Johnson & Johnson Reports Q2 2022 Results
07/19/2022 - 06:25 AM
Total sales growth of 3.0% to $24.0 Billion with operational growth of 8.0% * and adjusted operational growth of 8.1% *
Earnings per share of $1.80 decreasing 23.4% and adjusted earnings per share of $2.59 increasing 4.4% *
Company maintaining 2022 full-year guidance at midpoints for adjusted operational sales and adjusted operational earnings per share; strengthening U.S. dollar impacting estimate for reported results
NEW BRUNSWICK, N.J. --(BUSINESS WIRE)--
Johnson & Johnson (NYSE: JNJ) today announced results for second-quarter 2022. “Our solid second quarter results across Johnson & Johnson reflect the strength and resilience of our Company’s market leadership in the midst of macroeconomic challenges,” said Joaquin Duato , Chief Executive Officer. “I am continually energized by the focus and passion of my Johnson & Johnson colleagues and their dedication toward delivering transformative healthcare solutions to patients and consumers around the world.”
OVERALL FINANCIAL RESULTS
Q2
($ in Millions, except EPS)
2022
2021
% Change
Reported Sales
$24,020
$23,312
3.0%
Net Earnings
4,814
6,278
(23.3)%
EPS (diluted)
$1.80
$2.35
(23.4)%
Q2
Non-GAAP* ($ in Millions, except EPS)
2022
2021
% Change
Operational Sales1,2
8.0%
Adjusted Operational Sales1,3
8.1%
Adjusted Net Earnings1,4
6,912
6,625
4.3%
Adjusted EPS (diluted)1,4
$2.59
$2.48
4.4%
1 Non-GAAP financial measure ; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2 Excludes the impact of translational currency
3 Excludes the net impact of acquisitions and divestitures and translational currency
4 Excludes intangible amortization expense and special items
Note: values may have been rounded
REGIONAL SALES RESULTS
Q2
% Change
($ in Millions)
2022
2021
Reported
Operational1,2
Currency
Adjusted
Operational1,3
U.S.
$12,197
$11,919
2.3%
2.3
-
2.4
International
11,823
11,393
3.8
13.9
(10.1)
14.2
Worldwide
$24,020
$23,312
3.0%
8.0
(5.0)
8.1
1 Non-GAAP financial measure ; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2 Excludes the impact of translational currency
3 Excludes the net impact of acquisitions and divestitures and translational currency
Note: Values may have been rounded
SEGMENT SALES RESULTS
Q2
% Change
($ in Millions)
2022
2021
Reported
Operational1,2
Currency
Adjusted
Operational1,3
Consumer Health 4
$ 3,805
$ 3,854
(1.3)%
2.3
(3.6)
2.9
Pharmaceutical4
13,317
12,480
6.7
12.3
(5.6)
12.4
MedTech
6,898
6,978
(1.1)
3.4
(4.5)
3.4
Worldwide
$ 24,020
$ 23,312
3.0%
8.0
(5.0)
8.1
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 Certain international OTC products, primarily in China , were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes
Note: Values may have been rounded
SECOND QUARTER 2022 SEGMENT COMMENTARY:
Adjusted operational sales* reflected below excludes the net impact of acquisitions and divestitures and translational currency.
Consumer Health
Consumer Health worldwide adjusted operational sales increased 2.9% *. Major contributors to growth include upper respiratory and analgesic products in the international market of our over-the-counter franchise as well as IMODIUM in digestive health products and NEUTROGENA in international Skin Health /Beauty.
Pharmaceutical
Pharmaceutical worldwide adjusted operational sales grew 12.4% *, driven by DARZALEX (daratumumab), a biologic for the treatment of multiple myeloma, STELARA (ustekinumab), a biologic for the treatment of a number of immune-mediated inflammatory diseases, ERLEADA (apalutamide), a next-generation androgen receptor inhibitor for the treatment of patients with prostate cancer, TREMFYA (guselkumab), a biologic for the treatment of adults living with moderate to severe plaque psoriasis, and for adults with active psoriatic arthritis, and INVEGA SUSTENNA/XEPLION and INVEGA TRINZA/TREVICTA (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults. Also contributing to growth were sales of the Janssen COVID-19 Vaccine (Ad26.COV2.S) for the prevention of the SARS-CoV-2 virus. This growth was partially offset by declines in sales of REMICADE (infliximab), a biologic approved for the treatment of several immune-mediated inflammatory diseases and IMBRUVICA (ibrutinib), an oral, once daily therapy approved for use in treating certain B-cell malignancies, a type of blood or lymph node cancer.
MedTech
MedTech worldwide adjusted operational sales grew 3.4% *, driven primarily by contact lenses and surgical vision products in our Vision franchise, and electrophysiology products in our Interventional Solutions business. Growth was partially offset by COVID-19 related mobility restrictions in certain regions.
NOTABLE NEW ANNOUCEMENTS IN THE QUARTER:
The information contained in this section should be read in conjunction with Johnson & Johnson’s other disclosures filed with the Securities and Exchange Commission , including its Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Copies of these filings are available online at www.sec.gov , www.jnj.com or on request from Johnson & Johnson . The reader is also encouraged to review all other news releases and information available in the Investors section of the company’s website at news releases , as well as www.factsabouttalc.com , www.factsaboutourprescriptionopioids.com , and www.LTLManagementInformation.com .
Regulatory Decisions
European Commission Grants Conditional Approval of CARVYKTI (ciltacabtagene autoleucel), Janssen’s First Cell Therapy, for the Treatment of Patients with Relapsed and Refractory Multiple Myeloma
(Press Release)
Janssen Announces U.S. FDA Breakthrough Therapy Designation Granted for Talquetamab for the Treatment of Relapsed or Refractory Multiple Myeloma
(Press Release)
Janssen Receives Positive CHMP Opinion for IMBRUVICA (ibrutinib) in a Fixed-Duration Combination Regimen for Adult Patients with Previously Untreated Chronic Lymphocytic Leukemia (CLL)
(Press Release)
Other
Johnson & Johnson Appoints Thibaut Mongon as CEO Designate of Planned New Consumer Health Company
(Press Release)
ETHICON Launches Next Generation ECHELON 3000 Stapler Designed for Exceptional Access and Control
(Press Release)
Johnson & Johnson Releases 2021 Health for Humanity Report Highlighting Performance on ESG Priorities and Progress Against Public Commitments
(Press Release)
New Data Show TREMFYA (guselkumab) Binds to Both Inflammatory Cells and Interleukin (IL)-23, Supporting a Hypothesis for a Differentiated Mechanism from Risankizumab
(Press Release)
Janssen to Highlight Science, Innovation and Advances in Robust Oncology Portfolio and Pipeline Through More Than 60 Data Presentations at ASCO and EHA
(Press Release)
FULL-YEAR 2022 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)
July 2022
April 2022
Adjusted Operational Sales1,2,5
Change vs. Prior Year
6.5% – 7.5%
6.5% – 7.5%
Operational Sales2,5
Change vs. Prior Year
$97.3B – $98.3B
6.5% – 7.5%
$97.3B – $98.3B
6.5% – 7.5%
Estimated Reported Sales3,5
Change vs. Prior Year
$93.3B – $94.3B
2.1% – 3.1%
$94.8B - $95.8B
3.8% – 4.8%
Adjusted Operational EPS (Diluted)2,4
Change vs. Prior Year
$10.65 - $10.75
8.7% – 9.7%
$10.60 - $10.80
8.2% – 10.2%
Adjusted EPS (Diluted)3,4
Change vs. Prior Year
$10.00 - $10.10
2.1% – 3.1%
$10.15 - $10.35
3.6% – 5.6%
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 2022 = $1.09 and July 2022 = $1.05 (Illustrative purposes only)
4 Non-GAAP financial measure ; excludes intangible amortization expense and special items
5 Excludes COVID-19 Vaccine
Note: percentages may have been rounded
Other modeling considerations will be provided on the webcast .
WEBCAST INFORMATION:
Johnson & Johnson will conduct a conference call with investors to discuss this earnings release today at 8:30 a.m., Eastern Time . A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Johnson & Johnson website . A replay and podcast will be available approximately two hours after the live webcast in the Investors section of the company's website at events-and-presentations .
ABOUT JOHNSON & JOHNSON :
At Johnson & Johnson , we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That’s why for more than 130 years, we have aimed to keep people well at every age and every stage of life. Today, as the world’s largest and most broadly-based health care company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity.
NON-GAAP FINANCIAL MEASURES:
* “Operational sales growth” excluding the impact of translational currency, “adjusted operational sales growth” excluding the net impact of acquisitions and divestitures and translational currency, as well as “adjusted net earnings”, “adjusted diluted earnings per share” and “adjusted operational diluted earnings per share” excluding after-tax intangible amortization expense and special items, are non-GAAP financial measures and should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Except for guidance measures, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying financial schedules of the earnings release and the Investors section of the company's website at quarterly results .
Copies of the financial schedules accompanying this earnings release are available on the company’s website at quarterly results . These schedules include supplementary sales data, a condensed consolidated statement of earnings, reconciliations of non-GAAP financial measures, and sales of key products/franchises. Additional information on Johnson & Johnson , including adjusted income before tax by segment, a pharmaceutical pipeline of selected compounds in late stage development and a copy of today’s earnings call presentation can also be found in the Investors section of the company's website at quarterly results .
NOTE TO INVESTORS CONCERNING FORWARD-LOOKING STATEMENTS:
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: future operating and financial performance, product development, market position and business strategy, and the anticipated separation of the Company’s Consumer Health business. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson . Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the company to successfully execute strategic plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies; the Company’s ability to satisfy the necessary conditions to consummate the separation of the Company’s Consumer Health business on a timely basis or at all; the Company’s ability to successfully separate the Company’s Consumer Health business and realize the anticipated benefits from the separation; the New Consumer Health Company’s ability to succeed as a standalone publicly traded company; and risks related to the impact of the COVID-19 global pandemic, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response, material delays and cancellations of medical procedures, supply chain disruptions and other impacts to the business, or on the company’s ability to execute business continuity plans, as a result of the COVID-19 pandemic. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended January 2, 2022 , 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)
SECOND QUARTER
SIX MONTHS
Percent Change
Percent Change
2022
2021
Total
Operations
Currency
2022
2021
Total
Operations
Currency
Sales to customers by
segment of business
Consumer Health (1)
U.S.
$
1,687
1,751
(3.6
)
%
(3.6
)
-
$
3,244
3,362
(3.5
)
%
(3.5
)
-
International
2,118
2,103
0.6
7.3
(6.7
)
4,147
4,133
0.3
5.7
(5.4
)
3,805
3,854
(1.3
)
2.3
(3.6
)
7,391
7,495
(1.4
)
1.6
(3.0
)
Pharmaceutical (1)
U.S.
7,159
6,869
4.2
4.2
-
13,791
13,315
3.6
3.6
-
International
6,158
5,611
9.8
22.1
(12.3
)
12,395
11,266
10.0
19.4
(9.4
)
13,317
12,480
6.7
12.3
(5.6
)
26,186
24,581
6.5
10.8
(4.3
)
Pharmaceutical excluding COVID-19 Vaccine (1,3)
U.S.
7,114
6,818
4.3
4.3
-
13,671
13,164
3.9
3.9
-
International
5,659
5,498
2.9
13.9
(11.0
)
11,514
11,153
3.2
11.9
(8.7
)
12,773
12,316
3.7
8.6
(4.9
)
25,185
24,317
3.6
7.5
(3.9
)
MedTech (2)
U.S.
3,351
3,299
1.6
1.6
-
6,576
6,353
3.5
3.5
-
International
3,547
3,679
(3.6
)
5.1
(8.7
)
7,293
7,204
1.2
8.0
(6.8
)
6,898
6,978
(1.1
)
3.4
(4.5
)
13,869
13,557
2.3
5.9
(3.6
)
U.S.
12,197
11,919
2.3
2.3
-
23,611
23,030
2.5
2.5
-
International
11,823
11,393
3.8
13.9
(10.1
)
23,835
22,603
5.5
13.3
(7.8
)
Worldwide
24,020
23,312
3.0
8.0
(5.0
)
47,446
45,633
4.0
7.8
(3.8
)
U.S.
12,152
11,868
2.4
2.4
-
23,491
22,879
2.7
2.7
-
International
11,324
11,280
0.4
9.8
(9.4
)
22,954
22,490
2.1
9.5
(7.4
)
Worldwide excluding COVID-19 Vaccine (3)
$
23,476
23,148
1.4
%
6.0
(4.6
)
$
46,445
45,369
2.4
%
6.1
(3.7
)
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(1) Certain international OTC products, primarily in China , were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes
(2) Previously referred to as Medical Devices
(3) Refer to supplemental sales reconciliation schedule
Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)
SECOND QUARTER
SIX MONTHS
Percent Change
Percent Change
2022
2021
Total
Operations
Currency
2022
2021
Total
Operations
Currency
Sales to customers by
geographic area
U.S.
$
12,197
11,919
2.3
%
2.3
-
$
23,611
23,030
2.5
%
2.5
-
Europe
6,085
5,668
7.3
20.7
(13.4
)
12,109
11,082
9.3
20.1
(10.8
)
Western Hemisphere excluding U.S.
1,536
1,367
12.4
14.9
(2.5
)
3,018
2,791
8.1
9.9
(1.8
)
Asia-Pacific , Africa
4,202
4,358
(3.6
)
4.7
(8.3
)
8,708
8,730
(0.2
)
5.6
(5.8
)
International
11,823
11,393
3.8
13.9
(10.1
)
23,835
22,603
5.5
13.3
(7.8
)
Worldwide
$
24,020
23,312
3.0
%
8.0
(5.0
)
$
47,446
45,633
4.0
%
7.8
(3.8
)
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)
SECOND QUARTER
2022
2021
Percent
Percent
Percent
Increase
Amount
to Sales
Amount
to Sales
(Decrease)
Sales to customers
$
24,020
100.0
$
23,312
100.0
3.0
Cost of products sold
7,919
33.0
7,587
32.5
4.4
Gross Profit
16,101
67.0
15,725
67.5
2.4
Selling, marketing and administrative expenses
6,226
25.9
6,073
26.1
2.5
Research and development expense
3,703
15.4
3,394
14.6
9.1
Interest (income) expense, net
(26
)
(0.1
)
28
0.1
Other (income) expense, net
273
1.1
(488
)
(2.1
)
Restructuring
85
0.4
56
0.2
Earnings before provision for taxes on income
5,840
24.3
6,662
28.6
(12.3
)
Provision for taxes on income
1,026
4.3
384
1.7
167.2
Net earnings
$
4,814
20.0
$
6,278
26.9
(23.3
)
Net earnings per share (Diluted)
$
1.80
$
2.35
(23.4
)
Average shares outstanding (Diluted)
2,667.9
2,671.6
Effective tax rate
17.6
%
5.8
%
Adjusted earnings before provision for taxes and net earnings (1)
Earnings before provision for taxes on income
$
8,171
34.0
$
7,776
33.4
5.1
Net earnings
$
6,912
28.8
$
6,625
28.4
4.3
Net earnings per share (Diluted)
$
2.59
$
2.48
4.4
Effective tax rate
15.4
%
14.8
%
(1) See Reconciliation of Non-GAAP Financial Measures.
Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)
SIX MONTHS
2022
2021
Percent
Percent
Percent
Increase
Amount
to Sales
Amount
to Sales
(Decrease)
Sales to customers
$
47,446
100.0
$
45,633
100.0
4.0
Cost of products sold
15,517
32.7
14,650
32.1
5.9
Gross Profit
31,929
67.3
30,983
67.9
3.1
Selling, marketing and administrative expenses
12,164
25.6
11,505
25.2
5.7
Research and development expense
7,165
15.1
6,572
14.4
9.0
In-process research and development
610
1.3
-
-
Interest (income) expense, net
(38
)
(0.1
)
76
0.2
Other (income) expense, net
171
0.4
(1,370
)
(3.0
)
Restructuring
155
0.3
109
0.2
Earnings before provision for taxes on income
11,702
24.7
14,091
30.9
(17.0
)
Provision for taxes on income
1,739
3.7
1,616
3.6
7.6
Net earnings
$
9,963
21.0
$
12,475
27.3
(20.1
)
Net earnings per share (Diluted)
$
3.73
$
4.67
(20.1
)
Average shares outstanding (Diluted)
2,669.2
2,674.0
Effective tax rate
14.9
%
11.5
%
Adjusted earnings before provision for taxes and net earnings (1)
Earnings before provision for taxes on income
$
16,389
34.5
$
16,067
35.2
2.0
Net earnings
$
14,041
29.6
$
13,549
29.7
3.6
Net earnings per share (Diluted)
$
5.26
$
5.07
3.7
Effective tax rate
14.3
%
15.7
%
(1) See Reconciliation of Non-GAAP Financial Measures.
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Second Quarter
Six Months Ended
(Dollars in Millions Except Per Share Data)
2022
2021
2022
2021
Net Earnings, after tax- as reported
$4,814
$6,278
$9,963
$12,475
Pre-tax Adjustments
Intangible Asset Amortization expense
1,095
1,202
2,203
2,417
Litigation related
385
(23)
385
(23)
IPR&D
-
-
610
-
Restructuring related
128
108
200
212
Acquisition, integration and divestiture related ¹
-
14
-
(524)
(Gains)/losses on securities
109
(243)
520
(208)
Medical Device Regulation 2
70
56
130
102
COVID-19 Vaccine related costs 3
276
-
276
-
Consumer Health separation costs
268
-
370
-
Other
-
-
(7)
-
Tax Adjustments
Tax impact on special item adjustments 4
(313)
(135)
(706)
(248)
Consumer Health separation tax related costs
2
-
98
-
Tax legislation and other tax related
78
(632)
(1)
(654)
Adjusted Net Earnings, after tax
$6,912
$6,625
$14,041
$13,549
Average shares outstanding (Diluted)
2,667.9
2,671.6
2,669.2
2,674.0
Adjusted net earnings per share (Diluted)
$2.59
$2.48
$5.26
$5.07
Operational adjusted net earnings per share (Diluted)
$2.75
$5.50
Notes:
1
Acquisition, integration and divestiture related for the six months of 2021 primarily includes the gain on the divestiture of two Pharmaceutical brands outside of the U.S.
2
European Medical Device Regulation (MDR) costs represent one-time compliance costs for the Company’s previously registered products. MDR is a replacement of the existing European Medical Devices Directive regulatory framework, and manufacturers of currently marketed medical devices were required to comply with EU MDR beginning in May 2021 . The Company considers the adoption of EU MDR to be a significant one-time regulatory change and is not indicative of on-going operations. The Company has excluded only external third-party regulatory and consulting costs from its MedTech operating segments' measures of profit and loss used for making operating decisions and assessing performance which is expected to be completed by the end of 2023.
3
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 modification of its COVID-19 vaccine research program and manufacturing capacity to levels that meet all customer contractual requirements.
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
SECOND QUARTER 2022 ACTUAL vs. 2021 ACTUAL
Segments
Consumer Health
Pharmaceutical
MedTech
Total
WW As Reported
(1.3)%
6.7%
(1.1)%
3.0%
U.S.
(3.6)%
4.2%
1.6%
2.3%
International
0.6%
9.8%
(3.6)%
3.8%
WW Currency
(3.6)
(5.6)
(4.5)
(5.0)
U.S.
-
-
-
-
International
(6.7)
(12.3)
(8.7)
(10.1)
WW Operational
2.3%
12.3%
3.4%
8.0%
U.S.
(3.6)%
4.2%
1.6%
2.3%
International
7.3%
22.1%
5.1%
13.9%
All Other Acquisitions and Divestitures
0.6
0.1
0.0
0.1
U.S.
0.2
0.2
(0.2)
0.1
International
0.8
0.1
0.2
0.3
WW Adjusted Operational
2.9%
12.4%
3.4%
8.1%
U.S.
(3.4)%
4.4%
1.4%
2.4%
International
8.1%
22.2%
5.3%
14.2%
Note: Percentages are based on actual, non-rounded figures and may not sum
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Adjusted Operational Sales Growth
SIX MONTHS 2022 ACTUAL vs. 2021 ACTUAL
Segments
Consumer Health
Pharmaceutical
MedTech
Total
WW As Reported
(1.4)%
6.5%
2.3%
4.0%
U.S.
(3.5)%
3.6%
3.5%
2.5%
International
0.3%
10.0%
1.2%
5.5%
WW Currency
(3.0)
(4.3)
(3.6)
(3.8)
U.S.
-
-
-
-
International
(5.4)
(9.4)
(6.8)
(7.8)
WW Operational
1.6%
10.8%
5.9%
7.8%
U.S.
(3.5)%
3.6%
3.5%
2.5%
International
5.7%
19.4%
8.0%
13.3%
Skin Health / Beauty
Dr. Ci Labo - Sedona
0.5
0.1
U.S.
0.0
0.0
International
0.9
0.2
All Other Acquisitions and Divestitures
0.1
0.1
0.1
0.1
U.S.
0.2
0.1
(0.1)
0.1
International
0.1
0.0
0.2
0.1
WW Adjusted Operational
2.2%
10.9%
6.0%
8.0%
U.S.
(3.3)%
3.7%
3.4%
2.6%
International
6.7%
19.4%
8.2%
13.6%
Note: Percentages are based on actual, non-rounded figures and may not sum
REPORTED SALES vs. PRIOR PERIOD ($MM)
REPORTED SALES vs. PRIOR PERIOD ($MM)
SECOND QUARTER
SIX MONTHS
% Change
% Change
2022
2021
Reported
Operational (1)
Currency
2022
2021
Reported
Operational (1)
Currency
CONSUMER HEALTH SEGMENT (2,3)
OTC
US
$
663
675
-1.8
%
-1.8
%
-
$
1,333
1,274
4.6
%
4.6
%
-
Intl
818
752
8.8
%
15.9
%
-7.1
%
1,609
1,425
12.9
%
18.6
%
-5.7
%
WW
1,482
1,426
3.8
%
7.5
%
-3.7
%
2,943
2,699
9.0
%
12.0
%
-3.0
%
SKIN HEALTH / BEAUTY
US
629
659
-4.5
%
-4.5
%
-
1,173
1,293
-9.2
%
-9.2
%
-
Intl
497
511
-2.8
%
5.1
%
-7.9
%
965
1,040
-7.2
%
-1.1
%
-6.1
%
WW
1,126
1,170
-3.7
%
-0.3
%
-3.4
%
2,138
2,333
-8.3
%
-5.6
%
-2.7
%
ORAL CARE
US
170
165
3.4
%
3.4
%
-
313
328
-4.6
%
-4.6
%
-
Intl
224
260
-14.1
%
-8.7
%
-5.4
%
447
514
-13.0
%
-8.6
%
-4.4
%
WW
394
426
-7.3
%
-4.0
%
-3.3
%
760
843
-9.7
%
-7.1
%
-2.6
%
BABY CARE
US
88
97
-9.1
%
-9.1
%
-
173
193
-10.3
%
-10.3
%
-
Intl
287
290
-1.0
%
3.7
%
-4.7
%
557
583
-4.4
%
-0.6
%
-3.8
%
WW
375
387
-3.1
%
0.5
%
-3.6
%
730
776
-5.9
%
-3.0
%
-2.9
%
WOMEN'S HEALTH
US
3
3
8.9
%
8.9
%
-
7
6
8.1
%
8.1
%
-
Intl
228
227
0.1
%
7.2
%
-7.1
%
452
446
1.3
%
7.7
%
-6.4
%
WW
230
230
0.2
%
7.2
%
-7.0
%
458
452
1.4
%
7.7
%
-6.3
%
WOUND CARE / OTHER
US
133
153
-12.7
%
-12.7
%
-
245
268
-8.6
%
-8.6
%
-
Intl
65
64
1.7
%
5.2
%
-3.5
%
117
125
-6.6
%
-4.5
%
-2.1
%
WW
197
216
-8.4
%
-7.4
%
-1.0
%
361
393
-8.0
%
-7.3
%
-0.7
%
TOTAL CONSUMER HEALTH
US
1,687
1,751
-3.6
%
-3.6
%
-
3,244
3,362
-3.5
%
-3.5
%
-
Intl
2,118
2,103
0.6
%
7.3
%
-6.7
%
4,147
4,133
0.3
%
5.7
%
-5.4
%
WW
$
3,805
3,854
-1.3
%
2.3
%
-3.6
%
$
7,391
7,495
-1.4
%
1.6
%
-3.0
%
See footnotes at end of schedule
REPORTED SALES vs. PRIOR PERIOD ($MM)
REPORTED SALES vs. PRIOR PERIOD ($MM)
SECOND QUARTER
SIX MONTHS
% Change
% Change
PHARMACEUTICAL SEGMENT (2,3)
2022
2021
Reported
Operational (1)
Currency
2022
2021
Reported
Operational (1)
Currency
IMMUNOLOGY
US
$
2,853
2,748
3.8
%
3.8
%
-
$
5,354
5,161
3.7
%
3.7
%
-
Intl
1,559
1,483
5.1
%
16.2
%
-11.1
%
3,176
2,984
6.4
%
14.9
%
-8.5
%
WW
4,411
4,231
4.3
%
8.1
%
-3.8
%
8,530
8,145
4.7
%
7.8
%
-3.1
%
REMICADE
US
391
540
-27.4
%
-27.4
%
-
749
1,029
-27.1
%
-27.1
%
-
US Exports (4)
44
93
-53.0
%
-53.0
%
-
124
150
-17.5
%
-17.5
%
-
Intl
212
255
-17.2
%
-12.0
%
-5.2
%
437
487
-10.3
%
-6.7
%
-3.6
%
WW
647
888
-27.2
%
-25.6
%
-1.6
%
1,310
1,665
-21.4
%
-20.3
%
-1.1
%
SIMPONI / SIMPONI ARIA
US
301
290
3.8
%
3.8
%
-
588
545
7.9
%
7.9
%
-
Intl
266
294
-9.7
%
0.3
%
-10.0
%
549
601
-8.6
%
-0.8
%
-7.8
%
WW
566
584
-3.0
%
2.0
%
-5.0
%
1,137
1,146
-0.8
%
3.3
%
-4.1
%
STELARA
US
1,731
1,496
15.7
%
15.7
%
-
3,110
2,827
10.0
%
10.0
%
-
Intl
868
778
11.6
%
24.0
%
-12.4
%
1,777
1,595
11.4
%
20.8
%
-9.4
%
WW
2,599
2,274
14.3
%
18.6
%
-4.3
%
4,887
4,422
10.5
%
13.9
%
-3.4
%
TREMFYA
US
382
325
17.7
%
17.7
%
-
773
599
29.1
%
29.1
%
-
Intl
214
155
38.3
%
54.6
%
-16.3
%
413
298
38.6
%
51.4
%
-12.8
%
WW
597
479
24.4
%
29.7
%
-5.3
%
1,187
897
32.3
%
36.6
%
-4.3
%
OTHER IMMUNOLOGY
US
3
5
-50.1
%
-50.1
%
-
9
12
-24.8
%
-24.8
%
-
Intl
0
1
*
*
*
0
3
*
*
*
WW
3
7
-59.2
%
-59.2
%
0.0
%
9
15
-39.0
%
-39.0
%
0.0
%
INFECTIOUS DISEASES
US
415
444
-6.4
%
-6.4
%
-
876
956
-8.3
%
-8.3
%
-
Intl
901
575
56.8
%
79.3
%
-22.5
%
1,737
1,060
63.9
%
79.0
%
-15.1
%
WW
1,316
1,018
29.3
%
42.0
%
-12.7
%
2,613
2,016
29.6
%
37.6
%
-8.0
%
COVID-19 VACCINE
US
45
51
-11.5
%
-11.5
%
-
120
151
-20.4
%
-20.4
%
-
Intl
499
113
*
*
*
881
113
*
*
*
WW
544
164
*
*
*
1,001
264
*
*
*
EDURANT / rilpivirine
US
9
9
-1.7
%
-1.7
%
-
18
19
-7.4
%
-7.4
%
-
Intl
215
253
-14.7
%
-5.4
%
-9.3
%
454
486
-6.5
%
2.2
%
-8.7
%
WW
225
262
-14.3
%
-5.3
%
-9.0
%
473
505
-6.5
%
1.9
%
-8.4
%
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US
355
368
-3.4
%
-3.4
%
-
724
748
-3.2
%
-3.2
%
-
Intl
110
137
-20.2
%
-10.4
%
-9.8
%
242
303
-20.3
%
-13.4
%
-6.9
%
WW
464
505
-7.9
%
-5.3
%
-2.6
%
965
1,051
-8.1
%
-6.1
%
-2.0
%
OTHER INFECTIOUS DISEASES
US
6
16
-62.5
%
-62.5
%
-
14
37
-62.5
%
-62.5
%
-
Intl
77
71
7.4
%
10.9
%
-3.5
%
160
158
1.3
%
5.8
%
-4.5
%
WW
83
88
-5.4
%
-2.6
%
-2.8
%
174
196
-10.9
%
-7.2
%
-3.7
%
REPORTED SALES vs. PRIOR PERIOD ($MM)
REPORTED SALES vs. PRIOR PERIOD ($MM)
SECOND QUARTER
SIX MONTHS
% Change
% Change
2022
2021
Reported
Operational (1)
Currency
2022
2021
Reported
Operational (1)
Currency
NEUROSCIENCE
US
896
842
6.5%
6.5%
-
1,739
1,613
7.9%
7.9%
-
Intl
837
963
-13.0%
-4.8%
-8.2%
1,735
1,906
-8.9%
-1.7%
-7.2%
WW
1,734
1,804
-3.9%
0.5%
-4.4%
3,475
3,519
-1.2%
2.7%
-3.9%
CONCERTA / Methylphenidate
US
38
35
9.4%
9.4%
-
73
82
-11.3%
-11.3%
-
Intl
123
127
-2.2%
8.0%
-10.2%
245
250
-1.7%
5.8%
-7.5%
WW
161
161
0.3%
8.3%
-8.0%
318
332
-4.1%
1.5%
-5.6%
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
US
691
645
7.3%
7.3%
-
1,352
1,234
9.6%
9.6%
-
Intl
362
380
-4.6%
6.3%
-10.9%
749
756
-0.8%
8.1%
-8.9%
WW
1,054
1,024
2.9%
6.9%
-4.0%
2,102
1,989
5.7%
9.0%
-3.3%
RISPERDAL CONSTA
US
65
72
-8.9%
-8.9%
-
128
139
-7.7%
-7.7%
-
Intl
60
84
-28.0%
-19.0%
-9.0%
126
173
-27.1%
-19.3%
-7.8%
WW
125
155
-19.3%
-14.4%
-4.9%
254
312
-18.4%
-14.1%
-4.3%
OTHER NEUROSCIENCE
US
102
91
11.8%
11.8%
-
186
158
17.6%
17.6%
-
Intl
292
373
-21.8%
-17.2%
-4.6%
615
728
-15.5%
-10.2%
-5.3%
WW
393
464
-15.2%
-11.6%
-3.6%
800
886
-9.6%
-5.2%
-4.4%
ONCOLOGY
US
1,679
1,462
14.9%
14.9%
-
3,261
2,839
14.9%
14.9%
-
Intl
2,362
2,073
14.0%
26.9%
-12.9%
4,731
4,266
10.9%
20.8%
-9.9%
WW
4,042
3,535
14.3%
21.9%
-7.6%
7,992
7,105
12.5%
18.4%
-5.9%
DARZALEX
US
1,021
770
32.6%
32.6%
-
1,974
1,461
35.1%
35.1%
-
Intl
965
663
45.5%
61.9%
-16.4%
1,868
1,337
39.7%
52.2%
-12.5%
WW
1,986
1,433
38.6%
46.1%
-7.5%
3,842
2,798
37.3%
43.3%
-6.0%
ERLEADA
US
233
193
20.6%
20.6%
-
439
364
20.4%
20.4%
-
Intl
218
109
*
*
*
412
199
*
*
*
WW
450
302
49.5%
56.9%
-7.4%
850
563
51.1%
57.2%
-6.1%
IMBRUVICA
US
349
454
-23.1%
-23.1%
-
719
898
-19.9%
-19.9%
-
Intl
620
662
-6.3%
3.6%
-9.9%
1,288
1,342
-4.0%
4.1%
-8.1%
WW
970
1,116
-13.1%
-7.2%
-5.9%
2,008
2,241
-10.4%
-5.6%
-4.8%
ZYTIGA / abiraterone acetate
US
19
21
-12.2%
-12.2%
-
38
71
-47.0%
-47.0%
-
Intl
486
542
-10.2%
1.5%
-11.7%
1,006
1,130
-11.0%
-2.3%
-8.7%
WW
505
563
-10.3%
0.9%
-11.2%
1,044
1,201
-13.1%
-4.9%
-8.2%
OTHER ONCOLOGY
US
57
23
*
*
-
91
44
*
*
-
Intl
72
97
-25.7%
-17.3%
-8.4%
156
258
-39.4%
-34.3%
-5.1%
WW
130
120
7.5%
14.4%
-6.9%
248
302
-18.0%
-13.7%
-4.3%
REPORTED SALES vs. PRIOR PERIOD ($MM)
REPORTED SALES vs. PRIOR PERIOD ($MM)
SECOND QUARTER
SIX MONTHS
% Change
% Change
2022
2021
Reported
Operational (1)
Currency
2022
2021
Reported
Operational (1)
Currency
PULMONARY HYPERTENSION
US
560
595
-5.8
%
-5.8
%
-
1,132
1,168
-3.1
%
-3.1
%
-
Intl
284
275
2.8
%
15.3
%
-12.5
%
563
563
-0.1
%
9.6
%
-9.7
%
WW
843
870
-3.1
%
0.9
%
-4.0
%
1,695
1,731
-2.1
%
1.1
%
-3.2
%
OPSUMIT
US
265
290
-8.7
%
-8.7
%
-
538
562
-4.3
%
-4.3
%
-
Intl
173
172
0.5
%
13.1
%
-12.6
%
343
351
-2.2
%
7.4
%
-9.6
%
WW
438
463
-5.3
%
-0.6
%
-4.7
%
881
913
-3.5
%
0.2
%
-3.7
%
UPTRAVI
US
272
268
1.4
%
1.4
%
-
541
527
2.6
%
2.6
%
-
Intl
56
45
26.2
%
38.3
%
-12.1
%
112
91
23.5
%
33.4
%
-9.9
%
WW
328
313
4.9
%
6.6
%
-1.7
%
653
618
5.7
%
7.1
%
-1.4
%
OTHER PULMONARY HYPERTENSION
US
23
36
-36.2
%
-36.2
%
-
53
78
-32.3
%
-32.3
%
-
Intl
55
59
-8.1
%
4.8
%
-12.9
%
108
122
-11.7
%
-2.0
%
-9.7
%
WW
78
95
-18.7
%
-10.7
%
-8.0
%
161
200
-19.8
%
-13.9
%
-5.9
%
CARDIOVASCULAR / METABOLISM / OTHER
US
757
780
-3.0
%
-3.0
%
-
1,429
1,579
-9.5
%
-9.5
%
-
Intl
215
241
-10.9
%
-3.4
%
-7.5
%
453
486
-6.9
%
-1.2
%
-5.7
%
WW
972
1,021
-4.8
%
-3.1
%
-1.7
%
1,882
2,065
-8.9
%
-7.5
%
-1.4
%
XARELTO
US
609
569
7.1
%
7.1
%
-
1,117
1,158
-3.5
%
-3.5
%
-
Intl
-
-
-
-
-
-
-
-
-
-
WW
609
569
7.1
%
7.1
%
-
1,117
1,158
-3.5
%
-3.5
%
-
INVOKANA / INVOKAMET
US
55
96
-42.9
%
-42.9
%
-
115
183
-37.1
%
-37.1
%
-
Intl
65
64
2.4
%
10.2
%
-7.8
%
133
127
4.9
%
10.6
%
-5.7
%
WW
120
160
-24.9
%
-21.8
%
-3.1
%
248
310
-19.9
%
-17.6
%
-2.3
%
OTHER
US
93
116
-19.5
%
-19.5
%
-
197
238
-17.2
%
-17.2
%
-
Intl
150
178
-15.6
%
-8.3
%
-7.3
%
320
360
-11.1
%
-5.4
%
-5.7
%
WW
243
293
-17.2
%
-12.7
%
-4.5
%
517
598
-13.5
%
-10.1
%
-3.4
%
TOTAL PHARMACEUTICAL
US
7,159
6,869
4.2
%
4.2
%
-
13,791
13,315
3.6
%
3.6
%
-
Intl
6,158
5,611
9.8
%
22.1
%
-12.3
%
12,395
11,266
10.0
%
19.4
%
-9.4
%
WW
$
13,317
12,480
6.7
%
12.3
%
-5.6
%
$
26,186
24,581
6.5
%
10.8
%
-4.3
%
See footnotes at end of schedule
REPORTED SALES vs. PRIOR PERIOD ($MM)
REPORTED SALES vs. PRIOR PERIOD ($MM)
SECOND QUARTER
SIX MONTHS
% Change
% Change
MEDTECH SEGMENT (2,3,5)
2022
2021
Reported
Operational (1)
Currency
2022
2021
Reported
Operational (1)
Currency
INTERVENTIONAL SOLUTIONS
US
$
525
475
10.5
%
10.5
%
-
1,019
909
12.1
%
12.1
%
-
Intl
525
572
-8.1
%
1.0
%
-9.1
%
1,123
1,086
3.4
%
10.2
%
-6.8
%
WW
1,049
1,046
0.3
%
5.3
%
-5.0
%
2,141
1,995
7.4
%
11.1
%
-3.7
%
ORTHOPAEDICS
US
1,338
1,323
1.1
%
1.1
%
-
2,627
2,572
2.1
%
2.1
%
-
Intl
820
904
-9.3
%
-0.6
%
-8.7
%
1,719
1,768
-2.8
%
4.2
%
-7.0
%
WW
2,157
2,227
-3.1
%
0.5
%
-3.6
%
4,345
4,340
0.1
%
3.0
%
-2.9
%
HIPS
US
240
233
3.4
%
3.4
%
-
465
442
5.2
%
5.2
%
-
Intl
148
159
-6.6
%
1.7
%
-8.3
%
312
305
2.4
%
9.0
%
-6.6
%
WW
388
391
-0.7
%
2.7
%
-3.4
%
777
747
4.1
%
6.8
%
-2.7
%
KNEES
US
216
210
2.9
%
2.9
%
-
417
395
5.6
%
5.6
%
-
Intl
133
140
-4.6
%
3.9
%
-8.5
%
271
272
-0.4
%
6.4
%
-6.8
%
WW
349
350
-0.1
%
3.3
%
-3.4
%
688
667
3.1
%
5.9
%
-2.8
%
TRAUMA
US
464
447
3.9
%
3.9
%
-
939
897
4.7
%
4.7
%
-
Intl
232
263
-11.8
%
-1.7
%
-10.1
%
505
545
-7.4
%
0.3
%
-7.7
%
WW
696
710
-1.9
%
1.8
%
-3.7
%
1,444
1,443
0.1
%
3.0
%
-2.9
%
SPINE, SPORTS & OTHER
US
418
434
-3.7
%
-3.7
%
-
805
838
-3.9
%
-3.9
%
-
Intl
306
343
-10.6
%
-2.5
%
-8.1
%
630
646
-2.4
%
4.2
%
-6.6
%
WW
724
777
-6.8
%
-3.2
%
-3.6
%
1,436
1,484
-3.2
%
-0.4
%
-2.8
%
REPORTED SALES vs. PRIOR PERIOD ($MM)
REPORTED SALES vs. PRIOR PERIOD ($MM)
SECOND QUARTER
SIX MONTHS
% Change
% Change
2022
2021
Reported
Operational (1)
Currency
2022
2021
Reported
Operational (1)
Currency
SURGERY
US
992
1,035
-4.1
%
-4.1
%
-
1,913
1,933
-1.0
%
-1.0
%
-
Intl
1,458
1,487
-2.0
%
5.9
%
-7.9
%
2,971
2,961
0.3
%
6.2
%
-5.9
%
WW
2,450
2,522
-2.8
%
1.8
%
-4.6
%
4,884
4,894
-0.2
%
3.4
%
-3.6
%
ADVANCED
US
454
459
-1.1
%
-1.1
%
-
871
864
0.8
%
0.8
%
-
Intl
702
708
-0.9
%
6.6
%
-7.5
%
1,431
1,421
0.7
%
6.0
%
-5.3
%
WW
1,156
1,168
-1.0
%
3.6
%
-4.6
%
2,302
2,286
0.7
%
4.0
%
-3.3
%
GENERAL
US
538
576
-6.4
%
-6.4
%
-
1,042
1,069
-2.5
%
-2.5
%
-
Intl
756
779
-3.0
%
5.3
%
-8.3
%
1,540
1,540
0.0
%
6.5
%
-6.5
%
WW
1,294
1,354
-4.5
%
0.3
%
-4.8
%
2,582
2,608
-1.0
%
2.8
%
-3.8
%
VISION
US
496
467
6.2
%
6.2
%
-
1,017
939
8.3
%
8.3
%
-
Intl
745
716
4.0
%
13.9
%
-9.9
%
1,481
1,389
6.6
%
15.1
%
-8.5
%
WW
1,241
1,183
4.9
%
10.9
%
-6.0
%
2,498
2,328
7.3
%
12.4
%
-5.1
%
CONTACT LENSES / OTHER
US
374
352
6.6
%
6.6
%
-
774
723
7.2
%
7.2
%
-
Intl
519
517
0.4
%
11.0
%
-10.6
%
1,030
1,003
2.7
%
11.9
%
-9.2
%
WW
894
868
2.9
%
9.2
%
-6.3
%
1,804
1,725
4.5
%
9.9
%
-5.4
%
SURGICAL
US
122
115
5.1
%
5.1
%
-
243
216
12.1
%
12.1
%
-
Intl
225
199
13.6
%
21.5
%
-7.9
%
451
386
17.0
%
23.5
%
-6.5
%
WW
347
314
10.5
%
15.5
%
-5.0
%
694
602
15.2
%
19.4
%
-4.2
%
TOTAL MEDTECH
US
3,351
3,299
1.6
%
1.6
%
-
6,576
6,353
3.5
%
3.5
%
-
Intl
3,547
3,679
-3.6
%
5.1
%
-8.7
%
7,293
7,204
1.2
%
8.0
%
-6.8
%
WW
$
6,898
6,978
-1.1
%
3.4
%
-4.5
%
$
13,869
13,557
2.3
%
5.9
%
-3.6
%
Note: Columns and rows within tables may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely
* Percentage greater than 100% or not meaningful
(1) Operational growth excludes the effect of translational currency
(2) Unaudited
(3) Certain prior year amounts have been reclassified to conform to current year product disclosures
(4) Reported as U.S. sales
(5) Previously referred to as Medical Devices
Supplemental Sales Reconciliation (Unaudited)
(Dollars in Millions)
SECOND QUARTER
SIX MONTHS
Percent Change
Percent Change
2022
2021
Total
Operations
Currency
2022
2021
Total
Operations
Currency
Pharmaceutical
U.S.
$
7,159
6,869
4.2
%
4.2
-
$
13,791
13,315
3.6
%
3.6
-
International
6,158
5,611
9.8
22.1
(12.3
)
12,395
11,266
10.0
19.4
(9.4
)
Worldwide
13,317
12,480
6.7
12.3
(5.6
)
26,186
24,581
6.5
10.8
(4.3
)
COVID-19 Vaccine
U.S.
45
51
(11.5
)
(11.5
)
-
120
151
(20.4
)
(20.4
)
-
International
499
113
*
*
*
881
113
*
-
*
*
Worldwide
544
164
*
*
*
1,001
264
*
-
*
*
Pharmaceutical excluding COVID-19 Vaccine
U.S.
7,114
6,818
4.3
4.3
-
13,671
13,164
3.9
3.9
-
International
5,659
5,498
2.9
13.9
(11.0
)
11,514
11,153
3.2
11.9
(8.7
)
Worldwide
12,773
12,316
3.7
8.6
(4.9
)
25,185
24,317
3.6
7.5
(3.9
)
Worldwide
U.S.
12,197
11,919
2.3
2.3
-
23,611
23,030
2.5
2.5
-
International
11,823
11,393
3.8
13.9
(10.1
)
23,835
22,603
5.5
13.3
(7.8
)
Worldwide
24,020
23,312
3.0
8.0
(5.0
)
47,446
45,633
4.0
7.8
(3.8
)
COVID-19 Vaccine
U.S.
45
51
(11.5
)
(11.5
)
-
120
151
(20.4
)
(20.4
)
-
International
499
113
*
*
*
881
113
*
*
*
Worldwide
544
164
*
*
*
1,001
264
*
*
*
Worldwide
U.S.
12,152
11,868
2.4
2.4
-
23,491
22,879
2.7
2.7
-
International
11,324
11,280
0.4
9.8
(9.4
)
22,954
22,490
2.1
9.5
(7.4
)
Worldwide excluding COVID-19 Vaccine
$
23,476
23,148
1.4
%
6.0
(4.6
)
$
46,445
45,369
2.4
%
6.1
(3.7
)
Note: Columns and rows within tables may not add due to rounding
* Percentage greater than 100% or not meaningful
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Q2 QTD - Income Before Tax by Segment*
Dollars in Millions
Consumer Health Separation Costs
Consumer Health1
Pharmaceutical1
MedTech
Unallocated
Worldwide Total
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
Reported Income Before Tax by Segment
$
784
866
4,420
4,294
1,141
1,746
(237)
(244)
(268)
-
5,840
6,662
% to Sales
20.6%
22.5%
33.2%
34.4%
16.5%
25.0%
-1.0%
-1.0%
-1.1%
0.0%
24.3%
28.6%
Intangible asset amortization expense
100
105
736
842
259
255
-
-
-
-
1,095
1,202
In-process research and development
-
-
-
-
-
-
-
-
-
-
-
-
Litigation related
78
122
36
(81)
271
(64)
-
-
-
-
385
(23)
Loss/(gain) on securities
-
(18)
102
(151)
7
(74)
-
-
-
-
109
(243)
Restructuring related
25
27
23
17
80
64
-
-
-
-
128
108
Acquisition, integration and divestiture related
-
-
-
-
-
14
-
-
-
-
-
14
Medical Device Regulation
-
-
-
-
70
56
-
-
-
-
70
56
COVID-19 Vaccine related costs
-
-
276
-
-
-
-
-
-
-
276
-
Consumer Health separation costs
-
-
-
-
-
-
-
-
268
-
268
-
Other
-
-
-
-
-
-
-
-
-
-
-
-
Adjusted Income Before Tax by Segment
$
987
1,102
5,593
4,921
1,828
1,997
(237)
(244)
-
-
8,171
7,776
% to Sales
25.9%
28.6%
42.0%
39.4%
26.5%
28.6%
-1.0%
-1.0%
0.0%
0.0%
34.0%
33.4%
1 Prior year income before tax has been reclassified as Certain international OTC products, primarily in China , were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes
*Estimated as of 7/19/2022
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Q2 YTD - Income Before Tax by Segment*
Dollars in Millions
Consumer Health Separation Costs
Consumer Health1
Pharmaceutical1
MedTech
Unallocated
Worldwide Total
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
Reported Income Before Tax by Segment
$
1,470
1,708
8,344
9,463
2,618
3,375
(360)
(455)
(370)
-
11,702
14,091
% to Sales
19.9%
22.8%
31.9%
38.5%
18.9%
24.9%
-0.8%
-1.0%
-0.8%
0.0%
24.7%
30.9%
Intangible asset amortization expense
194
211
1,496
1,698
513
508
-
-
-
-
2,203
2,417
In-process research and development
-
-
610
-
-
-
-
-
-
-
610
-
Litigation related
78
122
36
(81)
271
(64)
-
-
-
-
385
(23)
Loss/(gain) on securities
0
(20)
496
(114)
24
(74)
-
-
-
-
520
(208)
Restructuring related
39
55
9
37
152
120
-
-
-
-
200
212
Acquisition, integration and divestiture related
-
-
-
(570)
-
46
-
-
-
-
-
(524)
Medical Device Regulation
-
-
-
-
130
102
-
-
-
-
130
102
COVID-19 Vaccine related costs
-
-
276
-
-
-
-
-
-
-
276
-
Consumer Health separation costs
-
-
-
-
-
-
-
-
370
-
370
-
Other
-
-
-
-
-
-
(7)
-
-
-
(7)
-
Adjusted Income Before Tax by Segment
$
1,781
2,076
11,267
10,433
3,708
4,013
(367)
(455)
-
-
16,389
16,067
% to Sales
24.1%
27.7%
43.0%
42.4%
26.7%
29.6%
-0.8%
-1.0%
0.0%
0.0%
34.5%
35.2%
1 Prior year income before tax has been reclassified as Certain international OTC products, primarily in China , were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes
*Estimated as of 7/19/2022
Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
Quarter to Date
Consumer Health separation tax related costs
In-process research and development
Acquisition, integration and divestiture related
(Loss)/gain on securities
COVID-19 Vaccine Related Costs
Consumer Health separation costs
Tax legislation and other tax related
Second Quarter July 3, 2022 Non-GAAP
Second Quarter July 3, 2022 GAAP
Intangible asset amortization
Litigation related
Restructuring related
Medical Device Regulation
Other
Cost of products sold
$
7,919
(1,083
)
(17
)
(25
)
(194
)
-
-
-
-
6,600
Selling, marketing and admin expenses
6,226
(6
)
6,220
Research and development expense
3,703
-
(39
)
(110
)
3,554
Other (Income) / Expense
273
(12
)
(385
)
(26
)
-
(109
)
28
(268
)
-
-
(499
)
In-process research and development
-
-
-
Restructuring
85
(85
)
-
Provision for taxes on income
1,026
170
(29
)
-
25
-
25
13
65
44
(2
)
(78
)
-
1,259
Net Earnings
4,814
925
414
-
103
-
84
57
211
224
2
78
-
6,912
Consumer Health separation tax related costs
Second Quarter July 4, 2021 GAAP
In-process research and development
Acquisition, integration and divestiture related
(Loss)/gain on securities
COVID-19 Vaccine Related Costs
Consumer Health separation costs
Tax legislation and other tax related
Second Quarter July 4, 2021 Non-GAAP
Intangible asset amortization
Litigation related
Restructuring related
Medical Device Regulation
Other
Cost of products sold
$
7,587
(1,202
)
(20
)
(20
)
6,345
Selling, marketing and admin expenses
6,073
(6
)
6,067
Research and development expense
3,394
-
(30
)
3,364
Other (Income) / Expense
(488
)
-
23
(32
)
(14
)
243
-
-
-
-
(268
)
In-process research and development
-
-
-
Restructuring
56
(56
)
-
Provision for taxes on income
384
163
(1
)
-
17
3
(57
)
10
-
-
-
632
-
1,151
Net Earnings
6,278
1,039
(22
)
-
91
11
(186
)
46
-
-
-
(632
)
-
6,625
Year to Date
Consumer Health separation tax related costs
Six Months July 3, 2022 GAAP
In-process research and development
Acquisition, integration and divestiture related
(Loss)/gain on securities
COVID-19 Vaccine Related Costs
Consumer Health separation costs
Tax legislation and other tax related
Six Months July 3, 2022 Non-GAAP
Intangible asset amortization
Litigation related
Restructuring related
Medical Device Regulation
Other
Cost of products sold
$
15,517
(2,191
)
(33
)
(47
)
(194
)
13,052
Selling, marketing and admin expenses
12,164
(12
)
12,152
Research and development expense
7,165
-
(71
)
(110
)
6,984
Other (Income) / Expense
171
(12
)
(385
)
(12
)
-
(520
)
28
(370
)
-
7
(1,093
)
In-process research and development
610
(610
)
-
Restructuring
155
(155
)
-
Provision for taxes on income
1,739
338
(82
)
138
37
-
121
24
65
67
(98
)
1
(2
)
2,348
Net Earnings
9,963
1,865
467
472
163
-
399
106
211
303
98
(1
)
(5
)
14,041
Consumer Health separation tax related costs
Six Months July 4, 2021 GAAP
In-process research and development
Acquisition, integration and divestiture related (1)
(Loss)/gain on securities
COVID-19 Vaccine Related Costs
Consumer Health separation costs
Tax legislation and other tax related
Six Months July 4, 2021 Non-GAAP
Intangible asset amortization
Litigation related
Restructuring related
Medical Device Regulation
Other
Cost of products sold
$
14,650
(2,417
)
(47
)
(37
)
12,149
Selling, marketing and admin expenses
11,505
(11
)
11,494
Research and development expense
6,572
-
(54
)
6,518
Other (Income) / Expense
(1,370
)
-
23
(56
)
524
208
-
-
-
-
(671
)
In-process research and development
-
-
-
Restructuring
109
(109
)
-
Provision for taxes on income
1,616
340
(1
)
-
37
(98
)
(49
)
19
-
-
-
654
-
2,518
Net Earnings
12,475
2,077
(22
)
-
175
(426
)
(159
)
83
-
-
-
(654
)
-
13,549
(1) 2021 primarily includes gains on the divestitures of two Pharmaceutical brands outside of the United States .
View source version on businesswire.com: https://www.businesswire.com/news/home/20220719005311/en/
Press Contacts:
Jake Sargent
(732) 524-1090
Investor Contacts:
Jessica Moore
(732) 524-2955
Raychel Kruper
(732) 524-6164
Source: Johnson & Johnson