- 2024 Second-Quarter reported sales growth of 4.3% to $22.4
Billion with operational growth of 6.6%* and adjusted operational
growth of 6.5%*. Adjusted operational growth excluding COVID-19
Vaccine of 7.1%*
- 2024 Second-Quarter Earnings per share (EPS) of $1.93
decreasing by 5.9% due to one-time special charges and adjusted EPS
of $2.82 increasing by 10.2%*
- Significant new product pipeline progress including TREMFYA IBD
and subcutaneous filings, RYBREVANT subcutaneous filing, and
VARIPULSE admIRE data release
- Company increases Full-Year 2024 operational sales5 guidance to
reflect the acquisition of Shockwave Medical
- Company updates Full-Year 2024 adjusted operational EPS
guidance to reflect improved performance; costs associated with
recent strategic acquisitions more than offset the improvement
Johnson & Johnson (NYSE: JNJ) today announced results for
second-quarter 2024. “Johnson & Johnson's second quarter
performance reflects our relentless focus on advancing the next
wave of medical innovation and resulted in strong sales and
adjusted operational earnings per share growth,” said Joaquin
Duato, Chairman and Chief Executive Officer. “With a robust
pipeline, upcoming regulatory milestones for RYBREVANT and TREMFYA,
the integration of Shockwave, and continued expansion of newly
launched products, including ACUVUE OASYS MAX 1-Day contact lenses
and our VARIPULSE platform, we have a strong foundation for near
and long-term growth.”
Unless otherwise noted, the financial results and earnings
guidance included below reflect the continuing operations of
Johnson & Johnson.
Overall financial results
Q2 ($ in Millions, except EPS)
2024
2023
% Change
Reported Sales
$22,447
$21,519
4.3%
Net Earnings
$4,686
$5,376
-12.8%
EPS (diluted)
$1.93
$2.05
-5.9%
Q2 Non-GAAP* ($ in Millions, except EPS)
2024
2023
% Change
Operational Sales1,2
6.6%
Adjusted Operational Sales1,3
6.5%
Adjusted Operational Sales ex. COVID-19 Vaccine1,3
7.1%
Adjusted Net Earnings1,4
$6,840
$6,730
1.6%
Adjusted EPS (diluted)1,4
$2.82
$2.56
10.2%
1
Non-GAAP financial measure; refer to
reconciliations of non-GAAP financial measures included in
accompanying schedules
2
Excludes the impact of translational
currency
3
Excludes the net impact of acquisitions
and divestitures and translational currency
4
Excludes intangible amortization expense
and special items
5
Excludes COVID-19 Vaccine
Note: values may have been rounded
Regional sales results
Q2
% Change
($ in Millions)
2024
2023
Reported
Operational1,2
Currency
Adjusted
Operational1,3
U.S.
$12,569
$11,657
7.8%
7.8
—
7.6
International
9,878
9,862
0.2
5.1
(4.9)
5.3
Worldwide
$22,447
$21,519
4.3%
6.6
(2.3)
6.5
1
Non-GAAP financial measure; refer to
reconciliations of non-GAAP financial measures included in
accompanying schedules
2
Excludes the impact of translational
currency
3
Excludes the net impact of acquisitions
and divestitures and translational currency
Note: values may have been rounded
Segment sales results
Q2
% Change
($ in Millions)
2024
2023
Reported
Operational1,2
Currency
Adjusted
Operational1,3
Innovative Medicine
$14,490
$13,731
5.5%
7.8
(2.3)
8.0
MedTech
7,957
7,788
2.2
4.4
(2.2)
4.0
Worldwide
$22,447
$21,519
4.3%
6.6
(2.3)
6.5
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
Second Quarter 2024 segment commentary:
Operational sales* reflected below excludes the impact of
translational currency.
Innovative Medicine
Innovative Medicine worldwide operational sales, excluding the
COVID-19 Vaccine, grew 8.8%*. Growth was driven by DARZALEX
(daratumumab), ERLEADA (apalutamide), and Other Oncology in
Oncology, TREMFYA (guselkumab) and STELARA (ustekinumab) in
Immunology, and SPRAVATO (esketamine) in Neuroscience. Growth was
partially offset by Other Neuroscience. Including the COVID-19
Vaccine, Innovative Medicine worldwide operational sales grew
7.8%*.
MedTech
MedTech worldwide operational sales grew 4.4%*, with
acquisitions and divestitures positively impacting growth by 0.4%.
Operational sales growth was driven primarily by electrophysiology
products and Abiomed in Cardiovascular, previously referred to as
Interventional Solutions, and wound closure products in General
Surgery.
Full-year 2024 guidance:
Johnson & Johnson does not provide GAAP financial measures
on a forward-looking basis because the company is unable to predict
with reasonable certainty the ultimate outcome of legal
proceedings, unusual gains and losses, acquisition-related
expenses, and purchase accounting fair value adjustments without
unreasonable effort. These items are uncertain, depend on various
factors, and could be material to Johnson & Johnson's results
computed in accordance with GAAP.
Johnson & Johnson is updating its 2024 guidance, including
adjusted operational EPS guidance, to reflect improved performance
and the impact for the recent acquisitions of Shockwave Medical,
Proteologix, and NM26 Bispecific Antibody.
Non-GAAP*
2024
April 2024 Adjusted Operational
EPS1,2
$10.68
Improved performance outlook
$0.05
July 2024 Adjusted Operational EPS1,2
pre-M&A
$10.73
M&A impact
($0.68)
July 2024 Adjusted Operational
EPS1,2
$10.05
1
Non-GAAP financial measure; excludes the
impact of translational currency
2
Non-GAAP financial measure; excludes
intangible amortization expense and special items
Note: Adjusted operational EPS figures reflect midpoint of issued
guidance
($ in Billions, except EPS)
July 2024
April 2024
Adjusted Operational Sales1,2,5
Change vs. Prior Year / Mid-point
5.5% – 6.0% / 5.8%
5.5% – 6.0% / 5.8%
Operational Sales2,5/ Mid-point
Change vs. Prior Year / Mid-point
$89.2B – $89.6B / $89.4B
6.1% – 6.6% / 6.4%
$88.7B – $89.1B / $88.9B
5.5% – 6.0% / 5.8%
Estimated Reported Sales3,5/ Mid-point
Change vs. Prior Year / Mid-point
$88.0B – $88.4B / $88.2B
4.7% – 5.2% / 5.0%
$88.0B – $88.4B / $88.2B
4.7% – 5.2% / 5.0%
Adjusted Operational EPS (Diluted)2,4/
Mid-point
Change vs. Prior Year / Mid-point
$10.00 – $10.10 / $10.05
0.8% – 1.8% / 1.3%
$10.60 – $10.75 / $10.68
6.9% – 8.4% / 7.7%
Adjusted EPS (Diluted)3,4 / Mid-point
Change vs. Prior Year / Mid-point
$9.97 – $10.07 / $10.02
0.5% – 1.5% / 1.0%
$10.57 – $10.72 / $10.65
6.6% – 8.1% / 7.4%
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: July
2024 = $1.08 and April 2024 = $1.08 (Illustrative purposes
only)
4
Non-GAAP financial measure; excludes
intangible amortization expense and special items
5
Excludes COVID-19 Vaccine
Note: percentages may have been rounded
Other modeling considerations will be provided on the
webcast.
Notable announcements in the quarter:
The information contained in this section should be read
together with Johnson & Johnson’s other disclosures filed with
the Securities and Exchange Commission, including its Current
Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual
Reports on Form 10-K. Copies of these filings are available online
at www.sec.gov, www.jnj.com or on request from Johnson &
Johnson. The reader is also encouraged to review all other news
releases and information available in the Investor Relations
section of the company’s website at News Releases, as well as
Innovative Medicine News Center, MedTech News & Events,
www.factsabouttalc.com, and www.LLTManagementInformation.com.
Regulatory
CHMP adopts positive opinion for BALVERSA
(erdafitinib) for the treatment of adult patients with unresectable
or metastatic urothelial carcinoma with susceptible FGFR3 genetic
alterations
Press Release
RYBREVANT (amivantamab) in combination
with chemotherapy is the first therapy approved by the European
Commission for the first-line treatment of patients with advanced
non-small cell lung cancer with activating EGFR exon 20 insertion
mutations
Press Release
Johnson & Johnson submits application
to U.S. FDA seeking approval of TREMFYA (guselkumab) for the
treatment of moderately to severely active Crohn’s disease
Press Release
Subcutaneous amivantamab Biologics License
Application submitted to U.S. FDA for patients with EGFR-mutated
non-small cell lung cancer
Press Release
DePuy Synthes Receives 510(k) FDA
Clearance of the VELYS Robotic-Assisted Solution for Use in
Unicompartmental Knee Arthroplasty Procedures
Press Release
Johnson & Johnson submits regulatory
applications to European Medicines Agency for TREMFYA (guselkumab)
for treatment of patients with ulcerative colitis and Crohn's
disease
Press Release
CARVYKTI (ciltacabtagene autoleucel;
cilta-cel) is the first BCMA-targeted treatment approved by the
European Commission for patients with relapsed and refractory
multiple myeloma who have received at least one prior line of
therapy
Press Release
Data Releases
CARVYKTI (ciltacabtagene autoleucel)
achieved statistically significant and clinically meaningful
improvement in overall survival in landmark CARTITUDE-4 study1
Press Release
Nipocalimab pivotal Phase 3 trial
demonstrates longest sustained disease control in FcRn class for
broadest population of myasthenia gravis patients
Press Release
TREMFYA (guselkumab) studies underscore
its potential to be the only IL-23 inhibitor to offer both
subcutaneous and intravenous induction
Press Release
Johnson & Johnson showcases innovation
and leadership in rheumatology at EULAR 2024 Congress
Press Release
Johnson & Johnson pivotal study of
seltorexant shows statistically significant and clinically
meaningful improvement in depressive symptoms and sleep disturbance
outcomes
Press Release
Johnson & Johnson advances leadership
in oncology innovation with more than 75 clinical study and
real-world presentations at ASCO and EHA
Press Release
TREMFYA (guselkumab) demonstrates
superiority versus STELARA (ustekinumab) in Phase 3 Crohn’s disease
program
Press Release
TREMFYA (guselkumab) QUASAR Maintenance
Study in UC met its primary endpoint and all major secondary
endpoints, including highly statistically significant rates of
endoscopic remission
Press Release
Biosense Webster Presents Late-Breaking
Data from admIRE Clinical Trial at the Heart Rhythm Society Annual
Meeting
Press Release
TAR-210 results show 90% recurrence-free
survival and 90% complete response in patients with high-risk and
intermediate-risk non–muscle-invasive bladder cancer,
respectively
Press Release
Johnson & Johnson Highlights
Commitment to Transform Treatment of Retinal Diseases at ARVO
2024
Press Release
Phase 2 data for ERLEADA (apalutamide)
plus androgen deprivation therapy following radical prostatectomy
in patients with high-risk localized prostate cancer show 100%
biochemical free recurrence rate more than two years
post-surgery
Press Release
TAR-200 monotherapy shows greater than 80%
complete response rate in patients with high-risk
non–muscle-invasive bladder cancer
Press Release
Product Launch
Biosense Webster Launches New Version of
CARTO 3 Electro-Anatomical Mapping System
Press Release
Other
Johnson & Johnson Strengthens Pipeline
to Lead in Atopic Dermatitis With the Completion of the Acquisition
of Yellow Jersey Therapeutics, Gaining Ownership of NM261
Press Release
Johnson & Johnson Completes
Acquisition of Proteologix, Inc.
Press Release
Johnson & Johnson Completes
Acquisition of Shockwave Medical
Press Release
Johnson & Johnson to Obtain Rights to
a Clinical-Stage Bispecific Antibody to Address Distinct Patient
Needs in Atopic Dermatitis
Press Release
Johnson & Johnson Announces Plan by
its Subsidiary, LLT Management LLC, to Resolve All Current and
Future Ovarian Cancer Talc Claims Through a Consensual
“Prepackaged” Reorganization
Press Release
1 Subsequent to the quarter
Webcast information:
Johnson & Johnson will conduct a conference call with
investors to discuss this earnings release today at 8:30 a.m.,
Eastern Time. A simultaneous webcast of the call for investors and
other interested parties may be accessed by visiting the Johnson
& Johnson website. A replay and podcast will be available
approximately two hours after the live webcast in the Investor
Relations section of the company's website at
events-and-presentations.
About Johnson & Johnson:
At Johnson & Johnson, we believe health is everything. Our
strength in healthcare innovation empowers us to build a world
where complex diseases are prevented, treated, and cured, where
treatments are smarter and less invasive, and solutions are
personal. Through our expertise in Innovative Medicine and MedTech,
we are uniquely positioned to innovate across the full spectrum of
healthcare solutions today to deliver the breakthroughs of
tomorrow, and profoundly impact health for humanity. Learn more at
www.jnj.com.
Non-GAAP financial measures:
* “Operational sales growth” excluding the impact of
translational currency, “adjusted operational sales growth”
excluding the net impact of acquisitions and divestitures and
translational currency, as well as “adjusted net earnings”,
“adjusted diluted earnings per share” and “adjusted operational
diluted earnings per share” excluding after-tax intangible
amortization expense and special items, are non-GAAP financial
measures and should not be considered replacements for, and should
be read together with, the most comparable GAAP financial measures.
Except for guidance measures, reconciliations of these non-GAAP
financial measures to the most directly comparable GAAP financial
measures can be found in the accompanying financial schedules of
the earnings release and the Investor Relations section of the
company's website at quarterly results.
Copies of the financial schedules accompanying this earnings
release are available on the company’s website at quarterly
results. These schedules include supplementary sales data, a
condensed consolidated statement of earnings, reconciliations of
non-GAAP financial measures, and sales of key products/franchises.
Additional information on Johnson & Johnson, including adjusted
income before tax by segment, an Innovative Medicine pipeline of
selected compounds in late stage development and a copy of today’s
earnings call presentation can also be found in the Investor
Relations section of the company's website at quarterly
results.
Note to investors concerning forward-looking
statements:
This press release contains “forward-looking statements” as
defined in the Private Securities Litigation Reform Act of 1995
regarding, among other things: future operating and financial
performance, product development, and market position and business
strategy. The reader is cautioned not to rely on these
forward-looking statements. These statements are based on current
expectations of future events. If underlying assumptions prove
inaccurate or known or unknown risks or uncertainties materialize,
actual results could vary materially from the expectations and
projections of Johnson & Johnson. Risks and uncertainties
include, but are not limited to: economic factors, such as interest
rate and currency exchange rate fluctuations; competition,
including technological advances, new products and patents attained
by competitors; challenges inherent in new product research and
development, including uncertainty of clinical success and
obtaining regulatory approvals; uncertainty of commercial success
for new and existing products; challenges to patents; the impact of
patent expirations; the ability of the Company to successfully
execute strategic plans, including restructuring plans; the impact
of business combinations and divestitures; manufacturing
difficulties or delays, internally or within the supply chain;
product efficacy or safety concerns resulting in product recalls or
regulatory action; significant adverse litigation or government
action, including related to product liability claims; changes to
applicable laws and regulations, including tax laws and global
health care reforms; trends toward health care cost containment;
changes in behavior and spending patterns of purchasers of health
care products and services; financial instability of international
economies and legal systems and sovereign risk; increased scrutiny
of the health care industry by government agencies; and the
Company’s ability to realize the anticipated benefits from the
separation of Kenvue Inc. 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 31, 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)
SECOND
QUARTER SIX MONTHS
Percent Change
Percent Change
2024
2023
Total
Operations
Currency
2024
2023
Total
Operations
Currency
Sales to customers by segment of business
Innovative Medicine (1)
U.S.
$
8,510
7,818
8.9
%
8.9
-
$
16,122
14,841
8.6
%
8.6
-
International
5,980
5,913
1.1
6.4
(5.3
)
11,930
12,303
(3.0
)
1.0
(4.0
)
14,490
13,731
5.5
7.8
(2.3
)
28,052
27,144
3.3
5.2
(1.9
)
Innovative Medicine excluding
COVID-19 Vaccine (1)
U.S.
8,510
7,818
8.9
8.9
-
16,122
14,841
8.6
8.6
-
International
5,808
5,628
3.2
8.7
(5.5
)
11,733
11,271
4.1
8.5
(4.4
)
14,318
13,446
6.5
8.8
(2.3
)
27,855
26,112
6.7
8.6
(1.9
)
MedTech
U.S.
4,059
3,839
5.7
5.7
-
8,067
7,598
6.2
6.2
-
International
3,898
3,949
(1.3
)
3.2
(4.5
)
7,711
7,671
0.5
4.6
(4.1
)
7,957
7,788
2.2
4.4
(2.2
)
15,778
15,269
3.3
5.4
(2.1
)
U.S.
12,569
11,657
7.8
7.8
-
24,189
22,439
7.8
7.8
-
International
9,878
9,862
0.2
5.1
(4.9
)
19,641
19,974
(1.7
)
2.4
(4.1
)
Worldwide
22,447
21,519
4.3
6.6
(2.3
)
43,830
42,413
3.3
5.2
(1.9
)
U.S.
12,569
11,657
7.8
7.8
-
24,189
22,439
7.8
7.8
-
International
9,706
9,577
1.3
6.4
(5.1
)
19,444
18,942
2.7
6.9
(4.2
)
Worldwide excluding COVID-19 Vaccine (1)
$
22,275
21,234
4.9
%
7.2
(2.3
)
$
43,633
41,381
5.4
%
7.4
(2.0
)
Note: Percentages have been calculated using actual,
non-rounded figures and, therefore, may not recalculate precisely.
(1) Refer to supplemental sales information schedules
Johnson & Johnson and Subsidiaries Supplementary
Sales Data (Unaudited; Dollars in Millions)
SECOND QUARTER
SIX MONTHS
Percent Change
Percent Change
2024
2023
Total
Operations
Currency
2024
2023
Total
Operations
Currency
Sales to customers by geographic area U.S.
$
12,569
11,657
7.8
%
7.8
-
$
24,189
22,439
7.8
%
7.8
-
Europe
5,214
5,131
1.6
3.4
(1.8
)
10,377
10,721
(3.2
)
(2.4
)
(0.8
)
Western Hemisphere excluding U.S.
1,212
1,136
6.7
22.6
(15.9
)
2,406
2,212
8.8
21.9
(13.1
)
Asia-Pacific, Africa
3,452
3,595
(4.0
)
1.9
(5.9
)
6,858
7,041
(2.6
)
3.4
(6.0
)
International
9,878
9,862
0.2
5.1
(4.9
)
19,641
19,974
(1.7
)
2.4
(4.1
)
Worldwide
$
22,447
21,519
4.3
%
6.6
(2.3
)
$
43,830
42,413
3.3
%
5.2
(1.9
)
Johnson & Johnson and
Subsidiaries Supplementary Sales Data (Unaudited;
Dollars in Millions)
SECOND QUARTER
SIX MONTHS
Percent Change
Percent Change
2024
2023
Total
Operations
Currency
2024
2023
Total
Operations
Currency
Sales to customers by geographic area (ex. COVID-19
Vaccine) U.S.*
$
12,569
11,657
7.8
%
7.8
-
$
24,189
22,439
7.8
%
7.8
-
Europe(1)
5,042
4,846
4.1
6.0
(1.9
)
10,180
9,689
5.1
6.0
(0.9
)
Western Hemisphere excluding U.S.*
1,212
1,136
6.7
22.6
(15.9
)
2,406
2,212
8.8
21.9
(13.1
)
Asia-Pacific, Africa*
3,452
3,595
(4.0
)
1.9
(5.9
)
6,858
7,041
(2.6
)
3.4
(6.0
)
International
9,706
9,577
1.3
6.4
(5.1
)
19,444
18,942
2.7
6.9
(4.2
)
Worldwide
$
22,275
21,234
4.9
%
7.2
(2.3
)
$
43,633
41,381
5.4
%
7.4
(2.0
)
Note: Percentages have been calculated using actual,
non-rounded figures and, therefore, may not recalculate precisely.
(1) Refer to supplemental sales information schedules *No
COVID-19 Vaccine sales
Johnson & Johnson and
Subsidiaries Condensed Consolidated Statement of
Earnings (Unaudited; in Millions Except Per Share
Figures) SECOND QUARTER
2024
2023
Percent
Percent
Percent
Increase
Amount
to Sales
Amount
to Sales
(Decrease)
Sales to customers
$
22,447
100.0
$
21,519
100.0
4.3
Cost of products sold
6,869
30.6
6,462
30.0
6.3
Gross Profit
15,578
69.4
15,057
70.0
3.5
Selling, marketing and administrative expenses
5,681
25.3
5,396
25.1
5.3
Research and development expense
3,440
15.3
3,703
17.2
(7.1
)
In-process research and development impairments
194
0.9
-
0.0
Interest (income) expense, net
(125
)
(0.6
)
(109
)
(0.5
)
Other (income) expense, net
653
2.9
(384
)
(1.8
)
Restructuring
(13
)
0.0
145
0.7
Earnings before provision for taxes on income
5,748
25.6
6,306
29.3
(8.8
)
Provision for taxes on income
1,062
4.7
930
4.3
14.2
Net earnings from Continuing Operations
$
4,686
20.9
$
5,376
25.0
(12.8
)
Net earnings/(loss) from Discontinued Operations, net of tax
-
(232
)
Net earnings
$
4,686
$
5,144
Net earnings per share (Diluted) from Continuing
Operations
$
1.93
$
2.05
(5.9
)
Net earnings/(loss) per share (Diluted) from Discontinued
Operations
$
-
$
(0.09
)
Average shares outstanding (Diluted)
2,422.0
2,625.7
Effective tax rate from Continuing Operations
18.5
%
14.7
%
Adjusted earnings from Continuing Operations before
provision for taxes and net earnings (1) Earnings before
provision for taxes on income from Continuing Operations
$
8,404
37.4
$
8,005
37.2
5.0
Net earnings from Continuing Operations
$
6,840
30.5
$
6,730
31.3
1.6
Net earnings per share (Diluted) from Continuing Operations
$
2.82
$
2.56
10.2
Effective tax rate from Continuing Operations
18.6
%
15.9
%
(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
2024
2023
Percent
Percent
Percent
Increase
Amount
to Sales
Amount
to Sales
(Decrease)
Sales to customers
$
43,830
100.0
$
42,413
100.0
3.3
Cost of products sold
13,380
30.5
13,149
31.0
1.8
Gross Profit
30,450
69.5
29,264
69.0
4.1
Selling, marketing and administrative expenses
10,938
25.0
10,302
24.3
6.2
Research and development expense
6,982
16.0
7,158
16.9
(2.5
)
In-process research and development impairments
194
0.4
49
0.1
Interest (income) expense, net
(334
)
(0.8
)
(95
)
(0.2
)
Other (income) expense, net
3,057
7.0
6,556
15.5
Restructuring
151
0.3
275
0.6
Earnings before provision for taxes on income
9,462
21.6
5,019
11.8
88.5
Provision for taxes on income
1,521
3.5
134
0.3
1,035.1
Net earnings from Continuing Operations
$
7,941
18.1
$
4,885
11.5
62.6
Net earnings from Discontinued Operations, net of tax
-
191
Net earnings
$
7,941
$
5,076
Net earnings per share (Diluted) from Continuing
Operations
$
3.27
$
1.86
75.8
Net earnings per share (Diluted) from Discontinued
Operations
$
-
$
0.07
Average shares outstanding (Diluted)
2,428.5
2,630.7
Effective tax rate from Continuing Operations
16.1
%
2.7
%
Adjusted earnings from Continuing Operations before
provision for taxes and net earnings (1) Earnings before
provision for taxes on income from Continuing Operations
$
16,281
37.1
$
15,541
36.6
4.8
Net earnings from Continuing Operations
$
13,420
30.6
$
13,070
30.8
2.7
Net earnings per share (Diluted) from Continuing Operations
$
5.53
$
4.97
11.3
Effective tax rate from Continuing Operations
17.6
%
15.9
%
(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)
2024
2023
2024
2023
Net Earnings from Continuing Operations, after tax- as reported
$4,686
$5,376
$7,941
$4,885
Pre-tax Adjustments
Litigation related
352
137
3,078
7,037
Intangible Asset Amortization expense
1,106
1,130
2,184
2,252
COVID-19 Vaccine related costs 1
64
165
73
609
Restructuring related 2
(11
)
145
160
275
Medical Device Regulation 3
68
85
119
149
Acquisition, integration and divestiture related
452
38
600
80
(Gains)/losses on securities
431
(1
)
411
71
IPR&D impairments
194
-
194
49
Tax Adjustments Tax impact on special item adjustments 4
(437
)
(307
)
(1,293
)
(2,287
)
Tax legislation and other tax related
(65
)
(38
)
(47
)
(50
)
Adjusted Net Earnings from Continuing Operations, after tax
$6,840
$6,730
$13,420
$13,070
Average shares outstanding (Diluted)
2,422.0
2,625.7
2,428.5
2,630.7
Adjusted net earnings per share from Continuing Operations
(Diluted)
$2.82
$2.56
$5.53
$4.97
Operational adjusted net earnings per share from Continuing
Operations (Diluted)
$2.82
$5.54
Notes:
1
COVID-19 Vaccine related costs include remaining commitments and
obligations, including external manufacturing network exit costs
and required clinical trial expenses, associated with the Company's
completion of its COVID-19 vaccine contractual commitments.
2
In fiscal 2023, the company completed a prioritization of its
research and development (R&D) investment within the Innovative
Medicine segment to focus on the most promising medicines with the
greatest benefit to patients. This resulted in the exit of certain
programs within therapeutic areas. The R&D program exits are
primarily in infectious diseases and vaccines including the
discontinuation of its respiratory syncytial virus (RSV) adult
vaccine program, hepatitis and HIV development. The restructuring
income of $63 million in the fiscal second quarter of 2024 ($81
million expense Q2 2024 YTD) and $145 million expense in the fiscal
second quarter of 2023 ($275 million Q2 2023 YTD) include asset
divestments and the termination of partnered and non-partnered
program costs and asset impairments.
In fiscal 2023, the company initiated a restructuring program of
its Orthopaedics franchise within the MedTech segment to streamline
operations by exiting certain markets, product lines and
distribution network arrangements. The restructuring expenses of
$52 million in the fiscal second quarter of 2024 ($79 million Q2
2024 YTD) includes costs related to market and product exits.
3
European Medical Device Regulation (MDR) costs represent one-time
compliance costs for the Company’s previously registered products.
MDR is a replacement of the existing European Medical Devices
Directive regulatory framework, and manufacturers of currently
marketed medical devices were required to comply with EU MDR
beginning in May 2021. The Company considers the adoption of EU MDR
to be a significant one-time regulatory change and is not
indicative of on-going operations. The Company has excluded only
external third-party regulatory and consulting costs from its
MedTech operating segments' measures of profit and loss used for
making operating decisions and assessing performance which will 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 SECOND QUARTER 2024 ACTUAL
vs. 2023 ACTUAL
Segments Innovative Medicine MedTech
Total WW As Reported
5.5
%
2.2
%
4.3
%
U.S.
8.9
%
5.7
%
7.8
%
International
1.1
%
(1.3
)%
0.2
%
WW Currency
(2.3
)
(2.2
)
(2.3
)
U.S.
-
-
-
International
(5.3
)
(4.5
)
(4.9
)
WW Operational
7.8
%
4.4
%
6.6
%
U.S.
8.9
%
5.7
%
7.8
%
International
6.4
%
3.2
%
5.1
%
Shockwave
(1.0
)
(0.4
)
U.S.
(2.0
)
(0.7
)
International
0.0
0.0
All Other Acquisitions and Divestitures (A&D)
0.2
0.6
0.3
U.S.
0.1
1.0
0.5
International
0.2
0.1
0.2
WW Adjusted Operational Ex A&D
8.0
%
4.0
%
6.5
%
U.S.
9.0
%
4.7
%
7.6
%
International
6.6
%
3.3
%
5.3
%
COVID-19 Vaccine
1.0
0.6
U.S.
0.0
0.0
International
2.3
1.3
WW Adjusted Operational Ex A&D & COVID-19
Vaccine
9.0
%
4.0
%
7.1
%
U.S.
9.0
%
4.7
%
7.6
%
International
8.9
%
3.3
%
6.6
%
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 2024 ACTUAL vs. 2023
ACTUAL Segments Innovative
Medicine MedTech Total WW As
Reported
3.3
%
3.3
%
3.3
%
U.S.
8.6
%
6.2
%
7.8
%
International
(3.0
)%
0.5
%
(1.7
)%
WW Currency
(1.9
)
(2.1
)
(1.9
)
U.S.
-
-
-
International
(4.0
)
(4.1
)
(4.1
)
WW Operational
5.2
%
5.4
%
5.2
%
U.S.
8.6
%
6.2
%
7.8
%
International
1.0
%
4.6
%
2.4
%
Shockwave
(0.5
)
(0.2
)
U.S.
(1.0
)
(0.3
)
International
0.0
0.0
All Other Acquisitions and Divestitures (A&D)
0.1
0.3
0.2
U.S.
0.1
0.6
0.3
International
0.1
0.1
0.1
WW Adjusted Operational Ex A&D
5.3
%
5.2
%
5.2
%
U.S.
8.7
%
5.8
%
7.8
%
International
1.1
%
4.7
%
2.5
%
COVID-19 Vaccine
3.4
2.2
U.S.
0.0
0.0
International
7.5
4.5
WW Adjusted Operational Ex A&D & COVID-19
Vaccine
8.7
%
5.2
%
7.4
%
U.S.
8.7
%
5.8
%
7.8
%
International
8.6
%
4.7
%
7.0
%
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
INNOVATIVE MEDICINE SEGMENT
(2)
2024
2023
Reported
Operational (1)
Currency
2024
2023
Reported
Operational (1)
Currency
IMMUNOLOGY US
$
2,978
2,865
4.0
%
4.0
%
-
$
5,431
5,313
2.2
%
2.2
%
-
Intl
1,744
1,631
6.9
%
13.2
%
-6.3
%
3,538
3,295
7.4
%
12.1
%
-4.7
%
WW
4,722
4,496
5.0
%
7.3
%
-2.3
%
8,969
8,608
4.2
%
6.0
%
-1.8
%
REMICADE US
231
277
-16.7
%
-16.7
%
-
497
553
-10.1
%
-10.1
%
-
US Exports (3)
35
33
7.9
%
7.9
%
-
62
74
-15.4
%
-15.4
%
-
Intl
127
152
-16.6
%
-12.0
%
-4.6
%
268
322
-16.9
%
-13.2
%
-3.7
%
WW
393
462
-14.9
%
-13.4
%
-1.5
%
827
949
-12.9
%
-11.6
%
-1.3
%
SIMPONI / SIMPONI ARIA US
267
285
-6.3
%
-6.3
%
-
521
556
-6.2
%
-6.2
%
-
Intl
270
244
10.9
%
22.8
%
-11.9
%
569
510
11.7
%
21.3
%
-9.6
%
WW
537
529
1.6
%
7.1
%
-5.5
%
1,091
1,066
2.3
%
7.0
%
-4.7
%
STELARA US
1,855
1,817
2.1
%
2.1
%
-
3,251
3,268
-0.5
%
-0.5
%
-
Intl
1,030
981
5.0
%
10.1
%
-5.1
%
2,085
1,974
5.6
%
9.1
%
-3.5
%
WW
2,885
2,797
3.1
%
4.9
%
-1.8
%
5,336
5,241
1.8
%
3.1
%
-1.3
%
TREMFYA US
589
450
30.8
%
30.8
%
-
1,098
856
28.2
%
28.2
%
-
Intl
317
255
23.9
%
30.5
%
-6.6
%
616
489
25.8
%
31.0
%
-5.2
%
WW
906
706
28.3
%
30.7
%
-2.4
%
1,714
1,346
27.3
%
29.2
%
-1.9
%
OTHER IMMUNOLOGY US
2
4
-51.5
%
-51.5
%
-
2
7
-75.4
%
-75.4
%
-
Intl
0
0
-
-
-
0
0
-
-
-
WW
2
4
-51.5
%
-51.5
%
-
2
7
-75.4
%
-75.4
%
-
INFECTIOUS DISEASES US
334
395
-15.4
%
-15.4
%
-
658
787
-16.4
%
-16.4
%
-
Intl
631
727
-13.1
%
-11.6
%
-1.5
%
1,128
1,920
-41.3
%
-40.7
%
-0.6
%
WW
965
1,121
-13.9
%
-12.9
%
-1.0
%
1,786
2,707
-34.0
%
-33.7
%
-0.3
%
COVID-19 VACCINE US
0
0
-
-
-
0
0
-
-
-
Intl
172
285
-39.7
%
-39.7
%
0.0
%
197
1,032
-80.9
%
-80.9
%
0.0
%
WW
172
285
-39.7
%
-39.7
%
0.0
%
197
1,032
-80.9
%
-80.9
%
0.0
%
EDURANT / rilpivirine US
8
8
-2.8
%
-2.8
%
-
16
17
-7.0
%
-7.0
%
-
Intl
288
258
11.5
%
13.0
%
-1.5
%
603
529
14.1
%
14.4
%
-0.3
%
WW
297
266
11.0
%
12.5
%
-1.5
%
620
546
13.4
%
13.7
%
-0.3
%
PREZISTA / PREZCOBIX / REZOLSTA /
SYMTUZA US
321
382
-16.0
%
-16.0
%
-
635
760
-16.5
%
-16.5
%
-
Intl
117
109
6.5
%
9.9
%
-3.4
%
221
208
6.0
%
7.8
%
-1.8
%
WW
438
491
-11.0
%
-10.3
%
-0.7
%
856
968
-11.6
%
-11.2
%
-0.4
%
OTHER INFECTIOUS DISEASES US
5
5
18.5
%
18.5
%
-
7
10
-29.4
%
-29.4
%
-
Intl
55
74
-25.6
%
-21.1
%
-4.5
%
107
151
-29.3
%
-26.0
%
-3.3
%
WW
61
79
-23.1
%
-18.8
%
-4.3
%
114
161
-29.3
%
-26.2
%
-3.1
%
REPORTED
SALES vs. PRIOR PERIOD ($MM)
REPORTED
SALES vs. PRIOR PERIOD ($MM)
SECOND QUARTER
SIX MONTHS
% Change
% Change
2024
2023
Reported
Operational (1)
Currency
2024
2023
Reported
Operational (1)
Currency
NEUROSCIENCE US
1,102
1,029
7.1
%
7.1
%
-
2,156
2,007
7.4
%
7.4
%
-
Intl
679
764
-11.1
%
-6.0
%
-5.1
%
1,428
1,590
-10.2
%
-5.2
%
-5.0
%
WW
1,782
1,793
-0.6
%
1.5
%
-2.1
%
3,585
3,597
-0.3
%
1.9
%
-2.2
%
CONCERTA / Methylphenidate US
34
64
-47.7
%
-47.7
%
-
75
134
-44.3
%
-44.3
%
-
Intl
129
143
-9.8
%
-4.6
%
-5.2
%
265
279
-5.1
%
-0.2
%
-4.9
%
WW
163
208
-21.5
%
-17.9
%
-3.6
%
340
414
-17.8
%
-14.5
%
-3.3
%
INVEGA SUSTENNA / XEPLION
/INVEGA TRINZA / TREVICTA US
784
721
8.8
%
8.8
%
-
1,549
1,434
8.0
%
8.0
%
-
Intl
269
310
-13.1
%
-9.0
%
-4.1
%
561
641
-12.4
%
-8.8
%
-3.6
%
WW
1,054
1,031
2.2
%
3.5
%
-1.3
%
2,110
2,075
1.7
%
2.8
%
-1.1
%
SPRAVATO US
226
144
57.9
%
57.9
%
-
417
255
63.9
%
63.9
%
-
Intl
44
25
73.5
%
77.4
%
-3.9
%
78
45
74.6
%
76.3
%
-1.7
%
WW
271
169
60.2
%
60.8
%
-0.6
%
496
300
65.5
%
65.7
%
-0.2
%
OTHER NEUROSCIENCE US
57
100
-42.5
%
-42.5
%
-
115
184
-37.3
%
-37.3
%
-
Intl
237
286
-17.0
%
-10.8
%
-6.2
%
524
625
-16.2
%
-9.5
%
-6.7
%
WW
294
386
-23.7
%
-19.1
%
-4.6
%
639
809
-21.0
%
-15.8
%
-5.2
%
ONCOLOGY US
2,636
2,069
27.4
%
27.4
%
-
5,019
3,958
26.8
%
26.8
%
-
Intl
2,455
2,329
5.4
%
10.8
%
-5.4
%
4,885
4,552
7.3
%
11.7
%
-4.4
%
WW
5,090
4,398
15.7
%
18.6
%
-2.9
%
9,904
8,510
16.4
%
18.7
%
-2.3
%
CARVYKTI US
167
114
46.5
%
46.5
%
-
307
184
66.8
%
66.8
%
-
Intl
20
3
* * *
36
5
* * * WW
186
117
59.8
%
59.9
%
-0.1
%
343
189
81.5
%
81.5
%
0.0
%
DARZALEX US
1,641
1,322
24.2
%
24.2
%
-
3,105
2,513
23.6
%
23.6
%
-
Intl
1,237
1,110
11.5
%
17.9
%
-6.4
%
2,465
2,182
12.9
%
18.4
%
-5.5
%
WW
2,878
2,431
18.4
%
21.3
%
-2.9
%
5,570
4,695
18.6
%
21.2
%
-2.6
%
ERLEADA US
318
241
32.2
%
32.2
%
-
603
490
23.0
%
23.0
%
-
Intl
418
326
28.0
%
32.8
%
-4.8
%
822
619
32.8
%
36.5
%
-3.7
%
WW
736
567
29.8
%
32.5
%
-2.7
%
1,425
1,109
28.4
%
30.5
%
-2.1
%
IMBRUVICA US
246
262
-6.4
%
-6.4
%
-
511
532
-3.9
%
-3.9
%
-
Intl
525
579
-9.4
%
-5.6
%
-3.8
%
1,043
1,136
-8.3
%
-5.6
%
-2.7
%
WW
770
841
-8.5
%
-5.9
%
-2.6
%
1,554
1,668
-6.9
%
-5.1
%
-1.8
%
TECVAYLI US
104
82
27.5
%
27.5
%
-
205
139
47.7
%
47.7
%
-
Intl
30
12
* * *
63
18
* * * WW
135
94
42.9
%
43.5
%
-0.6
%
268
157
70.2
%
70.2
%
0.0
%
ZYTIGA / abiraterone acetate US
11
9
21.6
%
21.6
%
-
20
25
-19.7
%
-19.7
%
-
Intl
154
218
-29.6
%
-23.6
%
-6.0
%
326
447
-27.2
%
-22.1
%
-5.1
%
WW
165
227
-27.7
%
-21.9
%
-5.8
%
346
472
-26.8
%
-22.0
%
-4.8
%
OTHER ONCOLOGY US
148
40
* *
-
267
75
* *
-
Intl
71
80
-10.4
%
-6.0
%
-4.4
%
131
144
-8.5
%
-5.8
%
-2.7
%
WW
221
120
84.2
%
87.2
%
-3.0
%
399
219
82.4
%
84.2
%
-1.8
%
REPORTED
SALES vs. PRIOR PERIOD ($MM)
REPORTED
SALES vs. PRIOR PERIOD ($MM)
SECOND QUARTER
SIX MONTHS
% Change
% Change
2024
2023
Reported
Operational (1)
Currency
2024
2023
Reported
Operational (1)
Currency
PULMONARY HYPERTENSION US
743
684
8.7
%
8.7
%
-
1,509
1,284
17.5
%
17.5
%
-
Intl
296
289
2.6
%
11.2
%
-8.6
%
579
561
3.4
%
11.0
%
-7.6
%
WW
1,039
972
6.9
%
9.4
%
-2.5
%
2,088
1,844
13.2
%
15.5
%
-2.3
%
OPSUMIT US
373
328
13.7
%
13.7
%
-
729
601
21.3
%
21.3
%
-
Intl
170
179
-5.0
%
0.5
%
-5.5
%
339
346
-2.2
%
2.5
%
-4.7
%
WW
544
507
7.1
%
9.1
%
-2.0
%
1,068
947
12.7
%
14.4
%
-1.7
%
UPTRAVI US
349
338
3.3
%
3.3
%
-
741
642
15.5
%
15.5
%
-
Intl
76
61
24.6
%
34.4
%
-9.8
%
152
119
27.6
%
36.4
%
-8.8
%
WW
426
399
6.6
%
8.1
%
-1.5
%
894
761
17.4
%
18.7
%
-1.3
%
OTHER PULMONARY HYPERTENSION US
20
18
18.8
%
18.8
%
-
38
41
-6.1
%
-6.1
%
-
Intl
50
48
3.1
%
21.0
%
-17.9
%
89
95
-6.7
%
10.2
%
-16.9
%
WW
71
66
7.2
%
20.4
%
-13.2
%
127
136
-6.5
%
5.3
%
-11.8
%
CARDIOVASCULAR / METABOLISM /
OTHER US
717
776
-7.7
%
-7.7
%
-
1,348
1,491
-9.6
%
-9.6
%
-
Intl
176
174
0.6
%
4.0
%
-3.4
%
373
386
-3.6
%
-1.9
%
-1.7
%
WW
892
950
-6.2
%
-5.5
%
-0.7
%
1,721
1,877
-8.3
%
-8.0
%
-0.3
%
XARELTO US
587
637
-7.9
%
-7.9
%
-
1,105
1,215
-9.1
%
-9.1
%
-
Intl
-
-
-
-
-
-
-
-
-
-
WW
587
637
-7.9
%
-7.9
%
-
1,105
1,215
-9.1
%
-9.1
%
-
OTHER US
129
138
-6.4
%
-6.4
%
-
243
275
-11.8
%
-11.8
%
-
Intl
176
174
0.6
%
4.0
%
-3.4
%
373
386
-3.6
%
-1.9
%
-1.7
%
WW
305
313
-2.5
%
-0.6
%
-1.9
%
616
662
-7.0
%
-6.0
%
-1.0
%
TOTAL INNOVATIVE
MEDICINE US
8,510
7,818
8.9
%
8.9
%
-
16,122
14,841
8.6
%
8.6
%
-
Intl
5,980
5,913
1.1
%
6.4
%
-5.3
%
11,930
12,303
-3.0
%
1.0
%
-4.0
%
WW $
14,490
13,731
5.5
%
7.8
%
-2.3
%
$
28,052
27,144
3.3
%
5.2
%
-1.9
%
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)
2024
2023
Reported
Operational (1)
Currency
2024
2023
Reported
Operational (1)
Currency
CARDIOVASCULAR (4) US
$
1,119
908
23.3
%
23.3
%
-
$
2,144
1,771
21.1
%
21.1
%
-
Intl
753
712
5.7
%
11.2
%
-5.5
%
1,534
1,352
13.4
%
18.9
%
-5.5
%
WW
1,873
1,620
15.6
%
18.0
%
-2.4
%
3,679
3,123
17.8
%
20.2
%
-2.4
%
ELECTROPHYSIOLOGY US
705
609
15.7
%
15.7
%
-
1,397
1,180
18.4
%
18.4
%
-
Intl
618
587
5.4
%
11.1
%
-5.7
%
1,270
1,109
14.6
%
20.4
%
-5.8
%
WW
1,323
1,196
10.6
%
13.4
%
-2.8
%
2,667
2,288
16.5
%
19.4
%
-2.9
%
ABIOMED US
309
272
13.2
%
13.2
%
-
612
536
14.1
%
14.1
%
-
Intl
72
59
20.7
%
25.3
%
-4.6
%
139
119
16.5
%
20.0
%
-3.5
%
WW
379
331
14.5
%
15.4
%
-0.9
%
750
655
14.5
%
15.2
%
-0.7
%
SHOCKWAVE (5) US
77
-
* *
-
77
-
* *
-
Intl
0
-
-
-
-
0
-
-
-
-
WW
77
-
* *
-
77
-
* *
-
OTHER CARDIOVASCULAR (4) US
29
27
12.5
%
12.5
%
-
59
55
7.7
%
7.7
%
-
Intl
64
67
-4.5
%
-1.0
%
-3.5
%
126
125
0.8
%
4.8
%
-4.0
%
WW
93
93
0.3
%
2.8
%
-2.5
%
185
180
2.9
%
5.7
%
-2.8
%
ORTHOPAEDICS US
1,422
1,388
2.5
%
2.5
%
-
2,870
2,751
4.3
%
4.3
%
-
Intl
890
878
1.4
%
4.5
%
-3.1
%
1,782
1,759
1.3
%
3.6
%
-2.3
%
WW
2,312
2,265
2.1
%
3.3
%
-1.2
%
4,652
4,510
3.2
%
4.0
%
-0.8
%
HIPS US
265
250
5.8
%
5.8
%
-
535
491
8.9
%
8.9
%
-
Intl
152
147
3.4
%
6.8
%
-3.4
%
304
296
2.6
%
5.0
%
-2.4
%
WW
417
397
4.9
%
6.2
%
-1.3
%
839
787
6.5
%
7.4
%
-0.9
%
KNEES US
230
221
4.2
%
4.2
%
-
472
447
5.5
%
5.5
%
-
Intl
163
142
14.9
%
17.7
%
-2.8
%
323
284
13.6
%
15.4
%
-1.8
%
WW
394
363
8.4
%
9.5
%
-1.1
%
795
731
8.7
%
9.4
%
-0.7
%
TRAUMA US
498
483
3.0
%
3.0
%
-
1,002
974
2.9
%
2.9
%
-
Intl
260
255
2.4
%
5.5
%
-3.1
%
521
522
0.0
%
2.1
%
-2.1
%
WW
759
739
2.8
%
3.8
%
-1.0
%
1,524
1,496
1.9
%
2.6
%
-0.7
%
SPINE, SPORTS & OTHER US
430
433
-0.8
%
-0.8
%
-
862
839
2.7
%
2.7
%
-
Intl
314
334
-6.1
%
-2.9
%
-3.2
%
634
657
-3.5
%
-1.0
%
-2.5
%
WW
743
766
-3.1
%
-1.7
%
-1.4
%
1,495
1,495
0.0
%
1.1
%
-1.1
%
REPORTED
SALES vs. PRIOR PERIOD ($MM)
REPORTED
SALES vs. PRIOR PERIOD ($MM)
SECOND QUARTER
SIX MONTHS
% Change
% Change
2024
2023
Reported
Operational (1)
Currency
2024
2023
Reported
Operational (1)
Currency
SURGERY US
995
1,015
-2.0
%
-2.0
%
-
1,982
1,990
-0.4
%
-0.4
%
-
Intl
1,493
1,580
-5.5
%
-0.7
%
-4.8
%
2,922
3,039
-3.8
%
0.7
%
-4.5
%
WW
2,488
2,594
-4.1
%
-1.2
%
-2.9
%
4,904
5,028
-2.5
%
0.3
%
-2.8
%
ADVANCED US
466
466
0.1
%
0.1
%
-
912
910
0.2
%
0.2
%
-
Intl
675
757
-10.8
%
-6.4
%
-4.4
%
1,316
1,430
-8.0
%
-3.7
%
-4.3
%
WW
1,141
1,222
-6.7
%
-3.9
%
-2.8
%
2,228
2,340
-4.8
%
-2.2
%
-2.6
%
GENERAL US
528
548
-3.7
%
-3.7
%
-
1,070
1,079
-0.9
%
-0.9
%
-
Intl
818
823
-0.7
%
4.5
%
-5.2
%
1,606
1,608
-0.2
%
4.7
%
-4.9
%
WW
1,346
1,372
-1.9
%
1.2
%
-3.1
%
2,676
2,688
-0.5
%
2.4
%
-2.9
%
VISION US
523
529
-1.2
%
-1.2
%
-
1,070
1,087
-1.5
%
-1.5
%
-
Intl
763
778
-2.0
%
2.2
%
-4.2
%
1,473
1,521
-3.2
%
0.6
%
-3.8
%
WW
1,285
1,308
-1.7
%
0.8
%
-2.5
%
2,543
2,608
-2.5
%
-0.3
%
-2.2
%
CONTACT LENSES / OTHER US
409
409
0.2
%
0.2
%
-
847
853
-0.6
%
-0.6
%
-
Intl
509
530
-4.0
%
1.2
%
-5.2
%
981
1,039
-5.6
%
-0.9
%
-4.7
%
WW
918
939
-2.2
%
0.7
%
-2.9
%
1,828
1,892
-3.4
%
-0.8
%
-2.6
%
SURGICAL US
113
120
-5.8
%
-5.8
%
-
223
234
-4.8
%
-4.8
%
-
Intl
254
249
2.1
%
4.5
%
-2.4
%
492
482
2.1
%
4.0
%
-1.9
%
WW
367
369
-0.5
%
1.2
%
-1.7
%
715
716
-0.1
%
1.1
%
-1.2
%
TOTAL MEDTECH US
4,059
3,839
5.7
%
5.7
%
-
8,067
7,598
6.2
%
6.2
%
-
Intl
3,898
3,949
-1.3
%
3.2
%
-4.5
%
7,711
7,671
0.5
%
4.6
%
-4.1
%
WW $
7,957
$
7,788
2.2
%
4.4
%
-2.2
%
$
15,778
15,269
3.3
%
5.4
%
-2.1
%
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)
Previously referred to as Interventional Solutions (5) Acquired on
May 31, 2024
Supplemental Sales
Information (Unaudited)
(Dollars in Millions)
SECOND QUARTER
SIX MONTHS
Percent Change
Percent Change
2024
2023
Total
Operations
Currency
2024
2023
Total
Operations
Currency
Innovative Medicine U.S.
$
8,510
7,818
8.9
%
8.9
-
$
16,122
14,841
8.6
%
8.6
-
International
5,980
5,913
1.1
6.4
(5.3
)
11,930
12,303
(3.0
)
1.0
(4.0
)
Worldwide
14,490
13,731
5.5
7.8
(2.3
)
28,052
27,144
3.3
5.2
(1.9
)
COVID-19 Vaccine U.S.
-
-
-
-
-
-
-
-
-
-
International
172
285
(39.7
)
(39.7
)
0.0
197
1,032
(80.9
)
(80.9
)
0.0
Worldwide
172
285
(39.7
)
(39.7
)
0.0
197
1,032
(80.9
)
(80.9
)
0.0
Innovative Medicine excluding COVID-19 Vaccine U.S.
8,510
7,818
8.9
8.9
-
16,122
14,841
8.6
8.6
-
International
5,808
5,628
3.2
8.7
(5.5
)
11,733
11,271
4.1
8.5
(4.4
)
Worldwide
14,318
13,446
6.5
8.8
(2.3
)
27,855
26,112
6.7
8.6
(1.9
)
Worldwide U.S.
12,569
11,657
7.8
7.8
-
24,189
22,439
7.8
7.8
-
International
9,878
9,862
0.2
5.1
(4.9
)
19,641
19,974
(1.7
)
2.4
(4.1
)
Worldwide
22,447
21,519
4.3
6.6
(2.3
)
43,830
42,413
3.3
5.2
(1.9
)
COVID-19 Vaccine U.S.
-
-
-
-
-
-
-
-
-
-
International
172
285
(39.7
)
(39.7
)
0.0
197
1,032
(80.9
)
(80.9
)
0.0
Worldwide
172
285
(39.7
)
(39.7
)
0.0
197
1,032
(80.9
)
(80.9
)
0.0
Worldwide U.S.
12,569
11,657
7.8
7.8
-
24,189
22,439
7.8
7.8
-
International
9,706
9,577
1.3
6.4
(5.1
)
19,444
18,942
2.7
6.9
(4.2
)
Worldwide excluding COVID-19 Vaccine
$
22,275
21,234
4.9
%
7.2
(2.3
)
$
43,633
41,381
5.4
%
7.4
(2.0
)
Europe
$
5,214
5,131
1.6
%
3.4
(1.8
)
$
10,377
10,721
(3.2
)
%
(2.4
)
(0.8
)
Europe COVID-19 Vaccine Sales
172
285
(39.7
)
(39.7
)
0.0
197
1,032
(80.9
)
(80.9
)
0.0
Europe excluding COVID-19 Vaccine Sales
$
5,042
4,846
4.1
%
6.0
(1.9
)
$
10,180
9,689
5.1
%
6.0
(0.9
)
Johnson & Johnson and Subsidiaries Reconciliation of Non-GAAP
Financial Measures Q2 QTD - Income Before
Tax and Research & Development Expense by Segment Dollars in
Millions
Innovative Medicine
MedTech
Unallocated
Worldwide Total
2024
2023
2024
2023
2024
2023
2024
2023
Reported Income Before Tax by Segment From Continuing
Operations $
5,459
4,812
1,089
1,671
(800
)
(177
)
5,748
6,306
% to Sales
37.7
%
35.0
%
13.7
%
21.5
%
-3.6
%
-0.8
%
25.6
%
29.3
%
Intangible asset amortization expense
694
748
412
382
-
-
1,106
1,130
In-process research and development impairments
194
-
-
-
-
-
194
-
Litigation related
43
(93
)
(4
)
60
313
170
352
137
Loss/(gain) on securities
70
38
22
(39
)
339
-
431
(1
)
Restructuring related
(63
)
145
52
-
-
-
(11
)
145
Acquisition, integration and divestiture related
1
-
409
38
42
-
452
38
Medical Device Regulation
-
-
68
85
-
-
68
85
COVID-19 Vaccine related costs
64
165
-
-
-
-
64
165
Adjusted Income Before Tax by Segment From Continuing
Operations $
6,462
5,815
2,048
2,197
(106
)
(7
)
8,404
8,005
% to Sales
44.6
%
42.3
%
25.7
%
28.2
%
-0.5
%
0.0
%
37.4
%
37.2
%
Estimated as of 7/17/2024 As Reported Research and
development expense $
2,722
3,048
718
655
3,440
3,703
% to Sales
18.8
%
22.2
%
9.0
%
8.4
%
15.3
%
17.2
%
Johnson & Johnson and Subsidiaries Reconciliation of Non-GAAP
Financial Measures Q2 YTD - Income Before Tax and Research &
Development Expense by Segment Dollars in Millions
Innovative Medicine
MedTech
Unallocated
Worldwide Total
2024
2023
2024
2023
2024
2023
2024
2023
Reported Income Before Tax by Segment From Continuing
Operations $
10,428
9,214
2,609
3,080
(3,575
)
(7,275
)
9,462
5,019
% to Sales
37.2
%
33.9
%
16.5
%
20.2
%
-8.2
%
-17.2
%
21.6
%
11.8
%
Intangible asset amortization expense
1,392
1,487
792
765
-
-
2,184
2,252
In-process research and development impairments
194
-
-
49
-
-
194
49
Litigation related
43
(93
)
(4
)
60
3,039
7,070
3,078
7,037
Loss/(gain) on securities
15
76
44
(5
)
352
-
411
71
Restructuring related
81
275
79
-
-
-
160
275
Acquisition, integration and divestiture related
48
-
470
80
82
-
600
80
Medical Device Regulation
-
-
119
149
-
-
119
149
COVID-19 Vaccine related costs
73
609
-
-
-
-
73
609
Adjusted Income Before Tax by Segment From Continuing
Operations $
12,274
11,568
4,109
4,178
(102
)
(205
)
16,281
15,541
% to Sales
43.8
%
42.6
%
26.0
%
27.4
%
-0.2
%
-0.5
%
37.1
%
36.6
%
Estimated as of 7/17/2024 As Reported Research and
development expense $
5,618
5,826
1,364
1,332
6,982
7,158
% to Sales
20.0
%
21.5
%
8.6
%
8.7
%
16.0
%
16.9
%
Johnson & Johnson and Subsidiaries GAAP to Non-GAAP
Reconciliation $ in Millions Quarter to
Date Second QuarterJune 30, 2024GAAP
Intangible assetamortization Litigationrelated
In-processresearch anddevelopmentimpairments
Restructuringrelated Acquisition, integrationand
divestiture related (Loss)/gain onsecurities Medical
DeviceRegulation COVID-19VaccineRelated Costs Tax
legislationand other taxrelated Second QuarterJune 30,
2024Non-GAAP Cost of products sold
$
6,869
(1,106
)
(2
)
(50
)
(30
)
(4
)
-
5,677
Selling, marketing and admin expenses
5,681
(5
)
5,676
Research and development expense
3,440
(15
)
(33
)
(10
)
3,382
Other (Income) / Expense
653
-
(352
)
-
(387
)
(431
)
(50
)
(567
)
In-process research and development impairments
194
(194
)
-
-
Restructuring
(13
)
13
-
Provision for taxes on income
1,062
156
70
43
(6
)
125
21
14
14
65
1,564
Net Earnings from Continuing Operations
4,686
950
282
151
(5
)
327
410
54
50
(65
)
6,840
Second QuarterJuly 2, 2023GAAP Intangible
assetamortization Litigationrelated
In-processresearch anddevelopmentimpairments
Restructuringrelated Acquisition, integrationand
divestiture related (Loss)/gain onsecurities Medical
DeviceRegulation COVID-19VaccineRelated Costs Tax
legislationand other taxrelated Second QuarterJuly 2,
2023Non-GAAP Cost of products sold
$
6,462
(1,130
)
-
(34
)
38
-
5,336
Selling, marketing and admin expenses
5,396
(8
)
5,388
Research and development expense
3,703
-
(44
)
(46
)
3,613
Other (Income) / Expense
(384
)
-
(137
)
-
(38
)
1
(156
)
(714
)
In-process research and development impairments
-
-
-
Restructuring
145
(145
)
-
Provision for taxes on income
930
177
29
-
37
12
(1
)
15
38
38
1,275
Net Earnings from Continuing Operations
5,376
953
108
-
108
26
-
71
126
(38
)
6,730
Year to Date Six MonthsJune 30,
2024GAAP Intangible assetamortization
Litigationrelated In-processresearch
anddevelopmentimpairments Restructuringrelated
Acquisition, integrationand divestiture related
(Loss)/gain onsecurities Medical DeviceRegulation
COVID-19VaccineRelated Costs Tax legislationand other
taxrelated Six MonthsJune 30, 2024Non-GAAP Cost of
products sold
$
13,380
(2,184
)
(9
)
(50
)
(50
)
(6
)
11,081
Selling, marketing and admin expenses
10,938
(9
)
-
10,929
Research and development expense
6,982
(33
)
(60
)
(17
)
6,872
Other (Income) / Expense
3,057
-
(3,078
)
-
(517
)
(411
)
(50
)
(999
)
In-process research and development impairments
194
(194
)
-
-
-
-
-
Restructuring
151
(151
)
-
Provision for taxes on income
1,521
304
697
43
33
163
14
23
16
47
2,861
Net Earnings from Continuing Operations
7,941
1,880
2,381
151
127
437
397
96
57
(47
)
13,420
In-processresearch
anddevelopmentimpairments Acquisition, integrationand
divestiture related (Loss)/gain onsecurities
COVID-19VaccineRelated Costs Tax legislationand other
taxrelated Six MonthsJuly 2, 2023GAAP
Intangible assetamortization Litigationrelated
Restructuringrelated Medical DeviceRegulation Six
Months July 2, 2023Non-GAAP Cost of products sold
$
13,149
(2,248
)
-
(57
)
(168
)
10,676
Selling, marketing and admin expenses
10,302
(15
)
10,287
Research and development expense
7,158
(16
)
(78
)
(62
)
7,002
Other (Income) / Expense
6,556
(4
)
(7,037
)
-
(64
)
(71
)
(378
)
(998
)
In-process research and development impairments
49
(49
)
-
-
Restructuring
275
(275
)
-
Provision for taxes on income
134
354
1,651
11
69
17
15
27
143
50
2,471
Net Earnings from Continuing Operations
4,885
1,898
5,386
38
206
63
56
123
465
(50
)
13,070
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240716943616/en/
Media contact: Tesia Williams
media-relations@its.jnj.com
Investor contact: Jessica Moore
investor-relations@its.jnj.com
Johnson and Johnson (NYSE:JNJ)
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Johnson and Johnson (NYSE:JNJ)
Graphique Historique de l'Action
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