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
CORRECTION...by Johnson & Johnson
NEW BRUNSWICK, N.J.--(BUSINESS WIRE)-- 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 , 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, , and
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 Sjögren’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 .
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 , 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
View source version on businesswire.com:
Contacts
Media contact:
Tesia Williams
media-relations@its.jnj.com
Investor contact:
Jessica Moore
investor-relations@its.jnj.com
Source: Johnson & Johnson
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