,354

930

-

-

132

110

(13

)

42

7

18

6,580

First Quarter
April 2, 2023
GAAP
Intangible asset
amortization
Litigation related In-process
research and
development
impairments

Restructuring
related

Acquisition, integration and
divestiture related
(Loss)/gain on
securities

Medical Device
Regulation

COVID-19 Vaccine
Related Costs
Tax legislation
and other tax
related
First Quarter
April 2, 2023
Non-GAAP
Cost of products sold

$

6,687

(1,118

)

-

(23

)

(206

)

-

5,340

Selling, marketing and admin expenses

4,906

(7

)

4,899

Research and development expense

3,455

(16

)

(34

)

(16

)

3,389

Other (Income) / Expense

6,940

(4

)

(6,900

)

-

(26

)

(72

)

(222

)

(284

)

In-process research and development impairments

49

(49

)

-

Restructuring

130

(130

)

-

Provision for (Benefit from) taxes on income

(796

)

177

1,622

11

32

5

16

12

105

12

1,196

Net Earnings (Loss) from Continuing Operations

(491

)

945

5,278

38

98

37

56

52

339

(12

)

6,340

View source version on businesswire.com: https://www.businesswire.com/news/home/20240416019157/en/

Contacts

Media contact:
Tesia Williams
media-relations@its.jnj.com

Investor contact:
Jessica Moore
investor-relations@its.jnj.com

Source: Johnson & Johnson

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