• Total sales growth of 3.0% to $24.0 Billion with operational growth of 8.0%* and adjusted operational growth of 8.1%*
  • Earnings per share of $1.80 decreasing 23.4% and adjusted earnings per share of $2.59 increasing 4.4%*
  • Company maintaining 2022 full-year guidance at midpoints for adjusted operational sales and adjusted operational earnings per share; strengthening U.S. dollar impacting estimate for reported results

Johnson & Johnson (NYSE: JNJ) today announced results for second-quarter 2022. “Our solid second quarter results across Johnson & Johnson reflect the strength and resilience of our Company’s market leadership in the midst of macroeconomic challenges,” said Joaquin Duato, Chief Executive Officer. “I am continually energized by the focus and passion of my Johnson & Johnson colleagues and their dedication toward delivering transformative healthcare solutions to patients and consumers around the world.”

OVERALL FINANCIAL RESULTS

Q2 ($ in Millions, except EPS)

2022

2021

% Change

Reported Sales

$24,020

$23,312

3.0%

Net Earnings

4,814

6,278

(23.3)%

EPS (diluted)

$1.80

$2.35

(23.4)%

 

 

 

Q2

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

2022

2021

% Change

Operational Sales1,2

 

 

8.0%

Adjusted Operational Sales1,3

 

 

8.1%

Adjusted Net Earnings1,4

6,912

6,625

4.3%

Adjusted EPS (diluted)1,4

$2.59

$2.48

4.4%

1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules 2 Excludes the impact of translational currency 3 Excludes the net impact of acquisitions and divestitures and translational currency 4 Excludes intangible amortization expense and special items Note: values may have been rounded

REGIONAL SALES RESULTS

Q2 % Change

($ in Millions)

2022

2021

Reported

Operational1,2

Currency

Adjusted Operational1,3

U.S.

$12,197

$11,919

2.3%

2.3

-

2.4

International

11,823

11,393

3.8

13.9

(10.1)

14.2

Worldwide

$24,020

$23,312

3.0%

8.0

(5.0)

8.1

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 Note: Values may have been rounded

SEGMENT SALES RESULTS

Q2 % Change ($ in Millions)

2022

 

2021

 

Reported

 

Operational1,2

 

Currency

 

Adjusted Operational1,3

Consumer Health4

$ 3,805

$ 3,854

(1.3)%

2.3

(3.6)

2.9

Pharmaceutical4

13,317

12,480

6.7

12.3

(5.6)

12.4

MedTech

6,898

6,978

(1.1)

3.4

(4.5)

3.4

Worldwide

$ 24,020

$ 23,312

3.0%

8.0

(5.0)

8.1

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 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

SECOND QUARTER 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 2.9%*. Major contributors to growth include upper respiratory and analgesic products in the international market of our over-the-counter franchise as well as IMODIUM in digestive health products and NEUTROGENA in international Skin Health/Beauty.

Pharmaceutical

Pharmaceutical worldwide adjusted operational sales grew 12.4%*, 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. Also contributing to growth were sales of the Janssen COVID-19 Vaccine (Ad26.COV2.S) for the prevention of the SARS-CoV-2 virus. This growth was partially offset by declines in sales of REMICADE (infliximab), a biologic approved for the treatment of several immune-mediated inflammatory diseases and IMBRUVICA (ibrutinib), an oral, once daily therapy approved for use in treating certain B-cell malignancies, a type of blood or lymph node cancer.

MedTech

MedTech worldwide adjusted operational sales grew 3.4%*, driven primarily by contact lenses and surgical vision products in our Vision franchise, and electrophysiology products in our Interventional Solutions business. Growth was partially offset by COVID-19 related mobility restrictions in certain regions.

NOTABLE NEW ANNOUCEMENTS IN THE QUARTER:

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

Regulatory Decisions

European Commission Grants Conditional Approval of CARVYKTI (ciltacabtagene autoleucel), Janssen’s First Cell Therapy, for the Treatment of Patients with Relapsed and Refractory Multiple Myeloma

(Press Release)

Janssen Announces U.S. FDA Breakthrough Therapy Designation Granted for Talquetamab for the Treatment of Relapsed or Refractory Multiple Myeloma

(Press Release)

Janssen Receives Positive CHMP Opinion for IMBRUVICA (ibrutinib) in a Fixed-Duration Combination Regimen for Adult Patients with Previously Untreated Chronic Lymphocytic Leukemia (CLL)

(Press Release)

Other

Johnson & Johnson Appoints Thibaut Mongon as CEO Designate of Planned New Consumer Health Company

(Press Release)

ETHICON Launches Next Generation ECHELON 3000 Stapler Designed for Exceptional Access and Control

(Press Release)

Johnson & Johnson Releases 2021 Health for Humanity Report Highlighting Performance on ESG Priorities and Progress Against Public Commitments

(Press Release)

New Data Show TREMFYA (guselkumab) Binds to Both Inflammatory Cells and Interleukin (IL)-23, Supporting a Hypothesis for a Differentiated Mechanism from Risankizumab

(Press Release)

Janssen to Highlight Science, Innovation and Advances in Robust Oncology Portfolio and Pipeline Through More Than 60 Data Presentations at ASCO and EHA

(Press Release)

FULL-YEAR 2022 GUIDANCE:

Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson's results computed in accordance with GAAP.

($ in Billions, except EPS)

July 2022

April 2022

Adjusted Operational Sales1,2,5

Change vs. Prior Year

6.5% – 7.5%

6.5% – 7.5%

Operational Sales2,5

Change vs. Prior Year

$97.3B – $98.3B

6.5% – 7.5%

$97.3B – $98.3B

6.5% – 7.5%

Estimated Reported Sales3,5

Change vs. Prior Year

$93.3B – $94.3B

2.1% – 3.1%

$94.8B - $95.8B

3.8% – 4.8%

 

 

 

Adjusted Operational EPS (Diluted)2,4

Change vs. Prior Year

$10.65 - $10.75

8.7% – 9.7%

$10.60 - $10.80

8.2% – 10.2%

Adjusted EPS (Diluted)3,4

Change vs. Prior Year

$10.00 - $10.10

2.1% – 3.1%

$10.15 - $10.35

3.6% – 5.6%

1 Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures 2 Non-GAAP financial measure; excludes the impact of translational currency 3 Calculated using Euro Average Rate: April 2022 = $1.09 and July 2022 = $1.05 (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 130 years, we have aimed to keep people well at every age and every stage of life. Today, as the world’s largest and most broadly-based health care company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity.

NON-GAAP FINANCIAL MEASURES:

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

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

NOTE TO INVESTORS CONCERNING FORWARD-LOOKING STATEMENTS:

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: future operating and financial performance, product development, market position 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) SECOND QUARTER SIX MONTHS Percent Change Percent Change

 

2022

 

2021

 

Total

 

Operations

 

Currency

 

 

2022

 

2021

 

Total

 

Operations

 

Currency Sales to customers by segment of business   Consumer Health (1) U.S.

$

1,687

1,751

(3.6

)

%

(3.6

)

-

 

$

3,244

3,362

(3.5

)

%

(3.5

)

-

 

International

 

2,118

2,103

0.6

 

7.3

 

(6.7

)

 

4,147

4,133

0.3

 

5.7

 

(5.4

)

 

3,805

3,854

(1.3

)

2.3

 

(3.6

)

 

7,391

7,495

(1.4

)

1.6

 

(3.0

)

  Pharmaceutical (1) U.S.

 

7,159

6,869

4.2

 

4.2

 

-

 

 

13,791

13,315

3.6

 

3.6

 

-

 

International

 

6,158

5,611

9.8

 

22.1

 

(12.3

)

 

12,395

11,266

10.0

 

19.4

 

(9.4

)

 

13,317

12,480

6.7

 

12.3

 

(5.6

)

 

26,186

24,581

6.5

 

10.8

 

(4.3

)

  Pharmaceutical excluding COVID-19 Vaccine (1,3) U.S.

 

7,114

6,818

4.3

 

4.3

 

-

 

 

13,671

13,164

3.9

 

3.9

 

-

 

International

 

5,659

5,498

2.9

 

13.9

 

(11.0

)

 

11,514

11,153

3.2

 

11.9

 

(8.7

)

 

12,773

12,316

3.7

 

8.6

 

(4.9

)

 

25,185

24,317

3.6

 

7.5

 

(3.9

)

  MedTech (2) U.S.

 

3,351

3,299

1.6

 

1.6

 

-

 

 

6,576

6,353

3.5

 

3.5

 

-

 

International

 

3,547

3,679

(3.6

)

5.1

 

(8.7

)

 

7,293

7,204

1.2

 

8.0

 

(6.8

)

 

6,898

6,978

(1.1

)

3.4

 

(4.5

)

 

13,869

13,557

2.3

 

5.9

 

(3.6

)

  U.S.

 

12,197

11,919

2.3

 

2.3

 

-

 

 

23,611

23,030

2.5

 

2.5

 

-

 

International

 

11,823

11,393

3.8

 

13.9

 

(10.1

)

 

23,835

22,603

5.5

 

13.3

 

(7.8

)

Worldwide

 

24,020

23,312

3.0

 

8.0

 

(5.0

)

 

47,446

45,633

4.0

 

7.8

 

(3.8

)

  U.S.

 

12,152

11,868

2.4

 

2.4

 

-

 

 

23,491

22,879

2.7

 

2.7

 

-

 

International

 

11,324

11,280

0.4

 

9.8

 

(9.4

)

 

22,954

22,490

2.1

 

9.5

 

(7.4

)

Worldwide excluding COVID-19 Vaccine (3)

$

23,476

23,148

1.4

 

%

6.0

 

(4.6

)

$

46,445

45,369

2.4

 

%

6.1

 

(3.7

)

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) SECOND QUARTER SIX MONTHS Percent Change Percent Change

 

2022

 

2021

 

Total

 

Operations

 

Currency

 

 

2022

 

2021

 

Total

 

Operations

 

Currency

Sales to customers by geographic area   U.S.

$

12,197

11,919

2.3

 

%

2.3

-

 

$

23,611

23,030

2.5

 

%

2.5

-

 

  Europe

 

6,085

5,668

7.3

 

20.7

(13.4

)

 

12,109

11,082

9.3

 

20.1

(10.8

)

Western Hemisphere excluding U.S.

 

1,536

1,367

12.4

 

14.9

(2.5

)

 

3,018

2,791

8.1

 

9.9

(1.8

)

Asia-Pacific, Africa

 

4,202

4,358

(3.6

)

4.7

(8.3

)

 

8,708

8,730

(0.2

)

5.6

(5.8

)

International

 

11,823

11,393

3.8

 

13.9

(10.1

)

 

23,835

22,603

5.5

 

13.3

(7.8

)

  Worldwide

$

24,020

23,312

3.0

 

%

8.0

(5.0

)

$

47,446

45,633

4.0

 

%

7.8

(3.8

)

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) SECOND QUARTER  

2022

2021

Percent Percent Percent Increase Amount to Sales Amount to Sales (Decrease) Sales to customers

$

24,020

 

100.0

 

$

23,312

 

100.0

 

3.0

 

Cost of products sold

 

7,919

 

33.0

 

 

7,587

 

32.5

 

4.4

 

Gross Profit

 

16,101

 

67.0

 

 

15,725

 

67.5

 

2.4

 

Selling, marketing and administrative expenses

 

6,226

 

25.9

 

 

6,073

 

26.1

 

2.5

 

Research and development expense

 

3,703

 

15.4

 

 

3,394

 

14.6

 

9.1

 

Interest (income) expense, net

 

(26

)

(0.1

)

 

28

 

0.1

 

Other (income) expense, net

 

273

 

1.1

 

 

(488

)

(2.1

)

Restructuring

 

85

 

0.4

 

 

56

 

0.2

 

Earnings before provision for taxes on income

 

5,840

 

24.3

 

 

6,662

 

28.6

 

(12.3

)

Provision for taxes on income

 

1,026

 

4.3

 

 

384

 

1.7

 

167.2

 

Net earnings

$

4,814

 

20.0

 

$

6,278

 

26.9

 

(23.3

)

  Net earnings per share (Diluted)

$

1.80

 

$

2.35

 

(23.4

)

  Average shares outstanding (Diluted)

 

2,667.9

 

 

2,671.6

 

  Effective tax rate

 

17.6

 

%

 

5.8

 

%

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

$

8,171

 

34.0

 

$

7,776

 

33.4

 

5.1

 

Net earnings

$

6,912

 

28.8

 

$

6,625

 

28.4

 

4.3

 

Net earnings per share (Diluted)

$

2.59

 

$

2.48

 

4.4

 

Effective tax rate

 

15.4

 

%

 

14.8

 

%

  (1) See Reconciliation of Non-GAAP Financial Measures.     Johnson & Johnson and Subsidiaries Condensed Consolidated Statement of Earnings   (Unaudited; in Millions Except Per Share Figures) SIX MONTHS  

2022

2021

Percent Percent Percent Increase Amount to Sales Amount to Sales (Decrease) Sales to customers

$

47,446

 

100.0

 

$

45,633

 

100.0

 

4.0

 

Cost of products sold

 

15,517

 

32.7

 

 

14,650

 

32.1

 

5.9

 

Gross Profit

 

31,929

 

67.3

 

 

30,983

 

67.9

 

3.1

 

Selling, marketing and administrative expenses

 

12,164

 

25.6

 

 

11,505

 

25.2

 

5.7

 

Research and development expense

 

7,165

 

15.1

 

 

6,572

 

14.4

 

9.0

 

In-process research and development

 

610

 

1.3

 

 

-

 

-

 

Interest (income) expense, net

 

(38

)

(0.1

)

 

76

 

0.2

 

Other (income) expense, net

 

171

 

0.4

 

 

(1,370

)

(3.0

)

Restructuring

 

155

 

0.3

 

 

109

 

0.2

 

Earnings before provision for taxes on income

 

11,702

 

24.7

 

 

14,091

 

30.9

 

(17.0

)

Provision for taxes on income

 

1,739

 

3.7

 

 

1,616

 

3.6

 

7.6

 

Net earnings

$

9,963

 

21.0

 

$

12,475

 

27.3

 

(20.1

)

  Net earnings per share (Diluted)

$

3.73

 

$

4.67

 

(20.1

)

  Average shares outstanding (Diluted)

 

2,669.2

 

 

2,674.0

 

  Effective tax rate

 

14.9

 

%

 

11.5

 

%

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

$

16,389

 

34.5

 

$

16,067

 

35.2

 

2.0

 

Net earnings

$

14,041

 

29.6

 

$

13,549

 

29.7

 

3.6

 

Net earnings per share (Diluted)

$

5.26

 

$

5.07

 

3.7

 

Effective tax rate

 

14.3

 

%

 

15.7

 

%

  (1) See Reconciliation of Non-GAAP Financial Measures.     Johnson & Johnson and Subsidiaries Reconciliation of Non-GAAP Financial Measures     Second Quarter Six Months Ended (Dollars in Millions Except Per Share Data)

2022

 

2021

 

2022

 

2021

Net Earnings, after tax- as reported

$4,814

$6,278

$9,963

$12,475

  Pre-tax Adjustments Intangible Asset Amortization expense

1,095

1,202

2,203

2,417

Litigation related

385

(23)

385

(23)

IPR&D

-

-

610

-

Restructuring related

128

108

200

212

Acquisition, integration and divestiture related ¹

-

14

-

(524)

(Gains)/losses on securities

109

(243)

520

(208)

Medical Device Regulation 2

70

56

130

102

COVID-19 Vaccine related costs 3

276

-

276

-

Consumer Health separation costs

268

-

370

-

Other

-

-

(7)

-

  Tax Adjustments Tax impact on special item adjustments 4

(313)

(135)

(706)

(248)

Consumer Health separation tax related costs

2

-

98

-

Tax legislation and other tax related

78

(632)

(1)

(654)

Adjusted Net Earnings, after tax

$6,912

$6,625

$14,041

$13,549

Average shares outstanding (Diluted)

2,667.9

2,671.6

2,669.2

2,674.0

Adjusted net earnings per share (Diluted)

$2.59

$2.48

$5.26

$5.07

Operational adjusted net earnings per share (Diluted)

$2.75

$5.50

      Notes:

1

  Acquisition, integration and divestiture related for the six months of 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 by the end of 2023.    

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 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 SECOND QUARTER 2022 ACTUAL vs. 2021 ACTUAL Segments   Consumer Health Pharmaceutical MedTech Total   WW As Reported

(1.3)%

 

6.7%

 

(1.1)%

 

3.0%

U.S.

(3.6)%

 

4.2%

 

1.6%

 

2.3%

International

0.6%

 

9.8%

 

(3.6)%

 

3.8%

 

 

 

 

 

 

 

WW Currency

(3.6)

 

(5.6)

 

(4.5)

 

(5.0)

U.S.

-

 

-

 

-

 

-

International

(6.7)

 

(12.3)

 

(8.7)

 

(10.1)

 

 

 

 

 

 

 

WW Operational

2.3%

 

12.3%

 

3.4%

 

8.0%

U.S.

(3.6)%

 

4.2%

 

1.6%

 

2.3%

International

7.3%

 

22.1%

 

5.1%

 

13.9%

 

 

 

 

 

 

 

All Other Acquisitions and Divestitures

0.6

 

0.1

 

0.0

 

0.1

U.S.

0.2

 

0.2

 

(0.2)

 

0.1

International

0.8

 

0.1

 

0.2

 

0.3

 

 

 

 

 

 

 

WW Adjusted Operational

2.9%

 

12.4%

 

3.4%

 

8.1%

U.S.

(3.4)%

 

4.4%

 

1.4%

 

2.4%

International

8.1%

 

22.2%

 

5.3%

 

14.2%

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 SIX MONTHS 2022 ACTUAL vs. 2021 ACTUAL Segments   Consumer Health Pharmaceutical MedTech Total   WW As Reported

(1.4)%

 

6.5%

 

2.3%

 

4.0%

U.S.

(3.5)%

 

3.6%

 

3.5%

 

2.5%

International

0.3%

 

10.0%

 

1.2%

 

5.5%

 

 

 

 

 

 

 

WW Currency

(3.0)

 

(4.3)

 

(3.6)

 

(3.8)

U.S.

-

 

-

 

-

 

-

International

(5.4)

 

(9.4)

 

(6.8)

 

(7.8)

 

 

 

 

 

 

 

WW Operational

1.6%

 

10.8%

 

5.9%

 

7.8%

U.S.

(3.5)%

 

3.6%

 

3.5%

 

2.5%

International

5.7%

 

19.4%

 

8.0%

 

13.3%

 

 

 

 

 

 

 

Skin Health / Beauty

 

 

 

 

 

 

 

Dr. Ci Labo - Sedona

0.5

 

 

 

 

 

0.1

U.S.

0.0

 

 

 

 

 

0.0

International

0.9

 

 

 

 

 

0.2

 

 

 

 

 

 

 

All Other Acquisitions and Divestitures

0.1

 

0.1

 

0.1

 

0.1

U.S.

0.2

 

0.1

 

(0.1)

 

0.1

International

0.1

 

0.0

 

0.2

 

0.1

 

 

 

 

 

 

 

WW Adjusted Operational

2.2%

 

10.9%

 

6.0%

 

8.0%

U.S.

(3.3)%

 

3.7%

 

3.4%

 

2.6%

International

6.7%

 

19.4%

 

8.2%

 

13.6%

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

REPORTED SALES vs. PRIOR PERIOD ($MM)

 

 

REPORTED SALES vs. PRIOR PERIOD ($MM)

SECOND QUARTER

 

 

SIX MONTHS

% Change % Change

2022

 

2021

 

Reported

 

Operational (1)

 

Currency

 

 

2022

 

2021

 

Reported

 

Operational (1)

 

Currency

CONSUMER HEALTH SEGMENT (2,3) OTC US

$

663

675

-1.8

%

-1.8

%

-

 

$

1,333

1,274

4.6

%

4.6

%

-

 

Intl

 

818

752

8.8

%

15.9

%

-7.1

%

 

1,609

1,425

12.9

%

18.6

%

-5.7

%

WW

 

1,482

1,426

3.8

%

7.5

%

-3.7

%

 

2,943

2,699

9.0

%

12.0

%

-3.0

%

SKIN HEALTH / BEAUTY US

 

629

659

-4.5

%

-4.5

%

-

 

 

1,173

1,293

-9.2

%

-9.2

%

-

 

Intl

 

497

511

-2.8

%

5.1

%

-7.9

%

 

965

1,040

-7.2

%

-1.1

%

-6.1

%

WW

 

1,126

1,170

-3.7

%

-0.3

%

-3.4

%

 

2,138

2,333

-8.3

%

-5.6

%

-2.7

%

ORAL CARE US

 

170

165

3.4

%

3.4

%

-

 

 

313

328

-4.6

%

-4.6

%

-

 

Intl

 

224

260

-14.1

%

-8.7

%

-5.4

%

 

447

514

-13.0

%

-8.6

%

-4.4

%

WW

 

394

426

-7.3

%

-4.0

%

-3.3

%

 

760

843

-9.7

%

-7.1

%

-2.6

%

BABY CARE US

 

88

97

-9.1

%

-9.1

%

-

 

 

173

193

-10.3

%

-10.3

%

-

 

Intl

 

287

290

-1.0

%

3.7

%

-4.7

%

 

557

583

-4.4

%

-0.6

%

-3.8

%

WW

 

375

387

-3.1

%

0.5

%

-3.6

%

 

730

776

-5.9

%

-3.0

%

-2.9

%

WOMEN'S HEALTH US

 

3

3

8.9

%

8.9

%

-

 

 

7

6

8.1

%

8.1

%

-

 

Intl

 

228

227

0.1

%

7.2

%

-7.1

%

 

452

446

1.3

%

7.7

%

-6.4

%

WW

 

230

230

0.2

%

7.2

%

-7.0

%

 

458

452

1.4

%

7.7

%

-6.3

%

WOUND CARE / OTHER US

 

133

153

-12.7

%

-12.7

%

-

 

 

245

268

-8.6

%

-8.6

%

-

 

Intl

 

65

64

1.7

%

5.2

%

-3.5

%

 

117

125

-6.6

%

-4.5

%

-2.1

%

WW

 

197

216

-8.4

%

-7.4

%

-1.0

%

 

361

393

-8.0

%

-7.3

%

-0.7

%

  TOTAL CONSUMER HEALTH US

 

1,687

1,751

-3.6

%

-3.6

%

-

 

 

3,244

3,362

-3.5

%

-3.5

%

-

 

Intl

 

2,118

2,103

0.6

%

7.3

%

-6.7

%

 

4,147

4,133

0.3

%

5.7

%

-5.4

%

WW

$

3,805

3,854

-1.3

%

2.3

%

-3.6

%

$

7,391

7,495

-1.4

%

1.6

%

-3.0

%

    See footnotes at end of schedule  

REPORTED SALES vs. PRIOR PERIOD ($MM)

 

 

REPORTED SALES vs. PRIOR PERIOD ($MM)

SECOND QUARTER

 

 

SIX MONTHS

% Change % Change PHARMACEUTICAL SEGMENT (2,3)

2022

 

2021

 

Reported

 

Operational (1)

 

Currency

 

 

2022

 

 

2021

 

Reported

 

Operational (1)

 

Currency

  IMMUNOLOGY US

$

2,853

2,748

3.8

%

3.8

%

-

 

$

5,354

5,161

3.7

%

3.7

%

-

 

Intl

 

1,559

1,483

5.1

%

16.2

%

-11.1

%

 

3,176

2,984

6.4

%

14.9

%

-8.5

%

WW

 

4,411

4,231

4.3

%

8.1

%

-3.8

%

 

8,530

8,145

4.7

%

7.8

%

-3.1

%

REMICADE US

 

391

540

-27.4

%

-27.4

%

-

 

 

749

1,029

-27.1

%

-27.1

%

-

 

US Exports (4)

 

44

93

-53.0

%

-53.0

%

-

 

 

124

150

-17.5

%

-17.5

%

-

 

Intl

 

212

255

-17.2

%

-12.0

%

-5.2

%

 

437

487

-10.3

%

-6.7

%

-3.6

%

WW

 

647

888

-27.2

%

-25.6

%

-1.6

%

 

1,310

1,665

-21.4

%

-20.3

%

-1.1

%

SIMPONI / SIMPONI ARIA US

 

301

290

3.8

%

3.8

%

-

 

 

588

545

7.9

%

7.9

%

-

 

Intl

 

266

294

-9.7

%

0.3

%

-10.0

%

 

549

601

-8.6

%

-0.8

%

-7.8

%

WW

 

566

584

-3.0

%

2.0

%

-5.0

%

 

1,137

1,146

-0.8

%

3.3

%

-4.1

%

STELARA US

 

1,731

1,496

15.7

%

15.7

%

-

 

 

3,110

2,827

10.0

%

10.0

%

-

 

Intl

 

868

778

11.6

%

24.0

%

-12.4

%

 

1,777

1,595

11.4

%

20.8

%

-9.4

%

WW

 

2,599

2,274

14.3

%

18.6

%

-4.3

%

 

4,887

4,422

10.5

%

13.9

%

-3.4

%

TREMFYA US

 

382

325

17.7

%

17.7

%

-

 

 

773

599

29.1

%

29.1

%

-

 

Intl

 

214

155

38.3

%

54.6

%

-16.3

%

 

413

298

38.6

%

51.4

%

-12.8

%

WW

 

597

479

24.4

%

29.7

%

-5.3

%

 

1,187

897

32.3

%

36.6

%

-4.3

%

OTHER IMMUNOLOGY US

 

3

5

-50.1

%

-50.1

%

-

 

 

9

12

-24.8

%

-24.8

%

-

 

Intl

 

0

1

*

 

*

 

*

 

0

3

*

 

*

 

*

WW

 

3

7

-59.2

%

-59.2

%

0.0

%

 

9

15

-39.0

%

-39.0

%

0.0

%

INFECTIOUS DISEASES US

 

415

444

-6.4

%

-6.4

%

-

 

 

876

956

-8.3

%

-8.3

%

-

 

Intl

 

901

575

56.8

%

79.3

%

-22.5

%

 

1,737

1,060

63.9

%

79.0

%

-15.1

%

WW

 

1,316

1,018

29.3

%

42.0

%

-12.7

%

 

2,613

2,016

29.6

%

37.6

%

-8.0

%

COVID-19 VACCINE US

 

45

51

-11.5

%

-11.5

%

-

 

 

120

151

-20.4

%

-20.4

%

-

 

Intl

 

499

113

*

 

*

 

*

 

881

113

*

 

*

 

*

WW

 

544

164

*

 

*

 

*

 

1,001

264

*

 

*

 

*

EDURANT / rilpivirine US

 

9

9

-1.7

%

-1.7

%

-

 

 

18

19

-7.4

%

-7.4

%

-

 

Intl

 

215

253

-14.7

%

-5.4

%

-9.3

%

 

454

486

-6.5

%

2.2

%

-8.7

%

WW

 

225

262

-14.3

%

-5.3

%

-9.0

%

 

473

505

-6.5

%

1.9

%

-8.4

%

PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA US

 

355

368

-3.4

%

-3.4

%

-

 

 

724

748

-3.2

%

-3.2

%

-

 

Intl

 

110

137

-20.2

%

-10.4

%

-9.8

%

 

242

303

-20.3

%

-13.4

%

-6.9

%

WW

 

464

505

-7.9

%

-5.3

%

-2.6

%

 

965

1,051

-8.1

%

-6.1

%

-2.0

%

OTHER INFECTIOUS DISEASES US

 

6

16

-62.5

%

-62.5

%

-

 

 

14

37

-62.5

%

-62.5

%

-

 

Intl

 

77

71

7.4

%

10.9

%

-3.5

%

 

160

158

1.3

%

5.8

%

-4.5

%

WW

 

83

88

-5.4

%

-2.6

%

-2.8

%

 

174

196

-10.9

%

-7.2

%

-3.7

%

     

REPORTED SALES vs. PRIOR PERIOD ($MM)

REPORTED SALES vs. PRIOR PERIOD ($MM)

SECOND QUARTER

SIX MONTHS

% Change % Change

2022

 

2021

 

Reported

 

Operational (1)

 

Currency

 

 

2022

 

2021

 

Reported

 

Operational (1)

 

Currency

NEUROSCIENCE US

896

842

6.5%

6.5%

-

1,739

1,613

7.9%

7.9%

-

Intl

837

963

-13.0%

-4.8%

-8.2%

1,735

1,906

-8.9%

-1.7%

-7.2%

WW

1,734

1,804

-3.9%

0.5%

-4.4%

3,475

3,519

-1.2%

2.7%

-3.9%

CONCERTA / Methylphenidate US

38

35

9.4%

9.4%

-

73

82

-11.3%

-11.3%

-

Intl

123

127

-2.2%

8.0%

-10.2%

245

250

-1.7%

5.8%

-7.5%

WW

161

161

0.3%

8.3%

-8.0%

318

332

-4.1%

1.5%

-5.6%

INVEGA SUSTENNA / XEPLION /INVEGA TRINZA / TREVICTA US

691

645

7.3%

7.3%

-

1,352

1,234

9.6%

9.6%

-

Intl

362

380

-4.6%

6.3%

-10.9%

749

756

-0.8%

8.1%

-8.9%

WW

1,054

1,024

2.9%

6.9%

-4.0%

2,102

1,989

5.7%

9.0%

-3.3%

RISPERDAL CONSTA US

65

72

-8.9%

-8.9%

-

128

139

-7.7%

-7.7%

-

Intl

60

84

-28.0%

-19.0%

-9.0%

126

173

-27.1%

-19.3%

-7.8%

WW

125

155

-19.3%

-14.4%

-4.9%

254

312

-18.4%

-14.1%

-4.3%

OTHER NEUROSCIENCE US

102

91

11.8%

11.8%

-

186

158

17.6%

17.6%

-

Intl

292

373

-21.8%

-17.2%

-4.6%

615

728

-15.5%

-10.2%

-5.3%

WW

393

464

-15.2%

-11.6%

-3.6%

800

886

-9.6%

-5.2%

-4.4%

ONCOLOGY US

1,679

1,462

14.9%

14.9%

-

3,261

2,839

14.9%

14.9%

-

Intl

2,362

2,073

14.0%

26.9%

-12.9%

4,731

4,266

10.9%

20.8%

-9.9%

WW

4,042

3,535

14.3%

21.9%

-7.6%

7,992

7,105

12.5%

18.4%

-5.9%

DARZALEX US

1,021

770

32.6%

32.6%

-

1,974

1,461

35.1%

35.1%

-

Intl

965

663

45.5%

61.9%

-16.4%

1,868

1,337

39.7%

52.2%

-12.5%

WW

1,986

1,433

38.6%

46.1%

-7.5%

3,842

2,798

37.3%

43.3%

-6.0%

ERLEADA US

233

193

20.6%

20.6%

-

439

364

20.4%

20.4%

-

Intl

218

109

*

 

*

 

*

412

199

*

*

*

WW

450

302

49.5%

56.9%

-7.4%

850

563

51.1%

57.2%

-6.1%

IMBRUVICA US

349

454

-23.1%

-23.1%

-

719

898

-19.9%

-19.9%

-

Intl

620

662

-6.3%

3.6%

-9.9%

1,288

1,342

-4.0%

4.1%

-8.1%

WW

970

1,116

-13.1%

-7.2%

-5.9%

2,008

2,241

-10.4%

-5.6%

-4.8%

ZYTIGA / abiraterone acetate US

19

21

-12.2%

-12.2%

-

38

71

-47.0%

-47.0%

-

Intl

486

542

-10.2%

1.5%

-11.7%

1,006

1,130

-11.0%

-2.3%

-8.7%

WW

505

563

-10.3%

0.9%

-11.2%

1,044

1,201

-13.1%

-4.9%

-8.2%

OTHER ONCOLOGY

 

US

57

23

*

*

-

91

44

*

*

-

Intl

72

97

-25.7%

-17.3%

-8.4%

156

258

-39.4%

-34.3%

-5.1%

WW

130

120

7.5%

14.4%

-6.9%

248

302

-18.0%

-13.7%

-4.3%

     

REPORTED SALES vs. PRIOR PERIOD ($MM)

REPORTED SALES vs. PRIOR PERIOD ($MM)

SECOND QUARTER

SIX MONTHS

% Change

% Change

2022

 

2021

 

Reported

 

Operational (1)

 

Currency

 

 

2022

 

2021

 

Reported

 

Operational (1)

 

Currency PULMONARY HYPERTENSION US

 

560

595

-5.8

%

-5.8

%

-

 

 

1,132

1,168

-3.1

%

-3.1

%

-

 

Intl

 

284

275

2.8

%

15.3

%

-12.5

%

 

563

563

-0.1

%

9.6

%

-9.7

%

WW

 

843

870

-3.1

%

0.9

%

-4.0

%

 

1,695

1,731

-2.1

%

1.1

%

-3.2

%

OPSUMIT US

 

265

290

-8.7

%

-8.7

%

-

 

 

538

562

-4.3

%

-4.3

%

-

 

Intl

 

173

172

0.5

%

13.1

%

-12.6

%

 

343

351

-2.2

%

7.4

%

-9.6

%

WW

 

438

463

-5.3

%

-0.6

%

-4.7

%

 

881

913

-3.5

%

0.2

%

-3.7

%

UPTRAVI US

 

272

268

1.4

%

1.4

%

-

 

 

541

527

2.6

%

2.6

%

-

 

Intl

 

56

45

26.2

%

38.3

%

-12.1

%

 

112

91

23.5

%

33.4

%

-9.9

%

WW

 

328

313

4.9

%

6.6

%

-1.7

%

 

653

618

5.7

%

7.1

%

-1.4

%

OTHER PULMONARY HYPERTENSION US

 

23

36

-36.2

%

-36.2

%

-

 

 

53

78

-32.3

%

-32.3

%

-

 

Intl

 

55

59

-8.1

%

4.8

%

-12.9

%

 

108

122

-11.7

%

-2.0

%

-9.7

%

WW

 

78

95

-18.7

%

-10.7

%

-8.0

%

 

161

200

-19.8

%

-13.9

%

-5.9

%

CARDIOVASCULAR / METABOLISM / OTHER US

 

757

780

-3.0

%

-3.0

%

-

 

 

1,429

1,579

-9.5

%

-9.5

%

-

 

Intl

 

215

241

-10.9

%

-3.4

%

-7.5

%

 

453

486

-6.9

%

-1.2

%

-5.7

%

WW

 

972

1,021

-4.8

%

-3.1

%

-1.7

%

 

1,882

2,065

-8.9

%

-7.5

%

-1.4

%

XARELTO US

 

609

569

7.1

%

7.1

%

-

 

 

1,117

1,158

-3.5

%

-3.5

%

-

 

Intl

 

-

-

-

 

-

 

-

 

 

-

-

-

 

-

 

-

 

WW

 

609

569

7.1

%

7.1

%

-

 

 

1,117

1,158

-3.5

%

-3.5

%

-

 

INVOKANA / INVOKAMET US

 

55

96

-42.9

%

-42.9

%

-

 

 

115

183

-37.1

%

-37.1

%

-

 

Intl

 

65

64

2.4

%

10.2

%

-7.8

%

 

133

127

4.9

%

10.6

%

-5.7

%

WW

 

120

160

-24.9

%

-21.8

%

-3.1

%

 

248

310

-19.9

%

-17.6

%

-2.3

%

OTHER US

 

93

116

-19.5

%

-19.5

%

-

 

 

197

238

-17.2

%

-17.2

%

-

 

Intl

 

150

178

-15.6

%

-8.3

%

-7.3

%

 

320

360

-11.1

%

-5.4

%

-5.7

%

WW

 

243

293

-17.2

%

-12.7

%

-4.5

%

 

517

598

-13.5

%

-10.1

%

-3.4

%

  TOTAL PHARMACEUTICAL US

 

7,159

6,869

4.2

%

4.2

%

-

 

 

13,791

13,315

3.6

%

3.6

%

-

 

Intl

 

6,158

5,611

9.8

%

22.1

%

-12.3

%

 

12,395

11,266

10.0

%

19.4

%

-9.4

%

WW

$

13,317

12,480

6.7

%

12.3

%

-5.6

%

$

26,186

24,581

6.5

%

10.8

%

-4.3

%

    See footnotes at end of schedule    

REPORTED SALES vs. PRIOR PERIOD ($MM)

REPORTED SALES vs. PRIOR PERIOD ($MM)

SECOND QUARTER

SIX MONTHS

% Change % Change MEDTECH SEGMENT (2,3,5)

2022

 

2021

 

Reported

 

Operational (1)

 

Currency

 

 

2022

 

2021

 

Reported

 

Operational (1)

 

Currency

  INTERVENTIONAL SOLUTIONS US

$

525

475

10.5

%

10.5

%

-

 

1,019

909

12.1

%

12.1

%

-

 

Intl

 

525

572

-8.1

%

1.0

%

-9.1

%

1,123

1,086

3.4

%

10.2

%

-6.8

%

WW

 

1,049

1,046

0.3

%

5.3

%

-5.0

%

2,141

1,995

7.4

%

11.1

%

-3.7

%

ORTHOPAEDICS US

 

1,338

1,323

1.1

%

1.1

%

-

 

2,627

2,572

2.1

%

2.1

%

-

 

Intl

 

820

904

-9.3

%

-0.6

%

-8.7

%

1,719

1,768

-2.8

%

4.2

%

-7.0

%

WW

 

2,157

2,227

-3.1

%

0.5

%

-3.6

%

4,345

4,340

0.1

%

3.0

%

-2.9

%

HIPS US

 

240

233

3.4

%

3.4

%

-

 

465

442

5.2

%

5.2

%

-

 

Intl

 

148

159

-6.6

%

1.7

%

-8.3

%

312

305

2.4

%

9.0

%

-6.6

%

WW

 

388

391

-0.7

%

2.7

%

-3.4

%

777

747

4.1

%

6.8

%

-2.7

%

KNEES US

 

216

210

2.9

%

2.9

%

-

 

417

395

5.6

%

5.6

%

-

 

Intl

 

133

140

-4.6

%

3.9

%

-8.5

%

271

272

-0.4

%

6.4

%

-6.8

%

WW

 

349

350

-0.1

%

3.3

%

-3.4

%

688

667

3.1

%

5.9

%

-2.8

%

TRAUMA US

 

464

447

3.9

%

3.9

%

-

 

939

897

4.7

%

4.7

%

-

 

Intl

 

232

263

-11.8

%

-1.7

%

-10.1

%

505

545

-7.4

%

0.3

%

-7.7

%

WW

 

696

710

-1.9

%

1.8

%

-3.7

%

1,444

1,443

0.1

%

3.0

%

-2.9

%

SPINE, SPORTS & OTHER US

 

418

434

-3.7

%

-3.7

%

-

 

805

838

-3.9

%

-3.9

%

-

 

Intl

 

306

343

-10.6

%

-2.5

%

-8.1

%

630

646

-2.4

%

4.2

%

-6.6

%

WW

 

724

777

-6.8

%

-3.2

%

-3.6

%

1,436

1,484

-3.2

%

-0.4

%

-2.8

%

     

REPORTED SALES vs. PRIOR PERIOD ($MM)

REPORTED SALES vs. PRIOR PERIOD ($MM)

SECOND QUARTER

SIX MONTHS

% Change % Change

2022

 

2021

 

Reported

 

Operational (1)

 

Currency

 

 

2022

 

2021

 

Reported

 

Operational (1)

 

Currency

SURGERY US

 

992

1,035

-4.1

%

-4.1

%

-

 

 

1,913

1,933

-1.0

%

-1.0

%

-

 

Intl

 

1,458

1,487

-2.0

%

5.9

%

-7.9

%

 

2,971

2,961

0.3

%

6.2

%

-5.9

%

WW

 

2,450

2,522

-2.8

%

1.8

%

-4.6

%

 

4,884

4,894

-0.2

%

3.4

%

-3.6

%

ADVANCED US

 

454

459

-1.1

%

-1.1

%

-

 

 

871

864

0.8

%

0.8

%

-

 

Intl

 

702

708

-0.9

%

6.6

%

-7.5

%

 

1,431

1,421

0.7

%

6.0

%

-5.3

%

WW

 

1,156

1,168

-1.0

%

3.6

%

-4.6

%

 

2,302

2,286

0.7

%

4.0

%

-3.3

%

GENERAL US

 

538

576

-6.4

%

-6.4

%

-

 

 

1,042

1,069

-2.5

%

-2.5

%

-

 

Intl

 

756

779

-3.0

%

5.3

%

-8.3

%

 

1,540

1,540

0.0

%

6.5

%

-6.5

%

WW

 

1,294

1,354

-4.5

%

0.3

%

-4.8

%

 

2,582

2,608

-1.0

%

2.8

%

-3.8

%

VISION US

 

496

467

6.2

%

6.2

%

-

 

 

1,017

939

8.3

%

8.3

%

-

 

Intl

 

745

716

4.0

%

13.9

%

-9.9

%

 

1,481

1,389

6.6

%

15.1

%

-8.5

%

WW

 

1,241

1,183

4.9

%

10.9

%

-6.0

%

 

2,498

2,328

7.3

%

12.4

%

-5.1

%

CONTACT LENSES / OTHER US

 

374

352

6.6

%

6.6

%

-

 

 

774

723

7.2

%

7.2

%

-

 

Intl

 

519

517

0.4

%

11.0

%

-10.6

%

 

1,030

1,003

2.7

%

11.9

%

-9.2

%

WW

 

894

868

2.9

%

9.2

%

-6.3

%

 

1,804

1,725

4.5

%

9.9

%

-5.4

%

SURGICAL US

 

122

115

5.1

%

5.1

%

-

 

 

243

216

12.1

%

12.1

%

-

 

Intl

 

225

199

13.6

%

21.5

%

-7.9

%

 

451

386

17.0

%

23.5

%

-6.5

%

WW

 

347

314

10.5

%

15.5

%

-5.0

%

 

694

602

15.2

%

19.4

%

-4.2

%

  TOTAL MEDTECH US

 

3,351

3,299

1.6

%

1.6

%

-

 

 

6,576

6,353

3.5

%

3.5

%

-

 

Intl

 

3,547

3,679

-3.6

%

5.1

%

-8.7

%

 

7,293

7,204

1.2

%

8.0

%

-6.8

%

WW

$

6,898

6,978

-1.1

%

3.4

%

-4.5

%

$

13,869

13,557

2.3

%

5.9

%

-3.6

%

    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) Reported as U.S. sales (5) Previously referred to as Medical Devices Supplemental Sales Reconciliation (Unaudited) (Dollars in Millions)   SECOND QUARTER SIX MONTHS Percent Change Percent Change

 

2022

 

2021

 

Total

 

Operations

 

Currency

 

 

2022

 

2021

 

Total

 

Operations

 

Currency   Pharmaceutical U.S.

$

7,159

6,869

4.2

 

%

4.2

 

-

 

$

13,791

13,315

3.6

 

%

3.6

 

-

 

International

 

6,158

5,611

9.8

 

22.1

 

(12.3

)

 

12,395

11,266

10.0

 

19.4

 

(9.4

)

Worldwide

 

13,317

12,480

6.7

 

12.3

 

(5.6

)

 

26,186

24,581

6.5

 

10.8

 

(4.3

)

  COVID-19 Vaccine U.S.

 

45

51

(11.5

)

(11.5

)

-

 

 

120

151

(20.4

)

(20.4

)

-

 

International

 

499

113

* * *

 

881

113

*

-

* * Worldwide

 

544

164

* * *

 

1,001

264

*

-

* *   Pharmaceutical excluding COVID-19 Vaccine U.S.

 

7,114

6,818

4.3

 

4.3

 

-

 

 

13,671

13,164

3.9

 

3.9

 

-

 

International

 

5,659

5,498

2.9

 

13.9

 

(11.0

)

 

11,514

11,153

3.2

 

11.9

 

(8.7

)

Worldwide

 

12,773

12,316

3.7

 

8.6

 

(4.9

)

 

25,185

24,317

3.6

 

7.5

 

(3.9

)

  Worldwide U.S.

 

12,197

11,919

2.3

 

2.3

 

-

 

 

23,611

23,030

2.5

 

2.5

 

-

 

International

 

11,823

11,393

3.8

 

13.9

 

(10.1

)

 

23,835

22,603

5.5

 

13.3

 

(7.8

)

Worldwide

 

24,020

23,312

3.0

 

8.0

 

(5.0

)

 

47,446

45,633

4.0

 

7.8

 

(3.8

)

  COVID-19 Vaccine U.S.

 

45

51

(11.5

)

(11.5

)

-

 

 

120

151

(20.4

)

(20.4

)

-

 

International

 

499

113

* * *

 

881

113

* * * Worldwide

 

544

164

* * *

 

1,001

264

* * *   Worldwide U.S.

 

12,152

11,868

2.4

 

2.4

 

-

 

 

23,491

22,879

2.7

 

2.7

 

-

 

International

 

11,324

11,280

0.4

 

9.8

 

(9.4

)

 

22,954

22,490

2.1

 

9.5

 

(7.4

)

Worldwide excluding COVID-19 Vaccine

$

23,476

23,148

1.4

 

%

6.0

 

(4.6

)

$

46,445

45,369

2.4

 

%

6.1

 

(3.7

)

  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 Q2 QTD - Income Before Tax by Segment* Dollars in Millions Consumer HealthSeparation Costs 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 $

784

866

4,420

4,294

1,141

1,746

(237)

(244)

(268)

-

5,840

6,662

% to Sales

20.6%

22.5%

33.2%

34.4%

16.5%

25.0%

-1.0%

-1.0%

-1.1%

0.0%

24.3%

28.6%

  Intangible asset amortization expense

100

105

736

842

259

255

-

-

-

-

1,095

1,202

  In-process research and development

-

-

-

-

-

-

-

-

-

-

-

-

  Litigation related

78

122

36

(81)

271

(64)

-

-

-

-

385

(23)

  Loss/(gain) on securities

-

(18)

102

(151)

7

(74)

-

-

-

-

109

(243)

  Restructuring related

25

27

23

17

80

64

-

-

-

-

128

108

  Acquisition, integration and divestiture related

-

-

-

-

-

14

-

-

-

-

-

14

  Medical Device Regulation

-

-

-

-

70

56

-

-

-

-

70

56

  COVID-19 Vaccine related costs

-

-

276

-

-

-

-

-

-

-

276

-

  Consumer Health separation costs

-

-

-

-

-

-

-

-

268

-

268

-

  Other

-

-

-

-

-

-

-

-

-

-

-

-

  Adjusted Income Before Tax by Segment $

987

1,102

5,593

4,921

1,828

1,997

(237)

(244)

-

-

8,171

7,776

% to Sales

25.9%

28.6%

42.0%

39.4%

26.5%

28.6%

-1.0%

-1.0%

0.0%

0.0%

34.0%

33.4%

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 7/19/2022     Johnson & Johnson and Subsidiaries Reconciliation of Non-GAAP Financial Measures Q2 YTD - Income Before Tax by Segment* Dollars in Millions Consumer HealthSeparation Costs 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 $

1,470

1,708

8,344

9,463

2,618

3,375

(360)

(455)

(370)

-

11,702

14,091

% to Sales

19.9%

22.8%

31.9%

38.5%

18.9%

24.9%

-0.8%

-1.0%

-0.8%

0.0%

24.7%

30.9%

  Intangible asset amortization expense

194

211

1,496

1,698

513

508

-

-

-

-

2,203

2,417

  In-process research and development

-

-

610

-

-

-

-

-

-

-

610

-

  Litigation related

78

122

36

(81)

271

(64)

-

-

-

-

385

(23)

  Loss/(gain) on securities

0

(20)

496

(114)

24

(74)

-

-

-

-

520

(208)

  Restructuring related

39

55

9

37

152

120

-

-

-

-

200

212

  Acquisition, integration and divestiture related

-

-

-

(570)

-

46

-

-

-

-

-

(524)

  Medical Device Regulation

-

-

-

-

130

102

-

-

-

-

130

102

  COVID-19 Vaccine related costs

-

-

276

-

-

-

-

-

-

-

276

-

  Consumer Health separation costs

-

-

-

-

-

-

-

-

370

-

370

-

  Other

-

-

-

-

-

-

(7)

-

-

-

(7)

-

  Adjusted Income Before Tax by Segment $

1,781

2,076

11,267

10,433

3,708

4,013

(367)

(455)

-

-

16,389

16,067

% to Sales

24.1%

27.7%

43.0%

42.4%

26.7%

29.6%

-0.8%

-1.0%

0.0%

0.0%

34.5%

35.2%

  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 7/19/2022   Johnson & Johnson and Subsidiaries GAAP to Non-GAAP Reconciliation $ in Millions   Quarter to Date Consumer Health separation tax related costs In-processresearch anddevelopment Acquisition, integration anddivestiture related (Loss)/gain onsecurities COVID-19 VaccineRelated Costs Consumer Healthseparation costs Tax legislationand othertax related Second QuarterJuly 3, 2022Non-GAAP Second QuarterJuly 3, 2022GAAP Intangible assetamortization Litigation related Restructuringrelated Medical DeviceRegulation Other Cost of products sold

$

7,919

 

(1,083

)

(17

)

(25

)

(194

)

-

 

-

 

-

 

-

 

6,600

 

Selling, marketing and admin expenses

 

6,226

 

(6

)

6,220

 

Research and development expense

 

3,703

 

-

 

(39

)

(110

)

3,554

 

Other (Income) / Expense

 

273

 

(12

)

(385

)

(26

)

-

 

(109

)

28

 

(268

)

-

 

-

 

(499

)

In-process research and development

 

-

 

-

 

-

 

Restructuring

 

85

 

(85

)

-

 

Provision for taxes on income

 

1,026

 

170

 

(29

)

-

 

25

 

-

 

25

 

13

 

65

 

44

 

(2

)

(78

)

-

 

1,259

 

Net Earnings

 

4,814

 

925

 

414

 

-

 

103

 

-

 

84

 

57

 

211

 

224

 

2

 

78

 

-

 

6,912

 

  Consumer Health separation tax related costs Second QuarterJuly 4, 2021GAAP 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 Second QuarterJuly 4, 2021Non-GAAP Intangible asset amortization Litigation related Restructuring related Medical Device Regulation Other Cost of products sold

$

7,587

 

(1,202

)

(20

)

(20

)

6,345

 

Selling, marketing and admin expenses

 

6,073

 

(6

)

6,067

 

Research and development expense

 

3,394

 

-

 

(30

)

3,364

 

Other (Income) / Expense

 

(488

)

-

 

23

 

(32

)

(14

)

243

 

-

 

-

 

-

 

-

 

(268

)

In-process research and development

 

-

 

-

 

-

 

Restructuring

 

56

 

(56

)

-

 

Provision for taxes on income

 

384

 

163

 

(1

)

-

 

17

 

3

 

(57

)

10

 

-

 

-

 

-

 

632

 

-

 

1,151

 

Net Earnings

 

6,278

 

1,039

 

(22

)

-

 

91

 

11

 

(186

)

46

 

-

 

-

 

-

 

(632

)

-

 

6,625

 

  Year to Date Consumer Health separation tax related costs Six MonthsJuly 3, 2022GAAP 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 Six MonthsJuly 3, 2022Non-GAAP Intangible asset amortization Litigation related Restructuring related Medical Device Regulation Other Cost of products sold

$

15,517

 

(2,191

)

(33

)

(47

)

(194

)

13,052

 

Selling, marketing and admin expenses

 

12,164

 

(12

)

12,152

 

Research and development expense

 

7,165

 

-

 

(71

)

(110

)

6,984

 

Other (Income) / Expense

 

171

 

(12

)

(385

)

(12

)

-

 

(520

)

28

 

(370

)

-

 

7

 

(1,093

)

In-process research and development

 

610

 

(610

)

-

 

Restructuring

 

155

 

(155

)

-

 

Provision for taxes on income

 

1,739

 

338

 

(82

)

138

 

37

 

-

 

121

 

24

 

65

 

67

 

(98

)

1

 

(2

)

2,348

 

Net Earnings

 

9,963

 

1,865

 

467

 

472

 

163

 

-

 

399

 

106

 

211

 

303

 

98

 

(1

)

(5

)

14,041

 

  Consumer Health separation tax related costs Six MonthsJuly 4, 2021GAAP 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 Six MonthsJuly 4, 2021Non-GAAP Intangible asset amortization Litigation related Restructuring related Medical Device Regulation Other Cost of products sold

$

14,650

 

(2,417

)

(47

)

(37

)

12,149

 

Selling, marketing and admin expenses

 

11,505

 

(11

)

11,494

 

Research and development expense

 

6,572

 

-

 

(54

)

6,518

 

Other (Income) / Expense

 

(1,370

)

-

 

23

 

(56

)

524

 

208

 

-

 

-

 

-

 

-

 

(671

)

In-process research and development

 

-

 

-

 

-

 

Restructuring

 

109

 

(109

)

-

 

Provision for taxes on income

 

1,616

 

340

 

(1

)

-

 

37

 

(98

)

(49

)

19

 

-

 

-

 

-

 

654

 

-

 

2,518

 

Net Earnings

 

12,475

 

2,077

 

(22

)

-

 

175

 

(426

)

(159

)

83

 

-

 

-

 

-

 

(654

)

-

 

13,549

 

    (1) 2021 primarily includes gains on the divestitures of two Pharmaceutical brands outside of the United States.

 

Press Contacts: Jake Sargent (732) 524-1090

Investor Contacts: Jessica Moore (732) 524-2955

Raychel Kruper (732) 524-6164

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