Johnson & Johnson Reports Q2 2022 Results

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

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 Sales ^1,2			8.0%
Adjusted Operational Sales ^1,3			8.1%
Adjusted Net Earnings ^1,4	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	Operational ^1,2	Currency	Adjusted Operational ^1,3
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

SEGMENT SALES RESULTS

Q2			% Change
($ in Millions)	2022	2021	Reported	Operational ^1,2	Currency	Adjusted Operational ^1,3
Consumer Health ⁴	$ 3,805	$ 3,854	(1.3)%	2.3	(3.6)	2.9
Pharmaceutical ⁴	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 Sales ^1,2,5

Change vs. Prior Year

6.5% – 7.5%

Operational Sales ^2,5

Change vs. Prior Year

$97.3B – $98.3B

6.5% – 7.5%

$97.3B – $98.3B

6.5% – 7.5%

Estimated Reported Sales ^3,5

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

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

)

0.1

Other (income) expense, net

273

1.1

(488

)

(2.1

)

Restructuring

0.4

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

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

)

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 Health ¹		Pharmaceutical ¹		MedTech		Unallocated		Consumer Health Separation Costs		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 Health ¹		Pharmaceutical ¹		MedTech		Unallocated		Consumer Health Separation Costs		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%*

*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		In-process research and development		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Medical Device Regulation		COVID-19 Vaccine Related Costs		Consumer Health separation costs				Tax legislation and other tax related		Other		Second Quarter July 3, 2022 Non-GAAP
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
	Second Quarter July 4, 2021 GAAP			Intangible asset amortization		Litigation related		In-process research and development		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Medical Device Regulation		COVID-19 Vaccine Related Costs		Consumer Health separation costs				Tax legislation and other tax related		Other		Second Quarter July 4, 2021 Non-GAAP
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
	Six Months July 3, 2022 GAAP			Intangible asset amortization		Litigation related		In-process research and development		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Medical Device Regulation		COVID-19 Vaccine Related Costs		Consumer Health separation costs				Tax legislation and other tax related		Other		Six Months July 3, 2022 Non-GAAP
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
	Six Months July 4, 2021 GAAP			Intangible asset amortization		Litigation related		In-process research and development		Restructuring related		Acquisition, integration and divestiture related (1)		(Loss)/gain on securities		Medical Device Regulation		COVID-19 Vaccine Related Costs		Consumer Health separation costs				Tax legislation and other tax related		Other		Six Months July 4, 2021 Non-GAAP
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:
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(732) 524-1090

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Johnson & Johnson to Participate in the Goldman Sachs 44th Annual Global Healthcare Conference

Johnson & Johnson (NYSE: JNJ) will participate in the Goldman Sachs 44 ^th Annual Global Healthcare Conference on Tuesday, June 13 ^th , at the Waldorf Astoria Monarch Beach Resort & Club in Dana Point, CA. Biljana Naumovic, Worldwide Vice President, Oncology, and Peter Lebowitz, Global Therapeutic Head, Oncology, will represent the Company in a session scheduled at 4:20 p.m. (Eastern Time).

This webcast will be available to investors and other interested parties by accessing the Johnson & Johnson website at www.investor.jnj.com .

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SPYRAL HTN-ON MED study shows significant, consistent, long-term blood pressure lowering effect at two years

Company commits to advancing clinical data for Symplicity™ with the SPYRAL Gemini clinical trial and expansion of the GSR-DEFINE clinical trial

Medtronic plc (NYSE: MDT), a global leader in healthcare technology, today announced new, long-term data from its SPYRAL HTN-ON MED clinical trial that showed subjects who underwent radiofrequency renal denervation with the Symplicity™ Spyral renal denervation (RDN) system had significantly greater reductions in 24-hr ambulatory systolic blood pressure (ABPM), and office-based systolic blood pressure (OSBP) compared to sham patients at two years. The data were presented as a part of the 2024 Transcatheter Cardiovascular Therapeutics Conference (TCT).

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A new paradigm in electrophysiology: Medtronic receives FDA approval of Affera Mapping and Ablation System and Sphere-9 Catheter

First-of-its-kind, all-in-one HD-mapping and dual energy (pulsed field and radiofrequency) ablation catheter
Highly anticipated by electrophysiologists for its innovation and demonstrated safety and efficacy as well as improved workflow and short learning curve
Now with two pulsed field ablation (PFA) offerings and a portfolio of electrophysiology solutions, Medtronic is shaping the future of arrythmia treatment today

- Medtronic plc (NYSE: MDT), a global leader in healthcare technology, today announced United States Food and Drug Administration (FDA) approval of the Affera™ Mapping and Ablation System with Sphere-9™ Catheter, an all-in-one, high-density (HD) mapping and pulsed field (PF) and radiofrequency (RF) ablation catheter for treatment of persistent atrial fibrillation (AFib) and for RF ablation of cavotricuspid isthmus (CTI) dependent atrial flutter.

With this approval, Medtronic is now the first and only company with two PFA technologies available for patients with Afib. The PulseSelect™ Pulsed Field Ablation System, which was FDA approved in December 2023 , offers physicians a safe, single-shot solution for pulmonary vein isolation (PVI) while the Affera Sphere-9 catheter enables physician treatment flexibility with its wide area focal design and 9mm lattice tip that can used with an 8.5Fr sheath.

"The significance of this innovative technology should be underscored; Affera is a game changer for treatment of Afib and atrial flutter," said Vivek Reddy , M.D., Director of Cardiac Arrhythmia Services for the Mount Sinai Health System in New York City. "The Affera system provides physicians with one safe, effective and efficient solution to this common and increasing problem in heart disease that needs optimized solutions for patients. With a short learning curve for experienced physicians, the possibilities are boundless for the treatment of Afib."

With a trailblazing design, the Sphere-9 catheter offers physicians the option of both PF and RF energy delivery, fully integrated with the Affera Mapping and Ablation System. The Sphere-9 catheter enhances workflow efficiency for physicians while providing excellent safety and efficacy outcomes.

"The Affera system was designed to address procedural challenges faced by the electrophysiology community while maintaining a high standard of safety and efficacy for patients. By enabling a single transeptal, zero-fluoroscopy, and zero-exchange workflow, the Sphere-9 catheter uniquely integrates both mapping and ablation technologies, offering the flexibility to use either pulsed field or radiofrequency energy," said Doron Harlev , vice president of engineering for Cardiac Ablation Solutions at Medtronic and founder of Affera. "This marks an exciting milestone for the field, with Medtronic's robust innovation pipeline poised to drive continued progress."

The approval was based on excellent results demonstrated in the pivotal SPHERE Per-AF study , an FDA Investigational Device Exemption (IDE) trial, which compared the Sphere-9 catheter with the Affera Mapping and Ablation System to the conventional Thermocool SmartTouch® SF radiofrequency ablation catheter with the Carto™*3 System. The Affera Mapping and Ablation System and Sphere-9 catheter also received CE Mark in March 2023 and was approved in Australia in September 2024 . In October 2024 , Medtronic announced the start of an early feasibility study to evaluate the Sphere-9 catheter for treatment of ventricular tachycardia (VT), a cardiac arrhythmia in which the lower chamber of the heart beats abnormally fast.

"At Medtronic, we have a 75-year tradition of bringing disruptive innovation to market, guided by our mission and commitment to address the unmet needs of patients. With the approval of Affera, we are excited to bring a novel mapping and ablation solution to clinicians that is intended to make atrial fibrillation treatment safer, more effective, and more efficient," said Rebecca Seidel , president of the Cardiac Ablation Solutions business, which is part of the Medtronic Cardiovascular Portfolio. "The potential of Affera is limitless. We will continue to fulfill our commitment to innovation, including new indications, to advance cardiovascular care and improve patient outcomes."

AFib is one of the most common and undertreated heart rhythm disorders, affecting more than 60 million people worldwide. ¹ Afib is a progressive disease, often beginning as paroxsymal AFib (presents intermittently) and progressing to persistent (lasts for more than 7+ days without stopping). As the disease progresses, the risk of serious complications including heart failure, stroke and risk of death increases ^2-5 .

For more information on Affera and the Sphere-9 catheter, visit Medtronic.com.

About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Galway, Ireland , is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic (NYSE:MDT), visit www.Medtronic.com and follow Medtronic on LinkedIn .

Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results.

References

Roth GA, Mensah GA, Johnson CO et al. Global Burden of Cardiovascular Diseases and Risk Factors, 1990-2019: Update From the GBD 2019 Study. J Am Coll Cardiol 2020;76:2982-3021.
Miyasaka Y, Barnes ME, Bailey KR, et al. Mortality trends in patients diagnosed with first atrial fibrillation: a 21-year community-based study. J Am Coll Cardiol 2007;49:986-92.
Hindricks G, Potpara T, Dagres N, et al. 2020 ESC Guidelines for the diagnosis and management of atrial fibrillation developed in collaboration with the European Association of Cardio-Thoracic Surgery (EACTS). Eur Heart J 2020.
Wolf PA , Abbott RD, Kannel WB. Atrial fibrillation as an independent risk factor for stroke: the Framingham Study. Stroke 1991;22:983-8.
Lubitz SA, Moser C, Sullivan L, et al. Atrial fibrillation patterns and risks of subsequent stroke, heart failure, or death in the community. J Am Heart Assoc 2013;2:e000126

Dr. Reddy is a paid consultant for Medtronic.
*Thermocool SmartTouch and Carto are trademarks of Biosense Webster, Inc.

Contacts:
Leslie Williamson	Ryan Weispfenning
Public Relations	Investor Relations
+1-612-227-5099	+1-763-505-4626

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Investor Contact:		Media Contacts:
Garen Sarafian		Katie Savastano
ir@bauschhealth.com		corporate.communications@bauschhealth.com
877-281-6642 (toll-free)		(908) 569-3692

Condensed Consolidated Statements of Income (unaudited)
	Three months ended
	September 28,			% of		September 30,			% of
(Dollars in millions except per share amounts)	2024			Revenues		2023			Revenues
Revenues	$	10,598				$	10,574
Costs and operating expenses:
Cost of revenues (a)		6,180		58.3	%		6,145		58.1	%
Selling, general and administrative expenses (b)		1,739		16.4	%		1,578		14.9	%
Amortization of acquisition-related intangible assets		450		4.2	%		584		5.6	%
Research and development expenses		346		3.3	%		319		3.0	%
Restructuring and other costs (c)		45		0.4	%		84		0.8	%
Total costs and operating expenses		8,759		82.7	%		8,710		82.4	%
Operating income		1,838		17.3	%		1,864		17.6	%
Interest income		277					246
Interest expense		(356	)				(359	)
Other income/(expense) (d)		(16	)				14
Income before income taxes		1,742					1,765
Provision for income taxes (e)		(99	)				(53	)
Equity in earnings/(losses) of unconsolidated entities		(14	)				(17	)
Net income		1,629					1,695
Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest (f)		—					(20	)
Net income attributable to Thermo Fisher Scientific Inc.	$	1,630		15.4	%	$	1,715		16.2	%

Earnings per share attributable to Thermo Fisher Scientific Inc.:
Basic	$	4.26				$	4.44
Diluted	$	4.25				$	4.42
Weighted average shares:
Basic		382					386
Diluted		384					388

Reconciliation of adjusted operating income and adjusted operating margin
GAAP operating income	$	1,838		17.3	%	$	1,864		17.6	%
Cost of revenues adjustments (a)		9		0.1	%		14		0.1	%
Selling, general and administrative expenses adjustments (b)		21		0.2	%		14		0.1	%
Restructuring and other costs (c)		45		0.4	%		84		0.8	%
Amortization of acquisition-related intangible assets		450		4.2	%		584		5.6	%
Adjusted operating income (non-GAAP measure)	$	2,362		22.3	%	$	2,560		24.2	%

Reconciliation of adjusted net income
GAAP net income attributable to Thermo Fisher Scientific Inc.	$	1,630				$	1,715
Cost of revenues adjustments (a)		9					14
Selling, general and administrative expenses adjustments (b)		21					14
Restructuring and other costs (c)		45					84
Amortization of acquisition-related intangible assets		450					584
Other income/expense adjustments (d)		3					(9	)
Provision for income taxes adjustments (e)		(139	)				(192	)
Equity in earnings/losses of unconsolidated entities		14					17
Noncontrolling interests adjustments (f)		(6	)				(19	)
Adjusted net income (non-GAAP measure)	$	2,026				$	2,208

Reconciliation of adjusted earnings per share
GAAP diluted EPS attributable to Thermo Fisher Scientific Inc.	$	4.25				$	4.42
Cost of revenues adjustments (a)		0.02					0.04
Selling, general and administrative expenses adjustments (b)		0.05					0.03
Restructuring and other costs (c)		0.12					0.22
Amortization of acquisition-related intangible assets		1.17					1.50
Other income/expense adjustments (d)		0.01					(0.02	)
Provision for income taxes adjustments (e)		(0.36	)				(0.49	)
Equity in earnings/losses of unconsolidated entities		0.04					0.04
Noncontrolling interests adjustments (f)		(0.02	)				(0.05	)
Adjusted EPS (non-GAAP measure)	$	5.28				$	5.69

Reconciliation of free cash flow
GAAP net cash provided by operating activities	$	2,167				$	2,414
Purchases of property, plant and equipment		(271	)				(332	)
Proceeds from sale of property, plant and equipment		20					66
Free cash flow (non-GAAP measure)	$	1,915				$	2,148

Business Segment Information	Three months ended
	September 28,			% of		September 30,			% of
(Dollars in millions)		2024		Revenues			2023		Revenues

Revenues
Life Sciences Solutions	$	2,387		22.5	%	$	2,433		23.0	%
Analytical Instruments		1,808		17.1	%		1,754		16.6	%
Specialty Diagnostics		1,129		10.7	%		1,083		10.2	%
Laboratory Products and Biopharma Services		5,740		54.2	%		5,728		54.2	%
Eliminations		(467	)	-4.4	%		(424	)	-4.0	%
Consolidated revenues	$	10,598		100.0	%	$	10,574		100.0	%

Segment income and segment income margin
Life Sciences Solutions	$	845		35.4	%	$	872		35.9	%
Analytical Instruments		451		24.9	%		468		26.7	%
Specialty Diagnostics		293		25.9	%		283		26.1	%
Laboratory Products and Biopharma Services		773		13.5	%		937		16.4	%
Subtotal reportable segments		2,362		22.3	%		2,560		24.2	%
Cost of revenues adjustments (a)		(9	)	-0.1	%		(14	)	-0.1	%
Selling, general and administrative expenses adjustments (b)		(21	)	-0.2	%		(14	)	-0.1	%
Restructuring and other costs (c)		(45	)	-0.4	%		(84	)	-0.8	%
Amortization of acquisition-related intangible assets		(450	)	-4.2	%		(584	)	-5.6	%
Consolidated GAAP operating income	$	1,838		17.3	%	$	1,864		17.6	%


(a) Adjusted results in 2024 and 2023 exclude charges for the sale of inventory revalued at the date of acquisition and accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations.
(b) Adjusted results in 2024 and 2023 exclude certain third-party expenses, principally transaction/integration costs related to recent acquisitions, charges/credits for changes in estimates of contingent acquisition consideration, and charges associated with product liability litigation. Adjusted results in 2024 also exclude $5 of accelerated depreciation on fixed assets to be abandoned due to facility consolidations.
(c) Adjusted results in 2024 and 2023 exclude restructuring and other costs consisting principally of severance, impairments of long-lived assets, net charges/credits for pre-acquisition litigation and other matters, net gains on the sale of real estate, and abandoned facility and other expenses of headcount reductions and real estate consolidations.
(d) Adjusted results in 2024 and 2023 exclude net gains/losses on investments.
(e) Adjusted results in 2024 and 2023 exclude incremental tax impacts for the reconciling items between GAAP and adjusted net income, incremental tax impacts as a result of tax rate/law changes, and the tax impacts from audit settlements.
(f) Adjusted results exclude the incremental impacts for the reconciling items between GAAP and adjusted net income attributable to noncontrolling interests.
Note:
Consolidated depreciation expense is $291 and $269 in 2024 and 2023, respectively.

Organic and Core organic revenue growth		Three months ended
		September 28, 2024
Revenue growth		0%
Acquisitions		1%
Currency translation		0%
Organic revenue growth (non-GAAP measure)		0%
COVID-19 testing revenue		0%
Core organic revenue growth (non-GAAP measure)		0%

Note:
For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this release.

Condensed Consolidated Statements of Income (unaudited)
	Nine months ended
	September 28,			% of		September 30,			% of
(Dollars in millions except per share amounts)		2024		Revenues			2023		Revenues
Revenues	$	31,484				$	31,971
Costs and operating expenses:
Cost of revenues (a)		18,326		58.2	%		18,905		59.1	%
Selling, general and administrative expenses (b)		5,156		16.4	%		4,897		15.3	%
Amortization of acquisition-related intangible assets		1,514		4.8	%		1,775		5.5	%
Research and development expenses		1,016		3.2	%		1,010		3.2	%
Restructuring and other costs (c)		151		0.5	%		379		1.2	%
Total costs and operating expenses		26,163		83.1	%		26,966		84.3	%
Operating income		5,321		16.9	%		5,005		15.7	%
Interest income		851					570
Interest expense		(1,073	)				(985	)
Other income/(expense) (d)		(2	)				(32	)
Income before income taxes		5,096					4,558
Provision for income taxes (e)		(507	)				(151	)
Equity in earnings/(losses) of unconsolidated entities		(75	)				(58	)
Net income		4,514					4,349
Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest (f)		9					(16	)
Net income attributable to Thermo Fisher Scientific Inc.	$	4,505		14.3	%	$	4,365		13.7	%

Earnings per share attributable to Thermo Fisher Scientific Inc.:
Basic	$	11.79				$	11.31
Diluted	$	11.75				$	11.25
Weighted average shares:
Basic		382					386
Diluted		383					388

Reconciliation of adjusted operating income and adjusted operating margin
GAAP operating income	$	5,321		16.9	%	$	5,005		15.7	%
Cost of revenues adjustments (a)		25		0.1	%		73		0.2	%
Selling, general and administrative expenses adjustments (b)		(24	)	-0.1	%		28		0.1	%
Restructuring and other costs (c)		151		0.5	%		379		1.2	%
Amortization of acquisition-related intangible assets		1,514		4.8	%		1,775		5.5	%
Adjusted operating income (non-GAAP measure)	$	6,987		22.2	%	$	7,260		22.7	%

Reconciliation of adjusted net income
GAAP net income attributable to Thermo Fisher Scientific Inc.	$	4,505				$	4,365
Cost of revenues adjustments (a)		25					73
Selling, general and administrative expenses adjustments (b)		(24	)				28
Restructuring and other costs (c)		151					379
Amortization of acquisition-related intangible assets		1,514					1,775
Other income/expense adjustments (d)		(8	)				36
Provision for income taxes adjustments (e)		(190	)				(534	)
Equity in earnings/losses of unconsolidated entities		75					58
Noncontrolling interests adjustments (f)		(6	)				(19	)
Adjusted net income (non-GAAP measure)	$	6,042				$	6,161

Reconciliation of adjusted earnings per share
GAAP diluted EPS attributable to Thermo Fisher Scientific Inc.	$	11.75				$	11.25
Cost of revenues adjustments (a)		0.07					0.19
Selling, general and administrative expenses adjustments (b)		(0.06	)				0.07
Restructuring and other costs (c)		0.39					0.98
Amortization of acquisition-related intangible assets		3.95					4.57
Other income/expense adjustments (d)		(0.02	)				0.09
Provision for income taxes adjustments (e)		(0.50	)				(1.38	)
Equity in earnings/losses of unconsolidated entities		0.20					0.15
Noncontrolling interests adjustments (f)		(0.02	)				(0.05	)
Adjusted EPS (non-GAAP measure)	$	15.76				$	15.87

Reconciliation of free cash flow
GAAP net cash provided by operating activities	$	5,377				$	4,683
Purchases of property, plant and equipment		(920	)				(1,074	)
Proceeds from sale of property, plant and equipment		40					76
Free cash flow (non-GAAP measure)	$	4,498				$	3,685

Condensed Consolidated Balance Sheets (unaudited)

	September 28,		December 31,
(In millions)	2024		2023

Assets
Current assets:
Cash and cash equivalents	$	4,645	$	8,077
Short-term investments		2,000		3
Accounts receivable, net		8,255		8,221
Inventories		5,430		5,088
Other current assets		3,453		3,200
Total current assets		23,783		24,589
Property, plant and equipment, net		9,412		9,448
Acquisition-related intangible assets, net		16,262		16,670
Other assets		4,180		3,999
Goodwill		46,726		44,020
Total assets	$	100,364	$	98,726

Liabilities, redeemable noncontrolling interest and equity
Current liabilities:
Short-term obligations and current maturities of long-term obligations	$	4,116	$	3,609
Other current liabilities		10,485		10,403
Total current liabilities		14,601		14,012
Other long-term liabilities		5,466		6,564
Long-term obligations		31,197		31,308
Redeemable noncontrolling interest		127		118
Total equity		48,972		46,724
Total liabilities, redeemable noncontrolling interest and equity	$	100,364	$	98,726

Condensed Consolidated Statements of Cash Flows (unaudited)

	Nine months ended
	September 28,			September 30,
(In millions)		2024			2023

Operating activities
Net income	$	4,514		$	4,349
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		2,367			2,567
Change in deferred income taxes		(1,007	)		(631	)
Other non-cash expenses, net		477			658
Changes in assets and liabilities, excluding the effects of acquisitions		(973	)		(2,260	)
Net cash provided by operating activities		5,377			4,683

Investing activities
Purchases of property, plant and equipment		(920	)		(1,074	)
Proceeds from sale of property, plant and equipment		40			76
Proceeds from cross-currency interest rate swap interest settlements		203			36
Acquisitions, net of cash acquired		(3,132	)		(3,660	)
Purchases of investments		(2,065	)		(200	)
Other investing activities, net		14			56
Net cash used in investing activities		(5,861	)		(4,766	)

Financing activities
Net proceeds from issuance of debt		1,204			3,466
Repayment of debt		(1,107	)		(2,000	)
Net proceeds from issuance of commercial paper		—			1,620
Repayment of commercial paper		—			(1,935	)
Purchases of company common stock		(3,000	)		(3,000	)
Dividends paid		(434	)		(387	)
Other financing activities, net		212			42
Net cash used in financing activities		(3,126	)		(2,194	)

Exchange rate effect on cash		182			(92	)
Decrease in cash, cash equivalents and restricted cash		(3,427	)		(2,369	)
Cash, cash equivalents and restricted cash at beginning of period		8,097			8,537
Cash, cash equivalents and restricted cash at end of period	$	4,670		$	6,168


Free cash flow (non-GAAP measure)	$	4,498		$	3,685

Note:
For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this release.

Investor Contact:
Knight Therapeutics Inc.
Samira Sakhia		Arvind Utchanah
President & Chief Executive Officer		Chief Financial Officer
T: 514.484.4483		T. +598.2626.2344
F: 514.481.4116
Email: IR@knighttx.com		Email: IR@knighttx.com
Website: www.knighttx.com		Website: www.knighttx.com

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