- 2023 First-Quarter reported sales growth of 5.6% to $24.7
Billion with operational growth of 9.0%* and adjusted operational
growth of 7.6%*
- 2023 First-Quarter basic loss per share of ($0.03) decreasing
101.6% due to a special one-time charge, with adjusted earnings per
share (EPS) of $2.68 increasing by 0.4%*
- Company is increasing 2023 full-year guidance midpoints for
adjusted operational sales and adjusted operational EPS
Johnson & Johnson (NYSE: JNJ) today announced results for
first-quarter 2023. “Our first quarter results demonstrate strong
performance across all three segments of our business and reflect
the dedication of Johnson & Johnson colleagues around the
world,” said Joaquin Duato, Chairman of the Board and Chief
Executive Officer. “With this momentum, I look forward to the
remainder of the year, one filled with exciting catalysts that will
create both near- and long-term value for patients and all of our
stakeholders.”
OVERALL FINANCIAL
RESULTS
Q1 ($ in Millions, except EPS)
2023
2022
% Change
Reported Sales
$24,746
$23,426
5.6%
Net Earnings/(Loss)
($68)
$5,149
(101.3)%
EPS (basic/diluted)5
($0.03)
$1.93
(101.6)%
Q1
Non-GAAP* ($ in Millions, except EPS)
2023
2022
% Change
Operational Sales1,2
9.0%
Adjusted Operational Sales1,3
7.6%
Adjusted Net Earnings1,4
$7,068
$7,129
(0.9)%
Adjusted EPS (diluted)1,4
$2.68
$2.67
0.4%
1
Non-GAAP financial measure; refer to reconciliations of non-GAAP
financial measures included in accompanying schedules
2
Excludes the impact of translational currency
3
Excludes the net impact of acquisitions and divestitures and
translational currency
4
Excludes intangible amortization expense and special items
5
Basic shares are used to calculate loss per share as use of diluted
shares when in a loss position would be anti-dilutive Note: values
may have been rounded
REGIONAL SALES RESULTS
Q1
% Change
($ in Millions)
2023
2022
Reported
Operational1,2
Currency
Adjusted
Operational1,3
U.S.
$12,517
$11,414
9.7%
9.7
-
7.4
International
12,229
12,012
1.8
8.3
(6.5)
7.9
Worldwide
$24,746
$23,426
5.6%
9.0
(3.4)
7.6
1
Non-GAAP financial measure; refer to
reconciliations of non-GAAP financial measures included in
accompanying schedules
2
Excludes the impact of translational
currency
3
Excludes the net impact of acquisitions
and divestitures and translational currency
Note: Values may have been rounded
SEGMENT SALES RESULTS
Q1 % Change ($ in Millions)
2023
2022
Reported
Operational1,2
Currency
Adjusted
Operational1,3
Consumer Health
$ 3,852
$ 3,586
7.4%
11.3
(3.9)
11.3
Pharmaceutical
13,413
12,869
4.2
7.2
(3.0)
7.2
MedTech
7,481
6,971
7.3
11.0
(3.7)
6.4
Worldwide
$ 24,746
$ 23,426
5.6%
9.0
(3.4)
7.6
1
Non-GAAP financial measure; refer to
reconciliations of non-GAAP financial measures included in
accompanying schedules
2
Excludes the impact of translational
currency
3
Excludes the net impact of acquisitions
and divestitures and translational currency
Note: Values may have been rounded
FIRST QUARTER 2023 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 11.3%*
largely driven by over-the-counter (OTC) products. Major
contributors to growth in OTC were TYLENOL and MOTRIN analgesics,
upper respiratory products, IMODIUM in digestive health products
and international smoking cessation products. Additional
contributors to growth were NEUTROGENA and AVEENO in Skin
Health/Beauty products and JOHNSON’s in Baby Care products.
Pharmaceutical
Pharmaceutical worldwide adjusted operational sales grew 7.2%*,
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,
CARVYKTI (ciltacabtagene autoleucel), a BCMA-directed CAR-T
immunotherapy for the treatment of patients with relapsed or
refractory multiple myeloma, and XARELTO (rivaroxaban), a direct
oral anticoagulant. 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,
IMBRUVICA (ibrutinib), an oral, once daily therapy approved for use
in treating certain B-cell malignancies, a type of blood or lymph
node cancer, and ZYTIGA (abiraterone acetate), an oral, once daily
medication for use in combination with prednisone for the treatment
of metastatic castration-resistant prostate cancer.
MedTech MedTech worldwide
adjusted operational sales grew 6.4%*, driven primarily by
electrophysiology products in Interventional Solutions, contact
lenses in Vision, wound closure products in General Surgery, and
knees in Orthopaedics. MedTech worldwide operational sales grew
11.0%*, with the acquisition of Abiomed contributing 4.6%.
NOTABLE NEW ANNOUNCEMENTS IN THE
QUARTER: The information contained in this section
should be read in conjunction with Johnson & Johnson’s other
disclosures filed with the Securities and Exchange Commission,
including its Current Reports on Form 8-K, Quarterly Reports on
Form 10-Q and Annual Reports on Form 10-K. Copies of these filings
are available online at www.sec.gov, www.jnj.com or on request from
Johnson & Johnson. The reader is also encouraged to review all
other news releases and information available in the Investors
section of the company’s website at news releases, as well as
www.factsabouttalc.com, www.factsaboutourprescriptionopioids.com,
and www.LTLManagementInformation.com.
Regulatory
Janssen Receives Positive CHMP Opinion for
AKEEGA (Niraparib and Abiraterone Acetate Dual Action Tablet) Plus
Prednisone or Prednisolone for the Treatment of Adult Patients with
BRCA1/2 Gene-Mutated Metastatic Castration Resistant Prostate
Cancer
Press Release
Janssen Submits New Drug Application to
the U.S. Food and Drug Administration Seeking Approval of Niraparib
and Abiraterone Acetate Dual-Action Tablet, Plus Prednisone, as a
First-Line Targeted Treatment for Patients with Metastatic
Castration-Resistant Prostate Cancer with BRCA Gene Mutations
Press Release
Data Release
Janssen Announces Unblinding of Phase 3
CARTITUDE-4 Study of CARVYKTI (cilta-cel) as Primary Endpoint Met
in Treatment of Patients with Relapsed and Refractory Multiple
Myeloma
Press Release
Late Breaking Data on Pulmonary Vein
Isolation with HELIOSTAR Balloon Ablation Catheter Presented at AF
Symposium 2023
Press Release
First Look at Data on Biosense Webster’s
Investigational Pulsed Field Ablation Platform Presented at AF
Symposium 2023
Press Release
Janssen Reports Positive Topline Phase 2
Results for Nipocalimab in Pregnant Individuals at High Risk for
Severe Hemolytic Disease of the Fetus and Newborn (HDFN)
Press Release
Janssen Data at ASCO GU Support Ambition
to Transform Treatment of Prostate and Bladder Cancer Through
Precision Medicine and Early Intervention
Press Release
TREMFYA (guselkumab) Demonstrates a
Differentiated Binding Mechanism from Risankizumab in In Vitro
Studies
Press Release
New STELARA (ustekinumab) Long-Term Data
Support its Established Safety Profile in Inflammatory Bowel
Disease and Durable Efficacy in Ulcerative Colitis
Press Release
Late-Breaking Phase 3 A DUE Data Show
Investigational Single Tablet Combination Therapy of Macitentan and
Tadalafil Significantly Improves Pulmonary Hemodynamics versus
Monotherapy in Patients with Pulmonary Arterial Hypertension
(PAH)
Press Release
TREMFYA (guselkumab) Real-World Data
Analyses Show Greater Treatment Persistence Than IL-17s in Both
Bio-naïve and Bio-experienced Patients Living With Moderate to
Severe Plaque Psoriasis
Press Release
New RYBREVANT (amivantamab-vmjw) Data
Showed Long-Term Clinical Response and Safety in Patients with
Advanced Non-Small Cell Lung Cancer with EGFR Exon 20 Insertion
Mutations Who Have Failed Prior Platinum-Based Chemotherapy
Press Release
Other
Johnson & Johnson Subsidiary LTL
Management LLC (“LTL”) Re-Files for Voluntary Chapter 11 to
Equitably Resolve All Current and Future Talc Claims1
Press Release
Johnson & Johnson Appoints Dr. John
Reed as Executive Vice President, Pharmaceuticals, R&D
Press Release
Johnson & Johnson Names Dr. Paula A.
Johnson, President of Wellesley College, to its Board of
Directors
Press Release
Johnson & Johnson Announces Pricing of
$7.75 Billion of Senior Notes Issued by Kenvue Inc.
Press Release
Janssen Provides Portfolio Update
Press Release
ERLEADA (apalutamide), First-and-Only
Next-Generation Androgen Receptor Inhibitor with Once-Daily,
Single-Tablet Option, Now Available in the U.S.1
Press Release
1 Subsequent to the quarter
FULL-YEAR 2023 GUIDANCE:
Johnson & Johnson does not provide GAAP financial measures on a
forward-looking basis because the company is unable to predict with
reasonable certainty the ultimate outcome of legal proceedings,
unusual gains and losses, acquisition-related expenses and purchase
accounting fair value adjustments without unreasonable effort.
These items are uncertain, depend on various factors, and could be
material to Johnson & Johnson's results computed in accordance
with GAAP.
($ in Billions, except EPS)
April 2023
January 2023
Adjusted Operational Sales1,2,5
Change vs. Prior Year / Mid-point
4.5% – 5.5% / 5.0%
3.5% – 4.5% / 4.0%
Operational Sales2,5/ Mid-point2,5
Change vs. Prior Year / Mid-point
$97.9B – $98.9B / $98.4B
5.5% – 6.5% / 6.0%
$96.9B – $97.9B / $97.4B
4.5% – 5.5% / 5.0%
Estimated Reported Sales3,5/
Mid-point3,5
Change vs. Prior Year / Mid-point
$97.9B – $98.9B / $98.4B
5.5% – 6.5% / 6.0%
$96.9B – $97.9B / $97.4B
4.5% – 5.5% / 5.0%
Adjusted Operational EPS (Diluted)2,4/
Mid-point2,4
Change vs. Prior Year / Mid-point
$10.50 – $10.60 / $10.55
3.5% – 4.5% / 4.0%
$10.40 – $10.60 / $10.50
2.5% – 4.5% / 3.5%
Adjusted EPS (Diluted)3,4 /
Mid-point3,4
Change vs. Prior Year / Mid-point
$10.60 – $10.70 / $10.65
4.5% – 5.5% / 5.0%
$10.45 – $10.65 / $10.55
3.0% – 5.0% / 4.0%
1
Non-GAAP financial measure; excludes the
net impact of acquisitions and divestitures
2
Non-GAAP financial measure; excludes the
impact of translational currency
3
Calculated using Euro Average Rate:
January 2023 = $1.08 and April 2023 = $1.10 (Illustrative purposes
only)
4
Non-GAAP financial measure; excludes
intangible amortization expense and special items
5
Excludes COVID-19 Vaccine
Note: percentages may have been
rounded
Other modeling considerations will be provided on the
webcast.
WEBCAST INFORMATION: Johnson
& Johnson will conduct a conference call with investors to
discuss this earnings release today at 8:30 a.m., Eastern Time. A
simultaneous webcast of the call for investors and other interested
parties may be accessed by visiting the Johnson & Johnson
website. A replay and podcast will be available approximately two
hours after the live webcast in the Investors section of the
company's website at events-and-presentations.
ABOUT JOHNSON & JOHNSON:
At Johnson & Johnson, we believe good health is the foundation
of vibrant lives, thriving communities and forward progress. That’s
why for more than 135 years, we have aimed to keep people well at
every age and every stage of life. Today, as the world’s largest,
most diversified healthcare products 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, including
restructuring plans; the impact of business combinations and
divestitures; manufacturing difficulties or delays, internally or
within the supply chain; product efficacy or safety concerns
resulting in product recalls or regulatory action; significant
adverse litigation or government action, including related to
product liability claims; changes to applicable laws and
regulations, including tax laws and global health care reforms;
trends toward health care cost containment; changes in behavior and
spending patterns of purchasers of health care products and
services; financial instability of international economies and
legal systems and sovereign risk; increased scrutiny of the health
care industry by government agencies; the Company’s ability to
satisfy the necessary conditions to consummate the separation of
the Company’s Consumer Health business on a timely basis or at all;
the Company’s ability to successfully separate the Company’s
Consumer Health business and realize the anticipated benefits from
the separation; and the New Consumer Health Company’s ability to
succeed as a standalone publicly traded company. A further list and
descriptions of these risks, uncertainties and other factors can be
found in Johnson & Johnson’s Annual Report on Form 10-K for the
fiscal year ended January 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)
FIRST QUARTER
Percent Change
2023
2022
Total
Operations
Currency
Sales to customers by
segment of business Consumer Health U.S.
$
1,735
1,557
11.4
%
11.4
-
International
2,117
2,029
4.4
11.3
(6.9
)
3,852
3,586
7.4
11.3
(3.9
)
Pharmaceutical (1) U.S.
7,023
6,632
5.9
5.9
-
International
6,390
6,237
2.4
8.6
(6.2
)
13,413
12,869
4.2
7.2
(3.0
)
Pharmaceutical excluding COVID-19 Vaccine (1) U.S.
7,023
6,557
7.1
7.1
-
International
5,643
5,855
(3.6
)
2.4
(6.0
)
12,666
12,412
2.0
4.9
(2.9
)
MedTech (1) U.S.
3,759
3,225
16.6
16.6
-
International
3,722
3,746
(0.6
)
6.2
(6.8
)
7,481
6,971
7.3
11.0
(3.7
)
U.S.
12,517
11,414
9.7
9.7
-
International
12,229
12,012
1.8
8.3
(6.5
)
Worldwide
24,746
23,426
5.6
9.0
(3.4
)
U.S.
12,517
11,339
10.4
10.4
-
International
11,482
11,630
(1.3
)
5.2
(6.5
)
Worldwide excluding COVID-19 Vaccine (1)
$
23,999
22,969
4.5
%
7.7
(3.2
)
Note: Percentages have been calculated using actual,
non-rounded figures and, therefore, may not recalculate precisely.
(1) Refer to supplemental sales reconciliation schedule
Johnson & Johnson and Subsidiaries Supplementary
Sales Data (Unaudited; Dollars in Millions)
FIRST QUARTER
Percent Change
2023
2022
Total
Operations
Currency
Sales to customers by geographic area U.S.
$
12,517
11,414
9.7
%
9.7
-
Europe
6,332
6,024
5.1
10.0
(4.9
)
Western Hemisphere excluding U.S.
1,587
1,482
7.1
14.3
(7.2
)
Asia-Pacific, Africa
4,310
4,506
(4.3
)
4.1
(8.4
)
International
12,229
12,012
1.8
8.3
(6.5
)
Worldwide
$
24,746
23,426
5.6
%
9.0
(3.4
)
Note: Percentages have been calculated using actual,
non-rounded figures and, therefore, may not recalculate precisely.
Johnson & Johnson and Subsidiaries Condensed
Consolidated Statement of Earnings (Unaudited; in
Millions Except Per Share Figures)
FIRST QUARTER
2023
2022
Percent
Percent
Percent
Increase
Amount
to Sales
Amount
to Sales
(Decrease)
Sales to customers
$
24,746
100.0
$
23,426
100.0
5.6
Cost of products sold
8,395
33.9
7,598
32.4
10.5
Gross Profit
16,351
66.1
15,828
67.6
3.3
Selling, marketing and administrative expenses
6,138
24.8
5,938
25.4
3.4
Research and development expense
3,563
14.4
3,462
14.8
2.9
In-process research and development
49
0.2
610
2.6
Interest (income) expense, net
(20
)
(0.1
)
(12
)
(0.1
)
Other (income) expense, net
7,228
29.2
(102
)
(0.4
)
Restructuring
130
0.6
70
0.3
Earnings/(Loss) before provision for taxes on income
(737
)
(3.0
)
5,862
25.0
(112.6
)
Provision for/(Benefit from) taxes on income
(669
)
(2.7
)
713
3.0
(193.8
)
Net earnings/(Loss)
$
(68
)
(0.3
)
$
5,149
22.0
(101.3
)
Net earnings/(Loss) per share (Basic/Diluted)*
$
(0.03
)
$
1.93
(101.6
)
Average shares outstanding (Basic/Diluted)*
2,605.5
2,666.5
Effective tax rate
90.8
%
12.2
%
Adjusted earnings before provision for taxes and net
earnings (1) Earnings before provision for taxes on
income
$
8,468
34.2
$
8,218
35.1
3.0
Net earnings
$
7,068
28.6
$
7,129
30.4
(0.9
)
Net earnings per share (Diluted)
$
2.68
$
2.67
0.4
Average shares outstanding (Diluted)**
2,634.3
2,666.5
Effective tax rate
16.5
%
13.3
%
* Basic shares are used to calculate loss per share as
use of diluted shares when in a loss position would be
anti-dilutive. ** Difference of 28.8 shares due to
anti-dilutive impact on net loss position. (1) See
Reconciliation of Non-GAAP Financial Measures.
Johnson &
Johnson and Subsidiaries Reconciliation of Non-GAAP
Financial Measures
First Quarter
(Dollars in Millions Except Per Share Data)
2023
2022
Net Earnings/(Loss), after tax- as reported
($68
)
$5,149
Pre-tax Adjustments Litigation expense
6,900
-
Intangible Asset Amortization expense
1,204
1,108
COVID-19 Vaccine related costs1
444
-
Consumer Health separation costs
300
102
Restructuring related2
130
72
(Gains)/losses on securities
72
411
Medical Device Regulation3
64
60
IPR&D
49
610
Acquisition, integration and divestiture related
42
-
Other
-
(7
)
Tax Adjustments Tax impact on special item adjustments 4
(2,057
)
(393
)
Consumer Health separation tax related costs
11
96
Tax legislation and other tax related
(23
)
(79
)
Adjusted Net Earnings, after tax
$7,068
$7,129
Average shares outstanding (Diluted)
2,634.3
2,666.5
Adjusted net earnings per share (Diluted)
$2.68
$2.67
Operational adjusted net earnings per share (Diluted)
$2.75
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 the first quarter of 2023, the company completed a
prioritization of its research and development (R&D) investment
within the Pharmaceutical segment to focus on the most promising
medicines with the greatest benefit to patients. This resulted in
the exit of certain programs including the discontinuation of its
respiratory syncytial virus (RSV) adult vaccine program, HIV and
hepatitis. The restructuring expenses of $130 million in the
quarter include the termination of partnered and non-partnered
program costs and asset impairments.
3
European Medical Device Regulation (MDR) costs represent one-time
compliance costs for the Company’s previously registered products.
MDR is a replacement of the existing European Medical Devices
Directive regulatory framework, and manufacturers of currently
marketed medical devices were required to comply with EU MDR
beginning in May 2021. The Company considers the adoption of EU MDR
to be a significant one-time regulatory change and is not
indicative of on-going operations. The Company has excluded only
external third-party regulatory and consulting costs from its
MedTech operating segments' measures of profit and loss used for
making operating decisions and assessing performance which is
expected to be completed during 2024.
4
The tax impact related to special item adjustments reflects the
current and deferred income taxes associated with the above pre-tax
special items in arriving at adjusted earnings.
Johnson
& Johnson and Subsidiaries Reconciliation of Non-GAAP
Financial Measure Adjusted
Operational Sales Growth FIRST QUARTER 2023 ACTUAL
vs. 2022 ACTUAL Segments Consumer Health
Pharmaceutical MedTech Total WW As
Reported
7.4
%
4.2
%
7.3
%
5.6
%
U.S.
11.4
%
5.9
%
16.6
%
9.7
%
International
4.4
%
2.4
%
(0.6
)%
1.8
%
WW Currency
(3.9
)
(3.0
)
(3.7
)
(3.4
)
U.S.
-
-
-
-
International
(6.9
)
(6.2
)
(6.8
)
(6.5
)
WW Operational
11.3
%
7.2
%
11.0
%
9.0
%
U.S.
11.4
%
5.9
%
16.6
%
9.7
%
International
11.3
%
8.6
%
6.2
%
8.3
%
Abiomed
(4.6
)
(1.4
)
U.S.
(8.2
)
(2.3
)
International
(1.6
)
(0.5
)
All Other Acquisitions and Divestitures
0.0
0.0
0.0
0.0
U.S.
0.0
0.0
0.0
0.0
International
0.0
0.2
0.0
0.1
WW Adjusted Operational
11.3
%
7.2
%
6.4
%
7.6
%
U.S.
11.4
%
5.9
%
8.4
%
7.4
%
International
11.3
%
8.8
%
4.6
%
7.9
%
Note: Percentages are based on actual, non-rounded figures
and may not sum
REPORTED SALES vs. PRIOR
PERIOD ($MM) FIRST QUARTER % Change
2023
2022
Reported
Operational (1)
Currency
CONSUMER HEALTH SEGMENT
(2) OTC US
$
745
670
11.0
%
11.0
%
-
Intl
897
791
13.5
%
19.8
%
-6.3
%
WW
1,642
1,461
12.4
%
15.8
%
-3.4
%
SKIN HEALTH / BEAUTY US
617
544
13.4
%
13.4
%
-
Intl
493
468
5.3
%
12.6
%
-7.3
%
WW
1,110
1,012
9.7
%
13.1
%
-3.4
%
ORAL CARE US
159
143
11.6
%
11.6
%
-
Intl
202
223
-9.6
%
-4.0
%
-5.6
%
WW
361
366
-1.3
%
2.1
%
-3.4
%
BABY CARE US
96
85
13.0
%
13.0
%
-
Intl
263
270
-2.8
%
4.5
%
-7.3
%
WW
359
355
1.0
%
6.5
%
-5.5
%
WOMEN'S HEALTH US
3
3
1.8
%
1.8
%
-
Intl
214
224
-4.9
%
4.1
%
-9.0
%
WW
217
228
-4.8
%
4.1
%
-8.9
%
WOUND CARE / OTHER US
115
112
2.6
%
2.6
%
-
Intl
49
52
-6.0
%
2.3
%
-8.3
%
WW
164
164
-0.1
%
2.5
%
-2.6
%
TOTAL CONSUMER HEALTH
US
1,735
1,557
11.4
%
11.4
%
-
Intl
2,117
2,029
4.4
%
11.3
%
-6.9
%
WW
$
3,852
3,586
7.4
%
11.3
%
-3.9
%
See footnotes at end of
schedule
REPORTED SALES vs. PRIOR PERIOD
($MM) FIRST QUARTER % Change
PHARMACEUTICAL SEGMENT (2,3)
2023
2022
Reported
Operational (1)
Currency
IMMUNOLOGY US
$
2,448
2,501
-2.1
%
-2.1
%
-
Intl
1,664
1,617
2.9
%
9.7
%
-6.8
%
WW
4,112
4,119
-0.2
%
2.5
%
-2.7
%
REMICADE US
276
358
-22.8
%
-22.8
%
-
US Exports (4)
41
80
-48.8
%
-48.8
%
-
Intl
170
225
-24.4
%
-20.0
%
-4.4
%
WW
487
663
-26.5
%
-25.0
%
-1.5
%
SIMPONI / SIMPONI ARIA US
271
287
-5.6
%
-5.6
%
-
Intl
266
283
-6.1
%
1.8
%
-7.9
%
WW
537
571
-5.8
%
-1.9
%
-3.9
%
STELARA US
1,451
1,379
5.2
%
5.2
%
-
Intl
993
909
9.3
%
16.2
%
-6.9
%
WW
2,444
2,288
6.8
%
9.6
%
-2.8
%
TREMFYA US
406
391
3.9
%
3.9
%
-
Intl
234
199
17.3
%
24.9
%
-7.6
%
WW
640
590
8.4
%
11.0
%
-2.6
%
OTHER IMMUNOLOGY US
3
6
-51.2
%
-51.2
%
-
Intl
0
0
-
-
-
WW
3
6
-51.3
%
-51.3
%
0.0
%
INFECTIOUS DISEASES US
392
461
-14.9
%
-14.9
%
-
Intl
1,193
836
42.8
%
49.2
%
-6.4
%
WW
1,586
1,297
22.3
%
26.4
%
-4.1
%
COVID-19 VACCINE US
0
75
* *
-
Intl
747
382
95.6
%
*
-8.9
%
WW
747
457
63.4
%
70.8
%
-7.4
%
EDURANT / rilpivirine US
9
9
-1.4
%
-1.4
%
-
Intl
271
239
13.4
%
18.7
%
-5.3
%
WW
280
248
12.8
%
18.0
%
-5.2
%
PREZISTA / PREZCOBIX / REZOLSTA /
SYMTUZA US
378
369
2.5
%
2.5
%
-
Intl
99
132
-25.2
%
-21.2
%
-4.0
%
WW
477
501
-4.8
%
-3.7
%
-1.1
%
OTHER INFECTIOUS DISEASES US
5
8
-33.1
%
-33.1
%
-
Intl
77
83
-7.6
%
-5.6
%
-2.0
%
WW
82
91
-9.8
%
-8.0
%
-1.8
%
REPORTED SALES vs. PRIOR PERIOD
($MM)
FIRST QUARTER
% Change
2023
2022
Reported Operational (1)
Currency
NEUROSCIENCE US
978
843
16.0
%
16.0
%
-
Intl
826
898
-8.1
%
-3.1
%
-5.0
%
WW
1,804
1,741
3.6
%
6.1
%
-2.5
%
CONCERTA / Methylphenidate US
70
35
* *
-
Intl
136
122
11.4
%
20.2
%
-8.8
%
WW
206
157
31.4
%
38.2
%
-6.8
%
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA /
TREVICTA US
713
661
7.9
%
7.9
%
-
Intl
331
387
-14.6
%
-8.9
%
-5.7
%
WW
1,044
1,048
-0.4
%
1.7
%
-2.1
%
SPRAVATO US
111
61
82.4
%
82.4
%
-
Intl
20
9
* * * WW
131
70
86.9
%
88.0
%
-1.1
%
OTHER NEUROSCIENCE US
84
86
-3.5
%
-3.5
%
-
Intl
339
380
-10.7
%
-7.6
%
-3.1
%
WW
423
467
-9.4
%
-6.9
%
-2.5
%
ONCOLOGY US
1,889
1,582
19.4
%
19.4
%
-
Intl
2,223
2,369
-6.1
%
-0.1
%
-6.0
%
WW
4,112
3,950
4.1
%
7.7
%
-3.6
%
CARVYKTI US
70
-
* *
-
Intl
2
-
* *
-
WW
72
-
* *
-
DARZALEX US
1,191
953
25.0
%
25.0
%
-
Intl
1,072
903
18.8
%
26.4
%
-7.6
%
WW
2,264
1,856
22.0
%
25.7
%
-3.7
%
ERLEADA US
249
206
21.2
%
21.2
%
-
Intl
293
194
50.9
%
60.7
%
-9.8
%
WW
542
400
35.6
%
40.3
%
-4.7
%
IMBRUVICA US
270
370
-27.1
%
-27.1
%
-
Intl
557
668
-16.6
%
-11.7
%
-4.9
%
WW
827
1,038
-20.3
%
-17.2
%
-3.1
%
ZYTIGA / abiraterone acetate US
16
19
-14.0
%
-14.0
%
-
Intl
229
520
-56.0
%
-52.2
%
-3.8
%
WW
245
539
-54.5
%
-50.9
%
-3.6
%
OTHER ONCOLOGY US
92
34
* *
-
Intl
70
84
-17.2
%
-12.1
%
-5.1
%
WW
162
118
37.4
%
41.0
%
-3.6
%
REPORTED SALES vs. PRIOR PERIOD
($MM) FIRST QUARTER % Change
2023
2022
Reported
Operational (1)
Currency
PULMONARY HYPERTENSION US
600
572
4.9
%
4.9
%
-
Intl
272
279
-2.7
%
5.3
%
-8.0
%
WW
872
852
2.4
%
5.0
%
-2.6
%
OPSUMIT US
273
273
-0.1
%
-0.1
%
-
Intl
167
170
-1.6
%
6.1
%
-7.7
%
WW
440
443
-0.7
%
2.3
%
-3.0
%
UPTRAVI US
304
269
13.1
%
13.1
%
-
Intl
58
56
3.3
%
9.4
%
-6.1
%
WW
362
325
11.4
%
12.4
%
-1.0
%
OTHER PULMONARY HYPERTENSION US
23
30
-22.4
%
-22.4
%
-
Intl
47
53
-12.6
%
-1.8
%
-10.8
%
WW
70
83
-16.1
%
-9.3
%
-6.8
%
CARDIOVASCULAR / METABOLISM /
OTHER US
715
672
6.3
%
6.3
%
-
Intl
212
238
-10.8
%
-6.3
%
-4.5
%
WW
927
910
1.8
%
3.0
%
-1.2
%
XARELTO US
578
508
13.7
%
13.7
%
-
Intl
-
-
-
-
-
WW
578
508
13.7
%
13.7
%
-
OTHER US
137
164
-16.7
%
-16.7
%
-
Intl
212
238
-10.8
%
-6.3
%
-4.5
%
WW
349
402
-13.2
%
-10.5
%
-2.7
%
TOTAL PHARMACEUTICAL
US
7,023
6,632
5.9
%
5.9
%
-
Intl
6,390
6,237
2.4
%
8.6
%
-6.2
%
WW
$
13,413
12,869
4.2
%
7.2
%
-3.0
%
See footnotes at end of schedule
REPORTED SALES vs. PRIOR PERIOD ($MM)
FIRST QUARTER
% Change
MEDTECH SEGMENT (2,3)
2023
2022
Reported
Operational (1)
Currency
INTERVENTIONAL SOLUTIONS
US
$
863
494
74.5
%
74.5
%
-
Intl
640
597
7.1
%
14.9
%
-7.8
%
WW
1,503
1,092
37.6
%
41.9
%
-4.3
%
ELECTROPHYSIOLOGY US
571
470
21.4
%
21.4
%
-
Intl
522
532
-1.8
%
6.1
%
-7.9
%
WW
1,092
1,002
9.1
%
13.3
%
-4.2
%
ABIOMED US
264
-
* *
-
Intl
60
-
* *
-
WW
324
-
* *
-
OTHER INTERVENTIONAL SOLUTIONS US
28
24
17.4
%
17.4
%
-
Intl
58
65
-11.7
%
-5.0
%
-6.7
%
WW
87
90
-3.9
%
1.1
%
-5.0
%
ORTHOPAEDICS US
1,363
1,289
5.8
%
5.8
%
-
Intl
881
899
-2.0
%
4.0
%
-6.0
%
WW
2,245
2,188
2.6
%
5.1
%
-2.5
%
HIPS US
241
225
7.3
%
7.3
%
-
Intl
149
164
-9.0
%
-3.6
%
-5.4
%
WW
390
389
0.4
%
2.7
%
-2.3
%
KNEES US
226
201
12.4
%
12.4
%
-
Intl
142
138
3.4
%
9.6
%
-6.2
%
WW
368
339
8.7
%
11.3
%
-2.6
%
TRAUMA US
491
475
3.2
%
3.2
%
-
Intl
267
273
-2.4
%
3.6
%
-6.0
%
WW
757
748
1.2
%
3.4
%
-2.2
%
SPINE, SPORTS & OTHER US
406
387
4.7
%
4.7
%
-
Intl
323
324
-0.3
%
5.9
%
-6.2
%
WW
729
712
2.4
%
5.2
%
-2.8
%
REPORTED SALES vs. PRIOR
PERIOD ($MM) FIRST QUARTER
% Change
2023
2022
Reported
Operational (1)
Currency
SURGERY US
975
921
5.9
%
5.9
%
-
Intl
1,459
1,513
-3.6
%
3.1
%
-6.7
%
WW
2,434
2,434
0.0
%
4.1
%
-4.1
%
ADVANCED US
444
417
6.5
%
6.5
%
-
Intl
673
729
-7.6
%
-1.1
%
-6.5
%
WW
1,118
1,146
-2.5
%
1.6
%
-4.1
%
GENERAL US
531
504
5.4
%
5.4
%
-
Intl
785
784
0.2
%
7.0
%
-6.8
%
WW
1,316
1,288
2.2
%
6.4
%
-4.2
%
VISION US
558
521
7.1
%
7.1
%
-
Intl
743
736
0.8
%
8.0
%
-7.2
%
WW
1,300
1,257
3.4
%
7.6
%
-4.2
%
CONTACT LENSES / OTHER US
444
400
11.1
%
11.1
%
-
Intl
509
511
-0.3
%
7.9
%
-8.2
%
WW
953
910
4.7
%
9.3
%
-4.6
%
SURGICAL US
114
121
-6.0
%
-6.0
%
-
Intl
233
226
3.3
%
8.0
%
-4.7
%
WW
347
347
0.1
%
3.1
%
-3.0
%
TOTAL MEDTECH US
3,759
3,225
16.6
%
16.6
%
-
Intl
3,722
3,746
-0.6
%
6.2
%
-6.8
%
WW
$
7,481
6,971
7.3
%
11.0
%
-3.7
%
Note: Columns and rows within tables may not
add due to rounding. Percentages have been calculated using actual,
non-rounded figures and, therefore, may not recalculate precisely
* 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; refer to
supplemental sales schedules (4) Reported as U.S. sales
Supplemental Sales Reconciliation
(Unaudited) (Dollars in Millions)
FIRST
QUARTER Percent Change
2023
2022
Total
Operations
Currency
Pharmaceutical U.S.
$
7,023
6,632
5.9
%
5.9
-
International
6,390
6,237
2.4
8.6
(6.2
)
Worldwide
13,413
12,869
4.2
7.2
(3.0
)
COVID-19 Vaccine U.S.
0
75
* *
-
International
747
382
95.6
*
(8.9
)
Worldwide
747
457
63.4
70.8
(7.4
)
Pharmaceutical excluding COVID-19 Vaccine U.S.
7,023
6,557
7.1
7.1
-
International
5,643
5,855
(3.6
)
2.4
(6.0
)
Worldwide
12,666
12,412
2.0
4.9
(2.9
)
Worldwide U.S.
12,517
11,414
9.7
9.7
-
International
12,229
12,012
1.8
8.3
(6.5
)
Worldwide
24,746
23,426
5.6
9.0
(3.4
)
COVID-19 Vaccine U.S.
0
75
* *
-
International
747
382
95.6
*
(8.9
)
Worldwide
747
457
63.4
70.8
(7.4
)
Worldwide U.S.
12,517
11,339
10.4
10.4
-
International
11,482
11,630
(1.3
)
5.2
(6.5
)
Worldwide excluding COVID-19 Vaccine
$
23,999
22,969
4.5
%
7.7
(3.2
)
Note: Columns and rows within tables may not add due
to rounding * Percentage greater than 100% or not meaningful
Supplemental Sales Information
(Dollars in Millions) Certain prior year amounts have been
reclassified to conform to current year product disclosures
2021
2022
2022
Full Year
Q1 Q2 Q3
Q4 Full Year PHARMACEUTICAL SEGMENT (1) NEUROSCIENCE SPRAVATO US
198
61
74
88
105
328
INTL
26
9
11
12
14
46
WW
224
70
85
100
119
374
OTHER NEUROSCIENCE (2) US
427
86
93
106
91
376
INTL
1,647
380
341
286
351
1,358
WW
2,074
467
433
393
442
1,734
ONCOLOGY CARVYKTI US
-
-
24
55
54
133
INTL
-
-
-
-
-
-
WW
-
-
24
55
54
133
OTHER ONCOLOGY US
110
34
33
37
52
156
INTL
458
84
72
64
63
283
WW
568
118
106
100
114
438
CARDIOVASCULAR / METABOLISM /
OTHER OTHER (3) US
754
164
148
147
110
569
INTL
927
238
215
198
194
845
WW
1,682
402
363
345
304
1,414
MEDTECH SEGMENT (1) INTERVENTIONAL SOLUTIONS ELECTROPHYSIOLOGY US
1,730
470
499
520
547
2,036
INTL
1,893
532
469
453
447
1,901
WW
3,623
1,002
968
973
994
3,937
ABIOMED (4) US
-
-
-
-
31
31
INTL
-
-
-
-
-
-
WW
-
-
-
-
31
31
OTHER INTERVENTIONAL SOLUTIONS
US
106
24
26
27
25
102
INTL
242
65
56
60
48
230
WW
348
90
81
87
73
332
Note: Columns and rows within tables may not
add due to rounding (1) Unaudited (2) Other Neuroscience is
inclusive of RISPERDAL CONSTA, which was previously disclosed
separately (3) Other is inclusive of INVOKANA, which was previously
disclosed separately (4) Acquired on December 22, 2022 Johnson
& Johnson and Subsidiaries Reconciliation of Non-GAAP Financial
Measures Q1 YTD - Income Before Tax by Segment Dollars in Millions
Consumer Health Separation
Costs
Consumer Health
Pharmaceutical
MedTech
Unallocated
Worldwide Total
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Reported Income Before Tax by Segment $
776
686
4,444
3,924
1,445
1,477
(7,102)
(123)
(300)
(102)
(737)
5,862
% to Sales
20.1%
19.1%
33.1%
30.5%
19.3%
21.2%
-28.7%
-0.5%
-1.2%
-0.4%
-3.0%
25.0%
Intangible asset amortization expense
82
94
739
760
383
254
-
-
1,204
1,108
In-process research and development
-
610
49
-
-
-
49
610
Litigation related
6,900
-
-
6,900
-
COVID-19 Vaccine related costs
-
-
444
-
-
-
-
-
-
-
444
-
Loss/(gain) on securities
-
38
394
34
17
-
-
72
411
Restructuring related
14
130
(14)
72
-
-
130
72
Acquisition, integration and divestiture related
-
-
42
-
-
-
42
-
Medical Device Regulation
-
-
64
60
-
-
64
60
Consumer Health separation costs
-
-
-
-
300
102
300
102
Other
-
-
-
(7)
-
-
(7)
Adjusted Income Before Tax by Segment $
858
794
5,795
5,674
2,017
1,880
(202)
(130)
-
-
8,468
8,218
% to Sales
22.3%
22.1%
43.2%
44.1%
27.0%
27.0%
-0.8%
-0.6%
0.0%
0.0%
34.2%
35.1%
Johnson & Johnson and Subsidiaries GAAP to Non-GAAP
Reconciliation $ in Millions
First Quarter April 2,
2023 GAAP
Intangible asset
amortization
Litigation related
In-process research and
development
Restructuring related
Acquisition, integration
and divestiture related
(Loss)/gain on
securities
Medical Device
Regulation
COVID-19 Vaccine Related
Costs
Consumer Health separation
costs
Consumer Health separation tax
related costs
Tax legislation and other tax
related
Other
First Quarter April 2,
2023 Non-GAAP
Cost of products sold
$
8,395
(1,200
)
-
(23
)
(206
)
(12
)
6,954
Selling, marketing and admin expenses
6,138
(7
)
(38
)
6,093
Research and development expense
3,563
(16
)
(34
)
(16
)
(2
)
3,495
Other (Income) / Expense
7,228
(4
)
(6,900
)
-
(26
)
(72
)
(222
)
(285
)
-
(281
)
In-process research and development
49
(49
)
-
Interest (Income) / Expense
(20
)
37
17
Restructuring
130
(130
)
-
Provision for/(Benefit from) taxes on income
(669
)
194
1,622
11
32
5
16
12
105
60
(11
)
23
-
1,400
Net Earnings/(Loss)
(68
)
1,010
5,278
38
98
37
56
52
339
240
11
(23
)
-
7,068
First Quarter April 3,
2022 GAAP
Intangible asset
amortization
Litigation related
In-process research and
development
Restructuring related
Acquisition, integration
and divestiture related
(Loss)/gain on
securities
Medical Device
Regulation
COVID-19 Vaccine Related
Costs
Consumer Health separation
costs
Consumer Health separation tax
related costs
Tax legislation and other tax
related
Other
First Quarter April 3,
2022 Non-GAAP
Cost of products sold
$
7,598
(1,108
)
(16
)
(22
)
6,452
Selling, marketing and admin expenses
5,938
(6
)
5,932
Research and development expense
3,462
(32
)
3,430
Other (Income) / Expense
(102
)
-
-
14
-
(411
)
-
(102
)
7
(594
)
In-process research and development
610
(610
)
-
Restructuring
70
(70
)
-
Provision for taxes on income
713
168
(53
)
138
12
-
96
11
-
23
(96
)
79
(2
)
1,089
Net Earnings
5,149
940
53
472
60
-
315
49
-
79
96
(79
)
(5
)
7,129
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230418005360/en/
Press: Tesia Williams media-relations@its.jnj.com
Investor: Jessica Moore
investor-relations@its.jnj.com
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