NEW BRUNSWICK, N.J., Oct. 15, 2019 /PRNewswire/ -- Johnson & Johnson (NYSE: JNJ) today announced results for third-quarter 2019. "Our third-quarter results represent strong performance, driven by competitive underlying growth in Pharmaceuticals and Medical Devices, as well as continued optimization in our Consumer business," said Alex Gorsky, Chairman and Chief Executive Officer. "As we look ahead, we remain confident in the strength of our broad-based business model, which is fueled by our disciplined portfolio management, focus on transformational innovation and dedicated employees around the world who position us for success today and well into the future."

OVERALL FINANCIAL RESULTS:


THIRD QUARTER


($ in Millions, except EPS)

2019

2018

% Change

Reported Sales

$ 20,729

$ 20,348

1.9%

Net Earnings

4,833

3,934

22.9

EPS (diluted)

$ 1.81

$ 1.44

25.7





Non-GAAP*

THIRD QUARTER


($ in Millions, except EPS)

2019

2018

% Change

Operational Sales1,2

n/a

n/a

3.2%

Adjusted Operational Sales1,3

n/a

n/a

5.2

Adjusted Net Earnings1,4

5,672

5,590

1.5

Adjusted EPS (diluted)1,4

$ 2.12

$ 2.05

3.4

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

REGIONAL SALES RESULTS:


THIRD QUARTER

% Change


($ in Millions)

2019

2018


Reported


Operational1,2


Currency

Adjusted
Operational
1,3

U.S.

$ 10,791

$ 10,664

1.2%

1.2

-

3.4

International

9,938

9,684

2.6

5.4

(2.8)

7.3

Worldwide

$ 20,729

$ 20,348

1.9%

3.2

(1.3)

5.2

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

2 Excludes the impact of translational currency

3 Excludes the net impact of acquisitions and divestitures and translational currency

Note: values may have been rounded

SEGMENT SALES RESULTS:


THIRD QUARTER

% Change


($ in Millions)

2019

2018


Reported

Operational1,2

Currency

Adjusted
Operational
1,3

Consumer

$ 3,469

$ 3,415

1.6%

3.3

(1.7)

1.3

Pharmaceuticals

10,877

10,346

5.1

6.4

(1.3)

6.4

Medical Devices

6,383

6,587

(3.1)

(2.0)

(1.1)

5.3

Worldwide

$ 20,729

$ 20,348

1.9%

3.2

(1.3)

5.2

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

2 Excludes the impact of translational currency

3 Excludes the net impact of acquisitions and divestitures and translational currency

Note: values may have been rounded

SEGMENT COMMENTARY:

Consumer
Consumer worldwide operational sales, excluding the net impact of acquisitions and divestitures, grew 1.3%* driven by NEUTROGENA beauty products and over-the-counter products including TYLENOL analgesics, international upper respiratory products and digestive health products, partially offset by lower sales of baby care products due to prior year U.S. re-launch activities.

Pharmaceutical
Pharmaceutical worldwide operational sales, excluding the net impact of acquisitions and divestitures, grew 6.4%* driven by STELARA (ustekinumab), a biologic for the treatment of a number of immune-mediated inflammatory diseases, DARZALEX (daratumumab), for the treatment of multiple myeloma, IMBRUVICA (ibrutinib), an oral, once-daily therapy approved for use in treating certain B-cell malignancies, a type of blood or lymph node cancer, TREMFYA (guselkumab), a biologic for the treatment of adults living with moderate to severe plaque psoriasis, INVEGA SUSTENNA/XEPLION/INVEGA TRINZA/TREVICTA (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults, SIMPONI/SIMPONI ARIA (golimumab), biologics 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, UPTRAVI (selexipag), an oral prostacyclin receptor agonist used to treat pulmonary arterial hypertension and reduce hospitalization and OPSUMIT (macitentan), an oral endothelin receptor antagonist indicated for the treatment of pulmonary arterial hypertension to delay disease progression, partially offset by biosimilar and generic competition, primarily declines in REMICADE (infliximab), a biologic approved for the treatment of a number of immune-mediated inflammatory diseases, U.S. ZYTIGA (abiraterone acetate), an oral, once-daily medication for use in combination with prednisone for the treatment of metastatic, castration-resistant prostate cancer and international VELCADE (bortezomib), a proteasome inhibitor for the treatment of multiple myeloma.

Medical Devices
Worldwide Medical Devices operational sales, excluding the net impact of acquisitions and divestitures grew 5.3%* driven by the growth of electrophysiology products in the Interventional Solutions business, ACUVUE contact lenses in the Vision business, international energy products in the Advanced Surgery business, wound closure products in the General Surgery business and trauma products in the Orthopaedics business.

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 available online in the Investors section of the company's website at news releases.

Pipeline Updates

Regulatory Approvals

XARELTO (rivaroxaban) - U.S. FDA Approves to Help Prevent Blood Clots in Acutely Ill Medical Patients (U.S.)1

(press release)

INVOKANA (canagliflozin) - U.S. FDA Approves for Treatment of Diabetic Kidney Disease (U.S.)1

(press release)

DARZALEX (daratumumab) - U.S. FDA Approves Combination Regimen for Newly Diagnosed, Transplant-eligible Patients with Multiple Myeloma (U.S.)

(press release)

ERLEADA (apalutamide) - U.S. FDA Approves Supplemental New Drug Application for the Treatment of Metastatic Castration-Sensitive Prostate Cancer (U.S.)

(press release)

STELARA (ustekinumab) - EU Commission Approves Extended Use for the Treatment of Moderately to Severely Active Ulcerative Colitis (EU)

(press release)

IMBRUVICA (ibrutinib) - EU Commission Approves Expanded Use in Combination with Obinutuzumab in Adult Patients with Previously Untreated Chronic Lymphocytic Leukemia and in Combination with Rituximab in Waldenström's Macroglobulinemia (EU)

(press release)

Regulatory Submissions

SPRAVATO (esketamine) CIII Nasal Spray - Janssen Submits Supplemental New Drug Application to U.S. FDA for the Rapid Reduction of Depressive Symptoms in Adults with Major Depressive Disorder Who Have Active Suicidal Ideation with Intent (U.S.)1

(press release)

STELARA (ustekinumab) - Janssen Submits Application to U.S. FDA for Treatment of Pediatric Patients with Moderate to Severe Plaque Psoriasis (U.S.)1

(press release)

TREMFYA (guselkumab) - Janssen Submits Application to U.S. FDA for Treatment of Adults with Active Psoriatic Arthritis (U.S.)

(press release)

Rilpivirine and Cabotegravir - Janssen Submits Application to EMA for Monthly, Injectable, Two Drug Regimen for Treatment of HIV (EU)

(press release)

DARZALEX (daratumumab) - Janssen Submits Application to EMA for Novel Subcutaneous Formulation (EU)

(press release)

Other

Niraparib - Breakthrough Therapy Designation for the Treatment of Metastatic Castration-Resistant Prostate Cancer (U.S.)1

(press release)

Launch of ECHELON CIRCULAR, the Industry's First Powered Circular Stapler

(press release)

Launch of ATTUNE Cementless Knee in a Rotating Platform Option

(press release)

Investigational Prophylactic Vaccine - Breakthrough Therapy Designation for Prevention of Respiratory Syncytial Virus in Older Adults (U.S.)

(press release)

1 Subsequent to the quarter

FULL YEAR 2019 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)

October 2019

July 2019

Adjusted Operational Sales1,2

Change vs. Prior Year

4.5% - 5.0%

3.2% - 3.7%

Operational Sales2

Change vs. Prior Year

$83.7 to $84.2

2.5% - 3.0%

$82.4 to $83.2

1.0% - 2.0%

Estimated Reported Sales3

Change vs. Prior Year

$81.8 to $82.3

0.2% - 0.7%

$80.8 to $81.6

(1.0%) - 0.0%




Adjusted Operational EPS (Diluted)2,4

Change vs. Prior Year

$8.84 to $8.89

8.1% - 8.7%

$8.73 to $8.83

6.7% - 7.9%

Adjusted EPS (Diluted)3,4

Change vs. Prior Year

$8.62 to $8.67

5.4% - 6.0%

$8.53 to $8.63

4.3% - 5.5%

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: October 2019 = $1.12; Euro Average Rate: July 2019 = $1.12 (Illustrative purposes only)

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

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. 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. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended December 30, 2018, including in the sections captioned "Cautionary Note Regarding Forward-Looking Statements" and "Item 1A. Risk Factors," in the company's most recently filed Quarterly Report on Form 10-Q and the company's subsequent 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)

THIRD QUARTER


NINE MONTHS






Percent Change






Percent Change


2019


2018


Total


Operations


Currency


2019


2018


Total


Operations


Currency

Sales to customers by




















segment of business








































Consumer




















U.S.

$ 1,394


1,370


1.7

%

1.7


-


$ 4,369


4,282


2.0

%

2.0


-

International

2,075


2,045


1.4


4.3


(2.9)


5,962


6,035


(1.2)


4.3


(5.5)


3,469


3,415


1.6


3.3


(1.7)


10,331


10,317


0.1


3.4


(3.3)





















Pharmaceutical




















U.S.

6,340


6,097


4.0


4.0


-


17,705


17,350


2.0


2.0


-

International

4,537


4,249


6.8


10.0


(3.2)


13,945


13,194


5.7


11.7


(6.0)


10,877


10,346


5.1


6.4


(1.3)


31,650


30,544


3.6


6.2


(2.6)





















Medical Devices




















U.S.

3,057


3,197


(4.4)


(4.4)


-


9,249


9,623


(3.9)


(3.9)


-

International

3,326


3,390


(1.9)


0.3


(2.2)


10,082


10,703


(5.8)


(1.0)


(4.8)


6,383


6,587


(3.1)


(2.0)


(1.1)


19,331


20,326


(4.9)


(2.4)


(2.5)





















U.S.

10,791


10,664


1.2


1.2


-


31,323


31,255


0.2


0.2


-

International

9,938


9,684


2.6


5.4


(2.8)


29,989


29,932


0.2


5.7


(5.5)

Worldwide

$ 20,729


20,348


1.9

%

3.2


(1.3)


$ 61,312


61,187


0.2

%

2.9


(2.7)





















Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.










Johnson & Johnson and Subsidiaries




















Supplementary Sales Data








































(Unaudited; Dollars in Millions)

THIRD QUARTER


NINE MONTHS






Percent Change






Percent Change


2019


2018


Total


Operations


Currency


2019


2018


Total


Operations


Currency

Sales to customers by




















geographic area








































U.S.

$ 10,791


10,664


1.2

%

1.2


-


$ 31,323


31,255


0.2

%

0.2


-





















Europe

4,461


4,416


1.0


5.2


(4.2)


13,803


14,023


(1.6)


4.8


(6.4)

Western Hemisphere excluding U.S.

1,488


1,550


(4.0)


1.0


(5.0)


4,446


4,657


(4.5)


4.6


(9.1)

Asia-Pacific, Africa

3,989


3,718


7.3


7.5


(0.2)


11,740


11,252


4.3


7.2


(2.9)

International

9,938


9,684


2.6


5.4


(2.8)


29,989


29,932


0.2


5.7


(5.5)





















Worldwide

$ 20,729


20,348


1.9

%

3.2


(1.3)


$ 61,312


61,187


0.2

%

2.9


(2.7)





















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)

THIRD QUARTER












2019


2018


Percent




Percent




Percent


Increase


Amount


to Sales


Amount


to Sales


(Decrease)

Sales to customers

$ 20,729


100.0


$ 20,348


100.0


1.9

Cost of products sold

6,867


33.1


6,589


32.4


4.2

Gross Profit

13,862


66.9


13,759


67.6


0.7

Selling, marketing and administrative expenses

5,374


26.0


5,543


27.3


(3.0)

Research and development expense

2,599


12.5


2,508


12.3


3.6

In-process research and development

-


-


1,126


5.6



Interest (income) expense, net

(41)


(0.2)


68


0.3



Other (income) expense, net

214


1.0


3


0.0



Restructuring

69


0.4


88


0.4



Earnings before provision for taxes on income

5,647


27.2


4,423


21.7


27.7

Provision for taxes on income

814


3.9


489


2.4


66.5

Net earnings

$ 4,833


23.3


$ 3,934


19.3


22.9











Net earnings per share (Diluted)

$ 1.81




$ 1.44




25.7











Average shares outstanding (Diluted)

2,669.9




2,727.6















Effective tax rate

14.4

%



11.1

%














Adjusted earnings before provision for taxes and net earnings (1)










Earnings before provision for taxes on income

$ 7,116


34.3


$ 6,780


33.3


5.0

Net earnings

$ 5,672


27.4


$ 5,590


27.5


1.5

Net earnings per share (Diluted)

$ 2.12




$ 2.05




3.4

Effective tax rate

20.3

%



17.6

%














(1) See Reconciliation of Non-GAAP Financial Measures.










Johnson & Johnson and Subsidiaries










Condensed Consolidated Statement of Earnings




















(Unaudited; in Millions Except Per Share Figures)

NINE MONTHS












2019


2018


Percent




Percent




Percent


Increase


Amount


to Sales


Amount


to Sales


(Decrease)

Sales to customers

$ 61,312


100.0


$ 61,187


100.0


0.2

Cost of products sold

20,422


33.3


20,130


32.9


1.5

Gross Profit

40,890


66.7


41,057


67.1


(0.4)

Selling, marketing and administrative expenses

16,139


26.3


16,549


27.1


(2.5)

Research and development expense

8,123


13.3


7,551


12.3


7.6

In-process research and development

890


1.4


1,126


1.8



Interest (income) expense, net

(43)


(0.1)


340


0.6



Other (income) expense, net

(1,491)


(2.4)


427


0.7



Restructuring

162


0.3


187


0.3



Earnings before provision for taxes on income

17,110


27.9


14,877


24.3


15.0

Provision for taxes on income

2,921


4.8


2,622


4.3


11.4

Net earnings

$ 14,189


23.1


$ 12,255


20.0


15.8











Net earnings per share (Diluted)

$ 5.28




$ 4.49




17.6











Average shares outstanding (Diluted)

2,688.1




2,729.6















Effective tax rate

17.1

%



17.6

%














Adjusted earnings before provision for taxes and net earnings (1)










Earnings before provision for taxes on income

$ 22,597


36.9


$ 20,652


33.8


9.4

Net earnings

$ 18,283


29.8


$ 16,943


27.7


7.9

Net earnings per share (Diluted)

$ 6.80




$ 6.21




9.5

Effective tax rate

19.1

%



18.0

%














(1) See Reconciliation of Non-GAAP Financial Measures.










Johnson & Johnson and Subsidiaries














Reconciliation of Non-GAAP Financial Measures





























Third Quarter


% Incr. /



Nine Months YTD


% Incr. /


(Dollars in Millions Except Per Share Data)

2019


2018


(Decr.)



2019


2018


(Decr.)
















Earnings before provision for taxes on income - as reported

$ 5,647


4,423


27.7

%


$ 17,110


14,877


15.0

%

Intangible asset amortization expense

1,138


1,085





3,386


3,284




In-process research and development

-


1,126





890


1,126




Litigation expense, net

-


-





832


703




Restructuring/Other (1)

128


190





360


473




Actelion acquisition related cost

33


40





123


200




Auris Health acquisition related cost

65


-





56


-




AMO acquisition related cost

9


36





50


82




Unrealized loss/(gain) on securities

89


9





(217)


(3)




Contingent liability reversal

-


(184)





-


(184)




Diabetes asset impairment

-


-





-


4




Other

7


55





7


90




Earnings before provision for taxes on income - as adjusted

$ 7,116


6,780


5.0

%


$ 22,597


20,652


9.4

%















Net Earnings - as reported

$ 4,833


3,934


22.9

%


$ 14,189


12,255


15.8

%

Intangible asset amortization expense

1,011


968





2,836


2,931




In-process research and development

-


859





703


859




Litigation expense, net

-


-





684


609




Restructuring/Other

106


162





297


395




Actelion acquisition related cost

30


37





114


193




Auris Health acquisition related cost

51


-





44


-




AMO acquisition related cost

7


29





40


68




Unrealized loss/(gain) on securities

71


8





(171)


(2)




Contingent liability reversal

-


(184)





-


(184)




Diabetes asset impairment

-


-





-


3




Impact of tax legislation (2)

(391)


(265)





(391)


(253)




Other

(46)


42





(62)


69




Net Earnings - as adjusted

$ 5,672


5,590


1.5

%


$ 18,283


16,943


7.9

%















Diluted Net Earnings per share - as reported

$ 1.81


1.44


25.7

%


$ 5.28


4.49


17.6

%

Intangible asset amortization expense

0.38


0.35





1.06


1.07




In-process research and development

-


0.32





0.26


0.32




Litigation expense, net

-


-





0.25


0.22




Restructuring/Other

0.04


0.06





0.11


0.15




Actelion acquisition related cost

0.01


0.02





0.04


0.07




Auris Health acquisition related cost

0.02


-





0.02


-




AMO acquisition related cost

-


0.01





0.01


0.02




Unrealized loss/(gain) on securities

0.03


-





(0.06)


-




Contingent liability reversal

-


(0.07)





-


(0.07)




Diabetes asset impairment

-


-





-


-




Impact of tax legislation

(0.15)


(0.10)





(0.15)


(0.09)




Other

(0.02)


0.02





(0.02)


0.03




Diluted Net Earnings per share - as adjusted

$ 2.12


2.05


3.4

%


$ 6.80


6.21


9.5

%















Operational Diluted Net Earnings per share - as adjusted














at 2017 foreign currency exchange rates



2.08







6.04


















Impact of currency at 2018 foreign currency exchange rates

0.05


(0.03)





0.18


0.17


















Operational Diluted Net Earnings per share - as adjusted














at 2018 foreign currency exchange rates

$ 2.17


2.05


5.9

%


$ 6.98


6.21


12.4

%















(1)Includes $20M recorded in cost of products sold and $39M recorded in other (income) expense for the third quarter 2019. Includes $81M recorded in cost of products sold



and $117M recorded in other (income) expense for nine months 2019 YTD. Includes $23M recorded in cost of products sold and $79M recorded in other (income) expense for the


third quarter 2018. Includes $73M recorded in cost of products sold and $213M recorded in other (income) expense for nine months 2018 YTD.




















(2)Includes foreign currency translation














Johnson & Johnson and Subsidiaries









Reconciliation of Non-GAAP Financial Measure


















Adjusted Operational Sales Growth

THIRD QUARTER 2019 ACTUAL vs. 2018 ACTUAL











Segments












Consumer


Pharmaceutical


Medical Devices


Total

WW As Reported


1.6%


5.1%


(3.1)%


1.9%

U.S.


1.7%


4.0%


(4.4)%


1.2%

International


1.4%


6.8%


(1.9)%


2.6%










WW Currency


(1.7)


(1.3)


(1.1)


(1.3)

U.S.


-


-


-


-

International


(2.9)


(3.2)


(2.2)


(2.8)










WW Operational


3.3%


6.4%


(2.0)%


3.2%

U.S.


1.7%


4.0%


(4.4)%


1.2%

International


4.3%


10.0%


0.3%


5.4%










OTC









Zarbees


(0.4)






(0.1)

U.S.


(1.0)






(0.1)

International


0.0






0.0










Diabetes Care









LifeScan






5.1


1.6

U.S.






4.0


1.2

International






6.1


2.1










Beauty









RoC


0.5






0.1

U.S.


1.1






0.1

International


0.1






0.0










Beauty









Dr. Ci Labo - Japan


(2.3)






(0.4)

U.S.


0.0






0.0

International


(3.9)






(0.8)










Specialty Surgery









Advanced Sterilization Products






2.1


0.7

U.S.






2.9


0.9

International






1.4


0.5










Baby Care









BabyCenter


0.2






0.0

U.S.


0.5






0.1

International


0.0






0.0










All Other Acquisitions and Divestitures


0.0


0.0


0.0


0.0

U.S.


0.0


0.0


(0.1)


0.0

International


0.1


0.0


0.1


0.1










WW Adjusted Operational


1.3%


6.4%


5.3%


5.2%

U.S.


2.4%


4.0%


2.5%


3.4%

International


0.6%


10.0%


8.0%


7.3%










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

NINE MONTHS 2019 ACTUAL vs. 2018 ACTUAL











Segments












Consumer


Pharmaceutical


Medical Devices


Total

WW As Reported


0.1%


3.6%


(4.9)%


0.2%

U.S.


2.0%


2.0%


(3.9)%


0.2%

International


(1.2)%


5.7%


(5.8)%


0.2%










WW Currency


(3.3)


(2.6)


(2.5)


(2.7)

U.S.


-


-


-


-

International


(5.5)


(6.0)


(4.8)


(5.5)










WW Operational


3.4%


6.2%


(2.4)%


2.9%

U.S.


2.0%


2.0%


(3.9)%


0.2%

International


4.3%


11.7%


(1.0)%


5.7%










Beauty









Nizoral


0.3






0.1

U.S.


0.2






0.0

International


0.4






0.1










OTC









Zarbees


(0.6)






(0.1)

U.S.


(1.5)






(0.2)

International


0.0






0.0










Diabetes Care









LifeScan






5.1


1.7

U.S.






4.0


1.2

International






6.1


2.2










Beauty









RoC


0.7






0.1

U.S.


1.3






0.2

International


0.2






0.0










Beauty









Dr. Ci Labo - Japan


(2.5)






(0.4)

U.S.


0.0






0.0

International


(4.2)






(0.9)










Specialty Surgery









Advanced Sterilization Products






1.4


0.5

U.S.






1.9


0.6

International






0.8


0.3










Baby Care









BabyCenter


0.1






0.0

U.S.


0.2






0.0

International


0.0






0.0










All Other Acquisitions and Divestitures


0.1


0.0


0.1


0.1

U.S.


0.0


0.0


0.1


0.0

International


0.2


0.0


0.1


0.1










WW Adjusted Operational


1.4%


6.2%


4.3%


4.8%

U.S.


2.2%


2.0%


2.2%


2.1%

International


0.8%


11.7%


6.1%


7.6%










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





REPORTED SALES vs. PRIOR PERIOD ($MM)



THIRD QUARTER


NINE MONTHS







% Change






% Change




2019


2018

Reported

Operational (1)

Currency



2019


2018

Reported

Operational (1)

Currency


CONSUMER SEGMENT (2)

















BABY CARE

















US


$ 91


120

-24.1%

-24.1%

-



$ 277


306

-9.5%

-9.5%

-


Intl


326


352

-7.3%

-4.9%

-2.4%



977


1,079

-9.5%

-3.7%

-5.8%


WW


417


472

-11.6%

-9.8%

-1.8%



1,254


1,385

-9.5%

-5.0%

-4.5%


BEAUTY

















US


559


543

2.9%

2.9%

-



1,810


1,791

1.1%

1.1%

-


Intl


592


535

10.8%

13.5%

-2.7%



1,633


1,480

10.4%

15.3%

-4.9%


WW


1,151


1,078

6.8%

8.1%

-1.3%



3,443


3,271

5.3%

7.5%

-2.2%


ORAL CARE

















US


156


158

-1.1%

-1.1%

-



462


472

-2.1%

-2.1%

-


Intl


223


226

-1.6%

1.1%

-2.7%



673


684

-1.7%

3.7%

-5.4%


WW


379


384

-1.4%

0.2%

-1.6%



1,135


1,156

-1.8%

1.3%

-3.1%


OTC
















US


477


440

8.4%

8.4%

-



1,468


1,359

8.0%

8.0%

-


Intl


621


608

2.2%

5.2%

-3.0%



1,781


1,827

-2.5%

2.7%

-5.2%


WW


1,098


1,048

4.8%

6.5%

-1.7%



3,249


3,186

2.0%

5.0%

-3.0%


WOMEN'S HEALTH

















US


3


3

-4.0%

-4.0%

-



9


10

-3.8%

-3.8%

-


Intl


252


266

-5.4%

-1.3%

-4.1%



724


782

-7.5%

0.4%

-7.9%


WW


255


269

-5.3%

-1.3%

-4.0%



733


792

-7.4%

0.4%

-7.8%


WOUND CARE / OTHER

















US


109


106

1.9%

1.9%

-



343


344

-0.4%

-0.4%

-


Intl


59


58

3.3%

4.9%

-1.6%



173


183

-5.0%

-1.1%

-3.9%


WW


168


164

2.4%

3.0%

-0.6%



516


527

-2.0%

-0.7%

-1.3%



















TOTAL CONSUMER

















US


1,394


1,370

1.7%

1.7%

-



4,369


4,282

2.0%

2.0%

-


Intl


2,075


2,045

1.4%

4.3%

-2.9%



5,962


6,035

-1.2%

4.3%

-5.5%


WW


$ 3,469


3,415

1.6%

3.3%

-1.7%



$ 10,331


10,317

0.1%

3.4%

-3.3%





















See footnotes at end of schedule



REPORTED SALES vs. PRIOR PERIOD ($MM)



THIRD QUARTER


NINE MONTHS







% Change






% Change




2019


2018

Reported

Operational (1)

Currency



2019


2018

Reported

Operational (1)

Currency


PHARMACEUTICAL SEGMENT (2)(4)

















IMMUNOLOGY

















US


$ 2,582


2,400

7.6%

7.6%

-



$ 7,124


6,717

6.1%

6.1%

-


Intl


1,129


998

13.2%

16.8%

-3.6%



3,304


3,061

8.0%

13.9%

-5.9%


WW


3,711


3,398

9.3%

10.3%

-1.0%



10,428


9,778

6.7%

8.5%

-1.8%


REMICADE

















US


749


987

-24.1%

-24.1%

-



2,324


2,821

-17.6%

-17.6%

-


US Exports (3)


88


100

-12.0%

-12.0%

-



226


346

-34.7%

-34.7%

-


Intl


299


292

2.5%

6.1%

-3.6%



795


921

-13.7%

-8.6%

-5.1%


WW


1,136


1,379

-17.6%

-16.9%

-0.7%



3,345


4,088

-18.2%

-17.0%

-1.2%


SIMPONI / SIMPONI ARIA

















US


313


281

11.6%

11.6%

-



857


779

10.0%

10.0%

-


Intl


273


255

7.3%

9.9%

-2.6%



816


823

-0.8%

4.6%

-5.4%


WW


586


536

9.6%

10.8%

-1.2%



1,673


1,602

4.5%

7.2%

-2.7%


STELARA

















US


1,212


889

36.3%

36.3%

-



3,152


2,460

28.1%

28.1%

-


Intl


487


421

15.7%

19.5%

-3.8%



1,509


1,252

20.5%

27.1%

-6.6%


WW


1,698


1,310

29.6%

30.9%

-1.3%



4,661


3,712

25.6%

27.8%

-2.2%


TREMFYA

















US


221


143

54.3%

54.3%

-



565


311

81.7%

81.7%

-


Intl


69


28

*

*

*



177


58

*

*

*


WW


290


171

69.0%

70.3%

-1.3%



742


369

*

*

*


OTHER IMMUNOLOGY(4)

















US


-


-

-

-

-



-


-

-

-

-


Intl


2


2

-4.4%

-3.0%

-1.4%



8


7

13.7%

14.4%

-0.7%


WW


2


2

-4.4%

-3.0%

-1.4%



8


7

13.7%

14.4%

-0.7%


INFECTIOUS DISEASES

















US


418


345

21.2%

21.2%

-



1,162


1,006

15.5%

15.5%

-


Intl


421


478

-12.0%

-9.0%

-3.0%



1,385


1,496

-7.4%

-1.2%

-6.2%


WW


839


823

1.9%

3.6%

-1.7%



2,547


2,502

1.8%

5.5%

-3.7%


EDURANT / rilpivirine

















US


12


13

-7.3%

-7.3%

-



36


42

-14.3%

-14.3%

-


Intl


206


189

9.0%

13.4%

-4.4%



603


581

3.8%

10.1%

-6.3%


WW


218


202

7.9%

12.1%

-4.2%



639


623

2.6%

8.5%

-5.9%


PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA

















US


373


297

25.4%

25.4%

-



1,032


847

21.8%

21.8%

-


Intl


135


193

-29.8%

-28.1%

-1.7%



534


613

-12.8%

-6.5%

-6.3%


WW


508


490

3.7%

4.4%

-0.7%



1,566


1,460

7.3%

9.9%

-2.6%


OTHER INFECTIOUS DISEASES

















US


33


35

-4.3%

-4.3%

-



94


117

-19.6%

-19.6%

-


Intl


80


96

-17.4%

-14.9%

-2.5%



248


302

-18.2%

-12.1%

-6.1%


WW


113


131

-13.9%

-12.1%

-1.8%



342


419

-18.6%

-14.2%

-4.4%




See footnotes at end of schedule




















REPORTED SALES vs. PRIOR PERIOD ($MM)



THIRD QUARTER


NINE MONTHS







% Change






% Change




2019


2018

Reported

Operational (1)

Currency



2019


2018

Reported

Operational (1)

Currency


NEUROSCIENCE

















US


785


651

20.7%

20.7%

-



2,172


1,914

13.5%

13.5%

-


Intl


810


839

-3.5%

-1.4%

-2.1%



2,590


2,663

-2.7%

2.4%

-5.1%


WW


1,595


1,490

7.1%

8.2%

-1.1%



4,762


4,577

4.0%

7.0%

-3.0%


CONCERTA / methlyphenidate

















US


84


57

48.2%

48.2%

-



196


191

2.9%

2.9%

-


Intl


109


100

9.4%

10.6%

-1.2%



348


322

8.0%

12.9%

-4.9%


WW


193


157

23.5%

24.3%

-0.8%



544


513

6.1%

9.2%

-3.1%


INVEGA SUSTENNA / XEPLION /
INVEGA TRINZA / TREVICTA

















US


554


468

18.3%

18.3%

-



1,543


1,306

18.1%

18.1%

-


Intl


297


281

5.9%

9.4%

-3.5%



916


859

6.7%

13.0%

-6.3%


WW


851


749

13.7%

15.0%

-1.3%



2,459


2,165

13.6%

16.1%

-2.5%


RISPERDAL CONSTA

















US


79


76

4.9%

4.9%

-



237


238

-0.5%

-0.5%

-


Intl


89


99

-10.5%

-7.5%

-3.0%



292


321

-9.1%

-3.2%

-5.9%


WW


167


175

-3.8%

-2.2%

-1.6%



528


559

-5.4%

-2.1%

-3.3%


OTHER NEUROSCIENCE

















US


68


50

35.3%

35.3%

-



196


179

9.7%

9.7%

-


Intl


316


359

-12.5%

-11.5%

-1.0%



1,035


1,161

-10.9%

-6.8%

-4.1%


WW


384


409

-6.6%

-5.8%

-0.8%



1,231


1,340

-8.2%

-4.6%

-3.6%


ONCOLOGY

















US


1,171


1,250

-6.3%

-6.3%

-



3,146


3,268

-3.7%

-3.7%

-


Intl


1,590


1,338

18.8%

22.9%

-4.1%



4,830


4,087

18.2%

25.2%

-7.0%


WW


2,761


2,588

6.7%

8.8%

-2.1%



7,976


7,355

8.4%

12.3%

-3.9%


DARZALEX

















US


402


318

26.1%

26.1%

-



1,123


880

27.6%

27.6%

-


Intl


363


180

*

*

*



1,045


561

86.2%

98.7%

-12.5%


WW


765


498

53.5%

56.6%

-3.1%



2,168


1,441

50.4%

55.3%

-4.9%


IMBRUVICA

















US


447


334

34.0%

34.0%

-



1,163


811

43.5%

43.5%

-


Intl


475


371

27.6%

33.0%

-5.4%



1,373


1,101

24.6%

33.0%

-8.4%


WW


921


705

30.6%

33.5%

-2.9%



2,536


1,912

32.6%

37.4%

-4.8%


VELCADE

















US


-


-

-

-

-



-


-

-

-

-


Intl


149


271

-44.8%

-44.4%

-0.4%



636


864

-26.3%

-22.8%

-3.5%


WW


149


271

-44.8%

-44.4%

-0.4%



636


864

-26.3%

-22.8%

-3.5%


ZYTIGA / abiraterone acetate

















US


233


527

-55.8%

-55.8%

-



616


1,420

-56.6%

-56.6%

-


Intl


508


431

17.8%

21.1%

-3.3%



1,502


1,292

16.2%

22.1%

-5.9%


WW


741


958

-22.7%

-21.2%

-1.5%



2,118


2,712

-21.9%

-19.1%

-2.8%


OTHER ONCOLOGY

















US


91


71

26.7%

26.7%

-



245


157

54.7%

54.7%

-


Intl


95


85

12.2%

16.7%

-4.5%



274


269

2.1%

8.9%

-6.8%


WW


186


156

18.8%

21.3%

-2.5%



519


426

21.6%

25.9%

-4.3%


PULMONARY HYPERTENSION

















US


427


425

0.5%

0.5%

-



1,296


1,215

6.6%

6.6%

-


Intl


227


231

-1.6%

0.6%

-2.2%



704


691

1.9%

7.3%

-5.4%


WW


654


656

-0.3%

0.5%

-0.8%



2,000


1,906

4.9%

6.9%

-2.0%


OPSUMIT

















US


206


182

12.9%

12.9%

-



581


511

13.7%

13.7%

-


Intl


140


128

10.1%

13.2%

-3.1%



419


381

10.2%

16.4%

-6.2%


WW


347


310

11.7%

13.0%

-1.3%



1,001


892

12.2%

14.9%

-2.7%


TRACLEER / bosentan

















US


19


69

-72.4%

-72.4%

-



121


208

-41.8%

-41.8%

-


Intl


46


70

-32.8%

-33.5%

0.7%



164


214

-23.3%

-20.8%

-2.5%


WW


65


139

-52.7%

-53.0%

0.3%



285


422

-32.4%

-31.1%

-1.3%


UPTRAVI

















US


185


154

20.2%

20.2%

-



536


433

23.9%

23.9%

-


Intl


25


17

52.1%

58.7%

-6.6%



75


49

52.8%

61.5%

-8.7%


WW


210


171

23.4%

24.0%

-0.6%



611


482

26.8%

27.7%

-0.9%


OTHER

















US


17


20

-10.1%

-10.1%

-



58


63

-8.9%

-8.9%

-


Intl


15


16

-15.4%

-11.6%

-3.8%



46


47

-3.0%

5.4%

-8.4%


WW


31


36

-12.6%

-10.8%

-1.8%



103


110

-6.4%

-2.9%

-3.5%


CARDIOVASCULAR / METABOLISM / OTHER

















US


955


1,026

-6.9%

-6.9%

-



2,804


3,230

-13.2%

-13.2%

-


Intl


360


365

-1.3%

1.1%

-2.4%



1,131


1,196

-5.4%

-0.7%

-4.7%


WW


1,316


1,391

-5.4%

-4.8%

-0.6%



3,936


4,426

-11.1%

-9.8%

-1.3%


XARELTO

















US


613


612

0.1%

0.1%

-



1,704


1,869

-8.9%

-8.9%

-


Intl


-


-

-

-

-



-


-

-

-

-


WW


613


612

0.1%

0.1%

-



1,704


1,869

-8.9%

-8.9%

-


INVOKANA / INVOKAMET

















US


125


150

-16.6%

-16.6%

-



411


523

-21.3%

-21.3%

-


Intl


55


40

33.9%

37.8%

-3.9%



147


130

12.3%

17.9%

-5.6%


WW


179


190

-5.8%

-5.0%

-0.8%



558


653

-14.6%

-13.4%

-1.2%


PROCRIT / EPREX

















US


126


178

-29.6%

-29.6%

-



387


523

-26.1%

-26.1%

-


Intl


72


77

-5.7%

-4.4%

-1.3%



220


244

-9.8%

-6.4%

-3.4%


WW


198


255

-22.4%

-22.0%

-0.4%



607


767

-20.9%

-19.8%

-1.1%


OTHER

















US


91


86

8.1%

8.1%

-



302


315

-3.8%

-3.8%

-


Intl


234


248

-5.7%

-3.2%

-2.5%



765


822

-6.9%

-2.0%

-4.9%


WW


325


334

-2.2%

-0.3%

-1.9%



1,067


1,137

-6.1%

-2.5%

-3.6%


TOTAL PHARMACEUTICAL

















US


6,340


6,097

4.0%

4.0%

-



17,705


17,350

2.0%

2.0%

-


Intl


4,537


4,249

6.8%

10.0%

-3.2%



13,945


13,194

5.7%

11.7%

-6.0%


WW


$ 10,877


10,346

5.1%

6.4%

-1.3%



$ 31,650


30,544

3.6%

6.2%

-2.6%



















See footnotes at end of schedule



































REPORTED SALES vs. PRIOR PERIOD ($MM)



THIRD QUARTER


NINE MONTHS







% Change






% Change




2019


2018

Reported

Operational (1)

Currency



2019


2018

Reported

Operational (1)

Currency


MEDICAL DEVICES SEGMENT (2)(5)

















DIABETES CARE(5)

















US


$ -


125

*

*

-



$ -


371

*

*

-


Intl


-


190

*

*

*



-


638

*

*

*


WW


-


315

*

*

*



-


1,009

*

*

*


INTERVENTIONAL SOLUTIONS

















US


357


320

11.5%

11.5%

-



1,066


947

12.6%

12.6%

-


Intl


382


333

15.3%

17.0%

-1.7%



1,156


1,013

14.2%

19.0%

-4.8%


WW


741


653

13.4%

14.3%

-0.9%



2,223


1,960

13.4%

15.9%

-2.5%


ORTHOPAEDICS

















US


1,301


1,284

1.2%

1.2%

-



3,950


3,923

0.7%

0.7%

-


Intl


837


827

1.2%

4.1%

-2.9%



2,616


2,700

-3.1%

2.0%

-5.1%


WW


2,138


2,111

1.2%

2.3%

-1.1%



6,566


6,623

-0.9%

1.2%

-2.1%


HIPS

















US


204


201

1.1%

1.1%

-



633


621

1.8%

1.8%

-


Intl


133


129

2.7%

5.7%

-3.0%



428


432

-0.8%

4.7%

-5.5%


WW


336


330

1.7%

2.9%

-1.2%



1,061


1,053

0.7%

3.0%

-2.3%


KNEES

















US


209


215

-2.7%

-2.7%

-



650


672

-3.3%

-3.3%

-


Intl


136


126

7.9%

10.8%

-2.9%



435


438

-0.6%

4.4%

-5.0%


WW


344


341

1.2%

2.3%

-1.1%



1,085


1,110

-2.2%

-0.2%

-2.0%


TRAUMA

















US


415


395

5.1%

5.1%

-



1,239


1,196

3.6%

3.6%

-


Intl


262


259

1.0%

4.2%

-3.2%



795


829

-4.1%

1.0%

-5.1%


WW


677


654

3.5%

4.7%

-1.2%



2,034


2,025

0.4%

2.5%

-2.1%


SPINE & OTHER

















US


472


473

-0.2%

-0.2%

-



1,427


1,434

-0.5%

-0.5%

-


Intl


306


313

-2.0%

0.6%

-2.6%



957


1,001

-4.4%

0.6%

-5.0%


WW


778


786

-0.9%

0.1%

-1.0%



2,384


2,435

-2.1%

0.0%

-2.1%


SURGERY

















US


940


1,016

-7.4%

-7.4%

-



2,867


3,031

-5.4%

-5.4%

-


Intl


1,371


1,360

0.8%

3.5%

-2.7%



4,192


4,283

-2.1%

3.2%

-5.3%


WW


2,311


2,376

-2.7%

-1.2%

-1.5%



7,059


7,314

-3.5%

-0.4%

-3.1%


ADVANCED

















US


409


421

-2.8%

-2.8%

-



1,209


1,216

-0.6%

-0.6%

-


Intl


602


555

8.3%

11.2%

-2.9%



1,811


1,731

4.6%

10.1%

-5.5%


WW


1,010


976

3.6%

5.2%

-1.6%



3,019


2,947

2.4%

5.7%

-3.3%


GENERAL

















US


443


423

4.7%

4.7%

-



1,311


1,282

2.3%

2.3%

-


Intl


659


657

0.2%

2.9%

-2.7%



1,998


2,094

-4.6%

0.6%

-5.2%


WW


1,101


1,080

1.9%

3.6%

-1.7%



3,309


3,376

-2.0%

1.2%

-3.2%


SPECIALTY

















US


88


172

-48.0%

-48.0%

-



347


533

-34.9%

-34.9%

-


Intl


110


148

-25.0%

-23.1%

-1.9%



383


458

-16.2%

-11.1%

-5.1%


WW


200


320

-37.4%

-36.5%

-0.9%



731


991

-26.2%

-23.9%

-2.3%


VISION

















US


459


452

1.4%

1.4%

-



1,366


1,351

1.1%

1.1%

-


Intl


734


680

8.0%

9.1%

-1.1%



2,117


2,069

2.3%

6.1%

-3.8%


WW


1,193


1,132

5.4%

6.1%

-0.7%



3,483


3,420

1.8%

4.1%

-2.3%


CONTACT LENSES / OTHER

















US


339


319

6.2%

6.2%

-



993


948

4.7%

4.7%

-


Intl


555


516

7.4%

8.4%

-1.0%



1,566


1,538

1.8%

5.7%

-3.9%


WW


893


835

7.0%

7.6%

-0.6%



2,559


2,486

2.9%

5.4%

-2.5%


SURGICAL

















US


120


133

-10.0%

-10.0%

-



373


403

-7.4%

-7.4%

-


Intl


180


164

9.9%

11.3%

-1.4%



551


531

3.7%

7.3%

-3.6%


WW


299


297

0.9%

1.7%

-0.8%



923


934

-1.1%

0.9%

-2.0%



















TOTAL MEDICAL DEVICES

















US


3,057


3,197

-4.4%

-4.4%

-



9,249


9,623

-3.9%

-3.9%

-


Intl


3,326


3,390

-1.9%

0.3%

-2.2%



10,082


10,703

-5.8%

-1.0%

-4.8%


WW


$ 6,383


6,587

-3.1%

-2.0%

-1.1%



$ 19,331


20,326

-4.9%

-2.4%

-2.5%




































Note: Columns and rows within tables may not add due to rounding. Percentages have been calculated using actual, non-rounded figures, and therefore, may not recalculate precisely.



















* Percentage greater than 100% or not meaningful




(1) Operational growth excludes the effect of translational currency


(2) Unaudited

















(3) Reported as U.S. sales


(4) Prior year amounts have been reclassified to conform to current year product disclosure


(5) Reflects LifeScan divestiture October 2, 2018

(PRNewsfoto/Johnson & Johnson)

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/johnson--johnson-reports-2019-third-quarter-results-300938512.html

SOURCE Johnson & Johnson

Copyright 2019 PR Newswire

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