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Johnson & Johnson Reports 2020 First-Quarter Results
Apr 14, 2020
- Sales of $20.7 billion reflecting strong growth of 3.3%, operational growth of 4.8%* and adjusted operational growth of 5.6%*, inclusive of the overall estimated negative impact of the COVID-19 pandemic
- EPS of $2.17 increased 56.1%; adjusted EPS of $ 2.30 increased 9.5%*
- Dividend increase of 6.3% announced
- Long term fundamentals remain intact; 2020 guidance lowered to reflect COVID-19 impact and related investments

NEW BRUNSWICK, N.J., April 14, 2020 /PRNewswire/ -- Johnson & Johnson (NYSE: JNJ) today announced results for first-quarter 2020. The Company also announced earlier today that its Board of Directors declared a 6.3% increase in the quarterly dividend rate, from $0.95 per share to $1.01 per share.  At the new rate, the indicated dividend on an annual basis is $4.04 per share compared to the previous rate of $3.80 per share.

"With Johnson & Johnson's century-plus history of leading in times of great challenge, we are mobilizing our resources across the Company in the fight against the COVID-19 pandemic," said Alex Gorsky, Chairman and Chief Executive Officer. "Johnson & Johnson is built for times like this, and we are leveraging our scientific expertise, operational scale and financial strength in the effort to advance the work on our lead COVID-19 vaccine candidate. We are committed to beginning production at risk imminently and bringing an affordable and accessible vaccine to the public on a not-for-profit basis for emergency pandemic use."

Mr. Gorsky continued, "I am both proud and amazed at the level of dedication that I have witnessed from our more than 132,000 employees as we have focused on delivering on our commitments and responsibilities to the patients and consumers we serve. Our strong performance in the first quarter reflects the efforts of our teams around the world and the sustainability of our business model. Today, our Board of Directors approved an increase in our quarterly dividend for the 58th consecutive year, underscoring our commitment to delivering value for our shareholders and the confidence we have in our business now and in the future."   

OVERALL FINANCIAL RESULTS

       
 

FIRST QUARTER

 

($ in Millions, except EPS)

2020

2019

%  Change

Reported Sales

$       20,691

$       20,021

3.3%

Net Earnings

5,796

3,749

54.6%

EPS (diluted)

$           2.17

$           1.39

56.1%

       

Non-GAAP*

FIRST QUARTER

 

($ in Millions, except EPS)

2020

2019

%  Change

Operational Sales1,2

n/a

n/a

4.8%

Adjusted Operational Sales1,3

n/a

n/a

5.6%

Adjusted Net Earnings1,4

6,154

5,661

8.7%

Adjusted EPS (diluted)1,4

$           2.30

$           2.10

9.5%

 

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: 

 

FIRST QUARTER

%  Change

 

($ in Millions)

2020

2019

Reported

Operational1,2

Currency

Adjusted
Operational1,3

U.S.

$       10,699

$       10,129

5.6%

5.6

-

6.7

International

9,992

9,892

1.0%

4.0

(3.0)

4.5

Worldwide

$       20,691

$       20,021

3.3%

4.8

(1.5)

5.6

 

1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules

2 Excludes the impact of translational currency

3 Excludes the net impact of acquisitions and divestitures and translational currency

Note: values may have been rounded

SEGMENT SALES RESULTS:

 

FIRST QUARTER

%  Change

($ in Millions)

2020

2019

Reported

Operational1,2

Currency

Adjusted
Operational1,3

Consumer Health

$         3,625

$         3,318

9.2%

11.3

(2.1)

11.0

Pharmaceutical

11,134

10,244

8.7%

10.1

(1.4)

10.2

Medical Devices

5,932

6,459

(8.2)%

(6.9)

(1.3)

(4.8)

Worldwide

$       20,691

$       20,021

3.3%

4.8

(1.5)

5.6

 

1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules

2 Excludes the impact of translational currency

3 Excludes the net impact of acquisitions and divestitures and translational currency

Note: values may have been rounded

SEGMENT COMMENTARY:

Consumer Health
Consumer Health worldwide operational sales, excluding the net impact of acquisitions and divestitures, grew 11.0%* driven primarily by over-the-counter products including TYLENOL and MOTRIN analgesics; upper respiratory products including ZYRTEC; digestive health products and ZARBEE'S NATURALS. Other contributors to growth were LISTERINE mouthwash in oral care products; NEUTROGENA and AVEENO in skin health/beauty products, as well as STAYFREE and o.b. in international women's health. Consumer Health results across the majority of franchises were positively impacted by the increased demand related to the COVID-19 pandemic.

Pharmaceutical
Pharmaceutical worldwide operational sales, excluding the net impact of acquisitions and divestitures, grew 10.2%* 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, INVEGA SUSTENNA/XEPLION/INVEGA TRINZA/TREVICTA (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults, ERLEADA (apalutamide), a next-generation androgen receptor inhibitor for the treatment of patients with prostate cancer, OPSUMIT (macitentan), an oral endothelin receptor antagonist indicated for the treatment of pulmonary arterial hypertension to delay disease progression, TREMFYA (guselkumab), a biologic for the treatment of adults living with moderate to severe plaque psoriasis, and PREZISTA/PREZCOBIX/REZOLSTA/SYMTUZA for the treatment of human immunodeficiency virus type 1 (HIV-1) infection. This growth was partially offset by biosimilar and generic competition, with declines primarily in international VELCADE (bortezomib), a proteasome inhibitor for the treatment of multiple myeloma, REMICADE (infliximab), a biologic approved for the treatment of a number of immune-mediated inflammatory diseases, and PROCRIT (epoetin alfa), a treatment for chemotherapy-induced anemia and patients with chronic kidney disease.

Medical Devices
Medical Devices worldwide operational sales, excluding the net impact of acquisitions and divestitures, declined by 4.8%* driven by the estimated net negative impact of the COVID-19 pandemic and the associated deferral of medical procedures to our Surgery, Orthopaedics, Interventional Solutions and Vision businesses.

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

ERLEADA (apalutamide) - European Commission (EC) Approves Expanded Use for Treatment of Patients with Metastatic Hormone-Sensitive Prostate Cancer

(press release)

STELARA (ustekinumab) - EC Approves Expanded Use for Treatment of Pediatric Patients With Moderate To Severe Plaque Psoriasis

(press release)

Regulatory Submissions

Ponesimod – Submission of New Drug Applications to the U.S. Food and Drug Administration (FDA) and European Marketing Authorization for Treatment of Adults with Relapsing Multiple Sclerosis

(press release)

(press release)

DARZALEX (daratumumab) - Submission to U.S. FDA for Combination with carfilzomib and dexamethasone (DKd) For Patients with Relapsed/Refractory Multiple Myeloma

(press release)

Other

Lead Vaccine Candidate for COVID-19; Landmark New Partnership with U.S. Department of Health & Human Services; and Commitment to Supply One Billion Vaccines Worldwide for Emergency Pandemic Use; Announced

(press release)

XARELTO (rivaroxaban) -Landmark Phase 3 VOYAGER PAD Study of XARELTO Plus Aspirin Shows Significant Benefit in Patients with Symptomatic Peripheral Artery Disease (PAD) after Lower-Extremity Revascularization

(press release)

Rilpivirine And Cabotegravir Results of Phase 3 FLARE Study Demonstrate the Safety and Efficacy of Long-Acting Injectable HIV Treatment Regimen through 96 Weeks

(press release)

Rilpivirine and Cabotegravir 48-week Results of Phase 3b ATLAS-2M Study Demonstrate the Safety and Efficacy of Long-Acting Injectable HIV Treatment Administered Every Two Months

(press release)

JNJ-6372 Granted U.S. FDA Breakthrough Therapy Designation for the Treatment of Non-Small Cell Lung Cancer

(press release)

RPGR Gene Therapy Granted European Medicines Agency PRIME and Advanced Therapy Medicinal Product Designations for X-Linked Retinitis Pigmentosa

(press release)

HEARTLINE launched, the First-of-its-Kind, Virtual Study Designed to Explore if a New iPhone® App and Apple Watch® Can Help Reduce the Risk of Stroke1

(press release)

 

1 iPhone and Apple Watch are trademarks of their respective owners

FULL-YEAR 2020 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.

The impact of COVID-19, inclusive of the related investments the Company is making to combat the pandemic, is included in the guidance below.

 

April 2020

January 2020

($ in Billions, except EPS)  

   

Adjusted Operational Sales1,2

Change vs. Prior Year

(3.0%) - 0.5%

5.0% - 6.0%

Operational Sales2

Change vs. Prior Year

$79.2 to $82.2

(3.5%) - 0.0%

$85.8 to $86.6

4.5% - 5.5%

Estimated Reported Sales3

Change vs. Prior Year

$77.5 to $80.5

(5.5%) - (2.0%)

$85.4 to $86.2

4.0% - 5.0%

     

Adjusted Operational EPS (Diluted)2,4

Change vs. Prior Year

$7.65 to $8.05

(11.9%) - (7.3%)

$9.00 to $9.15

3.7% - 5.4%

Adjusted EPS (Diluted)3,4

Change vs. Prior Year

$7.50 to $7.90

(13.6%) - (9.0%)

$8.95 to $9.10

3.1% - 4.8%

 

1 Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures

2 Non-GAAP financial measure; excludes the impact of translational currency

3 Calculated using Euro Average Rate: April 2020 = $1.09 Euro Average Rate: January 2020 = $1.11 (Illustrative purposes only)

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)

 

FIRST QUARTER

           

 Percent Change

   

2020

 

2019

 

Total

 

Operations

 

Currency

Sales to customers by

                   

segment of business

                   
                     

Consumer Health

                   

    U.S.

 

$     1,740

 

1,438

 

21.0

%

21.0

 

-

    International

 

1,885

 

1,880

 

0.3

 

3.9

 

(3.6)

   

3,625

 

3,318

 

9.2

 

11.3

 

(2.1)

                     

Pharmaceutical

                   

    U.S.

 

6,061

 

5,582

 

8.6

 

8.6

 

-

    International

 

5,073

 

4,662

 

8.8

 

12.0

 

(3.2)

   

11,134

 

10,244

 

8.7

 

10.1

 

(1.4)

                     

Medical Devices

                   

    U.S.

 

2,898

 

3,109

 

(6.8)

 

(6.8)

 

-

    International

 

3,034

 

3,350

 

(9.4)

 

(6.9)

 

(2.5)

   

5,932

 

6,459

 

(8.2)

 

(6.9)

 

(1.3)

                     

U.S.

 

10,699

 

10,129

 

5.6

 

5.6

 

-

International

 

9,992

 

9,892

 

1.0

 

4.0

 

(3.0)

Worldwide

 

$   20,691

 

20,021

 

3.3

%

4.8

 

(1.5)

                     

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)

FIRST QUARTER

         

Percent Change

 

2020

 

2019

 

Total

 

Operations

 

Currency

Sales to customers by

                 

geographic area

                 
                   

U.S.

$    10,699

 

10,129

 

5.6

%

5.6

 

-

                   

Europe

4,827

 

4,609

 

4.7

 

7.5

 

(2.8)

Western Hemisphere excluding U.S.

1,502

 

1,503

 

(0.1)

 

8.5

 

(8.6)

Asia-Pacific, Africa

3,663

 

3,780

 

(3.1)

 

(1.9)

 

(1.2)

International

9,992

 

9,892

 

1.0

 

4.0

 

(3.0)

                   

Worldwide

$    20,691

 

20,021

 

3.3

%

4.8

 

(1.5)

                   

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)

FIRST QUARTER

                   
 

2020

 

2019

 

Percent

     

Percent

     

Percent

 

Increase

 

Amount

 

to Sales

 

Amount

 

to Sales

 

(Decrease)

Sales to customers

$   20,691

 

100.0

 

$   20,021

 

100.0

 

3.3

Cost of products sold

7,062

 

34.1

 

6,615

 

33.0

 

6.8

Gross Profit

13,629

 

65.9

 

13,406

 

67.0

 

1.7

Selling, marketing and administrative expenses

5,203

 

25.1

 

5,219

 

26.1

 

(0.3)

Research and development expense

2,580

 

12.5

 

2,858

 

14.3

 

(9.7)

In-process research and development

-

 

-

 

890

 

4.4

   

Interest (income) expense, net

(42)

 

(0.2)

 

3

 

0.0

   

Other (income) expense, net

(679)

 

(3.3)

 

(22)

 

(0.1)

   

Restructuring

58

 

0.3

 

36

 

0.2

   

Earnings before provision for taxes on income

6,509

 

31.5

 

4,422

 

22.1

 

47.2

Provision for taxes on income

713

 

3.5

 

673

 

3.4

 

5.9

Net earnings

5,796

 

28.0

 

3,749

 

18.7

 

54.6

                   

Net earnings per share (Diluted)

$       2.17

     

$       1.39

     

56.1

                   

Average shares outstanding (Diluted)

2,671.0

     

2,698.8

       
                   

Effective tax rate

11.0

%

   

15.2

%

     
                   

Adjusted earnings before provision for taxes and net earnings (1)

                 

Earnings before provision for taxes on income

$     7,244

 

35.0

 

$     6,867

 

34.3

 

5.5

Net earnings

$     6,154

 

29.7

 

$     5,661

 

28.3

 

8.7

Net earnings per share (Diluted)

$       2.30

     

$       2.10

     

9.5

Effective tax rate

15.0

%

   

17.6

%

     
                   

(1)See Reconciliation of Non-GAAP Financial Measures.

                 

 

Johnson & Johnson and Subsidiaries

       

Reconciliation of Non-GAAP Financial Measures 

       
           
     

First Quarter

 

(Dollars in Millions Except Per Share Data)

 

2020

 

2019

 

Net Earnings, after tax- as reported

 

$5,796

 

$3,749

           
 

Pre-tax Adjustments 

       
 

Intangible Asset Amortization expense

 

1,118

 

1,130

 

Litigation expense

 

120

 

423

 

IPR&D

 

-

 

890

 

Restructuring related

 

118

 

90

 

Acquisition and Integration related ¹

 

(962)

 

67

 

Unrealized (gains)/losses on securities 

 

327

 

(158)

 

Medical Device Regulation2

 

14

 

-

 

Other

 

-

 

3

           
 

Tax Adjustments

       
 

Tax impact on special item adjustments 3

 

(267)

 

(533)

 

Tax legislation and related impacts 

 

(110)

 

-

 

Adjusted Net Earnings, after tax

 

$6,154

 

$5,661

 

Average shares outstanding (Diluted)

 

2,671.0

 

2,698.8

 

Adjusted net earnings per share (Diluted)

 

$2.30

 

$2.10

 

Operational adjusted net earnings per share (Diluted)

 

$2.32

   
           
 

Notes:

       

1

Acquisition and integration related costs for the first quarter of 2020 primarily includes a $983M Contingent Consideration reversal 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.

 

 

Johnson & Johnson and Subsidiaries

               

Reconciliation of Non-GAAP Financial Measure

               
                 

Adjusted Operational Sales Growth

 FIRST QUARTER 2020 ACTUAL vs. 2019 ACTUAL 

 

 Segments 

   

 Consumer Health 

 

 Pharmaceutical 

 

 Medical Devices

 

 Total 

 WW As Reported 

 

9.2%

 

8.7%

 

(8.2)%

 

3.3%

 U.S. 

 

21.0%

 

8.6%

 

(6.8)%

 

5.6%

 International 

 

0.3%

 

8.8%

 

(9.4)%

 

1.0%

                 

 WW Currency 

 

(2.1)

 

(1.4)

 

(1.3)

 

(1.5)

 U.S. 

 

-

 

-

 

-

 

-

 International 

 

(3.6)

 

(3.2)

 

(2.5)

 

(3.0)

                 

 WW Operational 

 

11.3%

 

10.1%

 

(6.9)%

 

4.8%

 U.S. 

 

21.0%

 

8.6%

 

(6.8)%

 

5.6%

 International 

 

3.9%

 

12.0%

 

(6.9)%

 

4.0%

                 

Skin Health / Beauty

               

Dr. Ci Labo - Japan

 

(0.4)

         

(0.1)

 U.S. 

 

0.0

         

0.0

 International 

 

(0.7)

         

(0.1)

                 

General Surgery

               

Advanced Sterilization Products

         

2.1

 

0.8

 U.S. 

         

2.7

 

0.9

 International 

         

1.6

 

0.6

                 

Baby Care

               

Baby Center

 

0.3

         

0.0

 U.S. 

 

0.8

         

0.1

 International 

 

0.0

         

0.0

                 

All Other Acquisitions and Divestitures

 

(0.2)

 

0.1

 

(0.1)

 

0.0

 U.S. 

 

0.0

 

0.1

 

(0.2)

 

0.0

 International 

 

(0.3)

 

0.0

 

0.1

 

0.0

                 

WW Adjusted Operational

 

11.0%

 

10.2%

 

(4.8)%

 

5.6%

 U.S. 

 

21.7%

 

8.7%

 

(4.3)%

 

6.7%

 International 

 

2.8%

 

12.0%

 

(5.3)%

 

4.5%

                 

Note: Percentages are based on actual, non-rounded figures and may not sum

   

 

   

REPORTED SALES vs. PRIOR PERIOD ($MM)

   

FIRST QUARTER

           

% Change

     

2020

 

2019

Reported

Operational (1)

Currency

 

CONSUMER HEALTH SEGMENT (2,3) 

             
 

BABY CARE

             
 

US

 

$                 92

 

87

6.7%

6.7%

-

 

Intl

 

269

 

307

-12.4%

-8.2%

-4.2%

 

WW

 

361

 

394

-8.2%

-4.9%

-3.3%

 

SKIN HEALTH / BEAUTY(4)

             
 

US

 

659

 

588

12.1%

12.1%

-

 

Intl

 

458

 

502

-8.8%

-6.5%

-2.3%

 

WW

 

1,117

 

1,090

2.5%

3.5%

-1.0%

 

ORAL CARE

             
 

US

 

176

 

151

16.2%

16.2%

-

 

Intl

 

219

 

216

1.5%

5.3%

-3.8%

 

WW

 

395

 

367

7.6%

9.8%

-2.2%

 

OTC

             

US

 

689

 

507

35.9%

35.9%

-

 

Intl

 

659

 

580

13.7%

17.0%

-3.3%

 

WW

 

1,348

 

1,087

24.1%

25.8%

-1.7%

 

WOMEN'S HEALTH

             
 

US

 

4

 

3

32.0%

32.0%

-

 

Intl

 

228

 

222

2.5%

8.9%

-6.4%

 

WW

 

232

 

225

2.9%

9.2%

-6.3%

 

WOUND CARE / OTHER

             
 

US

 

119

 

102

17.0%

17.0%

-

 

Intl

 

52

 

53

-1.2%

1.9%

-3.1%

 

WW

 

171

 

155

10.7%

11.8%

-1.1%

                 
 

TOTAL CONSUMER HEALTH

             
 

US

 

1,740

 

1,438

21.0%

21.0%

-

 

Intl

 

1,885

 

1,880

0.3%

3.9%

-3.6%

 

WW

 

$            3,625

 

3,318

9.2%

11.3%

-2.1%

                 
                 
 

See footnotes at end of schedule

             
   

REPORTED SALES vs. PRIOR PERIOD ($MM)

   

FIRST QUARTER

           

% Change

     

2020

 

2019

Reported

Operational (1)

Currency

 

PHARMACEUTICAL SEGMENT (2)

             
 

IMMUNOLOGY

             
 

US

 

$            2,410

 

2,163

11.4%

11.4%

-

 

Intl

 

1,228

 

1,088

12.8%

16.3%

-3.5%

 

WW

 

3,638

 

3,251

11.9%

13.1%

-1.2%

 

REMICADE

             
 

US 

 

625

 

774

-19.3%

-19.3%

-

 

US Exports (5)

 

110

 

76

44.3%

44.3%

-

 

Intl

 

256

 

252

1.5%

5.2%

-3.7%

 

WW

 

990

 

1,102

-10.2%

-9.3%

-0.9%

 

SIMPONI / SIMPONI ARIA

             
 

US

 

272

 

263

3.4%

3.4%

-

 

Intl

 

258

 

261

-1.2%

2.6%

-3.8%

 

WW

 

529

 

524

1.1%

3.0%

-1.9%

 

STELARA

             
 

US

 

1,217

 

882

37.9%

37.9%

-

 

Intl

 

603

 

523

15.2%

18.3%

-3.1%

 

WW

 

1,819

 

1,405

29.5%

30.6%

-1.1%

 

TREMFYA

             
 

US

 

187

 

168

11.5%

11.5%

-

 

Intl

 

109

 

49

*

*

*

 

WW

 

296

 

217

36.4%

37.3%

-0.9%

 

OTHER IMMUNOLOGY

             
 

US

 

-

 

-

-

-

-

 

Intl

 

3

 

3

-6.9%

-5.6%

-1.3%

 

WW

 

3

 

3

-6.9%

-5.6%

-1.3%

 

INFECTIOUS DISEASES

             
 

US

 

436

 

357

22.3%

22.3%

-

 

Intl

 

483

 

489

-1.2%

2.7%

-3.9%

 

WW

 

920

 

846

8.7%

11.0%

-2.3%

 

EDURANT / rilpivirine

             
 

US

 

12

 

12

0.6%

0.6%

-

 

Intl

 

212

 

199

6.4%

9.2%

-2.8%

 

WW

 

224

 

211

6.1%

8.7%

-2.6%

 

PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA

             
 

US

 

396

 

315

25.5%

25.5%

-

 

Intl

 

184

 

208

-11.6%

-6.4%

-5.2%

 

WW

 

579

 

523

10.8%

12.8%

-2.0%

 

OTHER INFECTIOUS DISEASES

             
 

US

 

29

 

30

-3.4%

-3.4%

-

 

Intl

 

87

 

82

6.7%

10.2%

-3.5%

 

WW

 

116

 

112

4.0%

6.6%

-2.6%

                 
 

See footnotes at end of schedule

             
                 
   

REPORTED SALES vs. PRIOR PERIOD ($MM)

   

FIRST QUARTER

           

% Change

     

2020

 

2019

Reported

Operational (1)

Currency

 

NEUROSCIENCE

             
 

US

 

748

 

723

3.3%

3.3%

-

 

Intl

 

910

 

905

0.5%

3.0%

-2.5%

 

WW

 

1,658

 

1,629

1.8%

3.1%

-1.3%

 

CONCERTA / Methylphenidate

             
 

US

 

52

 

97

-46.1%

-46.1%

-

 

Intl

 

118

 

116

1.5%

3.6%

-2.1%

 

WW

 

171

 

214

-20.1%

-19.0%

-1.1%

 

INVEGA SUSTENNA / XEPLION /
INVEGA TRINZA / TREVICTA

             
 

US

 

544

 

483

12.6%

12.6%

-

 

Intl

 

339

 

307

10.3%

13.2%

-2.9%

 

WW

 

883

 

790

11.7%

12.9%

-1.2%

 

RISPERDAL CONSTA

             
 

US

 

76

 

77

-0.3%

-0.3%

-

 

Intl

 

94

 

102

-8.7%

-5.9%

-2.8%

 

WW

 

170

 

179

-5.1%

-3.5%

-1.6%

 

OTHER NEUROSCIENCE

             
 

US

 

75

 

66

12.5%

12.5%

-

 

Intl

 

360

 

379

-5.1%

-3.1%

-2.0%

 

WW

 

435

 

446

-2.5%

-0.8%

-1.7%

 

ONCOLOGY

             
 

US

 

1,175

 

962

22.1%

22.1%

-

 

Intl

 

1,839

 

1,556

18.2%

21.7%

-3.5%

 

WW

 

3,013

 

2,518

19.7%

21.8%

-2.1%

 

DARZALEX

             
 

US

 

463

 

352

31.8%

31.8%

-

 

Intl

 

474

 

277

70.9%

76.8%

-5.9%

 

WW

 

937

 

629

49.0%

51.6%

-2.6%

 

ERLEADA(6)

             
 

US

 

119

 

58

*

*

-

 

Intl

 

24

 

3

*

*

*

 

WW

 

143

 

61

*

*

*

 

IMBRUVICA

             
 

US

 

432

 

349

23.9%

23.9%

-

 

Intl

 

599

 

435

37.8%

42.3%

-4.5%

 

WW

 

1,031

 

784

31.6%

34.1%

-2.5%

 

VELCADE

             
 

US

 

-

 

-

-

-

-

 

Intl

 

108

 

263

-59.0%

-58.2%

-0.8%

 

WW

 

108

 

263

-59.0%

-58.2%

-0.8%

 

ZYTIGA / abiraterone acetate

             
 

US

 

139

 

185

-25.2%

-25.2%

-

 

Intl

 

552

 

494

11.7%

14.3%

-2.6%

 

WW

 

690

 

679

1.6%

3.5%

-1.9%

 

OTHER ONCOLOGY(6)

             
 

US

 

22

 

18

20.1%

20.1%

-

 

Intl

 

82

 

84

-2.7%

0.6%

-3.3%

 

WW

 

104

 

102

1.3%

4.1%

-2.8%

                 
 

See footnotes at end of schedule

             
                 
   

REPORTED SALES vs. PRIOR PERIOD ($MM)

   

FIRST QUARTER

           

% Change

     

2020

 

2019

Reported

Operational (1)

Currency

 

PULMONARY HYPERTENSION

             
 

US

 

486

 

430

13.0%

13.0%

-

 

Intl

 

260

 

226

14.9%

17.8%

-2.9%

 

WW

 

745

 

656

13.7%

14.7%

-1.0%

 

OPSUMIT

             
 

US

 

229

 

172

33.0%

33.0%

-

 

Intl

 

160

 

133

20.2%

23.3%

-3.1%

 

WW

 

389

 

306

27.4%

28.8%

-1.4%

 

UPTRAVI

             
 

US

 

212

 

176

20.7%

20.7%

-

 

Intl

 

38

 

22

70.2%

75.0%

-4.8%

 

WW

 

250

 

198

26.2%

26.8%

-0.6%

 

OTHER PULMONARY HYPERTENSION(6)

             
 

US

 

44

 

82

-45.9%

-45.9%

-

 

Intl

 

62

 

71

-12.4%

-10.7%

-1.7%

 

WW

 

106

 

152

-30.4%

-29.6%

-0.8%

 

CARDIOVASCULAR / METABOLISM / OTHER

             
 

US

 

806

 

947

-14.9%

-14.9%

-

 

Intl

 

354

 

398

-11.0%

-8.7%

-2.3%

 

WW

 

1,160

 

1,345

-13.8%

-13.1%

-0.7%

 

XARELTO

             
 

US

 

527

 

542

-2.7%

-2.7%

-

 

Intl

 

-

 

-

-

-

-

 

WW

 

527

 

542

-2.7%

-2.7%

-

 

INVOKANA / INVOKAMET

             
 

US

 

117

 

154

-23.6%

-23.6%

-

 

Intl

 

58

 

49

18.6%

20.9%

-2.3%

 

WW

 

175

 

202

-13.5%

-12.9%

-0.6%

 

PROCRIT / EPREX

             
 

US

 

76

 

148

-48.5%

-48.5%

-

 

Intl

 

79

 

78

0.4%

1.9%

-1.5%

 

WW

 

155

 

226

-31.6%

-31.0%

-0.6%

 

OTHER

             
 

US

 

85

 

104

-18.0%

-18.0%

-

 

Intl

 

217

 

271

-19.7%

-17.1%

-2.6%

 

WW

 

302

 

374

-19.2%

-17.4%

-1.8%

 

TOTAL PHARMACEUTICAL

             
 

US

 

6,061

 

5,582

8.6%

8.6%

-

 

Intl

 

5,073

 

4,662

8.8%

12.0%

-3.2%

 

WW

 

$          11,134

 

10,244

8.7%

10.1%

-1.4%

                 
 

See footnotes at end of schedule

             
                 
   

REPORTED SALES vs. PRIOR PERIOD ($MM)

   

FIRST QUARTER

           

% Change

     

2020

 

2019

Reported

Operational (1)

Currency

 

MEDICAL DEVICES SEGMENT (2)

             
 

INTERVENTIONAL SOLUTIONS

             
 

US

 

365

 

343

6.6%

6.6%

-

 

Intl

 

362

 

389

-6.9%

-5.1%

-1.8%

 

WW

 

727

 

732

-0.6%

0.4%

-1.0%

 

ORTHOPAEDICS

             
 

US 

 

1,250

 

1,318

-5.2%

-5.2%

-

 

Intl

 

788

 

885

-11.0%

-8.5%

-2.5%

 

WW

 

2,038

 

2,204

-7.5%

-6.5%

-1.0%

 

HIPS

             
 

US

 

206

 

213

-3.6%

-3.6%

-

 

Intl

 

132

 

148

-11.2%

-8.4%

-2.8%

 

WW

 

337

 

361

-6.7%

-5.6%

-1.1%

 

KNEES

             
 

US

 

214

 

223

-4.2%

-4.2%

-

 

Intl

 

130

 

146

-11.4%

-8.9%

-2.5%

 

WW

 

343

 

369

-7.0%

-6.1%

-0.9%

 

TRAUMA

             
 

US

 

407

 

417

-2.3%

-2.3%

-

 

Intl

 

247

 

268

-8.0%

-5.3%

-2.7%

 

WW

 

654

 

685

-4.5%

-3.5%

-1.0%

 

SPINE, SPORTS & OTHER(7)

             
 

US

 

423

 

465

-8.9%

-8.9%

-

 

Intl

 

280

 

323

-13.3%

-11.1%

-2.2%

 

WW

 

703

 

788

-10.7%

-9.8%

-0.9%

 

SURGERY

             
 

US

 

844

 

1,001

-15.7%

-15.7%

-

 

Intl

 

1,257

 

1,394

-9.8%

-6.7%

-3.1%

 

WW

 

2,100

 

2,395

-12.3%

-10.5%

-1.8%

 

ADVANCED

             
 

US

 

381

 

404

-5.7%

-5.7%

-

 

Intl

 

567

 

576

-1.6%

1.6%

-3.2%

 

WW

 

948

 

980

-3.3%

-1.4%

-1.9%

 

GENERAL(6)

             
 

US

 

463

 

597

-22.5%

-22.5%

-

 

Intl

 

690

 

818

-15.7%

-12.6%

-3.1%

 

WW

 

1,153

 

1,414

-18.5%

-16.8%

-1.7%

 

VISION

             
 

US

 

439

 

446

-1.6%

-1.6%

-

 

Intl

 

628

 

682

-8.0%

-6.4%

-1.6%

 

WW

 

1,067

 

1,129

-5.5%

-4.5%

-1.0%

 

CONTACT LENSES / OTHER

             
 

US

 

346