Johnson & Johnson (NYSE: JNJ) today announced results for fourth-quarter and full year 2022.
- 2022 Fourth-Quarter earnings per share (EPS) of $1.33 decreasing 24.9% and adjusted EPS of $2.35 increasing by 10.3%*
- 2022 Full-Year reported sales growth of 1.3% to $94.9 Billion primarily driven by strong commercial execution partially offset by unfavorable foreign exchange. Operational growth of 6.1%*
- 2022 Full-Year earnings per share (EPS) of $6.73 decreasing 13.8% and adjusted EPS of $10.15 increasing by 3.6%*
- Company guides 2023 adjusted operational sales growth excluding COVID-19 Vaccine of 4.0%* and adjusted operational EPS of $10.50, reflecting growth of 3.5%*
NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--Johnson & Johnson Family of Companies (NYSE: JNJ) today announced results for fourth-quarter and full year 2022. “Our full year 2022 results reflect the continued strength and stability of our three business segments, despite macroeconomic challenges,” said Joaquin Duato, Chairman of the Board and Chief Executive Officer. “I am inspired by our employees who make a difference in the health and lives of people around the world every day. As we look ahead to 2023, Johnson & Johnson is well-positioned to drive near-term growth, while also investing strategically to deliver long-term value.”
OVERALL FINANCIAL RESULTS
| Q4 |
| Full Year | |||||
| ($ in Millions, except EPS) | 2022 | 2021 | % Change |
| 2022 | 2021 | % Change |
| Reported Sales | $23,706 | $24,804 | (4.4)% |
| $94,943 | $93,775 | 1.3% |
| Net Earnings | $3,520 | $4,736 | (25.7)% |
| $17,941 | $20,878 | (14.1)% |
| EPS (diluted) | $1.33 | $1.77 | (24.9)% |
| $6.73 | $7.81 | (13.8)% |
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| Q4 |
| Full Year | |||||
| Non-GAAP* ($ in Millions, except EPS) | 2022 | 2021 | % Change |
| 2022 | 2021 | % Change |
| Operational Sales1,2 |
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| 0.9% |
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| 6.1% |
| Adjusted Operational Sales1,3 |
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| 0.8% |
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| 6.2% |
| Adjusted Net Earnings1,4 | $6,218 | $5,678 | 9.5% |
| $27,038 | $26,195 | 3.2% |
| Adjusted EPS (diluted)1,4 | $2.35 | $2.13 | 10.3% |
| $10.15 | $9.80 | 3.6% |
1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2 Excludes the impact of translational currency
3 Excludes the net impact of acquisitions and divestitures and translational currency
4 Excludes intangible amortization expense and special items
Note: values may have been rounded
REGIONAL SALES RESULTS
| Q4 | % Change | |||||
| ($ in Millions) | 2022 | 2021 | Reported | Operational1,2 | Currency | Adjusted |
| U.S. | $12,516 | $12,163 | 2.9% | 2.9 | - | 2.7 |
| International | 11,190 | 12,641 | (11.5) | (1.1) | (10.4) | (1.0) |
| Worldwide | $23,706 | $24,804 | (4.4)% | 0.9 | (5.3) | 0.8 |
| Full Year | % Change | |||||
| ($ in Millions) | 2022 | 2021 | Reported | Operational1,2 | Currency | Adjusted |
| U.S. | $48,580 | $47,156 | 3.0% | 3.0 | - | 3.0 |
| International | 46,363 | 46,619 | (0.6)% | 9.1 | (9.7) | 9.3 |
| Worldwide | $94,943 | $93,775 | 1.3% | 6.1 | (4.8) | 6.2 |
1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2 Excludes the impact of translational currency
3 Excludes the net impact of acquisitions and divestitures and translational currency
Note: Values may have been rounded
SEGMENT SALES RESULTS
| Q4 |
| % Change | ||||
| ($ in Millions) | 2022 | 2021 | Reported | Operational1,2 | Currency | Adjusted |
| Consumer Health4 | $ 3,767 | $ 3,728 | 1.0% | 6.4 | (5.4) | 6.4 |
| Pharmaceutical4 | 13,163 | 14,217 | (7.4) | (2.5) | (4.9) | (2.3) |
| MedTech | 6,776 | 6,859 | (1.2) | 4.9 | (6.1) | 4.4 |
| Worldwide | $ 23,706 | $ 24,804 | (4.4)% | 0.9 | (5.3) | 0.8 |
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| Full Year |
| % Change | ||||
| ($ in Millions) | 2022 | 2021 | Reported | Operational1,2 | Currency | Adjusted |
| Consumer Health | $ 14,953 | $ 15,035 | (0.5)% | 3.6 | (4.1) | 3.9 |
| Pharmaceutical | 52,563 | 51,680 | 1.7 | 6.7 | (5.0) | 6.8 |
| MedTech | 27,427 | 27,060 | 1.4 | 6.2 | (4.8) | 6.1 |
| Worldwide | $ 94,943 | $ 93,775 | 1.3% | 6.1 | (4.8) | 6.2 |
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 Certain international OTC products, primarily in China, were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes
Note: Values may have been rounded
FULL YEAR 2022 SEGMENT COMMENTARY:
Adjusted operational sales* reflected below excludes the net impact of acquisitions and divestitures and translational currency.
Consumer Health
Consumer Health worldwide adjusted operational sales increased 3.9%* predominately driven by over-the-counter (OTC) products. Major contributors to growth in OTC were TYLENOL and MOTRIN analgesics, as well as upper respiratory products and digestive health products in the international markets. Additionally, Skin Health/Beauty adjusted operational growth was primarily driven by NEUTROGENA outside the U.S. Growth was partially offset by Oral Care in the international markets.
Pharmaceutical
Pharmaceutical worldwide adjusted operational sales grew 6.8%*, 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, ERLEADA (apalutamide), a next-generation androgen receptor inhibitor for the treatment of patients with prostate cancer, TREMFYA (guselkumab), a biologic for the treatment of adults living with moderate to severe plaque psoriasis, and for adults with active psoriatic arthritis, and INVEGA SUSTENNA/XEPLION and INVEGA TRINZA/TREVICTA (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults. This growth was partially offset by declines in sales of REMICADE (infliximab), a biologic approved for the treatment of several immune-mediated inflammatory diseases, IMBRUVICA (ibrutinib), an oral, once daily therapy approved for use in treating certain B-cell malignancies, a type of blood or lymph node cancer, and ZYTIGA (abiratone acetate), an oral, once daily medication for use in combination with prednisone for the treatment of metastatic castration-resistant prostate cancer.
MedTech
MedTech worldwide adjusted operational sales grew 6.1%*, driven primarily by electrophysiology products in Interventional Solutions, contact lenses in Vision, and wound closure products in General Surgery.
NOTABLE NEW ANNOUNCEMENTS IN THE QUARTER:
The information contained in this section should be read in conjunction with Johnson & Johnson’s other disclosures filed with the Securities and Exchange Commission, including its Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. The reader is also encouraged to review all other news releases and information available in the Investors section of the company’s website at news releases, as well as www.factsabouttalc.com, www.factsaboutourprescriptionopioids.com, and www.LTLManagementInformation.com.
| Regulatory | DePuy Synthes Receives FDA Clearance for TELIGEN System | |
| U.S. FDA Approves TECVAYLI (teclistamab-cqyv), the First Bispecific T-cell Engager Antibody for the Treatment of Patients with Relapsed or Refractory Multiple Myeloma | ||
| Janssen Submits Biologics License Application to U.S. FDA for Talquetamab for the Treatment of Patients with Relapsed or Refractory Multiple Myeloma | ||
| Data Release | New TREMFYA (guselkumab) Data Shows an Overall Clinical Response Rate of Approximately 80 Percent in a Phase 2b Induction Study of Adults with Moderately to Severely Active Ulcerative Colitis | |
| Janssen to Highlight Latest Scientific Advances in Hematologic Diseases at ASH 2022 with Clinical and Real-World Data Across Innovative Pipeline and Distinguished Portfolio | ||
| Late-Breaking Data from Pivotal Phase 3 PRECISION Study Demonstrates Significant and Sustained Effect of Aprocitentan on Lowering Blood Pressure for Patients with Difficult-to-Control Hypertension | ||
| New TREMFYA (guselkumab) Post-Hoc Analysis Reveals Active Psoriatic Arthritis Patients With Early Efficacy Had Meaningful Long-Term Improvement in Health-Related Quality of Life | ||
| New TREMFYA (guselkumab) Post-Hoc Analysis Reveals Early Efficacy Predicted Longer-Term Efficacy And Sustained Achievement Among A Diverse Active Psoriatic Arthritis Patient Population | ||
| CERENOVUS Reveals Positive Outcomes with Thrombectomy in Global Registry Studying Stroke-Inducing Blood Clots | ||
| Other | Johnson & Johnson Names CEO Joaquin Duato as Chairman of the Board | |
| Johnson & Johnson Completes Acquisition of Abiomed |
FULL-YEAR 2023 GUIDANCE:
Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson’s results computed in accordance with GAAP.
| ($ in Billions, except EPS) | January 2023 |
| Adjusted Operational Sales1,2,5 Change vs. Prior Year / Mid-point | 3.5% – 4.5% / 4.0% |
| Operational Sales2,5/ Mid-point2,5 Change vs. Prior Year / Mid-point | $96.9B – $97.9B / $97.4B 4.5% – 5.5% / 5.0% |
| Estimated Reported Sales3,5/ Mid-point3,5 Change vs. Prior Year / Mid-point | $96.9B – $97.9B / $97.4B 4.5% – 5.5% / 5.0% |
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| Adjusted Operational EPS (Diluted)2,4/ Mid-point2,4 Change vs. Prior Year / Mid-point | $10.40 – $10.60 / $10.50 2.5% – 4.5% / 3.5% |
| Adjusted EPS (Diluted)3,4 / Mid-point3,4 Change vs. Prior Year / Mid-point | $10.45 – $10.65 / $10.55 3.0% – 5.0% / 4.0% |
1 Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures
2 Non-GAAP financial measure; excludes the impact of translational currency
3 Calculated using Euro Average Rate: January 2023 = $1.08 (Illustrative purposes only)
4 Non-GAAP financial measure; excludes intangible amortization expense and special items
5 Excludes COVID-19 Vaccine
Note: percentages may have been rounded
Other modeling considerations will be provided on the webcast.
WEBCAST INFORMATION:
Johnson & Johnson will conduct a conference call with investors to discuss this earnings release today at 8:30 a.m., Eastern Time. A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Johnson & Johnson website. A replay and podcast will be available approximately two hours after the live webcast in the Investors section of the company’s website at events-and-presentations.
ABOUT JOHNSON & JOHNSON:
At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That’s why for more than 135 years, we have aimed to keep people well at every age and every stage of life. Today, as the world’s largest 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 and business strategy, and the anticipated separation of the Company’s Consumer Health business. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the company to successfully execute strategic plans; 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; the New Consumer Health Company’s ability to succeed as a standalone publicly traded company; and 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. 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 2, 2022, 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) | FOURTH QUARTER |
| TWELVE MONTHS | |||||||||||||||||||||||
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| 2022 |
| 2021 |
| Total |
| Operations |
| Currency |
| 2022 |
| 2021 |
| Total |
| Operations |
| Currency | ||||||||
| Sales to customers by | ||||||||||||||||||||||||||
| segment of business | ||||||||||||||||||||||||||
| Consumer Health (1) | ||||||||||||||||||||||||||
| U.S. | $ | 1,696 | 1,529 | 10.9 |
| % | 10.9 |
| - |
| $ | 6,599 | 6,516 | 1.3 |
| % | 1.3 | - |
| |||||||
| International |
| 2,071 | 2,199 | (5.8 | ) | 3.2 |
| (9.0 | ) |
| 8,354 | 8,519 | (1.9 | ) | 5.3 | (7.2 | ) | |||||||||
|
| 3,767 | 3,728 | 1.0 |
| 6.4 |
| (5.4 | ) |
| 14,953 | 15,035 | (0.5 | ) | 3.6 | (4.1 | ) | ||||||||||
| Pharmaceutical (1) | ||||||||||||||||||||||||||
| U.S. |
| 7,375 | 7,418 | (0.6 | ) | (0.6 | ) | - |
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| 28,604 | 27,954 | 2.3 |
| 2.3 | - |
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| International |
| 5,788 | 6,799 | (14.9 | ) | (4.5 | ) | (10.4 | ) |
| 23,959 | 23,726 | 1.0 |
| 11.9 | (10.9 | ) | |||||||||
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| 13,163 | 14,217 | (7.4 | ) | (2.5 | ) | (4.9 | ) |
| 52,563 | 51,680 | 1.7 |
| 6.7 | (5.0 | ) | ||||||||||
| Pharmaceutical excluding COVID-19 Vaccine (1,3) | ||||||||||||||||||||||||||
| U.S. |
| 7,375 | 7,205 | 2.4 |
| 2.4 |
| - |
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| 28,484 | 27,320 | 4.3 |
| 4.3 | - |
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| International |
| 5,099 | 5,394 | (5.5 | ) | 6.0 |
| (11.5 | ) |
| 21,900 | 21,975 | (0.3 | ) | 10.3 | (10.6 | ) | |||||||||
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| 12,474 | 12,599 | (1.0 | ) | 3.9 |
| (4.9 | ) |
| 50,384 | 49,295 | 2.2 |
| 6.9 | (4.7 | ) | ||||||||||
| MedTech (2) | ||||||||||||||||||||||||||
| U.S. |
| 3,445 | 3,216 | 7.1 |
| 7.1 |
| - |
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| 13,377 | 12,686 | 5.4 |
| 5.4 | - |
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| International |
| 3,331 | 3,643 | (8.6 | ) | 2.9 |
| (11.5 | ) |
| 14,050 | 14,374 | (2.3 | ) | 6.9 | (9.2 | ) | |||||||||
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| 6,776 | 6,859 | (1.2 | ) | 4.9 |
| (6.1 | ) |
| 27,427 | 27,060 | 1.4 |
| 6.2 | (4.8 | ) | ||||||||||
| U.S. |
| 12,516 | 12,163 | 2.9 |
| 2.9 |
| - |
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| 48,580 | 47,156 | 3.0 |
| 3.0 | - |
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| International |
| 11,190 | 12,641 | (11.5 | ) | (1.1 | ) | (10.4 | ) |
| 46,363 | 46,619 | (0.6 | ) | 9.1 | (9.7 | ) | |||||||||
| Worldwide |
| 23,706 | 24,804 | (4.4 | ) | 0.9 |
| (5.3 | ) |
| 94,943 | 93,775 | 1.3 |
| 6.1 | (4.8 | ) | |||||||||
| U.S. |
| 12,516 | 11,950 | 4.7 |
| 4.7 |
| - |
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| 48,460 | 46,522 | 4.2 |
| 4.2 | - |
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| International |
| 10,501 | 11,236 | (6.5 | ) | 4.4 |
| (10.9 | ) |
| 44,304 | 44,868 | (1.3 | ) | 8.2 | (9.5 | ) | |||||||||
| Worldwide excluding COVID-19 Vaccine (3) | $ | 23,017 | 23,186 | (0.7 | ) | % | 4.6 |
| (5.3 | ) | $ | 92,764 | 91,390 | 1.5 |
| % | 6.2 | (4.7 | ) | |||||||
| Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. | ||||||||||||||||||||||||||
| (1) Certain international OTC products, primarily in China, were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes. | ||||||||||||||||||||||||||
| (2) Previously referred to as Medical Devices. | ||||||||||||||||||||||||||
| (3) Refer to supplemental sales reconciliation schedule. | ||||||||||||||||||||||||||
| Johnson & Johnson and Subsidiaries | ||||||||||||||||||||||||||
| Supplementary Sales Data | ||||||||||||||||||||||||||
| (Unaudited; Dollars in Millions) | FOURTH QUARTER |
| TWELVE MONTHS | |||||||||||||||||||||||
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| Percent Change |
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| Percent Change | ||||||||||||||||
| 2022 |
| 2021 |
| Total |
| Operations |
| Currency |
| 2022 |
| 2021 |
| Total |
| Operations |
| Currency | ||||||||
| Sales to customers by | ||||||||||||||||||||||||||
| geographic area | ||||||||||||||||||||||||||
| U.S. | $ | 12,516 | 12,163 | 2.9 |
| % | 2.9 |
| - |
| $ | 48,580 | 47,156 | 3.0 |
| % | 3.0 | - |
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| Europe |
| 5,816 | 6,925 | (16.0 | ) | (6.3 | ) | (9.7 | ) |
| 23,449 | 23,594 | (0.6 | ) | 11.0 | (11.6 | ) | |||||||||
| Western Hemisphere excluding U.S. |
| 1,545 | 1,459 | 5.9 |
| 11.8 |
| (5.9 | ) |
| 6,125 | 5,750 | 6.5 |
| 10.2 | (3.7 | ) | |||||||||
| Asia-Pacific, Africa |
| 3,829 | 4,257 | (10.0 | ) | 3.1 |
| (13.1 | ) |
| 16,789 | 17,275 | (2.8 | ) | 6.2 | (9.0 | ) | |||||||||
| International |
| 11,190 | 12,641 | (11.5 | ) | (1.1 | ) | (10.4 | ) |
| 46,363 | 46,619 | (0.6 | ) | 9.1 | (9.7 | ) | |||||||||
| Worldwide | $ | 23,706 | 24,804 | (4.4 | ) | % | 0.9 |
| (5.3 | ) | $ | 94,943 | 93,775 | 1.3 |
| % | 6.1 | (4.8 | ) | |||||||
| 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 | |||||||||||||
| 2022 |
| 2021 |
| Percent | ||||||||||
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| Percent |
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| Percent |
| Increase | ||||||
| Amount |
| to Sales |
| Amount |
| to Sales |
| (Decrease) | ||||||
| Sales to customers | $ | 23,706 |
| 100.0 |
| $ | 24,804 | 100.0 | (4.4 | ) | ||||
| Cost of products sold |
| 7,765 |
| 32.8 |
|
| 7,955 | 32.1 | (2.4 | ) | ||||
| Gross Profit |
| 15,941 |
| 67.2 |
|
| 16,849 | 67.9 | (5.4 | ) | ||||
| Selling, marketing and administrative expenses |
| 6,512 |
| 27.4 |
|
| 7,154 | 28.9 | (9.0 | ) | ||||
| Research and development expense |
| 3,841 |
| 16.2 |
|
| 4,720 | 19.0 | (18.6 | ) | ||||
| In-process research and development |
| 173 |
| 0.7 |
|
| 0 | 0.0 | ||||||
| Interest (income) expense, net |
| (77 | ) | (0.3 | ) |
| 47 | 0.2 | ||||||
| Other (income) expense, net |
| 1,207 |
| 5.1 |
|
| 9 | 0.0 | ||||||
| Restructuring |
| 84 |
| 0.4 |
|
| 83 | 0.3 | ||||||
| Earnings before provision for taxes on income |
| 4,201 |
| 17.7 |
|
| 4,836 | 19.5 | (13.1 | ) | ||||
| Provision for taxes on income |
| 681 |
| 2.9 |
|
| 100 | 0.4 | 581.0 |
| ||||
| Net earnings | $ | 3,520 |
| 14.8 |
| $ | 4,736 | 19.1 | (25.7 | ) | ||||
| Net earnings per share (Diluted) | $ | 1.33 |
| $ | 1.77 | (24.9 | ) | |||||||
| Average shares outstanding (Diluted) |
| 2,650.1 |
|
| 2,670.2 | |||||||||
| Effective tax rate |
| 16.2 |
| % |
| 2.1 | % | |||||||
| Adjusted earnings before provision for taxes and net earnings (1) | ||||||||||||||
| Earnings before provision for taxes on income | $ | 7,418 |
| 31.3 |
| $ | 6,339 | 25.6 | 17.0 |
| ||||
| Net earnings | $ | 6,218 |
| 26.2 |
| $ | 5,678 | 22.9 | 9.5 |
| ||||
| Net earnings per share (Diluted) | $ | 2.35 |
| $ | 2.13 | 10.3 |
| |||||||
| Effective tax rate |
| 16.2 |
| % |
| 10.4 | % | |||||||
| (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 | |||||||||||||
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| 2022 |
| 2021 |
| Percent | ||||||||||
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| Percent |
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| Percent |
| Increase | ||||||
| Amount |
| to Sales |
| Amount |
| to Sales |
| (Decrease) | ||||||
| Sales to customers | $ | 94,943 |
| 100.0 |
| $ | 93,775 | 100.0 | 1.3 |
| ||||
| Cost of products sold |
| 31,089 |
| 32.7 |
|
| 29,855 | 31.8 | 4.1 |
| ||||
| Gross Profit |
| 63,854 |
| 67.3 |
|
| 63,920 | 68.2 | (0.1 | ) | ||||
| Selling, marketing and administrative expenses |
| 24,765 |
| 26.1 |
|
| 24,659 | 26.3 | 0.4 |
| ||||
| Research and development expense |
| 14,603 |
| 15.4 |
|
| 14,714 | 15.7 | (0.8 | ) | ||||
| In-process research and development |
| 783 |
| 0.8 |
|
| 900 | 1.0 | ||||||
| Interest (income) expense, net |
| (214 | ) | (0.2 | ) |
| 130 | 0.1 | ||||||
| Other (income) expense, net |
| 1,871 |
| 2.0 |
|
| 489 | 0.5 | ||||||
| Restructuring |
| 321 |
| 0.3 |
|
| 252 | 0.3 | ||||||
| Earnings before provision for taxes on income |
| 21,725 |
| 22.9 |
|
| 22,776 | 24.3 | (4.6 | ) | ||||
| Provision for taxes on income |
| 3,784 |
| 4.0 |
|
| 1,898 | 2.0 | 99.4 |
| ||||
| Net earnings | $ | 17,941 |
| 18.9 |
| $ | 20,878 | 22.3 | (14.1 | ) | ||||
| Net earnings per share (Diluted) | $ | 6.73 |
| $ | 7.81 | (13.8 | ) | |||||||
| Average shares outstanding (Diluted) |
| 2,663.9 |
|
| 2,674.0 | |||||||||
| Effective tax rate |
| 17.4 |
| % |
| 8.3 | % | |||||||
| Adjusted earnings before provision for taxes and net earnings (1) | ||||||||||||||
| Earnings before provision for taxes on income | $ | 31,880 |
| 33.6 |
| $ | 30,464 | 32.5 | 4.6 |
| ||||
| Net earnings | $ | 27,038 |
| 28.5 |
| $ | 26,195 | 27.9 | 3.2 |
| ||||
| Net earnings per share (Diluted) | $ | 10.15 |
| $ | 9.80 | 3.6 |
| |||||||
| Effective tax rate |
| 15.2 |
| % |
| 14.0 | % | |||||||
| (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) | 2022 |
| 2021 |
| 2022 |
| 2021 | |||||
| Net Earnings, after tax- as reported | $3,520 |
| $4,736 |
| $17,941 |
| $20,878 |
| ||||
| Pre-tax Adjustments | ||||||||||||
| Intangible Asset Amortization expense | 1,061 |
| 1,121 |
| 4,305 |
| 4,697 |
| ||||
| Litigation related | 262 |
| 274 |
| 866 |
| 2,328 |
| ||||
| IPR&D | 173 |
| - |
| 783 |
| 900 |
| ||||
| Restructuring related | 140 |
| 140 |
| 463 |
| 473 |
| ||||
| Acquisition, integration and divestiture related ¹ | 196 |
| 26 |
| 196 |
| (478 | ) | ||||
| (Gains)/losses on securities | 6 |
| (198 | ) | 690 |
| (533 | ) | ||||
| Medical Device Regulation 2 | 88 |
| 73 |
| 296 |
| 234 |
| ||||
| COVID-19 Vaccine related costs 3 | 821 |
| - |
| 1,474 |
| - |
| ||||
| Consumer Health separation costs | 470 |
| 67 |
| 1,089 |
| 67 |
| ||||
| Other | - |
| - |
| (7 | ) | - |
| ||||
| Tax Adjustments | ||||||||||||
| Tax impact on special item adjustments 4 | (507 | ) | (184 | ) | (1,592 | ) | (1,281 | ) | ||||
| Consumer Health separation tax related costs | 35 |
| - |
| 494 |
| - |
| ||||
| Tax legislation and other tax related | (47 | ) | (377 | ) | 40 |
| (1,090 | ) | ||||
| Adjusted Net Earnings, after tax | $6,218 |
| $5,678 |
| $27,038 |
| $26,195 |
| ||||
| Average shares outstanding (Diluted) | 2,650.1 |
| 2,670.2 |
| 2,663.9 |
| 2,674.0 |
| ||||
| Adjusted net earnings per share (Diluted) | $2.35 |
| $2.13 |
| $10.15 |
| $9.80 |
| ||||
| Operational adjusted net earnings per share (Diluted) | $2.46 |
| $10.70 |
| ||||||||
| Notes: | ||||||||||||
| 1 | Acquisition, integration and divestiture related for 2022 primarily includes costs related to the Abiomed acquisition. Acquisition, integration and divestiture related for 2021 primarily includes the gain on the divestiture of two Pharmaceutical brands outside of the U.S. | |||||||||||
| 2 | European Medical Device Regulation (MDR) costs represent one-time compliance costs for the Company’s previously registered products. MDR is a replacement of the existing European Medical Devices Directive regulatory framework, and manufacturers of currently marketed medical devices were required to comply with EU MDR beginning in May 2021. The Company considers the adoption of EU MDR to be a significant one-time regulatory change and is not indicative of on-going operations. The Company has excluded only external third-party regulatory and consulting costs from its MedTech operating segments’ measures of profit and loss used for making operating decisions and assessing performance which is expected to be completed during 2024. | |||||||||||
| 3 | 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 modification of its COVID-19 vaccine research program and manufacturing capacity to levels that meet all remaining customer contractual requirements. | |||||||||||
| 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 | ||||||||||||
| FOURTH QUARTER 2022 ACTUAL vs. 2021 ACTUAL | ||||||||||||
| Segments | ||||||||||||
| Consumer Health | Pharmaceutical | MedTech | Total | |||||||||
| WW As Reported | 1.0 | % | (7.4 | )% | (1.2 | )% | (4.4 | )% | ||||
| U.S. | 10.9 | % | (0.6 | )% | 7.1 | % | 2.9 | % | ||||
| International | (5.8 | )% | (14.9 | )% | (8.6 | )% | (11.5 | )% | ||||
| WW Currency | (5.4 | ) | (4.9 | ) | (6.1 | ) | (5.3 | ) | ||||
| U.S. | - |
| - |
| - |
| - |
| ||||
| International | (9.0 | ) | (10.4 | ) | (11.5 | ) | (10.4 | ) | ||||
| WW Operational | 6.4 | % | (2.5 | )% | 4.9 | % | 0.9 | % | ||||
| U.S. | 10.9 | % | (0.6 | )% | 7.1 | % | 2.9 | % | ||||
| International | 3.2 | % | (4.5 | )% | 2.9 | % | (1.1 | )% | ||||
| Interventional Solutions | ||||||||||||
| Abiomed | (0.5 | ) | (0.1 | ) | ||||||||
| U.S. | (1.0 | ) | (0.3 | ) | ||||||||
| International | 0.0 |
| 0.0 |
| ||||||||
| All Other Acquisitions and Divestitures | 0.0 |
| 0.2 |
| 0.0 |
| 0.1 |
| ||||
| U.S. | 0.1 |
| 0.2 |
| (0.2 | ) | 0.1 |
| ||||
| International | 0.0 |
| 0.1 |
| 0.1 |
| 0.1 |
| ||||
| WW Adjusted Operational | 6.4 | % | (2.3 | )% | 4.4 | % | 0.8 | % | ||||
| U.S. | 11.0 | % | (0.4 | )% | 5.9 | % | 2.7 | % | ||||
| International | 3.2 | % | (4.4 | )% | 3.0 | % | (1.0 | )% | ||||
| 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 2022 ACTUAL vs. 2021 ACTUAL | ||||||||||||
| Segments | ||||||||||||
| Consumer Health | Pharmaceutical | MedTech | Total | |||||||||
| WW As Reported | (0.5 | )% | 1.7 | % | 1.4 | % | 1.3 | % | ||||
| U.S. | 1.3 | % | 2.3 | % | 5.4 | % | 3.0 | % | ||||
| International | (1.9 | )% | 1.0 | % | (2.3 | )% | (0.6 | )% | ||||
| WW Currency | (4.1 | ) | (5.0 | ) | (4.8 | ) | (4.8 | ) | ||||
| U.S. | - |
| - |
| - |
| - |
| ||||
| International | (7.2 | ) | (10.9 | ) | (9.2 | ) | (9.7 | ) | ||||
| WW Operational | 3.6 | % | 6.7 | % | 6.2 | % | 6.1 | % | ||||
| U.S. | 1.3 | % | 2.3 | % | 5.4 | % | 3.0 | % | ||||
| International | 5.3 | % | 11.9 | % | 6.9 | % | 9.1 | % | ||||
| All Other Acquisitions and Divestitures | 0.3 |
| 0.1 |
| (0.1 | ) | 0.1 |
| ||||
| U.S. | 0.2 |
| 0.2 |
| (0.4 | ) | 0.0 |
| ||||
| International | 0.5 |
| 0.1 |
| 0.1 |
| 0.2 |
| ||||
| WW Adjusted Operational | 3.9 | % | 6.8 | % | 6.1 | % | 6.2 | % | ||||
| U.S. | 1.5 | % | 2.5 | % | 5.0 | % | 3.0 | % | ||||
| International | 5.8 | % | 12.0 | % | 7.0 | % | 9.3 | % | ||||
| 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 | |||||||||||
|
| 2022 |
| 2021 | Reported | Operational (1) | Currency |
|
| 2022 |
| 2021 | Reported | Operational (1) | Currency | |||||||||
| CONSUMER HEALTH SEGMENT (2,3) | |||||||||||||||||||||||
| OTC | |||||||||||||||||||||||
| US | $ | 754 | 633 | 18.9 | % | 18.9 | % | - |
| $ | 2,782 | 2,594 | 7.3 | % | 7.3 | % | - |
| |||||
| Intl |
| 815 | 811 | 0.6 | % | 9.6 | % | -9.0 | % |
| 3,249 | 3,034 | 7.1 | % | 14.5 | % | -7.4 | % | |||||
| WW |
| 1,569 | 1,444 | 8.6 | % | 13.7 | % | -5.1 | % |
| 6,031 | 5,627 | 7.2 | % | 11.2 | % | -4.0 | % | |||||
| SKIN HEALTH / BEAUTY | |||||||||||||||||||||||
| US |
| 573 | 538 | 6.5 | % | 6.5 | % | - |
|
| 2,337 | 2,400 | -2.6 | % | -2.6 | % | - |
| |||||
| Intl |
| 515 | 546 | -5.6 | % | 4.4 | % | -10.0 | % |
| 2,015 | 2,141 | -5.9 | % | 2.2 | % | -8.1 | % | |||||
| WW |
| 1,088 | 1,084 | 0.4 | % | 5.4 | % | -5.0 | % |
| 4,352 | 4,541 | -4.2 | % | -0.4 | % | -3.8 | % | |||||
| ORAL CARE | |||||||||||||||||||||||
| US |
| 164 | 159 | 3.3 | % | 3.3 | % | - |
|
| 635 | 637 | -0.3 | % | -0.3 | % | - |
| |||||
| Intl |
| 207 | 246 | -16.0 | % | -8.1 | % | -7.9 | % |
| 871 | 1,008 | -13.6 | % | -7.4 | % | -6.2 | % | |||||
| WW |
| 370 | 405 | -8.4 | % | -3.7 | % | -4.7 | % |
| 1,505 | 1,645 | -8.5 | % | -4.7 | % | -3.8 | % | |||||
| BABY CARE | |||||||||||||||||||||||
| US |
| 93 | 90 | 3.4 | % | 3.4 | % | - |
|
| 357 | 378 | -5.5 | % | -5.5 | % | - |
| |||||
| Intl |
| 264 | 309 | -14.6 | % | -7.4 | % | -7.2 | % |
| 1,104 | 1,188 | -7.1 | % | -1.4 | % | -5.7 | % | |||||
| WW |
| 356 | 399 | -10.6 | % | -5.0 | % | -5.6 | % |
| 1,461 | 1,566 | -6.7 | % | -2.4 | % | -4.3 | % | |||||
| WOMEN’S HEALTH | |||||||||||||||||||||||
| US |
| 4 | 4 | 15.6 | % | 15.6 | % | - |
|
| 13 | 13 | 1.7 | % | 1.7 | % | - |
| |||||
| Intl |
| 217 | 230 | -5.7 | % | 4.4 | % | -10.1 | % |
| 891 | 905 | -1.5 | % | 7.1 | % | -8.6 | % | |||||
| WW |
| 220 | 233 | -5.5 | % | 4.6 | % | -10.1 | % |
| 904 | 917 | -1.5 | % | 7.0 | % | -8.5 | % | |||||
| WOUND CARE / OTHER | |||||||||||||||||||||||
| US |
| 109 | 106 | 3.3 | % | 3.3 | % | - |
|
| 475 | 495 | -4.0 | % | -4.0 | % | - |
| |||||
| Intl |
| 54 | 57 | -7.5 | % | 2.9 | % | -10.4 | % |
| 224 | 243 | -8.0 | % | -3.4 | % | -4.6 | % | |||||
| WW |
| 163 | 164 | -0.5 | % | 3.1 | % | -3.6 | % |
| 700 | 739 | -5.3 | % | -3.8 | % | -1.5 | % | |||||
| TOTAL CONSUMER HEALTH | |||||||||||||||||||||||
| US |
| 1,696 | 1,529 | 10.9 | % | 10.9 | % | - |
|
| 6,599 | 6,516 | 1.3 | % | 1.3 | % | - |
| |||||
| Intl |
| 2,071 | 2,199 | -5.8 | % | 3.2 | % | -9.0 | % |
| 8,354 | 8,519 | -1.9 | % | 5.3 | % | -7.2 | % | |||||
| WW | $ | 3,767 | 3,728 | 1.0 | % | 6.4 | % | -5.4 | % | $ | 14,953 | 15,035 | -0.5 | % | 3.6 | % | -4.1 | % | |||||
| 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) |
| 2022 | 2021 | Reported | Operational (1) | Currency |
|
| 2022 | 2021 | Reported | Operational (1) | Currency | ||||||||||
| IMMUNOLOGY | |||||||||||||||||||||||
| US | $ | 2,805 | 2,912 | -3.6 | % | -3.6 | % | - |
| $ | 11,036 | 10,843 | 1.8 | % | 1.8 | % | - | ||||||
| Intl |
| 1,312 | 1,443 | -9.1 | % | 2.1 | % | -11.2 | % |
| 5,899 | 5,907 | -0.1 | % | 10.3 | % | -10.4 | % | |||||
| WW |
| 4,118 | 4,355 | -5.4 | % | -1.8 | % | -3.6 | % |
| 16,935 | 16,750 | 1.1 | % | 4.8 | % | -3.7 | % | |||||
| REMICADE |
| ||||||||||||||||||||||
| US |
| 318 | 511 | -37.7 | % | -37.7 | % | - |
|
| 1,417 | 2,019 | -29.8 | % | -29.8 | % | - | ||||||
| US Exports (4) |
| 41 | 39 | 5.1 | % | 5.1 | % | - |
|
| 204 | 236 | -13.6 | % | -13.6 | % | - | ||||||
| Intl |
| 116 | 214 | -45.9 | % | -41.3 | % | -4.6 | % |
| 722 | 935 | -22.8 | % | -18.7 | % | -4.1 | % | |||||
| WW |
| 475 | 764 | -37.8 | % | -36.5 | % | -1.3 | % |
| 2,343 | 3,190 | -26.6 | % | -25.3 | % | -1.3 | % | |||||
| SIMPONI / SIMPONI ARIA |
| ||||||||||||||||||||||
| US |
| 280 | 287 | -2.2 | % | -2.2 | % | - |
|
| 1,166 | 1,127 | 3.5 | % | 3.5 | % | - | ||||||
| Intl |
| 220 | 271 | -18.6 | % | -7.4 | % | -11.2 | % |
| 1,017 | 1,148 | -11.4 | % | -1.4 | % | -10.0 | % | |||||
| WW |
| 501 | 559 | -10.2 | % | -4.7 | % | -5.5 | % |
| 2,184 | 2,276 | -4.0 | % | 1.0 | % | -5.0 | % | |||||
| STELARA |
| ||||||||||||||||||||||
| US |
| 1,621 | 1,542 | 5.2 | % | 5.2 | % | - |
|
| 6,388 | 5,938 | 7.6 | % | 7.6 | % | - | ||||||
| Intl |
| 764 | 792 | -3.5 | % | 8.1 | % | -11.6 | % |
| 3,335 | 3,196 | 4.4 | % | 15.7 | % | -11.3 | % | |||||
| WW |
| 2,386 | 2,334 | 2.3 | % | 6.2 | % | -3.9 | % |
| 9,723 | 9,134 | 6.5 | % | 10.4 | % | -3.9 | % | |||||
| TREMFYA |
| ||||||||||||||||||||||
| US |
| 541 | 528 | 2.5 | % | 2.5 | % | - |
|
| 1,844 | 1,503 | 22.7 | % | 22.7 | % | - | ||||||
| Intl |
| 211 | 165 | 27.5 | % | 44.5 | % | -17.0 | % |
| 824 | 624 | 32.0 | % | 47.8 | % | -15.8 | % | |||||
| WW |
| 752 | 693 | 8.5 | % | 12.5 | % | -4.0 | % |
| 2,668 | 2,127 | 25.4 | % | 30.1 | % | -4.7 | % | |||||
| OTHER IMMUNOLOGY |
| ||||||||||||||||||||||
| US |
| 3 | 6 | -53.5 | % | -53.5 | % | - |
|
| 17 | 21 | -18.4 | % | -18.4 | % | - | ||||||
| Intl |
| 0 | 0 | * | * | * |
| 0 | 3 | * | * | * | |||||||||||
| WW |
| 3 | 6 | -53.3 | % | -53.3 | % | 0.0 | % |
| 17 | 24 | -28.2 | % | -28.2 | % | 0.0 | % | |||||
| INFECTIOUS DISEASES |
| ||||||||||||||||||||||
| US |
| 414 | 614 | -32.6 | % | -32.6 | % | - |
|
| 1,680 | 2,249 | -25.3 | % | -25.3 | % | - | ||||||
| Intl |
| 1,127 | 1,818 | -38.0 | % | -31.0 | % | -7.0 | % |
| 3,769 | 3,576 | 5.4 | % | 17.3 | % | -11.9 | % | |||||
| WW |
| 1,540 | 2,431 | -36.6 | % | -31.4 | % | -5.2 | % |
| 5,449 | 5,825 | -6.5 | % | 0.8 | % | -7.3 | % | |||||
| COVID-19 VACCINE |
| ||||||||||||||||||||||
| US |
| 0 | 213 | * | * | - |
|
| 120 | 634 | -81.1 | % | -81.1 | % | - | ||||||||
| Intl |
| 689 | 1,405 | -50.9 | % | -45.0 | % | -5.9 | % |
| 2,059 | 1,751 | 17.6 | % | 32.1 | % | -14.5 | % | |||||
| WW |
| 689 | 1,619 | -57.4 | % | -52.2 | % | -5.2 | % |
| 2,179 | 2,385 | -8.6 | % | 2.0 | % | -10.6 | % | |||||
| EDURANT / rilpivirine |
| ||||||||||||||||||||||
| US |
| 9 | 10 | 1.2 | % | 1.2 | % | - |
|
| 36 | 41 | -10.8 | % | -10.8 | % | - | ||||||
| Intl |
| 281 | 220 | 27.6 | % | 39.2 | % | -11.6 | % |
| 972 | 953 | 2.0 | % | 12.7 | % | -10.7 | % | |||||
| WW |
| 290 | 230 | 26.5 | % | 37.6 | % | -11.1 | % |
| 1,008 | 994 | 1.5 | % | 11.8 | % | -10.3 | % | |||||
| PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA |
| ||||||||||||||||||||||
| US |
| 398 | 380 | 4.7 | % | 4.7 | % | - |
|
| 1,494 | 1,508 | -1.0 | % | -1.0 | % | - | ||||||
| Intl |
| 95 | 135 | -29.5 | % | -20.5 | % | -9.0 | % |
| 449 | 575 | -21.9 | % | -13.4 | % | -8.5 | % | |||||
| WW |
| 493 | 515 | -4.3 | % | -1.9 | % | -2.4 | % |
| 1,943 | 2,083 | -6.7 | % | -4.4 | % | -2.3 | % | |||||
| OTHER INFECTIOUS DISEASES |
| ||||||||||||||||||||||
| US |
| 6 | 11 | -47.1 | % | -47.1 | % | - |
|
| 30 | 66 | -55.5 | % | -55.5 | % | - | ||||||
| Intl |
| 61 | 57 | 7.3 | % | 18.0 | % | -10.7 | % |
| 289 | 297 | -2.6 | % | 3.6 | % | -6.2 | % | |||||
| WW |
| 67 | 68 | -1.6 | % | 7.4 | % | -9.0 | % |
| 318 | 363 | -12.3 | % | -7.2 | % | -5.1 | % | |||||
| REPORTED SALES vs. PRIOR PERIOD ($MM) |
| REPORTED SALES vs. PRIOR PERIOD ($MM) | |||||||||||||||||||
|
| FOURTH QUARTER |
|
| TWELVE MONTHS | |||||||||||||||||
|
|
|
|
| % Change |
|
|
|
|
| % Change | |||||||||||
|
| 2022 | 2021 | Reported | Operational (1) | Currency |
|
| 2022 | 2021 | Reported | Operational (1) | Currency | |||||||||
| NEUROSCIENCE | |||||||||||||||||||||
| US | 912 | 899 | 1.4 | % | 1.4 | % | - |
| 3,570 | 3,347 | 6.7 | % | 6.7 | % | - |
| |||||
| Intl | 825 | 890 | -7.2 | % | 3.3 | % | -10.5 | % | 3,323 | 3,641 | -8.7 | % | 0.4 | % | -9.1 | % | |||||
| WW | 1,737 | 1,789 | -2.8 | % | 2.4 | % | -5.2 | % | 6,893 | 6,988 | -1.4 | % | 3.4 | % | -4.8 | % | |||||
| CONCERTA / Methylphenidate | |||||||||||||||||||||
| US | 37 | 55 | -34.3 | % | -34.3 | % | - |
| 151 | 172 | -12.5 | % | -12.5 | % | - |
| |||||
| Intl | 131 | 123 | 6.5 | % | 20.3 | % | -13.8 | % | 493 | 495 | -0.4 | % | 9.9 | % | -10.3 | % | |||||
| WW | 168 | 178 | -6.2 | % | 3.4 | % | -9.6 | % | 644 | 667 | -3.5 | % | 4.1 | % | -7.6 | % | |||||
| INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA | |||||||||||||||||||||
| US | 678 | 668 | 1.8 | % | 1.8 | % | - |
| 2,714 | 2,550 | 6.5 | % | 6.5 | % | - |
| |||||
| Intl | 329 | 361 | -8.8 | % | 2.7 | % | -11.5 | % | 1,426 | 1,472 | -3.1 | % | 7.8 | % | -10.9 | % | |||||
| WW | 1,008 | 1,029 | -2.0 | % | 2.1 | % | -4.1 | % | 4,140 | 4,022 | 3.0 | % | 6.9 | % | -3.9 | % | |||||
| RISPERDAL CONSTA | |||||||||||||||||||||
| US | 62 | 77 | -19.4 | % | -19.4 | % | - |
| 257 | 287 | -10.4 | % | -10.4 | % | - |
| |||||
| Intl | 50 | 63 | -21.5 | % | -9.7 | % | -11.8 | % | 228 | 305 | -25.3 | % | -15.5 | % | -9.8 | % | |||||
| WW | 112 | 140 | -20.4 | % | -15.0 | % | -5.4 | % | 485 | 592 | -18.1 | % | -13.0 | % | -5.1 | % | |||||
| OTHER NEUROSCIENCE | |||||||||||||||||||||
| US | 134 | 99 | 35.5 | % | 35.5 | % | - |
| 447 | 338 | 32.4 | % | 32.4 | % | - |
| |||||
| Intl | 315 | 342 | -7.7 | % | 0.3 | % | -8.0 | % | 1,176 | 1,368 | -14.1 | % | -7.5 | % | -6.6 | % | |||||
| WW | 449 | 441 | 2.0 | % | 8.2 | % | -6.2 | % | 1,623 | 1,706 | -4.9 | % | 0.4 | % | -5.3 | % | |||||
| ONCOLOGY | |||||||||||||||||||||
| US | 1,857 | 1,594 | 16.5 | % | 16.5 | % | - |
| 6,930 | 5,958 | 16.3 | % | 16.3 | % | - |
| |||||
| Intl | 2,069 | 2,184 | -5.3 | % | 6.8 | % | -12.1 | % | 9,052 | 8,590 | 5.4 | % | 17.3 | % | -11.9 | % | |||||
| WW | 3,927 | 3,778 | 3.9 | % | 10.9 | % | -7.0 | % | 15,983 | 14,548 | 9.9 | % | 16.9 | % | -7.0 | % | |||||
| DARZALEX | |||||||||||||||||||||
| US | 1,139 | 867 | 31.4 | % | 31.4 | % | - |
| 4,210 | 3,169 | 32.8 | % | 32.8 | % | - |
| |||||
| Intl | 944 | 778 | 21.3 | % | 36.7 | % | -15.4 | % | 3,767 | 2,854 | 32.0 | % | 47.0 | % | -15.0 | % | |||||
| WW | 2,083 | 1,645 | 26.6 | % | 33.9 | % | -7.3 | % | 7,977 | 6,023 | 32.4 | % | 39.5 | % | -7.1 | % | |||||
| ERLEADA | |||||||||||||||||||||
| US | 275 | 235 | 17.2 | % | 17.2 | % | - |
| 968 | 813 | 19.2 | % | 19.2 | % | - |
| |||||
| Intl | 266 | 149 | 78.0 | % | 97.8 | % | -19.8 | % | 913 | 478 | * | * | * | ||||||||
| WW | 541 | 384 | 40.9 | % | 48.6 | % | -7.7 | % | 1,881 | 1,291 | 45.7 | % | 53.0 | % | -7.3 | % | |||||
| IMBRUVICA | |||||||||||||||||||||
| US | 318 | 436 | -27.0 | % | -27.0 | % | - |
| 1,390 | 1,747 | -20.4 | % | -20.4 | % | - |
| |||||
| Intl | 547 | 626 | -12.5 | % | -2.0 | % | -10.5 | % | 2,394 | 2,622 | -8.7 | % | 1.0 | % | -9.7 | % | |||||
| WW | 866 | 1,062 | -18.5 | % | -12.3 | % | -6.2 | % | 3,784 | 4,369 | -13.4 | % | -7.6 | % | -5.8 | % | |||||
| ZYTIGA / abiraterone acetate | |||||||||||||||||||||
| US | 20 | 23 | -14.3 | % | -14.3 | % | - |
| 74 | 119 | -37.8 | % | -37.8 | % | - |
| |||||
| Intl | 250 | 525 | -52.4 | % | -44.8 | % | -7.6 | % | 1,696 | 2,178 | -22.1 | % | -12.3 | % | -9.8 | % | |||||
| WW | 270 | 548 | -50.8 | % | -43.6 | % | -7.2 | % | 1,770 | 2,297 | -22.9 | % | -13.6 | % | -9.3 | % | |||||
| OTHER ONCOLOGY | |||||||||||||||||||||
| US | 106 | 34 | * | * | - |
| 289 | 110 | * | * | - |
| |||||||||
| Intl | 63 | 106 | -41.1 | % | -33.1 | % | -8.0 | % | 283 | 458 | -38.3 | % | -31.6 | % | -6.7 | % | |||||
| WW | 168 | 140 | 20.6 | % | 26.7 | % | -6.1 | % | 571 | 568 | 0.6 | % | 6.0 | % | -5.4 | % | |||||
| REPORTED SALES vs. PRIOR PERIOD ($MM) |
|
| REPORTED SALES vs. PRIOR PERIOD ($MM) | ||||||||||||||||||||
| FOURTH QUARTER |
|
| TWELVE MONTHS | ||||||||||||||||||||
|
|
|
|
| % Change |
|
|
|
|
| % Change | |||||||||||||
|
| 2022 |
| 2021 | Reported | Operational (1) | Currency |
|
| 2022 |
| 2021 | Reported | Operational (1) | Currency | |||||||||
| PULMONARY HYPERTENSION | |||||||||||||||||||||||
| US |
| 610 | 587 | 3.9 | % | 3.9 | % | - |
|
| 2,346 | 2,365 | -0.8 | % | -0.8 | % | - |
| |||||
| Intl |
| 261 | 264 | -1.3 | % | 13.5 | % | -14.8 | % |
| 1,071 | 1,085 | -1.3 | % | 11.2 | % | -12.5 | % | |||||
| WW |
| 870 | 851 | 2.3 | % | 6.9 | % | -4.6 | % |
| 3,417 | 3,450 | -1.0 | % | 3.0 | % | -4.0 | % | |||||
| OPSUMIT | |||||||||||||||||||||||
| US |
| 305 | 286 | 7.0 | % | 7.0 | % | - |
|
| 1,132 | 1,147 | -1.3 | % | -1.3 | % | - |
| |||||
| Intl |
| 156 | 162 | -3.7 | % | 11.0 | % | -14.7 | % |
| 651 | 672 | -3.2 | % | 9.3 | % | -12.5 | % | |||||
| WW |
| 461 | 448 | 3.1 | % | 8.4 | % | -5.3 | % |
| 1,783 | 1,819 | -2.0 | % | 2.6 | % | -4.6 | % | |||||
| UPTRAVI | |||||||||||||||||||||||
| US |
| 280 | 264 | 6.3 | % | 6.3 | % | - |
|
| 1,104 | 1,056 | 4.5 | % | 4.5 | % | - |
| |||||
| Intl |
| 56 | 46 | 20.4 | % | 33.3 | % | -12.9 | % |
| 218 | 181 | 20.4 | % | 32.4 | % | -12.0 | % | |||||
| WW |
| 336 | 310 | 8.4 | % | 10.3 | % | -1.9 | % |
| 1,322 | 1,237 | 6.9 | % | 8.6 | % | -1.7 | % | |||||
| OTHER PULMONARY HYPERTENSION | |||||||||||||||||||||||
| US |
| 24 | 38 | -35.5 | % | -35.5 | % | - |
|
| 110 | 163 | -32.3 | % | -32.3 | % | - |
| |||||
| Intl |
| 48 | 56 | -12.2 | % | 4.4 | % | -16.6 | % |
| 202 | 232 | -12.8 | % | 0.3 | % | -13.1 | % | |||||
| WW |
| 73 | 94 | -21.7 | % | -11.8 | % | -9.9 | % |
| 313 | 395 | -20.8 | % | -13.1 | % | -7.7 | % | |||||
| CARDIOVASCULAR / METABOLISM / OTHER | |||||||||||||||||||||||
| US |
| 776 | 813 | -4.4 | % | -4.4 | % | - |
|
| 3,042 | 3,192 | -4.7 | % | -4.7 | % | - |
| |||||
| Intl |
| 194 | 200 | -3.4 | % | 5.7 | % | -9.1 | % |
| 845 | 927 | -8.9 | % | -1.7 | % | -7.2 | % | |||||
| WW |
| 971 | 1,013 | -4.2 | % | -2.4 | % | -1.8 | % |
| 3,887 | 4,119 | -5.6 | % | -4.0 | % | -1.6 | % | |||||
| XARELTO | |||||||||||||||||||||||
| US |
| 667 | 644 | 3.4 | % | 3.4 | % | - |
|
| 2,473 | 2,438 | 1.4 | % | 1.4 | % | - |
| |||||
| Intl |
| - | - | - |
| - |
| - |
|
| - | - | - |
| - |
| - |
| |||||
| WW |
| 667 | 644 | 3.4 | % | 3.4 | % | - |
|
| 2,473 | 2,438 | 1.4 | % | 1.4 | % | - |
| |||||
| INVOKANA / INVOKAMET | |||||||||||||||||||||||
| US |
| 29 | 59 | -51.3 | % | -51.3 | % | - |
|
| 193 | 308 | -37.4 | % | -37.4 | % | - |
| |||||
| Intl |
| 62 | 60 | 2.3 | % | 11.2 | % | -8.9 | % |
| 255 | 254 | 0.1 | % | 7.3 | % | -7.2 | % | |||||
| WW |
| 91 | 120 | -24.1 | % | -19.6 | % | -4.5 | % |
| 448 | 563 | -20.4 | % | -17.2 | % | -3.2 | % | |||||
| OTHER | |||||||||||||||||||||||
| US |
| 81 | 110 | -25.7 | % | -25.7 | % | - |
|
| 376 | 446 | -15.5 | % | -15.5 | % | - |
| |||||
| Intl |
| 132 | 140 | -5.9 | % | 3.3 | % | -9.2 | % |
| 590 | 673 | -12.3 | % | -5.1 | % | -7.2 | % | |||||
| WW |
| 213 | 250 | -14.6 | % | -9.4 | % | -5.2 | % |
| 966 | 1,119 | -13.6 | % | -9.3 | % | -4.3 | % | |||||
| TOTAL PHARMACEUTICAL | |||||||||||||||||||||||
| US |
| 7,375 | 7,418 | -0.6 | % | -0.6 | % | - |
|
| 28,604 | 27,954 | 2.3 | % | 2.3 | % | - |
| |||||
| Intl |
| 5,788 | 6,799 | -14.9 | % | -4.5 | % | -10.4 | % |
| 23,959 | 23,726 | 1.0 | % | 11.9 | % | -10.9 | % | |||||
| WW | $ | 13,163 | 14,217 | -7.4 | % | -2.5 | % | -4.9 | % | $ | 52,563 | 51,680 | 1.7 | % | 6.7 | % | -5.0 | % | |||||
| See footnotes at end of schedule | |||||||||||||||||||||||
| REPORTED SALES vs. PRIOR PERIOD ($MM) | REPORTED SALES vs. PRIOR PERIOD ($MM) | ||||||||||||||||||||||
| FOURTH QUARTER | TWELVE MONTHS | ||||||||||||||||||||||
|
|
|
| % Change |
|
|
|
|
| % Change | ||||||||||||||
| MEDTECH SEGMENT (2,3,5) | 2022 |
| 2021 | Reported | Operational (1) | Currency |
|
| 2022 |
| 2021 | Reported | Operational (1) | Currency | |||||||||
| INTERVENTIONAL SOLUTIONS | |||||||||||||||||||||||
| US | $ | 603 | 483 | 24.9 | % | 24.9 | % | - |
| $ | 2,169 | 1,836 | 18.2 | % | 18.2 | % | - |
| |||||
| Intl |
| 495 | 536 | -7.6 | % | 6.2 | % | -13.8 | % |
| 2,131 | 2,135 | -0.2 | % | 9.9 | % | -10.1 | % | |||||
| WW |
| 1,098 | 1,019 | 7.8 | % | 15.1 | % | -7.3 | % |
| 4,300 | 3,971 | 8.3 | % | 13.7 | % | -5.4 | % | |||||
| ORTHOPAEDICS | |||||||||||||||||||||||
| US |
| 1,385 | 1,305 | 6.1 | % | 6.1 | % | - |
|
| 5,321 | 5,126 | 3.8 | % | 3.8 | % | - |
| |||||
| Intl |
| 763 | 851 | -10.4 | % | 0.8 | % | -11.2 | % |
| 3,267 | 3,462 | -5.6 | % | 3.4 | % | -9.0 | % | |||||
| WW |
| 2,148 | 2,155 | -0.4 | % | 4.0 | % | -4.4 | % |
| 8,587 | 8,588 | 0.0 | % | 3.7 | % | -3.7 | % | |||||
| HIPS | |||||||||||||||||||||||
| US |
| 250 | 227 | 9.7 | % | 9.7 | % | - |
|
| 943 | 878 | 7.3 | % | 7.3 | % | - |
| |||||
| Intl |
| 135 | 151 | -10.4 | % | 0.4 | % | -10.8 | % |
| 571 | 602 | -5.1 | % | 3.6 | % | -8.7 | % | |||||
| WW |
| 385 | 378 | 1.7 | % | 6.0 | % | -4.3 | % |
| 1,514 | 1,480 | 2.3 | % | 5.8 | % | -3.5 | % | |||||
| KNEES | |||||||||||||||||||||||
| US |
| 231 | 208 | 11.8 | % | 11.8 | % | - |
|
| 851 | 787 | 8.2 | % | 8.2 | % | - |
| |||||
| Intl |
| 122 | 135 | -9.5 | % | 1.2 | % | -10.7 | % |
| 508 | 538 | -5.7 | % | 3.1 | % | -8.8 | % | |||||
| WW |
| 354 | 342 | 3.4 | % | 7.6 | % | -4.2 | % |
| 1,359 | 1,325 | 2.6 | % | 6.1 | % | -3.5 | % | |||||
| TRAUMA | |||||||||||||||||||||||
| US |
| 470 | 467 | 0.7 | % | 0.7 | % | - |
|
| 1,882 | 1,819 | 3.5 | % | 3.5 | % | - |
| |||||
| Intl |
| 240 | 261 | -7.9 | % | 3.5 | % | -11.4 | % |
| 989 | 1,066 | -7.2 | % | 2.6 | % | -9.8 | % | |||||
| WW |
| 710 | 728 | -2.4 | % | 1.7 | % | -4.1 | % |
| 2,871 | 2,885 | -0.5 | % | 3.1 | % | -3.6 | % | |||||
| SPINE, SPORTS & OTHER | |||||||||||||||||||||||
| US |
| 434 | 403 | 7.5 | % | 7.5 | % | - |
|
| 1,645 | 1,642 | 0.2 | % | 0.2 | % | - |
| |||||
| Intl |
| 265 | 304 | -12.9 | % | -1.5 | % | -11.4 | % |
| 1,198 | 1,256 | -4.6 | % | 4.3 | % | -8.9 | % | |||||
| WW |
| 699 | 708 | -1.3 | % | 3.6 | % | -4.9 | % |
| 2,843 | 2,898 | -1.9 | % | 1.9 | % | -3.8 | % | |||||
| REPORTED SALES vs. PRIOR PERIOD ($MM) |
| REPORTED SALES vs. PRIOR PERIOD ($MM) | |||||||||||||||||||||
| FOURTH QUARTER |
| TWELVE MONTHS | |||||||||||||||||||||
|
|
|
|
|
| % Change |
|
|
|
|
|
| % Change | |||||||||||
|
| 2022 |
| 2021 | Reported | Operational (1) | Currency |
|
| 2022 |
| 2021 | Reported | Operational (1) | Currency | |||||||||
| SURGERY | |||||||||||||||||||||||
| US |
| 1,000 | 986 | 1.5 | % | 1.5 | % | - |
|
| 3,897 | 3,867 | 0.8 | % | 0.8 | % | - |
| |||||
| Intl |
| 1,383 | 1,527 | -9.4 | % | 1.4 | % | -10.8 | % |
| 5,793 | 5,945 | -2.6 | % | 5.7 | % | -8.3 | % | |||||
| WW |
| 2,384 | 2,513 | -5.1 | % | 1.4 | % | -6.5 | % |
| 9,690 | 9,812 | -1.2 | % | 3.8 | % | -5.0 | % | |||||
| ADVANCED | |||||||||||||||||||||||
| US |
| 456 | 457 | -0.2 | % | -0.2 | % | - |
|
| 1,784 | 1,761 | 1.3 | % | 1.3 | % | - |
| |||||
| Intl |
| 653 | 735 | -11.1 | % | -0.4 | % | -10.7 | % |
| 2,785 | 2,861 | -2.6 | % | 5.3 | % | -7.9 | % | |||||
| WW |
| 1,109 | 1,192 | -7.0 | % | -0.3 | % | -6.7 | % |
| 4,569 | 4,622 | -1.1 | % | 3.8 | % | -4.9 | % | |||||
| GENERAL | |||||||||||||||||||||||
| US |
| 544 | 528 | 3.1 | % | 3.1 | % | - |
|
| 2,113 | 2,105 | 0.4 | % | 0.4 | % | - |
| |||||
| Intl |
| 731 | 793 | -7.8 | % | 3.0 | % | -10.8 | % |
| 3,008 | 3,085 | -2.5 | % | 6.2 | % | -8.7 | % | |||||
| WW |
| 1,275 | 1,321 | -3.5 | % | 3.0 | % | -6.5 | % |
| 5,121 | 5,190 | -1.3 | % | 3.8 | % | -5.1 | % | |||||
| VISION | |||||||||||||||||||||||
| US |
| 456 | 443 | 3.1 | % | 3.1 | % | - |
|
| 1,990 | 1,857 | 7.2 | % | 7.2 | % | - |
| |||||
| Intl |
| 689 | 728 | -5.4 | % | 5.9 | % | -11.3 | % |
| 2,859 | 2,831 | 1.0 | % | 11.1 | % | -10.1 | % | |||||
| WW |
| 1,145 | 1,171 | -2.2 | % | 4.8 | % | -7.0 | % |
| 4,849 | 4,688 | 3.4 | % | 9.5 | % | -6.1 | % | |||||
| CONTACT LENSES / OTHER | |||||||||||||||||||||||
| US |
| 343 | 316 | 8.6 | % | 8.6 | % | - |
|
| 1,522 | 1,398 | 8.9 | % | 8.9 | % | - |
| |||||
| Intl |
| 489 | 518 | -5.6 | % | 7.2 | % | -12.8 | % |
| 2,022 | 2,043 | -1.0 | % | 10.1 | % | -11.1 | % | |||||
| WW |
| 831 | 833 | -0.2 | % | 7.7 | % | -7.9 | % |
| 3,543 | 3,440 | 3.0 | % | 9.6 | % | -6.6 | % | |||||
| SURGICAL | |||||||||||||||||||||||
| US |
| 113 | 126 | -10.7 | % | -10.7 | % | - |
|
| 468 | 459 | 2.0 | % | 2.0 | % | - |
| |||||
| Intl |
| 200 | 211 | -5.0 | % | 2.9 | % | -7.9 | % |
| 837 | 788 | 6.2 | % | 13.7 | % | -7.5 | % | |||||
| WW |
| 314 | 338 | -7.1 | % | -2.2 | % | -4.9 | % |
| 1,306 | 1,248 | 4.6 | % | 9.4 | % | -4.8 | % | |||||
| TOTAL MEDTECH | |||||||||||||||||||||||
| US |
| 3,445 | 3,216 | 7.1 | % | 7.1 | % | - |
|
| 13,377 | 12,686 | 5.4 | % | 5.4 | % | - |
| |||||
| Intl |
| 3,331 | 3,643 | -8.6 | % | 2.9 | % | -11.5 | % |
| 14,050 | 14,374 | -2.3 | % | 6.9 | % | -9.2 | % | |||||
| WW | $ | 6,776 | 6,859 | -1.2 | % | 4.9 | % | -6.1 | % | $ | 27,427 | 27,060 | 1.4 | % | 6.2 | % | -4.8 | % | |||||
| 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) Certain prior year amounts have been reclassified to conform to current year product disclosures | |||||||||||||||||||||||
| (4) Reported as U.S. sales | |||||||||||||||||||||||
| (5) Previously referred to as Medical Devices | |||||||||||||||||||||||
| Supplemental Sales Reconciliation (Unaudited) | |||||||||||||||||||||||||||||
| (Dollars in Millions) | |||||||||||||||||||||||||||||
| FOURTH QUARTER |
| TWELVE MONTHS | |||||||||||||||||||||||||||
|
|
|
|
| Percent Change |
|
|
|
|
| Percent Change | |||||||||||||||||||
| 2022 |
| 2021 |
| Total |
| Operations |
| Currency |
| 2022 |
| 2021 |
| Total |
| Operations |
| Currency | |||||||||||
| Pharmaceutical | |||||||||||||||||||||||||||||
| U.S. | $ | 7,375 | 7,418 | (0.6 | ) | % | (0.6 | ) | - |
| $ | 28,604 | 27,954 | 2.3 |
| % | 2.3 |
| - |
| |||||||||
| International |
| 5,788 | 6,799 | (14.9 | ) | (4.5 | ) | (10.4 | ) |
| 23,959 | 23,726 | 1.0 |
| 11.9 |
| (10.9 | ) | |||||||||||
| Worldwide |
| 13,163 | 14,217 | (7.4 | ) | (2.5 | ) | (4.9 | ) |
| 52,563 | 51,680 | 1.7 |
| 6.7 |
| (5.0 | ) | |||||||||||
| COVID-19 Vaccine | |||||||||||||||||||||||||||||
| U.S. |
| 0 | 213 | * | * | - |
|
| 120 | 634 | (81.1 | ) | (81.1 | ) | - |
| |||||||||||||
| International |
| 689 | 1,405 | (50.9 | ) | (45.0 | ) | (5.9 | ) |
| 2,059 | 1,751 | 17.6 |
| 32.1 |
| (14.5 | ) | |||||||||||
| Worldwide |
| 689 | 1,619 | (57.4 | ) | (52.2 | ) | (5.2 | ) |
| 2,179 | 2,385 | (8.6 | ) | 2.0 |
| (10.6 | ) | |||||||||||
| Pharmaceutical excluding COVID-19 Vaccine | |||||||||||||||||||||||||||||
| U.S. |
| 7,375 | 7,205 | 2.4 |
| 2.4 |
| - |
|
| 28,484 | 27,320 | 4.3 |
| 4.3 |
| - |
| |||||||||||
| International |
| 5,099 | 5,394 | (5.5 | ) | 6.0 |
| (11.5 | ) |
| 21,900 | 21,975 | (0.3 | ) | 10.3 |
| (10.6 | ) | |||||||||||
| Worldwide |
| 12,474 | 12,599 | (1.0 | ) | 3.9 |
| (4.9 | ) |
| 50,384 | 49,295 | 2.2 |
| 6.9 |
| (4.7 | ) | |||||||||||
| Worldwide | |||||||||||||||||||||||||||||
| U.S. |
| 12,516 | 12,163 | 2.9 |
| 2.9 |
| - |
|
| 48,580 | 47,156 | 3.0 |
| 3.0 |
| - |
| |||||||||||
| International |
| 11,190 | 12,641 | (11.5 | ) | (1.1 | ) | (10.4 | ) |
| 46,363 | 46,619 | (0.6 | ) | 9.1 |
| (9.7 | ) | |||||||||||
| Worldwide |
| 23,706 | 24,804 | (4.4 | ) | 0.9 |
| (5.3 | ) |
| 94,943 | 93,775 | 1.3 |
| 6.1 |
| (4.8 | ) | |||||||||||
| COVID-19 Vaccine | |||||||||||||||||||||||||||||
| U.S. |
| 0 | 213 | * | * | - |
|
| 120 | 634 | (81.1 | ) | (81.1 | ) | - |
| |||||||||||||
| International |
| 689 | 1,405 | (50.9 | ) | (45.0 | ) | (5.9 | ) |
| 2,059 | 1,751 | 17.6 |
| 32.1 |
| (14.5 | ) | |||||||||||
| Worldwide |
| 689 | 1,619 | (57.4 | ) | (52.2 | ) | (5.2 | ) |
| 2,179 | 2,385 | (8.6 | ) | 2.0 |
| (10.6 | ) | |||||||||||
| Worldwide | |||||||||||||||||||||||||||||
| U.S. |
| 12,516 | 11,950 | 4.7 |
| 4.7 |
| - |
|
| 48,460 | 46,522 | 4.2 |
| 4.2 |
| - |
| |||||||||||
| International |
| 10,501 | 11,236 | (6.5 | ) | 4.4 |
| (10.9 | ) |
| 44,304 | 44,868 | (1.3 | ) | 8.2 |
| (9.5 | ) | |||||||||||
| Worldwide excluding COVID-19 Vaccine | $ | 23,017 | 23,186 | (0.7 | ) | % | 4.6 |
| (5.3 | ) | $ | 92,764 | 91,390 | 1.5 |
| % | 6.2 |
| (4.7 | ) | |||||||||
| Note: Columns and rows within tables may not add due to rounding | |||||||||||||||||||||||||||||
| * Percentage greater than 100% or not meaningful | |||||||||||||||||||||||||||||
| Johnson & Johnson and Subsidiaries | |||||||||||||||||||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | |||||||||||||||||||||||||||||||||||
| Q4 QTD - Income Before Tax by Segment* | |||||||||||||||||||||||||||||||||||
| Dollars in Millions | |||||||||||||||||||||||||||||||||||
| Consumer Health1 |
| Pharmaceutical1 |
| MedTech |
| Unallocated |
| Consumer Health |
| Worldwide Total | |||||||||||||||||||||||||
| 2022 |
| 2021 |
| 2022 |
| 2021 |
| 2022 |
| 2021 |
| 2022 |
| 2021 |
| 2022 |
| 2021 |
| 2022 |
| 2021 | |||||||||||||
| Reported Income Before Tax by Segment$ | 651 |
| 442 |
| 3,308 |
| 4,306 |
| 865 |
| 575 |
| (153 | ) | (420 | ) | (470 | ) | (67 | ) | 4,201 |
| 4,836 |
| |||||||||||
| % to Sales | 17.3 | % | 11.9 | % | 25.1 | % | 30.3 | % | 12.8 | % | 8.4 | % | -0.6 | % | -1.7 | % | -2.0 | % | -0.3 | % | 17.7 | % | 19.5 | % | |||||||||||
| Intangible asset amortization expense | 84 |
| 100 |
| 717 |
| 761 |
| 260 |
| 260 |
| - |
| - |
| - |
| - |
| 1,061 |
| 1,121 |
| |||||||||||
| In-process research and development | - |
| - |
| 173 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 173 |
| - |
| |||||||||||
| Litigation related | 72 |
| 122 |
| 61 |
| (35 | ) | 129 |
| 187 |
| - |
| - |
| - |
| - |
| 262 |
| 274 |
| |||||||||||
| Loss/(gain) on securities | - |
| 1 |
| 23 |
| (237 | ) | (17 | ) | 38 |
| - |
| - |
| - |
| - |
| 6 |
| (198 | ) | |||||||||||
| Restructuring related | 21 |
| 28 |
| 31 |
| 22 |
| 88 |
| 90 |
| - |
| - |
| - |
| - |
| 140 |
| 140 |
| |||||||||||
| Acquisition, integration and divestiture related | - |
| - |
| (104 | ) | 5 |
| 300 |
| 21 |
| - |
| - |
| - |
| - |
| 196 |
| 26 |
| |||||||||||
| Medical Device Regulation | - |
| - |
| - |
| - |
| 88 |
| 73 |
| - |
| - |
| - |
| - |
| 88 |
| 73 |
| |||||||||||
| COVID-19 Vaccine related costs | - |
| - |
| 821 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 821 |
| - |
| |||||||||||
| Consumer Health separation costs | - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 470 |
| 67 |
| 470 |
| 67 |
| |||||||||||
| Other | - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| |||||||||||
| Adjusted Income Before Tax by Segment$ | 828 |
| 693 |
| 5,030 |
| 4,822 |
| 1,713 |
| 1,244 |
| (153 | ) | (420 | ) | - |
| - |
| 7,418 |
| 6,339 |
| |||||||||||
| % to Sales | 22.0 | % | 18.6 | % | 38.2 | % | 33.9 | % | 25.3 | % | 18.1 | % | -0.6 | % | -1.7 | % | 0.0 | % | 0.0 | % | 31.3 | % | 25.6 | % | |||||||||||
| 1 Prior year income before tax has been reclassified as Certain international OTC products, primarily in China, were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes | |||||||||||||||||||||||||||||||||||
| *Estimated as of 1/24/2023 | |||||||||||||||||||||||||||||||||||
| Johnson & Johnson and Subsidiaries | |||||||||||||||||||||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | |||||||||||||||||||||||||||||||||||
| Q4 YTD - Income Before Tax by Segment* | |||||||||||||||||||||||||||||||||||
| Dollars in Millions | |||||||||||||||||||||||||||||||||||
| Consumer Health | |||||||||||||||||||||||||||||||||||
| Consumer Health1 |
| Pharmaceutical1 |
| MedTech |
| Unallocated |
|
| Worldwide Total | ||||||||||||||||||||||||||
| 2022 |
| 2021 |
| 2022 |
| 2021 |
| 2022 |
| 2021 |
| 2022 |
| 2021 |
| 2022 |
| 2021 |
| 2022 |
| 2021 | |||||||||||||
| Reported Income Before Tax by Segment$ | 2,930 |
| 1,573 |
| 15,901 |
| 17,969 |
| 4,607 |
| 4,373 |
| (624 | ) | (1,072 | ) | (1,089 | ) | (67 | ) | 21,725 |
| 22,776 |
| |||||||||||
| % to Sales | 19.6 | % | 10.5 | % | 30.3 | % | 34.8 | % | 16.8 | % | 16.2 | % | -0.7 | % | -1.1 | % | -1.1 | % | -0.1 | % | 22.9 | % | 24.3 | % | |||||||||||
| Intangible asset amortization expense | 361 |
| 414 |
| 2,911 |
| 3,258 |
| 1,033 |
| 1,025 |
| - |
| - |
| - |
| - |
| 4,305 |
| 4,697 |
| |||||||||||
| In-process research and development | - |
| - |
| 783 |
| - |
| - |
| 900 |
| - |
| - |
| - |
| - |
| 783 |
| 900 |
| |||||||||||
| Litigation related | 150 |
| 1,603 |
| 104 |
| 640 |
| 612 |
| 85 |
| - |
| - |
| - |
| - |
| 866 |
| 2,328 |
| |||||||||||
| Loss/(gain) on securities | - |
| (18 | ) | 696 |
| (486 | ) | (6 | ) | (29 | ) | - |
| - |
| - |
| - |
| 690 |
| (533 | ) | |||||||||||
| Restructuring related | 91 |
| 119 |
| 63 |
| 76 |
| 309 |
| 278 |
| - |
| - |
| - |
| - |
| 463 |
| 473 |
| |||||||||||
| Acquisition, integration and divestiture related | - |
| - |
| (104 | ) | (562 | ) | 300 |
| 84 |
| - |
| - |
| - |
| - |
| 196 |
| (478 | ) | |||||||||||
| Medical Device Regulation | - |
| - |
| - |
| - |
| 296 |
| 234 |
| - |
| - |
| - |
| - |
| 296 |
| 234 |
| |||||||||||
| COVID-19 Vaccine related costs | - |
| - |
| 1,474 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 1,474 |
| - |
| |||||||||||
| Consumer Health separation costs | - |
| - |
| - |
| - |
| - |
| - |
| - |
| 1,089 |
| 67 |
| 1,089 |
| 67 |
| |||||||||||||
| Other | - |
| - |
| - |
| - |
| - |
| - |
| (7 | ) | - |
| - |
| - |
| (7 | ) | - |
| |||||||||||
| Adjusted Income Before Tax by Segment$ | 3,532 |
| 3,691 |
| 21,828 |
| 20,895 |
| 7,151 |
| 6,950 |
| (631 | ) | (1,072 | ) | - |
| - |
| 31,880 |
| 30,464 |
| |||||||||||
| % to Sales | 23.6 | % | 24.5 | % | 41.5 | % | 40.4 | % | 26.1 | % | 25.7 | % | -0.7 | % | -1.1 | % | 0.0 | % | 0.0 | % | 33.6 | % | 32.5 | % | |||||||||||
| 1 Prior year income before tax has been reclassified as Certain international OTC products, primarily in China, were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes | |||||||||||||||||||||||||||||||||||
| *Estimated as of 1/24/2023 | |||||||||||||||||||||||||||||||||||
| Johnson & Johnson and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||
| GAAP to Non-GAAP Reconciliation | |||||||||||||||||||||||||||||||||||||||||
| $ in Millions | |||||||||||||||||||||||||||||||||||||||||
| Quarter to Date | |||||||||||||||||||||||||||||||||||||||||
| Consumer Health separation tax related costs | |||||||||||||||||||||||||||||||||||||||||
| Fourth Quarter | In-process research and development | Acquisition, integration and divestiture related (1) | (Loss)/gain on securities | COVID-19 Vaccine Related Costs | Consumer Health separation costs | Tax legislation and other tax related | Fourth Quarter | ||||||||||||||||||||||||||||||||||
| Jan 1, 2023 GAAP | Intangible asset amortization | Litigation related | Restructuring related | Medical Device Regulation | Other | Jan 1, 2023 Non-GAAP | |||||||||||||||||||||||||||||||||||
| Cost of products sold | $ | 7,765 | (1,060 | ) | (36 | ) | (33 | ) | (160 | ) | (4 | ) | - |
| - |
| - |
| 6,472 |
| |||||||||||||||||||||
| Selling, marketing and admin expenses |
| 6,512 | (9 | ) | - |
| (43 | ) | 6,460 |
| |||||||||||||||||||||||||||||||
| Research and development expense |
| 3,841 | - |
| (46 | ) | (114 | ) | - |
| 3,681 |
| |||||||||||||||||||||||||||||
| Other (Income) / Expense |
| 1,207 | (1 | ) | (262 | ) | (20 | ) | (196 | ) | (6 | ) | (547 | ) | (423 | ) | - |
| - |
| (248 | ) | |||||||||||||||||||
| In-process research and development |
| 173 | (173 | ) | - |
| |||||||||||||||||||||||||||||||||||
| Restructuring |
| 84 | (84 | ) | - |
| |||||||||||||||||||||||||||||||||||
| Provision for taxes on income |
| 681 | 165 |
| (36 | ) | 40 |
| 21 |
| 5 |
| 2 |
| 17 |
| 199 |
| 94 |
| (35 | ) | 47 |
| - |
| 1,200 |
| |||||||||||||
| Net Earnings |
| 3,520 | 896 |
| 298 |
| 133 |
| 119 |
| 191 |
| 4 |
| 71 |
| 622 |
| 376 |
| 35 |
| (47 | ) | - |
| 6,218 |
| |||||||||||||
| Consumer Health separation tax related costs | |||||||||||||||||||||||||||||||||||||||||
| Fourth Quarter | In-process research and development | Acquisition, integration and divestiture related | (Loss)/gain on securities | COVID-19 Vaccine Related Costs | Consumer Health separation costs | Tax legislation and other tax related | Fourth Quarter | ||||||||||||||||||||||||||||||||||
| Jan 2, 2022 GAAP | Intangible asset amortization | Litigation related | Restructuring related | Medical Device Regulation | Other | Jan 2, 2022 Non-GAAP | |||||||||||||||||||||||||||||||||||
| Cost of products sold | $ | 7,955 | (1,111 | ) | (21 | ) | (26 | ) | 6,797 |
| |||||||||||||||||||||||||||||||
| Selling, marketing and admin expenses |
| 7,154 | (7 | ) | 7,147 |
| |||||||||||||||||||||||||||||||||||
| Research and development expense |
| 4,720 | - |
| (40 | ) | 4,680 |
| |||||||||||||||||||||||||||||||||
| Other (Income) / Expense |
| 9 | (10 | ) | (274 | ) | (36 | ) | (26 | ) | 198 |
| - |
| (67 | ) | - |
| - |
| (206 | ) | |||||||||||||||||||
| In-process research and development |
| - | - |
| - |
| |||||||||||||||||||||||||||||||||||
| Restructuring |
| 83 | (83 | ) | - |
| |||||||||||||||||||||||||||||||||||
| Provision for taxes on income |
| 100 | 162 |
| 49 |
| - |
| 27 |
| 6 |
| (89 | ) | 14 |
| - |
| 15 |
| - |
| 377 |
| - |
| 661 |
| |||||||||||||
| Net Earnings |
| 4,736 | 959 |
| 225 |
| - |
| 113 |
| 20 |
| (109 | ) | 59 |
| - |
| 52 |
| - |
| (377 | ) | - |
| 5,678 |
| |||||||||||||
| Year to Date | |||||||||||||||||||||||||||||||||||||||||
| Consumer Health separation tax related costs | |||||||||||||||||||||||||||||||||||||||||
| Twelve Months | In-process research and development | Acquisition, integration and divestiture related (1) | (Loss)/gain on securities | COVID-19 Vaccine Related Costs | Consumer Health separation costs | Tax legislation and other tax related | Twelve Months | ||||||||||||||||||||||||||||||||||
| Jan 1, 2023 GAAP | Intangible asset amortization | Litigation related | Restructuring related | Medical Device Regulation | Other | Jan 1, 2023 Non-GAAP | |||||||||||||||||||||||||||||||||||
| Cost of products sold | $ | 31,089 | (4,292 | ) | (82 | ) | (109 | ) | (456 | ) | (4 | ) | 26,146 |
| |||||||||||||||||||||||||||
| Selling, marketing and admin expenses |
| 24,765 | (28 | ) | (45 | ) | 24,692 |
| |||||||||||||||||||||||||||||||||
| Research and development expense |
| 14,603 | - |
| (159 | ) | (304 | ) | 14,140 |
| |||||||||||||||||||||||||||||||
| Other (Income) / Expense |
| 1,871 | (13 | ) | (866 | ) | (60 | ) | (196 | ) | (690 | ) | (714 | ) | (1,040 | ) | - |
| 7 |
| (1,701 | ) | |||||||||||||||||||
| In-process research and development |
| 783 | (783 | ) | - |
| - |
| - |
| |||||||||||||||||||||||||||||||
| Restructuring |
| 321 | (321 | ) | - |
| |||||||||||||||||||||||||||||||||||
| Provision for taxes on income |
| 3,784 | 667 |
| (125 | ) | 178 |
| 81 |
| 5 |
| 166 |
| 56 |
| 360 |
| 206 |
| (494 | ) | (40 | ) | (2 | ) | 4,842 |
| |||||||||||||
| Net Earnings |
| 17,941 | 3,638 |
| 991 |
| 605 |
| 382 |
| 191 |
| 524 |
| 240 |
| 1,114 |
| 883 |
| 494 |
| 40 |
| (5 | ) | 27,038 |
| |||||||||||||
| Consumer Health separation tax related costs | |||||||||||||||||||||||||||||||||||||||||
| Twelve Months | In-process research and development | Acquisition, integration and divestiture related (1) | (Loss)/gain on securities | COVID-19 Vaccine Related Costs | Consumer Health separation costs | Tax legislation and other tax related | Twelve Months | ||||||||||||||||||||||||||||||||||
| Jan 2, 2022 GAAP | Intangible asset amortization | Litigation related | Restructuring related | Medical Device Regulation | Other | Jan 2, 2022 Non-GAAP | |||||||||||||||||||||||||||||||||||
| Cost of products sold | $ | 29,855 | (4,661 | ) | (86 | ) | (85 | ) | 25,023 |
| |||||||||||||||||||||||||||||||
| Selling, marketing and admin expenses |
| 24,659 | (24 | ) | 24,635 |
| |||||||||||||||||||||||||||||||||||
| Research and development expense |
| 14,714 | - |
| (125 | ) | 14,589 |
| |||||||||||||||||||||||||||||||||
| Other (Income) / Expense |
| 489 | (36 | ) | (2,328 | ) | (135 | ) | 478 |
| 533 |
| - |
| (67 | ) | - |
| - |
| (1,066 | ) | |||||||||||||||||||
| In-process research and development |
| 900 | (900 | ) | - |
| |||||||||||||||||||||||||||||||||||
| Restructuring |
| 252 | (252 | ) | - |
| |||||||||||||||||||||||||||||||||||
| Provision for taxes on income |
| 1,898 | 667 |
| 481 |
| 202 |
| 86 |
| (98 | ) | (116 | ) | 44 |
| - |
| 15 |
| - |
| 1,090 |
| - |
| 4,269 |
| |||||||||||||
| Net Earnings |
| 20,878 | 4,030 |
| 1,847 |
| 698 |
| 387 |
| (380 | ) | (417 | ) | 190 |
| - |
| 52 |
| - |
| (1,090 | ) | - |
| 26,195 |
| |||||||||||||
| (1) 2022 primarily includes costs related to the Abiomed acquisition. 2021 primarily includes gains on the divestitures of two Pharmaceutical brands outside of the United States. | |||||||||||||||||||||||||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20230124005275/en/
Contacts
Press Contacts:
Tesia Williams
media-relations@its.jnj.com
Investor Contacts:
Jessica Moore
RA-JJCUS-InvestorRel@ITS.JNJ.com
Source: Johnson & Johnson
View this news release online at:
http://www.businesswire.com/news/home/20230124005275/en
