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- Johnson & Johnson (NYSE: JNJ) today announced results for fourth-quarter and full year 2020. "Our notable full year performance reflects the continued confidence from patients, physicians, customers and consumers in our life-enhancing products and medicines, particularly throughout the COVID-19 pandemic," said Alex Gorsky Chairman and Chief Executive Officer. "I'm incredibly proud of our Johnson & Johnson teams around the world for going above and beyond to meet stakeholder needs. These efforts, and our commitment to families around the world as the largest broad-based healthcare company, enabled us to lead in the fight against COVID-19. We continue to progress our COVID-19 vaccine candidate and look forward to sharing details from our Phase 3 study soon. Johnson & Johnson was built for times like these, and I am extremely confident in our ability to deliver lasting value and continued innovation in 2021 and for years to come."
OVERALL FINANCIAL RESULTS:
FOURTH QUARTER | TWELVE MONTHS | ||||||
($ in Millions, except EPS) | 2020 | 2019 | % Change | 2020 | 2019 | % Change | |
Reported Sales | $ 22,475 | $ 20,747 | 8.3% | $ 82,584 | $ 82,059 | 0.6% | |
Net Earnings | 1,738 | 4,010 | (56.7)% | 14,714 | 15,119 | (2.7)% | |
EPS (diluted) | $ 0.65 | $ 1.50 | (56.7)% | $ 5.51 | $ 5.63 | (2.1)% | |
Non-GAAP* | FOURTH QUARTER | TWELVE MONTHS | |||||
($ in Millions, except EPS) | 2020 | 2019 | % Change | 2020 | 2019 | % Change | |
Operational Sales 1,2 | N/A | N/A | 7.1% | N/A | N/A | 1.2% | |
Adjusted Operational Sales 1,3 | N/A | N/A | 7.3% | N/A | N/A | 1.5% | |
Adjusted Net Earnings 1,4 | 4,965 | 5,027 | (1.2)% | 21,433 | 23,310 | (8.1)% | |
Adjusted EPS (diluted) 1,4 | $ 1.86 | $ 1.88 | (1.1)% | $ 8.03 | $ 8.68 | (7.5)% | |
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 |
REGIONAL SALES RESULTS:
FOURTH QUARTER | % Change | |||||
($ in Millions) 1 | 2020 2 | 2019 2 | Reported 2 | Operational 1,2 | Currency 2 | Adjusted |
U.S. | $ 11,809 | $ 10,774 | 9.6% | 9.6% | - | 9.6 |
International | 10,666 | 9,973 | 7.0% | 4.3% | 2.7 | 4.8 |
Worldwide | $ 22,475 | $ 20,747 | 8.3% | 7.1% | 1.2 | 7.3 |
TWELVE MONTHS | % Change | |||||
($ in Millions) 1 | 2020 2 | 2019 2 | Reported 2 | Operational 1,2 | Currency 2 | Adjusted |
U.S. | $ 43,133 | $ 42,097 | 2.5% | 2.5 | - | 2.8 |
International | 39,451 | 39,962 | (1.3)% | (0.2) | (1.1) | 0.2 |
Worldwide | $ 82,584 | $ 82,059 | 0.6% | 1.2 | (0.6) | 1.5 |
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:
FOURTH QUARTER | % Change | |||||
($ in Millions) 1 | 2020 1 | 2019 1 | Reported 2 | Operational 1,2 | Currency 1 | Adjusted |
Consumer Health | $ 3,618 | $ 3,567 | 1.4% | 2.0 | (0.6) | 2.1 |
Pharmaceutical | 12,268 | 10,548 | 16.3% | 14.6 | 1.7 | 14.6 |
Medical Devices | 6,589 | 6,632 | (0.7)% | (2.2) | 1.5 | (1.5) |
Worldwide | $ 22,475 | $ 20,747 | 8.3% | 7.1 | 1.2 | 7.3 |
TWELVE MONTHS | % Change | |||||
($ in Millions) 1 | 2020 1 | 2019 1 | Reported 2 | Operational 1,2 | Currency 1 | Adjusted |
Consumer Health | $ 14,053 | $ 13,898 | 1.1% | 3.0 | (1.9) | 3.1 |
Pharmaceutical | 45,572 | 42,198 | 8.0% | 8.2 | (0.2) | 8.4 |
Medical Devices | 22,959 | 25,963 | (11.6)% | (11.4) | (0.2) | (10.5) |
Worldwide | $ 82,584 | $ 82,059 | 0.6% | 1.2 | (0.6) | 1.5 |
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 |
FULL-YEAR 2020 SEGMENT COMMENTARY:
Consumer Health
Consumer Health worldwide operational sales, excluding the net impact of acquisitions and divestitures, grew 3.1%* driven by U.S. growth in over-the-counter products including TYLENOL analgesics, PEPCID and ZYRTEC; LISTERINE mouthwash in oral care products; OGX in skin health/beauty products and wound care products. Growth was negatively impacted by COVID-19 primarily in skin health/beauty and international baby care partially offset by increased COVID-19 demand in oral care products.
Pharmaceutical
Pharmaceutical worldwide operational sales, excluding the net impact of acquisitions and divestitures, grew 8.4%* driven by STELARA (ustekinumab), a biologic for the treatment of a number of immune-mediated inflammatory diseases, DARZALEX (daratumumab), for the treatment of multiple myeloma, IMBRUVICA (ibrutinib), an oral, once-daily therapy approved for use in treating certain B-cell malignancies, a type of blood or lymph node cancer, 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, INVEGA SUSTENNA/XEPLION/INVEGA TRINZA/TREVICTA (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults, OPSUMIT (macitentan), an oral endothelin receptor antagonist indicated for the treatment of pulmonary arterial hypertension to delay disease progression and UPTRAVI (selexipag), an oral prostacyclin receptor agonist used to treat pulmonary arterial hypertension and reduce hospitalization. This growth was partially offset by the negative impact of COVID-19 as well as biosimilar and generic competition, with declines primarily in REMICADE (infliximab), a biologic approved for the treatment of a number of immune-mediated inflammatory diseases, U.S. ZYTIGA (abiraterone acetate), an oral, once-daily medication for use in combination with prednisone for the treatment of metastatic castration-resistant prostate cancer, and international VELCADE (bortezomib), a proteasome inhibitor for the treatment of multiple myeloma.
Medical Devices
Medical Devices worldwide operational sales, excluding the net impact of acquisitions and divestitures, declined by 10.5%*. The decline was primarily driven by the negative impact of the COVID-19 pandemic and the associated deferral of medical procedures to our Surgery, Orthopaedics, and Vision businesses. The decline was partially offset by growth in the Interventional Solutions business led by electrophysiology products. Results reflect market recovery in the second half of 2020.
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 available online in the Investors section of the company's website at news releases .
Regulatory Approvals | VELYS Robotic-Assisted Solution- Receives 510(k) FDA Clearance Designed for Use with the ATTUNE Total Knee System ¹ | |
DARZALEX FASPRO (daratumumab and hyaluronidase-fihj)- Becomes the First FDA-Approved Treatment for Patients with Newly Diagnosed Light Chain (AL) Amyloidosis ¹ | ||
CABENUVA (rilpivirine/cabotegravir)- U.S. FDA Approval and European Commission Authorization of the first complete long acting injectable HIV treatment ¹ | ||
TREMFYA (guselkumab)- European Commission Approves First-in-Class treatment for Active Psoriatic Arthritis (PsA) | ||
Regulatory Submissions | Amivantamab- Submission of U.S. FDA and European Marketing Authorization Application for Treatment of Patients with Metastatic Non-Small Cell Lung Cancer with EGFR Exon 20 Insertion Mutations | |
BCMA CAR-T Therapy (ciltacabtagene autoleucel)- Rolling Submission of a Biologics License Application to U.S. FDA for the Treatment of Relapsed and/or Refractory Multiple Myeloma | ||
DARZALEX (daratumumab and hyaluronidase-fihj)- Janssen Submits Applications in U.S. and EU Seeking Approval of DARZALEX FASPRO (daratumumab and hyaluronidase-fihj)/DARZALEX (daratumumab) Subcutaneous (SC) Formulation in Combination With Pomalidomide and Dexamethasone for Patients With Relapsed or Refractory Multiple Myeloma | ||
Paliperidone Palmitate 6-Month- Submission of Supplemental New Drug Application to U.S. FDA and European Marketing Authorization for Treatment of Schizophrenia in Adults | ||
XARELTO (rivaroxaban)- Submission of Application to U.S. FDA for New Indication to Expand Use in Patients with Peripheral Artery Disease | ||
Other | Janssen Receives Positive CHMP Opinion for SPRAVATO (esketamine Nasal Spray) for the Rapid Reduction of Depressive Symptoms in a Psychiatric Emergency for Patients with Major Depressive Disorder | |
Janssen Acquires Rights to Novel Gene Therapy, Pioneering Treatment Solutions for Late-Stage Age-Related Macular Degeneration | ||
Johnson & Johnson Initiates Second Global Phase 3 Clinical Trial of its Janssen COVID-19 Vaccine Candidate |
1 Subsequent to the quarter |
FULL-YEAR 2021 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.
January 2021 | |
($ in Billions, except EPS) | |
Adjusted Operational Sales 1,2 Change vs. Prior Year | 8.0% - 9.5% |
Operational Sales 2 Change vs. Prior Year | $88.8B - $90.0B 7.5% – 9.0% |
Estimated Reported Sales 3 Change vs. Prior Year | $90.5B - $91.7B 9.5% – 11.0% |
Adjusted Operational EPS (Diluted) 2,4 Change vs. Prior Year | $9.25 - $9.45 15.2% - 17.7% |
Adjusted EPS (Diluted) 3,4 Change vs. Prior Year | $9.40 - $9.60 17.1% - 19.6% |
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: January 2021 = $1.21 (Illustrative purposes only) |
4 Non-GAAP financial measure; excludes intangible amortization expense and special items |
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. 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: 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, 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. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended December 29, 2019 , including in the sections captioned "Cautionary Note Regarding Forward-Looking Statements" and "Item 1A. Risk Factors," in the Company's most recently filed Quarterly Report on Form 10-Q and the Company's subsequent 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 | ||||||||||||||||||
2020 | 2019 | Total | Operations | Currency | 2020 | 2019 | Total | Operations | Currency | ||||||||||
Sales to customers by | |||||||||||||||||||
geographic area | |||||||||||||||||||
U.S. | $ 11,809 | 10,774 | 9.6 | % | 9.6 | - | $ 43,133 | 42,097 | 2.5 | % | 2.5 | - | |||||||
Europe | 5,271 | 4,663 | 13.0 | 7.7 | 5.3 | 18,980 | 18,466 | 2.8 | 2.0 | 0.8 | |||||||||
Western Hemisphere excluding U.S. | 1,404 | 1,495 | (6.1) | 2.9 | (9.0) | 5,335 | 5,941 | (10.2) | 0.4 | (10.6) | |||||||||
Asia-Pacific, Africa | 3,991 | 3,815 | 4.6 | 0.7 | 3.9 | 15,136 | 15,555 | (2.7) | (3.1) | 0.4 | |||||||||
International | 10,666 | 9,973 | 7.0 | 4.3 | 2.7 | 39,451 | 39,962 | (1.3) | (0.2) | (1.1) | |||||||||
Worldwide | $ 22,475 | 20,747 | 8.3 | % | 7.1 | 1.2 | $ 82,584 | 82,059 | 0.6 | % | 1.2 | (0.6) | |||||||
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. | |||||||||||||||||||
Johnson & Johnson and Subsidiaries | ||||||||||||||||||||
Supplementary Sales Data | ||||||||||||||||||||
(Unaudited; Dollars in Millions) | FOURTH QUARTER | TWELVE MONTHS | ||||||||||||||||||
Percent Change | Percent Change | |||||||||||||||||||
2020 | 2019 | Total | Operations | Currency | 2020 | 2019 | Total | Operations | Currency | |||||||||||
Sales to customers by | ||||||||||||||||||||
segment of business | ||||||||||||||||||||
Consumer Health | ||||||||||||||||||||
U.S. | $ 1,509 | 1,470 | 2.7 | % | 2.7 | - | $ 6,362 | 5,839 | 9.0 | % | 9.0 | - | ||||||||
International | 2,109 | 2,097 | 0.5 | 1.5 | (1.0) | 7,691 | 8,059 | (4.6) | (1.3) | (3.3) | ||||||||||
3,618 | 3,567 | 1.4 | 2.0 | (0.6) | 14,053 | 13,898 | 1.1 | 3.0 | (1.9) | |||||||||||
Pharmaceutical | ||||||||||||||||||||
U.S. | 7,116 | 6,169 | 15.3 | 15.3 | - | 25,735 | 23,874 | 7.8 | 7.8 | - | ||||||||||
International | 5,152 | 4,379 | 17.7 | 13.5 | 4.2 | 19,837 | 18,324 | 8.3 | 8.8 | (0.5) | ||||||||||
12,268 | 10,548 | 16.3 | 14.6 | 1.7 | 45,572 | 42,198 | 8.0 | 8.2 | (0.2) | |||||||||||
Medical Devices | ||||||||||||||||||||
U.S. | 3,184 | 3,135 | 1.5 | 1.5 | - | 11,036 | 12,384 | (10.9) | (10.9) | - | ||||||||||
International | 3,405 | 3,497 | (2.6) | (5.5) | 2.9 | 11,923 | 13,579 | (12.2) | (11.8) | (0.4) | ||||||||||
6,589 | 6,632 | (0.7) | (2.2) | 1.5 | 22,959 | 25,963 | (11.6) | (11.4) | (0.2) | |||||||||||
U.S. | 11,809 | 10,774 | 9.6 | 9.6 | - | 43,133 | 42,097 | 2.5 | 2.5 | - | ||||||||||
International | 10,666 | 9,973 | 7.0 | 4.3 | 2.7 | 39,451 | 39,962 | (1.3) | (0.2) | (1.1) | ||||||||||
Worldwide | $ 22,475 | 20,747 | 8.3 | % | 7.1 | 1.2 | $ 82,584 | 82,059 | 0.6 | % | 1.2 | (0.6) | ||||||||
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 | ||||||||
2020 | 2019 | Percent | |||||||
Percent | Percent | Increase | |||||||
Amount | to Sales | Amount | to Sales | (Decrease) | |||||
Sales to customers | $ 22,475 | 100.0 | $ 20,747 | 100.0 | 8.3 | ||||
Cost of products sold | 7,814 | 34.8 | 7,134 | 34.4 | 9.5 | ||||
Gross Profit | 14,661 | 65.2 | 13,613 | 65.6 | 7.7 | ||||
Selling, marketing and administrative expenses | 6,457 | 28.7 | 6,039 | 29.1 | 6.9 | ||||
Research and development expense | 4,032 | 17.9 | 3,232 | 15.6 | 24.8 | ||||
In-process research and development | 37 | 0.2 | - | - | |||||
Interest (income) expense, net | 74 | 0.3 | 4 | 0.0 | |||||
Other (income) expense, net | 2,354 | 10.5 | 16 | 0.1 | |||||
Restructuring | 60 | 0.3 | 104 | 0.5 | |||||
Earnings before provision for taxes on income | 1,647 | 7.3 | 4,218 | 20.3 | (61.0) | ||||
Provision for/(Benefit from) taxes on income | (91) | (0.4) | 208 | 1.0 | (143.8) | ||||
Net earnings | $ 1,738 | 7.7 | $ 4,010 | 19.3 | (56.7) | ||||
Net earnings per share (Diluted) | $ 0.65 | $ 1.50 | (56.7) | ||||||
Average shares outstanding (Diluted) | 2,669.2 | 2,669.1 | |||||||
Effective tax rate | (5.5) | % | 4.9 | % | |||||
Adjusted earnings before provision for taxes and net earnings (1) | |||||||||
Earnings before provision for taxes on income | $ 5,601 | 24.9 | $ 5,628 | 27.1 | (0.5) | ||||
Net earnings | $ 4,965 | 22.1 | $ 5,027 | 24.2 | (1.2) | ||||
Net earnings per share (Diluted) | $ 1.86 | $ 1.88 | (1.1) | ||||||
Effective tax rate | 11.4 | % | 10.7 | % | |||||
(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 | ||||||||
2020 | 2019 | Percent | |||||||
Percent | Percent | Increase | |||||||
Amount | to Sales | Amount | to Sales | (Decrease) | |||||
Sales to customers | $ 82,584 | 100.0 | $ 82,059 | 100.0 | 0.6 | ||||
Cost of products sold | 28,427 | 34.4 | 27,556 | 33.6 | 3.2 | ||||
Gross Profit | 54,157 | 65.6 | 54,503 | 66.4 | (0.6) | ||||
Selling, marketing and administrative expenses | 22,084 | 26.8 | 22,178 | 27.0 | (0.4) | ||||
Research and development expense | 12,159 | 14.7 | 11,355 | 13.8 | 7.1 | ||||
In-process research and development | 181 | 0.2 | 890 | 1.1 | |||||
Interest (income) expense, net | 90 | 0.1 | (39) | 0.0 | |||||
Other (income) expense, net | 2,899 | 3.5 | 2,525 | 3.1 | |||||
Restructuring | 247 | 0.3 | 266 | 0.3 | |||||
Earnings before provision for taxes on income | 16,497 | 20.0 | 17,328 | 21.1 | (4.8) | ||||
Provision for taxes on income | 1,783 | 2.2 | 2,209 | 2.7 | (19.3) | ||||
Net earnings | $ 14,714 | 17.8 | $ 15,119 | 18.4 | (2.7) | ||||
Net earnings per share (Diluted) | $ 5.51 | $ 5.63 | (2.1) | ||||||
Average shares outstanding (Diluted) | 2,670.7 | 2,684.3 | |||||||
Effective tax rate | 10.8 | % | 12.7 | % | |||||
Adjusted earnings before provision for taxes and net earnings (1) | |||||||||
Earnings before provision for taxes on income | $ 25,428 | 30.8 | $ 28,225 | 34.4 | (9.9) | ||||
Net earnings | $ 21,433 | 26.0 | $ 23,310 | 28.4 | (8.1) | ||||
Net earnings per share (Diluted) | $ 8.03 | $ 8.68 | (7.5) | ||||||
Effective tax rate | 15.7 | % | 17.4 | % | |||||
(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) | 2020 | 2019 | 2020 | 2019 | |||
Net Earnings, after tax- as reported | $1,738 | $4,010 | $14,714 | $15,119 | |||
Pre-tax Adjustments | |||||||
Intangible Asset Amortization expense | 1,234 | 1,142 | 4,660 | 4,528 | |||
Litigation expense, net | 2,902 | 264 | 5,112 | 5,096 | |||
IPR&D | 37 | - | 181 | 890 | |||
Restructuring related | 85 | 251 | 448 | 611 | |||
Acquisition and Integration related ¹ | 14 | 90 | (1,073) | 319 | |||
Unrealized (gains)/losses on securities | (373) | (350) | (547) | (567) | |||
Medical Device Regulation 2 | 55 | - | 144 | - | |||
Other | - | 13 | 6 | 20 | |||
Tax Adjustments | |||||||
Tax impact on special item adjustments 3 | (606) | (123) | (1,608) | (1,977) | |||
Tax legislation and other tax related | (121) | (270) | (604) | (729) | |||
Adjusted Net Earnings, after tax | $4,965 | $5,027 | $21,433 | $23,310 | |||
Average shares outstanding (Diluted) | 2,669.2 | 2,669.1 | 2,670.7 | 2,684.3 | |||
Adjusted net earnings per share (Diluted) | $1.86 | $1.88 | $8.03 | $8.68 | |||
Operational adjusted net earnings per share (Diluted) | $1.82 | $8.00 | |||||
Notes: | ||||
1 | Acquisition and integration related costs for 2020 primarily includes a Contingent Consideration reversal of $1,148M related to the timing of certain developmental milestones associated with the Auris Health acquisition. | |||
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 are 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 Medical Devices operating segments' measures of profit and loss used for making operating decisions and assessing performance. | |||
3 | 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. | |||
Prior year amounts have been reclassified to conform to current year disclosure | ||||
Johnson & Johnson and Subsidiaries | ||||||||
Reconciliation of Non-GAAP Financial Measure | ||||||||
Adjusted Operational Sales Growth | ||||||||
FOURTH QUARTER 2020 ACTUAL vs. 2019 ACTUAL | ||||||||
Segments | ||||||||
Consumer Health | Pharmaceutical | Medical Devices | Total | |||||
WW As Reported | 1.4% | 16.3% | (0.7)% | 8.3% | ||||
U.S. | 2.7% | 15.3% | 1.5% | 9.6% | ||||
International | 0.5% | 17.7% | (2.6)% | 7.0% | ||||
WW Currency | (0.6) | 1.7 | 1.5 | 1.2 | ||||
U.S. | - | - | - | - | ||||
International | (1.0) | 4.2 | 2.9 | 2.7 | ||||
WW Operational | 2.0% | 14.6% | (2.2)% | 7.1% | ||||
U.S. | 2.7% | 15.3% | 1.5% | 9.6% | ||||
International | 1.5% | 13.5% | (5.5)% | 4.3% | ||||
General Surgery | ||||||||
Advanced Sterilization Products | 0.6 | 0.2 | ||||||
U.S. | 0.0 | 0.0 | ||||||
International | 1.0 | 0.4 | ||||||
All Other Acquisitions and Divestitures | 0.1 | 0.0 | 0.1 | 0.1 | ||||
U.S. | 0.1 | (0.1) | 0.2 | 0.0 | ||||
International | 0.1 | 0.2 | 0.0 | 0.1 | ||||
WW Adjusted Operational | 2.1% | 14.6% | (1.5)% | 7.3% | ||||
U.S. | 2.8% | 15.2% | 1.7% | 9.6% | ||||
International | 1.6% | 13.7% | (4.4)% | 4.8% | ||||
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 2020 ACTUAL vs. 2019 ACTUAL | ||||||||
Segments | ||||||||
Consumer Health | Pharmaceutical | Medical Devices | Total | |||||
WW As Reported | 1.1% | 8.0% | (11.6)% | 0.6% | ||||
U.S. | 9.0% | 7.8% | (10.9)% | 2.5% | ||||
International | (4.6)% | 8.3% | (12.2)% | (1.3)% | ||||
WW Currency | (1.9) | (0.2) | (0.2) | (0.6) | ||||
U.S. | - | - | - | - | ||||
International | (3.3) | (0.5) | (0.4) | (1.1) | ||||
WW Operational | 3.0% | 8.2% | (11.4)% | 1.2% | ||||
U.S. | 9.0% | 7.8% | (10.9)% | 2.5% | ||||
International | (1.3)% | 8.8% | (11.8)% | (0.2)% | ||||
Skin Health / Beauty | ||||||||
Dr. Ci Labo - Japan | (0.1) | 0.0 | ||||||
U.S. | 0.0 | 0.0 | ||||||
International | (0.2) | 0.0 | ||||||
General Surgery | ||||||||
Advanced Sterilization Products | 0.8 | 0.3 | ||||||
U.S. | 0.6 | 0.2 | ||||||
International | 1.0 | 0.4 | ||||||
Baby Care | ||||||||
Baby Center | 0.2 | 0.0 | ||||||
U.S. | 0.5 | 0.1 | ||||||
International | 0.0 | 0.0 | ||||||
All Other Acquisitions and Divestitures | 0.0 | 0.2 | 0.0 | 0.1 | ||||
U.S. | 0.0 | 0.0 | 0.0 | 0.0 | ||||
International | (0.1) | 0.3 | 0.0 | 0.1 | ||||
WW Adjusted Operational | 3.1% | 8.4% | (10.5)% | 1.5% | ||||
U.S. | 9.5% | 7.8% | (10.2)% | 2.8% | ||||
International | (1.5)% | 9.1% | (10.9)% | 0.2% | ||||
Note : Percentages are based on actual, non-rounded figures and may not sum | ||||||||
REPORTED SALES vs. PRIOR PERIOD ($MM) | REPORTED SALES vs. PRIOR PERIOD ($MM) | |||||||||||||||||
FOURTH QUARTER | TWELVE MONTHS | |||||||||||||||||
% Change | % Change | |||||||||||||||||
2020 | 2019 | Reported | Operational (1) | Currency | 2020 | 2019 | Reported | Operational (1) | Currency | |||||||||
CONSUMER HEALTH SEGMENT (2,3) | ||||||||||||||||||
OTC | ||||||||||||||||||
US | $ 543 | 542 | 0.1% | 0.1% | - | $ 2,460 | 2,010 | 22.4% | 22.4% | - | ||||||||
Intl | 642 | 653 | -1.7% | -2.9% | 1.2% | 2,364 | 2,434 | -2.9% | -1.2% | -1.7% | ||||||||
WW | 1,185 | 1,195 | -0.8% | -1.5% | 0.7% | 4,824 | 4,444 | 8.5% | 9.4% | -0.9% | ||||||||
SKIN HEALTH / BEAUTY (4) | ||||||||||||||||||
US | 583 | 582 | 0.2% | 0.2% | - | 2,350 | 2,392 | -1.7% | -1.7% | - | ||||||||
Intl | 594 | 568 | 4.6% | 5.0% | -0.4% | 2,100 | 2,201 | -4.6% | -2.3% | -2.3% | ||||||||
WW | 1,177 | 1,150 | 2.4% | 2.6% | -0.2% | 4,450 | 4,593 | -3.1% | -2.0% | -1.1% | ||||||||
ORAL CARE | ||||||||||||||||||
US | 173 | 159 | 8.3% | 8.3% | - | 683 | 621 | 9.9% | 9.9% | - | ||||||||
Intl | 264 | 233 | 13.5% | 14.5% | -1.0% | 958 | 906 | 5.7% | 9.6% | -3.9% | ||||||||
WW | 437 | 393 | 11.4% | 12.0% | -0.6% | 1,641 | 1,528 | 7.4% | 9.7% | -2.3% | ||||||||
BABY CARE | ||||||||||||||||||
US | 97 | 85 | 14.3% | 14.3% | - | 376 | 362 | 3.7% | 3.7% | - | ||||||||
Intl | 310 | 336 | -7.8% | -3.6% | -4.2% | 1,141 | 1,313 | -13.1% | -7.3% | -5.8% | ||||||||
WW | 407 | 421 | -3.4% | 0.0% | -3.4% | 1,517 | 1,675 | -9.4% | -4.9% | -4.5% | ||||||||
WOMEN'S HEALTH | ||||||||||||||||||
US | 3 | 3 | 11.8% | 11.8% | - | 13 | 12 | 8.2% | 8.2% | - | ||||||||
Intl | 234 | 250 | -6.5% | -3.1% | -3.4% | 888 | 974 | -8.8% | -2.9% | -5.9% | ||||||||
WW | 237 | 253 | -6.3% | -2.9% | -3.4% | 901 | 986 | -8.6% | -2.7% | -5.9% | ||||||||
WOUND CARE / OTHER | ||||||||||||||||||
US | 110 | 98 | 11.8% | 11.8% | - | 480 | 441 | 8.9% | 8.9% | - | ||||||||
Intl | 65 | 57 | 12.4% | 13.0% | -0.6% | 240 | 230 | 4.1% | 7.3% | -3.2% | ||||||||
WW | 175 | 155 | 12.0% | 12.2% | -0.2% | 720 | 671 | 7.2% | 8.3% | -1.1% | ||||||||
TOTAL CONSUMER HEALTH | ||||||||||||||||||
US | 1,509 | 1,470 | 2.7% | 2.7% | - | 6,362 | 5,839 | 9.0% | 9.0% | - | ||||||||
Intl | 2,109 | 2,097 | 0.5% | 1.5% | -1.0% | 7,691 | 8,059 | -4.6% | -1.3% | -3.3% | ||||||||
WW | $ 3,618 | 3,567 | 1.4% | 2.0% | -0.6% | $ 14,053 | 13,898 | 1.1% | 3.0% | -1.9% | ||||||||
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 (2,5) | 2020 | 2019 | Reported | Operational (1) | Currency | 2020 | 2019 | Reported | Operational (1) | Currency | ||||||||
IMMUNOLOGY | ||||||||||||||||||
US | $ 2,845 | 2,517 | 13.0% | 13.0% | - | $ 10,175 | 9,641 | 5.5% | 5.5% | - | ||||||||
Intl | 1,261 | 1,005 | 25.4% | 21.1% | 4.3% | 4,880 | 4,309 | 13.2% | 14.0% | -0.8% | ||||||||
WW | 4,105 | 3,522 | 16.6% | 15.3% | 1.3% | 15,055 | 13,950 | 7.9% | 8.2% | -0.3% | ||||||||
REMICADE | ||||||||||||||||||
US | 656 | 755 | -13.1% | -13.1% | - | 2,508 | 3,079 | -18.5% | -18.5% | - | ||||||||
US Exports (6) | 25 | 68 | -62.4% | -62.4% | - | 346 | 294 | 18.0% | 18.0% | - | ||||||||
Intl | 220 | 212 | 3.3% | 2.7% | 0.6% | 893 | 1,007 | -11.4% | -8.6% | -2.8% | ||||||||
WW | 901 | 1,035 | -12.9% | -13.1% | 0.2% | 3,747 | 4,380 | -14.4% | -13.8% | -0.6% | ||||||||
SIMPONI / SIMPONI ARIA | ||||||||||||||||||
US | 315 | 302 | 4.4% | 4.4% | - | 1,155 | 1,159 | -0.3% | -0.3% | - | ||||||||
Intl | 261 | 213 | 22.9% | 18.8% | 4.1% | 1,088 | 1,029 | 5.8% | 7.0% | -1.2% | ||||||||
WW | 576 | 515 | 12.1% | 10.4% | 1.7% | 2,243 | 2,188 | 2.6% | 3.1% | -0.5% | ||||||||
STELARA | ||||||||||||||||||
US | 1,572 | 1,194 | 31.6% | 31.6% | - | 5,240 | 4,346 | 20.6% | 20.6% | - | ||||||||
Intl | 672 | 506 | 32.7% | 27.2% | 5.5% | 2,467 | 2,015 | 22.4% | 22.2% | 0.2% | ||||||||
WW | 2,244 | 1,700 | 31.9% | 30.3% | 1.6% | 7,707 | 6,361 | 21.1% | 21.1% | 0.0% | ||||||||
TREMFYA | ||||||||||||||||||
US | 276 | 199 | 39.1% | 39.1% | - | 926 | 764 | 21.3% | 21.3% | - | ||||||||
Intl | 105 | 71 | 48.1% | 40.0% | 8.1% | 421 | 248 | 69.9% | 67.9% | 2.0% | ||||||||
WW | 382 | 270 | 41.5% | 39.3% | 2.2% | 1,347 | 1,012 | 33.2% | 32.7% | 0.5% | ||||||||
OTHER IMMUNOLOGY | ||||||||||||||||||
US | - | - | - | - | - | - | - | - | - | - | ||||||||
Intl | 2 | 2 | -19.7% | -14.5% | -5.2% | 11 | 10 | 6.4% | 12.8% | -6.4% | ||||||||
WW | 2 | 2 | -19.7% | -14.5% | -5.2% | 11 | 10 | 6.4% | 12.8% | -6.4% | ||||||||
INFECTIOUS DISEASES | ||||||||||||||||||
US | 470 | 435 | 7.9% | 7.9% | - | 1,735 | 1,597 | 8.6% | 8.6% | - | ||||||||
Intl | 442 | 430 | 2.8% | -2.6% | 5.4% | 1,839 | 1,815 | 1.3% | 2.2% | -0.9% | ||||||||
WW | 912 | 866 | 5.4% | 2.7% | 2.7% | 3,574 | 3,413 | 4.7% | 5.2% | -0.5% | ||||||||
EDURANT / rilpivirine | ||||||||||||||||||
US | 11 | 14 | -17.9% | -17.9% | - | 44 | 50 | -11.2% | -11.2% | - | ||||||||
Intl | 236 | 209 | 13.4% | 6.2% | 7.2% | 920 | 812 | 13.3% | 11.9% | 1.4% | ||||||||
WW | 248 | 222 | 11.4% | 4.7% | 6.7% | 964 | 861 | 11.9% | 10.5% | 1.4% | ||||||||
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA | ||||||||||||||||||
US | 433 | 390 | 11.1% | 11.1% | - | 1,587 | 1,422 | 11.6% | 11.6% | - | ||||||||
Intl | 136 | 155 | -12.4% | -17.1% | 4.7% | 597 | 689 | -13.4% | -10.7% | -2.7% | ||||||||
WW | 569 | 544 | 4.4% | 3.1% | 1.3% | 2,184 | 2,110 | 3.5% | 4.4% | -0.9% | ||||||||
OTHER INFECTIOUS DISEASES | ||||||||||||||||||
US | 25 | 32 | -20.4% | -20.4% | - | 104 | 126 | -17.6% | -17.6% | - | ||||||||
Intl | 71 | 67 | 5.2% | 3.3% | 1.9% | 323 | 315 | 2.6% | 5.6% | -3.0% | ||||||||
WW | 96 | 99 | -3.0% | -4.3% | 1.3% | 427 | 441 | -3.2% | -1.0% | -2.2% | ||||||||
REPORTED SALES vs. PRIOR PERIOD ($MM) | REPORTED SALES vs. PRIOR PERIOD ($MM) | |||||||||||||||||
FOURTH QUARTER | TWELVE MONTHS | |||||||||||||||||
% Change | % Change | |||||||||||||||||
2020 | 2019 | Reported | Operational (1) | Currency | 2020 | 2019 | Reported | Operational (1) | Currency | |||||||||
NEUROSCIENCE | ||||||||||||||||||
US | 806 | 747 | 7.9% | 7.9% | - | 3,091 | 2,919 | 5.9% | 5.9% | - | ||||||||
Intl | 892 | 819 | 9.0% | 6.2% | 2.8% | 3,457 | 3,409 | 1.4% | 2.2% | -0.8% | ||||||||
WW | 1,698 | 1,566 | 8.5% | 7.0% | 1.5% | 6,548 | 6,328 | 3.5% | 3.9% | -0.4% | ||||||||
CONCERTA / Methylphenidate | ||||||||||||||||||
US | 33 | 37 | -9.7% | -9.7% | - | 183 | 233 | -21.4% | -21.4% | - | ||||||||
Intl | 120 | 115 | 4.2% | 1.4% | 2.8% | 439 | 463 | -5.1% | -4.5% | -0.6% | ||||||||
WW | 153 | 152 | 0.9% | -1.2% | 2.1% | 622 | 696 | -10.6% | -10.2% | -0.4% | ||||||||
INVEGA SUSTENNA / XEPLION / | ||||||||||||||||||
US | 610 | 564 | 8.1% | 8.1% | - | 2,314 | 2,107 | 9.8% | 9.8% | - | ||||||||
Intl | 355 | 308 | 15.7% | 10.8% | 4.9% | 1,339 | 1,224 | 9.4% | 9.1% | 0.3% | ||||||||
WW | 965 | 871 | 10.8% | 9.0% | 1.8% | 3,653 | 3,330 | 9.7% | 9.6% | 0.1% | ||||||||
RISPERDAL CONSTA | ||||||||||||||||||
US | 76 | 77 | -2.5% | -2.5% | - | 296 | 314 | -5.9% | -5.9% | - | ||||||||
Intl | 92 | 82 | 11.0% | 7.7% | 3.3% | 346 | 374 | -7.5% | -6.9% | -0.6% | ||||||||
WW | 167 | 160 | 4.4% | 2.7% | 1.7% | 642 | 688 | -6.8% | -6.4% | -0.4% | ||||||||
OTHER NEUROSCIENCE | ||||||||||||||||||
US | 88 | 70 | 27.4% | 27.4% | - | 298 | 266 | 12.4% | 12.4% | - | ||||||||
Intl | 326 | 314 | 3.7% | 3.1% | 0.6% | 1,334 | 1,349 | -1.1% | 0.7% | -1.8% | ||||||||
WW | 414 | 383 | 8.0% | 7.5% | 0.5% | 1,632 | 1,614 | 1.1% | 2.6% | -1.5% | ||||||||
ONCOLOGY | ||||||||||||||||||
US | 1,469 | 1,153 | 27.4% | 27.4% | - | 5,092 | 4,299 | 18.5% | 18.5% | - | ||||||||
Intl | 1,965 | 1,563 | 25.7% | 20.9% | 4.8% | 7,275 | 6,393 | 13.8% | 14.0% | -0.2% | ||||||||
WW | 3,434 | 2,716 | 26.4% | 23.7% | 2.7% | 12,367 | 10,692 | 15.7% | 15.8% | -0.1% | ||||||||
DARZALEX | ||||||||||||||||||
US | 692 | 444 | 55.6% | 55.6% | - | 2,232 | 1,567 | 42.4% | 42.4% | - | ||||||||
Intl | 561 | 385 | 45.4% | 41.3% | 4.1% | 1,958 | 1,430 | 36.9% | 38.0% | -1.1% | ||||||||
WW | 1,253 | 830 | 50.9% | 49.0% | 1.9% | 4,190 | 2,998 | 39.8% | 40.3% | -0.5% | ||||||||
ERLEADA | ||||||||||||||||||
US | 176 | 103 | 70.8% | 70.8% | - | 583 | 297 | 96.1% | 96.1% | - | ||||||||
Intl | 64 | 13 | * | * | * | 176 | 35 | * | * | * | ||||||||
WW | 241 | 116 | * | * | * | 760 | 332 | * | * | * | ||||||||
IMBRUVICA | ||||||||||||||||||
US | 492 | 392 | 25.8% | 25.8% | - | 1,821 | 1,555 | 17.1% | 17.1% | - | ||||||||
Intl | 625 | 483 | 29.3% | 24.8% | 4.5% | 2,307 | 1,856 | 24.3% | 25.1% | -0.8% | ||||||||
WW | 1,117 | 875 | 27.8% | 25.3% | 2.5% | 4,128 | 3,411 | 21.0% | 21.5% | -0.5% | ||||||||
VELCADE | ||||||||||||||||||
US | - | - | - | - | - | - | - | - | - | - | ||||||||
Intl | 97 | 115 | -15.2% | -18.5% | 3.3% | 408 | 751 | -45.7% | -45.8% | 0.1% | ||||||||
WW | 97 | 115 | -15.2% | -18.5% | 3.3% | 408 | 751 | -45.7% | -45.8% | 0.1% | ||||||||
ZYTIGA / abiraterone acetate | ||||||||||||||||||
US | 89 | 194 | -54.3% | -54.3% | - | 373 | 810 | -54.0% | -54.0% | - | ||||||||
Intl | 533 | 483 | 10.2% | 4.3% | 5.9% | 2,097 | 1,985 | 5.6% | 4.7% | 0.9% | ||||||||
WW | 622 | 677 | -8.3% | -12.5% | 4.2% | 2,470 | 2,795 | -11.6% | -12.3% | 0.7% | ||||||||
OTHER ONCOLOGY | ||||||||||||||||||
US | 20 | 19 | 2.6% | 2.6% | - | 83 | 70 | 19.2% | 19.2% | - | ||||||||
Intl | 86 | 84 | 1.5% | -2.1% | 3.6% | 330 | 336 | -1.9% | -1.4% | -0.5% | ||||||||
WW | 105 | 104 | 1.7% | -1.2% | 2.9% | 413 | 407 | 1.7% | 2.2% | -0.5% | ||||||||
PULMONARY HYPERTENSION | ||||||||||||||||||
US | 592 | 388 | 52.5% | 52.5% | - | 2,133 | 1,684 | 26.6% | 26.6% | - | ||||||||
Intl | 273 | 235 | 16.8% | 12.5% | 4.3% | 1,015 | 939 | 8.2% | 8.0% | 0.2% | ||||||||
WW | 865 | 623 | 39.0% | 37.4% | 1.6% | 3,148 | 2,623 | 20.0% | 20.0% | 0.0% | ||||||||
OPSUMIT | ||||||||||||||||||
US | 279 | 185 | 52.1% | 52.1% | - | 1,008 | 766 | 31.7% | 31.7% | - | ||||||||
Intl | 173 | 143 | 21.2% | 16.9% | 4.3% | 631 | 562 | 12.3% | 12.3% | 0.0% | ||||||||
WW | 452 | 326 | 38.6% | 36.7% | 1.9% | 1,639 | 1,327 | 23.5% | 23.5% | 0.0% | ||||||||
UPTRAVI | ||||||||||||||||||
US | 263 | 178 | 48.2% | 48.2% | - | 955 | 714 | 33.8% | 33.8% | - | ||||||||
Intl | 38 | 30 | 25.5% | 20.1% | 5.4% | 138 | 105 | 30.9% | 30.5% | 0.4% | ||||||||
WW | 301 | 208 | 44.9% | 44.1% | 0.8% | 1,093 | 819 | 33.5% | 33.4% | 0.1% | ||||||||
OTHER PULMONARY HYPERTENSION | ||||||||||||||||||
US | 49 | 26 | 84.9% | 84.9% | - | 169 | 205 | -17.6% | -17.6% | - | ||||||||
Intl | 63 | 62 | 2.4% | -1.2% | 3.6% | 247 | 272 | -9.2% | -9.4% | 0.2% | ||||||||
WW | 112 | 88 | 26.6% | 24.1% | 2.5% | 416 | 476 | -12.8% | -12.9% | 0.1% | ||||||||
CARDIOVASCULAR / METABOLISM / OTHER | ||||||||||||||||||
US | 935 | 930 | 0.6% | 0.6% | - | 3,509 | 3,734 | -6.0% | -6.0% | - | ||||||||
Intl | 317 | 327 | -2.6% | -5.4% | 2.8% | 1,369 | 1,458 | -6.1% | -4.8% | -1.3% | ||||||||
WW | 1,253 | 1,256 | -0.2% | -1.0% | 0.8% | 4,878 | 5,192 | -6.0% | -5.7% | -0.3% | ||||||||
XARELTO | ||||||||||||||||||
US | 629 | 609 | 3.1% | 3.1% | - | 2,345 | 2,313 | 1.4% | 1.4% | - | ||||||||
Intl | - | - | - | - | - | - | - | - | - | - | ||||||||
WW | 629 | 609 | 3.1% | 3.1% | - | 2,345 | 2,313 | 1.4% | 1.4% | - | ||||||||
INVOKANA / INVOKAMET | ||||||||||||||||||
US | 159 | 125 | 27.7% | 27.7% | - | 564 | 536 | 5.2% | 5.2% | - | ||||||||
Intl | 58 | 52 | 11.5% | 8.9% | 2.6% | 231 | 199 | 16.3% | 17.6% | -1.3% | ||||||||
WW | 217 | 177 | 22.9% | 22.1% | 0.8% | 795 | 735 | 8.2% | 8.6% | -0.4% | ||||||||
PROCRIT / EPREX | ||||||||||||||||||
US | 62 | 118 | -46.9% | -46.9% | - | 277 | 505 | -45.1% | -45.1% | - | ||||||||
Intl | 66 | 65 | 2.0% | -1.1% | 3.1% | 274 | 285 | -3.8% | -3.6% | -0.2% | ||||||||
WW | 129 | 183 | -29.5% | -30.6% | 1.1% | 552 | 790 | -30.2% | -30.1% | -0.1% | ||||||||
OTHER | ||||||||||||||||||
US | 85 | 78 | 9.4% | 9.4% | - | 323 | 380 | -15.1% | -15.1% | - | ||||||||
Intl | 194 | 209 | -7.6% | -10.3% | 2.7% | 864 | 974 | -11.3% | -9.7% | -1.6% | ||||||||
WW | 278 | 286 | -3.0% | -5.0% | 2.0% | 1,186 | 1,353 | -12.4% | -11.2% | -1.2% | ||||||||
TOTAL PHARMACEUTICAL | ||||||||||||||||||
US | 7,116 | 6,169 | 15.3% | 15.3% | - | 25,735 | 23,874 | 7.8% | 7.8% | - | ||||||||
Intl | 5,152 | 4,379 | 17.7% | 13.5% | 4.2% | 19,837 | 18,324 | 8.3% | 8.8% | -0.5% | ||||||||
WW | $ 12,268 | 10,548 | 16.3% | 14.6% | 1.7% | $ 45,572 | 42,198 | 8.0% | 8.2% | -0.2% | ||||||||
See footnotes at end of schedule | ||||||||||||||||||
REPORTED SALES vs. PRIOR PERIOD ($MM) | REPORTED SALES vs. PRIOR PERIOD ($MM) | |||||||||||||||||
FOURTH QUARTER | TWELVE MONTHS | |||||||||||||||||
% Change | % Change | |||||||||||||||||
MEDICAL DEVICES SEGMENT (2,5) | 2020 | 2019 | Reported | Operational (1) | Currency | 2020 | 2019 | Reported | Operational (1) | Currency | ||||||||
INTERVENTIONAL SOLUTIONS | ||||||||||||||||||
US | $ 433 | 377 | 14.8% | 14.8% | - | 1,452 | 1,443 | 0.6% | 0.6% | - | ||||||||
Intl | 460 | 398 | 15.7% | 10.8% | 4.9% | 1,594 | 1,554 | 2.6% | 2.0% | 0.6% | ||||||||
WW | 893 | 774 | 15.3% | 12.8% | 2.5% | 3,046 | 2,997 | 1.6% | 1.3% | 0.3% | ||||||||
ORTHOPAEDICS | ||||||||||||||||||
US | 1,352 | 1,369 | -1.3% | -1.3% | - | 4,779 | 5,319 | -10.2% | -10.2% | - | ||||||||
Intl | 839 | 904 | -7.3% | -11.3% | 4.0% | 2,984 | 3,520 | -15.2% | -15.4% | 0.2% | ||||||||
WW | 2,191 | 2,273 | -3.7% | -5.3% | 1.6% | 7,763 | 8,839 | -12.2% | -12.3% | 0.1% | ||||||||
HIPS | ||||||||||||||||||
US | 229 | 230 | -0.7% | -0.7% | - | 793 | 863 | -8.2% | -8.2% | - | ||||||||
Intl | 143 | 147 | -2.2% | -5.8% | 3.6% | 487 | 575 | -15.3% | -15.1% | -0.2% | ||||||||
WW | 372 | 377 | -1.3% | -2.7% | 1.4% | 1,280 | 1,438 | -11.0% | -11.0% | 0.0% | ||||||||
KNEES | ||||||||||||||||||
US | 216 | 239 | -9.5% | -9.5% | - | 743 | 889 | -16.4% | -16.4% | - | ||||||||
Intl | 129 | 156 | -17.2% | -20.6% | 3.4% | 427 | 591 | -27.8% | -28.0% | 0.2% | ||||||||
WW | 345 | 395 | -12.5% | -13.9% | 1.4% | 1,170 | 1,480 | -21.0% | -21.1% | 0.1% | ||||||||
TRAUMA | ||||||||||||||||||
US | 454 | 413 | 10.0% | 10.0% | - | 1,648 | 1,652 | -0.2% | -0.2% | - | ||||||||
Intl | 268 | 273 | -2.0% | -6.2% | 4.2% | 966 | 1,068 | -9.6% | -9.7% | 0.1% | ||||||||
WW | 722 | 686 | 5.2% | 3.6% | 1.6% | 2,614 | 2,720 | -3.9% | -3.9% | 0.0% | ||||||||
SPINE, SPORTS & OTHER (7) | ||||||||||||||||||
US | 453 | 488 | -7.1% | -7.1% | - | 1,595 | 1,915 | -16.7% | -16.7% | - | ||||||||
Intl | 299 | 329 | -9.2% | -13.6% | 4.4% | 1,104 | 1,286 | -14.1% | -14.6% | 0.5% | ||||||||
WW | 752 | 817 | -7.9% | -9.7% | 1.8% | 2,699 | 3,201 | -15.7% | -15.9% | 0.2% | ||||||||
SURGERY | ||||||||||||||||||
US | 1,002 | 961 | 4.3% | 4.3% | - | 3,249 | 3,828 | -15.1% | -15.1% | - | ||||||||
Intl | 1,427 | 1,481 | -3.7% | -5.9% | 2.2% | 4,983 | 5,673 | -12.2% | -11.2% | -1.0% | ||||||||
WW | 2,429 | 2,442 | -0.5% | -1.9% | 1.4% | 8,232 | 9,501 | -13.4% | -12.8% | -0.6% | ||||||||
ADVANCED | ||||||||||||||||||
US | 456 | 428 | 6.5% | 6.5% | - | 1,535 | 1,637 | -6.2% | -6.2% | - | ||||||||
Intl | 660 | 647 | 2.1% | -0.9% | 3.0% | 2,304 | 2,458 | -6.2% | -5.6% | -0.6% | ||||||||
WW | 1,116 | 1,076 | 3.8% | 2.0% | 1.8% | 3,839 | 4,095 | -6.2% | -5.8% | -0.4% | ||||||||
GENERAL | ||||||||||||||||||
US | 546 | 534 | 2.5% | 2.5% | - | 1,714 | 2,192 | -21.8% | -21.8% | - | ||||||||
Intl | 767 | 834 | -8.1% | -9.8% | 1.7% | 2,679 | 3,215 | -16.7% | -15.5% | -1.2% | ||||||||
WW | 1,312 | 1,366 | -4.0% | -5.0% | 1.0% | 4,392 | 5,406 | -18.8% | -18.0% | -0.8% | ||||||||
VISION | ||||||||||||||||||
US | 397 | 428 | -7.3% | -7.3% | - | 1,557 | 1,794 | -13.2% | -13.2% | - | ||||||||
Intl | 679 | 713 | -4.7% | -6.2% | 1.5% | 2,362 | 2,830 | -16.5% | -16.2% | -0.3% | ||||||||
WW | 1,076 | 1,141 | -5.7% | -6.6% | 0.9% | 3,919 | 4,624 | -15.2% | -15.1% | -0.1% | ||||||||
CONTACT LENSES / OTHER | ||||||||||||||||||
US | 289 | 311 | -7.4% | -7.4% | - | 1,213 | 1,304 | -7.0% | -7.0% | - | ||||||||
Intl | 507 | 522 | -2.7% | -4.1% | 1.4% | 1,781 | 2,088 | -14.7% | -14.4% | -0.3% | ||||||||
WW | 796 | 833 | -4.4% | -5.3% | 0.9% | 2,994 | 3,392 | -11.7% | -11.5% | -0.2% | ||||||||
SURGICAL | ||||||||||||||||||
US | 108 | 117 | -7.1% | -7.1% | - | 344 | 490 | -29.7% | -29.7% | - | ||||||||
Intl | 172 | 191 | -10.3% | -12.0% | 1.7% | 581 | 742 | -21.7% | -21.5% | -0.2% | ||||||||
WW | 280 | 309 | -9.1% | -10.1% | 1.0% | 925 | 1,232 | -24.9% | -24.7% | -0.2% | ||||||||
TOTAL MEDICAL DEVICES | ||||||||||||||||||
US | 3,184 | 3,135 | 1.5% | 1.5% | - | 11,036 | 12,384 | -10.9% | -10.9% | - | ||||||||
Intl | 3,405 | 3,497 | -2.6% | -5.5% | 2.9% | 11,923 | 13,579 | -12.2% | -11.8% | -0.4% | ||||||||
WW | $ 6,589 | 6,632 | -0.7% | -2.2% | 1.5% | $ 22,959 | 25,963 | -11.6% | -11.4% | -0.2% | ||||||||
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 | (6) Reported as U.S. sales | |||
(1) Operational growth excludes the effect of translational currency | (7) Previously referred to as Spine & Other | |||
(2) Unaudited | ||||
(3) Previously referred to as Consumer | ||||
(4) Previously referred to as Beauty | ||||
(5) Certain prior year amounts have been reclassified to conform to current year product disclosures | ||||
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SOURCE Johnson & Johnson
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