Johnson & Johnson Reports 2020 Fourth-Quarter And Full Year Results

- January 26th, 2021

Johnson & Johnson 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 …

– 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
Operational 1,3

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
Operational 1,3

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
Operational 1,3

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
Operational 1,3

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

(press release)

DARZALEX FASPRO (daratumumab and hyaluronidase-fihj)- Becomes the First FDA-Approved Treatment for Patients with Newly Diagnosed Light Chain (AL) Amyloidosis ¹

(press release)

CABENUVA (rilpivirine/cabotegravir)- U.S. FDA Approval and European Commission Authorization of the first complete long acting injectable HIV treatment ¹

(press release)

(press release)

TREMFYA (guselkumab)- European Commission Approves First-in-Class treatment for Active Psoriatic Arthritis (PsA)

(press release)

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

(press release)
(press release)

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

(press release)

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

(press release)

Paliperidone Palmitate 6-Month- Submission of Supplemental New Drug Application to U.S. FDA and European Marketing Authorization for Treatment of Schizophrenia in Adults

(press release)

(press release)

XARELTO (rivaroxaban)- Submission of Application to U.S. FDA for New Indication to Expand Use in Patients with Peripheral Artery Disease

(press release)

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

(press release)

Janssen Acquires Rights to Novel Gene Therapy, Pioneering Treatment Solutions for Late-Stage Age-Related Macular Degeneration

(press release)

Johnson & Johnson Initiates Second Global Phase 3 Clinical Trial of its Janssen COVID-19 Vaccine Candidate

(press release)

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 /
INVEGA TRINZA / TREVICTA

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

Cision View original content to download multimedia: http://www.prnewswire.com/news-releases/johnson–johnson-reports-2020-fourth-quarter-and-full-year-results-301214853.html

SOURCE Johnson & Johnson

News Provided by PR Newswire via QuoteMedia

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