- 2023 Fourth-Quarter reported sales growth of 7.3% to $21.4
Billion with operational growth of 7.2%* and adjusted operational
growth of 5.7%*. Operational growth excluding COVID-19 Vaccine of
10.9%*
- 2023 Fourth-Quarter Earnings per share (EPS) of $1.70
increasing 39.3% and adjusted EPS of $2.29 increasing by
11.7%*
- 2023 Full-Year reported sales growth of 6.5% to $85.2 Billion
with operational growth of 7.4%* and adjusted operational growth of
5.9%*. Operational growth excluding COVID-19 Vaccine of 9.0%*
- 2023 Full-Year EPS of $5.20 decreasing 15.3% due to a special
one-time charge in the First-Quarter, and adjusted EPS of $9.92
increasing by 11.1%*
- Company re-confirms guidance for 2024 with operational sales5
growth of 5.0% - 6.0%* and adjusted operational EPS of $10.55 -
$10.75, reflecting growth of 7.4%* at the mid-point
Johnson & Johnson (NYSE: JNJ) today announced results for
fourth-quarter and full year 2023. “Johnson & Johnson’s full
year 2023 results reflect the breadth and competitiveness of our
business and our relentless focus on delivering for patients,” said
Joaquin Duato, Chairman and Chief Executive Officer. “We have
entered 2024 from a position of strength, and I am confident in our
ability to lead the next wave of health innovation.”
Unless otherwise noted, the financial results and earnings
guidance included below reflect the continuing operations of
Johnson & Johnson.
Overall Financial Results
Q4
Full Year
($ in Millions, except EPS)
2023
2022
% Change
2023
2022
% Change
Reported Sales
$21,395
$19,939
7.3%
$85,159
$79,990
6.5%
Net Earnings
$4,132
$3,227
28.0%
$13,326
$16,370
(18.6)%
EPS (diluted)
$1.70
$1.22
39.3%
$5.20
$6.14
(15.3)%
Q4
Full Year
Non-GAAP* ($ in Millions, except
EPS)
2023
2022
% Change
2023
2022
% Change
Operational Sales1,2
7.2%
7.4%
Adjusted Operational Sales1,3
5.7%
5.9%
Adjusted Net Earnings1,4
$5,562
$5,432
2.4%
$25,409
$23,796
6.8%
Adjusted EPS (diluted)1,4
$2.29
$2.05
11.7%
$9.92
$8.93
11.1%
1
Non-GAAP financial measure; refer to
reconciliations of non-GAAP financial measures included in
accompanying schedules
2
Excludes the impact of translational
currency
3
Excludes the net impact of acquisitions
and divestitures and translational currency
4
Excludes intangible amortization expense
and special items
5
Excludes COVID-19 Vaccine
Note: Values may have been rounded
Regional Sales Results
Q4
% Change
($ in Millions)
2023
2022
Reported
Operational1,2
Currency
Adjusted
Operational1,3
U.S.
$12,009
$10,820
11.0%
11.0
-
8.8
International
9,386
9,119
2.9
2.7
0.2
2.1
Worldwide
$21,395
$19,939
7.3%
7.2
0.1
5.7
Full Year
% Change
($ in Millions)
2023
2022
Reported
Operational1,2
Currency
Adjusted
Operational1,3
U.S.
$46,444
$41,981
10.6%
10.6
-
8.2
International
38,715
38,009
1.9
3.8
(1.9)
3.4
Worldwide
$85,159
$79,990
6.5%
7.4
(0.9)
5.9
1
Non-GAAP financial measure; refer to
reconciliations of non-GAAP financial measures included in
accompanying schedules
2
Excludes the impact of translational
currency
3
Excludes the net impact of acquisitions
and divestitures and translational currency
Note: Values may have been rounded
Segment Sales Results
Q4
% Change
($ in Millions)
2023
2022
Reported
Operational1,2
Currency
Adjusted
Operational1,3
Innovative Medicine
$13,722
$13,163
4.2%
4.0
0.2
4.0
MedTech
7,673
6,776
13.3
13.4
(0.1)
9.1
Worldwide
$21,395
$19,939
7.3%
7.2
0.1
5.7
Full Year
% Change
($ in Millions)
2023
2022
Reported
Operational1,2
Currency
Adjusted
Operational1,3
Innovative Medicine
$54,759
$52,563
4.2%
4.8
(0.6)
4.9
MedTech
30,400
27,427
10.8
12.4
(1.6)
7.8
Worldwide
$85,159
$79,990
6.5%
7.4
(0.9)
5.9
1
Non-GAAP financial measure; refer to
reconciliations of non-GAAP financial measures included in
accompanying schedules
2
Excludes the impact of translational
currency
3
Excludes the net impact of acquisitions
and divestitures and translational currency
Note: The Innovative Medicine segment was
previously referred to as the Pharmaceutical segment
Values may have been rounded
Full Year 2023 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 7.2%*. Growth was driven by DARZALEX
(daratumumab), ERLEADA (apalutamide), TECVAYLI (teclistamab-cqyv)
in Other Oncology, and CARVYKTI (ciltacabtagene autoleucel) in
Oncology, STELARA (ustekinumab) and TREMFYA (guselkumab) in
Immunology, and SPRAVATO (esketamine) in Neuroscience. Growth was
partially offset by ZYTIGA (abiraterone acetate) and IMBRUVICA
(ibrutinib) in Oncology, and REMICADE (infliximab) in Immunology.
Including the COVID-19 Vaccine, Innovative Medicine worldwide
operational sales grew 4.8%*.
MedTech
MedTech worldwide operational sales grew 12.4%*, with the
acquisition of Abiomed contributing 4.7%. MedTech worldwide
adjusted operational sales grew 7.8%*, driven primarily by
electrophysiology products in Interventional Solutions, contact
lenses in Vision, wound closure products in General Surgery, and
biosurgery in Advanced 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, MedTech, www.factsabouttalc.com,
www.factsaboutourprescriptionopioids.com, and
www.LLTManagementInformation.com.
Regulatory
U.S. Food and Drug Administration Grants
Full Approval for BALVERSA to Treat Locally
Advanced or Metastatic Bladder Cancer with
Select Genetic Alterations1
Press Release
Biosense Webster Announces Regulatory
Approval of VARIPULSE Pulsed Field Ablation (PFA) Platform in
Japan1
Press Release
Janssen Submits Marketing Authorisation
Application to the European Medicines Agency Seeking Approval of
Lazertinib, in combination with RYBREVANT (amivantamab), for the
First-Line Treatment of Patients with EGFR-Mutated Non-Small Cell
Lung Cancer
Press Release
Johnson & Johnson Submits Supplemental
Biologics License Application and New Drug Application to U.S. FDA
Seeking Approval of RYBREVANT (amivantamab-vmjw) Plus Lazertinib
for the Treatment of Patients with EGFR-Mutated Non-Small Cell Lung
Cancer (NSCLC)
Press Release
Johnson & Johnson’s Investigational
TAR-200 Granted U.S. FDA Breakthrough Therapy Designation for the
Treatment of High-Risk Non-Muscle-Invasive Bladder Cancer
Press Release
Janssen Submits Application to the
European Medicines Agency for RYBREVANT (amivantamab) in
Combination with Chemotherapy for the Treatment of Adult Patients
with Advanced EGFR-Mutated Non-Small Cell Lung Cancer After Failure
of Prior Therapy
Press Release
Janssen Submits Supplemental Biologics
License Application to U.S. FDA Seeking Approval of RYBREVANT
(amivantamab-vmjw) Plus Chemotherapy for the Treatment of Patients
with EGFR-Mutated Non-Small Cell Lung Cancer Who Progressed on or
after Osimertinib
Press Release
MONARCH Platform for Bronchoscopy Receives
Regulatory License for China
Press Release
Data Release
Johnson & Johnson highlights its
preeminent leadership in hematology through differentiated blood
cancer portfolio and pipeline with new clinical and real-world data
at ASH
Press Release
New Real-World Data Show TREMFYA
(guselkumab) Was Associated With Clinically Meaningful Improvements
in Patient-Reported Outcomes for Adults Living With Active
Psoriatic Arthritis
Press Release
Phase 2 Nipocalimab Data Establish Proof
of Mechanism in Adults Living with Moderate to Severe Rheumatoid
Arthritis, Supporting its Progression into a Combination Study
Press Release
New Biosense Webster QDOT MICRO Catheter
Data Demonstrate Very High-Power, Short-Duration Ablations Improved
Quality of Life and Reduced Healthcare Utilization for AFib
Patients
Press Release
New Phase 3 TREMFYA (guselkumab) Results
in Ulcerative Colitis Show a 77 Percent Overall Clinical Response
Rate and Early Symptom Improvement
Press Release
Janssen Aims to Define New Standards of
Care in the Treatment of Solid Tumor Cancers with Transformative
Data Planned for Presentation at ESMO
Press Release
Product Launch
Ethicon Introduces ETHIZIA Hemostatic
Sealing Patch, Clinically Proven to Stop Disruptive Bleeding
Press Release
Other
Johnson & Johnson to Acquire Ambrx,
Advancing Next Generation Antibody Drug Conjugates to Transform the
Treatment of Cancer1
Press Release
Johnson & Johnson Announces Key
Drivers for Long-Term Competitive Growth at Enterprise Business
Review
Press Release
Johnson & Johnson Names Eugene A.
Woods, Chief Executive Officer of Advocate Health, to its Board of
Directors
Press Release
Johnson & Johnson MedTech Acquires
Laminar, Inc.
Press Release
Johnson & Johnson MedTech Provides
Details and Timeline for General Surgery Robot
Press Release
Johnson & Johnson Announces Departure
of Ashley McEvoy, Tim Schmid Named Executive Vice President,
Worldwide Chairman of MedTech
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)
January 2024
December 2023
Adjusted Operational Sales1,2,5
Change vs. Prior Year / Mid-point
5.0% – 6.0% / 5.5%
Operational Sales2,5/ Mid-point
Change vs. Prior Year / Mid-point
$88.2B – $89.0B / $88.6B
5.0% – 6.0% / 5.5%
5.0% – 6.0% / 5.5%
Estimated Reported Sales3,5/ Mid-point
Change vs. Prior Year / Mid-point
$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
$10.55 – $10.75 / $10.65
6.4% – 8.4% / 7.4%
$10.55 – $10.75 / $10.65
7.3% Mid-point
Adjusted EPS (Diluted)3,4 / Mid-point
Change vs. Prior Year / Mid-point
$10.55 – $10.75 / $10.65
6.4% – 8.4% / 7.4%
Average Shares Outstanding (Diluted)6
~2,435 million
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 2024 = $1.09 and December 2023 = $1.09 (Illustrative
purposes only)
4
Non-GAAP financial measure; excludes
intangible amortization expense and special items
5
Excludes COVID-19 Vaccine
6
Full Year 2024 Projected Average Shares
Outstanding (Diluted) reflects impact from the Kenvue exchange
offer
Note: Percentages may have been
rounded
Other modeling considerations will be provided on the
webcast.
Webcast Information:
Johnson & Johnson will conduct a conference call with
investors to discuss this earnings release today at 8:30 a.m.,
Eastern Time. A simultaneous webcast of the call for investors and
other interested parties may be accessed by visiting the Johnson
& Johnson website. A replay and podcast will be available
approximately two hours after the live webcast in the Investor
Relations section of the company's website at
events-and-presentations.
About Johnson & Johnson:
At Johnson & Johnson, we believe health is everything. Our
strength in healthcare innovation empowers us to build a world
where complex diseases are prevented, treated, and cured, where
treatments are smarter and less invasive, and solutions are
personal. Through our expertise in Innovative Medicine and MedTech,
we are uniquely positioned to innovate across the full spectrum of
healthcare solutions today to deliver the breakthroughs of
tomorrow, and profoundly impact health for humanity. Learn more at
https://www.jnj.com/.
Non-GAAP Financial Measures:
* “Operational sales growth” excluding the impact of
translational currency, “adjusted operational sales growth”
excluding the net impact of acquisitions and divestitures and
translational currency, as well as “adjusted net earnings”,
“adjusted diluted earnings per share” and “adjusted operational
diluted earnings per share” excluding after-tax intangible
amortization expense and special items, are non-GAAP financial
measures and should not be considered replacements for, and should
be read together with, the most comparable GAAP financial measures.
Except for guidance measures, reconciliations of these non-GAAP
financial measures to the most directly comparable GAAP financial
measures can be found in the accompanying financial schedules of
the earnings release and the Investor Relations section of the
company's website at quarterly results.
Copies of the financial schedules accompanying this earnings
release are available on the company’s website at quarterly
results. These schedules include supplementary sales data, a
condensed consolidated statement of earnings, reconciliations of
non-GAAP financial measures, and sales of key products/franchises.
Additional information on Johnson & Johnson, including adjusted
income before tax by segment, an Innovative Medicine pipeline of
selected compounds in late stage development and a copy of today’s
earnings call presentation can also be found in the Investor
Relations section of the company's website at quarterly
results.
Note to Investors Concerning Forward-Looking
Statements:
This press release contains “forward-looking statements” as
defined in the Private Securities Litigation Reform Act of 1995
regarding, among other things: future operating and financial
performance, product development, and market position and business
strategy. The reader is cautioned not to rely on these
forward-looking statements. These statements are based on current
expectations of future events. If underlying assumptions prove
inaccurate or known or unknown risks or uncertainties materialize,
actual results could vary materially from the expectations and
projections of Johnson & Johnson. Risks and uncertainties
include, but are not limited to: economic factors, such as interest
rate and currency exchange rate fluctuations; competition,
including technological advances, new products and patents attained
by competitors; challenges inherent in new product research and
development, including uncertainty of clinical success and
obtaining regulatory approvals; uncertainty of commercial success
for new and existing products; challenges to patents; the impact of
patent expirations; the ability of the Company to successfully
execute strategic plans, including restructuring plans; the impact
of business combinations and divestitures; manufacturing
difficulties or delays, internally or within the supply chain;
product efficacy or safety concerns resulting in product recalls or
regulatory action; significant adverse litigation or government
action, including related to product liability claims; changes to
applicable laws and regulations, including tax laws and global
health care reforms; trends toward health care cost containment;
changes in behavior and spending patterns of purchasers of health
care products and services; financial instability of international
economies and legal systems and sovereign risk; increased scrutiny
of the health care industry by government agencies; the Company’s
ability to realize the anticipated benefits from the separation of
the Company’s Consumer Health business; and the New Consumer Health
Company’s ability to succeed as a standalone publicly traded
company. A further list and descriptions of these risks,
uncertainties and other factors can be found in Johnson &
Johnson’s Annual Report on Form 10-K for the fiscal year ended
January 1, 2023, including in the sections captioned “Cautionary
Note Regarding Forward-Looking Statements” and “Item 1A. Risk
Factors,” and in Johnson & Johnson’s subsequent Quarterly
Reports on Form 10-Q and other filings with the Securities and
Exchange Commission. Copies of these filings are available online
at www.sec.gov, www.jnj.com or on request from Johnson &
Johnson. Any forward-looking statement made in this release speaks
only as of the date of this release. Johnson & Johnson does not
undertake to update any forward-looking statement as a result of
new information or future events or developments.
Johnson & Johnson and Subsidiaries
Supplementary Sales Data (Unaudited; Dollars in
Millions)
FOURTH QUARTER TWELVE MONTHS Percent Change
Percent Change
2023
2022
Total
Operations
Currency
2023
2022
Total
Operations
Currency
Sales to customers by segment of business
Innovative Medicine (1,2) U.S.
8,079
7,375
9.5
9.5
-
31,169
28,604
9.0
9.0
-
International
5,643
5,788
(2.5
)
(3.1
)
0.6
23,590
23,959
(1.5
)
(0.2
)
(1.3
)
13,722
13,163
4.2
4.0
0.2
54,759
52,563
4.2
4.8
(0.6
)
Innovative Medicine excluding COVID-19 Vaccine (1,2) U.S.
8,079
7,375
9.5
9.5
-
31,169
28,484
9.4
9.4
-
International
5,599
5,099
9.8
9.4
0.4
22,473
21,900
2.6
4.3
(1.7
)
13,678
12,474
9.7
9.5
0.2
53,642
50,384
6.5
7.2
(0.7
)
MedTech U.S.
3,930
3,445
14.1
14.1
-
15,275
13,377
14.2
14.2
-
International
3,743
3,331
12.4
12.8
(0.4
)
15,125
14,050
7.7
10.6
(2.9
)
7,673
6,776
13.3
13.4
(0.1
)
30,400
27,427
10.8
12.4
(1.6
)
U.S.
12,009
10,820
11.0
11.0
-
46,444
41,981
10.6
10.6
-
International
9,386
9,119
2.9
2.7
0.2
38,715
38,009
1.9
3.8
(1.9
)
Worldwide
21,395
19,939
7.3
7.2
0.1
85,159
79,990
6.5
7.4
(0.9
)
U.S.
12,009
10,820
11.0
11.0
-
46,444
41,861
10.9
10.9
-
International
9,342
8,430
10.8
10.7
0.1
37,598
35,950
4.6
6.7
(2.1
)
Worldwide excluding COVID-19 Vaccine (1)
$
21,351
19,250
10.9
%
10.9
0.0
$
84,042
77,811
8.0
%
9.0
(1.0
)
Note: Percentages have been calculated using actual,
non-rounded figures and, therefore, may not recalculate precisely.
(1) Refer to supplemental sales reconciliation schedule (2)
Previously referred to as Pharmaceutical
Johnson &
Johnson and Subsidiaries Supplementary Sales Data
(Unaudited; Dollars in Millions)
FOURTH QUARTER TWELVE
MONTHS Percent Change Percent Change
2023
2022
Total Operations Currency
2023
2022
Total Operations Currency
Sales to customers by
geographic area U.S.
$
12,009
10,820
11.0
%
11.0
-
$
46,444
41,981
10.6
%
10.6
-
Europe
4,962
5,124
(3.2
)
(5.8
)
2.6
20,410
20,664
(1.2
)
(2.2
)
1.0
Western Hemisphere excluding U.S.
1,166
1,024
14.0
18.1
(4.1
)
4,549
4,108
10.7
15.8
(5.1
)
Asia-Pacific, Africa
3,258
2,971
9.7
12.1
(2.4
)
13,756
13,237
3.9
9.5
(5.6
)
International
9,386
9,119
2.9
2.7
0.2
38,715
38,009
1.9
3.8
(1.9
)
Worldwide
$
21,395
19,939
7.3
%
7.2
0.1
$
85,159
79,990
6.5
%
7.4
(0.9
)
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
2023
2022
Percent
Percent
Percent
Increase
Amount
to Sales
Amount
to Sales
(Decrease)
Sales to customers
$
21,395
100.0
$
19,939
100.0
7.3
Cost of products sold
6,798
31.8
6,084
30.5
11.7
Gross Profit
14,597
68.2
13,855
69.5
5.4
Selling, marketing and administrative expenses
5,810
27.1
5,339
26.8
8.8
Research and development expense
4,480
20.9
3,710
18.6
20.8
In-process research and development impairments
58
0.3
173
0.8
Interest (income) expense, net
(212
)
(1.0)
(77
)
(0.4)
Other (income) expense, net
(421
)
(2.0)
795
4.0
Restructuring
56
0.3
75
0.4
Earnings before provision for taxes on income
4,826
22.6
3,840
19.3
25.7
Provision for taxes on income
694
3.3
613
3.1
13.2
Net earnings from Continuing Operations
$
4,132
19.3
$
3,227
16.2
28.0
Net earnings/(loss) from Discontinued Operations, net of tax
(83
)
293
Net earnings
$
4,049
$
3,520
Net earnings per share (Diluted) from Continuing
Operations
$
1.70
$
1.22
39.3
Net earnings/(loss) per share (Basic/Diluted) from Discontinued
Operations*
$
(0.03
)
$
0.11
Average shares outstanding (Diluted)
2,430.7
2,650.1
Effective tax rate from Continuing Operations
14.4
%
16.0
%
Adjusted earnings from Continuing Operations before
provision for taxes and net earnings (1) Earnings before
provision for taxes on income from Continuing Operations
$
6,237
29.2
$
6,482
32.5
(3.8)
Net earnings from Continuing Operations
$
5,562
26.0
$
5,432
27.2
2.4
Net earnings per share (Diluted) from Continuing Operations
$
2.29
$
2.05
11.7
Effective tax rate from Continuing Operations
10.8
%
16.2
%
* Basic shares of 2,407.2 are used to calculate loss per
share in the fourth 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 Condensed Consolidated Statement of
Earnings (Unaudited; in Millions Except Per Share
Figures) TWELVE MONTHS
2023
2022
Percent
Percent
Percent
Increase
Amount
to Sales
Amount
to Sales
(Decrease)
Sales to customers
$
85,159
100.0
$
79,990
100.0
6.5
Cost of products sold
26,553
31.2
24,596
30.7
8.0
Gross Profit
58,606
68.8
55,394
69.3
5.8
Selling, marketing and administrative expenses
21,512
25.2
20,246
25.3
6.3
Research and development expense
15,085
17.7
14,135
17.7
6.7
In-process research and development impairments
313
0.4
783
1.0
Interest (income) expense, net
(489)
(0.6)
(214)
(0.3)
Other (income) expense, net
6,634
7.8
810
1.0
Restructuring
489
0.6
275
0.4
Earnings before provision for taxes on income
15,062
17.7
19,359
24.2
(22.2)
Provision for taxes on income
1,736
2.1
2,989
3.7
(41.9)
Net earnings from Continuing Operations
$
13,326
15.6
$
16,370
20.5
(18.6)
Net earnings from Discontinued Operations, net of tax
21,827
1,571
Net earnings
$
35,153
$
17,941
Net earnings per share (Diluted) from Continuing
Operations
$
5.20
$
6.14
(15.3)
Net earnings per share (Diluted) from Discontinued
Operations
$
8.52
$
0.59
Average shares outstanding (Diluted)
2,560.4
2,663.9
Effective tax rate from Continuing Operations
11.5
%
15.4
%
Adjusted earnings from continuing operations before
provision for taxes and net earnings (1) Earnings before
provision for taxes on income from Continuing Operations
$
29,811
35.0
$
27,973
35.0
6.6
Net earnings from Continuing Operations
$
25,409
29.8
$
23,796
29.7
6.8
Net earnings per share (Diluted) from Continuing Operations
$
9.92
$
8.93
11.1
Effective tax rate from Continuing Operations
14.8
%
14.9
%
(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)
2023
2022
2023
2022
Net Earnings from Continuing Operations, after tax- as reported
$4,132
$3,227
$13,326
$16,370
Pre-tax Adjustments Litigation related
166
262
7,152
866
Intangible Asset Amortization expense
1,148
977
4,532
3,944
COVID-19 Vaccine related costs 1
10
821
663
1,474
Restructuring related 2
139
119
798
372
Medical Device Regulation 3
88
88
311
296
Acquisition, integration and divestiture related
237
196
339
196
(Gains)/losses on securities
(435)
6
641
690
IPR&D impairments
58
173
313
783
Other
-
-
-
(7)
Tax Adjustments Tax impact on special item adjustments 4
75
(394)
(2,694)
(1,294)
Tax legislation and other tax related
(56)
(43)
28
106
Adjusted Net Earnings from Continuing Operations, after tax
$5,562
$5,432
$25,409
$23,796
Average shares outstanding (Diluted)
2,430.7
2,650.1
2,560.4
2,663.9
Adjusted net earnings per share from Continuing Operations
(Diluted)
$2.29
$2.05
$9.92
$8.93
Operational adjusted net earnings per share from Continuing
Operations (Diluted)
$2.28
$9.89
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 $55 million in the quarter ($479
million Q4 YTD) 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 $84 million in the quarter ($319 million
Q4 YTD) primarily includes inventory and instrument reserves
related to the market and product exits.
3
European Medical Device Regulation (MDR)
costs represent one-time compliance costs for the Company’s
previously registered products. MDR is a replacement of the
existing European Medical Devices Directive regulatory framework,
and manufacturers of currently marketed medical devices were
required to comply with EU MDR beginning in May 2021. The Company
considers the adoption of EU MDR to be a significant one-time
regulatory change and is not indicative of on-going operations. The
Company has excluded only external third-party regulatory and
consulting costs from its MedTech operating segments' measures of
profit and loss used for making operating decisions and assessing
performance which is expected to be completed during 2024.
4
The tax impact related to special item
adjustments reflects the current and deferred income taxes
associated with the above pre-tax special items in arriving at
adjusted earnings.
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Adjusted Operational Sales
Growth FOURTH QUARTER 2023 ACTUAL vs. 2022 ACTUAL
Segments Innovative Medicine MedTech
Total WW As Reported
4.2%
13.3%
7.3%
U.S.
9.5%
14.1%
11.0%
International
(2.5)%
12.4%
2.9%
WW Currency
0.2
(0.1)
0.1
U.S.
-
-
-
International
0.6
(0.4)
0.2
WW Operational
4.0%
13.4%
7.2%
U.S.
9.5%
14.1%
11.0%
International
(3.1)%
12.8%
2.7%
Abiomed
(4.5)
(1.6)
U.S.
(7.2)
(2.3)
International
(1.9)
(0.7)
All Other Acquisitions and Divestitures
0.0
0.2
0.1
U.S.
0.0
0.3
0.1
International
0.1
0.1
0.1
WW Adjusted Operational
4.0%
9.1%
5.7%
U.S.
9.5%
7.2%
8.8%
International
(3.0)%
11.0%
2.1%
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 2023 ACTUAL vs. 2022
ACTUAL Segments
Innovative Medicine
MedTech
Total
WW As Reported
4.2%
10.8%
6.5%
U.S.
9.0%
14.2%
10.6%
International
(1.5)%
7.7%
1.9%
WW Currency
(0.6)
(1.6)
(0.9)
U.S.
-
-
-
International
(1.3)
(2.9)
(1.9)
WW Operational
4.8%
12.4%
7.4%
U.S.
9.0%
14.2%
10.6%
International
(0.2)%
10.6%
3.8%
Abiomed
(4.7)
(1.6)
U.S.
(7.7)
(2.5)
International
(1.7)
(0.6)
All Other Acquisitions and Divestitures
0.1
0.1
0.1
U.S.
0.0
0.1
0.1
International
0.2
0.1
0.2
WW Adjusted Operational
4.9%
7.8%
5.9%
U.S.
9.0%
6.6%
8.2%
International
0.0%
9.0%
3.4%
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 INNOVATIVE MEDICINE SEGMENT (2,3,4)
2023
2022
Reported Operational (1)
Currency
2023
2022
Reported Operational (1)
Currency
IMMUNOLOGY US
$3,033
2,805
8.1%
8.1%
-
$
11,539
11,036
4.6%
4.6%
-
Intl
1,562
1,312
19.0%
17.7%
1.3%
6,513
5,899
10.4%
12.0%
-1.6%
WW
4,595
4,118
11.6%
11.2%
0.4%
18,052
16,935
6.6%
7.1%
-0.5%
REMICADE US
294
318
-7.4%
-7.4%
-
1,143
1,417
-19.3%
-19.3%
-
US Exports (5)
35
41
-15.1%
-15.1%
-
147
204
-28.0%
-28.0%
-
Intl
100
116
-13.4%
-12.4%
-1.0%
549
722
-23.9%
-21.3%
-2.6%
WW
429
475
-9.6%
-9.4%
-0.2%
1,839
2,343
-21.5%
-20.7%
-0.8%
SIMPONI / SIMPONI ARIA
US
258
280
-7.8%
-7.8%
-
1,124
1,166
-3.6%
-3.6%
-
Intl
244
220
10.1%
11.8%
-1.7%
1,073
1,017
5.4%
9.3%
-3.9%
WW
502
501
0.1%
0.8%
-0.7%
2,197
2,184
0.6%
2.4%
-1.8%
STELARA US
1,786
1,621
10.1%
10.1%
-
6,966
6,388
9.0%
9.0%
-
Intl
967
764
26.4%
23.9%
2.5%
3,892
3,335
16.7%
17.4%
-0.7%
WW
2,753
2,386
15.3%
14.5%
0.8%
10,858
9,723
11.7%
11.9%
-0.2%
TREMFYA US
657
541
21.6%
21.6%
-
2,147
1,844
16.5%
16.5%
-
Intl
252
211
19.4%
17.8%
1.6%
999
824
21.2%
22.4%
-1.2%
WW
910
752
21.0%
20.5%
0.5%
3,147
2,668
17.9%
18.3%
-0.4%
OTHER IMMUNOLOGY US
2
3
-22.8%
-22.8%
-
11
17
-33.8%
-33.8%
-
Intl
0
0
-
-
-
0
0
-
-
-
WW
2
3
-22.8%
-22.8%
-
11
17
-33.8%
-33.8%
-
INFECTIOUS DISEASES
US
353
414
-14.6%
-14.6%
-
1,500
1,680
-10.7%
-10.7%
-
Intl
498
1,127
-55.8%
-58.2%
2.4%
2,918
3,769
-22.6%
-23.9%
1.3%
WW
852
1,540
-44.7%
-46.5%
1.8%
4,418
5,449
-18.9%
-19.8%
0.9%
COVID-19 VACCINE US
0
0
-
-
-
0
120
* *
-
Intl
44
689
-93.7%
-95.2%
1.5%
1,117
2,059
-45.8%
-47.2%
1.4%
WW
44
689
-93.7%
-95.2%
1.5%
1,117
2,179
-48.8%
-50.1%
1.3%
EDURANT / rilpivirine US
9
9
-12.4%
-12.4%
-
35
36
-3.7%
-3.7%
-
Intl
299
281
6.4%
1.5%
4.9%
1,115
972
14.8%
12.1%
2.7%
WW
307
290
5.8%
1.0%
4.8%
1,150
1,008
14.1%
11.5%
2.6%
PREZISTA / PREZCOBIX / REZOLSTA /
SYMTUZA US
341
398
-14.4%
-14.4%
-
1,446
1,494
-3.2%
-3.2%
-
Intl
98
95
3.1%
-0.8%
3.9%
408
449
-9.2%
-10.4%
1.2%
WW
439
493
-11.0%
-11.8%
0.8%
1,854
1,943
-4.6%
-4.9%
0.3%
OTHER INFECTIOUS DISEASES
US
4
6
-30.4%
-30.4%
-
19
30
-34.5%
-34.5%
-
Intl
58
61
-5.6%
-4.9%
-0.7%
278
289
-3.8%
-0.4%
-3.4%
WW
62
67
-7.8%
-7.1%
-0.7%
297
318
-6.7%
-3.6%
-3.1%
REPORTED
SALES vs. PRIOR PERIOD ($MM)
REPORTED
SALES vs. PRIOR PERIOD ($MM)
FOURTH QUARTER
TWELVE MONTHS
% Change % Change
2023
2022
Reported
Operational (1)
Currency
2023
2022
Reported
Operational (1)
Currency
NEUROSCIENCE US
1,022
912
12.1%
12.1%
-
4,065
3,570
13.9%
13.9%
-
Intl
780
825
-5.5%
-2.0%
-3.5%
3,076
3,323
-7.5%
-3.7%
-3.8%
WW
1,801
1,737
3.7%
5.4%
-1.7%
7,140
6,893
3.6%
5.4%
-1.8%
CONCERTA / Methylphenidate
US
39
37
5.7%
5.7%
-
230
151
52.5%
52.5%
-
Intl
142
131
7.9%
9.2%
-1.3%
554
493
12.2%
16.4%
-4.2%
WW
180
168
7.4%
8.5%
-1.1%
783
644
21.6%
24.9%
-3.3%
INVEGA SUSTENNA / XEPLION
/INVEGA TRINZA / TREVICTA
US
733
678
8.0%
8.0%
-
2,897
2,714
6.7%
6.7%
-
Intl
278
329
-15.5%
-15.7%
0.2%
1,218
1,426
-14.6%
-12.8%
-1.8%
WW
1,011
1,008
0.3%
0.3%
0.0%
4,115
4,140
-0.6%
0.0%
-0.6%
SPRAVATO US
180
105
72.3%
72.3%
-
589
328
79.7%
79.7%
-
Intl
26
14
87.1%
83.4%
3.7%
100
46
* * * WW
206
119
74.1%
73.6%
0.5%
689
374
84.1%
84.0%
0.1%
OTHER NEUROSCIENCE US
71
91
-23.0%
-23.0%
-
349
376
-7.3%
-7.3%
-
Intl
334
351
-5.0%
3.2%
-8.2%
1,204
1,358
-11.3%
-5.4%
-5.9%
WW
404
442
-8.7%
-2.3%
-6.4%
1,553
1,734
-10.4%
-5.9%
-4.5%
ONCOLOGY US
2,285
1,857
23.0%
23.0%
-
8,462
6,930
22.1%
22.1%
-
Intl
2,334
2,069
12.8%
12.0%
0.8%
9,199
9,052
1.6%
2.9%
-1.3%
WW
4,618
3,927
17.6%
17.2%
0.4%
17,661
15,983
10.5%
11.2%
-0.7%
CARVYKTI US
145
54
* *
-
469
133
* *
-
Intl
13
-
* *
-
30
-
* *
-
WW
159
54
* *
*
500
133
* * *
DARZALEX US
1,395
1,139
22.5%
22.5%
-
5,277
4,210
25.4%
25.4%
-
Intl
1,155
944
22.3%
21.8%
0.5%
4,467
3,767
18.6%
20.2%
-1.6%
WW
2,550
2,083
22.4%
22.2%
0.2%
9,744
7,977
22.2%
22.9%
-0.7%
ERLEADA US
287
275
4.4%
4.4%
-
1,065
968
10.0%
10.0%
-
Intl
361
266
35.6%
34.0%
1.6%
1,322
913
44.8%
46.0%
-1.2%
WW
647
541
19.8%
19.0%
0.8%
2,387
1,881
26.9%
27.5%
-0.6%
IMBRUVICA US
255
318
-19.8%
-19.8%
-
1,051
1,390
-24.4%
-24.4%
-
Intl
533
547
-2.6%
-3.8%
1.2%
2,214
2,394
-7.5%
-6.7%
-0.8%
WW
788
866
-8.9%
-9.7%
0.8%
3,264
3,784
-13.7%
-13.2%
-0.5%
ZYTIGA / abiraterone acetate
US
9
20
-52.0%
-52.0%
-
50
74
-32.1%
-32.1%
-
Intl
191
250
-23.6%
-23.2%
-0.4%
837
1,696
-50.7%
-49.1%
-1.6%
WW
201
270
-25.6%
-25.3%
-0.3%
887
1,770
-49.9%
-48.4%
-1.5%
OTHER ONCOLOGY US
192
52
* *
-
549
156
* *
-
Intl
82
63
32.2%
28.4%
3.8%
330
283
16.9%
17.0%
-0.1%
WW
274
114
* * *
879
438
* * *
REPORTED
SALES vs. PRIOR PERIOD ($MM)
REPORTED SALES vs. PRIOR PERIOD
($MM)
FOURTH QUARTER
TWELVE MONTHS
% Change % Change
2023
2022
Reported Operational (1)
Currency
2023
2022
Reported Operational (1)
Currency PULMONARY HYPERTENSION US
733
610
20.2%
20.2%
-
2,697
2,346
15.0%
15.0%
-
Intl
282
261
8.6%
10.9%
-2.3%
1,117
1,071
4.3%
8.3%
-4.0%
WW
1,017
870
16.7%
17.4%
-0.7%
3,815
3,417
11.6%
12.9%
-1.3%
OPSUMIT US
368
305
20.5%
20.5%
-
1,292
1,132
14.1%
14.1%
-
Intl
169
156
7.9%
8.3%
-0.4%
681
651
4.6%
7.2%
-2.6%
WW
536
461
16.2%
16.3%
-0.1%
1,973
1,783
10.6%
11.6%
-1.0%
UPTRAVI US
348
280
24.3%
24.3%
-
1,326
1,104
20.1%
20.1%
-
Intl
70
56
26.4%
31.4%
-5.0%
255
218
17.3%
21.8%
-4.5%
WW
419
336
24.6%
25.4%
-0.8%
1,582
1,322
19.7%
20.4%
-0.7%
OTHER PULMONARY HYPERTENSION
US
18
24
-29.4%
-29.4%
-
79
110
-28.6%
-28.6%
-
Intl
45
48
-9.7%
-3.9%
-5.8%
182
202
-10.3%
-2.9%
-7.4%
WW
61
73
-16.2%
-12.4%
-3.8%
260
313
-16.7%
-12.0%
-4.7%
CARDIOVASCULAR / METABOLISM /
OTHER US
652
776
-15.9%
-15.9%
-
2,906
3,042
-4.5%
-4.5%
-
Intl
185
194
-4.7%
-6.7%
2.0%
765
845
-9.4%
-9.1%
-0.3%
WW
837
971
-13.7%
-14.1%
0.4%
3,671
3,887
-5.5%
-5.5%
0.0%
XARELTO US
525
667
-21.2%
-21.2%
-
2,365
2,473
-4.4%
-4.4%
-
Intl
-
-
-
-
-
-
-
-
-
-
WW
525
667
-21.2%
-21.2%
-
2,365
2,473
-4.4%
-4.4%
-
OTHER US
127
110
15.9%
15.9%
-
541
569
-5.0%
-5.0%
-
Intl
185
194
-4.7%
-6.7%
2.0%
765
845
-9.4%
-9.1%
-0.3%
WW
312
304
2.8%
1.5%
1.3%
1,306
1,414
-7.6%
-7.4%
-0.2%
TOTAL INNOVATIVE
MEDICINE US
8,079
7,375
9.5%
9.5%
-
31,169
28,604
9.0%
9.0%
-
Intl
5,643
5,788
-2.5%
-3.1%
0.6%
23,590
23,959
-1.5%
-0.2%
-1.3%
WW
$13,722
13,163
4.2%
4.0%
0.2%
$
54,759
52,563
4.2%
4.8%
-0.6%
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)
2023
2022
Reported
Operational (1)
Currency
2023
2022
Reported Operational (1)
Currency
INTERVENTIONAL SOLUTIONS
US
$971
603
61.0%
61.0%
-
$
3,633
2,169
67.5%
67.5%
-
Intl
698
495
40.8%
41.7%
-0.9%
2,717
2,131
27.5%
31.7%
-4.2%
WW
1,669
1,098
51.9%
52.3%
-0.4%
6,350
4,300
47.7%
49.8%
-2.1%
ELECTROPHYSIOLOGY US
667
547
22.0%
22.0%
-
2,458
2,036
20.7%
20.7%
-
Intl
572
447
28.0%
29.0%
-1.0%
2,230
1,901
17.3%
21.5%
-4.2%
WW
1,239
994
24.7%
25.2%
-0.5%
4,688
3,937
19.1%
21.1%
-2.0%
ABIOMED US
276
31
* *
-
1,066
31
* *
-
Intl
64
-
* *
-
240
-
* *
-
WW
340
31
* *
-
1,306
31
* *
-
OTHER INTERVENTIONAL SOLUTIONS
US
28
25
8.8%
8.8%
-
109
102
6.7%
6.7%
-
Intl
61
48
26.5%
27.1%
-0.6%
247
230
7.3%
11.4%
-4.1%
WW
89
73
20.4%
20.7%
-0.3%
356
332
7.1%
9.9%
-2.8%
ORTHOPAEDICS US
1,425
1,385
2.9%
2.9%
-
5,525
5,321
3.8%
3.8%
-
Intl
843
763
10.5%
8.8%
1.7%
3,417
3,267
4.6%
5.8%
-1.2%
WW
2,268
2,148
5.6%
5.0%
0.6%
8,942
8,587
4.1%
4.6%
-0.5%
HIPS US
266
250
6.3%
6.3%
-
996
943
5.6%
5.6%
-
Intl
132
135
-2.0%
-3.9%
1.9%
564
571
-1.2%
-0.1%
-1.1%
WW
398
385
3.4%
2.7%
0.7%
1,560
1,514
3.0%
3.5%
-0.5%
KNEES US
242
231
4.5%
4.5%
-
896
851
5.3%
5.3%
-
Intl
144
122
18.1%
15.6%
2.5%
559
508
10.2%
11.1%
-0.9%
WW
387
354
9.2%
8.4%
0.8%
1,456
1,359
7.1%
7.5%
-0.4%
TRAUMA US
487
470
3.6%
3.6%
-
1,949
1,882
3.6%
3.6%
-
Intl
255
240
5.9%
4.1%
1.8%
1,030
989
4.1%
4.8%
-0.7%
WW
741
710
4.4%
3.8%
0.6%
2,979
2,871
3.8%
4.0%
-0.2%
SPINE, SPORTS & OTHER
US
430
434
-0.7%
-0.7%
-
1,684
1,645
2.4%
2.4%
-
Intl
311
265
17.5%
16.5%
1.0%
1,263
1,198
5.4%
7.3%
-1.9%
WW
742
699
6.2%
5.8%
0.4%
2,947
2,843
3.7%
4.5%
-0.8%
REPORTED
SALES vs. PRIOR PERIOD ($MM)
REPORTED SALES vs. PRIOR PERIOD
($MM)
FOURTH QUARTER
TWELVE MONTHS
% Change % Change
2023
2022
Reported Operational (1)
Currency
2023
2022
Reported Operational (1)
Currency SURGERY US
1,047
1,000
4.6%
4.6%
-
4,031
3,897
3.4%
3.4%
-
Intl
1,484
1,383
7.2%
7.8%
-0.6%
6,006
5,793
3.7%
7.0%
-3.3%
WW
2,530
2,384
6.1%
6.4%
-0.3%
10,037
9,690
3.6%
5.5%
-1.9%
ADVANCED US
468
456
2.5%
2.5%
-
1,833
1,784
2.8%
2.8%
-
Intl
698
653
7.0%
7.2%
-0.2%
2,837
2,785
1.9%
5.1%
-3.2%
WW
1,167
1,109
5.1%
5.2%
-0.1%
4,671
4,569
2.2%
4.2%
-2.0%
GENERAL US
579
544
6.4%
6.4%
-
2,198
2,113
4.0%
4.0%
-
Intl
785
731
7.4%
8.3%
-0.9%
3,168
3,008
5.3%
8.7%
-3.4%
WW
1,364
1,275
7.0%
7.5%
-0.5%
5,366
5,121
4.8%
6.8%
-2.0%
VISION US
487
456
6.8%
6.8%
-
2,086
1,990
4.8%
4.8%
-
Intl
721
689
4.6%
6.4%
-1.8%
2,986
2,859
4.5%
7.9%
-3.4%
WW
1,208
1,145
5.5%
6.6%
-1.1%
5,072
4,849
4.6%
6.6%
-2.0%
CONTACT LENSES / OTHER
US
374
343
8.9%
8.9%
-
1,626
1,522
6.8%
6.8%
-
Intl
508
489
4.2%
7.2%
-3.0%
2,076
2,022
2.7%
7.0%
-4.3%
WW
882
831
6.1%
7.9%
-1.8%
3,702
3,543
4.5%
6.9%
-2.4%
SURGICAL US
114
113
0.4%
0.4%
-
460
468
-1.8%
-1.8%
-
Intl
212
200
5.6%
4.7%
0.9%
910
837
8.6%
10.0%
-1.4%
WW
326
314
3.7%
3.1%
0.6%
1,370
1,306
4.9%
5.8%
-0.9%
TOTAL
MEDTECH US
3,930
3,445
14.1%
14.1%
-
15,275
13,377
14.2%
14.2%
-
Intl
3,743
3,331
12.4%
12.8%
-0.4%
15,125
14,050
7.7%
10.6%
-2.9%
WW
$7,673
6,776
13.3%
13.4%
-0.1%
$
30,400
27,427
10.8%
12.4%
-1.6%
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) Previously referred to as
Pharmaceutical
(5) Reported as U.S. sales
Supplemental Sales Reconciliation
(Unaudited) (Dollars in Millions)
FOURTH
QUARTER TWELVE MONTHS Percent Change Percent Change
2023
2022
Total
Operations
Currency
2023
2022
Total Operations Currency Innovative Medicine U.S.
$
8,079
7,375
9.5
%
9.5
-
$
31,169
28,604
9.0
%
9.0
-
International
5,643
5,788
(2.5)
(3.1)
0.6
23,590
23,959
(1.5)
(0.2)
(1.3)
Worldwide
13,722
13,163
4.2
4.0
0.2
54,759
52,563
4.2
4.8
(0.6)
COVID-19 Vaccine U.S.
-
-
-
-
-
-
120
* *
-
International
44
689
(93.7)
(95.2)
1.5
1,117
2,059
(45.8)
(47.2)
1.4
Worldwide
44
689
(93.7)
(95.2)
1.5
1,117
2,179
(48.8)
(50.1)
1.3
Innovative Medicine excluding COVID-19 Vaccine U.S.
8,079
7,375
9.5
9.5
-
31,169
28,484
9.4
9.4
-
International
5,599
5,099
9.8
9.4
0.4
22,473
21,900
2.6
4.3
(1.7)
Worldwide
13,678
12,474
9.7
9.5
0.2
53,642
50,384
6.5
7.2
(0.7)
Worldwide U.S.
12,009
10,820
11.0
11.0
-
46,444
41,981
10.6
10.6
-
International
9,386
9,119
2.9
2.7
0.2
38,715
38,009
1.9
3.8
(1.9)
Worldwide
21,395
19,939
7.3
7.2
0.1
85,159
79,990
6.5
7.4
(0.9)
COVID-19 Vaccine U.S.
-
-
-
-
-
-
120
* *
-
International
44
689
(93.7)
(95.2)
1.5
1,117
2,059
(45.8)
(47.2)
1.4
Worldwide
44
689
(93.7)
(95.2)
1.5
1,117
2,179
(48.8)
(50.1)
1.3
Worldwide U.S.
12,009
10,820
11.0
11.0
-
46,444
41,861
10.9
10.9
-
International
9,342
8,430
10.8
10.7
0.1
37,598
35,950
4.6
6.7
(2.1)
Worldwide excluding COVID-19 Vaccine
$
21,351
19,250
10.9
%
10.9
-
$
84,042
77,811
8.0
%
9.0
(1.0)
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* and Research & Development Expense by Segment Dollars in
Millions Innovative Medicine MedTech Unallocated Worldwide
Total
2023
2022
2023
2022
2023
2022
2023
2022
Reported Income Before Tax by Segment From Continuing
Operations $
4,238
3,223
404
806
184
(189)
4,826
3,840
% to Sales
30.9%
24.5%
5.3%
11.9%
0.9%
-0.9%
22.6%
19.3%
Intangible asset amortization expense
747
717
401
260
-
-
1,148
977
In-process research and development impairments
-
173
58
-
-
-
58
173
Litigation related
17
76
149
136
-
50
166
262
Loss/(gain) on securities
(112)
23
(59)
(17)
(264)
-
(435)
6
Restructuring related
55
31
84
88
-
-
139
119
Acquisition, integration and divestiture related
175
(104)
62
300
-
-
237
196
Medical Device Regulation
-
-
88
88
-
-
88
88
COVID-19 Vaccine related costs
10
821
-
-
-
-
10
821
Adjusted Income Before Tax by Segment From Continuing
Operations $
5,130
4,960
1,187
1,661
(80)
(139)
6,237
6,482
% to Sales
37.4%
37.7%
15.5%
24.5%
-0.4%
-0.7%
29.2%
32.5%
*Estimated as of 1/23/2024 As Reported Research and
Development Expense $
3,357
3,070
1,123
640
4,480
3,710
% to Sales
24.5%
23.3%
14.6%
9.4%
20.9%
18.6%
Johnson & Johnson and Subsidiaries Reconciliation
of Non-GAAP Financial Measures Q4 YTD - Income Before Tax* and
Research & Development Expense by Segment Dollars in Millions
Innovative Medicine MedTech Unallocated Worldwide Total
2023
2022
2023
2022
2023
2022
2023
2022
Reported Income Before Tax by Segment From Continuing
Operations $
18,246
15,647
4,669
4,447
(7,853)
(735)
15,062
19,359
% to Sales
33.3%
29.8%
15.4%
16.2%
-9.2%
-0.9%
17.7%
24.2%
Intangible asset amortization expense
2,983
2,911
1,549
1,033
-
-
4,532
3,944
In-process research and development impairments
206
783
107
-
-
-
313
783
Litigation related
(108)
104
190
612
7,070
150
7,152
866
Loss/(gain) on securities
362
696
(102)
(6)
381
-
641
690
Restructuring related
479
63
319
309
-
-
798
372
Acquisition, integration and divestiture related
175
(104)
164
300
-
-
339
196
Medical Device Regulation
-
-
311
296
-
-
311
296
COVID-19 Vaccine related costs
663
1,474
-
-
-
-
663
1,474
Other
-
-
-
-
-
(7)
-
(7)
Adjusted Income Before Tax by Segment From Continuing
Operations $
23,006
21,574
7,207
6,991
(402)
(592)
29,811
27,973
% to Sales
42.0%
41.0%
23.7%
25.5%
-0.5%
-0.7%
35.0%
35.0%
*Estimated as of 1/23/2024 As Reported Research and
Development Expense $
11,963
11,642
3,122
2,493
15,085
14,135
% to Sales
21.8%
22.1%
10.3%
9.1%
17.7%
17.7%
Johnson & Johnson and Subsidiaries GAAP
to Non-GAAP Reconciliation $ in Millions
Quarter to Date In-processresearch
anddevelopmentimpairments Acquisition, integration
anddivestiture related (Loss)/gain onsecurities
COVID-19 VaccineRelated Costs Tax legislation andother
tax related Fourth QuarterDec. 31, 2023GAAP
Intangible assetamortization Litigation related
Restructuringrelated Medical DeviceRegulation
Other Fourth Quarter. 31, 2023Non-GAAP Cost of
products sold
$
6,798
(1,131)
(83)
(42)
(12)
-
-
5,530
Selling, marketing and admin expenses
5,810
(8)
5,802
Research and development expense
4,480
(16)
(38)
(1)
4,425
Other (Income) / Expense
(421)
(17)
(166)
-
(221)
435
3
-
(387)
In-process research and development impairments
58
(58)
-
Restructuring
56
(56)
-
Provision for taxes on income
694
175
(134)
13
16
30
(191)
16
-
56
-
675
Net Earnings from Continuing Operations
4,132
973
300
45
123
207
(244)
72
10
(56)
-
5,562
In-processresearch anddevelopmentimpairments
Acquisition, integration anddivestiture related
(Loss)/gain onsecurities COVID-19 VaccineRelated
Costs Tax legislation andother tax related Fourth
QuarterJan. 1, 2023GAAP Intangible assetamortization
Litigation related Restructuringrelated Medical
DeviceRegulation Other Fourth QuarterJan. 1,
2023Non-GAAP Cost of products sold
$
6,084
(977)
(25)
(33)
(160)
-
-
4,889
Selling, marketing and admin expenses
5,339
(9)
5,330
Research and development expense
3,710
-
(46)
(114)
3,550
Other (Income) / Expense
795
-
(262)
(19)
(196)
(6)
(547)
-
(235)
In-process research and development impairments
173
(173)
-
Restructuring
75
(75)
-
Provision for taxes on income
613
148
(36)
40
19
5
2
17
199
43
-
1,050
Net Earnings from Continuing Operations
3,227
829
298
133
100
191
4
71
622
(43)
-
5,432
Year to Date In-processresearch
anddevelopmentimpairments Acquisition, integration
anddivestiture related (Loss)/gain onsecurities
COVID-19 VaccineRelated Costs Tax legislation andother
tax related Twelve MonthsDec. 31, 2023GAAP Intangible
assetamortization Litigation related Restructuring
related Medical DeviceRegulation Other Twelve
MonthsDec. 31, 2023Non-GAAP Cost of products sold
$
26,553
(4,511)
(309)
(133)
(189)
21,411
Selling, marketing and admin expenses
21,512
(29)
-
21,483
Research and development expense
15,085
(32)
(149)
(99)
14,805
Other (Income) / Expense
6,634
(21)
(7,152)
-
(307)
(641)
(375)
-
(1,862)
In-process research and development impairments
313
(313)
-
-
-
-
-
Restructuring
489
(489)
-
Provision for taxes on income
1,736
707
1,505
70
157
52
(9)
57
155
(28)
-
4,402
Net Earnings from Continuing Operations
13,326
3,825
5,647
243
641
287
650
254
508
28
-
25,409
In-processresearch anddevelopmentimpairments
Acquisition, integration anddivestiture related
(Loss)/gain onsecurities COVID-19 VaccineRelated
Costs Tax legislation andother tax related Twelve
MonthsJan. 1, 2023GAAP Intangible assetamortization
Litigation related Restructuringrelated Medical
DeviceRegulation Other Twelve MonthsJan. 1,
2023Non-GAAP Cost of products sold
$
24,596
(3,944)
(62)
(109)
(456)
20,025
Selling, marketing and admin expenses
20,246
(28)
20,218
Research and development expense
14,135
-
(159)
(304)
13,672
Other (Income) / Expense
810
-
(866)
(35)
(196)
(690)
(714)
7
(1,684)
In-process research and development impairments
783
(783)
-
-
Restructuring
275
(275)
-
Provision for taxes on income
2,989
590
(125)
178
66
5
166
56
360
(106)
(2)
4,177
Net Earnings from Continuing Operations
16,370
3,354
991
605
306
191
524
240
1,114
106
(5)
23,796
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240123117409/en/
Media contact: Tesia Williams media-relations@its.jnj.com
Investor contact: Jessica Moore
investor-relations@its.jnj.com
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