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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
July 17, 2024
Johnson & Johnson
(Exact name of registrant as specified in its charter)
| | | | | | | | |
| New Jersey | 1-3215 | 22-1024240 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
One Johnson & Johnson Plaza, New Brunswick, New Jersey 08933
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
732-524-0400
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| | | | | |
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT
| | | | | | | | |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, Par Value $1.00 | JNJ | New York Stock Exchange |
| 5.50% Notes Due November 2024 | JNJ24BP | New York Stock Exchange |
| 1.150% Notes Due November 2028 | JNJ28 | New York Stock Exchange |
| 3.20% Notes Due November 2032 | JNJ32 | New York Stock Exchange |
| 1.650% Notes Due May 2035 | JNJ35 | New York Stock Exchange |
| 3.350% Notes Due November 2036 | JNJ36A | New York Stock Exchange |
| 3.550% Notes Due November 2044 | JNJ44 | New York Stock Exchange |
Item 2.02 Results of operations and financial condition
On July 17, 2024, Johnson & Johnson issued the attached press release (Exhibit 99.1) announcing its sales and earnings for the second quarter ended June 30, 2024.
Item 9.01 Financial statements and exhibits
(d) Exhibits.
| | | | | | | | |
| Exhibit No. | | Description of Exhibit |
| | |
| | |
| 104 | | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | |
| JOHNSON & JOHNSON |
| (Registrant) |
| |
| By: | /s/ Robert J. Decker, Jr. |
| Robert J. Decker, Jr. Controller (Principal Accounting Officer) |
Exhibit 99.1
| | | | | | | | |
Media contact: Tesia Williams media-relations@its.jnj.com | | Investor contact: Jessica Moore investor-relations@its.jnj.com |
Johnson & Johnson reports Q2 2024 results
•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 $2.82 increasing by 10.2%*
•Significant new product pipeline progress including TREMFYA IBD and subcutaneous filings, RYBREVANT subcutaneous filing, and VARIPULSE admIRE data release
•Company increases Full-Year 2024 operational sales5 guidance to reflect the acquisition of Shockwave Medical
•Company updates Full-Year 2024 adjusted operational EPS guidance to reflect improved performance; costs associated with recent strategic acquisitions more than offset the improvement
New Brunswick, N.J. (July 17, 2024) – Johnson & Johnson (NYSE: JNJ) today announced results for second-quarter 2024. “Johnson & Johnson's second quarter performance reflects our relentless focus on advancing the next wave of medical innovation and resulted in strong sales and adjusted operational earnings per share growth,” said Joaquin Duato, Chairman and Chief Executive Officer. “With a robust pipeline, upcoming regulatory milestones for RYBREVANT and TREMFYA, the integration of Shockwave, and continued expansion of newly launched products, including ACUVUE OASYS MAX 1-Day contact lenses and our VARIPULSE platform, we have a strong foundation for near and long-term growth.”
Unless otherwise noted, the financial results and earnings guidance included below reflect the continuing operations of Johnson & Johnson.
Overall financial results
| | | | | | | | | | | | | | | | | | | | |
| Q2 | |
| ($ 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 | | $2.56 | 10.2% |
1Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2Excludes the impact of translational currency
3Excludes the net impact of acquisitions and divestitures and translational currency
4Excludes intangible amortization expense and special items
5Excludes COVID-19 Vaccine
Note: values may have been rounded
Regional sales results
| | | | | | | | | | | | | | | | | | | | |
| Q2 | | | | % Change | |
| ($ 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 | $21,519 | 4.3% | 6.6 | (2.3) | 6.5 |
1Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2Excludes the impact of translational currency
3Excludes the net impact of acquisitions and divestitures and translational currency
Note: values may have been rounded
Segment sales results
| | | | | | | | | | | | | | | | | | | | |
| Q2 | | | | % Change | |
| ($ 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 |
1Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2Excludes the impact of translational currency
3Excludes 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 | | $10.05 |
1Non-GAAP financial measure; excludes the impact of translational currency
2Non-GAAP financial measure; excludes intangible amortization expense and special items
Note: Adjusted operational EPS figures reflect midpoint of issued guidance
| | | | | | | | |
| ($ 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% |
1Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures
2Non-GAAP financial measure; excludes the impact of translational currency
3Calculated using Euro Average Rate: July 2024 = $1.08 and April 2024 = $1.08 (Illustrative purposes only)
4Non-GAAP financial measure; excludes intangible amortization expense and special items
5Excludes 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.
Exhibit 99.2
Johnson & Johnson and subsidiaries
Supplementary sales data
| | | | | | | | | | | | | | | | | |
| (Unaudited; Dollars in Millions) | SECOND QUARTER |
| | | Percent Change |
| Sales to customers by geographic area | 2024 | 2023 | Total | Operations | Currency |
| U.S. | $12,569 | | 11,657 | | 7.8 | % | 7.8 | | — | |
| Europe | 5,214 | | 5,131 | | 1.6 | | 3.4 | | (1.8) | |
| Western Hemisphere excluding U.S. | 1,212 | | 1,136 | | 6.7 | | 22.6 | | (15.9) | |
| Asia-Pacific, Africa | 3,452 | | 3,595 | | (4.0) | | 1.9 | | (5.9) | |
| International | 9,878 | | 9,862 | | 0.2 | | 5.1 | | (4.9) | |
| Worldwide | $22,447 | | 21,519 | | 4.3 | % | 6.6 | | (2.3) | |
| | | | | |
| | | | | |
Johnson & Johnson and subsidiaries
Supplementary sales data
| | | | | | | | | | | | | | | | | |
| (Unaudited; Dollars in Millions) | SECOND QUARTER |
| | | Percent Change |
| Sales to customers by geographic area (ex. COVID-19 Vaccine) | 2024 | 2023 | Total | Operations | Currency |
| U.S.* | $12,569 | | 11,657 | | 7.8 | % | 7.8 | | — | |
Europe(1) | 5,042 | | 4,846 | | 4.1 | | 6.0 | | (1.9) | |
| Western Hemisphere excluding U.S.* | 1,212 | | 1,136 | | 6.7 | | 22.6 | | (15.9) | |
| Asia-Pacific, Africa* | 3,452 | | 3,595 | | (4.0) | | 1.9 | | (5.9) | |
| International | 9,706 | | 9,577 | | 1.3 | | 6.4 | | (5.1) | |
| Worldwide | $22,275 | | 21,234 | | 4.9 | % | 7.2 | | (2.3) | |
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
Supplementary sales data
| | | | | | | | | | | | | | | | | |
| (Unaudited; Dollars in Millions) | SIX MONTHS |
| | | Percent Change |
| Sales to customers by geographic area | 2024 | 2023 | Total | Operations | Currency |
| U.S. | $24,189 | | 22,439 | | 7.8 | % | 7.8 | | — | |
| Europe | 10,377 | | 10,721 | | (3.2) | | (2.4) | | (0.8) | |
| Western Hemisphere excluding U.S. | 2,406 | | 2,212 | | 8.8 | | 21.9 | | (13.1) | |
| Asia-Pacific, Africa | 6,858 | | 7,041 | | (2.6) | | 3.4 | | (6.0) | |
| International | 19,641 | | 19,974 | | (1.7) | | 2.4 | | (4.1) | |
| Worldwide | $43,830 | | 42,413 | | 3.3 | % | 5.2 | | (1.9) | |
Johnson & Johnson and subsidiaries
Supplementary sales data
| | | | | | | | | | | | | | | | | |
| (Unaudited; Dollars in Millions) | SIX MONTHS |
| | | Percent Change |
| Sales to customers by geographic area (ex. COVID-19 Vaccine) | 2024 | 2023 | Total | Operations | Currency |
| U.S.* | $24,189 | | 22,439 | | 7.8 | % | 7.8 | | — | |
Europe(1) | 10,180 | | 9,689 | | 5.1 | | 6.0 | | (0.9) | |
| Western Hemisphere excluding U.S.* | 2,406 | | 2,212 | | 8.8 | | 21.9 | | (13.1) | |
| Asia-Pacific, Africa* | 6,858 | | 7,041 | | (2.6) | | 3.4 | | (6.0) | |
| International | 19,444 | | 18,942 | | 2.7 | | 6.9 | | (4.2) | |
| Worldwide | $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
Supplementary sales data
| | | | | | | | | | | | | | | | | | | | |
| (Unaudited; Dollars in Millions) | SECOND QUARTER |
| | | Percent Change |
| Sales to customers by segment of business | | 2024 | 2023 | Total | Operations | Currency |
Innovative Medicine (1) | | | | | | |
| U.S. | | $ | 8,510 | | 7,818 | | 8.9 | % | 8.9 | | — | |
| International | | 5,980 | | 5,913 | | 1.1 | | 6.4 | | (5.3) | |
| | 14,490 | | 13,731 | | 5.5 | | 7.8 | | (2.3) | |
Innovative Medicine excluding COVID-19 Vaccine (1) | | | | | | |
| U.S. | | 8,510 | | 7,818 | | 8.9 | | 8.9 | | — | |
| International | | 5,808 | | 5,628 | | 3.2 | | 8.7 | | (5.5) | |
| | 14,318 | | 13,446 | | 6.5 | | 8.8 | | (2.3) | |
| MedTech | | | | | | |
| U.S. | | 4,059 | | 3,839 | | 5.7 | | 5.7 | | — | |
| International | | 3,898 | | 3,949 | | (1.3) | | 3.2 | | (4.5) | |
| | 7,957 | | 7,788 | | 2.2 | | 4.4 | | (2.2) | |
| U.S. | | 12,569 | | 11,657 | | 7.8 | | 7.8 | | — | |
| International | | 9,878 | | 9,862 | | 0.2 | | 5.1 | | (4.9) | |
| Worldwide | | 22,447 | | 21,519 | | 4.3 | | 6.6 | | (2.3) | |
| U.S. | | 12,569 | | 11,657 | | 7.8 | | 7.8 | | — | |
| International | | 9,706 | | 9,577 | | 1.3 | | 6.4 | | (5.1) | |
Worldwide excluding COVID-19 Vaccine (1) | | $ | 22,275 | | 21,234 | | 4.9 | % | 7.2 | | (2.3) | |
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) | SIX MONTHS |
| | | Percent Change |
| Sales to customers by segment of business | 2024 | 2023 | Total | Operations | Currency |
Innovative Medicine (1) | | | | | |
| U.S. | $16,122 | | 14,841 | | 8.6 | % | 8.6 | | — | |
| International | 11,930 | | 12,303 | | (3.0) | | 1.0 | | (4.0) | |
| 28,052 | | 27,144 | | 3.3 | | 5.2 | | (1.9) | |
Innovative Medicine excluding COVID-19 Vaccine (1) | | | | | |
| U.S. | 16,122 | | 14,841 | | 8.6 | | 8.6 | | — | |
| International | 11,733 | | 11,271 | | 4.1 | | 8.5 | | (4.4) | |
| 27,855 | | 26,112 | | 6.7 | | 8.6 | | (1.9) | |
| MedTech | | | | | |
| U.S. | 8,067 | | 7,598 | | 6.2 | | 6.2 | | — | |
| International | 7,711 | | 7,671 | | 0.5 | | 4.6 | | (4.1) | |
| 15,778 | | 15,269 | | 3.3 | | 5.4 | | (2.1) | |
| U.S. | 24,189 | | 22,439 | | 7.8 | | 7.8 | | — | |
| International | 19,641 | | 19,974 | | (1.7) | | 2.4 | | (4.1) | |
| Worldwide | 43,830 | | 42,413 | | 3.3 | | 5.2 | | (1.9) | |
| U.S. | 24,189 | | 22,439 | | 7.8 | | 7.8 | | — | |
| International | 19,444 | | 18,942 | | 2.7 | | 6.9 | | (4.2) | |
Worldwide excluding COVID-19 Vaccine (1) | $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
Condensed consolidated statement of earnings
| | | | | | | | | | | | | | | | | |
| (Unaudited; in Millions Except Per Share Figures) | SECOND QUARTER |
| 2024 | 2023 | Percent
Increase
(Decrease) |
| Amount | Percent
to Sales | Amount | Percent
to Sales |
| 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 | | — | | — | | |
| 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) (A) | | |
| 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.
(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings from continuing operations before provision for taxes on income," "adjusted net earnings from continuing operations," "adjusted net earnings per share (diluted) from continuing operations," and "adjusted effective tax rate from continuing operations" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings from continuing operations before provision for taxes on income, net earnings from continuing operations, net earnings per share (diluted) from continuing operations, and effective tax rate from continuing operations on an adjusted basis because management believes that these measures provide useful information to investors. Among other things, these measures may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as intangible asset amortization expense, significant gains from divestitures, significant costs associated with acquisitions, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters). Special items may be highly variable, difficult to predict, and of a size that sometimes has substantial impact on the Company's reported results of operations for a period. Management uses these measures internally for planning, forecasting and evaluating the performances of the Company's businesses, including allocating resources and evaluating results relative to employee performance compensation targets. Unlike earnings from continuing operations before provision for taxes on income, net earnings from continuing operations, net earnings per share (diluted) from continuing operations, and effective tax rate from continuing operations prepared in accordance with GAAP, adjusted earnings from continuing operations before provision for taxes on income, adjusted net earnings from continuing operations, adjusted net earnings per share (diluted) from continuing operations, and adjusted effective tax rate from continuing operations may not be comparable with the calculation of similar measures for other companies. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of the Company's results of operations without including all events during a period, such as intangible asset amortization expense, significant gains from divestitures, the effects of an acquisition, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters) and do not provide a comparable view of the Company's performance to other companies in the health care industry. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.
Johnson & Johnson and subsidiaries
Condensed consolidated statement of earnings
| | | | | | | | | | | | | | | | | |
| (Unaudited; in Millions Except Per Share Figures) | SIX MONTHS |
| 2024 | 2023 | Percent Increase (Decrease) |
| Amount | Percent to Sales | Amount | Percent to Sales |
| 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) (A) | | |
| 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.
(A)NON-GAAP FINANCIAL MEASURES "Adjusted earnings from continuing operations before provision for taxes on income," "adjusted net earnings from continuing operations," "adjusted net earnings per share (diluted) from continuing operations," and "adjusted effective tax rate from continuing operations" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings from continuing operations before provision for taxes on income, net earnings from continuing operations, net earnings per share (diluted) from continuing operations, and effective tax rate from continuing operations on an adjusted basis because management believes that these measures provide useful information to investors. Among other things, these measures may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as intangible asset amortization expense, significant gains from divestitures, significant costs associated with acquisitions, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters). Special items may be highly variable, difficult to predict, and of a size that sometimes has substantial impact on the Company's reported results of operations for a period. Management uses these measures internally for planning, forecasting and evaluating the performances of the Company's businesses, including allocating resources and evaluating results relative to employee performance compensation targets. Unlike earnings from continuing operations before provision for taxes on income, net earnings from continuing operations, net earnings per share (diluted) from continuing operations, and effective tax rate from continuing operations prepared in accordance with GAAP, adjusted earnings from continuing operations before provision for taxes on income, adjusted net earnings from continuing operations, adjusted net earnings per share (diluted) from continuing operations, and adjusted effective tax rate from continuing operations may not be comparable with the calculation of similar measures for other companies. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of the Company's results of operations without including all events during a period, such as intangible asset amortization expense, significant gains from divestitures, the effects of an acquisition, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters) and do not provide a comparable view of the Company's performance to other companies in the health care industry. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.
Johnson & Johnson and subsidiaries
Reconciliation of non-GAAP financial measures
| | | | | | | | | | | | | | |
| Second Quarter |
| (Dollars in Millions Except Per Share Data) | 2024 | | 2023 |
| Net Earnings from Continuing Operations, after tax- as reported | | $4,686 | | | $5,376 | |
| | | | |
| Pre-tax Adjustments | | | | |
| Litigation related | | 352 | | | 137 | |
| Intangible Asset Amortization expense | | 1,106 | | | 1,130 | |
COVID-19 Vaccine related costs 1 | | 64 | | | 165 | |
Restructuring related 2 | | (11) | | | 145 | |
Medical Device Regulation 3 | | 68 | | | 85 | |
| Acquisition, integration and divestiture related | | 452 | | | 38 | |
| (Gains)/losses on securities | | 431 | | | (1) | |
| IPR&D impairments | | 194 | | | — | |
| | | | |
| Tax Adjustments | | | | |
Tax impact on special item adjustments4 | | (437) | | | (307) | |
| Tax legislation and other tax related | | (65) | | | (38) | |
| Adjusted Net Earnings from Continuing Operations, after tax | | $6,840 | | | $6,730 | |
| Average shares outstanding (Diluted) | | 2,422.0 | | | 2,625.7 | |
| Adjusted net earnings per share from Continuing Operations (Diluted) | | $2.82 | | | $2.56 | |
| Operational adjusted net earnings per share from Continuing Operations (Diluted) | | $2.82 | | | |
Notes:
1COVID-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.
2In 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.
3European 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.
4The 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 measures
| | | | | | | | | | | | | | |
| Six Months Ended |
| (Dollars in Millions Except Per Share Data) | 2024 | 2023 |
| Net Earnings from Continuing Operations, after tax- as reported | | $7,941 | | | $4,885 | |
| | | | |
| Pre-tax Adjustments | | | | |
| Litigation related | | 3,078 | | | 7,037 | |
| Intangible Asset Amortization expense | | 2,184 | | | 2,252 | |
COVID-19 Vaccine related costs 1 | | 73 | | | 609 | |
Restructuring related 2 | | 160 | | | 275 | |
Medical Device Regulation 3 | | 119 | | | 149 | |
| Acquisition, integration and divestiture related | | 600 | | | 80 | |
| (Gains)/losses on securities | | 411 | | | 71 | |
| IPR&D impairments | | 194 | | | 49 | |
| | | | |
| Tax Adjustments | | | | |
Tax impact on special item adjustments 4 | | (1,293) | | | (2,287) | |
| Tax legislation and other tax related | | (47) | | | (50) | |
| Adjusted Net Earnings from Continuing Operations, after tax | | $13,420 | | | $13,070 | |
| Average shares outstanding (Diluted) | | 2,428.5 | | | 2,630.7 | |
| Adjusted net earnings per share from Continuing Operations (Diluted) | | $5.53 | | | $4.97 | |
| Operational adjusted net earnings per share from Continuing Operations (Diluted) | | $5.54 | | | |
Notes:
1COVID-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.
2In 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.
3European 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.
4The 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 measures
Adjusted operational sales growth(A)
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
(A) NON-GAAP FINANCIAL MEASURE “Adjusted operational sales growth" excludes acquisitions, divestitures and translational currency and is a non-GAAP financial measure. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and divestitures, and the impact they may have on the analysis of underlying business performance and trends, management believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to permit investors to more fully understand how management assesses the performance of the Company, including for internal evaluation of the performance of the Company's businesses and planning and forecasting for future periods. The use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company's results of operations without including all events during a period and may not provide a comparable view of the Company's performance to that of other companies in the health care industry.
Johnson & Johnson and subsidiaries
Reconciliation of non-GAAP financial measures
Adjusted operational sales growth(A)
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
(A) NON-GAAP FINANCIAL MEASURE “Adjusted operational sales growth" excludes acquisitions, divestitures and translational currency and is a non-GAAP financial measure. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and divestitures, and the impact they may have on the analysis of underlying business performance and trends, management believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to permit investors to more fully understand how management assesses the performance of the Company, including for internal evaluation of the performance of the Company's businesses and planning and forecasting for future periods. The use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company's results of operations without including all events during a period and may not provide a comparable view of the Company's performance to that of other companies in the health care industry.
Johnson & Johnson
Segment sales
(Dollars in Millions)
| | | | | | | | | | | | | | | | | | | | | | | |
| SECOND QUARTER |
| | | | | % Change |
| 2024 | | 2023 | | Reported | Operational(1) | Currency |
INNOVATIVE MEDICINE SEGMENT(2) | | | | | | | |
| IMMUNOLOGY | | | | | | | |
| US | $2,978 | | | 2,865 | | | 4.0 | % | 4.0 | % | — | % |
| Intl | 1,744 | | | 1,631 | | | 6.9 | | 13.2 | | (6.3) | |
| WW | 4,722 | | | 4,496 | | | 5.0 | | 7.3 | | (2.3) | |
| | | | | | | |
| REMICADE | | | | | | | |
| US | 231 | | | 277 | | | (16.7) | | (16.7) | | — | |
US Exports(3) | 35 | | | 33 | | | 7.9 | | 7.9 | | — | |
| Intl | 127 | | | 152 | | | (16.6) | | (12.0) | | (4.6) | |
| WW | 393 | | | 462 | | | (14.9) | | (13.4) | | (1.5) | |
| | | | | | | |
| SIMPONI / SIMPONI ARIA | | | | | | | |
| US | 267 | | | 285 | | | (6.3) | | (6.3) | | — | |
| Intl | 270 | | | 244 | | | 10.9 | | 22.8 | | (11.9) | |
| WW | 537 | | | 529 | | | 1.6 | | 7.1 | | (5.5) | |
| | | | | | | |
| STELARA | | | | | | | |
| US | 1,855 | | | 1,817 | | | 2.1 | | 2.1 | | — | |
| Intl | 1,030 | | | 981 | | | 5.0 | | 10.1 | | (5.1) | |
| WW | 2,885 | | | 2,797 | | | 3.1 | | 4.9 | | (1.8) | |
| | | | | | | |
| TREMFYA | | | | | | | |
| US | 589 | | | 450 | | | 30.8 | | 30.8 | | — | |
| Intl | 317 | | | 255 | | | 23.9 | | 30.5 | | (6.6) | |
| WW | 906 | | | 706 | | | 28.3 | | 30.7 | | (2.4) | |
| | | | | | | |
| OTHER IMMUNOLOGY | | | | | | | |
| US | 2 | | | 4 | | | (51.5) | | (51.5) | | — | |
| Intl | 0 | | | 0 | | | — | | — | | — | |
| WW | 2 | | | 4 | | | (51.5) | | (51.5) | | — | |
| | | | | | | |
| INFECTIOUS DISEASES | | | | | | | |
| US | 334 | | | 395 | | | (15.4) | | (15.4) | | — | |
| Intl | 631 | | | 727 | | | (13.1) | | (11.6) | | (1.5) | |
| WW | 965 | | | 1,121 | | | (13.9) | | (12.9) | | (1.0) | |
| | | | | | | |
| COVID-19 VACCINE | | | | | | | |
| US | 0 | | | 0 | | | — | | — | | — | |
| Intl | 172 | | | 285 | | | (39.7) | | (39.7) | | 0.0 | |
| WW | 172 | | | 285 | | | (39.7) | | (39.7) | | 0.0 | |
| | | | | | | |
| EDURANT / rilpivirine | | | | | | | |
| US | 8 | | | 8 | | | (2.8) | | (2.8) | | — | |
| Intl | 288 | | | 258 | | | 11.5 | | 13.0 | | (1.5) | |
| WW | 297 | | | 266 | | | 11.0 | | 12.5 | | (1.5) | |
| | | | | | | |
| PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA | | | | | | | |
| US | 321 | | | 382 | | | (16.0) | | (16.0) | | — | |
| Intl | 117 | | | 109 | | | 6.5 | | 9.9 | | (3.4) | |
| WW | 438 | | | 491 | | | (11.0) | | (10.3) | | (0.7) | |
| | | | | | | |
| OTHER INFECTIOUS DISEASES | | | | | | | |
| US | 5 | | | 5 | | | 18.5 | | 18.5 | | — | |
| Intl | 55 | | | 74 | | | (25.6) | | (21.1) | | (4.5) | |
| WW | 61 | | | 79 | | | (23.1) | | (18.8) | | (4.3) | |
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
| | | | | | | | | | | | | | | | | | | | | | | |
| SECOND QUARTER |
| | | | | % Change |
| 2024 | | 2023 | | Reported | Operational(1) | Currency |
INNOVATIVE MEDICINE SEGMENT(2)(Continued) | | | | | | | |
| NEUROSCIENCE | | | | | | | |
| US | $1,102 | | | 1,029 | | | 7.1 | % | 7.1 | % | — | % |
| Intl | 679 | | | 764 | | | (11.1) | | (6.0) | | (5.1) | |
| WW | 1,782 | | | 1,793 | | | (0.6) | | 1.5 | | (2.1) | |
| | | | | | | |
| CONCERTA / methylphenidate | | | | | | | |
| US | 34 | | | 64 | | | (47.7) | | (47.7) | | — | |
| Intl | 129 | | | 143 | | | (9.8) | | (4.6) | | (5.2) | |
| WW | 163 | | | 208 | | | (21.5) | | (17.9) | | (3.6) | |
| | | | | | | |
INVEGA SUSTENNA / XEPLION / INVEGA
TRINZA / TREVICTA | | | | | | | |
| US | 784 | | | 721 | | | 8.8 | | 8.8 | | — | |
| Intl | 269 | | | 310 | | | (13.1) | | (9.0) | | (4.1) | |
| WW | 1,054 | | | 1,031 | | | 2.2 | | 3.5 | | (1.3) | |
| | | | | | | |
| SPRAVATO | | | | | | | |
| US | 226 | | | 144 | | | 57.9 | | 57.9 | | — | |
| Intl | 44 | | | 25 | | | 73.5 | | 77.4 | | (3.9) | |
| WW | 271 | | | 169 | | | 60.2 | | 60.8 | | (0.6) | |
| | | | | | | |
| OTHER NEUROSCIENCE | | | | | | | |
| US | 57 | | | 100 | | | (42.5) | | (42.5) | | — | |
| Intl | 237 | | | 286 | | | (17.0) | | (10.8) | | (6.2) | |
| WW | 294 | | | 386 | | | (23.7) | | (19.1) | | (4.6) | |
| | | | | | | |
| ONCOLOGY | | | | | | | |
| US | 2,636 | | | 2,069 | | | 27.4 | | 27.4 | | — | |
| Intl | 2,455 | | | 2,329 | | | 5.4 | | 10.8 | | (5.4) | |
| WW | 5,090 | | | 4,398 | | | 15.7 | | 18.6 | | (2.9) | |
| | | | | | | |
| CARVYKTI | | | | | | | |
| US | 167 | | | 114 | | | 46.5 | | 46.5 | | — | |
| Intl | 20 | | | 3 | | | * | * | * |
| WW | 186 | | | 117 | | | 59.8 | | 59.9 | | (0.1) | |
| | | | | | | |
| DARZALEX | | | | | | | |
| US | 1,641 | | | 1,322 | | | 24.2 | | 24.2 | | — | |
| Intl | 1,237 | | | 1,110 | | | 11.5 | | 17.9 | | (6.4) | |
| WW | 2,878 | | | 2,431 | | | 18.4 | | 21.3 | | (2.9) | |
| | | | | | | |
| ERLEADA | | | | | | | |
| US | 318 | | | 241 | | | 32.2 | | 32.2 | | — | |
| Intl | 418 | | | 326 | | | 28.0 | | 32.8 | | (4.8) | |
| WW | 736 | | | 567 | | | 29.8 | | 32.5 | | (2.7) | |
| | | | | | | |
| IMBRUVICA | | | | | | | |
| US | 246 | | | 262 | | | (6.4) | | (6.4) | | — | |
| Intl | 525 | | | 579 | | | (9.4) | | (5.6) | | (3.8) | |
| WW | 770 | | | 841 | | | (8.5) | | (5.9) | | (2.6) | |
| | | | | | | |
| TECVAYLI | | | | | | | |
| US | 104 | | | 82 | | | 27.5 | | 27.5 | | — | |
| Intl | 30 | | | 12 | | | * | * | * |
| WW | 135 | | | 94 | | | 42.9 | | 43.5 | | (0.6) | |
| | | | | | | |
| ZYTIGA / abiraterone acetate | | | | | | | |
| US | 11 | | | 9 | | | 21.6 | | 21.6 | | — | |
| Intl | 154 | | | 218 | | | (29.6) | | (23.6) | | (6.0) | |
| WW | 165 | | | 227 | | | (27.7) | | (21.9) | | (5.8) | |
| | | | | | | |
| OTHER ONCOLOGY | | | | | | | |
| US | 148 | | | 40 | | | * | * | — | |
| Intl | 71 | | | 80 | | | (10.4) | | (6.0) | | (4.4) | |
| WW | 221 | | | 120 | | | 84.2 | | 87.2 | | (3.0) | |
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
| | | | | | | | | | | | | | | | | | | | | | | |
| SECOND QUARTER |
| | | | | % Change |
| 2024 | | 2023 | | Reported | Operational(1) | Currency |
INNOVATIVE MEDICINE SEGMENT(2)(Continued) | | | | | | | |
| PULMONARY HYPERTENSION | | | | | | | |
| US | $ | 743 | | | 684 | | | 8.7 | % | 8.7 | % | — | % |
| Intl | 296 | | | 289 | | | 2.6 | | 11.2 | | (8.6) | |
| WW | 1,039 | | | 972 | | | 6.9 | | 9.4 | | (2.5) | |
| | | | | | | |
| OPSUMIT | | | | | | | |
| US | 373 | | | 328 | | | 13.7 | | 13.7 | | — | |
| Intl | 170 | | | 179 | | | (5.0) | | 0.5 | | (5.5) | |
| WW | 544 | | | 507 | | | 7.1 | | 9.1 | | (2.0) | |
| | | | | | | |
| UPTRAVI | | | | | | | |
| US | 349 | | | 338 | | | 3.3 | | 3.3 | | — | |
| Intl | 76 | | | 61 | | | 24.6 | | 34.4 | | (9.8) | |
| WW | 426 | | | 399 | | | 6.6 | | 8.1 | | (1.5) | |
| | | | | | | |
| OTHER PULMONARY HYPERTENSION | | | | | | | |
| US | 20 | | | 18 | | | 18.8 | | 18.8 | | — | |
| Intl | 50 | | | 48 | | | 3.1 | | 21.0 | | (17.9) | |
| WW | 71 | | | 66 | | | 7.2 | | 20.4 | | (13.2) | |
| | | | | | | |
| CARDIOVASCULAR / METABOLISM / OTHER | | | | | | | |
| US | 717 | | 776 | | (7.7) | | (7.7) | | — | |
| Intl | 176 | | 174 | | 0.6 | | 4.0 | | (3.4) | |
| WW | 892 | | 950 | | (6.2) | | (5.5) | | (0.7) | |
| | | | | | | |
| XARELTO | | | | | | | |
| US | 587 | | | 637 | | | (7.9) | | (7.9) | | — | |
| Intl | — | | | — | | | — | | — | | — | |
| WW | 587 | | | 637 | | | (7.9) | | (7.9) | | — | |
| | | | | | | |
| OTHER | | | | | | | |
| US | 129 | | | 138 | | | (6.4) | | (6.4) | | — | |
| Intl | 176 | | | 174 | | | 0.6 | | 4.0 | | (3.4) | |
| WW | 305 | | | 313 | | | (2.5) | | (0.6) | | (1.9) | |
| | | | | | | |
| TOTAL INNOVATIVE MEDICINE | | | | | | | |
| US | 8,510 | | 7,818 | | 8.9 | | 8.9 | | — | |
| Intl | 5,980 | | 5,913 | | 1.1 | | 6.4 | | (5.3) | |
| WW | $ | 14,490 | | | 13,731 | | 5.5 | % | 7.8 | % | (2.3) | % |
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
| | | | | | | | | | | | | | | | | | | | | | | |
| SECOND QUARTER |
| | | | | % Change |
| 2024 | | 2023 | | Reported | Operational(1) | Currency |
MEDTECH SEGMENT(2) | | | | | | | |
CARDIOVASCULAR(4) | | | | | | | |
| US | $ | 1,119 | | | 908 | | | 23.3 | % | 23.3 | % | — | % |
| Intl | 753 | | | 712 | | | 5.7 | | 11.2 | | (5.5) | |
| WW | 1,873 | | | 1,620 | | | 15.6 | | 18.0 | | (2.4) | |
| | | | | | | |
| ELECTROPHYSIOLOGY | | | | | | | |
| US | 705 | | | 609 | | | 15.7 | | 15.7 | | — | |
| Intl | 618 | | | 587 | | | 5.4 | | 11.1 | | (5.7) | |
| WW | 1,323 | | | 1,196 | | | 10.6 | | 13.4 | | (2.8) | |
| | | | | | | |
| ABIOMED | | | | | | | |
| US | 309 | | | 272 | | | 13.2 | | 13.2 | | — | |
| Intl | 72 | | | 59 | | | 20.7 | | 25.3 | | (4.6) | |
| WW | 379 | | | 331 | | | 14.5 | | 15.4 | | (0.9) | |
| | | | | | | |
SHOCKWAVE(5) | | | | | | | |
| US | 77 | | | — | | | * | * | — | |
| Intl | 0 | | | — | | | — | | — | | — | |
| WW | 77 | | | — | | | * | * | — | |
| | | | | | | |
OTHER CARDIOVASCULAR(4) | | | | | | | |
| US | 29 | | | 27 | | | 12.5 | | 12.5 | | — | |
| Intl | 64 | | | 67 | | | (4.5) | | (1.0) | | (3.5) | |
| WW | 93 | | | 93 | | 0.3 | | 2.8 | | (2.5) | |
| | | | | | | |
| ORTHOPAEDICS | | | | | | | |
| US | 1,422 | | | 1,388 | | | 2.5 | | 2.5 | | — | |
| Intl | 890 | | | 878 | | | 1.4 | | 4.5 | | (3.1) | |
| WW | 2,312 | | | 2,265 | | | 2.1 | | 3.3 | | (1.2) | |
| | | | | | | |
| HIPS | | | | | | | |
| US | 265 | | | 250 | | | 5.8 | | 5.8 | | — | |
| Intl | 152 | | | 147 | | | 3.4 | | 6.8 | | (3.4) | |
| WW | 417 | | | 397 | | | 4.9 | | 6.2 | | (1.3) | |
| | | | | | | |
| KNEES | | | | | | | |
| US | 230 | | | 221 | | | 4.2 | | 4.2 | | — | |
| Intl | 163 | | | 142 | | | 14.9 | | 17.7 | | (2.8) | |
| WW | 394 | | | 363 | | | 8.4 | | 9.5 | | (1.1) | |
| | | | | | | |
| TRAUMA | | | | | | | |
| US | 498 | | | 483 | | | 3.0 | | 3.0 | | — | |
| Intl | 260 | | | 255 | | | 2.4 | | 5.5 | | (3.1) | |
| WW | 759 | | | 739 | | | 2.8 | | 3.8 | | (1.0) | |
| | | | | | | |
| SPINE, SPORTS & OTHER | | | | | | | |
| US | 430 | | | 433 | | | (0.8) | | (0.8) | | — | |
| Intl | 314 | | | 334 | | | (6.1) | | (2.9) | | (3.2) | |
| WW | 743 | | | 766 | | | (3.1) | | (1.7) | | (1.4) | |
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
| | | | | | | | | | | | | | | | | | | | | | | |
| SECOND QUARTER |
| | | | | % Change |
| 2024 | | 2023 | | Reported | Operational(1) | Currency |
MEDTECH SEGMENT(2)(Continued) | | | | | | | |
| SURGERY | | | | | | | |
| US | $995 | | | 1,015 | | | (2.0) | % | (2.0) | % | — | % |
| Intl | 1,493 | | | 1,580 | | | (5.5) | | (0.7) | | (4.8) | |
| WW | 2,488 | | | 2,594 | | | (4.1) | | (1.2) | | (2.9) | |
| | | | | | | |
| ADVANCED | | | | | | | |
| US | 466 | | | 466 | | | 0.1 | | 0.1 | | — | |
| Intl | 675 | | | 757 | | | (10.8) | | (6.4) | | (4.4) | |
| WW | 1,141 | | | 1,222 | | | (6.7) | | (3.9) | | (2.8) | |
| | | | | | | |
| GENERAL | | | | | | | |
| US | 528 | | | 548 | | | (3.7) | | (3.7) | | — | |
| Intl | 818 | | | 823 | | | (0.7) | | 4.5 | | (5.2) | |
| WW | 1,346 | | | 1,372 | | | (1.9) | | 1.2 | | (3.1) | |
| | | | | | | |
| VISION | | | | | | | |
| US | 523 | | | 529 | | | (1.2) | | (1.2) | | — | |
| Intl | 763 | | | 778 | | | (2.0) | | 2.2 | | (4.2) | |
| WW | 1,285 | | | 1,308 | | | (1.7) | | 0.8 | | (2.5) | |
| | | | | | | |
| CONTACT LENSES / OTHER | | | | | | | |
| US | 409 | | | 409 | | | 0.2 | | 0.2 | | — | |
| Intl | 509 | | | 530 | | | (4.0) | | 1.2 | | (5.2) | |
| WW | 918 | | | 939 | | | (2.2) | | 0.7 | | (2.9) | |
| | | | | | | |
| SURGICAL | | | | | | | |
| US | 113 | | | 120 | | | (5.8) | | (5.8) | | — | |
| Intl | 254 | | | 249 | | | 2.1 | | 4.5 | | (2.4) | |
| WW | 367 | | | 369 | | | (0.5) | | 1.2 | | (1.7) | |
| | | | | | | |
| TOTAL MEDTECH | | | | | | | |
| US | 4,059 | | | 3,839 | | | 5.7 | | 5.7 | | — | |
| Intl | 3,898 | | | 3,949 | | | (1.3) | | 3.2 | | (4.5) | |
| WW | $7,957 | | | 7,788 | | | 2.2 | % | 4.4 | % | (2.2) | % |
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
| | | | | | | | | | | | | | | | | | | | | | | |
| SIX MONTHS |
| | | | | % Change |
| 2024 | | 2023 | | Reported | Operational(1) | Currency |
INNOVATIVE MEDICINE SEGMENT(2) | | | | | | | |
| IMMUNOLOGY | | | | | | | |
| US | $5,431 | | | 5,313 | | | 2.2 | % | 2.2 | % | — | % |
| Intl | 3,538 | | | 3,295 | | | 7.4 | | 12.1 | | (4.7) | |
| WW | 8,969 | | | 8,608 | | | 4.2 | | 6.0 | | (1.8) | |
| | | | | | | |
| REMICADE | | | | | | | |
| US | 497 | | | 553 | | | (10.1) | | (10.1) | | — | |
US Exports(3) | 62 | | | 74 | | | (15.4) | | (15.4) | | — | |
| Intl | 268 | | | 322 | | | (16.9) | | (13.2) | | (3.7) | |
| WW | 827 | | | 949 | | | (12.9) | | (11.6) | | (1.3) | |
| | | | | | | |
| SIMPONI / SIMPONI ARIA | | | | | | | |
| US | 521 | | | 556 | | | (6.2) | | (6.2) | | — | |
| Intl | 569 | | | 510 | | | 11.7 | | 21.3 | | (9.6) | |
| WW | 1,091 | | | 1,066 | | | 2.3 | | 7.0 | | (4.7) | |
| | | | | | | |
| STELARA | | | | | | | |
| US | 3,251 | | | 3,268 | | | (0.5) | | (0.5) | | — | |
| Intl | 2,085 | | | 1,974 | | | 5.6 | | 9.1 | | (3.5) | |
| WW | 5,336 | | | 5,241 | | | 1.8 | | 3.1 | | (1.3) | |
| | | | | | | |
| TREMFYA | | | | | | | |
| US | 1,098 | | | 856 | | | 28.2 | | 28.2 | | — | |
| Intl | 616 | | | 489 | | | 25.8 | | 31.0 | | (5.2) | |
| WW | 1,714 | | | 1,346 | | | 27.3 | | 29.2 | | (1.9) | |
| | | | | | | |
| OTHER IMMUNOLOGY | | | | | | | |
| US | 2 | | | 7 | | | (75.4) | | (75.4) | | — | |
| Intl | 0 | | | 0 | | | — | | — | | — | |
| WW | 2 | | | 7 | | | (75.4) | | (75.4) | | — | |
| | | | | | | |
| INFECTIOUS DISEASES | | | | | | | |
| US | 658 | | | 787 | | | (16.4) | | (16.4) | | — | |
| Intl | 1,128 | | | 1,920 | | | (41.3) | | (40.7) | | (0.6) | |
| WW | 1,786 | | | 2,707 | | | (34.0) | | (33.7) | | (0.3) | |
| | | | | | | |
| COVID-19 VACCINE | | | | | | | |
| US | 0 | | | 0 | | | — | | — | | — | |
| Intl | 197 | | | 1,032 | | | (80.9) | | (80.9) | | 0.0 | |
| WW | 197 | | | 1,032 | | | (80.9) | | (80.9) | | 0.0 | |
| | | | | | | |
| EDURANT / rilpivirine | | | | | | | |
| US | 16 | | | 17 | | | (7.0) | | (7.0) | | — | |
| Intl | 603 | | | 529 | | | 14.1 | | 14.4 | | (0.3) | |
| WW | 620 | | | 546 | | | 13.4 | | 13.7 | | (0.3) | |
| | | | | | | |
| PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA | | | | | | | |
| US | 635 | | | 760 | | | (16.5) | | (16.5) | | — | |
| Intl | 221 | | | 208 | | | 6.0 | | 7.8 | | (1.8) | |
| WW | 856 | | | 968 | | | (11.6) | | (11.2) | | (0.4) | |
| | | | | | | |
| OTHER INFECTIOUS DISEASES | | | | | | | |
| US | 7 | | | 10 | | | (29.4) | | (29.4) | | — | |
| Intl | 107 | | | 151 | | | (29.3) | | (26.0) | | (3.3) | |
| WW | 114 | | | 161 | | | (29.3) | | (26.2) | | (3.1) | |
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
| | | | | | | | | | | | | | | | | | | | | | | |
| SIX MONTHS |
| | | | | % Change |
| 2024 | | 2023 | | Reported | Operational(1) | Currency |
INNOVATIVE MEDICINE SEGMENT(2)(Continued) | | | | | | | |
| NEUROSCIENCE | | | | | | | |
| US | $2,156 | | | 2,007 | | | 7.4 | % | 7.4 | % | — | % |
| Intl | 1,428 | | | 1,590 | | | (10.2) | | (5.2) | | (5.0) | |
| WW | 3,585 | | | 3,597 | | | (0.3) | | 1.9 | | (2.2) | |
| | | | | | | |
| CONCERTA / methylphenidate | | | | | | | |
| US | 75 | | | 134 | | | (44.3) | | (44.3) | | — | |
| Intl | 265 | | | 279 | | | (5.1) | | (0.2) | | (4.9) | |
| WW | 340 | | | 414 | | | (17.8) | | (14.5) | | (3.3) | |
| | | | | | | |
INVEGA SUSTENNA / XEPLION / INVEGA
TRINZA / TREVICTA | | | | | | | |
| US | 1,549 | | | 1,434 | | | 8.0 | | 8.0 | | — | |
| Intl | 561 | | | 641 | | | (12.4) | | (8.8) | | (3.6) | |
| WW | 2,110 | | | 2,075 | | | 1.7 | | 2.8 | | (1.1) | |
| | | | | | | |
| SPRAVATO | | | | | | | |
| US | 417 | | | 255 | | | 63.9 | | 63.9 | | — | |
| Intl | 78 | | | 45 | | | 74.6 | | 76.3 | | (1.7) | |
| WW | 496 | | | 300 | | | 65.5 | | 65.7 | | (0.2) | |
| | | | | | | |
| OTHER NEUROSCIENCE | | | | | | | |
| US | 115 | | | 184 | | | (37.3) | | (37.3) | | — | |
| Intl | 524 | | | 625 | | | (16.2) | | (9.5) | | (6.7) | |
| WW | 639 | | | 809 | | | (21.0) | | (15.8) | | (5.2) | |
| | | | | | | |
| ONCOLOGY | | | | | | | |
| US | 5,019 | | | 3,958 | | | 26.8 | | 26.8 | | — | |
| Intl | 4,885 | | | 4,552 | | | 7.3 | | 11.7 | | (4.4) | |
| WW | 9,904 | | | 8,510 | | | 16.4 | | 18.7 | | (2.3) | |
| | | | | | | |
| CARVYKTI | | | | | | | |
| US | 307 | | | 184 | | | 66.8 | | 66.8 | | — | |
| Intl | 36 | | | 5 | | | * | * | * |
| WW | 343 | | | 189 | | | 81.5 | | 81.5 | | 0.0 | |
| | | | | | | |
| DARZALEX | | | | | | | |
| US | 3,105 | | | 2,513 | | | 23.6 | | 23.6 | | — | |
| Intl | 2,465 | | | 2,182 | | | 12.9 | | 18.4 | | (5.5) | |
| WW | 5,570 | | | 4,695 | | | 18.6 | | 21.2 | | (2.6) | |
| | | | | | | |
| ERLEADA | | | | | | | |
| US | 603 | | | 490 | | | 23.0 | | 23.0 | | — | |
| Intl | 822 | | | 619 | | | 32.8 | | 36.5 | | (3.7) | |
| WW | 1,425 | | | 1,109 | | | 28.4 | | 30.5 | | (2.1) | |
| | | | | | | |
| IMBRUVICA | | | | | | | |
| US | 511 | | | 532 | | | (3.9) | | (3.9) | | — | |
| Intl | 1,043 | | | 1,136 | | | (8.3) | | (5.6) | | (2.7) | |
| WW | 1,554 | | | 1,668 | | | (6.9) | | (5.1) | | (1.8) | |
| | | | | | | |
| TECVAYLI | | | | | | | |
| US | 205 | | | 139 | | | 47.7 | | 47.7 | | — | |
| Intl | 63 | | | 18 | | | * | * | * |
| WW | 268 | | | 157 | | | 70.2 | | 70.2 | | 0.0 | |
| | | | | | | |
| ZYTIGA / abiraterone acetate | | | | | | | |
| US | 20 | | | 25 | | | (19.7) | | (19.7) | | — | |
| Intl | 326 | | | 447 | | | (27.2) | | (22.1) | | (5.1) | |
| WW | 346 | | | 472 | | | (26.8) | | (22.0) | | (4.8) | |
| | | | | | | |
| OTHER ONCOLOGY | | | | | | | |
| US | 267 | | | 75 | | | * | * | — | |
| Intl | 131 | | | 144 | | | (8.5) | | (5.8) | | (2.7) | |
| WW | 399 | | | 219 | | | 82.4 | % | 84.2 | % | (1.8) | % |
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
| | | | | | | | | | | | | | | | | | | | | | | |
| SIX MONTHS |
| | | | | % Change |
| 2024 | | 2023 | | Reported | Operational(1) | Currency |
INNOVATIVE MEDICINE SEGMENT(2)(Continued) | | | | | | | |
| PULMONARY HYPERTENSION | | | | | | | |
| US | $ | 1,509 | | | 1,284 | | | 17.5 | % | 17.5 | % | — | % |
| Intl | 579 | | | 561 | | | 3.4 | | 11.0 | | (7.6) | |
| WW | 2,088 | | | 1,844 | | | 13.2 | | 15.5 | | (2.3) | |
| | | | | | | |
| OPSUMIT | | | | | | | |
| US | 729 | | | 601 | | | 21.3 | | 21.3 | | — | |
| Intl | 339 | | | 346 | | | (2.2) | | 2.5 | | (4.7) | |
| WW | 1,068 | | | 947 | | | 12.7 | | 14.4 | | (1.7) | |
| | | | | | | |
| UPTRAVI | | | | | | | |
| US | 741 | | | 642 | | | 15.5 | | 15.5 | | — | |
| Intl | 152 | | | 119 | | | 27.6 | | 36.4 | | (8.8) | |
| WW | 894 | | | 761 | | | 17.4 | | 18.7 | | (1.3) | |
| | | | | | | |
| OTHER PULMONARY HYPERTENSION | | | | | | | |
| US | 38 | | | 41 | | | (6.1) | | (6.1) | | — | |
| Intl | 89 | | | 95 | | | (6.7) | | 10.2 | | (16.9) | |
| WW | 127 | | | 136 | | | (6.5) | | 5.3 | | (11.8) | |
| | | | | | | |
| CARDIOVASCULAR / METABOLISM / OTHER | | | | | | | |
| US | 1,348 | | 1,491 | | (9.6) | | (9.6) | | — | |
| Intl | 373 | | 386 | | (3.6) | | (1.9) | | (1.7) | |
| WW | 1,721 | | 1,877 | | (8.3) | | (8.0) | | (0.3) | |
| | | | | | | |
| XARELTO | | | | | | | |
| US | 1,105 | | | 1,215 | | | (9.1) | | (9.1) | | — | |
| Intl | — | | | — | | | — | | — | | — | |
| WW | 1,105 | | | 1,215 | | | (9.1) | | (9.1) | | — | |
| | | | | | | |
| OTHER | | | | | | | |
| US | 243 | | | 275 | | | (11.8) | | (11.8) | | — | |
| Intl | 373 | | | 386 | | | (3.6) | | (1.9) | | (1.7) | |
| WW | 616 | | | 662 | | | (7.0) | | (6.0) | | (1.0) | |
| | | | | | | |
| TOTAL INNOVATIVE MEDICINE | | | | | | | |
| US | 16,122 | | 14,841 | | 8.6 | | 8.6 | | — | |
| Intl | 11,930 | | 12,303 | | (3.0) | | 1.0 | | (4.0) | |
| WW | $ | 28,052 | | | 27,144 | | 3.3 | % | 5.2 | % | (1.9) | % |
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
| | | | | | | | | | | | | | | | | | | | | | | |
| SIX MONTHS |
| | | | | % Change |
| 2024 | | 2023 | | Reported | Operational(1) | Currency |
MEDTECH SEGMENT(2) | | | | | | | |
CARDIOVASCULAR(4) | | | | | | | |
| US | $ | 2,144 | | | 1,771 | | | 21.1 | % | 21.1 | % | — | % |
| Intl | 1,534 | | | 1,352 | | | 13.4 | | 18.9 | | (5.5) | |
| WW | 3,679 | | | 3,123 | | | 17.8 | | 20.2 | | (2.4) | |
| | | | | | | |
| ELECTROPHYSIOLOGY | | | | | | | |
| US | 1,397 | | | 1,180 | | | 18.4 | | 18.4 | | — | |
| Intl | 1,270 | | | 1,109 | | | 14.6 | | 20.4 | | (5.8) | |
| WW | 2,667 | | | 2,288 | | | 16.5 | | 19.4 | | (2.9) | |
| | | | | | | |
| ABIOMED | | | | | | | |
| US | 612 | | | 536 | | | 14.1 | | 14.1 | | — | |
| Intl | 139 | | | 119 | | | 16.5 | | 20.0 | | (3.5) | |
| WW | 750 | | | 655 | | | 14.5 | | 15.2 | | (0.7) | |
| | | | | | | |
SHOCKWAVE(5) | | | | | | | |
| US | 77 | | | — | | | * | * | — | |
| Intl | 0 | | | — | | | — | | — | | — | |
| WW | 77 | | | — | | | * | * | — | |
| | | | | | | |
OTHER CARDIOVASCULAR(4) | | | | | | | |
| US | 59 | | | 55 | | | 7.7 | | 7.7 | | — | |
| Intl | 126 | | | 125 | | | 0.8 | | 4.8 | | (4.0) | |
| WW | 185 | | | 180 | | 2.9 | | 5.7 | | (2.8) | |
| | | | | | | |
| ORTHOPAEDICS | | | | | | | |
| US | 2,870 | | | 2,751 | | | 4.3 | | 4.3 | | — | |
| Intl | 1,782 | | | 1,759 | | | 1.3 | | 3.6 | | (2.3) | |
| WW | 4,652 | | | 4,510 | | | 3.2 | | 4.0 | | (0.8) | |
| | | | | | | |
| HIPS | | | | | | | |
| US | 535 | | | 491 | | | 8.9 | | 8.9 | | — | |
| Intl | 304 | | | 296 | | | 2.6 | | 5.0 | | (2.4) | |
| WW | 839 | | | 787 | | | 6.5 | | 7.4 | | (0.9) | |
| | | | | | | |
| KNEES | | | | | | | |
| US | 472 | | | 447 | | | 5.5 | | 5.5 | | — | |
| Intl | 323 | | | 284 | | | 13.6 | | 15.4 | | (1.8) | |
| WW | 795 | | | 731 | | | 8.7 | | 9.4 | | (0.7) | |
| | | | | | | |
| TRAUMA | | | | | | | |
| US | 1,002 | | | 974 | | | 2.9 | | 2.9 | | — | |
| Intl | 521 | | | 522 | | | 0.0 | | 2.1 | | (2.1) | |
| WW | 1,524 | | | 1,496 | | | 1.9 | | 2.6 | | (0.7) | |
| | | | | | | |
| SPINE, SPORTS & OTHER | | | | | | | |
| US | 862 | | | 839 | | | 2.7 | | 2.7 | | — | |
| Intl | 634 | | | 657 | | | (3.5) | | (1.0) | | (2.5) | |
| WW | 1,495 | | | 1,495 | | | 0.0 | | 1.1 | | (1.1) | |
See footnotes at end of schedule
Johnson & Johnson
Segment sales
(Dollars in Millions)
| | | | | | | | | | | | | | | | | | | | | | | |
| SIX MONTHS |
| | | | | % Change |
| 2024 | | 2023 | | Reported | Operational(1) | Currency |
MEDTECH SEGMENT(2)(Continued) | | | | | | | |
| SURGERY | | | | | | | |
| US | $1,982 | | | 1,990 | | | (0.4) | % | (0.4) | % | — | % |
| Intl | 2,922 | | | 3,039 | | | (3.8) | | 0.7 | | (4.5) | |
| WW | 4,904 | | | 5,028 | | | (2.5) | | 0.3 | | (2.8) | |
| | | | | | | |
| ADVANCED | | | | | | | |
| US | 912 | | | 910 | | | 0.2 | | 0.2 | | — | |
| Intl | 1,316 | | | 1,430 | | | (8.0) | | (3.7) | | (4.3) | |
| WW | 2,228 | | | 2,340 | | | (4.8) | | (2.2) | | (2.6) | |
| | | | | | | |
| GENERAL | | | | | | | |
| US | 1,070 | | | 1,079 | | | (0.9) | | (0.9) | | — | |
| Intl | 1,606 | | | 1,608 | | | (0.2) | | 4.7 | | (4.9) | |
| WW | 2,676 | | | 2,688 | | | (0.5) | | 2.4 | | (2.9) | |
| | | | | | | |
| VISION | | | | | | | |
| US | 1,070 | | | 1,087 | | | (1.5) | | (1.5) | | — | |
| Intl | 1,473 | | | 1,521 | | | (3.2) | | 0.6 | | (3.8) | |
| WW | 2,543 | | | 2,608 | | | (2.5) | | (0.3) | | (2.2) | |
| | | | | | | |
| CONTACT LENSES / OTHER | | | | | | | |
| US | 847 | | | 853 | | | (0.6) | | (0.6) | | — | |
| Intl | 981 | | | 1,039 | | | (5.6) | | (0.9) | | (4.7) | |
| WW | 1,828 | | | 1,892 | | | (3.4) | | (0.8) | | (2.6) | |
| | | | | | | |
| SURGICAL | | | | | | | |
| US | 223 | | | 234 | | | (4.8) | | (4.8) | | — | |
| Intl | 492 | | | 482 | | | 2.1 | | 4.0 | | (1.9) | |
| WW | 715 | | | 716 | | | (0.1) | | 1.1 | | (1.2) | |
| | | | | | | |
| TOTAL MEDTECH | | | | | | | |
| US | 8,067 | | | 7,598 | | | 6.2 | | 6.2 | | — | |
| Intl | 7,711 | | | 7,671 | | | 0.5 | | 4.6 | | (4.1) | |
| WW | $15,778 | | | 15,269 | | | 3.3 | % | 5.4 | % | (2.1) | % |
Note: Column 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 |
| | | | | | % Change |
| | 2024 | | 2023 | | Total | Operations | Currency |
| Innovative Medicine | | | | | | | | |
| U.S. | | $ | 8,510 | | | 7,818 | | | 8.9 | % | 8.9 | | — | |
| International | | 5,980 | | | 5,913 | | | 1.1 | | 6.4 | | (5.3) | |
| Worldwide | | 14,490 | | | 13,731 | | | 5.5 | | 7.8 | | (2.3) | |
| | | | | | | | |
| COVID-19 Vaccine | | | | | | | | |
| U.S. | | — | | | — | | | — | | — | | — | |
| International | | 172 | | | 285 | | | (39.7) | | (39.7) | | 0.0 | |
| Worldwide | | 172 | | | 285 | | | (39.7) | | (39.7) | | 0.0 | |
| | | | | | | | |
| Innovative Medicine excluding COVID-19 Vaccine | | | | | | | | |
| U.S. | | 8,510 | | | 7,818 | | | 8.9 | | 8.9 | | — | |
| International | | 5,808 | | | 5,628 | | | 3.2 | | 8.7 | | (5.5) | |
| Worldwide | | 14,318 | | | 13,446 | | | 6.5 | | 8.8 | | (2.3) | |
| | | | | | | | |
| Worldwide | | | | | | | | |
| U.S. | | 12,569 | | | 11,657 | | | 7.8 | | 7.8 | | — | |
| International | | 9,878 | | | 9,862 | | | 0.2 | | 5.1 | | (4.9) | |
| Worldwide | | 22,447 | | | 21,519 | | | 4.3 | | 6.6 | | (2.3) | |
| | | | | | | | |
| COVID-19 Vaccine | | | | | | | | |
| U.S. | | — | | | — | | | — | | — | | — | |
| International | | 172 | | | 285 | | | (39.7) | | (39.7) | | 0.0 | |
| Worldwide | | 172 | | | 285 | | | (39.7) | | (39.7) | | 0.0 | |
| | | | | | | | |
| Worldwide | | | | | | | | |
| U.S. | | 12,569 | | | 11,657 | | | 7.8 | | 7.8 | | — | |
| International | | 9,706 | | | 9,577 | | | 1.3 | | 6.4 | | (5.1) | |
| Worldwide excluding COVID-19 Vaccine | | $ | 22,275 | | | 21,234 | | | 4.9 | % | 7.2 | | (2.3) | |
| | | | | | | | |
| Europe | | $ | 5,214 | | | 5,131 | | | 1.6 | % | 3.4 | | (1.8) | |
| Europe COVID-19 Vaccine Sales | | 172 | | | 285 | | | (39.7) | | (39.7) | | 0.0 | |
| Europe excluding COVID-19 Vaccine | | $ | 5,042 | | | 4,846 | | | 4.1 | % | 6.0 | | (1.9) | |
Note: Columns and rows within tables may not add due to rounding
Supplemental sales information (unaudited)
(Dollars in Millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | SIX MONTHS |
| | | | | | % Change |
| | 2024 | | 2023 | | Total | Operations | Currency |
| Innovative Medicine | | | | | | | | |
| U.S. | | $ | 16,122 | | | 14,841 | | | 8.6 | % | 8.6 | | — | |
| International | | 11,930 | | | 12,303 | | | (3.0) | | 1.0 | | (4.0) | |
| Worldwide | | 28,052 | | | 27,144 | | | 3.3 | | 5.2 | | (1.9) | |
| | | | | | | | |
| COVID-19 Vaccine | | | | | | | | |
| U.S. | | — | | | — | | | — | | — | | — | |
| International | | 197 | | | 1,032 | | | (80.9) | | (80.9) | | 0.0 | |
| Worldwide | | 197 | | | 1,032 | | | (80.9) | | (80.9) | | 0.0 | |
| | | | | | | | |
| Innovative Medicine excluding COVID-19 Vaccine | | | | | | | | |
| U.S. | | 16,122 | | | 14,841 | | | 8.6 | | 8.6 | | — | |
| International | | 11,733 | | | 11,271 | | | 4.1 | | 8.5 | | (4.4) | |
| Worldwide | | 27,855 | | | 26,112 | | | 6.7 | | 8.6 | | (1.9) | |
| | | | | | | | |
| Worldwide | | | | | | | | |
| U.S. | | 24,189 | | | 22,439 | | | 7.8 | | 7.8 | | — | |
| International | | 19,641 | | | 19,974 | | | (1.7) | | 2.4 | | (4.1) | |
| Worldwide | | 43,830 | | | 42,413 | | | 3.3 | | 5.2 | | (1.9) | |
| | | | | | | | |
| COVID-19 Vaccine | | | | | | | | |
| U.S. | | — | | | — | | | — | | — | | — | |
| International | | 197 | | | 1,032 | | | (80.9) | | (80.9) | | 0.0 | |
| Worldwide | | 197 | | | 1,032 | | | (80.9) | | (80.9) | | 0.0 | |
| | | | | | | | |
| Worldwide | | | | | | | | |
| U.S. | | 24,189 | | | 22,439 | | | 7.8 | | 7.8 | | — | |
| International | | 19,444 | | | 18,942 | | | 2.7 | | 6.9 | | (4.2) | |
| Worldwide excluding COVID-19 Vaccine | | $ | 43,633 | | | 41,381 | | | 5.4 | % | 7.4 | | (2.0) | |
| | | | | | | | |
| Europe | | $ | 10,377 | | | 10,721 | | | (3.2) | % | (2.4) | | (0.8) | |
| Europe COVID-19 Vaccine Sales | | 197 | | | 1,032 | | | (80.9) | | (80.9) | | 0.0 | |
| Europe excluding COVID-19 Vaccine | | $ | 10,180 | | | 9,689 | | | 5.1 | % | 6.0 | | (0.9) | |
Note: Columns and rows within tables may not add due to rounding
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