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

- 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

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SOURCE Johnson & Johnson

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Medtronic announces cash dividend for third quarter of fiscal year 2025

The board of directors of Medtronic plc (NYSE: MDT) on Thursday, December 5, 2024, approved the company's cash dividend for the third quarter of fiscal year 2025 of $0 .70 per ordinary share. This quarterly declaration is consistent with the dividend increase announcement made by the company in May 2024. Medtronic is a constituent of the S&P 500 Dividend Aristocrats index, having increased its annual dividend payment for the past 47 consecutive years. The dividend is payable on January 10, 2025 to shareholders of record at the close of business on December 27, 2024 .

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

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Global Medical Service Robotics Market Project to Exceed $20 Billion in 2024 with Additional Growth Expected

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