Life Science News

Johnson & Johnson Reports Q4 and Full-Year 2022 Results

  • 2022 Fourth-Quarter reported sales decline of 4.4% to $23.7 Billion primarily driven by unfavorable foreign exchange and reduced COVID-19 Vaccine sales vs. prior year. Operational growth excluding COVID-19 Vaccine of 4.6%*
  • 2022 Fourth-Quarter earnings per share (EPS) of $1.33 decreasing 24.9% and adjusted EPS of $2.35 increasing by 10.3%*
  • 2022 Full-Year reported sales growth of 1.3% to $94.9 Billion primarily driven by strong commercial execution partially offset by unfavorable foreign exchange. Operational growth of 6.1%*
  • 2022 Full-Year earnings per share (EPS) of $6.73 decreasing 13.8% and adjusted EPS of $10.15 increasing by 3.6%*
  • Company guides 2023 adjusted operational sales growth excluding COVID-19 Vaccine of 4.0%* and adjusted operational EPS of $10.50, reflecting growth of 3.5%*

Johnson & Johnson (NYSE: JNJ) today announced results for fourth-quarter and full year 2022. "Our full year 2022 results reflect the continued strength and stability of our three business segments, despite macroeconomic challenges," said Joaquin Duato, Chairman of the Board and Chief Executive Officer. "I am inspired by our employees who make a difference in the health and lives of people around the world every day. As we look ahead to 2023, Johnson & Johnson is well-positioned to drive near-term growth, while also investing strategically to deliver long-term value."

OVERALL FINANCIAL RESULTS

Q4

Full Year

($ in Millions, except EPS)

2022

2021

% Change

2022

2021

% Change

Reported Sales

$23,706

$24,804

(4.4)%

$94,943

$93,775

1.3%

Net Earnings

$3,520

$4,736

(25.7)%

$17,941

$20,878

(14.1)%

EPS (diluted)

$1.33

$1.77

(24.9)%

$6.73

$7.81

(13.8)%

Q4

Full Year

Non-GAAP* ($ in Millions, except EPS)

2022

2021

% Change

2022

2021

% Change

Operational Sales 1,2

0.9%

6.1%

Adjusted Operational Sales 1,3

0.8%

6.2%

Adjusted Net Earnings 1,4

$6,218

$5,678

9.5%

$27,038

$26,195

3.2%

Adjusted EPS (diluted) 1,4

$2.35

$2.13

10.3%

$10.15

$9.80

3.6%

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

Q4 % Change
($ in Millions)

2022

2021

Reported

Operational 1,2

Currency

Adjusted
Operational 1,3

U.S.

$12,516

$12,163

2.9%

2.9

-

2.7

International

11,190

12,641

(11.5)

(1.1)

(10.4)

(1.0)

Worldwide

$23,706

$24,804

(4.4)%

0.9

(5.3)

0.8

Full Year % Change
($ in Millions)

2022

2021

Reported

Operational 1,2

Currency

Adjusted
Operational 1,3

U.S.

$48,580

$47,156

3.0%

3.0

-

3.0

International

46,363

46,619

(0.6)%

9.1

(9.7)

9.3

Worldwide

$94,943

$93,775

1.3%

6.1

(4.8)

6.2

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

Q4

% Change

($ in Millions)

2022

2021

Reported

Operational 1,2

Currency

Adjusted
Operational 1,3

Consumer Health 4

$ 3,767

$ 3,728

1.0%

6.4

(5.4)

6.4

Pharmaceutical 4

13,163

14,217

(7.4)

(2.5)

(4.9)

(2.3)

MedTech

6,776

6,859

(1.2)

4.9

(6.1)

4.4

Worldwide

$ 23,706

$ 24,804

(4.4)%

0.9

(5.3)

0.8

Full Year

% Change

($ in Millions)

2022

2021

Reported

Operational 1,2

Currency

Adjusted
Operational 1,3

Consumer Health

$ 14,953

$ 15,035

(0.5)%

3.6

(4.1)

3.9

Pharmaceutical

52,563

51,680

1.7

6.7

(5.0)

6.8

MedTech

27,427

27,060

1.4

6.2

(4.8)

6.1

Worldwide

$ 94,943

$ 93,775

1.3%

6.1

(4.8)

6.2

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

FULL YEAR 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 3.9%* predominately driven by over-the-counter (OTC) products. Major contributors to growth in OTC were TYLENOL and MOTRIN analgesics, as well as upper respiratory products and digestive health products in the international markets. Additionally, Skin Health/Beauty adjusted operational growth was primarily driven by NEUTROGENA outside the U.S. Growth was partially offset by Oral Care in the international markets.

Pharmaceutical
Pharmaceutical worldwide adjusted operational sales grew 6.8%*, 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. This growth was partially offset by declines in sales of REMICADE (infliximab), a biologic approved for the treatment of several immune-mediated inflammatory diseases, IMBRUVICA (ibrutinib), an oral, once daily therapy approved for use in treating certain B-cell malignancies, a type of blood or lymph node cancer, and ZYTIGA (abiratone acetate), an oral, once daily medication for use in combination with prednisone for the treatment of metastatic castration-resistant prostate cancer.

MedTech
MedTech worldwide adjusted operational sales grew 6.1%*, driven primarily by electrophysiology products in Interventional Solutions, contact lenses in Vision, and wound closure products in General Surgery.

NOTABLE NEW ANNOUNCEMENTS 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

DePuy Synthes Receives FDA Clearance for TELIGEN System

Press Release

U.S. FDA Approves TECVAYLI (teclistamab-cqyv), the First Bispecific T-cell Engager Antibody for the Treatment of Patients with Relapsed or Refractory Multiple Myeloma

Press Release

Janssen Submits Biologics License Application to U.S. FDA for Talquetamab for the Treatment of Patients with Relapsed or Refractory Multiple Myeloma

Press Release

Data Release

New TREMFYA (guselkumab) Data Shows an Overall Clinical Response Rate of Approximately 80 Percent in a Phase 2b Induction Study of Adults with Moderately to Severely Active Ulcerative Colitis

Press Release

Janssen to Highlight Latest Scientific Advances in Hematologic Diseases at ASH 2022 with Clinical and Real-World Data Across Innovative Pipeline and Distinguished Portfolio

Press Release

Late-Breaking Data from Pivotal Phase 3 PRECISION Study Demonstrates Significant and Sustained Effect of Aprocitentan on Lowering Blood Pressure for Patients with Difficult-to-Control Hypertension

Press Release

New TREMFYA (guselkumab) Post-Hoc Analysis Reveals Active Psoriatic Arthritis Patients With Early Efficacy Had Meaningful Long-Term Improvement in Health-Related Quality of Life

Press Release

New TREMFYA (guselkumab) Post-Hoc Analysis Reveals Early Efficacy Predicted Longer-Term Efficacy And Sustained Achievement Among A Diverse Active Psoriatic Arthritis Patient Population

Press Release

CERENOVUS Reveals Positive Outcomes with Thrombectomy in Global Registry Studying Stroke-Inducing Blood Clots

Press Release

Other

Johnson & Johnson Names CEO Joaquin Duato as Chairman of the Board

Press Release

Johnson & Johnson Completes Acquisition of Abiomed

Press Release

FULL-YEAR 2023 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)

January 2023

Adjusted Operational Sales 1,2,5

Change vs. Prior Year / Mid-point

3.5% – 4.5% / 4.0%

Operational Sales 2,5 / Mid-point 2,5

Change vs. Prior Year / Mid-point

$96.9B – $97.9B / $97.4B

4.5% – 5.5% / 5.0%

Estimated Reported Sales 3,5 / Mid-point 3,5

Change vs. Prior Year / Mid-point

$96.9B – $97.9B / $97.4B

4.5% – 5.5% / 5.0%

Adjusted Operational EPS (Diluted) 2,4 / Mid-point 2,4

Change vs. Prior Year / Mid-point

$10.40 – $10.60 / $10.50

2.5% – 4.5% / 3.5%

Adjusted EPS (Diluted) 3,4 / Mid-point 3,4

Change vs. Prior Year / Mid-point

$10.45 – $10.65 / $10.55

3.0% – 5.0% / 4.0%

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: January 2023 = $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 .

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 135 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)

FOURTH QUARTER

TWELVE 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.

$

1,696

1,529

10.9

%

10.9

-

$

6,599

6,516

1.3

%

1.3

-

International

2,071

2,199

(5.8

)

3.2

(9.0

)

8,354

8,519

(1.9

)

5.3

(7.2

)

3,767

3,728

1.0

6.4

(5.4

)

14,953

15,035

(0.5

)

3.6

(4.1

)

Pharmaceutical (1)
U.S.

7,375

7,418

(0.6

)

(0.6

)

-

28,604

27,954

2.3

2.3

-

International

5,788

6,799

(14.9

)

(4.5

)

(10.4

)

23,959

23,726

1.0

11.9

(10.9

)

13,163

14,217

(7.4

)

(2.5

)

(4.9

)

52,563

51,680

1.7

6.7

(5.0

)

Pharmaceutical excluding COVID-19 Vaccine (1,3)
U.S.

7,375

7,205

2.4

2.4

-

28,484

27,320

4.3

4.3

-

International

5,099

5,394

(5.5

)

6.0

(11.5

)

21,900

21,975

(0.3

)

10.3

(10.6

)

12,474

12,599

(1.0

)

3.9

(4.9

)

50,384

49,295

2.2

6.9

(4.7

)

MedTech (2)
U.S.

3,445

3,216

7.1

7.1

-

13,377

12,686

5.4

5.4

-

International

3,331

3,643

(8.6

)

2.9

(11.5

)

14,050

14,374

(2.3

)

6.9

(9.2

)

6,776

6,859

(1.2

)

4.9

(6.1

)

27,427

27,060

1.4

6.2

(4.8

)

U.S.

12,516

12,163

2.9

2.9

-

48,580

47,156

3.0

3.0

-

International

11,190

12,641

(11.5

)

(1.1

)

(10.4

)

46,363

46,619

(0.6

)

9.1

(9.7

)

Worldwide

23,706

24,804

(4.4

)

0.9

(5.3

)

94,943

93,775

1.3

6.1

(4.8

)

U.S.

12,516

11,950

4.7

4.7

-

48,460

46,522

4.2

4.2

-

International

10,501

11,236

(6.5

)

4.4

(10.9

)

44,304

44,868

(1.3

)

8.2

(9.5

)

Worldwide excluding COVID-19 Vaccine (3)

$

23,017

23,186

(0.7

)

%

4.6

(5.3

)

$

92,764

91,390

1.5

%

6.2

(4.7

)

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)

FOURTH QUARTER

TWELVE MONTHS

Percent Change

Percent Change

2022

2021

Total

Operations

Currency

2022

2021

Total

Operations

Currency

Sales to customers by
geographic area
U.S.

$

12,516

12,163

2.9

%

2.9

-

$

48,580

47,156

3.0

%

3.0

-

Europe

5,816

6,925

(16.0

)

(6.3

)

(9.7

)

23,449

23,594

(0.6

)

11.0

(11.6

)

Western Hemisphere excluding U.S.

1,545

1,459

5.9

11.8

(5.9

)

6,125

5,750

6.5

10.2

(3.7

)

Asia-Pacific, Africa

3,829

4,257

(10.0

)

3.1

(13.1

)

16,789

17,275

(2.8

)

6.2

(9.0

)

International

11,190

12,641

(11.5

)

(1.1

)

(10.4

)

46,363

46,619

(0.6

)

9.1

(9.7

)

Worldwide

$

23,706

24,804

(4.4

)

%

0.9

(5.3

)

$

94,943

93,775

1.3

%

6.1

(4.8

)

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) FOURTH QUARTER

2022

2021

Percent

Percent

Percent

Increase

Amount

to Sales

Amount

to Sales

(Decrease)

Sales to customers

$

23,706

100.0

$

24,804

100.0

(4.4

)

Cost of products sold

7,765

32.8

7,955

32.1

(2.4

)

Gross Profit

15,941

67.2

16,849

67.9

(5.4

)

Selling, marketing and administrative expenses

6,512

27.4

7,154

28.9

(9.0

)

Research and development expense

3,841

16.2

4,720

19.0

(18.6

)

In-process research and development

173

0.7

0

0.0

Interest (income) expense, net

(77

)

(0.3

)

47

0.2

Other (income) expense, net

1,207

5.1

9

0.0

Restructuring

84

0.4

83

0.3

Earnings before provision for taxes on income

4,201

17.7

4,836

19.5

(13.1

)

Provision for taxes on income

681

2.9

100

0.4

581.0

Net earnings

$

3,520

14.8

$

4,736

19.1

(25.7

)

Net earnings per share (Diluted)

$

1.33

$

1.77

(24.9

)

Average shares outstanding (Diluted)

2,650.1

2,670.2

Effective tax rate

16.2

%

2.1

%

Adjusted earnings before provision for taxes and net earnings (1)
Earnings before provision for taxes on income

$

7,418

31.3

$

6,339

25.6

17.0

Net earnings

$

6,218

26.2

$

5,678

22.9

9.5

Net earnings per share (Diluted)

$

2.35

$

2.13

10.3

Effective tax rate

16.2

%

10.4

%

(1) See Reconciliation of Non-GAAP Financial Measures.
Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)

TWELVE MONTHS

2022

2021

Percent

Percent

Percent

Increase

Amount

to Sales

Amount

to Sales

(Decrease)

Sales to customers

$

94,943

100.0

$

93,775

100.0

1.3

Cost of products sold

31,089

32.7

29,855

31.8

4.1

Gross Profit

63,854

67.3

63,920

68.2

(0.1

)

Selling, marketing and administrative expenses

24,765

26.1

24,659

26.3

0.4

Research and development expense

14,603

15.4

14,714

15.7

(0.8

)

In-process research and development

783

0.8

900

1.0

Interest (income) expense, net

(214

)

(0.2

)

130

0.1

Other (income) expense, net

1,871

2.0

489

0.5

Restructuring

321

0.3

252

0.3

Earnings before provision for taxes on income

21,725

22.9

22,776

24.3

(4.6

)

Provision for taxes on income

3,784

4.0

1,898

2.0

99.4

Net earnings

$

17,941

18.9

$

20,878

22.3

(14.1

)

Net earnings per share (Diluted)

$

6.73

$

7.81

(13.8

)

Average shares outstanding (Diluted)

2,663.9

2,674.0

Effective tax rate

17.4

%

8.3

%

Adjusted earnings before provision for taxes and net earnings (1)
Earnings before provision for taxes on income

$

31,880

33.6

$

30,464

32.5

4.6

Net earnings

$

27,038

28.5

$

26,195

27.9

3.2

Net earnings per share (Diluted)

$

10.15

$

9.80

3.6

Effective tax rate

15.2

%

14.0

%

(1) See Reconciliation of Non-GAAP Financial Measures.
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures

Fourth Quarter

Twelve Months Ended

(Dollars in Millions Except Per Share Data)

2022

2021

2022

2021

Net Earnings, after tax- as reported

$3,520

$4,736

$17,941

$20,878

Pre-tax Adjustments
Intangible Asset Amortization expense

1,061

1,121

4,305

4,697

Litigation related

262

274

866

2,328

IPR&D

173

-

783

900

Restructuring related

140

140

463

473

Acquisition, integration and divestiture related ¹

196

26

196

(478

)

(Gains)/losses on securities

6

(198

)

690

(533

)

Medical Device Regulation 2

88

73

296

234

COVID-19 Vaccine related costs 3

821

-

1,474

-

Consumer Health separation costs

470

67

1,089

67

Other

-

-

(7

)

-

Tax Adjustments
Tax impact on special item adjustments 4

(507

)

(184

)

(1,592

)

(1,281

)

Consumer Health separation tax related costs

35

-

494

-

Tax legislation and other tax related

(47

)

(377

)

40

(1,090

)

Adjusted Net Earnings, after tax

$6,218

$5,678

$27,038

$26,195

Average shares outstanding (Diluted)

2,650.1

2,670.2

2,663.9

2,674.0

Adjusted net earnings per share (Diluted)

$2.35

$2.13

$10.15

$9.80

Operational adjusted net earnings per share (Diluted)

$2.46

$10.70

Notes:

1

Acquisition, integration and divestiture related for 2022 primarily includes costs related to the Abiomed acquisition. Acquisition, integration and divestiture related for 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 during 2024.

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 remaining 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
FOURTH QUARTER 2022 ACTUAL vs. 2021 ACTUAL
Segments
Consumer Health Pharmaceutical MedTech Total
WW As Reported

1.0

%

(7.4

)%

(1.2

)%

(4.4

)%

U.S.

10.9

%

(0.6

)%

7.1

%

2.9

%

International

(5.8

)%

(14.9

)%

(8.6

)%

(11.5

)%

WW Currency

(5.4

)

(4.9

)

(6.1

)

(5.3

)

U.S.

-

-

-

-

International

(9.0

)

(10.4

)

(11.5

)

(10.4

)

WW Operational

6.4

%

(2.5

)%

4.9

%

0.9

%

U.S.

10.9

%

(0.6

)%

7.1

%

2.9

%

International

3.2

%

(4.5

)%

2.9

%

(1.1

)%

Interventional Solutions
Abiomed

(0.5

)

(0.1

)

U.S.

(1.0

)

(0.3

)

International

0.0

0.0

All Other Acquisitions and Divestitures

0.0

0.2

0.0

0.1

U.S.

0.1

0.2

(0.2

)

0.1

International

0.0

0.1

0.1

0.1

WW Adjusted Operational

6.4

%

(2.3

)%

4.4

%

0.8

%

U.S.

11.0

%

(0.4

)%

5.9

%

2.7

%

International

3.2

%

(4.4

)%

3.0

%

(1.0

)%

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
TWELVE MONTHS 2022 ACTUAL vs. 2021 ACTUAL
Segments
Consumer Health Pharmaceutical MedTech Total
WW As Reported

(0.5

)%

1.7

%

1.4

%

1.3

%

U.S.

1.3

%

2.3

%

5.4

%

3.0

%

International

(1.9

)%

1.0

%

(2.3

)%

(0.6

)%

WW Currency

(4.1

)

(5.0

)

(4.8

)

(4.8

)

U.S.

-

-

-

-

International

(7.2

)

(10.9

)

(9.2

)

(9.7

)

WW Operational

3.6

%

6.7

%

6.2

%

6.1

%

U.S.

1.3

%

2.3

%

5.4

%

3.0

%

International

5.3

%

11.9

%

6.9

%

9.1

%

All Other Acquisitions and Divestitures

0.3

0.1

(0.1

)

0.1

U.S.

0.2

0.2

(0.4

)

0.0

International

0.5

0.1

0.1

0.2

WW Adjusted Operational

3.9

%

6.8

%

6.1

%

6.2

%

U.S.

1.5

%

2.5

%

5.0

%

3.0

%

International

5.8

%

12.0

%

7.0

%

9.3

%

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)

FOURTH QUARTER

TWELVE MONTHS

% Change

% Change

2022

2021

Reported

Operational (1)

Currency

2022

2021

Reported

Operational (1)

Currency

CONSUMER HEALTH SEGMENT (2,3)
OTC
US

$

754

633

18.9

%

18.9

%

-

$

2,782

2,594

7.3

%

7.3

%

-

Intl

815

811

0.6

%

9.6

%

-9.0

%

3,249

3,034

7.1

%

14.5

%

-7.4

%

WW

1,569

1,444

8.6

%

13.7

%

-5.1

%

6,031

5,627

7.2

%

11.2

%

-4.0

%

SKIN HEALTH / BEAUTY
US

573

538

6.5

%

6.5

%

-

2,337

2,400

-2.6

%

-2.6

%

-

Intl

515

546

-5.6

%

4.4

%

-10.0

%

2,015

2,141

-5.9

%

2.2

%

-8.1

%

WW

1,088

1,084

0.4

%

5.4

%

-5.0

%

4,352

4,541

-4.2

%

-0.4

%

-3.8

%

ORAL CARE
US

164

159

3.3

%

3.3

%

-

635

637

-0.3

%

-0.3

%

-

Intl

207

246

-16.0

%

-8.1

%

-7.9

%

871

1,008

-13.6

%

-7.4

%

-6.2

%

WW

370

405

-8.4

%

-3.7

%

-4.7

%

1,505

1,645

-8.5

%

-4.7

%

-3.8

%

BABY CARE
US

93

90

3.4

%

3.4

%

-

357

378

-5.5

%

-5.5

%

-

Intl

264

309

-14.6

%

-7.4

%

-7.2

%

1,104

1,188

-7.1

%

-1.4

%

-5.7

%

WW

356

399

-10.6

%

-5.0

%

-5.6

%

1,461

1,566

-6.7

%

-2.4

%

-4.3

%

WOMEN'S HEALTH
US

4

4

15.6

%

15.6

%

-

13

13

1.7

%

1.7

%

-

Intl

217

230

-5.7

%

4.4

%

-10.1

%

891

905

-1.5

%

7.1

%

-8.6

%

WW

220

233

-5.5

%

4.6

%

-10.1

%

904

917

-1.5

%

7.0

%

-8.5

%

WOUND CARE / OTHER
US

109

106

3.3

%

3.3

%

-

475

495

-4.0

%

-4.0

%

-

Intl

54

57

-7.5

%

2.9

%

-10.4

%

224

243

-8.0

%

-3.4

%

-4.6

%

WW

163

164

-0.5

%

3.1

%

-3.6

%

700

739

-5.3

%

-3.8

%

-1.5

%

TOTAL CONSUMER HEALTH
US

1,696

1,529

10.9

%

10.9

%

-

6,599

6,516

1.3

%

1.3

%

-

Intl

2,071

2,199

-5.8

%

3.2

%

-9.0

%

8,354

8,519

-1.9

%

5.3

%

-7.2

%

WW

$

3,767

3,728

1.0

%

6.4

%

-5.4

%

$

14,953

15,035

-0.5

%

3.6

%

-4.1

%

See footnotes at end of schedule

REPORTED SALES vs. PRIOR PERIOD ($MM)

REPORTED SALES vs. PRIOR PERIOD ($MM)

FOURTH QUARTER

TWELVE MONTHS

% Change

% Change

PHARMACEUTICAL SEGMENT (2,3)

2022

2021

Reported

Operational (1)

Currency

2022

2021

Reported

Operational (1)

Currency

IMMUNOLOGY
US

$

2,805

2,912

-3.6

%

-3.6

%

-

$

11,036

10,843

1.8

%

1.8

%

-

Intl

1,312

1,443

-9.1

%

2.1

%

-11.2

%

5,899

5,907

-0.1

%

10.3

%

-10.4

%
WW

4,118

4,355

-5.4

%

-1.8

%

-3.6

%

16,935

16,750

1.1

%

4.8

%

-3.7

%
REMICADE

US

318

511

-37.7

%

-37.7

%

-

1,417

2,019

-29.8

%

-29.8

%

-

US Exports (4)

41

39

5.1

%

5.1

%

-

204

236

-13.6

%

-13.6

%

-

Intl

116

214

-45.9

%

-41.3

%

-4.6

%

722

935

-22.8

%

-18.7

%

-4.1

%
WW

475

764

-37.8

%

-36.5

%

-1.3

%

2,343

3,190

-26.6

%

-25.3

%

-1.3

%
SIMPONI / SIMPONI ARIA

US

280

287

-2.2

%

-2.2

%

-

1,166

1,127

3.5

%

3.5

%

-

Intl

220

271

-18.6

%

-7.4

%

-11.2

%

1,017

1,148

-11.4

%

-1.4

%

-10.0

%
WW

501

559

-10.2

%

-4.7

%

-5.5

%

2,184

2,276

-4.0

%

1.0

%

-5.0

%
STELARA

US

1,621

1,542

5.2

%

5.2

%

-

6,388

5,938

7.6

%

7.6

%

-

Intl

764

792

-3.5

%

8.1

%

-11.6

%

3,335

3,196

4.4

%

15.7

%

-11.3

%
WW

2,386

2,334

2.3

%

6.2

%

-3.9

%

9,723

9,134

6.5

%

10.4

%

-3.9

%
TREMFYA

US

541

528

2.5

%

2.5

%

-

1,844

1,503

22.7

%

22.7

%

-

Intl

211

165

27.5

%

44.5

%

-17.0

%

824

624

32.0

%

47.8

%

-15.8

%
WW

752

693

8.5

%

12.5

%

-4.0

%

2,668

2,127

25.4

%

30.1

%

-4.7

%
OTHER IMMUNOLOGY

US

3

6

-53.5

%

-53.5

%

-

17

21

-18.4

%

-18.4

%

-

Intl

0

0

* * *

0

3

* *

*

WW

3

6

-53.3

%

-53.3

%

0.0

%

17

24

-28.2

%

-28.2

%

0.0

%
INFECTIOUS DISEASES

US

414

614

-32.6

%

-32.6

%

-

1,680

2,249

-25.3

%

-25.3

%

-

Intl

1,127

1,818

-38.0

%

-31.0

%

-7.0

%

3,769

3,576

5.4

%

17.3

%

-11.9

%
WW

1,540

2,431

-36.6

%

-31.4

%

-5.2

%

5,449

5,825

-6.5

%

0.8

%

-7.3

%
COVID-19 VACCINE

US

0

213

* *

-

120

634

-81.1

%

-81.1

%

-

Intl

689

1,405

-50.9

%

-45.0

%

-5.9

%

2,059

1,751

17.6

%

32.1

%

-14.5

%
WW

689

1,619

-57.4

%

-52.2

%

-5.2

%

2,179

2,385

-8.6

%

2.0

%

-10.6

%
EDURANT / rilpivirine

US

9

10

1.2

%

1.2

%

-

36

41

-10.8

%

-10.8

%

-

Intl

281

220

27.6

%

39.2

%

-11.6

%

972

953

2.0

%

12.7

%

-10.7

%
WW

290

230

26.5

%

37.6

%

-11.1

%

1,008

994

1.5

%

11.8

%

-10.3

%
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA

US

398

380

4.7

%

4.7

%

-

1,494

1,508

-1.0

%

-1.0

%

-

Intl

95

135

-29.5

%

-20.5

%

-9.0

%

449

575

-21.9

%

-13.4

%

-8.5

%
WW

493

515

-4.3

%

-1.9

%

-2.4

%

1,943

2,083

-6.7

%

-4.4

%

-2.3

%
OTHER INFECTIOUS DISEASES

US

6

11

-47.1

%

-47.1

%

-

30

66

-55.5

%

-55.5

%

-

Intl

61

57

7.3

%

18.0

%

-10.7

%

289

297

-2.6

%

3.6

%

-6.2

%
WW

67

68

-1.6

%

7.4

%

-9.0

%

318

363

-12.3

%

-7.2

%

-5.1

%

REPORTED SALES vs. PRIOR PERIOD ($MM)

REPORTED SALES vs. PRIOR PERIOD ($MM)

FOURTH QUARTER

TWELVE MONTHS

% Change

% Change

2022

2021

Reported

Operational (1)

Currency

2022

2021

Reported

Operational (1)

Currency

NEUROSCIENCE
US

912

899

1.4

%

1.4

%

-

3,570

3,347

6.7

%

6.7

%

-

Intl

825

890

-7.2

%

3.3

%

-10.5

%

3,323

3,641

-8.7

%

0.4

%

-9.1

%

WW

1,737

1,789

-2.8

%

2.4

%

-5.2

%

6,893

6,988

-1.4

%

3.4

%

-4.8

%

CONCERTA / Methylphenidate
US

37

55

-34.3

%

-34.3

%

-

151

172

-12.5

%

-12.5

%

-

Intl

131

123

6.5

%

20.3

%

-13.8

%

493

495

-0.4

%

9.9

%

-10.3

%

WW

168

178

-6.2

%

3.4

%

-9.6

%

644

667

-3.5

%

4.1

%

-7.6

%

INVEGA SUSTENNA / XEPLION /
INVEGA TRINZA / TREVICTA
US

678

668

1.8

%

1.8

%

-

2,714

2,550

6.5

%

6.5

%

-

Intl

329

361

-8.8

%

2.7

%

-11.5

%

1,426

1,472

-3.1

%

7.8

%

-10.9

%

WW

1,008

1,029

-2.0

%

2.1

%

-4.1

%

4,140

4,022

3.0

%

6.9

%

-3.9

%

RISPERDAL CONSTA
US

62

77

-19.4

%

-19.4

%

-

257

287

-10.4

%

-10.4

%

-

Intl

50

63

-21.5

%

-9.7

%

-11.8

%

228

305

-25.3

%

-15.5

%

-9.8

%

WW

112

140

-20.4

%

-15.0

%

-5.4

%

485

592

-18.1

%

-13.0

%

-5.1

%

OTHER NEUROSCIENCE
US

134

99

35.5

%

35.5

%

-

447

338

32.4

%

32.4

%

-

Intl

315

342

-7.7

%

0.3

%

-8.0

%

1,176

1,368

-14.1

%

-7.5

%

-6.6

%

WW

449

441

2.0

%

8.2

%

-6.2

%

1,623

1,706

-4.9

%

0.4

%

-5.3

%

ONCOLOGY
US

1,857

1,594

16.5

%

16.5

%

-

6,930

5,958

16.3

%

16.3

%

-

Intl

2,069

2,184

-5.3

%

6.8

%

-12.1

%

9,052

8,590

5.4

%

17.3

%

-11.9

%

WW

3,927

3,778

3.9

%

10.9

%

-7.0

%

15,983

14,548

9.9

%

16.9

%

-7.0

%

DARZALEX
US

1,139

867

31.4

%

31.4

%

-

4,210

3,169

32.8

%

32.8

%

-

Intl

944

778

21.3

%

36.7

%

-15.4

%

3,767

2,854

32.0

%

47.0

%

-15.0

%

WW

2,083

1,645

26.6

%

33.9

%

-7.3

%

7,977

6,023

32.4

%

39.5

%

-7.1

%

ERLEADA
US

275

235

17.2

%

17.2

%

-

968

813

19.2

%

19.2

%

-

Intl

266

149

78.0

%

97.8

%

-19.8

%

913

478

* * *
WW

541

384

40.9

%

48.6

%

-7.7

%

1,881

1,291

45.7

%

53.0

%

-7.3

%

IMBRUVICA
US

318

436

-27.0

%

-27.0

%

-

1,390

1,747

-20.4

%

-20.4

%

-

Intl

547

626

-12.5

%

-2.0

%

-10.5

%

2,394

2,622

-8.7

%

1.0

%

-9.7

%

WW

866

1,062

-18.5

%

-12.3

%

-6.2

%

3,784

4,369

-13.4

%

-7.6

%

-5.8

%

ZYTIGA / abiraterone acetate
US

20

23

-14.3

%

-14.3

%

-

74

119

-37.8

%

-37.8

%

-

Intl

250

525

-52.4

%

-44.8

%

-7.6

%

1,696

2,178

-22.1

%

-12.3

%

-9.8

%

WW

270

548

-50.8

%

-43.6

%

-7.2

%

1,770

2,297

-22.9

%

-13.6

%

-9.3

%

OTHER ONCOLOGY
US

106

34

* *

-

289

110

* *

-

Intl

63

106

-41.1

%

-33.1

%

-8.0

%

283

458

-38.3

%

-31.6

%

-6.7

%

WW

168

140

20.6

%

26.7

%

-6.1

%

571

568

0.6

%

6.0

%

-5.4

%

REPORTED SALES vs. PRIOR PERIOD ($MM)

REPORTED SALES vs. PRIOR PERIOD ($MM)

FOURTH QUARTER

TWELVE MONTHS

% Change

% Change

2022

2021

Reported

Operational (1)

Currency

2022

2021

Reported

Operational (1)

Currency

PULMONARY HYPERTENSION
US

610

587

3.9

%

3.9

%

-

2,346

2,365

-0.8

%

-0.8

%

-

Intl

261

264

-1.3

%

13.5

%

-14.8

%

1,071

1,085

-1.3

%

11.2

%

-12.5

%

WW

870

851

2.3

%

6.9

%

-4.6

%

3,417

3,450

-1.0

%

3.0

%

-4.0

%

OPSUMIT
US

305

286

7.0

%

7.0

%

-

1,132

1,147

-1.3

%

-1.3

%

-

Intl

156

162

-3.7

%

11.0

%

-14.7

%

651

672

-3.2

%

9.3

%

-12.5

%

WW

461

448

3.1

%

8.4

%

-5.3

%

1,783

1,819

-2.0

%

2.6

%

-4.6

%

UPTRAVI
US

280

264

6.3

%

6.3

%

-

1,104

1,056

4.5

%

4.5

%

-

Intl

56

46

20.4

%

33.3

%

-12.9

%

218

181

20.4

%

32.4

%

-12.0

%

WW

336

310

8.4

%

10.3

%

-1.9

%

1,322

1,237

6.9

%

8.6

%

-1.7

%

OTHER PULMONARY HYPERTENSION
US

24

38

-35.5

%

-35.5

%

-

110

163

-32.3

%

-32.3

%

-

Intl

48

56

-12.2

%

4.4

%

-16.6

%

202

232

-12.8

%

0.3

%

-13.1

%

WW

73

94

-21.7

%

-11.8

%

-9.9

%

313

395

-20.8

%

-13.1

%

-7.7

%

CARDIOVASCULAR / METABOLISM / OTHER
US

776

813

-4.4

%

-4.4

%

-

3,042

3,192

-4.7

%

-4.7

%

-

Intl

194

200

-3.4

%

5.7

%

-9.1

%

845

927

-8.9

%

-1.7

%

-7.2

%

WW

971

1,013

-4.2

%

-2.4

%

-1.8

%

3,887

4,119

-5.6

%

-4.0

%

-1.6

%

XARELTO
US

667

644

3.4

%

3.4

%

-

2,473

2,438

1.4

%

1.4

%

-

Intl

-

-

-

-

-

-

-

-

-

-

WW

667

644

3.4

%

3.4

%

-

2,473

2,438

1.4

%

1.4

%

-

INVOKANA / INVOKAMET
US

29

59

-51.3

%

-51.3

%

-

193

308

-37.4

%

-37.4

%

-

Intl

62

60

2.3

%

11.2

%

-8.9

%

255

254

0.1

%

7.3

%

-7.2

%

WW

91

120

-24.1

%

-19.6

%

-4.5

%

448

563

-20.4

%

-17.2

%

-3.2

%

OTHER
US

81

110

-25.7

%

-25.7

%

-

376

446

-15.5

%

-15.5

%

-

Intl

132

140

-5.9

%

3.3

%

-9.2

%

590

673

-12.3

%

-5.1

%

-7.2

%

WW

213

250

-14.6

%

-9.4

%

-5.2

%

966

1,119

-13.6

%

-9.3

%

-4.3

%

TOTAL PHARMACEUTICAL
US

7,375

7,418

-0.6

%

-0.6

%

-

28,604

27,954

2.3

%

2.3

%

-

Intl

5,788

6,799

-14.9

%

-4.5

%

-10.4

%

23,959

23,726

1.0

%

11.9

%

-10.9

%

WW

$

13,163

14,217

-7.4

%

-2.5

%

-4.9

%

$

52,563

51,680

1.7

%

6.7

%

-5.0

%

See footnotes at end of schedule
REPORTED SALES vs. PRIOR PERIOD ($MM) REPORTED SALES vs. PRIOR PERIOD ($MM)
FOURTH QUARTER TWELVE MONTHS

% Change

% Change

MEDTECH SEGMENT (2,3,5)

2022

2021

Reported

Operational (1)

Currency

2022

2021

Reported

Operational (1)

Currency

INTERVENTIONAL SOLUTIONS
US

$

603

483

24.9

%

24.9

%

-

$

2,169

1,836

18.2

%

18.2

%

-

Intl

495

536

-7.6

%

6.2

%

-13.8

%

2,131

2,135

-0.2

%

9.9

%

-10.1

%

WW

1,098

1,019

7.8

%

15.1

%

-7.3

%

4,300

3,971

8.3

%

13.7

%

-5.4

%

ORTHOPAEDICS
US

1,385

1,305

6.1

%

6.1

%

-

5,321

5,126

3.8

%

3.8

%

-

Intl

763

851

-10.4

%

0.8

%

-11.2

%

3,267

3,462

-5.6

%

3.4

%

-9.0

%

WW

2,148

2,155

-0.4

%

4.0

%

-4.4

%

8,587

8,588

0.0

%

3.7

%

-3.7

%

HIPS
US

250

227

9.7

%

9.7

%

-

943

878

7.3

%

7.3

%

-

Intl

135

151

-10.4

%

0.4

%

-10.8

%

571

602

-5.1

%

3.6

%

-8.7

%

WW

385

378

1.7

%

6.0

%

-4.3

%

1,514

1,480

2.3

%

5.8

%

-3.5

%

KNEES
US

231

208

11.8

%

11.8

%

-

851

787

8.2

%

8.2

%

-

Intl

122

135

-9.5

%

1.2

%

-10.7

%

508

538

-5.7

%

3.1

%

-8.8

%

WW

354

342

3.4

%

7.6

%

-4.2

%

1,359

1,325

2.6

%

6.1

%

-3.5

%

TRAUMA
US

470

467

0.7

%

0.7

%

-

1,882

1,819

3.5

%

3.5

%

-

Intl

240

261

-7.9

%

3.5

%

-11.4

%

989

1,066

-7.2

%

2.6

%

-9.8

%

WW

710

728

-2.4

%

1.7

%

-4.1

%

2,871

2,885

-0.5

%

3.1

%

-3.6

%

SPINE, SPORTS & OTHER
US

434

403

7.5

%

7.5

%

-

1,645

1,642

0.2

%

0.2

%

-

Intl

265

304

-12.9

%

-1.5

%

-11.4

%

1,198

1,256

-4.6

%

4.3

%

-8.9

%

WW

699

708

-1.3

%

3.6

%

-4.9

%

2,843

2,898

-1.9

%

1.9

%

-3.8

%

REPORTED SALES vs. PRIOR PERIOD ($MM)

REPORTED SALES vs. PRIOR PERIOD ($MM)

FOURTH QUARTER

TWELVE MONTHS

% Change

% Change

2022

2021

Reported

Operational (1)

Currency

2022

2021

Reported

Operational (1)

Currency

SURGERY
US

1,000

986

1.5

%

1.5

%

-

3,897

3,867

0.8

%

0.8

%

-

Intl

1,383

1,527

-9.4

%

1.4

%

-10.8

%

5,793

5,945

-2.6

%

5.7

%

-8.3

%

WW

2,384

2,513

-5.1

%

1.4

%

-6.5

%

9,690

9,812

-1.2

%

3.8

%

-5.0

%

ADVANCED
US

456

457

-0.2

%

-0.2

%

-

1,784

1,761

1.3

%

1.3

%

-

Intl

653

735

-11.1

%

-0.4

%

-10.7

%

2,785

2,861

-2.6

%

5.3

%

-7.9

%

WW

1,109

1,192

-7.0

%

-0.3

%

-6.7

%

4,569

4,622

-1.1

%

3.8

%

-4.9

%

GENERAL
US

544

528

3.1

%

3.1

%

-

2,113

2,105

0.4

%

0.4

%

-

Intl

731

793

-7.8

%

3.0

%

-10.8

%

3,008

3,085

-2.5

%

6.2

%

-8.7

%

WW

1,275

1,321

-3.5

%

3.0

%

-6.5

%

5,121

5,190

-1.3

%

3.8

%

-5.1

%

VISION
US

456

443

3.1

%

3.1

%

-

1,990

1,857

7.2

%

7.2

%

-

Intl

689

728

-5.4

%

5.9

%

-11.3

%

2,859

2,831

1.0

%

11.1

%

-10.1

%

WW

1,145

1,171

-2.2

%

4.8

%

-7.0

%

4,849

4,688

3.4

%

9.5

%

-6.1

%

CONTACT LENSES / OTHER
US

343

316

8.6

%

8.6

%

-

1,522

1,398

8.9

%

8.9

%

-

Intl

489

518

-5.6

%

7.2

%

-12.8

%

2,022

2,043

-1.0

%

10.1

%

-11.1

%

WW

831

833

-0.2

%

7.7

%

-7.9

%

3,543

3,440

3.0

%

9.6

%

-6.6

%

SURGICAL
US

113

126

-10.7

%

-10.7

%

-

468

459

2.0

%

2.0

%

-

Intl

200

211

-5.0

%

2.9

%

-7.9

%

837

788

6.2

%

13.7

%

-7.5

%

WW

314

338

-7.1

%

-2.2

%

-4.9

%

1,306

1,248

4.6

%

9.4

%

-4.8

%

TOTAL MEDTECH
US

3,445

3,216

7.1

%

7.1

%

-

13,377

12,686

5.4

%

5.4

%

-

Intl

3,331

3,643

-8.6

%

2.9

%

-11.5

%

14,050

14,374

-2.3

%

6.9

%

-9.2

%

WW

$

6,776

6,859

-1.2

%

4.9

%

-6.1

%

$

27,427

27,060

1.4

%

6.2

%

-4.8

%

Note: Columns and rows within tables may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
* Percentage greater than 100% or not meaningful
(1) Operational growth excludes the effect of translational currency
(2) Unaudited
(3) 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)

FOURTH QUARTER

TWELVE MONTHS

Percent Change

Percent Change

2022

2021

Total

Operations

Currency

2022

2021

Total

Operations

Currency

Pharmaceutical
U.S.

$

7,375

7,418

(0.6

)

%

(0.6

)

-

$

28,604

27,954

2.3

%

2.3

-

International

5,788

6,799

(14.9

)

(4.5

)

(10.4

)

23,959

23,726

1.0

11.9

(10.9

)

Worldwide

13,163

14,217

(7.4

)

(2.5

)

(4.9

)

52,563

51,680

1.7

6.7

(5.0

)

COVID-19 Vaccine
U.S.

0

213

* *

-

120

634

(81.1

)

(81.1

)

-

International

689

1,405

(50.9

)

(45.0

)

(5.9

)

2,059

1,751

17.6

32.1

(14.5

)

Worldwide

689

1,619

(57.4

)

(52.2

)

(5.2

)

2,179

2,385

(8.6

)

2.0

(10.6

)

Pharmaceutical excluding COVID-19 Vaccine
U.S.

7,375

7,205

2.4

2.4

-

28,484

27,320

4.3

4.3

-

International

5,099

5,394

(5.5

)

6.0

(11.5

)

21,900

21,975

(0.3

)

10.3

(10.6

)

Worldwide

12,474

12,599

(1.0

)

3.9

(4.9

)

50,384

49,295

2.2

6.9

(4.7

)

Worldwide
U.S.

12,516

12,163

2.9

2.9

-

48,580

47,156

3.0

3.0

-

International

11,190

12,641

(11.5

)

(1.1

)

(10.4

)

46,363

46,619

(0.6

)

9.1

(9.7

)

Worldwide

23,706

24,804

(4.4

)

0.9

(5.3

)

94,943

93,775

1.3

6.1

(4.8

)

COVID-19 Vaccine
U.S.

0

213

* *

-

120

634

(81.1

)

(81.1

)

-

International

689

1,405

(50.9

)

(45.0

)

(5.9

)

2,059

1,751

17.6

32.1

(14.5

)

Worldwide

689

1,619

(57.4

)

(52.2

)

(5.2

)

2,179

2,385

(8.6

)

2.0

(10.6

)

Worldwide
U.S.

12,516

11,950

4.7

4.7

-

48,460

46,522

4.2

4.2

-

International

10,501

11,236

(6.5

)

4.4

(10.9

)

44,304

44,868

(1.3

)

8.2

(9.5

)

Worldwide excluding COVID-19 Vaccine

$

23,017

23,186

(0.7

)

%

4.6

(5.3

)

$

92,764

91,390

1.5

%

6.2

(4.7

)

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
Q4 QTD - Income Before Tax by Segment*
Dollars in Millions

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$

651

442

3,308

4,306

865

575

(153

)

(420

)

(470

)

(67

)

4,201

4,836

% to Sales

17.3

%

11.9

%

25.1

%

30.3

%

12.8

%

8.4

%

-0.6

%

-1.7

%

-2.0

%

-0.3

%

17.7

%

19.5

%

Intangible asset amortization expense

84

100

717

761

260

260

-

-

-

-

1,061

1,121

In-process research and development

-

-

173

-

-

-

-

-

-

-

173

-

Litigation related

72

122

61

(35

)

129

187

-

-

-

-

262

274

Loss/(gain) on securities

-

1

23

(237

)

(17

)

38

-

-

-

-

6

(198

)

Restructuring related

21

28

31

22

88

90

-

-

-

-

140

140

Acquisition, integration and divestiture related

-

-

(104

)

5

300

21

-

-

-

-

196

26

Medical Device Regulation

-

-

-

-

88

73

-

-

-

-

88

73

COVID-19 Vaccine related costs

-

-

821

-

-

-

-

-

-

-

821

-

Consumer Health separation costs

-

-

-

-

-

-

-

-

470

67

470

67

Other

-

-

-

-

-

-

-

-

-

-

-

-

Adjusted Income Before Tax by Segment$

828

693

5,030

4,822

1,713

1,244

(153

)

(420

)

-

-

7,418

6,339

% to Sales

22.0

%

18.6

%

38.2

%

33.9

%

25.3

%

18.1

%

-0.6

%

-1.7

%

0.0

%

0.0

%

31.3

%

25.6

%

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 1/24/2023
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Q4 YTD - Income Before Tax by Segment*
Dollars in Millions

Consumer Health
Separation Costs

Consumer Health 1

Pharmaceutical 1

MedTech

Unallocated

Worldwide Total

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

Reported Income Before Tax by Segment$

2,930

1,573

15,901

17,969

4,607

4,373

(624

)

(1,072

)

(1,089

)

(67

)

21,725

22,776

% to Sales

19.6

%

10.5

%

30.3

%

34.8

%

16.8

%

16.2

%

-0.7

%

-1.1

%

-1.1

%

-0.1

%

22.9

%

24.3

%

Intangible asset amortization expense

361

414

2,911

3,258

1,033

1,025

-

-

-

-

4,305

4,697

In-process research and development

-

-

783

-

-

900

-

-

-

-

783

900

Litigation related

150

1,603

104

640

612

85

-

-

-

-

866

2,328

Loss/(gain) on securities

-

(18

)

696

(486

)

(6

)

(29

)

-

-

-

-

690

(533

)

Restructuring related

91

119

63

76

309

278

-

-

-

-

463

473

Acquisition, integration and divestiture related

-

-

(104

)

(562

)

300

84

-

-

-

-

196

(478

)

Medical Device Regulation

-

-

-

-

296

234

-

-

-

-

296

234

COVID-19 Vaccine related costs

-

-

1,474

-

-

-

-

-

-

-

1,474

-

Consumer Health separation costs

-

-

-

-

-

-

-

1,089

67

1,089

67

Other

-

-

-

-

-

-

(7

)

-

-

-

(7

)

-

Adjusted Income Before Tax by Segment$

3,532

3,691

21,828

20,895

7,151

6,950

(631

)

(1,072

)

-

-

31,880

30,464

% to Sales

23.6

%

24.5

%

41.5

%

40.4

%

26.1

%

25.7

%

-0.7

%

-1.1

%

0.0

%

0.0

%

33.6

%

32.5

%

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 1/24/2023
Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
Quarter to Date
Consumer Health
separation tax
related costs
Fourth Quarter 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
Fourth Quarter
Jan 1, 2023
GAAP
Intangible asset
amortization
Litigation related Restructuring
related
Medical Device
Regulation
Other Jan 1, 2023
Non-GAAP
Cost of products sold

$

7,765

(1,060

)

(36

)

(33

)

(160

)

(4

)

-

-

-

6,472

Selling, marketing and admin expenses

6,512

(9

)

-

(43

)

6,460

Research and development expense

3,841

-

(46

)

(114

)

-

3,681

Other (Income) / Expense

1,207

(1

)

(262

)

(20

)

(196

)

(6

)

(547

)

(423

)

-

-

(248

)

In-process research and development

173

(173

)

-

Restructuring

84

(84

)

-

Provision for taxes on income

681

165

(36

)

40

21

5

2

17

199

94

(35

)

47

-

1,200

Net Earnings

3,520

896

298

133

119

191

4

71

622

376

35

(47

)

-

6,218

Consumer Health
separation tax
related costs
Fourth Quarter 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
Fourth Quarter
Jan 2, 2022
GAAP
Intangible asset
amortization
Litigation related Restructuring
related
Medical Device
Regulation
Other Jan 2, 2022
Non-GAAP
Cost of products sold

$

7,955

(1,111

)

(21

)

(26

)

6,797

Selling, marketing and admin expenses

7,154

(7

)

7,147

Research and development expense

4,720

-

(40

)

4,680

Other (Income) / Expense

9

(10

)

(274

)

(36

)

(26

)

198

-

(67

)

-

-

(206

)

In-process research and development

-

-

-

Restructuring

83

(83

)

-

Provision for taxes on income

100

162

49

-

27

6

(89

)

14

-

15

-

377

-

661

Net Earnings

4,736

959

225

-

113

20

(109

)

59

-

52

-

(377

)

-

5,678

Year to Date
Consumer Health
separation tax
related costs
Twelve Months 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
Twelve Months
Jan 1, 2023
GAAP
Intangible asset
amortization
Litigation related Restructuring
related
Medical Device
Regulation
Other Jan 1, 2023
Non-GAAP
Cost of products sold

$

31,089

(4,292

)

(82

)

(109

)

(456

)

(4

)

26,146

Selling, marketing and admin expenses

24,765

(28

)

(45

)

24,692

Research and development expense

14,603

-

(159

)

(304

)

14,140

Other (Income) / Expense

1,871

(13

)

(866

)

(60

)

(196

)

(690

)

(714

)

(1,040

)

-

7

(1,701

)

In-process research and development

783

(783

)

-

-

-

Restructuring

321

(321

)

-

Provision for taxes on income

3,784

667

(125

)

178

81

5

166

56

360

206

(494

)

(40

)

(2

)

4,842

Net Earnings

17,941

3,638

991

605

382

191

524

240

1,114

883

494

40

(5

)

27,038

Consumer Health
separation tax
related costs
Twelve Months 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
Twelve Months
Jan 2, 2022
GAAP
Intangible asset
amortization
Litigation related Restructuring
related
Medical Device
Regulation
Other Jan 2, 2022
Non-GAAP
Cost of products sold

$

29,855

(4,661

)

(86

)

(85

)

25,023

Selling, marketing and admin expenses

24,659

(24

)

24,635

Research and development expense

14,714

-

(125

)

14,589

Other (Income) / Expense

489

(36

)

(2,328

)

(135

)

478

533

-

(67

)

-

-

(1,066

)

In-process research and development

900

(900

)

-

Restructuring

252

(252

)

-

Provision for taxes on income

1,898

667

481

202

86

(98

)

(116

)

44

-

15

-

1,090

-

4,269

Net Earnings

20,878

4,030

1,847

698

387

(380

)

(417

)

190

-

52

-

(1,090

)

-

26,195

(1) 2022 primarily includes costs related to the Abiomed acquisition. 2021 primarily includes gains on the divestitures of two Pharmaceutical brands outside of the United States.

Press Contacts:

Tesia Williams
media-relations@its.jnj.com

Investor Contacts:

Jessica Moore
RA-JJCUS-InvestorRel@ITS.JNJ.com

News Provided by Business Wire via QuoteMedia

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