• 2024 First-Quarter reported sales growth of 2.3% to $21.4 Billion with operational growth of 3.9%* and adjusted operational growth of 4.0%*
    • Adjusted operational growth excluding COVID-19 Vaccine of 7.7%*
  • 2024 First-Quarter Earnings per share (EPS) increased to $2.20 and adjusted EPS increased to $2.71 or 12.4%*

  • Company increasing the midpoint for Full-Year 2024 operational sales5 and adjusted operational EPS guidance

In the section titled "Full-Year 2024 Guidance", in the table, row titled "Operational Sales2,5/ Mid-point", the numbers for the April 2024 column should read: $88.7B – $89.1B / $88.9B (instead of: $88.7B – $89.1B / $88.0B).

The updated release reads:

JOHNSON & JOHNSON REPORTS Q1 2024 RESULTS

Johnson & Johnson (NYSE: JNJ) today announced results for first-quarter 2024. “Johnson & Johnson’s solid first quarter performance reflects our sharpened focus and the progress in our portfolio and pipeline,” said Joaquin Duato, Chairman and Chief Executive Officer. “Our impact across the full spectrum of healthcare is unique in our industry, and the milestones achieved this quarter reinforce our position as an innovation powerhouse.”

Unless otherwise noted, the financial results and earnings guidance included below reflect the continuing operations of Johnson & Johnson.

Overall Financial Results

 

Q1

($ in Millions, except EPS)

2024

2023

% Change

Reported Sales

$21,383

$20,894

2.3%

Net Earnings/(Loss)

$5,354

($491)

 

EPS (Diluted/Basic)6

$2.20

($0.19)

 
 

Q1

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

2024

2023

% Change

Operational Sales1,2

 

 

3.9%

Adjusted Operational Sales1,3

 

 

4.0%

Adjusted Operational Sales ex. COVID-19 Vaccine1,3

 

 

7.7%

Adjusted Net Earnings1,4

$6,580

$6,340

3.8%

Adjusted EPS (Diluted)1,4

$2.71

$2.41

12.4%

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

Excludes COVID-19 Vaccine

6

Basic shares are used to calculate loss per share in the first quarter of 2023 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)

2024

2023

Reported

Operational1,2

Currency

Adjusted
Operational1,3

U.S.

$11,620

$10,782

7.8%

7.8

-

7.9

International

9,763

10,112

(3.4)

(0.3)

(3.1)

(0.3)

Worldwide

$21,383

$20,894

2.3%

3.9

(1.6)

4.0

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)

2024

2023

Reported

Operational1,2

Currency

Adjusted
Operational1,3

Innovative Medicine

$13,562

$13,413

1.1%

2.5

(1.4)

2.5

MedTech

7,821

7,481

4.5

6.3

(1.8)

6.5

Worldwide

$21,383

$20,894

2.3%

3.9

(1.6)

4.0

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

Values may have been rounded

First Quarter 2024 Segment Commentary:

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

Innovative Medicine

Innovative Medicine worldwide operational sales, excluding the COVID-19 Vaccine, grew 8.3%*. Growth was driven by DARZALEX (daratumumab), ERLEADA (apalutamide), CARVYKTI (ciltacabtagene autoleucel), TECVAYLI (teclistamab-cqyv) and Other Oncology in Oncology, UPTRAVI (selexipag) and OPSUMIT (macitentan) in Pulmonary Hypertension, TREMFYA (guselkumab) in Immunology, and SPRAVATO (esketamine) in Neuroscience. Including the COVID-19 Vaccine, Innovative Medicine worldwide operational sales grew 2.5%*.

MedTech

MedTech worldwide operational sales grew 6.3%* driven primarily by electrophysiology products and Abiomed in Cardiovascular, previously referred to as Interventional Solutions, and wound closure products in General Surgery.

Notable New 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

CARVYKTI is the First and Only BCMA-Targeted Treatment Approved by the U.S. FDA for Patients with Relapsed or Refractory Multiple Myeloma Who Have Received At Least One Prior Line of Therapy1

Press Release

Johnson & Johnson’s nipocalimab granted U.S. FDA Fast Track designation to reduce the risk of fetal neonatal alloimmune thrombocytopenia (FNAIT) in alloimmunized pregnant adults

Press Release

Biosense Webster Submits Application to U.S. FDA Seeking Approval of the VARIPULSE Platform for the Treatment of Paroxysmal Atrial Fibrillation

Press Release

U.S. FDA Approves OPSYNVI (macitentan and tadalafil) as the First and Only Once-Daily Single-Tablet Combination Therapy for Patients with Pulmonary Arterial Hypertension (PAH)

Press Release

U.S. FDA Oncologic Drugs Advisory Committee recommends CARVYKTI (ciltacabtagene autoleucel) for the earlier treatment of patients with relapsed or refractory multiple myeloma

Press Release

Johnson & Johnson submits supplemental Biologics License Application to U.S. FDA seeking approval of TREMFYA (guselkumab) for the treatment of adults with moderately to severely active ulcerative colitis

Press Release

Johnson & Johnson submits application to the European Medicines Agency for DARZALEX (daratumumab)-based quadruplet therapy for the treatment of patients with transplant-eligible, newly diagnosed multiple myeloma

Press Release

RYBREVANT (amivantamab-vmjw) in Combination With Chemotherapy Is the First FDA Approved Therapy for First-line Treatment of Patients With Non-Small Cell Lung Cancer with EGFR Exon 20 Insertion Mutations

Press Release

Janssen Receives Positive CHMP Opinion for CARVYKTI (ciltacabtagene autoleucel; cilta-cel) for Treatment in Earlier Lines of Relapsed and Refractory Multiple Myeloma

Press Release

TECVAYLI (teclistamab-cqyv) biweekly dosing approved by the U.S. FDA for the treatment of patients with relapsed or refractory multiple myeloma

Press Release

Johnson & Johnson’s nipocalimab granted U.S. FDA Breakthrough Therapy Designation for the treatment of individuals at high risk for severe hemolytic disease of the fetus and newborn (HDFN)

Press Release

Johnson & Johnson submits supplemental Biologics License Application to U.S. FDA seeking approval of DARZALEX FASPRO (daratumumab and hyaluronidase-fihj) based regimen for the treatment of patients with transplant-eligible, newly diagnosed multiple myeloma

Press Release

Data Release

Unique molecular properties of nipocalimab enabling differentiated potential in treating generalized myasthenia gravis to be presented at American Academy of Neurology’s 2024 Annual Meeting1

Press Release

Johnson & Johnson to Showcase its Broad Scientific Leadership and Latest Innovations to Combat Cardiovascular Disease at ACC.241

Press Release

RYBREVANT (amivantamab-vmjw) data at ELCC advance Johnson & Johnson’s ambition to transform the standard of care for patients with EGFR-mutated non-small cell lung cancer

Press Release

New data shows JNJ-2113, the first and only investigational targeted oral peptide, maintained skin clearance in moderate-to-severe plaque psoriasis through one year

Press Release

Investigational targeted oral peptide JNJ-2113 demonstrated positive results in moderate-to-severe plaque psoriasis in Phase 2b study published in New England Journal of Medicine

Press Release

Johnson & Johnson reports positive topline results for Nipocalimab from a Phase 3 pivotal study in generalized myasthenia gravis (gMG) and a Phase 2 study in Sj�gren’s Disease (SjD)

Press Release

Johnson & Johnson Highlights Ambition to Transform the Treatment of Prostate Cancer and Bladder Cancer through Data Presentations at ASCO GU

Press Release

Product Launch

Biosense Webster Announces CE Mark approval in Europe for VARIPULSE Pulsed Field Ablation (PFA) Platform

Press Release

Other

Johnson & Johnson to Acquire Shockwave Medical1

Press Release

Johnson & Johnson Completes Acquisition of Ambrx

Press Release

1 Subsequent to the quarter

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.

($ in Billions, except EPS)

April 2024

January 2024

Adjusted Operational Sales1,2,5
 Change vs. Prior Year / Mid-point

5.5% – 6.0% / 5.8%

5.0% – 6.0% / 5.5%

Operational Sales2,5/ Mid-point
Change vs. Prior Year / Mid-point

$88.7B – $89.1B / $88.9B

5.5% – 6.0% / 5.8%

$88.2B – $89.0B / $88.6B

5.0% – 6.0% / 5.5%

Estimated Reported Sales3,5/ Mid-point
Change vs. Prior Year / Mid-point

$88.0B – $88.4B / $88.2B

4.7% – 5.2% / 5.0%

$87.8B – $88.6B / $88.2B

4.5% – 5.5% / 5.0%

 

 

 

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

Change vs. Prior Year / Mid-point

$10.60 – $10.75 / $10.68

6.9% – 8.4% / 7.7%

$10.55 – $10.75 / $10.65

6.4% – 8.4% / 7.4%

Adjusted EPS (Diluted)3,4 / Mid-point
Change vs. Prior Year / Mid-point

$10.57 – $10.72 / $10.65

6.6% – 8.1% / 7.4%

$10.55 – $10.75 / $10.65

6.4% – 8.4% / 7.4%

1

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

2

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

3

Calculated using Euro Average Rate: April 2024 = $1.08 and January 2024 = $1.09 (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 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 https://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; the Company’s ability to realize the anticipated benefits from the separation of Kenvue Inc; and Kenvue’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 December 31, 2023, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in Johnson & Johnson’s subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.

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

FIRST QUARTER

 

 

 

 

Percent Change

2024

 

2023

 

Total

Operations

 

Currency
Sales to customers by
segment of business
 
Innovative Medicine (1)
U.S.

 

7,612

7,023

8.4

 

8.4

 

-

 
International

 

5,950

6,390

(6.9

)

(4.0

)

(2.9

)

 

13,562

13,413

1.1

 

2.5

 

(1.4

)
 
Innovative Medicine excluding COVID-19 Vaccine (1)
U.S.

 

7,612

7,023

8.4

 

8.4

 

-

 
International

 

5,925

5,643

5.0

 

8.3

 

(3.3

)

 

13,537

12,666

6.9

 

8.3

 

(1.4

)
 
MedTech
U.S.

 

4,008

3,759

6.6

 

6.6

 

-

 
International

 

3,813

3,722

2.4

 

6.1

 

(3.7

)

 

7,821

7,481

4.5

 

6.3

 

(1.8

)
 
U.S.

 

11,620

10,782

7.8

 

7.8

 

-

 
International

 

9,763

10,112

(3.4

)

(0.3

)

(3.1

)
Worldwide

 

21,383

20,894

2.3

 

3.9

 

(1.6

)
 
U.S.

 

11,620

10,782

7.8

 

7.8

 

-

 
International

 

9,738

9,365

4.0

 

7.4

 

(3.4

)
Worldwide excluding COVID-19 Vaccine (1)

$

21,358

20,147

6.0

%

7.6

 

(1.6

)
 
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) FIRST QUARTER

 

 

 

 

Percent Change

2024

 

2023

 

Total

 

Operations

 

Currency
Sales to customers by
geographic area
 
U.S.

$

11,620

10,782

7.8

 

%

7.8

 

-

 
 
Europe

 

5,163

5,590

(7.6

)

(7.7

)

0.1

 
Western Hemisphere excluding U.S.

 

1,194

1,076

11.0

 

21.3

 

(10.3

)
Asia-Pacific, Africa

 

3,406

3,446

(1.1

)

5.0

 

(6.1

)
International

 

9,763

10,112

(3.4

)

(0.3

)

(3.1

)
 
Worldwide

$

21,383

20,894

2.3

 

%

3.9

 

(1.6

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

 

 

 

 

Percent Change

2024

 

2023

 

Total

 

Operations

 

Currency
Sales to customers by
geographic area (ex. COVID-19 Vaccine)
 
U.S.*

$

11,620

10,782

7.8

 

%

7.8

 

-

 
 
Europe(1)

 

5,138

4,843

6.1

 

6.0

 

0.1

 
Western Hemisphere excluding U.S.*

 

1,194

1,076

11.0

 

21.3

 

(10.3

)
Asia-Pacific, Africa*

 

3,406

3,446

(1.1

)

5.0

 

(6.1

)
International

 

9,738

9,365

4.0

 

7.4

 

(3.4

)
 
Worldwide

$

21,358

20,147

6.0

 

%

7.6

 

(1.6

)
 
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
 
(1) Refer to supplemental sales information schedules
*No COVID-19 Vaccine sales
 
Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
 
(Unaudited; in Millions Except Per Share Figures) FIRST QUARTER
 

2024

 

2023

 

Percent

 

 

Percent

 

 

 

Percent

 

Increase

Amount

 

to Sales

 

Amount

 

to Sales

 

(Decrease)
Sales to customers

$

21,383

 

100.0

 

$

20,894

 

100.0

 

2.3

 
Cost of products sold

 

6,511

 

30.4

 

 

6,687

 

32.0

 

(2.6

)
Gross Profit

 

14,872

 

69.6

 

 

14,207

 

68.0

 

4.7

 
Selling, marketing and administrative expenses

 

5,257

 

24.6

 

 

4,906

 

23.5

 

7.2

 
Research and development expense

 

3,542

 

16.6

 

 

3,455

 

16.6

 

2.5

 
In-process research and development impairments

 

-

 

-

 

 

49

 

0.2

 
Interest (income) expense, net

 

(209

)

(1.0

)

 

14

 

0.1

 
Other (income) expense, net

 

(322

)

(1.5

)

 

6,940

 

33.2

 
Restructuring

 

164

 

0.8

 

 

130

 

0.6

 
Earnings/(loss) before provision for taxes on income

 

6,440

 

30.1

 

 

(1,287

)

(6.2

)
Provision for/(Benefit from) taxes on income

 

1,086

 

5.1

 

 

(796

)

(3.9

)
Net earnings/(loss) from Continuing Operations

$

5,354

 

25.0

 

$

(491

)

(2.3

)
Net earnings from Discontinued Operations, net of tax

 

-

 

 

423

 
Net earnings/(loss)

$

5,354

 

$

(68

)
 
Net earnings (loss) per share (Diluted/Basic) from Continuing Operations

$

2.20

 

$

(0.19

)
Net earnings per share (Diluted) from Discontinued Operations

$

-

 

$

0.16

 
 
Average shares outstanding (Diluted/Basic)

 

2,430.1

 

 

2,605.5

 

 *
 
Effective tax rate from Continuing Operations

 

16.9

 

%

 

61.8

 

%
 
Adjusted earnings from Continuing Operations before provision for taxes and net earnings (1)
Earnings before provision for taxes on income from Continuing Operations

$

7,877

 

36.8

 

$

7,536

 

36.1

 

4.5

 
Net earnings from Continuing Operations

$

6,580

 

30.8

 

$

6,340

 

30.3

 

3.8

 
Net earnings per share (Diluted) from Continuing Operations

$

2.71

 

$

2.41

 

12.4

 
Average shares outstanding (Diluted)

 

2,430.1

 

 

2,634.3

 
Effective tax rate from Continuing Operations

 

16.5

 

%

 

15.9

 

%
*Basic shares are used to calculate loss per share in the first quarter of 2023 as use of diluted shares when in a loss position would be anti-dilutive
(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)

2024

 

2023
Net Earnings/(loss) from Continuing Operations, after tax- as reported

$5,354

 

($491

)
 
Pre-tax Adjustments
Litigation related

-

 

6,900

 
Intangible Asset Amortization expense

1,078

 

1,122

 
COVID-19 Vaccine related costs 1

9

 

444

 
Restructuring related 2

171

 

130

 
Medical Device Regulation 3

51

 

64

 
Acquisition, integration and divestiture related

148

 

42

 
(Gains)/losses on securities

(20

)

72

 
IPR&D impairments

-

 

49

 
 
Tax Adjustments
Tax impact on special item adjustments 4

(229

)

(1,980

)
Tax legislation and other tax related

18

 

(12

)
Adjusted Net Earnings from Continuing Operations, after tax

$6,580

 

$6,340

 
Average shares outstanding (Diluted)

2,430.1

 

2,634.3

 
Adjusted net earnings per share from Continuing Operations (Diluted)

$2.71

 

$2.41

 
Operational adjusted net earnings per share from Continuing Operations (Diluted)

$2.72

 
Notes:

1

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

2

 In fiscal 2023, the company completed a prioritization of its research and development (R&D) investment within the Innovative Medicine segment to focus on the most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs within therapeutic areas. The R&D program exits are primarily in infectious diseases and vaccines including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, hepatitis and HIV development. The restructuring expenses of $144 million in the fiscal first quarter of 2024 and $130 million in the fiscal first quarter of 2023 include 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 $27 million in the fiscal first quarter of 2024 primarily includes costs related to market and product exits.
 

3

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

4

 The tax impact related to special item adjustments reflects the current and deferred income taxes associated with the above pre-tax special items in arriving at adjusted earnings.
 
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
 
Adjusted Operational Sales Growth
FIRST QUARTER 2024 ACTUAL vs. 2023 ACTUAL
    
Segments
 

Innovative Medicine

 

MedTech

 

Total

 

 

 

 

 
WW As Reported

1.1%

 

4.5%

 

2.3%
U.S.

8.4%

 

6.6%

 

7.8%
International

(6.9)%

 

2.4%

 

(3.4)%

 

 

 

 

 
WW Currency

(1.4)

 

(1.8)

 

(1.6)
U.S.

-

 

-

 

-
International

(2.9)

 

(3.7)

 

(3.1)

 

 

 

 

 
WW Operational

2.5%

 

6.3%

 

3.9%
U.S.

8.4%

 

6.6%

 

7.8%
International

(4.0)%

 

6.1%

 

(0.3)%

 

 

 

 

 
All Other Acquisitions and Divestitures (A&D)

0.0

 

0.2

 

0.1
U.S.

0.0

 

0.2

 

0.1
International

0.0

 

0.1

 

0.0

 

 

 

 

 
WW Adjusted Operational Ex A&D

2.5%

 

6.5%

 

4.0%
U.S.

8.4%

 

6.8%

 

7.9%
International

(4.0)%

 

6.2%

 

(0.3)%

 

 

 

 

 
COVID-19 Vaccine

5.8

 

 

 

3.7
U.S.

0.0

 

 

 

0.0
International

12.3

 

 

 

7.7

 

 

 

 

 
WW Adjusted Operational Ex A&D & COVID-19 Vaccine

8.3%

 

6.5%

 

7.7%
U.S.

8.4%

 

6.8%

 

7.9%
International

8.3%

 

6.2%

 

7.4%
 
 
Note: Percentages are based on actual, non-rounded figures and may not sum

REPORTED SALES vs. PRIOR PERIOD ($MM)

FIRST QUARTER

 

 

 

% Change
INNOVATIVE MEDICINE SEGMENT (2)

2024

 

2023

Reported

Operational (1)

Currency
 
IMMUNOLOGY
US

$

2,453

 

2,448

0.2%

0.2%

-
Intl

 

1,794

 

1,664

7.9%

11.0%

-3.1%
WW

 

4,247

 

4,112

3.3%

4.6%

-1.3%
REMICADE
US

 

266

 

276

-3.9%

-3.9%

-
US Exports (3)

 

27

 

41

-32.7%

-32.7%

-
Intl

 

141

 

170

-17.2%

-14.2%

-3.0%
WW

 

434

 

487

-10.9%

-9.9%

-1.0%
SIMPONI / SIMPONI ARIA
US

 

254

 

271

-6.2%

-6.2%

-
Intl

 

299

 

266

12.4%

20.0%

-7.6%
WW

 

554

 

537

3.0%

6.8%

-3.8%
STELARA
US

 

1,396

 

1,451

-3.8%

-3.8%

-
Intl

 

1,055

 

993

6.2%

8.2%

-2.0%
WW

 

2,451

 

2,444

0.3%

1.1%

-0.8%
TREMFYA
US

 

509

 

406

25.4%

25.4%

-
Intl

 

299

 

234

27.9%

31.5%

-3.6%
WW

 

808

 

640

26.3%

27.6%

-1.3%
OTHER IMMUNOLOGY
US

 

0

 

3

 * *

-
Intl

 

0

 

0

-

-

-
WW

 

0

 

3

 * *

-
INFECTIOUS DISEASES
US

 

324

 

392

-17.4%

-17.4%

-
Intl

 

497

 

1,193

-58.4%

-58.5%

0.1%
WW

 

821

 

1,586

-48.3%

-48.3%

0.0%
COVID-19 VACCINE
US

 

0

 

0

-

-

-
Intl

 

25

 

747

-96.6%

-96.7%

0.1%
WW

 

25

 

747

-96.6%

-96.7%

0.1%
EDURANT / rilpivirine
US

 

8

 

9

-10.9%

-10.9%

-
Intl

 

315

 

271

16.6%

15.7%

0.9%
WW

 

323

 

280

15.7%

14.8%

0.9%
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US

 

314

 

378

-16.9%

-16.9%

-
Intl

 

104

 

99

5.5%

5.5%

0.0%
WW

 

418

 

477

-12.3%

-12.3%

0.0%
OTHER INFECTIOUS DISEASES
US

 

2

 

5

-68.8%

-68.8%

-
Intl

 

52

 

77

-32.8%

-30.6%

-2.2%
WW

 

53

 

82

-35.1%

-33.1%

-2.0%
 
 
 
 

REPORTED SALES vs. PRIOR PERIOD ($MM)

FIRST QUARTER

 

 

 

 

% Change

 

2024

 

2023

Reported

Operational (1)

Currency
NEUROSCIENCE
US

 

1,054

 

978

7.8%

7.8%

-
Intl

 

749

 

826

-9.3%

-4.4%

-4.9%
WW

 

1,803

 

1,804

0.0%

2.2%

-2.2%
CONCERTA / Methylphenidate
US

 

41

 

70

-41.2%

-41.2%

-
Intl

 

136

 

136

-0.1%

4.5%

-4.6%
WW

 

177

 

206

-14.1%

-11.1%

-3.0%
INVEGA SUSTENNA / XEPLION /
INVEGA TRINZA / TREVICTA
US

 

765

 

713

7.2%

7.2%

-
Intl

 

292

 

331

-11.8%

-8.7%

-3.1%
WW

 

1,056

 

1,044

1.2%

2.2%

-1.0%
SPRAVATO
US

 

191

 

111

71.5%

71.5%

-
Intl

 

34

 

20

76.1%

74.8%

1.3%
WW

 

225

 

131

72.2%

72.0%

0.2%
OTHER NEUROSCIENCE
US

 

58

 

84

-31.1%

-31.1%

-
Intl

 

287

 

339

-15.5%

-8.4%

-7.1%
WW

 

345

 

423

-18.5%

-12.9%

-5.6%
ONCOLOGY
US

 

2,383

 

1,889

26.2%

26.2%

-
Intl

 

2,430

 

2,223

9.3%

12.6%

-3.3%
WW

 

4,814

 

4,112

17.1%

18.8%

-1.7%
CARVYKTI
US

 

140

 

70

99.8%

99.8%

-
Intl

 

16

 

2

 * * *
WW

 

157

 

72

 * * *
DARZALEX
US

 

1,464

 

1,191

22.9%

22.9%

-
Intl

 

1,228

 

1,072

14.5%

19.0%

-4.5%
WW

 

2,692

 

2,264

18.9%

21.0%

-2.1%
ERLEADA
US

 

285

 

249

14.1%

14.1%

-
Intl

 

404

 

293

38.0%

40.6%

-2.6%
WW

 

689

 

542

27.0%

28.4%

-1.4%
IMBRUVICA
US

 

265

 

270

-1.5%

-1.5%

-
Intl

 

518

 

557

-7.0%

-5.6%

-1.4%
WW

 

784

 

827

-5.2%

-4.3%

-0.9%
TECVAYLI(4)
US

 

101

 

57

76.7%

76.7%

-
Intl

 

33

 

6

 * * *
WW

 

133

 

63

 * * *
ZYTIGA / abiraterone acetate
US

 

9

 

16

-41.3%

-41.3%

-
Intl

 

172

 

229

-24.8%

-20.7%

-4.1%
WW

 

181

 

245

-25.9%

-22.1%

-3.8%
OTHER ONCOLOGY(4)
US

 

119

 

35

 * *

-
Intl

 

60

 

64

-6.1%

-5.6%

-0.5%
WW

 

178

 

99

80.2%

80.5%

-0.3%
 
 
 
 

REPORTED SALES vs. PRIOR PERIOD ($MM)

FIRST QUARTER

 

 

 

 

% Change

2024

 

2023

Reported

Operational (1)

Currency
PULMONARY HYPERTENSION
US

 

766

 

600

27.5%

27.5%

-
Intl

 

283

 

272

4.1%

10.9%

-6.8%
WW

 

1,049

 

872

20.2%

22.4%

-2.2%
OPSUMIT
US

 

356

 

273

30.4%

30.4%

-
Intl

 

169

 

167

0.8%

4.6%

-3.8%
WW

 

524

 

440

19.1%

20.6%

-1.5%
UPTRAVI
US

 

392

 

304

29.0%

29.0%

-
Intl

 

76

 

58

30.7%

38.6%

-7.9%
WW

 

468

 

362

29.2%

30.5%

-1.3%
OTHER PULMONARY HYPERTENSION
US

 

18

 

23

-24.6%

-24.6%

-
Intl

 

39

 

47

-16.9%

-1.0%

-15.9%
WW

 

56

 

70

-19.5%

-8.9%

-10.6%
CARDIOVASCULAR / METABOLISM / OTHER
US

 

631

 

715

-11.7%

-11.7%

-
Intl

 

197

 

212

-7.0%

-6.8%

-0.2%
WW

 

829

 

927

-10.6%

-10.5%

-0.1%
XARELTO
US

 

518

 

578

-10.4%

-10.4%

-
Intl

 

-

 

-

-

-

-
WW

 

518

 

578

-10.4%

-10.4%

-
OTHER
US

 

114

 

137

-17.1%

-17.1%

-
Intl

 

197

 

212

-7.0%

-6.8%

-0.2%
WW

 

311

 

349

-11.0%

-10.9%

-0.1%
 
TOTAL INNOVATIVE MEDICINE
US

 

7,612

 

7,023

8.4%

8.4%

-
Intl

 

5,950

 

6,390

-6.9%

-4.0%

-2.9%
WW

$

13,562

 

13,413

1.1%

2.5%

-1.4%
 
 
See footnotes at end of schedule
 
 
 

REPORTED SALES vs. PRIOR PERIOD ($MM)

FIRST QUARTER

 

 

 

 

% Change
MEDTECH SEGMENT (2)

2024

 

2023

 Reported Operational (1) Currency
 
CARDIOVASCULAR (5)
US

$

1,025

 

863

18.8%

18.8%

-
Intl

 

781

 

640

22.1%

27.6%

-5.5%
WW

 

1,806

 

1,503

20.2%

22.5%

-2.3%
ELECTROPHYSIOLOGY
US

 

692

 

571

21.3%

21.3%

-
Intl

 

652

 

522

24.9%

30.9%

-6.0%
WW

 

1,344

 

1,092

23.0%

25.9%

-2.9%
ABIOMED
US

 

303

 

264

15.0%

15.0%

-
Intl

 

67

 

60

12.4%

14.7%

-2.3%
WW

 

371

 

324

14.5%

15.0%

-0.5%
OTHER CARDIOVASCULAR (5)
US

 

30

 

28

3.3%

3.3%

-
Intl

 

62

 

58

6.9%

11.5%

-4.6%
WW

 

92

 

87

5.7%

8.8%

-3.1%
ORTHOPAEDICS
US

 

1,448

 

1,363

6.2%

6.2%

-
Intl

 

892

 

881

1.3%

2.7%

-1.4%
WW

 

2,340

 

2,245

4.3%

4.8%

-0.5%
HIPS
US

 

270

 

241

12.1%

12.1%

-
Intl

 

152

 

149

1.7%

3.3%

-1.6%
WW

 

422

 

390

8.1%

8.7%

-0.6%
KNEES
US

 

242

 

226

6.9%

6.9%

-
Intl

 

160

 

142

12.3%

13.1%

-0.8%
WW

 

401

 

368

9.0%

9.3%

-0.3%
TRAUMA
US

 

504

 

491

2.8%

2.8%

-
Intl

 

261

 

267

-2.3%

-1.1%

-1.2%
WW

 

765

 

757

1.0%

1.4%

-0.4%
SPINE, SPORTS & OTHER
US

 

432

 

406

6.5%

6.5%

-
Intl

 

320

 

323

-0.9%

0.9%

-1.8%
WW

 

752

 

729

3.2%

4.0%

-0.8%
 
 
 
 

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

2024

2023

 Reported Operational (1) Currency
SURGERY
US

 

987

 

975

1.2%

1.2%

-
Intl

 

1,429

 

1,459

-2.0%

2.3%

-4.3%
WW

 

2,416

 

2,434

-0.7%

1.9%

-2.6%
ADVANCED
US

 

446

 

444

0.2%

0.2%

-
Intl

 

641

 

673

-4.7%

-0.7%

-4.0%
WW

 

1,087

 

1,118

-2.8%

-0.3%

-2.5%
GENERAL
US

 

542

 

531

2.1%

2.1%

-
Intl

 

788

 

785

0.3%

4.8%

-4.5%
WW

 

1,330

 

1,316

1.0%

3.7%

-2.7%
VISION
US

 

547

 

558

-1.8%

-1.8%

-
Intl

 

710

 

743

-4.4%

-1.1%

-3.3%
WW

 

1,258

 

1,300

-3.3%

-1.4%

-1.9%
CONTACT LENSES / OTHER
US

 

438

 

444

-1.4%

-1.4%

-
Intl

 

472

 

509

-7.4%

-3.1%

-4.3%
WW

 

910

 

953

-4.6%

-2.3%

-2.3%
SURGICAL
US

 

110

 

114

-3.7%

-3.7%

-
Intl

 

238

 

233

2.2%

3.4%

-1.2%
WW

 

348

 

347

0.3%

1.1%

-0.8%
 
TOTAL MEDTECH
US

 

4,008

 

3,759

6.6%

6.6%

-
Intl

 

3,813

 

3,722

2.4%

6.1%

-3.7%
WW

$

7,821

$

7,481

4.5%

6.3%

-1.8%
 
Note: Columns and rows within tables may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely
   
* Percentage greater than 100% or not meaningful
(1) Operational growth excludes the effect of translational currency
(2) Unaudited
(3) Reported as U.S. sales
(4) See Supplemental Sales Information Schedule
(5) Previously referred to as Interventional Solutions
Supplemental Sales Information (Unaudited)
(Dollars in Millions)
Schedule 1

FIRST QUARTER

 

 

 

 

 

Percent Change

2024

 

 

2023

 

Total

 

 

Operations

 

Currency
 
Innovative Medicine
U.S.

$

7,612

7,023

8.4

 

%

8.4

 

-

 
International

 

5,950

6,390

(6.9

)

(4.0

)

(2.9

)
Worldwide

 

13,562

13,413

1.1

 

2.5

 

(1.4

)
 
COVID-19 Vaccine
U.S.

 

-

-

-

 

-

 

-

 
International

 

25

747

(96.6

)

(96.7

)

0.1

 
Worldwide

 

25

747

(96.6

)

(96.7

)

0.1

 
 
Innovative Medicine excluding COVID-19 Vaccine
U.S.

 

7,612

7,023

8.4

 

8.4

 

-

 
International

 

5,925

5,643

5.0

 

8.3

 

(3.3

)
Worldwide

 

13,537

12,666

6.9

 

8.3

 

(1.4

)
 
Worldwide
U.S.

 

11,620

10,782

7.8

 

7.8

 

-

 
International

 

9,763

10,112

(3.4

)

(0.3

)

(3.1

)
Worldwide

 

21,383

20,894

2.3

 

3.9

 

(1.6

)
 
COVID-19 Vaccine
U.S.

 

-

-

-

 

-

 

-

 
International

 

25

747

(96.6

)

(96.7

)

0.1

 
Worldwide

 

25

747

(96.6

)

(96.7

)

0.1

 
 
Worldwide
U.S.

 

11,620

10,782

7.8

 

7.8

 

-

 
International

 

9,738

9,365

4.0

 

7.4

 

(3.4

)
Worldwide excluding COVID-19 Vaccine

$

21,358

20,147

6.0

 

%

7.6

 

(1.6

)
 
 
Europe

$

5,163

5,590

(7.6

)

%

(7.7

)

0.1

 
Europe COVID-19 Vaccine Sales

 

25

747

(96.6

)

(96.7

)

0.1

 
Europe excluding COVID-19 Vaccine Sales

$

5,138

4,843

6.1

 

%

6.0

 

0.1

 
 
Schedule 2

2022

 

2023

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Full Year

 

 

Q1

Q2

Q3

Q4

 

Full Year
INNOVATIVE MEDICINE SEGMENT (1)
 
ONCOLOGY
TECVAYLI
US

12

57

82

93

102

334
INTL

3

6

12

19

24

61
WW

15

63

94

112

126

395
 
OTHER ONCOLOGY
US

144

35

40

50

90

215
INTL

280

64

80

67

58

269
WW

423

99

120

117

148

484
 
Note: Columns and rows within tables may not add due to rounding
 
(1) Unaudited
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Q1 YTD - Income Before Tax and Research & Development Expense by Segment*
Dollars in Millions
 

Innovative Medicine

 

MedTech

 

Unallocated

 

 

Worldwide Total

2024

2023

2024

2023

 

2024

2023

 

 

2024

2023
 
Reported Income Before Tax by Segment From Continuing Operations $

4,969

 

4,402

 

1,520

 

1,409

 

(49

)

(7,098

)

6,440

 

(1,287

)
% to Sales

36.6

%

32.8

%

19.4

%

18.8

%

-0.2

%

-34.0

%

30.1

%

-6.2

%
 
Intangible asset amortization expense

698

 

739

 

380

 

383

 

-

 

-

 

1,078

 

1,122

 
 
In-process research and development impairments

-

 

-

 

-

 

49

 

-

 

-

 

-

 

49

 
 
Litigation related

-

 

-

 

-

 

-

 

-

 

6,900

 

-

 

6,900

 
 
Loss/(gain) on securities

(55

)

38

 

22

 

34

 

13

 

-

 

(20

)

72

 
 
Restructuring related

144

 

130

 

27

 

-

 

-

 

-

 

171

 

130

 
 
Acquisition, integration and divestiture related

47

 

-

 

61

 

42

 

40

 

-

 

148

 

42

 
 
Medical Device Regulation

-

 

-

 

51

 

64

 

-

 

-

 

51

 

64

 
 
COVID-19 Vaccine related costs

9

 

444

 

-

 

-

 

-

 

-

 

9

 

444

 
 
Adjusted Income Before Tax by Segment From Continuing Operations $

5,812

 

5,753

 

2,061

 

1,981

 

4

 

(198

)

7,877

 

7,536

 
% to Sales

42.9

%

42.9

%

26.4

%

26.5

%

0.0

%

-0.9

%

36.8

%

36.1

%
 
*Estimated as of 4/16/2024
As Reported Research and development expense $

2,896

 

2,778

 

646

 

677

 

3,542

 

3,455

 
% to Sales

21.4

%

20.7

%

8.3

%

9.1

%

16.6

%

16.6

%
Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
 
Year to Date
 
First Quarter
March 31, 2024
GAAP		 Intangible asset
amortization		 Litigation related In-process
research and
development
impairments

Restructuring
related

 Acquisition, integration and
divestiture related		 (Loss)/gain on
securities

Medical Device
Regulation

 COVID-19 Vaccine
Related Costs		 Tax legislation
and other tax
related		 First Quarter
March 31, 2024
Non-GAAP
Cost of products sold

$

6,511

 

(1,078

)

(7

)

(20

)

(2

)

-

 

5,404

 
Selling, marketing and admin expenses

 

5,257

 

(4

)

5,253

 
Research and development expense

 

3,542

 

(18

)

(27

)

(7

)

3,490

 
Other (Income) / Expense

 

(322

)

-

 

-

 

-

 

(130

)

20

 

-

 

-

 

(432

)
In-process research and development impairments

 

-

 

-

 

-

 
Restructuring

 

164

 

(164

)

-

 
Provision for taxes on income

 

1,086

 

148

 

-

 

-

 

39

 

38

 

(7

)

9

 

2

 

(18

)

1,297

 
Net Earnings from Continuing Operations

 

5,354

 

930

 

-

 

-

 

132

 

110

 

(13

)

42

 

7

 

18

 

6,580

 
 
 
First Quarter
April 2, 2023
GAAP		 Intangible asset
amortization		 Litigation related In-process
research and
development
impairments

Restructuring
related

 Acquisition, integration and
divestiture related		 (Loss)/gain on
securities

Medical Device
Regulation

 COVID-19 Vaccine
Related Costs		 Tax legislation
and other tax
related		 First Quarter
April 2, 2023
Non-GAAP
Cost of products sold

$

6,687

 

(1,118

)

-

 

(23

)

(206

)

-

 

5,340

 
Selling, marketing and admin expenses

 

4,906

 

(7

)

4,899

 
Research and development expense

 

3,455

 

(16

)

(34

)

(16

)

3,389

 
Other (Income) / Expense

 

6,940

 

(4

)

(6,900

)

-

 

(26

)

(72

)

(222

)

(284

)
In-process research and development impairments

 

49

 

(49

)

-

 
Restructuring

 

130

 

(130

)

-

 
Provision for (Benefit from) taxes on income

 

(796

)

177

 

1,622

 

11

 

32

 

5

 

16

 

12

 

105

 

12

 

1,196

 
Net Earnings (Loss) from Continuing Operations

 

(491

)

945

 

5,278

 

38

 

98

 

37

 

56

 

52

 

339

 

(12

)

6,340

 

 

Media contact:
Tesia Williams
media-relations@its.jnj.com

Investor contact:
 Jessica Moore
investor-relations@its.jnj.com

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