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Johnson & Johnson Reports Q1 2023 Results

  • 2023 First-Quarter reported sales growth of 5.6% to $24.7 Billion with operational growth of 9.0%* and adjusted operational growth of 7.6%*
  • 2023 First-Quarter basic loss per share of ($0.03) decreasing 101.6% due to a special one-time charge, with adjusted earnings per share (EPS) of $2.68 increasing by 0.4%*
  • Company is increasing 2023 full-year guidance midpoints for adjusted operational sales and adjusted operational EPS

Johnson & Johnson (NYSE: JNJ) today announced results for first-quarter 2023. “Our first quarter results demonstrate strong performance across all three segments of our business and reflect the dedication of Johnson & Johnson colleagues around the world,” said Joaquin Duato, Chairman of the Board and Chief Executive Officer. “With this momentum, I look forward to the remainder of the year, one filled with exciting catalysts that will create both near- and long-term value for patients and all of our stakeholders.”

OVERALL FINANCIAL RESULTS

Q1
($ in Millions, except EPS)

2023

2022

% Change

Reported Sales

$24,746

$23,426

5.6%

Net Earnings/(Loss)

($68)

$5,149

(101.3)%

EPS (basic/diluted)5

($0.03)

$1.93

(101.6)%

 

Q1

Non-GAAP* ($ in Millions, except EPS)

2023

2022

% Change

Operational Sales1,2

 

 

9.0%

Adjusted Operational Sales1,3

 

 

7.6%

Adjusted Net Earnings1,4

$7,068

$7,129

(0.9)%

Adjusted EPS (diluted)1,4

$2.68

$2.67

0.4%

1

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

2

Excludes the impact of translational currency

3

Excludes the net impact of acquisitions and divestitures and translational currency

4

Excludes intangible amortization expense and special items

5

Basic shares are used to calculate loss per share as use of diluted shares when in a loss position would be anti-dilutive
Note: values may have been rounded

REGIONAL SALES RESULTS

Q1

 

% Change

($ in Millions)

2023

2022

Reported

Operational1,2

Currency

Adjusted

Operational1,3

U.S.

$12,517

$11,414

9.7%

9.7

-

7.4

International

12,229

12,012

1.8

8.3

(6.5)

7.9

Worldwide

$24,746

$23,426

5.6%

9.0

(3.4)

7.6

1

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

2

Excludes the impact of translational currency

3

Excludes the net impact of acquisitions and divestitures and translational currency

Note: Values may have been rounded

SEGMENT SALES RESULTS

Q1 % Change
($ in Millions)

2023

2022

Reported

Operational1,2

Currency

Adjusted

Operational1,3

Consumer Health

$ 3,852

$ 3,586

7.4%

11.3

(3.9)

11.3

Pharmaceutical

13,413

12,869

4.2

7.2

(3.0)

7.2

MedTech

7,481

6,971

7.3

11.0

(3.7)

6.4

Worldwide

$ 24,746

$ 23,426

5.6%

9.0

(3.4)

7.6

1

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

2

Excludes the impact of translational currency

3

Excludes the net impact of acquisitions and divestitures and translational currency

Note: Values may have been rounded

FIRST QUARTER 2023 SEGMENT COMMENTARY:

Adjusted operational sales* reflected below excludes the net impact of acquisitions and divestitures and translational currency.

Consumer Health

Consumer Health worldwide adjusted operational sales increased 11.3%* largely driven by over-the-counter (OTC) products. Major contributors to growth in OTC were TYLENOL and MOTRIN analgesics, upper respiratory products, IMODIUM in digestive health products and international smoking cessation products. Additional contributors to growth were NEUTROGENA and AVEENO in Skin Health/Beauty products and JOHNSON’s in Baby Care products.

Pharmaceutical

Pharmaceutical worldwide adjusted operational sales grew 7.2%*, driven by DARZALEX (daratumumab), a biologic for the treatment of multiple myeloma, STELARA (ustekinumab), a biologic for the treatment of a number of immune-mediated inflammatory diseases, ERLEADA (apalutamide), a next-generation androgen receptor inhibitor for the treatment of patients with prostate cancer, CARVYKTI (ciltacabtagene autoleucel), a BCMA-directed CAR-T immunotherapy for the treatment of patients with relapsed or refractory multiple myeloma, and XARELTO (rivaroxaban), a direct oral anticoagulant. Also contributing to growth were sales of the Janssen COVID-19 Vaccine (Ad26.COV2.S) for the prevention of the SARS-CoV-2 Virus. This growth was partially offset by declines in sales of REMICADE (infliximab), a biologic approved for the treatment of several immune-mediated inflammatory diseases, IMBRUVICA (ibrutinib), an oral, once daily therapy approved for use in treating certain B-cell malignancies, a type of blood or lymph node cancer, and ZYTIGA (abiraterone acetate), an oral, once daily medication for use in combination with prednisone for the treatment of metastatic castration-resistant prostate cancer.

MedTech

MedTech worldwide adjusted operational sales grew 6.4%*, driven primarily by electrophysiology products in Interventional Solutions, contact lenses in Vision, wound closure products in General Surgery, and knees in Orthopaedics. MedTech worldwide operational sales grew 11.0%*, with the acquisition of Abiomed contributing 4.6%.

NOTABLE NEW ANNOUNCEMENTS IN THE QUARTER:

The information contained in this section should be read in conjunction with Johnson & Johnson’s other disclosures filed with the Securities and Exchange Commission, including its Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. The reader is also encouraged to review all other news releases and information available in the Investors section of the company’s website at news releases, as well as www.factsabouttalc.com, www.factsaboutourprescriptionopioids.com, and www.LTLManagementInformation.com.

Regulatory

Janssen Receives Positive CHMP Opinion for AKEEGA (Niraparib and Abiraterone Acetate Dual Action Tablet) Plus Prednisone or Prednisolone for the Treatment of Adult Patients with BRCA1/2 Gene-Mutated Metastatic Castration Resistant Prostate Cancer

Press Release

Janssen Submits New Drug Application to the U.S. Food and Drug Administration Seeking Approval of Niraparib and Abiraterone Acetate Dual-Action Tablet, Plus Prednisone, as a First-Line Targeted Treatment for Patients with Metastatic Castration-Resistant Prostate Cancer with BRCA Gene Mutations

Press Release

Data Release

Janssen Announces Unblinding of Phase 3 CARTITUDE-4 Study of CARVYKTI (cilta-cel) as Primary Endpoint Met in Treatment of Patients with Relapsed and Refractory Multiple Myeloma

Press Release

Late Breaking Data on Pulmonary Vein Isolation with HELIOSTAR Balloon Ablation Catheter Presented at AF Symposium 2023

Press Release

First Look at Data on Biosense Webster’s Investigational Pulsed Field Ablation Platform Presented at AF Symposium 2023

Press Release

Janssen Reports Positive Topline Phase 2 Results for Nipocalimab in Pregnant Individuals at High Risk for Severe Hemolytic Disease of the Fetus and Newborn (HDFN)

Press Release

Janssen Data at ASCO GU Support Ambition to Transform Treatment of Prostate and Bladder Cancer Through Precision Medicine and Early Intervention

Press Release

TREMFYA (guselkumab) Demonstrates a Differentiated Binding Mechanism from Risankizumab in In Vitro Studies

Press Release

New STELARA (ustekinumab) Long-Term Data Support its Established Safety Profile in Inflammatory Bowel Disease and Durable Efficacy in Ulcerative Colitis

Press Release

Late-Breaking Phase 3 A DUE Data Show Investigational Single Tablet Combination Therapy of Macitentan and Tadalafil Significantly Improves Pulmonary Hemodynamics versus Monotherapy in Patients with Pulmonary Arterial Hypertension (PAH)

Press Release

TREMFYA (guselkumab) Real-World Data Analyses Show Greater Treatment Persistence Than IL-17s in Both Bio-naïve and Bio-experienced Patients Living With Moderate to Severe Plaque Psoriasis

Press Release

New RYBREVANT (amivantamab-vmjw) Data Showed Long-Term Clinical Response and Safety in Patients with Advanced Non-Small Cell Lung Cancer with EGFR Exon 20 Insertion Mutations Who Have Failed Prior Platinum-Based Chemotherapy

Press Release

Other

Johnson & Johnson Subsidiary LTL Management LLC (“LTL”) Re-Files for Voluntary Chapter 11 to Equitably Resolve All Current and Future Talc Claims1

Press Release

Johnson & Johnson Appoints Dr. John Reed as Executive Vice President, Pharmaceuticals, R&D

Press Release

Johnson & Johnson Names Dr. Paula A. Johnson, President of Wellesley College, to its Board of Directors

Press Release

Johnson & Johnson Announces Pricing of $7.75 Billion of Senior Notes Issued by Kenvue Inc.

Press Release

Janssen Provides Portfolio Update

Press Release

ERLEADA (apalutamide), First-and-Only Next-Generation Androgen Receptor Inhibitor with Once-Daily, Single-Tablet Option, Now Available in the U.S.1

Press Release

1 Subsequent to the quarter

FULL-YEAR 2023 GUIDANCE:

Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson's results computed in accordance with GAAP.

($ in Billions, except EPS)

April 2023

January 2023

Adjusted Operational Sales1,2,5

Change vs. Prior Year / Mid-point

4.5% – 5.5% / 5.0%

3.5% – 4.5% / 4.0%

Operational Sales2,5/ Mid-point2,5

Change vs. Prior Year / Mid-point

$97.9B – $98.9B / $98.4B

5.5% – 6.5% / 6.0%

$96.9B – $97.9B / $97.4B

4.5% – 5.5% / 5.0%

Estimated Reported Sales3,5/ Mid-point3,5

Change vs. Prior Year / Mid-point

$97.9B – $98.9B / $98.4B

5.5% – 6.5% / 6.0%

$96.9B – $97.9B / $97.4B

4.5% – 5.5% / 5.0%

 

 

 

Adjusted Operational EPS (Diluted)2,4/ Mid-point2,4

Change vs. Prior Year / Mid-point

$10.50 – $10.60 / $10.55

3.5% – 4.5% / 4.0%

$10.40 – $10.60 / $10.50

2.5% – 4.5% / 3.5%

Adjusted EPS (Diluted)3,4 / Mid-point3,4

Change vs. Prior Year / Mid-point

$10.60 – $10.70 / $10.65

4.5% – 5.5% / 5.0%

$10.45 – $10.65 / $10.55

3.0% – 5.0% / 4.0%

1

Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures

2

Non-GAAP financial measure; excludes the impact of translational currency

3

Calculated using Euro Average Rate: January 2023 = $1.08 and April 2023 = $1.10 (Illustrative purposes only)

4

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

5

Excludes COVID-19 Vaccine

Note: percentages may have been rounded

Other modeling considerations will be provided on the webcast.

WEBCAST INFORMATION:

Johnson & Johnson will conduct a conference call with investors to discuss this earnings release today at 8:30 a.m., Eastern Time. A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Johnson & Johnson website. A replay and podcast will be available approximately two hours after the live webcast in the Investors section of the company's website at events-and-presentations.

ABOUT JOHNSON & JOHNSON:

At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That’s why for more than 135 years, we have aimed to keep people well at every age and every stage of life. Today, as the world’s largest, most diversified healthcare products company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity.

NON-GAAP FINANCIAL MEASURES:

* “Operational sales growth” excluding the impact of translational currency, “adjusted operational sales growth” excluding the net impact of acquisitions and divestitures and translational currency, as well as “adjusted net earnings”, “adjusted diluted earnings per share” and “adjusted operational diluted earnings per share” excluding after-tax intangible amortization expense and special items, are non-GAAP financial measures and should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Except for guidance measures, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying financial schedules of the earnings release and the Investors section of the company's website at quarterly results.

Copies of the financial schedules accompanying this earnings release are available on the company’s website at quarterly results. These schedules include supplementary sales data, a condensed consolidated statement of earnings, reconciliations of non-GAAP financial measures, and sales of key products/franchises. Additional information on Johnson & Johnson, including adjusted income before tax by segment, a pharmaceutical pipeline of selected compounds in late stage development and a copy of today’s earnings call presentation can also be found in the Investors section of the company's website at quarterly results.

NOTE TO INVESTORS CONCERNING FORWARD-LOOKING STATEMENTS:

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: future operating and financial performance, product development, market position and business strategy, and the anticipated separation of the Company’s Consumer Health business. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the company to successfully execute strategic plans, including restructuring plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies; the Company’s ability to satisfy the necessary conditions to consummate the separation of the Company’s Consumer Health business on a timely basis or at all; the Company’s ability to successfully separate the Company’s Consumer Health business and realize the anticipated benefits from the separation; and the New Consumer Health Company’s ability to succeed as a standalone publicly traded company. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended January 1, 2023, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in Johnson & Johnson’s subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.

Johnson & Johnson and Subsidiaries
Supplementary Sales Data
 
(Unaudited; Dollars in Millions)

FIRST QUARTER

 

 

 

 

Percent Change

2023

 

2022

 

Total

 

Operations

 

Currency

Sales to customers by

 

 

 

 

 

 

 

 

 

segment of business
 
Consumer Health
U.S.

$

1,735

1,557

11.4

 

%

11.4

-

 

International

 

2,117

2,029

4.4

 

11.3

(6.9

)

 

3,852

3,586

7.4

 

11.3

(3.9

)

 
Pharmaceutical (1)
U.S.

 

7,023

6,632

5.9

 

5.9

-

 

International

 

6,390

6,237

2.4

 

8.6

(6.2

)

 

13,413

12,869

4.2

 

7.2

(3.0

)

 
Pharmaceutical excluding COVID-19 Vaccine (1)
U.S.

 

7,023

6,557

7.1

 

7.1

-

 

International

 

5,643

5,855

(3.6

)

2.4

(6.0

)

 

12,666

12,412

2.0

 

4.9

(2.9

)

 
MedTech (1)
U.S.

 

3,759

3,225

16.6

 

16.6

-

 

International

 

3,722

3,746

(0.6

)

6.2

(6.8

)

 

7,481

6,971

7.3

 

11.0

(3.7

)

 
U.S.

 

12,517

11,414

9.7

 

9.7

-

 

International

 

12,229

12,012

1.8

 

8.3

(6.5

)

Worldwide

 

24,746

23,426

5.6

 

9.0

(3.4

)

 
U.S.

 

12,517

11,339

10.4

 

10.4

-

 

International

 

11,482

11,630

(1.3

)

5.2

(6.5

)

Worldwide excluding COVID-19 Vaccine (1)

$

23,999

22,969

4.5

 

%

7.7

(3.2

)

 
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
 
(1) Refer to supplemental sales reconciliation schedule
Johnson & Johnson and Subsidiaries
Supplementary Sales Data
 
(Unaudited; Dollars in Millions)

FIRST QUARTER

 

 

 

 

Percent Change

2023

 

2022

 

Total

 

Operations

 

Currency

Sales to customers by
geographic area
 
U.S.

$

12,517

11,414

9.7

 

%

9.7

-

 

 
Europe

 

6,332

6,024

5.1

 

10.0

(4.9

)

Western Hemisphere excluding U.S.

 

1,587

1,482

7.1

 

14.3

(7.2

)

Asia-Pacific, Africa

 

4,310

4,506

(4.3

)

4.1

(8.4

)

International

 

12,229

12,012

1.8

 

8.3

(6.5

)

 
Worldwide

$

24,746

23,426

5.6

 

%

9.0

(3.4

)

 
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
 
(Unaudited; in Millions Except Per Share Figures)

FIRST QUARTER

 

 

 

 

 

 

 

 

 

2023

 

2022

 

Percent

 

 

Percent

 

 

 

Percent

 

Increase

Amount

 

to Sales

 

Amount

 

to Sales

 

(Decrease)

Sales to customers

$

24,746

 

100.0

 

$

23,426

 

100.0

 

5.6

 

Cost of products sold

 

8,395

 

33.9

 

 

7,598

 

32.4

 

10.5

 

Gross Profit

 

16,351

 

66.1

 

 

15,828

 

67.6

 

3.3

 

Selling, marketing and administrative expenses

 

6,138

 

24.8

 

 

5,938

 

25.4

 

3.4

 

Research and development expense

 

3,563

 

14.4

 

 

3,462

 

14.8

 

2.9

 

In-process research and development

 

49

 

0.2

 

 

610

 

2.6

 

Interest (income) expense, net

 

(20

)

(0.1

)

 

(12

)

(0.1

)

Other (income) expense, net

 

7,228

 

29.2

 

 

(102

)

(0.4

)

Restructuring

 

130

 

0.6

 

 

70

 

0.3

 

Earnings/(Loss) before provision for taxes on income

 

(737

)

(3.0

)

 

5,862

 

25.0

 

(112.6

)

Provision for/(Benefit from) taxes on income

 

(669

)

(2.7

)

 

713

 

3.0

 

(193.8

)

Net earnings/(Loss)

$

(68

)

(0.3

)

$

5,149

 

22.0

 

(101.3

)

 
Net earnings/(Loss) per share (Basic/Diluted)*

$

(0.03

)

$

1.93

 

(101.6

)

 
Average shares outstanding (Basic/Diluted)*

 

2,605.5

 

 

2,666.5

 

 
Effective tax rate

 

90.8

 

%

 

12.2

 

%

 
Adjusted earnings before provision for taxes and net earnings (1)
Earnings before provision for taxes on income

$

8,468

 

34.2

 

$

8,218

 

35.1

 

3.0

 

Net earnings

$

7,068

 

28.6

 

$

7,129

 

30.4

 

(0.9

)

Net earnings per share (Diluted)

$

2.68

 

$

2.67

 

0.4

 

Average shares outstanding (Diluted)**

 

2,634.3

 

 

2,666.5

 

Effective tax rate

 

16.5

 

%

 

13.3

 

%

 
* Basic shares are used to calculate loss per share as use of diluted shares when in a loss position would be anti-dilutive.
 
** Difference of 28.8 shares due to anti-dilutive impact on net loss position.
 
(1) See Reconciliation of Non-GAAP Financial Measures.
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
 

First Quarter

(Dollars in Millions Except Per Share Data)

2023

 

2022

Net Earnings/(Loss), after tax- as reported

($68

)

$5,149

 

 
Pre-tax Adjustments
Litigation expense

6,900

 

-

 

Intangible Asset Amortization expense

1,204

 

1,108

 

COVID-19 Vaccine related costs1

444

 

-

 

Consumer Health separation costs

300

 

102

 

Restructuring related2

130

 

72

 

(Gains)/losses on securities

72

 

411

 

Medical Device Regulation3

64

 

60

 

IPR&D

49

 

610

 

Acquisition, integration and divestiture related

42

 

-

 

Other

-

 

(7

)

 
Tax Adjustments
Tax impact on special item adjustments 4

(2,057

)

(393

)

Consumer Health separation tax related costs

11

 

96

 

Tax legislation and other tax related

(23

)

(79

)

Adjusted Net Earnings, after tax

$7,068

 

$7,129

 

Average shares outstanding (Diluted)

2,634.3

 

2,666.5

 

Adjusted net earnings per share (Diluted)

$2.68

 

$2.67

 

Operational adjusted net earnings per share (Diluted)

$2.75

 

 
Notes:

1

COVID-19 Vaccine related costs include remaining commitments and obligations, including external manufacturing network exit costs and required clinical trial expenses, associated with the Company's completion of its COVID-19 vaccine contractual commitments.
 

2

In the first quarter of 2023, the company completed a prioritization of its research and development (R&D) investment within the Pharmaceutical segment to focus on the most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, HIV and hepatitis. The restructuring expenses of $130 million in the quarter include the termination of partnered and non-partnered program costs and asset impairments.
 

3

European Medical Device Regulation (MDR) costs represent one-time compliance costs for the Company’s previously registered products. MDR is a replacement of the existing European Medical Devices Directive regulatory framework, and manufacturers of currently marketed medical devices were required to comply with EU MDR beginning in May 2021. The Company considers the adoption of EU MDR to be a significant one-time regulatory change and is not indicative of on-going operations. The Company has excluded only external third-party regulatory and consulting costs from its MedTech operating segments' measures of profit and loss used for making operating decisions and assessing performance which is expected to be completed during 2024.
 

4

The tax impact related to special item adjustments reflects the current and deferred income taxes associated with the above pre-tax special items in arriving at adjusted earnings.
 
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
 
Adjusted Operational Sales Growth
FIRST QUARTER 2023 ACTUAL vs. 2022 ACTUAL
Segments
 
Consumer Health Pharmaceutical MedTech Total
 
WW As Reported

7.4

%

4.2

%

7.3

%

5.6

%

U.S.

11.4

%

5.9

%

16.6

%

9.7

%

International

4.4

%

2.4

%

(0.6

)%

1.8

%

 
WW Currency

(3.9

)

(3.0

)

(3.7

)

(3.4

)

U.S.

-

 

-

 

-

 

-

 

International

(6.9

)

(6.2

)

(6.8

)

(6.5

)

 
WW Operational

11.3

%

7.2

%

11.0

%

9.0

%

U.S.

11.4

%

5.9

%

16.6

%

9.7

%

International

11.3

%

8.6

%

6.2

%

8.3

%

 
Abiomed

(4.6

)

(1.4

)

U.S.

(8.2

)

(2.3

)

International

(1.6

)

(0.5

)

 
All Other Acquisitions and Divestitures

0.0

 

0.0

 

0.0

 

0.0

 

U.S.

0.0

 

0.0

 

0.0

 

0.0

 

International

0.0

 

0.2

 

0.0

 

0.1

 

 
WW Adjusted Operational

11.3

%

7.2

%

6.4

%

7.6

%

U.S.

11.4

%

5.9

%

8.4

%

7.4

%

International

11.3

%

8.8

%

4.6

%

7.9

%

 
Note: Percentages are based on actual, non-rounded figures and may not sum
REPORTED SALES vs. PRIOR PERIOD ($MM)
FIRST QUARTER
% Change

2023

 

2022

Reported

Operational (1)

Currency

CONSUMER HEALTH SEGMENT (2)
OTC
US

$

745

670

11.0

%

11.0

%

-

 

Intl

 

897

791

13.5

%

19.8

%

-6.3

%

WW

 

1,642

1,461

12.4

%

15.8

%

-3.4

%

SKIN HEALTH / BEAUTY
US

 

617

544

13.4

%

13.4

%

-

 

Intl

 

493

468

5.3

%

12.6

%

-7.3

%

WW

 

1,110

1,012

9.7

%

13.1

%

-3.4

%

ORAL CARE
US

 

159

143

11.6

%

11.6

%

-

 

Intl

 

202

223

-9.6

%

-4.0

%

-5.6

%

WW

 

361

366

-1.3

%

2.1

%

-3.4

%

BABY CARE
US

 

96

85

13.0

%

13.0

%

-

 

Intl

 

263

270

-2.8

%

4.5

%

-7.3

%

WW

 

359

355

1.0

%

6.5

%

-5.5

%

WOMEN'S HEALTH
US

 

3

3

1.8

%

1.8

%

-

 

Intl

 

214

224

-4.9

%

4.1

%

-9.0

%

WW

 

217

228

-4.8

%

4.1

%

-8.9

%

WOUND CARE / OTHER
US

 

115

112

2.6

%

2.6

%

-

 

Intl

 

49

52

-6.0

%

2.3

%

-8.3

%

WW

 

164

164

-0.1

%

2.5

%

-2.6

%

 
TOTAL CONSUMER HEALTH
US

 

1,735

1,557

11.4

%

11.4

%

-

 

Intl

 

2,117

2,029

4.4

%

11.3

%

-6.9

%

WW

$

3,852

3,586

7.4

%

11.3

%

-3.9

%

 
 
See footnotes at end of schedule         
REPORTED SALES vs. PRIOR PERIOD ($MM)
FIRST QUARTER
% Change
PHARMACEUTICAL SEGMENT (2,3)

2023

 

2022

 

Reported

 

Operational (1)

 

Currency

 
IMMUNOLOGY
US

$

2,448

2,501

-2.1

%

-2.1

%

-

 

Intl

 

1,664

1,617

2.9

%

9.7

%

-6.8

%

WW

 

4,112

4,119

-0.2

%

2.5

%

-2.7

%

REMICADE
US

 

276

358

-22.8

%

-22.8

%

-

 

US Exports (4)

 

41

80

-48.8

%

-48.8

%

-

 

Intl

 

170

225

-24.4

%

-20.0

%

-4.4

%

WW

 

487

663

-26.5

%

-25.0

%

-1.5

%

SIMPONI / SIMPONI ARIA
US

 

271

287

-5.6

%

-5.6

%

-

 

Intl

 

266

283

-6.1

%

1.8

%

-7.9

%

WW

 

537

571

-5.8

%

-1.9

%

-3.9

%

STELARA
US

 

1,451

1,379

5.2

%

5.2

%

-

 

Intl

 

993

909

9.3

%

16.2

%

-6.9

%

WW

 

2,444

2,288

6.8

%

9.6

%

-2.8

%

TREMFYA
US

 

406

391

3.9

%

3.9

%

-

 

Intl

 

234

199

17.3

%

24.9

%

-7.6

%

WW

 

640

590

8.4

%

11.0

%

-2.6

%

OTHER IMMUNOLOGY
US

 

3

6

-51.2

%

-51.2

%

-

 

Intl

 

0

0

-

 

-

 

-

 

WW

 

3

6

-51.3

%

-51.3

%

0.0

%

INFECTIOUS DISEASES
US

 

392

461

-14.9

%

-14.9

%

-

 

Intl

 

1,193

836

42.8

%

49.2

%

-6.4

%

WW

 

1,586

1,297

22.3

%

26.4

%

-4.1

%

COVID-19 VACCINE
US

 

0

75

* *

-

 

Intl

 

747

382

95.6

%

*

-8.9

%

WW

 

747

457

63.4

%

70.8

%

-7.4

%

EDURANT / rilpivirine
US

 

9

9

-1.4

%

-1.4

%

-

 

Intl

 

271

239

13.4

%

18.7

%

-5.3

%

WW

 

280

248

12.8

%

18.0

%

-5.2

%

PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US

 

378

369

2.5

%

2.5

%

-

 

Intl

 

99

132

-25.2

%

-21.2

%

-4.0

%

WW

 

477

501

-4.8

%

-3.7

%

-1.1

%

OTHER INFECTIOUS DISEASES
US

 

5

8

-33.1

%

-33.1

%

-

 

Intl

 

77

83

-7.6

%

-5.6

%

-2.0

%

WW

 

82

91

-9.8

%

-8.0

%

-1.8

%

 
REPORTED SALES vs. PRIOR PERIOD ($MM)

FIRST QUARTER

 

 

 

 

 

% Change

2023

2022

Reported Operational (1)

Currency

NEUROSCIENCE
US

978

843

16.0

%

16.0

%

-

 

Intl

826

898

-8.1

%

-3.1

%

-5.0

%

WW

1,804

1,741

3.6

%

6.1

%

-2.5

%

CONCERTA / Methylphenidate
US

70

35

* *

-

 

Intl

136

122

11.4

%

20.2

%

-8.8

%

WW

206

157

31.4

%

38.2

%

-6.8

%

INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
US

713

661

7.9

%

7.9

%

-

 

Intl

331

387

-14.6

%

-8.9

%

-5.7

%

WW

1,044

1,048

-0.4

%

1.7

%

-2.1

%

SPRAVATO
US

111

61

82.4

%

82.4

%

-

 

Intl

20

9

* * *
WW

131

70

86.9

%

88.0

%

-1.1

%

OTHER NEUROSCIENCE
US

84

86

-3.5

%

-3.5

%

-

 

Intl

339

380

-10.7

%

-7.6

%

-3.1

%

WW

423

467

-9.4

%

-6.9

%

-2.5

%

ONCOLOGY
US

1,889

1,582

19.4

%

19.4

%

-

 

Intl

2,223

2,369

-6.1

%

-0.1

%

-6.0

%

WW

4,112

3,950

4.1

%

7.7

%

-3.6

%

CARVYKTI
US

70

-

* *

-

 

Intl

2

-

* *

-

 

WW

72

-

* *

-

 

DARZALEX
US

1,191

953

25.0

%

25.0

%

-

 

Intl

1,072

903

18.8

%

26.4

%

-7.6

%

WW

2,264

1,856

22.0

%

25.7

%

-3.7

%

ERLEADA
US

249

206

21.2

%

21.2

%

-

 

Intl

293

194

50.9

%

60.7

%

-9.8

%

WW

542

400

35.6

%

40.3

%

-4.7

%

IMBRUVICA
US

270

370

-27.1

%

-27.1

%

-

 

Intl

557

668

-16.6

%

-11.7

%

-4.9

%

WW

827

1,038

-20.3

%

-17.2

%

-3.1

%

ZYTIGA / abiraterone acetate
US

16

19

-14.0

%

-14.0

%

-

 

Intl

229

520

-56.0

%

-52.2

%

-3.8

%

WW

245

539

-54.5

%

-50.9

%

-3.6

%

OTHER ONCOLOGY
US

92

34

* *

-

 

Intl

70

84

-17.2

%

-12.1

%

-5.1

%

WW

162

118

37.4

%

41.0

%

-3.6

%

 
REPORTED SALES vs. PRIOR PERIOD ($MM)
FIRST QUARTER
% Change

2023

2022

 

Reported

 

Operational (1)

 

Currency

PULMONARY HYPERTENSION
US

 

600

572

4.9

%

4.9

%

-

 

Intl

 

272

279

-2.7

%

5.3

%

-8.0

%

WW

 

872

852

2.4

%

5.0

%

-2.6

%

OPSUMIT
US

 

273

273

-0.1

%

-0.1

%

-

 

Intl

 

167

170

-1.6

%

6.1

%

-7.7

%

WW

 

440

443

-0.7

%

2.3

%

-3.0

%

UPTRAVI
US

 

304

269

13.1

%

13.1

%

-

 

Intl

 

58

56

3.3

%

9.4

%

-6.1

%

WW

 

362

325

11.4

%

12.4

%

-1.0

%

OTHER PULMONARY HYPERTENSION
US

 

23

30

-22.4

%

-22.4

%

-

 

Intl

 

47

53

-12.6

%

-1.8

%

-10.8

%

WW

 

70

83

-16.1

%

-9.3

%

-6.8

%

CARDIOVASCULAR / METABOLISM / OTHER
US

 

715

672

6.3

%

6.3

%

-

 

Intl

 

212

238

-10.8

%

-6.3

%

-4.5

%

WW

 

927

910

1.8

%

3.0

%

-1.2

%

XARELTO
US

 

578

508

13.7

%

13.7

%

-

 

Intl

 

-

-

-

 

-

 

-

 

WW

 

578

508

13.7

%

13.7

%

-

 

OTHER
US

 

137

164

-16.7

%

-16.7

%

-

 

Intl

 

212

238

-10.8

%

-6.3

%

-4.5

%

WW

 

349

402

-13.2

%

-10.5

%

-2.7

%

 
TOTAL PHARMACEUTICAL
US

 

7,023

6,632

5.9

%

5.9

%

-

 

Intl

 

6,390

6,237

2.4

%

8.6

%

-6.2

%

WW

$

13,413

12,869

4.2

%

7.2

%

-3.0

%

 
See footnotes at end of schedule
REPORTED SALES vs. PRIOR PERIOD ($MM)
FIRST QUARTER

 

 

 

 

% Change

MEDTECH SEGMENT (2,3)

2023

2022

 

Reported

 

Operational (1)

 

Currency

 
INTERVENTIONAL SOLUTIONS
US

$

863

494

74.5

%

74.5

%

-

 

Intl

 

640

597

7.1

%

14.9

%

-7.8

%

WW

 

1,503

1,092

37.6

%

41.9

%

-4.3

%

ELECTROPHYSIOLOGY
US

 

571

470

21.4

%

21.4

%

-

 

Intl

 

522

532

-1.8

%

6.1

%

-7.9

%

WW

 

1,092

1,002

9.1

%

13.3

%

-4.2

%

ABIOMED
US

 

264

-

* *

-

 

Intl

 

60

-

* *

-

 

WW

 

324

-

* *

-

 

OTHER INTERVENTIONAL SOLUTIONS
US

 

28

24

17.4

%

17.4

%

-

 

Intl

 

58

65

-11.7

%

-5.0

%

-6.7

%

WW

 

87

90

-3.9

%

1.1

%

-5.0

%

ORTHOPAEDICS
US

 

1,363

1,289

5.8

%

5.8

%

-

 

Intl

 

881

899

-2.0

%

4.0

%

-6.0

%

WW

 

2,245

2,188

2.6

%

5.1

%

-2.5

%

HIPS
US

 

241

225

7.3

%

7.3

%

-

 

Intl

 

149

164

-9.0

%

-3.6

%

-5.4

%

WW

 

390

389

0.4

%

2.7

%

-2.3

%

KNEES
US

 

226

201

12.4

%

12.4

%

-

 

Intl

 

142

138

3.4

%

9.6

%

-6.2

%

WW

 

368

339

8.7

%

11.3

%

-2.6

%

TRAUMA
US

 

491

475

3.2

%

3.2

%

-

 

Intl

 

267

273

-2.4

%

3.6

%

-6.0

%

WW

 

757

748

1.2

%

3.4

%

-2.2

%

SPINE, SPORTS & OTHER
US

 

406

387

4.7

%

4.7

%

-

 

Intl

 

323

324

-0.3

%

5.9

%

-6.2

%

WW

 

729

712

2.4

%

5.2

%

-2.8

%

 
 
REPORTED SALES vs. PRIOR PERIOD ($MM)
FIRST QUARTER

 

 

 

 

% Change

2023

2022

 

Reported

 

Operational (1)

 

Currency

SURGERY
US

 

975

921

5.9

%

5.9

%

-

 

Intl

 

1,459

1,513

-3.6

%

3.1

%

-6.7

%

WW

 

2,434

2,434

0.0

%

4.1

%

-4.1

%

ADVANCED
US

 

444

417

6.5

%

6.5

%

-

 

Intl

 

673

729

-7.6

%

-1.1

%

-6.5

%

WW

 

1,118

1,146

-2.5

%

1.6

%

-4.1

%

GENERAL
US

 

531

504

5.4

%

5.4

%

-

 

Intl

 

785

784

0.2

%

7.0

%

-6.8

%

WW

 

1,316

1,288

2.2

%

6.4

%

-4.2

%

VISION
US

 

558

521

7.1

%

7.1

%

-

 

Intl

 

743

736

0.8

%

8.0

%

-7.2

%

WW

 

1,300

1,257

3.4

%

7.6

%

-4.2

%

CONTACT LENSES / OTHER 
US

 

444

400

11.1

%

11.1

%

-

 

Intl

 

509

511

-0.3

%

7.9

%

-8.2

%

WW

 

953

910

4.7

%

9.3

%

-4.6

%

SURGICAL
US

 

114

121

-6.0

%

-6.0

%

-

 

Intl

 

233

226

3.3

%

8.0

%

-4.7

%

WW

 

347

347

0.1

%

3.1

%

-3.0

%

 
TOTAL MEDTECH
US

 

3,759

3,225

16.6

%

16.6

%

-

 

Intl

 

3,722

3,746

-0.6

%

6.2

%

-6.8

%

WW

$

7,481

6,971

7.3

%

11.0

%

-3.7

%

 
 
Note: Columns and rows within tables may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely
 
* Percentage greater than 100% or not meaningful
(1) Operational growth excludes the effect of translational currency
(2) Unaudited
(3) Certain prior year amounts have been reclassified to conform to current year product disclosures; refer to supplemental sales schedules
(4) Reported as U.S. sales
Supplemental Sales Reconciliation (Unaudited)
(Dollars in Millions)
 
FIRST QUARTER
Percent Change

2023

 

2022

 

Total

Operations

 

Currency

 
Pharmaceutical
U.S.

$

7,023

6,632

5.9

 

%

5.9

-

 

International

 

6,390

6,237

2.4

 

8.6

(6.2

)

Worldwide

 

13,413

12,869

4.2

 

7.2

(3.0

)

 
COVID-19 Vaccine
U.S.

 

0

75

* *

-

 

International

 

747

382

95.6

 

*

(8.9

)

Worldwide

 

747

457

63.4

 

70.8

(7.4

)

 
Pharmaceutical excluding COVID-19 Vaccine
U.S.

 

7,023

6,557

7.1

 

7.1

-

 

International

 

5,643

5,855

(3.6

)

2.4

(6.0

)

Worldwide

 

12,666

12,412

2.0

 

4.9

(2.9

)

 
Worldwide
U.S.

 

12,517

11,414

9.7

 

9.7

-

 

International

 

12,229

12,012

1.8

 

8.3

(6.5

)

Worldwide

 

24,746

23,426

5.6

 

9.0

(3.4

)

 
COVID-19 Vaccine
U.S.

 

0

75

* *

-

 

International

 

747

382

95.6

 

*

(8.9

)

Worldwide

 

747

457

63.4

 

70.8

(7.4

)

 
Worldwide
U.S.

 

12,517

11,339

10.4

 

10.4

-

 

International

 

11,482

11,630

(1.3

)

5.2

(6.5

)

Worldwide excluding COVID-19 Vaccine

$

23,999

22,969

4.5

 

%

7.7

(3.2

)

 
Note: Columns and rows within tables may not add due to rounding
* Percentage greater than 100% or not meaningful
 
Supplemental Sales Information
(Dollars in Millions)
Certain prior year amounts have been reclassified to
conform to current year product disclosures

2021

 

2022

 

2022

 
Full Year Q1 Q2 Q3 Q4 Full Year
PHARMACEUTICAL SEGMENT (1)
 
NEUROSCIENCE
SPRAVATO
US

198

61

74

88

105

328

INTL

26

9

11

12

14

46

WW

224

70

85

100

119

374

 
OTHER NEUROSCIENCE (2)
US

427

86

93

106

91

376

INTL

1,647

380

341

286

351

1,358

WW

2,074

467

433

393

442

1,734

 
ONCOLOGY
CARVYKTI
US

-

-

24

55

54

133

INTL

-

-

-

-

-

-

WW

-

-

24

55

54

133

 
OTHER ONCOLOGY
US

110

34

33

37

52

156

INTL

458

84

72

64

63

283

WW

568

118

106

100

114

438

 
CARDIOVASCULAR / METABOLISM / OTHER
OTHER (3)
US

754

164

148

147

110

569

INTL

927

238

215

198

194

845

WW

1,682

402

363

345

304

1,414

 
MEDTECH SEGMENT (1)
 
INTERVENTIONAL SOLUTIONS
ELECTROPHYSIOLOGY
US

1,730

470

499

520

547

2,036

INTL

1,893

532

469

453

447

1,901

WW

3,623

1,002

968

973

994

3,937

 
ABIOMED (4)
US

-

-

-

-

31

31

INTL

-

-

-

-

-

-

WW

-

-

-

-

31

31

 
OTHER INTERVENTIONAL SOLUTIONS
US

106

24

26

27

25

102

INTL

242

65

56

60

48

230

WW

348

90

81

87

73

332

 
 
Note: Columns and rows within tables may not add due to rounding
 
(1) Unaudited
(2) Other Neuroscience is inclusive of RISPERDAL CONSTA, which was previously disclosed separately
(3) Other is inclusive of INVOKANA, which was previously disclosed separately
(4) Acquired on December 22, 2022
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Q1 YTD - Income Before Tax by Segment
Dollars in Millions

Consumer Health

Separation Costs

Consumer Health

 

Pharmaceutical

 

MedTech

 

Unallocated

 

 

Worldwide Total

2023

2022

2023

2022

2023

2022

 

2023

2022

 

2023

2022

 

2023

2022

 
Reported Income Before Tax by Segment $

776

686

4,444

3,924

1,445

1,477

(7,102)

(123)

(300)

(102)

(737)

5,862

% to Sales

20.1%

19.1%

33.1%

30.5%

19.3%

21.2%

-28.7%

-0.5%

-1.2%

-0.4%

-3.0%

25.0%

 
Intangible asset amortization expense

82

94

739

760

383

254

-

-

1,204

1,108

 
In-process research and development

-

610

49

-

-

-

49

610

 
Litigation related

6,900

-

-

6,900

-

 
COVID-19 Vaccine related costs

-

-

444

-

-

-

-

-

-

-

444

-

 
Loss/(gain) on securities

-

38

394

34

17

-

-

72

411

 
Restructuring related

14

130

(14)

72

-

-

130

72

 
Acquisition, integration and divestiture related

-

-

42

-

-

-

42

-

 
Medical Device Regulation

-

-

64

60

-

-

64

60

 
Consumer Health separation costs

-

-

-

-

300

102

300

102

 
Other

-

-

-

(7)

-

-

(7)

 
Adjusted Income Before Tax by Segment $

858

794

5,795

5,674

2,017

1,880

(202)

(130)

-

-

8,468

8,218

% to Sales

22.3%

22.1%

43.2%

44.1%

27.0%

27.0%

-0.8%

-0.6%

0.0%

0.0%

34.2%

35.1%

Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
 
 
 

First Quarter

April 2, 2023

GAAP

 

Intangible asset

amortization

 

Litigation

related

 

In-process

research and

development

 

Restructuring

related

 

Acquisition, integration

and divestiture

related

 

(Loss)/gain on

securities

 

Medical Device

Regulation

 

COVID-19 Vaccine

Related Costs

 

Consumer Health

separation costs

 

Consumer Health

separation tax

related costs

 

Tax legislation

and other tax

related

 

Other

 

First Quarter

April 2, 2023

Non-GAAP

Cost of products sold

$

8,395

 

(1,200

)

-

 

(23

)

(206

)

(12

)

6,954

 

Selling, marketing and admin expenses

 

6,138

 

(7

)

(38

)

6,093

 

Research and development expense

 

3,563

 

(16

)

(34

)

(16

)

(2

)

3,495

 

Other (Income) / Expense

 

7,228

 

(4

)

(6,900

)

-

 

(26

)

(72

)

(222

)

(285

)

-

 

(281

)

In-process research and development

 

49

 

(49

)

-

 

Interest (Income) / Expense

 

(20

)

37

 

17

 

Restructuring

 

130

 

(130

)

-

 

Provision for/(Benefit from) taxes on income

 

(669

)

194

 

1,622

 

11

 

32

 

5

 

16

 

12

 

105

 

60

 

(11

)

23

 

-

 

1,400

 

Net Earnings/(Loss)

 

(68

)

1,010

 

5,278

 

38

 

98

 

37

 

56

 

52

 

339

 

240

 

11

 

(23

)

-

 

7,068

 

 
 

First Quarter

April 3, 2022

GAAP

 

Intangible asset

amortization

 

Litigation

related

 

In-process

research and

development

 

Restructuring

related

 

Acquisition, integration

and divestiture

related

 

(Loss)/gain on

securities

 

Medical Device

Regulation

 

COVID-19 Vaccine

Related Costs

 

Consumer Health

separation costs

 

Consumer Health

separation tax

related costs

 

Tax legislation

and other tax

related

 

Other

 

First Quarter

April 3, 2022

Non-GAAP

Cost of products sold

$

7,598

 

(1,108

)

(16

)

(22

)

6,452

 

Selling, marketing and admin expenses

 

5,938

 

(6

)

5,932

 

Research and development expense

 

3,462

 

(32

)

3,430

 

Other (Income) / Expense

 

(102

)

-

 

-

 

14

 

-

 

(411

)

-

 

(102

)

7

 

(594

)

In-process research and development

 

610

 

(610

)

-

 

Restructuring

 

70

 

(70

)

-

 

Provision for taxes on income

 

713

 

168

 

(53

)

138

 

12

 

-

 

96

 

11

 

-

 

23

 

(96

)

79

 

(2

)

1,089

 

Net Earnings

 

5,149

 

940

 

53

 

472

 

60

 

-

 

315

 

49

 

-

 

79

 

96

 

(79

)

(5

)

7,129

 

 

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