NEW BRUNSWICK, N.J. / Jul 17, 2024 / Business Wire / 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 | |
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 | ||
Johnson & Johnson submits application to U.S. FDA seeking approval of TREMFYA (guselkumab) for the treatment of moderately to severely active Crohn’s disease | ||
Subcutaneous amivantamab Biologics License Application submitted to U.S. FDA for patients with EGFR-mutated non-small cell lung cancer | ||
DePuy Synthes Receives 510(k) FDA Clearance of the VELYS Robotic-Assisted Solution for Use in Unicompartmental Knee Arthroplasty Procedures | ||
Johnson & Johnson submits regulatory applications to European Medicines Agency for TREMFYA (guselkumab) for treatment of patients with ulcerative colitis and Crohn's disease | ||
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 | ||
Data Releases | CARVYKTI (ciltacabtagene autoleucel) achieved statistically significant and clinically meaningful improvement in overall survival in landmark CARTITUDE-4 study1 | |
Nipocalimab pivotal Phase 3 trial demonstrates longest sustained disease control in FcRn class for broadest population of myasthenia gravis patients | ||
TREMFYA (guselkumab) studies underscore its potential to be the only IL-23 inhibitor to offer both subcutaneous and intravenous induction | ||
Johnson & Johnson showcases innovation and leadership in rheumatology at EULAR 2024 Congress | ||
Johnson & Johnson pivotal study of seltorexant shows statistically significant and clinically meaningful improvement in depressive symptoms and sleep disturbance outcomes | ||
Johnson & Johnson advances leadership in oncology innovation with more than 75 clinical study and real-world presentations at ASCO and EHA | ||
TREMFYA (guselkumab) demonstrates superiority versus STELARA (ustekinumab) in Phase 3 Crohn’s disease program | ||
TREMFYA (guselkumab) QUASAR Maintenance Study in UC met its primary endpoint and all major secondary endpoints, including highly statistically significant rates of endoscopic remission | ||
Biosense Webster Presents Late-Breaking Data from admIRE Clinical Trial at the Heart Rhythm Society Annual Meeting | ||
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 | ||
Johnson & Johnson Highlights Commitment to Transform Treatment of Retinal Diseases at ARVO 2024 | ||
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 | ||
TAR-200 monotherapy shows greater than 80% complete response rate in patients with high-risk non–muscle-invasive bladder cancer | ||
Product Launch | Biosense Webster Launches New Version of CARTO 3 Electro-Anatomical Mapping System | |
Other | Johnson & Johnson Strengthens Pipeline to Lead in Atopic Dermatitis With the Completion of the Acquisition of Yellow Jersey Therapeutics, Gaining Ownership of NM261 | |
Johnson & Johnson Completes Acquisition of Proteologix, Inc. | ||
Johnson & Johnson Completes Acquisition of Shockwave Medical | ||
Johnson & Johnson to Obtain Rights to a Clinical-Stage Bispecific Antibody to Address Distinct Patient Needs in Atopic Dermatitis | ||
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 | ||
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 Quarter June 30, 2024 GAAP | Intangible asset amortization | Litigation related | In-process research and development impairments | Restructuring related | Acquisition, integration and divestiture related | (Loss)/gain on securities | Medical Device Regulation | COVID-19 Vaccine Related Costs | Tax legislation and other tax related | Second Quarter June 30, 2024 Non-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 Quarter July 2, 2023 GAAP | Intangible asset amortization | Litigation related | In-process research and development impairments | Restructuring related | Acquisition, integration and divestiture related | (Loss)/gain on securities | Medical Device Regulation | COVID-19 Vaccine Related Costs | Tax legislation and other tax related | Second Quarter July 2, 2023 Non-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 Months June 30, 2024 GAAP | Intangible asset amortization | Litigation related | In-process research and development impairments | Restructuring related | Acquisition, integration and divestiture related | (Loss)/gain on securities | Medical Device Regulation | COVID-19 Vaccine Related Costs | Tax legislation and other tax related | Six Months June 30, 2024 Non-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-process research and development impairments | Acquisition, integration and divestiture related | (Loss)/gain on securities | COVID-19 Vaccine Related Costs | Tax legislation and other tax related | ||||||||||||||||||||||||||||||
| Six Months July 2, 2023 GAAP | Intangible asset amortization | Litigation related | Restructuring related | Medical Device Regulation | Six Months July 2, 2023 Non-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 |
| |||||||||||
| Last Trade: | US$153.30 |
| Daily Change: | -1.50 -0.97 |
| Daily Volume: | 2,805,615 |
| Market Cap: | US$369.450B |
December 02, 2024 November 22, 2024 November 19, 2024 | |
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