- 2024 Third-Quarter reported sales growth of 5.2% to $22.5
Billion with operational growth of 6.3%* and adjusted operational
growth of 5.4%*
- 2024 Third-Quarter Earnings per share (EPS) of $1.11 decreasing
by 34.3% due to a one-time special charge and acquired IPR&D.
Adjusted EPS of $2.42 decreasing by 9.0%* with acquired IPR&D
impacting results approximately 1,900 basis points
- Significant pipeline progress including approvals of TREMFYA in
ulcerative colitis, RYBREVANT + LAZCLUZE in non-small cell lung
cancer, and submission of an investigational device exemption for
our general surgery robotic system, OTTAVA
- Company increases Full-Year 2024 operational sales5
guidance
- Company updates Full-Year 2024 adjusted operational EPS
guidance to reflect improved performance and the acquisition of
V-Wave; costs associated with the acquisition of V-Wave more than
offset the improvement
Johnson & Johnson (NYSE: JNJ) today announced results for
third-quarter 2024. “Johnson & Johnson’s strong results in the
third quarter reflect the unique breadth of our business and
commitment to delivering the next wave of healthcare innovation,”
said Joaquin Duato, Chairman and Chief Executive Officer. “During
the quarter, we advanced our pipeline with regulatory approvals for
TREMFYA and RYBREVANT, submitted an IDE for our general surgery
robotic system, OTTAVA, and launched VELYS Spine and Shockwave E8
IVL Catheter, further strengthening our confidence in our near-and
long-term growth targets.”
Unless otherwise noted, the financial results and earnings
guidance included below reflect the continuing operations of
Johnson & Johnson.
Overall financial results
Q3
($ in Millions, except EPS)
2024
2023
% Change
Reported Sales
$22,471
$21,351
5.2%
Net Earnings/(Loss)
$2,694
$4,309
-37.5%
EPS (diluted)
$1.11
$1.69
-34.3%
Q3
Non-GAAP* ($ in Millions, except EPS)
2024
2023
% Change
Operational Sales1,2
6.3%
Adjusted Operational Sales1,3
5.4%
Adjusted Operational Sales ex. COVID-19 Vaccine1,3
5.6%
Adjusted Net Earnings1,4
$5,876
$6,777
-13.3%
Adjusted EPS (diluted)1,4
$2.42
$2.66
-9.0%
Free Cash Flow (YTD)6,7
~$14,000
$11,974
1
Non-GAAP financial measure; refer to
reconciliations of non-GAAP financial measures included in
accompanying schedules
2
Excludes the impact of translational
currency
3
Excludes the net impact of acquisitions
and divestitures and translational currency
4
Excludes intangible amortization expense
and special items
5
Excludes COVID-19 Vaccine
6
Non-GAAP measure; defined as cash flow
from operating activities, less additions to property, plant and
equipment. Cash flow from operations, the most directly comparable
GAAP financial measure, will be included in subsequent SEC
filings.
7
Q3 YTD 2024 is estimated as of October 15,
2024. Q3 YTD 2023 includes approximately 8 months contribution from
the Consumer Health segment.
Note: values may have been rounded
Regional sales results
Q3
% Change
($ in Millions)
2024
2023
Reported
Operational1,2
Currency
Adjusted
Operational1,3
U.S.
$12,909
$11,996
7.6%
7.6
-
6.5
International
9,562
9,355
2.2
4.6
-2.4
4.0
Worldwide
$22,471
$21,351
5.2%
6.3
-1.1
5.4
1
Non-GAAP financial measure; refer to
reconciliations of non-GAAP financial measures included in
accompanying schedules
2
Excludes the impact of translational
currency
3
Excludes the net impact of acquisitions
and divestitures and translational currency
Note: values may have been rounded
Segment sales results
Q3
% Change
($ in Millions)
2024
2023
Reported
Operational1,2
Currency
Adjusted
Operational1,3
Innovative Medicine
$ 14,580
$ 13,893
4.9%
6.3
(1.4)
6.4
MedTech
7,891
7,458
5.8%
6.4
(0.6)
3.7
Worldwide
$ 22,471
$ 21,351
5.2%
6.3
(1.1)
5.4
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
Note: values may have been rounded
Third Quarter 2024 segment commentary:
Operational sales* reflected below excludes the impact of
translational currency.
Innovative Medicine
Innovative Medicine worldwide operational sales grew 6.3%.
Growth was driven by DARZALEX (daratumumab), ERLEADA (apalutamide),
Other Oncology, and CARVYKTI (ciltacabtagene autoleucel) in
Oncology, TREMFYA (guselkumab) in Immunology, SPRAVATO (esketamine)
in Neuroscience, and OPSUMIT (macitentan) in Pulmonary
Hypertension. Growth was partially offset by STELARA (ustekinumab)
and SIMPONI/SIMPONI ARIA (golimumab) in Immunology.
MedTech
MedTech worldwide operational sales grew 6.4%*, with net
acquisitions and divestitures positively impacting growth by 2.7%.
Operational sales growth was driven primarily by electrophysiology
products and Abiomed in Cardiovascular, previously referred to as
Interventional Solutions, contact lenses in Vision and wound
closure products in General Surgery. Growth was partially offset by
endocutter products in Advanced Surgery.
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.
Johnson & Johnson is updating its 2024 guidance, including
adjusted operational EPS guidance, to reflect improved performance
and the impact from the recent acquisition of V-Wave.
Non-GAAP*
2024
July 2024 Adjusted Operational
EPS1,2
$10.05
Improved performance outlook
$0.10
October 2024 Adjusted Operational
EPS1,2 pre-M&A
$10.15
M&A impact (V-Wave)
($0.24)
October 2024 Adjusted Operational
EPS1,2
$9.91
1
Non-GAAP financial measure; excludes the
impact of translational currency
2
Non-GAAP financial measure; excludes
intangible amortization expense and special items
Note: Adjusted operational EPS figures reflect midpoint of issued
guidance
($ in Billions, except EPS)
October 2024
July 2024
Adjusted Operational Sales1,2,5
Change vs. Prior Year / Mid-point
5.7% – 6.2% / 6.0%
5.5% – 6.0% / 5.8%
Operational Sales2,5/ Mid-point
$89.4B – $89.8B / $89.6B
$89.2B – $89.6B / $89.4B
Change vs. Prior Year / Mid-point
6.3% – 6.8% / 6.6%
6.1% – 6.6% / 6.4%
Estimated Reported Sales3,5/ Mid-point
$88.4B – $88.8B / $88.6B
$88.0B – $88.4B / $88.2B
Change vs. Prior Year / Mid-point
5.1% – 5.6% / 5.4%
4.7% – 5.2% / 5.0%
Adjusted Operational EPS (Diluted)2,4/
Mid-point
$9.86 – $9.96 / $9.91
$10.00 – $10.10 / $10.05
Change vs. Prior Year / Mid-point
(0.6)% – 0.4% / (0.1)%
0.8% – 1.8% / 1.3%
Adjusted EPS (Diluted)3,4 / Mid-point
$9.88 – $9.98 / $9.93
$9.97 – $10.07 / $10.02
Change vs. Prior Year / Mid-point
(0.4)% – 0.6% / 0.1%
0.5% – 1.5% / 1.0%
1
Non-GAAP financial measure; excludes the
net impact of acquisitions and divestitures
2
Non-GAAP financial measure; excludes the
impact of translational currency
3
Calculated using Euro Average Rate:
October 2024 = $1.09 and July 2024 = $1.08 (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.
Notable announcements in the quarter:
The information contained in this section should be read
together with Johnson & Johnson’s other disclosures filed with
the Securities and Exchange Commission, including its Current
Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual
Reports on Form 10-K. Copies of these filings are available online
at www.sec.gov, www.jnj.com or on request from Johnson &
Johnson. The reader is also encouraged to review all other news
releases and information available in the Investor Relations
section of the company’s website at News Releases, as well as
Innovative Medicine News Center, MedTech News & Events, and
www.factsabouttalc.com.
Regulatory
Johnson & Johnson submits application
to the European Medicines Agency for DARZALEX (daratumumab)
SC-based quadruplet regimen for newly diagnosed multiple myeloma
patients1
Press Release
Johnson & Johnson files for U.S. FDA
approval of DARZALEX FASPRO-based quadruplet regimen for newly
diagnosed multiple myeloma patients for whom transplant is not
planned
Press Release
DARZALEX (daratumumab)-based quadruplet
regimen receives positive CHMP opinion for transplant-eligible
patients with newly diagnosed multiple myeloma
Press Release
RYBREVANT (amivantamab-vmjw) plus standard
of care approved in the U.S. as first and only targeted regimen to
cut risk of disease progression by more than half in second-line
EGFR-mutated advanced lung cancer
Press Release
Johnson & Johnson seeks first EU
approval of nipocalimab to treat a broad population of patients
living with antibody-positive generalised myasthenia gravis
Press Release
TREMFYA (guselkumab) receives U.S. FDA
approval for adults with moderately to severely active ulcerative
colitis, strengthening Johnson & Johnson's leadership in
inflammatory bowel disease
Press Release
Johnson & Johnson seeks first approval
of nipocalimab to treat broadest population living with antibody
positive generalized myasthenia gravis
Press Release
European Commission approves RYBREVANT
(amivantamab) in combination with chemotherapy for the treatment of
adult patients with advanced EGFR-mutated non-small cell lung
cancer after failure of prior therapy
Press Release
European Commission approves BALVERSA
(erdafitinib) for adult patients with unresectable or metastatic
urothelial carcinoma
Press Release
RYBREVANT (amivantamab-vmjw) plus LAZCLUZE
(lazertinib) approved in the U.S. as a first-line chemotherapy-free
treatment for patients with EGFR-mutated advanced lung cancer
Press Release
DARZALEX FASPRO (daratumumab and
hyaluronidase-fihj)-based quadruplet regimen approved in the U.S.
for patients with newly diagnosed multiple myeloma who are
transplant-eligible
Press Release
Johnson & Johnson seeks U.S. FDA
approval of SPRAVATO (esketamine) as the first and only monotherapy
for adults with treatment-resistant depression
Press Release
Data Releases
TREMFYA (guselkumab) demonstrates
impressive results across biologic-naïve and biologic-refractory
patients in Crohn's disease and ulcerative colitis1
Press Release
CARVYKTI is the first and only cell
therapy to significantly extend overall survival versus standard
therapies for patients with multiple myeloma as early as second
line
Press Release
DARZALEX (daratumumab)-based maintenance
regimens show clinically meaningful deep and durable responses in
transplant-eligible patients with newly diagnosed multiple
myeloma
Press Release
Novel combination of TALVEY
(talquetamab-tgvs) and TECVAYLI (teclistamab-cqyv) suggests high
response rates and durable responses in triple-class refractory
patients with relapsed or refractory multiple myeloma, including
those with extramedullary disease
Press Release
TALVEY (talquetamab-tgvs) and DARZALEX
FASPRO (daratumumab and hyaluronidase-fihj) based combination shows
deep and durable responses in patients with relapsed or refractory
multiple myeloma
Press Release
Johnson & Johnson is transforming
solid tumor cancer outcomes with new data at the 2024 World
Conference on Lung Cancer and European Society for Medical Oncology
Congress
Press Release
Groundbreaking nipocalimab study of
pregnant individuals at high risk for early onset severe hemolytic
disease of the fetus and newborn published in The New England
Journal of Medicine
Press Release
Product Launch
Johnson & Johnson MedTech Launches
VOLT Plating System1
Press Release
Johnson & Johnson Rolls Out New TECNIS
Odyssey Next-Generation Intraocular Lens Offering Cataract Patients
Precise Vision at Every Distance in Any Lighting
Press Release
Shockwave Medical Expands U.S. Peripheral
IVL Portfolio with Enhanced Catheter
Press Release
DePuy Synthes Launches its First Active
Spine Robotics and Navigation Platform
Press Release
Other
Johnson & Johnson Completes
Acquisition of V-Wave1
Press Release
Johnson & Johnson Announces that its
Subsidiary, Red River Talc LLC, has Filed a Voluntary Prepackaged
Chapter 11 Case to Resolve All Current and Future Ovarian Cancer
Talc Claims
Press Release
Johnson & Johnson’s Executive Vice
President, Chief Human Resources Officer Peter Fasolo to Retire;
Kristen Mulholland Named Chief Human Resources Officer, Effective
October 1, 2024
Press Release
1 Subsequent to the quarter
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
www.jnj.com.
Non-GAAP financial measures:
* “Operational sales growth” excluding the impact of
translational currency, “adjusted operational sales growth”
excluding the net impact of acquisitions and divestitures and
translational currency, as well as “adjusted net earnings”,
“adjusted diluted earnings per share” and “adjusted operational
diluted earnings per share” excluding after-tax intangible
amortization expense and special items, are non-GAAP financial
measures and should not be considered replacements for, and should
be read together with, the most comparable GAAP financial measures.
Except for guidance measures, reconciliations of these non-GAAP
financial measures to the most directly comparable GAAP financial
measures can be found in the accompanying financial schedules of
the earnings release and the Investor Relations section of the
company's website at quarterly results.
Copies of the financial schedules accompanying this earnings
release are available on the company’s website at quarterly
results. These schedules include supplementary sales data, a
condensed consolidated statement of earnings, reconciliations of
non-GAAP financial measures, and sales of key products/franchises.
Additional information on Johnson & Johnson, including adjusted
income before tax by segment, an Innovative Medicine pipeline of
selected compounds in late stage development and a copy of today’s
earnings call presentation can also be found in the Investor
Relations section of the company's website at quarterly
results.
Note to investors concerning forward-looking
statements:
This press release contains “forward-looking statements” as
defined in the Private Securities Litigation Reform Act of 1995
regarding, among other things: future operating and financial
performance, product development, and market position and business
strategy. The reader is cautioned not to rely on these
forward-looking statements. These statements are based on current
expectations of future events. If underlying assumptions prove
inaccurate or known or unknown risks or uncertainties materialize,
actual results could vary materially from the expectations and
projections of Johnson & Johnson. Risks and uncertainties
include, but are not limited to: economic factors, such as interest
rate and currency exchange rate fluctuations; competition,
including technological advances, new products and patents attained
by competitors; challenges inherent in new product research and
development, including uncertainty of clinical success and
obtaining regulatory approvals; uncertainty of commercial success
for new and existing products; challenges to patents; the impact of
patent expirations; the ability of the Company to successfully
execute strategic plans, including restructuring plans; the impact
of business combinations and divestitures; manufacturing
difficulties or delays, internally or within the supply chain;
product efficacy or safety concerns resulting in product recalls or
regulatory action; significant adverse litigation or government
action, including related to product liability claims; changes to
applicable laws and regulations, including tax laws and global
health care reforms; trends toward health care cost containment;
changes in behavior and spending patterns of purchasers of health
care products and services; financial instability of international
economies and legal systems and sovereign risk; increased scrutiny
of the health care industry by government agencies; and the
Company’s ability to realize the anticipated benefits from the
separation of Kenvue Inc. A further list and descriptions of these
risks, uncertainties and other factors can be found in Johnson
& Johnson’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2023, including in the sections captioned
“Cautionary Note Regarding Forward-Looking Statements” and “Item
1A. Risk Factors,” and in Johnson & Johnson’s subsequent
Quarterly Reports on Form 10-Q and other filings with the
Securities and Exchange Commission. Copies of these filings are
available online at www.sec.gov, www.jnj.com or on request from
Johnson & Johnson. Any forward-looking statement made in this
release speaks only as of the date of this release. Johnson &
Johnson does not undertake to update any forward-looking statement
as a result of new information or future events or
developments.
Johnson & Johnson and Subsidiaries Supplementary
Sales Data (Unaudited; Dollars in Millions)
THIRD QUARTER
NINE MONTHS
Percent Change
Percent Change
2024
2023
Total
Operations
Currency
2024
2023
Total
Operations
Currency
Sales to customers by segment of business
Innovative Medicine (1) U.S.
$
8,871
8,249
7.5
%
7.5
-
$
24,993
23,090
8.2
%
8.2
-
International
5,709
5,644
1.2
4.4
(3.2
)
17,639
17,947
(1.7
)
2.1
(3.8
)
14,580
13,893
4.9
6.3
(1.4
)
42,632
41,037
3.9
5.5
(1.6
)
Innovative Medicine excluding COVID-19 Vaccine (1) U.S.
8,871
8,249
7.5
7.5
-
24,993
23,090
8.2
8.2
-
International
5,708
5,603
1.9
5.2
(3.3
)
17,441
16,874
3.4
7.4
(4.0
)
14,579
13,852
5.2
6.6
(1.4
)
42,434
39,964
6.2
7.9
(1.7
)
MedTech U.S.
4,038
3,747
7.8
7.8
-
12,105
11,345
6.7
6.7
-
International
3,853
3,711
3.9
5.0
(1.1
)
11,564
11,382
1.6
4.7
(3.1
)
7,891
7,458
5.8
6.4
(0.6
)
23,669
22,727
4.1
5.7
(1.6
)
U.S.
12,909
11,996
7.6
7.6
-
37,098
34,435
7.7
7.7
-
International
9,562
9,355
2.2
4.6
(2.4
)
29,203
29,329
(0.4
)
3.1
(3.5
)
Worldwide
22,471
21,351
5.2
6.3
(1.1
)
66,301
63,764
4.0
5.6
(1.6
)
U.S.
12,909
11,996
7.6
7.6
-
37,098
34,435
7.7
7.7
-
International
9,561
9,314
2.7
5.1
(2.4
)
29,005
28,256
2.7
6.3
(3.6
)
Worldwide excluding COVID-19 Vaccine (1)
$
22,470
21,310
5.4
%
6.5
(1.1
)
$
66,103
62,691
5.4
%
7.1
(1.7
)
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)
THIRD QUARTER
NINE MONTHS
Percent Change
Percent Change
2024
2023
Total
Operations
Currency
2024
2023
Total
Operations
Currency
Sales to customers by geographic area U.S.
$
12,909
11,996
7.6
%
7.6
-
$
37,098
34,435
7.7
%
7.7
-
Europe
4,914
4,727
4.0
3.0
1.0
15,291
15,448
(1.0
)
(0.7
)
(0.3
)
Western Hemisphere excluding U.S.
1,173
1,171
0.3
20.3
(20.0
)
3,579
3,383
5.8
21.4
(15.6
)
Asia-Pacific, Africa
3,475
3,457
0.5
1.5
(1.0
)
10,333
10,498
(1.6
)
2.8
(4.4
)
International
9,562
9,355
2.2
4.6
(2.4
)
29,203
29,329
(0.4
)
3.1
(3.5
)
Worldwide
$
22,471
21,351
5.2
%
6.3
(1.1
)
$
66,301
63,764
4.0
%
5.6
(1.6
)
Johnson & Johnson and Subsidiaries
Supplementary Sales Data (Unaudited; Dollars in
Millions)
THIRD QUARTER
NINE MONTHS
Percent Change
Percent Change
2024
2023
Total
Operations
Currency
2024
2023
Total
Operations
Currency
Sales to customers by geographic area (ex. COVID-19
Vaccine) U.S.*
$
12,909
11,996
7.6
%
7.6
-
$
37,098
34,435
7.7
%
7.7
-
Europe(1)
4,913
4,686
4.8
3.8
1.0
15,093
14,375
5.0
5.3
(0.3
)
Western Hemisphere excluding U.S.*
1,173
1,171
0.3
20.3
(20.0
)
3,579
3,383
5.8
21.4
(15.6
)
Asia-Pacific, Africa*
3,475
3,457
0.5
1.5
(1.0
)
10,333
10,498
(1.6
)
2.8
(4.4
)
International
9,561
9,314
2.7
5.1
(2.4
)
29,005
28,256
2.7
6.3
(3.6
)
Worldwide
$
22,470
21,310
5.4
%
6.5
(1.1
)
$
66,103
62,691
5.4
%
7.1
(1.7
)
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) THIRD QUARTER
2024
2023
Percent
Percent
Percent
Increase
Amount
to Sales
Amount
to Sales
(Decrease)
Sales to customers
$
22,471
100.0
$
21,351
100.0
5.2
Cost of products sold
6,963
31.0
6,606
30.9
5.4
Gross Profit
15,508
69.0
14,745
69.1
5.2
Selling, marketing and administrative expenses
5,478
24.3
5,400
25.3
1.4
Research and development expense
4,952
22.0
3,447
16.2
43.7
In-process research and development impairments
-
-
206
1.0
Interest (income) expense, net
(99
)
(0.4
)
(182
)
(0.8
)
Other (income) expense, net
1,798
8.0
499
2.3
Restructuring
41
0.2
158
0.7
Earnings before provision for taxes on income
3,338
14.9
5,217
24.4
(36.0
)
Provision for taxes on income
644
2.9
908
4.2
(29.1
)
Net earnings from Continuing Operations
$
2,694
12.0
$
4,309
20.2
(37.5
)
Net earnings from Discontinued Operations, net of tax
-
21,719
Net earnings
$
2,694
$
26,028
Net earnings per share (Diluted) from Continuing
Operations
$
1.11
$
1.69
(34.3
)
Net earnings per share (Diluted) from Discontinued
Operations
$
-
$
8.52
Average shares outstanding (Diluted)
2,427.9
2,549.7
Effective tax rate from Continuing Operations
19.3
%
17.4
%
Adjusted earnings from Continuing Operations before
provision for taxes and net earnings (1) Earnings before
provision for taxes on income from Continuing Operations
$
7,277
32.4
$
8,033
37.6
(9.4
)
Net earnings from Continuing Operations
$
5,876
26.1
$
6,777
31.7
(13.3
)
Net earnings per share (Diluted) from Continuing Operations
$
2.42
$
2.66
(9.0
)
Effective tax rate from Continuing Operations
19.3
%
15.6
%
(1) See Reconciliation of Non-GAAP Financial Measures.
Johnson & Johnson and Subsidiaries Condensed
Consolidated Statement of Earnings (Unaudited; in
Millions Except Per Share Figures) NINE MONTHS
2024
2023
Percent
Percent
Percent
Increase
Amount
to Sales
Amount
to Sales
(Decrease)
Sales to customers
$
66,301
100.0
$
63,764
100.0
4.0
Cost of products sold
20,343
30.7
19,755
31.0
3.0
Gross Profit
45,958
69.3
44,009
69.0
4.4
Selling, marketing and administrative expenses
16,416
24.8
15,702
24.6
4.5
Research and development expense
11,934
18.0
10,605
16.6
12.5
In-process research and development impairments
194
0.3
255
0.4
Interest (income) expense, net
(433
)
(0.7
)
(277
)
(0.4
)
Other (income) expense, net
4,855
7.3
7,055
11.1
Restructuring
192
0.3
433
0.6
Earnings before provision for taxes on income
12,800
19.3
10,236
16.1
25.0
Provision for taxes on income
2,165
3.3
1,042
1.7
107.8
Net earnings from Continuing Operations
$
10,635
16.0
$
9,194
14.4
15.7
Net earnings from Discontinued Operations, net of tax
-
21,910
Net earnings
$
10,635
$
31,104
Net earnings per share (Diluted) from Continuing
Operations
$
4.38
$
3.53
24.1
Net earnings per share (Diluted) from Discontinued
Operations
$
-
$
8.42
Average shares outstanding (Diluted)
2,429.5
2,603.4
Effective tax rate from Continuing Operations
16.9
%
10.2
%
Adjusted earnings from Continuing Operations before
provision for taxes and net earnings (1) Earnings before
provision for taxes on income from Continuing Operations
$
23,558
35.5
$
23,574
37.0
(0.1
)
Net earnings from Continuing Operations
$
19,296
29.1
$
19,847
31.1
(2.8
)
Net earnings per share (Diluted) from Continuing Operations
$
7.94
$
7.62
4.2
Effective tax rate from Continuing Operations
18.1
%
15.8
%
(1) See Reconciliation of Non-GAAP Financial Measures.
Johnson & Johnson and Subsidiaries Reconciliation of
Non-GAAP Financial Measures
Third Quarter
Nine Months Ended
(Dollars in Millions Except Per Share Data)
2024
2023
2024
2023
Net Earnings from Continuing Operations, after tax- as reported
$
2,694
$
4,309
$
10,635
$
9,194
Pre-tax Adjustments
Litigation related
2,388
(51
)
5,466
6,986
Intangible Asset Amortization expense
1,171
1,132
3,355
3,384
COVID-19 Vaccine related costs 1
4
44
77
653
Restructuring related 2
47
384
207
659
Medical Device Regulation 3
38
74
157
223
Acquisition, integration and divestiture related
328
22
928
102
(Gains)/losses on securities
(37
)
1,005
374
1,076
IPR&D impairments
-
206
194
255
Tax Adjustments Tax impact on special item adjustments 4
(762
)
(482
)
(2,055
)
(2,769
)
Tax legislation and other tax related
5
134
(42
)
84
Adjusted Net Earnings from Continuing Operations, after tax
$
5,876
$
6,777
$
19,296
$
19,847
Average shares outstanding (Diluted)
2,427.9
2,549.7
2,429.5
2,603.4
Adjusted net earnings per share from Continuing Operations
(Diluted)
$
2.42
$
2.66
$
7.94
$
7.62
Operational adjusted net earnings per share from Continuing
Operations (Diluted)
$
2.41
$
7.94
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
expense of $19 million in the fiscal third quarter of 2024 ($100
million Q3 2024 YTD) and $149 million in the fiscal third quarter
of 2023 ($424 million Q3 2023 YTD) includes the termination of
partnered and non-partnered program costs, asset impairments and
asset divestments.
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 expense of $28
million in the fiscal third quarter of 2024 ($107 million Q3 2024
YTD) and $235 million in the fiscal third quarter of 2023 ($235
million Q3 2023 YTD) primarily includes inventory and instrument
reserves related to the 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 by the end of 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 THIRD QUARTER 2024 ACTUAL
vs. 2023 ACTUAL Segments
Innovative Medicine
MedTech
Total
WW As Reported
4.9%
5.8%
5.2%
U.S.
7.5%
7.8%
7.6%
International
1.2%
3.9%
2.2%
WW Currency
(1.4)
(0.6)
(1.1)
U.S.
-
-
-
International
(3.2)
(1.1)
(2.4)
WW Operational
6.3%
6.4%
6.3%
U.S.
7.5%
7.8%
7.6%
International
4.4%
5.0%
4.6%
Shockwave
(3.1)
(1.1)
U.S.
(4.4)
(1.4)
International
(1.8)
(0.7)
All Other Acquisitions and Divestitures (A&D)
0.1
0.4
0.2
U.S.
0.1
0.8
0.3
International
0.2
0.0
0.1
WW Adjusted Operational Ex A&D
6.4%
3.7%
5.4%
U.S.
7.6%
4.2%
6.5%
International
4.6%
3.2%
4.0%
COVID-19 Vaccine
0.3
0.2
U.S.
0.0
0.0
International
0.8
0.5
WW Adjusted Operational Ex A&D & COVID-19 Vaccine
6.7%
3.7%
5.6%
U.S.
7.6%
4.2%
6.5%
International
5.4%
3.2%
4.5%
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 NINE MONTHS 2024 ACTUAL vs. 2023
ACTUAL Segments
Innovative Medicine
MedTech
Total
WW As Reported
3.9%
4.1%
4.0%
U.S.
8.2%
6.7%
7.7%
International
(1.7)%
1.6%
(0.4)%
WW Currency
(1.6)
(1.6)
(1.6)
U.S.
-
-
-
International
(3.8)
(3.1)
(3.5)
WW Operational
5.5%
5.7%
5.6%
U.S.
8.2%
6.7%
7.7%
International
2.1%
4.7%
3.1%
Shockwave
(1.3)
(0.5)
U.S.
(2.1)
(0.7)
International
(0.6)
(0.2)
All Other Acquisitions and Divestitures (A&D)
0.1
0.3
0.2
U.S.
0.1
0.7
0.3
International
0.1
0.1
0.1
WW Adjusted Operational Ex A&D
5.6%
4.7%
5.3%
U.S.
8.3%
5.3%
7.3%
International
2.2%
4.2%
3.0%
COVID-19 Vaccine
2.4
1.5
U.S.
0.0
0.0
International
5.3
3.2
WW Adjusted Operational Ex A&D & COVID-19 Vaccine
8.0%
4.7%
6.8%
U.S.
8.3%
5.3%
7.3%
International
7.5%
4.2%
6.2%
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)
THIRD QUARTER
NINE MONTHS
% Change
% Change
INNOVATIVE MEDICINE SEGMENT
(2)
2024
2023
Reported
Operational (1)
Currency
2024
2023
Reported
Operational (1)
Currency
IMMUNOLOGY US
$
3,068
3,193
-3.9
%
-3.9
%
-
$
8,499
8,506
-0.1
%
-0.1
%
-
Intl
1,552
1,656
-6.2
%
-2.1
%
-4.1
%
5,090
4,951
2.8
%
7.3
%
-4.5
%
WW
4,621
4,849
-4.7
%
-3.3
%
-1.4
%
13,590
13,457
1.0
%
2.6
%
-1.6
%
REMICADE US
281
296
-5.4
%
-5.4
%
-
778
849
-8.5
%
-8.5
%
-
US Exports (3)
27
38
-28.9
%
-28.9
%
-
89
112
-20.5
%
-20.5
%
-
Intl
112
127
-11.5
%
-6.5
%
-5.0
%
380
449
-15.4
%
-11.3
%
-4.1
%
WW
419
461
-9.1
%
-7.7
%
-1.4
%
1,246
1,410
-11.6
%
-10.3
%
-1.3
%
SIMPONI / SIMPONI ARIA US
299
310
-3.7
%
-3.7
%
-
820
866
-5.3
%
-5.3
%
-
Intl
218
319
-31.8
%
-23.3
%
-8.5
%
787
829
-5.1
%
4.1
%
-9.2
%
WW
516
629
-18.0
%
-13.6
%
-4.4
%
1,607
1,695
-5.2
%
-0.7
%
-4.5
%
STELARA US
1,770
1,912
-7.5
%
-7.5
%
-
5,021
5,180
-3.1
%
-3.1
%
-
Intl
906
951
-4.8
%
-2.3
%
-2.5
%
2,991
2,925
2.2
%
5.4
%
-3.2
%
WW
2,676
2,864
-6.6
%
-5.7
%
-0.9
%
8,012
8,105
-1.2
%
0.0
%
-1.2
%
TREMFYA US
691
634
9.1
%
9.1
%
-
1,789
1,490
20.1
%
20.1
%
-
Intl
316
258
22.6
%
26.9
%
-4.3
%
932
747
24.7
%
29.6
%
-4.9
%
WW
1,007
891
13.0
%
14.3
%
-1.3
%
2,721
2,237
21.6
%
23.3
%
-1.7
%
OTHER IMMUNOLOGY US
1
2
-45.6
%
-45.6
%
-
3
9
-66.8
%
-66.8
%
-
Intl
0
0
-
-
-
0
0
-
-
-
WW
1
2
-45.6
%
-45.6
%
-
3
9
-66.8
%
-66.8
%
-
INFECTIOUS DISEASES US
365
360
1.5
%
1.5
%
-
1,023
1,147
-10.8
%
-10.8
%
-
Intl
471
500
-5.7
%
-5.1
%
-0.6
%
1,599
2,420
-33.9
%
-33.4
%
-0.5
%
WW
836
859
-2.7
%
-2.4
%
-0.3
%
2,622
3,566
-26.5
%
-26.1
%
-0.4
%
COVID-19 VACCINE US
0
0
-
-
-
0
0
-
-
-
Intl
1
41
-97.7
%
-98.9
%
1.2
%
198
1,073
-81.6
%
-81.6
%
0.0
%
WW
1
41
-97.7
%
-98.9
%
1.2
%
198
1,073
-81.6
%
-81.6
%
0.0
%
EDURANT / rilpivirine US
8
9
-15.8
%
-15.8
%
-
24
26
-10.0
%
-10.0
%
-
Intl
323
287
12.3
%
11.4
%
0.9
%
926
816
13.5
%
13.3
%
0.2
%
WW
330
297
11.5
%
10.6
%
0.9
%
950
843
12.7
%
12.6
%
0.1
%
PREZISTA / PREZCOBIX / REZOLSTA /
SYMTUZA US
355
345
2.8
%
2.8
%
-
990
1,105
-10.5
%
-10.5
%
-
Intl
94
102
-6.9
%
-3.0
%
-3.9
%
315
310
1.8
%
4.3
%
-2.5
%
WW
449
447
0.6
%
1.5
%
-0.9
%
1,305
1,415
-7.8
%
-7.2
%
-0.6
%
OTHER INFECTIOUS DISEASES US
3
5
-52.2
%
-52.2
%
-
10
15
-37.7
%
-37.7
%
-
Intl
53
69
-23.2
%
-20.5
%
-2.7
%
160
220
-27.4
%
-24.2
%
-3.2
%
WW
55
74
-25.4
%
-22.9
%
-2.5
%
169
235
-28.0
%
-25.1
%
-2.9
%
REPORTED
SALES vs. PRIOR PERIOD ($MM)
REPORTED
SALES vs. PRIOR PERIOD ($MM)
THIRD QUARTER
NINE MONTHS
% Change
% Change
2024
2023
Reported
Operational (1)
Currency
2024
2023
Reported
Operational (1)
Currency
NEUROSCIENCE US
1,094
1,036
5.6
%
5.6
%
-
3,250
3,043
6.8
%
6.8
%
-
Intl
662
706
-6.2
%
-3.9
%
-2.3
%
2,090
2,296
-8.9
%
-4.8
%
-4.1
%
WW
1,755
1,742
0.8
%
1.7
%
-0.9
%
5,340
5,339
0.0
%
1.8
%
-1.8
%
CONCERTA / Methylphenidate US
26
57
-55.0
%
-55.0
%
-
101
191
-47.5
%
-47.5
%
-
Intl
117
133
-11.9
%
-8.5
%
-3.4
%
382
412
-7.3
%
-2.9
%
-4.4
%
WW
142
189
-24.8
%
-22.5
%
-2.3
%
482
603
-20.0
%
-17.0
%
-3.0
%
INVEGA SUSTENNA / XEPLION
/INVEGA TRINZA / TREVICTA US
780
730
6.8
%
6.8
%
-
2,329
2,164
7.6
%
7.6
%
-
Intl
269
299
-10.1
%
-8.3
%
-1.8
%
830
940
-11.7
%
-8.7
%
-3.0
%
WW
1,049
1,029
1.9
%
2.4
%
-0.5
%
3,159
3,104
1.8
%
2.7
%
-0.9
%
SPRAVATO US
243
154
56.8
%
56.8
%
-
660
409
61.2
%
61.2
%
-
Intl
42
29
44.6
%
47.4
%
-2.8
%
120
74
62.9
%
65.0
%
-2.1
%
WW
284
183
54.9
%
55.3
%
-0.4
%
780
483
61.5
%
61.8
%
-0.3
%
OTHER NEUROSCIENCE US
46
94
-51.4
%
-51.4
%
-
161
278
-42.1
%
-42.1
%
-
Intl
235
245
-4.4
%
-2.0
%
-2.4
%
759
870
-12.8
%
-7.4
%
-5.4
%
WW
281
340
-17.4
%
-15.7
%
-1.7
%
920
1,149
-19.9
%
-15.8
%
-4.1
%
ONCOLOGY US
2,816
2,219
26.9
%
26.9
%
-
7,835
6,177
26.8
%
26.8
%
-
Intl
2,565
2,313
10.9
%
14.3
%
-3.4
%
7,450
6,865
8.5
%
12.6
%
-4.1
%
WW
5,380
4,533
18.7
%
20.5
%
-1.8
%
15,284
13,043
17.2
%
19.3
%
-2.1
%
CARVYKTI US
258
140
84.9
%
84.9
%
-
565
324
74.6
%
74.6
%
-
Intl
27
12
*
*
*
63
17
*
*
*
WW
286
152
87.7
%
87.6
%
0.1
%
629
341
84.3
%
84.2
%
0.1
%
DARZALEX US
1,684
1,369
23.0
%
23.0
%
-
4,789
3,882
23.4
%
23.4
%
-
Intl
1,332
1,130
17.9
%
22.8
%
-4.9
%
3,797
3,312
14.6
%
19.9
%
-5.3
%
WW
3,016
2,499
20.7
%
22.9
%
-2.2
%
8,586
7,194
19.3
%
21.8
%
-2.5
%
ERLEADA US
337
288
17.1
%
17.1
%
-
940
778
20.8
%
20.8
%
-
Intl
453
342
32.4
%
34.0
%
-1.6
%
1,275
961
32.6
%
35.6
%
-3.0
%
WW
790
631
25.4
%
26.3
%
-0.9
%
2,215
1,740
27.3
%
29.0
%
-1.7
%
IMBRUVICA US
259
264
-1.9
%
-1.9
%
-
770
796
-3.2
%
-3.2
%
-
Intl
494
545
-9.2
%
-7.2
%
-2.0
%
1,537
1,681
-8.5
%
-6.1
%
-2.4
%
WW
753
808
-6.8
%
-5.5
%
-1.3
%
2,307
2,476
-6.8
%
-5.2
%
-1.6
%
TECVAYLI US
105
93
13.5
%
13.5
%
-
310
232
34.0
%
34.0
%
-
Intl
30
19
54.2
%
59.4
%
-5.2
%
93
37
*
*
*
WW
135
112
20.6
%
21.4
%
-0.8
%
403
269
49.6
%
50.0
%
-0.4
%
ZYTIGA / abiraterone acetate US
5
16
-66.0
%
-66.0
%
-
25
41
-38.0
%
-38.0
%
-
Intl
144
199
-27.1
%
-24.4
%
-2.7
%
470
646
-27.1
%
-22.8
%
-4.3
%
WW
150
214
-30.0
%
-27.5
%
-2.5
%
496
686
-27.8
%
-23.7
%
-4.1
%
OTHER ONCOLOGY US
168
50
*
*
-
435
125
*
*
-
Intl
83
67
24.8
%
27.6
%
-2.8
%
214
211
2.0
%
4.8
%
-2.8
%
WW
250
117
*
*
*
649
336
93.4
%
95.1
%
-1.7
%
REPORTED
SALES vs. PRIOR PERIOD ($MM)
REPORTED
SALES vs. PRIOR PERIOD ($MM)
THIRD QUARTER
NINE MONTHS
% Change
% Change
2024
2023
Reported
Operational (1)
Currency
2024
2023
Reported
Operational (1)
Currency
PULMONARY HYPERTENSION US
815
680
20.0
%
20.0
%
-
2,324
1,964
18.4
%
18.4
%
-
Intl
287
274
4.5
%
9.7
%
-5.2
%
866
835
3.7
%
10.6
%
-6.9
%
WW
1,102
954
15.6
%
17.0
%
-1.4
%
3,190
2,798
14.0
%
16.1
%
-2.1
%
OPSUMIT US
406
323
25.4
%
25.4
%
-
1,135
924
22.8
%
22.8
%
-
Intl
165
166
-0.2
%
1.7
%
-1.9
%
504
512
-1.6
%
2.2
%
-3.8
%
WW
571
490
16.8
%
17.4
%
-0.6
%
1,639
1,437
14.1
%
15.4
%
-1.3
%
UPTRAVI US
379
336
12.7
%
12.7
%
-
1,120
978
14.5
%
14.5
%
-
Intl
80
66
21.8
%
28.2
%
-6.4
%
232
185
25.5
%
33.5
%
-8.0
%
WW
458
402
14.2
%
15.2
%
-1.0
%
1,352
1,163
16.3
%
17.5
%
-1.2
%
OTHER PULMONARY HYPERTENSION US
32
20
54.0
%
54.0
%
-
70
61
14.0
%
14.0
%
-
Intl
40
42
-3.9
%
12.4
%
-16.3
%
129
137
-5.8
%
10.9
%
-16.7
%
WW
72
63
15.0
%
25.9
%
-10.9
%
199
199
0.3
%
11.9
%
-11.6
%
CARDIOVASCULAR / METABOLISM /
OTHER US
713
763
-6.5
%
-6.5
%
-
2,061
2,254
-8.5
%
-8.5
%
-
Intl
170
194
-11.9
%
-10.0
%
-1.9
%
543
580
-6.4
%
-4.6
%
-1.8
%
WW
884
957
-7.6
%
-7.2
%
-0.4
%
2,605
2,834
-8.1
%
-7.7
%
-0.4
%
XARELTO US
592
625
-5.2
%
-5.2
%
-
1,697
1,840
-7.8
%
-7.8
%
-
Intl
-
-
-
-
-
-
-
-
-
-
WW
592
625
-5.2
%
-5.2
%
-
1,697
1,840
-7.8
%
-7.8
%
-
OTHER US
121
139
-12.2
%
-12.2
%
-
364
414
-11.9
%
-11.9
%
-
Intl
170
194
-11.9
%
-10.0
%
-1.9
%
543
580
-6.4
%
-4.6
%
-1.8
%
WW
292
332
-12.0
%
-10.9
%
-1.1
%
908
994
-8.7
%
-7.7
%
-1.0
%
TOTAL INNOVATIVE
MEDICINE US
8,871
8,249
7.5
%
7.5
%
-
24,993
23,090
8.2
%
8.2
%
-
Intl
5,709
5,644
1.2
%
4.4
%
-3.2
%
17,639
17,947
-1.7
%
2.1
%
-3.8
%
WW
$
14,580
$
13,893
4.9
%
6.3
%
-1.4
%
$
42,632
41,037
3.9
%
5.5
%
-1.6
%
See footnotes at end of schedule
REPORTED
SALES vs. PRIOR PERIOD ($MM)
REPORTED
SALES vs. PRIOR PERIOD ($MM)
THIRD QUARTER
NINE MONTHS
% Change
% Change
MEDTECH SEGMENT (2)
2024
2023
Reported
Operational (1)
Currency
2024
2023
Reported
Operational (1)
Currency
CARDIOVASCULAR (4) US
$
1,148
891
28.6
%
28.6
%
-
$
3,292
2,662
23.6
%
23.6
%
-
Intl
819
667
22.8
%
23.7
%
-0.9
%
2,353
2,019
16.5
%
20.5
%
-4.0
%
WW
1,966
1,558
26.2
%
26.5
%
-0.3
%
5,645
4,681
20.6
%
22.3
%
-1.7
%
ELECTROPHYSIOLOGY US
660
611
7.9
%
7.9
%
-
2,057
1,791
14.8
%
14.8
%
-
Intl
619
549
12.7
%
13.8
%
-1.1
%
1,889
1,658
14.0
%
18.2
%
-4.2
%
WW
1,279
1,161
10.2
%
10.7
%
-0.5
%
3,946
3,449
14.4
%
16.5
%
-2.1
%
ABIOMED US
293
254
15.4
%
15.4
%
-
905
790
14.5
%
14.5
%
-
Intl
68
57
20.1
%
20.1
%
0.0
%
207
176
17.7
%
20.0
%
-2.3
%
WW
362
311
16.3
%
16.3
%
0.0
%
1,112
966
15.1
%
15.5
%
-0.4
%
SHOCKWAVE (5) US
163
-
*
*
-
240
-
*
*
-
Intl
66
-
*
*
-
66
-
*
*
-
WW
229
-
*
*
-
306
-
*
*
-
OTHER CARDIOVASCULAR (4) US
30
26
16.7
%
16.7
%
-
89
81
10.6
%
10.6
%
-
Intl
66
61
7.7
%
7.5
%
0.2
%
192
186
3.0
%
5.7
%
-2.7
%
WW
96
87
10.4
%
10.2
%
0.2
%
281
267
5.3
%
7.2
%
-1.9
%
ORTHOPAEDICS US
1,359
1,349
0.7
%
0.7
%
-
4,229
4,100
3.2
%
3.2
%
-
Intl
832
815
2.0
%
2.2
%
-0.2
%
2,614
2,574
1.5
%
3.1
%
-1.6
%
WW
2,191
2,164
1.2
%
1.3
%
-0.1
%
6,843
6,674
2.5
%
3.2
%
-0.7
%
HIPS US
250
239
4.8
%
4.8
%
-
785
730
7.5
%
7.5
%
-
Intl
131
136
-3.6
%
-3.2
%
-0.4
%
435
432
0.6
%
2.4
%
-1.8
%
WW
381
375
1.7
%
1.9
%
-0.2
%
1,220
1,162
5.0
%
5.6
%
-0.6
%
KNEES US
212
207
2.2
%
2.2
%
-
684
654
4.5
%
4.5
%
-
Intl
140
131
6.9
%
7.0
%
-0.1
%
463
415
11.5
%
12.7
%
-1.2
%
WW
352
338
4.0
%
4.1
%
-0.1
%
1,147
1,069
7.2
%
7.7
%
-0.5
%
TRAUMA US
497
488
1.8
%
1.8
%
-
1,499
1,462
2.5
%
2.5
%
-
Intl
265
253
4.2
%
4.8
%
-0.6
%
786
775
1.4
%
3.0
%
-1.6
%
WW
761
742
2.6
%
2.8
%
-0.2
%
2,285
2,238
2.1
%
2.7
%
-0.6
%
SPINE, SPORTS & OTHER US
400
415
-3.6
%
-3.6
%
-
1,262
1,254
0.6
%
0.6
%
-
Intl
296
295
0.4
%
0.4
%
0.0
%
930
952
-2.3
%
-0.6
%
-1.7
%
WW
696
710
-1.9
%
-2.0
%
0.1
%
2,191
2,205
-0.6
%
0.1
%
-0.7
%
REPORTED
SALES vs. PRIOR PERIOD ($MM)
REPORTED
SALES vs. PRIOR PERIOD ($MM)
THIRD QUARTER
NINE MONTHS
% Change
% Change
2024
2023
Reported
Operational (1)
Currency
2024
2023
Reported
Operational (1)
Currency
SURGERY US
983
994
-1.1
%
-1.1
%
-
2,965
2,984
-0.6
%
-0.6
%
-
Intl
1,451
1,483
-2.2
%
-0.3
%
-1.9
%
4,373
4,522
-3.3
%
0.4
%
-3.7
%
WW
2,434
2,479
-1.8
%
-0.7
%
-1.1
%
7,338
7,507
-2.2
%
0.0
%
-2.2
%
ADVANCED US
448
455
-1.4
%
-1.4
%
-
1,360
1,365
-0.4
%
-0.4
%
-
Intl
661
709
-6.8
%
-5.1
%
-1.7
%
1,977
2,139
-7.6
%
-4.2
%
-3.4
%
WW
1,109
1,164
-4.7
%
-3.6
%
-1.1
%
3,337
3,504
-4.8
%
-2.7
%
-2.1
%
GENERAL US
535
540
-0.9
%
-0.9
%
-
1,605
1,619
-0.9
%
-0.9
%
-
Intl
791
775
2.1
%
4.0
%
-1.9
%
2,397
2,383
0.6
%
4.4
%
-3.8
%
WW
1,325
1,314
0.8
%
2.0
%
-1.2
%
4,001
4,002
0.0
%
2.3
%
-2.3
%
VISION US
549
512
7.2
%
7.2
%
-
1,619
1,599
1.3
%
1.3
%
-
Intl
751
744
0.9
%
1.8
%
-0.9
%
2,224
2,265
-1.8
%
1.0
%
-2.8
%
WW
1,300
1,256
3.5
%
4.0
%
-0.5
%
3,843
3,864
-0.5
%
1.1
%
-1.6
%
CONTACT LENSES / OTHER US
441
399
10.2
%
10.2
%
-
1,288
1,252
2.8
%
2.8
%
-
Intl
527
529
-0.3
%
0.6
%
-0.9
%
1,508
1,568
-3.8
%
-0.4
%
-3.4
%
WW
968
928
4.2
%
4.7
%
-0.5
%
2,796
2,820
-0.9
%
1.0
%
-1.9
%
SURGICAL US
108
112
-3.6
%
-3.6
%
-
331
346
-4.4
%
-4.4
%
-
Intl
225
216
3.9
%
4.7
%
-0.8
%
717
698
2.7
%
4.2
%
-1.5
%
WW
333
328
1.3
%
1.9
%
-0.6
%
1,048
1,044
0.3
%
1.4
%
-1.1
%
TOTAL MEDTECH US
4,038
3,747
7.8
%
7.8
%
-
12,105
11,345
6.7
%
6.7
%
-
Intl
3,853
3,711
3.9
%
5.0
%
-1.1
%
11,564
11,382
1.6
%
4.7
%
-3.1
%
WW
$
7,891
$
7,458
5.8
%
6.4
%
-0.6
%
$
23,669
22,727
4.1
%
5.7
%
-1.6
%
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) Reported as U.S. sales (4) Previously
referred to as Interventional Solutions (5) Acquired on May 31,
2024
Supplemental Sales Information
(Unaudited) (Dollars in Millions)
THIRD QUARTER
NINE MONTHS
Percent Change
Percent Change
2024
2023
Total
Operations
Currency
2024
2023
Total
Operations
Currency
Innovative Medicine U.S.
$
8,871
8,249
7.5
7.5
-
$
24,993
23,090
8.2
8.2
-
International
5,709
5,644
1.2
4.4
(3.2
)
17,639
17,947
(1.7
)
2.1
(3.8
)
Worldwide
14,580
13,893
4.9
6.3
(1.4
)
42,632
41,037
3.9
5.5
(1.6
)
COVID-19 Vaccine U.S.
-
-
-
-
-
-
-
-
-
-
International
1
41
(97.7
)
(98.9
)
1.2
198
1,073
(81.6
)
(81.6
)
0.0
Worldwide
1
41
(97.7
)
(98.9
)
1.2
198
1,073
(81.6
)
(81.6
)
0.0
Innovative Medicine excluding COVID-19 Vaccine U.S.
8,871
8,249
7.5
7.5
-
24,993
23,090
8.2
8.2
-
International
5,708
5,603
1.9
5.2
(3.3
)
17,441
16,874
3.4
7.4
(4.0
)
Worldwide
14,579
13,852
5.2
6.6
(1.4
)
42,434
39,964
6.2
7.9
(1.7
)
Worldwide U.S.
12,909
11,996
7.6
7.6
-
37,098
34,435
7.7
7.7
-
International
9,562
9,355
2.2
4.6
(2.4
)
29,203
29,329
(0.4
)
3.1
(3.5
)
Worldwide
22,471
21,351
5.2
6.3
(1.1
)
66,301
63,764
4.0
5.6
(1.6
)
COVID-19 Vaccine U.S.
-
-
-
-
-
-
-
-
-
-
International
1
41
(97.7
)
(98.9
)
1.2
198
1,073
(81.6
)
(81.6
)
0.0
Worldwide
1
41
(97.7
)
(98.9
)
1.2
198
1,073
(81.6
)
(81.6
)
0.0
Worldwide U.S.
12,909
11,996
7.6
7.6
-
37,098
34,435
7.7
7.7
-
International
9,561
9,314
2.7
5.1
(2.4
)
29,005
28,256
2.7
6.3
(3.6
)
Worldwide excluding COVID-19 Vaccine
$
22,470
21,310
5.4
6.5
(1.1
)
$
66,103
62,691
5.4
7.1
(1.7
)
Europe
$
4,914
4,727
4.0
3.0
1.0
$
15,291
15,448
(1.0
)
(0.7
)
(0.3
)
Europe COVID-19 Vaccine Sales
1
41
(97.7
)
(98.9
)
1.2
198
1,073
(81.6
)
(81.6
)
0.0
Europe excluding COVID-19 Vaccine Sales
$
4,913
4,686
4.8
3.8
1.0
$
15,093
14,375
5.0
5.3
(0.3
)
Johnson & Johnson and Subsidiaries Reconciliation of Non-GAAP
Financial Measures Q3 QTD - 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 $
4,482
4,794
1,059
1,185
(2,203
)
(762
)
3,338
5,217
% to Sales
30.7
%
34.5
%
13.4
%
15.9
%
-9.8
%
-3.6
%
14.9
%
24.4
%
Intangible asset amortization expense
695
749
476
383
-
-
1,171
1,132
In-process research and development impairments
-
206
-
-
-
-
-
206
Litigation related
356
(32
)
19
(19
)
2,013
-
2,388
(51
)
Loss/(gain) on securities
(41
)
398
4
(38
)
-
645
(37
)
1,005
Restructuring related
19
149
28
235
-
-
47
384
Acquisition, integration and divestiture related
6
-
277
22
45
-
328
22
Medical Device Regulation
-
-
38
74
-
-
38
74
COVID-19 Vaccine related costs
4
44
-
-
-
-
4
44
Adjusted Income Before Tax by Segment From Continuing
Operations $
5,521
6,308
1,901
1,842
(145
)
(117
)
7,277
8,033
% to Sales
37.9
%
45.4
%
24.1
%
24.7
%
-0.6
%
-0.5
%
32.4
%
37.6
%
Estimated as of 10/15/2024 As Reported Research and
development expense* $
4,213
2,778
739
669
4,952
3,447
% to Sales
28.9
%
20.0
%
9.4
%
9.0
%
22.0
%
16.2
%
*Includes payment to secure the global rights for NM26
Bi-specific Antibody in Q3 2024
1,250
1,250
Johnson & Johnson and Subsidiaries Reconciliation of Non-GAAP
Financial Measures Q3 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 $
14,910
14,008
3,668
4,265
(5,778
)
(8,037
)
12,800
10,236
% to Sales
35.0
%
34.1
%
15.5
%
18.8
%
-8.7
%
-12.6
%
19.3
%
16.1
%
Intangible asset amortization expense
2,087
2,236
1,268
1,148
-
-
3,355
3,384
In-process research and development impairments
194
206
-
49
-
-
194
255
Litigation related
399
(125
)
15
41
5,052
7,070
5,466
6,986
Loss/(gain) on securities
(26
)
474
48
(43
)
352
645
374
1,076
Restructuring related
100
424
107
235
-
-
207
659
Acquisition, integration and divestiture related
54
-
747
102
127
-
928
102
Medical Device Regulation
-
-
157
223
-
-
157
223
COVID-19 Vaccine related costs
77
653
-
-
-
-
77
653
Adjusted Income Before Tax by Segment From Continuing
Operations $
17,795
17,876
6,010
6,020
(247
)
(322
)
23,558
23,574
% to Sales
41.7
%
43.6
%
25.4
%
26.5
%
-0.4
%
-0.5
%
35.5
%
37.0
%
Estimated as of 10/15/2024 As Reported Research and
development expense* $
9,831
8,604
2,103
2,001
11,934
10,605
% to Sales
23.1
%
21.0
%
8.9
%
8.8
%
18.0
%
16.6
%
*Includes payment to secure the global rights for NM26
Bi-specific Antibody in Q3 2024
1,250
1,250
Johnson & Johnson and Subsidiaries GAAP to Non-GAAP
Reconciliation $ in Millions Quarter to
Date In-processresearch anddevelopmentimpairments
Acquisition, integrationand divestiture related
(Loss)/gain onsecurities COVID-19Vaccine RelatedCosts
Tax legislationand other taxrelated Third QuarterSept.
29, 2024GAAP Intangible assetamortization
Litigationrelated Restructuringrelated Medical
DeviceRegulation Third QuarterSept. 29, 2024Non-GAAP
Cost of products sold
$
6,963
(1,171
)
(6
)
(156
)
(16
)
(2
)
-
5,612
Selling, marketing and admin expenses
5,478
(3
)
5,475
Research and development expense
4,952
(36
)
(19
)
(2
)
4,895
Other (Income) / Expense
1,798
-
(2,388
)
-
(136
)
37
-
(689
)
In-process research and development impairments
-
-
-
-
Restructuring
41
(41
)
-
Provision for taxes on income
644
169
527
-
9
59
(9
)
6
1
(5
)
1,401
Net Earnings from Continuing Operations
2,694
1,002
1,861
-
38
269
(28
)
32
3
5
5,876
In-processresearch anddevelopmentimpairments
Acquisition, integrationand divestiture related
(Loss)/gain onsecurities COVID-19Vaccine RelatedCosts
Tax legislationand other taxrelated Third QuarterOct. 1,
2023GAAP Intangible assetamortization
Litigationrelated Restructuringrelated Medical
DeviceRegulation Third QuarterOct. 1, 2023Non-GAAP Cost
of products sold
$
6,606
(1,132
)
(226
)
(34
)
(9
)
-
5,205
Selling, marketing and admin expenses
5,400
(6
)
5,394
Research and development expense
3,447
-
(33
)
(36
)
3,378
Other (Income) / Expense
499
-
51
-
(22
)
(1,005
)
-
(477
)
In-process research and development impairments
206
(206
)
-
Restructuring
158
(158
)
-
Provision for taxes on income
908
178
(12
)
46
72
5
167
14
12
(134
)
1,256
Net Earnings from Continuing Operations
4,309
954
(39
)
160
312
17
838
59
33
134
6,777
Year to Date In-processresearch
anddevelopmentimpairments Acquisition, integrationand
divestiturerelated (Loss)/gain onsecurities
COVID-19Vaccine RelatedCosts Tax legislationand other
taxrelated Nine MonthsSept. 29, 2024GAAP Intangible
assetamortization Litigationrelated
Restructuringrelated Medical DeviceRegulation Nine
MonthsSept. 29, 2024Non-GAAP Cost of products sold
$
20,343
(3,355
)
(15
)
(206
)
(66
)
(8
)
16,693
Selling, marketing and admin expenses
16,416
(12
)
-
16,404
Research and development expense
11,934
(69
)
(79
)
(19
)
11,767
Other (Income) / Expense
4,855
-
(5,466
)
-
(653
)
(374
)
(50
)
(1,688
)
In-process research and development impairments
194
(194
)
-
-
-
-
-
Restructuring
192
(192
)
-
Provision for taxes on income
2,165
473
1,224
43
42
222
5
29
17
42
4,262
Net Earnings from Continuing Operations
10,635
2,882
4,242
151
165
706
369
128
60
(42
)
19,296
In-processresearch anddevelopmentimpairments
Acquisition, integrationand divestiturerelated
(Loss)/gain onsecurities COVID-19Vaccine RelatedCosts
Tax legislationand other taxrelated Nine MonthsOct. 1,
2023GAAP Intangible assetamortization
Litigationrelated Restructuringrelated Medical
DeviceRegulation Nine MonthsOct 1, 2023Non-GAAP Cost of
products sold
$
19,755
(3,380
)
(226
)
(91
)
(177
)
15,881
Selling, marketing and admin expenses
15,702
(21
)
15,681
Research and development expense
10,605
(16
)
(111
)
(98
)
10,380
Other (Income) / Expense
7,055
(4
)
(6,986
)
-
(86
)
(1,076
)
(378
)
(1,475
)
In-process research and development impairments
255
(255
)
-
-
Restructuring
433
(433
)
-
Provision for taxes on income
1,042
532
1,639
57
141
22
182
41
155
(84
)
3,727
Net Earnings from Continuing Operations
9,194
2,852
5,347
198
518
80
894
182
498
84
19,847
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241014447723/en/
Media contact: media-relations@its.jnj.com
Investor contact: investor-relations@its.jnj.com
Johnson and Johnson (NYSE:JNJ)
過去 株価チャート
から 9 2024 まで 10 2024
Johnson and Johnson (NYSE:JNJ)
過去 株価チャート
から 10 2023 まで 10 2024