EX-99.2 3 a2024q1exhibit992.htm EX-99.2 Document

Exhibit 99.2


Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)FIRST QUARTER
Percent Change
20242023TotalOperationsCurrency
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
20242023TotalOperationsCurrency
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
Supplementary Sales Data
(Unaudited; Dollars in Millions)FIRST QUARTER
 Percent Change
20242023TotalOperationsCurrency
Sales to customers by
segment of business
Innovative Medicine (1)
    U.S.$7,612 7,023 8.4 %8.4 — 
    International5,950 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— 
     International5,925 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 — 
    International3,813 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 — 
International9,763 10,112 (3.4)(0.3)(3.1)
Worldwide21,383 20,894 2.3 3.9 (1.6)
      
U.S.11,620 10,782 7.8 7.8 — 
International9,738 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 
Condensed Consolidated Statement of Earnings  
(Unaudited; in Millions Except Per Share Figures)FIRST QUARTER
20242023Percent
PercentPercentIncrease
Amountto SalesAmountto Sales(Decrease)
Sales to customers$21,383 100.0 $20,894 100.0 2.3 
Cost of products sold6,511 30.4 6,687 32.0 (2.6)
Gross Profit14,872 69.6 14,207 68.0 4.7 
Selling, marketing and administrative expenses5,257 24.6 4,906 23.5 7.2 
Research and development expense3,542 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 
Restructuring164 0.8 130 0.6 
Earnings/(loss) before provision for taxes on income6,440 30.1 (1,287)(6.2)
Provision for/(Benefit from) taxes on income1,086 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 Operations16.9 %61.8 %
Adjusted earnings from Continuing Operations before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income from Continuing Operations$7,877 36.8$7,536 36.14.5 
Net earnings from Continuing Operations$6,580 30.8$6,340 30.33.8 
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 Operations16.5 %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.
(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings from continuing operations before provision for taxes on income," "adjusted net earnings from continuing operations," "adjusted net earnings per share (diluted) from continuing operations," and "adjusted effective tax rate from continuing operations" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings from continuing operations before provision for taxes on income, net earnings from continuing operations, net earnings per share (diluted) from continuing operations, and effective tax rate from continuing operations on an adjusted basis because management believes that these measures provide useful information to investors. Among other things, these measures may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as intangible asset amortization expense, significant gains from divestitures, significant costs associated with acquisitions, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters). Special items may be highly variable, difficult to predict, and of a size that sometimes has substantial impact on the Company's reported results of operations for a period. Management uses these measures internally for planning, forecasting and evaluating the performances of the Company's businesses, including allocating resources and evaluating results relative to employee performance compensation targets. Unlike earnings from continuing operations before provision for taxes on income, net earnings from continuing operations, net earnings per share (diluted) from continuing operations, and effective tax rate from continuing operations prepared in accordance with GAAP, adjusted earnings from continuing operations before provision for taxes on income, adjusted net earnings from continuing operations, adjusted net earnings per share (diluted) from continuing operations, and adjusted effective tax rate from continuing operations may not be comparable with the calculation of similar measures for other companies. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of the Company's results of operations without including all events during a period, such as intangible asset amortization expense, significant gains from divestitures, the effects of an acquisition, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters) and do not provide a comparable view of the Company's performance to other companies in the health care industry. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.



Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
First Quarter
(Dollars in Millions Except Per Share Data)20242023
Net Earnings from Continuing Operations, after tax- as reported$5,354 $(491)
Pre-tax Adjustments
Litigation related— 6,900
Intangible Asset Amortization expense1,078 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 related18  (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 (A)
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)0.00.20.1
   U.S. 0.00.20.1
   International 0.00.10.0
WW Adjusted Operational Ex A&D2.5 %6.5 %4.0 %
 U.S. 8.4 %6.8 %7.9 %
 International (4.0)%6.2 %(0.3)%
COVID-19 Vaccine5.83.7
   U.S.0.00.0
   International12.37.7
WW Adjusted Operational Ex A&D & COVID-19 Vaccine8.3 %6.5 %7.7 %
 U.S.8.4 %6.8 %7.9 %
 International8.3 %6.2 %7.4 %
Note: Percentages are based on actual, non-rounded figures and may not sum
(A) NON-GAAP FINANCIAL MEASURE “Adjusted operational sales growth" excludes acquisitions, divestitures and translational currency and is a non-GAAP financial measure. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and divestitures, and the impact they may have on the analysis of underlying business performance and trends, management believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to permit investors to more fully understand how management assesses the performance of the Company, including for internal evaluation of the performance of the Company's businesses and planning and forecasting for future periods. The use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company's results of operations without including all events during a period and may not provide a comparable view of the Company's performance to that of other companies in the health care industry.



Johnson & Johnson
Segment Sales
(Dollars in Millions)
FIRST QUARTER
% Change
20242023Reported
Operational (1)
Currency
INNOVATIVE MEDICINE SEGMENT (2)
IMMUNOLOGY
US$2,4532,4480.2 %0.2 %— %
Intl1,7941,6647.9 11.0 (3.1)
WW4,2474,1123.3 4.6 (1.3)
     REMICADE
     US266276(3.9)(3.9)— 
     US Exports (3)
2741(32.7)(32.7)— 
     Intl141170(17.2)(14.2)(3.0)
     WW434487(10.9)(9.9)(1.0)
     SIMPONI / SIMPONI ARIA
     US254271(6.2)(6.2)— 
     Intl29926612.4 20.0 (7.6)
     WW5545373.0 6.8 (3.8)
     STELARA
     US1,3961,451(3.8)(3.8)— 
     Intl1,0559936.2 8.2 (2.0)
     WW2,4512,4440.3 1.1 (0.8)
     TREMFYA
     US509 406 25.4 25.4 — 
     Intl299 234 27.9 31.5 (3.6)
     WW808 640 26.3 27.6 (1.3)
     OTHER IMMUNOLOGY
     US0 3 **— 
     Intl0 0 ——— 
     WW0 3 **— 
INFECTIOUS DISEASES
US324392(17.4)(17.4)— 
Intl4971,193(58.4)(58.5)0.1 
WW8211,586(48.3)(48.3)0.0 
     COVID-19 VACCINE
     US0 0 ——— 
     Intl25747(96.6)(96.7)0.1
     WW25747(96.6)(96.7)0.1
     EDURANT / rilpivirine
     US8 9 (10.9)(10.9)— 
     Intl315 271 16.615.70.9 
     WW323 280 15.714.80.9 
     PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
     US314378(16.9)(16.9)— 
     Intl104995.55.50.0 
     WW418477(12.3)(12.3)0.0 
     OTHER INFECTIOUS DISEASES
     US25(68.8)(68.8)— 
     Intl5277(32.8)(30.6)(2.2)
     WW5382(35.1)(33.1)(2.0)
See footnotes at end of schedule


Johnson & Johnson
Segment Sales
(Dollars in Millions)
FIRST QUARTER
% Change
20242023Reported
Operational (1)
Currency
INNOVATIVE MEDICINE SEGMENT (2)(Continued)
NEUROSCIENCE
US$1,0549787.8%7.8%—%
Intl749826(9.3)(4.4)(4.9)
WW1,8031,8040.02.2(2.2)
     CONCERTA / methylphenidate
     US4170(41.2)(41.2)—
     Intl136136(0.1)4.5(4.6)
     WW177206(14.1)(11.1)(3.0)
     INVEGA SUSTENNA / XEPLION / INVEGA
     TRINZA / TREVICTA
     US7657137.27.2—
     Intl292331(11.8)(8.7)(3.1)
     WW1,0561,0441.22.2(1.0)
     SPRAVATO
     US19111171.571.5—
     Intl342076.174.81.3
     WW22513172.272.00.2
     OTHER NEUROSCIENCE
     US5884(31.1)(31.1)—
     Intl287339(15.5)(8.4)(7.1)
     WW345423(18.5)(12.9)(5.6)
ONCOLOGY
US2,3831,88926.226.2—
Intl2,4302,2239.312.6(3.3)
WW4,8144,11217.118.8(1.7)
     CARVYKTI
US140 70 99.899.8—
Intl16 2 ***
WW157 72 ***
     DARZALEX
     US1,464 1,191 22.922.9—
     Intl1,228 1,072 14.519.0(4.5)
     WW2,692 2,264 18.921.0(2.1)
     ERLEADA
     US285 249 14.114.1—
     Intl404 293 38.040.6(2.6)
     WW689 542 27.028.4(1.4)
     IMBRUVICA
     US265 270 (1.5)(1.5)—
     Intl518 557 (7.0)(5.6)(1.4)
     WW784 827 (5.2)(4.3)(0.9)
     TECVAYLI(4)
     US101 57 76.776.7—
     Intl33 6 ***
     WW133 63 ***
     ZYTIGA / abiraterone acetate
     US916 (41.3)(41.3)—
     Intl172229(24.8)(20.7)(4.1)
     WW181245(25.9)(22.1)(3.8)
     OTHER ONCOLOGY(4)
     US119 35 **—
     Intl6064(6.1)(5.6)(0.5)
     WW1789980.280.5(0.3)
See footnotes at end of schedule


Johnson & Johnson
Segment Sales
(Dollars in Millions)
FIRST QUARTER
% Change
20242023Reported
Operational (1)
Currency
INNOVATIVE MEDICINE SEGMENT (2)(Continued)
PULMONARY HYPERTENSION
US$766 600 27.5 %27.5 %— %
Intl283 272 4.1 10.9 (6.8)
WW1,049 872 20.2 22.4 (2.2)
     OPSUMIT
     US356 273 30.4 30.4 — 
     Intl169 167 0.8 4.6 (3.8)
     WW524 440 19.1 20.6 (1.5)
     UPTRAVI
     US392 304 29.0 29.0 — 
     Intl76 58 30.7 38.6 (7.9)
     WW468 362 29.2 30.5 (1.3)
     OTHER PULMONARY HYPERTENSION
     US18 23 (24.6)(24.6)— 
     Intl39 47 (16.9)(1.0)(15.9)
     WW56 70 (19.5)(8.9)(10.6)
CARDIOVASCULAR / METABOLISM / OTHER
US631715(11.7)(11.7)— 
Intl197212(7.0)(6.8)(0.2)
WW829927(10.6)(10.5)(0.1)
     XARELTO
     US518 578 (10.4)(10.4)— 
     Intl— — — — — 
     WW518 578 (10.4)(10.4)— 
     OTHER
     US114 137 (17.1)(17.1)— 
     Intl197 212 (7.0)(6.8)(0.2)
     WW311 349 (11.0)(10.9)(0.1)
TOTAL INNOVATIVE MEDICINE
US7,6127,0238.4 8.4 — 
Intl5,9506,390(6.9)(4.0)(2.9)
WW$13,56213,4131.1 %2.5 %(1.4)%
See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
FIRST QUARTER
% Change
20242023Reported
Operational (1)
Currency
MEDTECH SEGMENT (2)
CARDIOVASCULAR (5)
US$1,025 863 18.8 18.8 — 
Intl781 640 22.1 27.6 (5.5)
WW1,806 1,503 20.2 22.5 (2.3)
ELECTROPHYSIOLOGY
US692 571 21.3 21.3 — 
Intl652 522 24.9 30.9 (6.0)
WW1,344 1,092 23.0 25.9 (2.9)
ABIOMED
US303 264 15.0 15.0 — 
Intl67 60 12.4 14.7 (2.3)
WW371 324 14.5 15.0 (0.5)
OTHER CARDIOVASCULAR (5)
US30 28 3.3 3.3 — 
Intl62 58 6.9 11.5 (4.6)
WW92 875.7 8.8 (3.1)
ORTHOPAEDICS
US1,448 1,363 6.2 6.2 — 
Intl892 881 1.3 2.7 (1.4)
WW2,340 2,245 4.3 4.8 (0.5)
     HIPS
     US270 241 12.1 12.1 — 
     Intl152 149 1.7 3.3 (1.6)
     WW422 390 8.1 8.7 (0.6)
     KNEES
     US242 226 6.9 6.9 — 
     Intl160 142 12.3 13.1 (0.8)
     WW401 368 9.0 9.3 (0.3)
     TRAUMA
     US504 491 2.8 2.8 — 
     Intl261 267 (2.3)(1.1)(1.2)
     WW765 757 1.0 1.4 (0.4)
     SPINE, SPORTS & OTHER
     US432 406 6.5 6.5 — 
     Intl320 323 (0.9)0.9 (1.8)
     WW752 729 3.2 4.0 (0.8)
See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
FIRST QUARTER
% Change
20242023Reported
Operational (1)
Currency
MEDTECH SEGMENT (2)(Continued)
SURGERY
US$987 975 1.2 %1.2 %— %
Intl1,429 1,459 (2.0)2.3 (4.3)
WW2,416 2,434 (0.7)1.9 (2.6)
     ADVANCED
US446 444 0.2 0.2 — 
Intl641 673 (4.7)(0.7)(4.0)
WW1,087 1,118 (2.8)(0.3)(2.5)
     GENERAL
US542 531 2.1 2.1 — 
Intl788 785 0.3 4.8 (4.5)
WW1,330 1,316 1.0 3.7 (2.7)
VISION
US547 558 (1.8)(1.8)— 
Intl710 743 (4.4)(1.1)(3.3)
WW1,258 1,300 (3.3)(1.4)(1.9)
     CONTACT LENSES / OTHER
US438 444 (1.4)(1.4)— 
Intl472 509 (7.4)(3.1)(4.3)
WW910 953 (4.6)(2.3)(2.3)
     SURGICAL
US110 114 (3.7)(3.7)— 
Intl238 233 2.23.4 (1.2)
WW348 347 0.31.1(0.8)
TOTAL MEDTECH
US4,008 3,759 6.6 6.6 — 
Intl3,813 3,722 2.4 6.1 (3.7)
WW$7,821 7,481 4.5 %6.3 %(1.8)%
Note: Column and rows within tables may not add due to rounding. Percentages have been calculated using actual, non-
rounded figures and, therefore, may not recalculate precisely.
* Percentage greater than 100% or not meaningful
(1) Operational growth excludes the effect of translational currency
(2) Unaudited
(3) Reported as U.S. sales
(4) See Supplemental Sales Information Schedule
(5) Previously referred to as Interventional Solutions


Supplemental Sales Information (Unaudited)
(Dollars in Millions)
Schedule 1FIRST QUARTER
% Change
20242023TotalOperationsCurrency
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$5,138  4,843  6.1 % 6.0  0.1
Schedule 2202220232023
Full YearQ1Q2Q3Q4Full Year
INNOVATIVE MEDICINE SEGMENT (1)
ONCOLOGY
  TECVAYLI
  US$12 57 82 93 102 334 
  INTL3 6 12 19 24 61 
  WW15 63 94 112 126 395 
  OTHER ONCOLOGY
  US144 35 40 50 90 215 
  INTL280 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