News Releases

Johnson & Johnson Reports Q2 2022 Results

Jul 19, 2022

Total sales growth of 3.0% to $24.0 Billion with operational growth of 8.0%* and adjusted operational growth of 8.1%*
Earnings per share of $1.80 decreasing 23.4% and adjusted earnings per share of $2.59 increasing 4.4%*
Company maintaining 2022 full-year guidance at midpoints for adjusted operational sales and adjusted operational earnings per share; strengthening U.S. dollar impacting estimate for reported results

NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--Jul. 19, 2022-- Johnson & Johnson (NYSE: JNJ) today announced results for second-quarter 2022. “Our solid second quarter results across Johnson & Johnson reflect the strength and resilience of our Company’s market leadership in the midst of macroeconomic challenges,” said Joaquin Duato, Chief Executive Officer. “I am continually energized by the focus and passion of my Johnson & Johnson colleagues and their dedication toward delivering transformative healthcare solutions to patients and consumers around the world.”

OVERALL FINANCIAL RESULTS

	Q2
($ in Millions, except EPS)	2022	2021	% Change
Reported Sales	$24,020	$23,312	3.0%
Net Earnings	4,814	6,278	(23.3)%
EPS (diluted)	$1.80	$2.35	(23.4)%

	Q2
*Non-GAAP ($ in Millions, except EPS)**	2022	2021	% Change
Operational Sales^1,2			8.0%
Adjusted Operational Sales^1,3			8.1%
Adjusted Net Earnings^1,4	6,912	6,625	4.3%
Adjusted EPS (diluted)^1,4	$2.59	$2.48	4.4%

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
⁴Excludes intangible amortization expense and special items
Note: values may have been rounded

REGIONAL SALES RESULTS

Q2			% Change
($ in Millions)	2022	2021	Reported	Operational^1,2	Currency	Adjusted Operational^1,3
U.S.	$12,197	$11,919	2.3%	2.3	-	2.4
International	11,823	11,393	3.8	13.9	(10.1)	14.2
Worldwide	$24,020	$23,312	3.0%	8.0	(5.0)	8.1

SEGMENT SALES RESULTS

Q2			% Change
($ in Millions)	2022	2021	Reported	Operational^1,2	Currency	Adjusted Operational^1,3
Consumer Health⁴	$ 3,805	$ 3,854	(1.3)%	2.3	(3.6)	2.9
Pharmaceutical⁴	13,317	12,480	6.7	12.3	(5.6)	12.4
MedTech	6,898	6,978	(1.1)	3.4	(4.5)	3.4
Worldwide	$ 24,020	$ 23,312	3.0%	8.0	(5.0)	8.1

¹ Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
² Excludes the impact of translational currency
³ Excludes the net impact of acquisitions and divestitures and translational currency
⁴ Certain international OTC products, primarily in China, were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes
Note: Values may have been rounded

SECOND QUARTER 2022 SEGMENT COMMENTARY:

Adjusted operational sales* reflected below excludes the net impact of acquisitions and divestitures and translational currency.

Consumer Health

Consumer Health worldwide adjusted operational sales increased 2.9%*. Major contributors to growth include upper respiratory and analgesic products in the international market of our over-the-counter franchise as well as IMODIUM in digestive health products and NEUTROGENA in international Skin Health/Beauty.

Pharmaceutical

Pharmaceutical worldwide adjusted operational sales grew 12.4%*, driven by DARZALEX (daratumumab), a biologic for the treatment of multiple myeloma, STELARA (ustekinumab), a biologic for the treatment of a number of immune-mediated inflammatory diseases, ERLEADA (apalutamide), a next-generation androgen receptor inhibitor for the treatment of patients with prostate cancer, TREMFYA (guselkumab), a biologic for the treatment of adults living with moderate to severe plaque psoriasis, and for adults with active psoriatic arthritis, and INVEGA SUSTENNA/XEPLION and INVEGA TRINZA/TREVICTA (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults. Also contributing to growth were sales of the Janssen COVID-19 Vaccine (Ad26.COV2.S) for the prevention of the SARS-CoV-2 virus. This growth was partially offset by declines in sales of REMICADE (infliximab), a biologic approved for the treatment of several immune-mediated inflammatory diseases and IMBRUVICA (ibrutinib), an oral, once daily therapy approved for use in treating certain B-cell malignancies, a type of blood or lymph node cancer.

MedTech

MedTech worldwide adjusted operational sales grew 3.4%*, driven primarily by contact lenses and surgical vision products in our Vision franchise, and electrophysiology products in our Interventional Solutions business. Growth was partially offset by COVID-19 related mobility restrictions in certain regions.

NOTABLE NEW ANNOUCEMENTS IN THE QUARTER:

The information contained in this section should be read in conjunction with Johnson & Johnson’s other disclosures filed with the Securities and Exchange Commission, including its Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. The reader is also encouraged to review all other news releases and information available in the Investors section of the company’s website at news releases, as well as www.factsabouttalc.com, www.factsaboutourprescriptionopioids.com, and www.LTLManagementInformation.com.

Regulatory Decisions	European Commission Grants Conditional Approval of CARVYKTI (ciltacabtagene autoleucel), Janssen’s First Cell Therapy, for the Treatment of Patients with Relapsed and Refractory Multiple Myeloma	(Press Release)
	Janssen Announces U.S. FDA Breakthrough Therapy Designation Granted for Talquetamab for the Treatment of Relapsed or Refractory Multiple Myeloma	(Press Release)
	Janssen Receives Positive CHMP Opinion for IMBRUVICA (ibrutinib) in a Fixed-Duration Combination Regimen for Adult Patients with Previously Untreated Chronic Lymphocytic Leukemia (CLL)	(Press Release)
Other	Johnson & Johnson Appoints Thibaut Mongon as CEO Designate of Planned New Consumer Health Company	(Press Release)
	ETHICON Launches Next Generation ECHELON 3000 Stapler Designed for Exceptional Access and Control	(Press Release)
	Johnson & Johnson Releases 2021 Health for Humanity Report Highlighting Performance on ESG Priorities and Progress Against Public Commitments	(Press Release)
	New Data Show TREMFYA (guselkumab) Binds to Both Inflammatory Cells and Interleukin (IL)-23, Supporting a Hypothesis for a Differentiated Mechanism from Risankizumab	(Press Release)
	Janssen to Highlight Science, Innovation and Advances in Robust Oncology Portfolio and Pipeline Through More Than 60 Data Presentations at ASCO and EHA	(Press Release)

FULL-YEAR 2022 GUIDANCE:

Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson's results computed in accordance with GAAP.

($ in Billions, except EPS)

July 2022

April 2022

Adjusted Operational Sales^1,2,5

Change vs. Prior Year

6.5% – 7.5%

Operational Sales^2,5

Change vs. Prior Year

$97.3B – $98.3B

6.5% – 7.5%

$97.3B – $98.3B

6.5% – 7.5%

Estimated Reported Sales^3,5

Change vs. Prior Year

$93.3B – $94.3B

2.1% – 3.1%

$94.8B - $95.8B

3.8% – 4.8%

Adjusted Operational EPS (Diluted)^2,4

Change vs. Prior Year

$10.65 - $10.75

8.7% – 9.7%

$10.60 - $10.80

8.2% – 10.2%

Adjusted EPS (Diluted)^3,4

Change vs. Prior Year

$10.00 - $10.10

2.1% – 3.1%

$10.15 - $10.35

3.6% – 5.6%

¹Non-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 2022 = $1.09 and July 2022 = $1.05 (Illustrative purposes only)
⁴Non-GAAP financial measure; excludes intangible amortization expense and special items
⁵Excludes COVID-19 Vaccine
Note: percentages may have been rounded

Other modeling considerations will be provided on the webcast.

WEBCAST INFORMATION:

Johnson & Johnson will conduct a conference call with investors to discuss this earnings release today at 8:30 a.m., Eastern Time. A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Johnson & Johnson website. A replay and podcast will be available approximately two hours after the live webcast in the Investors section of the company's website at events-and-presentations.

ABOUT JOHNSON & JOHNSON:

At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That’s why for more than 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, and the anticipated separation of the Company’s Consumer Health business. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the company to successfully execute strategic plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies; the Company’s ability to satisfy the necessary conditions to consummate the separation of the Company’s Consumer Health business on a timely basis or at all; the Company’s ability to successfully separate the Company’s Consumer Health business and realize the anticipated benefits from the separation; the New Consumer Health Company’s ability to succeed as a standalone publicly traded company; and risks related to the impact of the COVID-19 global pandemic, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response, material delays and cancellations of medical procedures, supply chain disruptions and other impacts to the business, or on the company’s ability to execute business continuity plans, as a result of the COVID-19 pandemic. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended January 2, 2022, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in Johnson & Johnson’s subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.


Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	SECOND QUARTER										SIX MONTHS
				Percent Change										Percent Change
		2022	2021	Total			Operations		Currency			2022	2021	Total			Operations		Currency
Sales to customers by
segment of business

Consumer Health ⁽¹⁾
U.S.	$	1,687	1,751	(3.6	)	%	(3.6	)	-		$	3,244	3,362	(3.5	)	%	(3.5	)	-
International		2,118	2,103	0.6			7.3		(6.7	)		4,147	4,133	0.3			5.7		(5.4	)
		3,805	3,854	(1.3	)		2.3		(3.6	)		7,391	7,495	(1.4	)		1.6		(3.0	)

Pharmaceutical ⁽¹⁾
U.S.		7,159	6,869	4.2			4.2		-			13,791	13,315	3.6			3.6		-
International		6,158	5,611	9.8			22.1		(12.3	)		12,395	11,266	10.0			19.4		(9.4	)
		13,317	12,480	6.7			12.3		(5.6	)		26,186	24,581	6.5			10.8		(4.3	)

Pharmaceutical excluding COVID-19 Vaccine ^(1,3)
U.S.		7,114	6,818	4.3			4.3		-			13,671	13,164	3.9			3.9		-
International		5,659	5,498	2.9			13.9		(11.0	)		11,514	11,153	3.2			11.9		(8.7	)
		12,773	12,316	3.7			8.6		(4.9	)		25,185	24,317	3.6			7.5		(3.9	)

MedTech ⁽²⁾
U.S.		3,351	3,299	1.6			1.6		-			6,576	6,353	3.5			3.5		-
International		3,547	3,679	(3.6	)		5.1		(8.7	)		7,293	7,204	1.2			8.0		(6.8	)
		6,898	6,978	(1.1	)		3.4		(4.5	)		13,869	13,557	2.3			5.9		(3.6	)

U.S.		12,197	11,919	2.3			2.3		-			23,611	23,030	2.5			2.5		-
International		11,823	11,393	3.8			13.9		(10.1	)		23,835	22,603	5.5			13.3		(7.8	)
Worldwide		24,020	23,312	3.0			8.0		(5.0	)		47,446	45,633	4.0			7.8		(3.8	)

U.S.		12,152	11,868	2.4			2.4		-			23,491	22,879	2.7			2.7		-
International		11,324	11,280	0.4			9.8		(9.4	)		22,954	22,490	2.1			9.5		(7.4	)
Worldwide excluding COVID-19 Vaccine⁽³⁾	$	23,476	23,148	1.4		%	6.0		(4.6	)	$	46,445	45,369	2.4		%	6.1		(3.7	)

Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

⁽¹⁾ Certain international OTC products, primarily in China, were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes

⁽²⁾Previously referred to as Medical Devices

⁽³⁾ Refer to supplemental sales reconciliation schedule


Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	SECOND QUARTER									SIX MONTHS
				Percent Change									Percent Change
		2022	2021	Total			Operations	Currency			2022	2021	Total			Operations	Currency
Sales to customers by
geographic area

U.S.	$	12,197	11,919	2.3		%	2.3	-		$	23,611	23,030	2.5		%	2.5	-

Europe		6,085	5,668	7.3			20.7	(13.4	)		12,109	11,082	9.3			20.1	(10.8	)
Western Hemisphere excluding U.S.		1,536	1,367	12.4			14.9	(2.5	)		3,018	2,791	8.1			9.9	(1.8	)
Asia-Pacific, Africa		4,202	4,358	(3.6	)		4.7	(8.3	)		8,708	8,730	(0.2	)		5.6	(5.8	)
International		11,823	11,393	3.8			13.9	(10.1	)		23,835	22,603	5.5			13.3	(7.8	)

Worldwide	$	24,020	23,312	3.0		%	8.0	(5.0	)	$	47,446	45,633	4.0		%	7.8	(3.8	)

Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

Johnson & Johnson and Subsidiaries

Condensed Consolidated Statement of Earnings

(Unaudited; in Millions Except Per Share Figures)

SECOND QUARTER

2022

2021

Percent

Percent

Increase

Amount

to Sales

Amount

to Sales

(Decrease)

Sales to customers

24,020

100.0

23,312

100.0

3.0

Cost of products sold

7,919

33.0

7,587

32.5

4.4

Gross Profit

16,101

67.0

15,725

67.5

2.4

Selling, marketing and administrative expenses

6,226

25.9

6,073

26.1

2.5

Research and development expense

3,703

15.4

3,394

14.6

9.1

Interest (income) expense, net

(26

)

(0.1

)

0.1

Other (income) expense, net

273

1.1

(488

)

(2.1

)

Restructuring

0.4

0.2

Earnings before provision for taxes on income

5,840

24.3

6,662

28.6

(12.3

)

Provision for taxes on income

1,026

4.3

384

1.7

167.2

Net earnings

4,814

20.0

6,278

26.9

(23.3

)

Net earnings per share (Diluted)

1.80

2.35

(23.4

)

Average shares outstanding (Diluted)

2,667.9

2,671.6

Effective tax rate

17.6

5.8

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

Earnings before provision for taxes on income

8,171

34.0

7,776

33.4

5.1

Net earnings

6,912

28.8

6,625

28.4

4.3

Net earnings per share (Diluted)

2.59

2.48

4.4

Effective tax rate

15.4

14.8

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

Johnson & Johnson and Subsidiaries

Condensed Consolidated Statement of Earnings

(Unaudited; in Millions Except Per Share Figures)

SIX MONTHS

2022

2021

Percent

Percent

Increase

Amount

to Sales

Amount

to Sales

(Decrease)

Sales to customers

47,446

100.0

45,633

100.0

4.0

Cost of products sold

15,517

32.7

14,650

32.1

5.9

Gross Profit

31,929

67.3

30,983

67.9

3.1

Selling, marketing and administrative expenses

12,164

25.6

11,505

25.2

5.7

Research and development expense

7,165

15.1

6,572

14.4

9.0

In-process research and development

610

1.3

Interest (income) expense, net

(38

)

(0.1

)

0.2

Other (income) expense, net

171

0.4

(1,370

)

(3.0

)

Restructuring

155

0.3

109

0.2

Earnings before provision for taxes on income

11,702

24.7

14,091

30.9

(17.0

)

Provision for taxes on income

1,739

3.7

1,616

3.6

7.6

Net earnings

9,963

21.0

12,475

27.3

(20.1

)

Net earnings per share (Diluted)

3.73

4.67

(20.1

)

Average shares outstanding (Diluted)

2,669.2

2,674.0

Effective tax rate

14.9

11.5

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

Earnings before provision for taxes on income

16,389

34.5

16,067

35.2

2.0

Net earnings

14,041

29.6

13,549

29.7

3.6

Net earnings per share (Diluted)

5.26

5.07

3.7

Effective tax rate

14.3

15.7

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


Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures


	Second Quarter		Six Months Ended
(Dollars in Millions Except Per Share Data)	2022	2021	2022	2021
Net Earnings, after tax- as reported	$4,814	$6,278	$9,963	$12,475

Pre-tax Adjustments
Intangible Asset Amortization expense	1,095	1,202	2,203	2,417
Litigation related	385	(23)	385	(23)
IPR&D	-	-	610	-
Restructuring related	128	108	200	212
Acquisition, integration and divestiture related ¹	-	14	-	(524)
(Gains)/losses on securities	109	(243)	520	(208)
Medical Device Regulation ²	70	56	130	102
COVID-19 Vaccine related costs ³	276	-	276	-
Consumer Health separation costs	268	-	370	-
Other	-	-	(7)	-

Tax Adjustments
Tax impact on special item adjustments ⁴	(313)	(135)	(706)	(248)
Consumer Health separation tax related costs	2	-	98	-
Tax legislation and other tax related	78	(632)	(1)	(654)
Adjusted Net Earnings, after tax	$6,912	$6,625	$14,041	$13,549
Average shares outstanding (Diluted)	2,667.9	2,671.6	2,669.2	2,674.0
Adjusted net earnings per share (Diluted)	$2.59	$2.48	$5.26	$5.07
Operational adjusted net earnings per share (Diluted)	$2.75		$5.50


		Notes:
¹		Acquisition, integration and divestiture related for the six months of 2021 primarily includes the gain on the divestiture of two Pharmaceutical brands outside of the U.S.

²		European Medical Device Regulation (MDR) costs represent one-time compliance costs for the Company’s previously registered products. MDR is a replacement of the existing European Medical Devices Directive regulatory framework, and manufacturers of currently marketed medical devices were required to comply with EU MDR beginning in May 2021. The Company considers the adoption of EU MDR to be a significant one-time regulatory change and is not indicative of on-going operations. The Company has excluded only external third-party regulatory and consulting costs from its MedTech operating segments' measures of profit and loss used for making operating decisions and assessing performance which is expected to be completed by the end of 2023.

³		COVID-19 Vaccine related costs include remaining commitments and obligations, including external manufacturing network exit costs and required clinical trial expenses, associated with the Company's modification of its COVID-19 vaccine research program and manufacturing capacity to levels that meet all customer contractual requirements.

⁴		The tax impact related to special item adjustments reflects the current and deferred income taxes associated with the above pre-tax special items in arriving at adjusted earnings.

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure

Adjusted Operational Sales Growth
SECOND QUARTER 2022 ACTUAL vs. 2021 ACTUAL

Segments

	Consumer Health	Pharmaceutical	MedTech	Total

WW As Reported	(1.3)%	6.7%	(1.1)%	3.0%
U.S.	(3.6)%	4.2%	1.6%	2.3%
International	0.6%	9.8%	(3.6)%	3.8%

WW Currency	(3.6)	(5.6)	(4.5)	(5.0)
U.S.	-	-	-	-
International	(6.7)	(12.3)	(8.7)	(10.1)

WW Operational	2.3%	12.3%	3.4%	8.0%
U.S.	(3.6)%	4.2%	1.6%	2.3%
International	7.3%	22.1%	5.1%	13.9%

All Other Acquisitions and Divestitures	0.6	0.1	0.0	0.1
U.S.	0.2	0.2	(0.2)	0.1
International	0.8	0.1	0.2	0.3

WW Adjusted Operational	2.9%	12.4%	3.4%	8.1%
U.S.	(3.4)%	4.4%	1.4%	2.4%
International	8.1%	22.2%	5.3%	14.2%

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
SIX MONTHS 2022 ACTUAL vs. 2021 ACTUAL

Segments

	Consumer Health	Pharmaceutical	MedTech	Total

WW As Reported	(1.4)%	6.5%	2.3%	4.0%
U.S.	(3.5)%	3.6%	3.5%	2.5%
International	0.3%	10.0%	1.2%	5.5%

WW Currency	(3.0)	(4.3)	(3.6)	(3.8)
U.S.	-	-	-	-
International	(5.4)	(9.4)	(6.8)	(7.8)

WW Operational	1.6%	10.8%	5.9%	7.8%
U.S.	(3.5)%	3.6%	3.5%	2.5%
International	5.7%	19.4%	8.0%	13.3%

Skin Health / Beauty
*Dr. Ci Labo - Sedona*	0.5			0.1
U.S.	0.0			0.0
International	0.9			0.2

All Other Acquisitions and Divestitures	0.1	0.1	0.1	0.1
U.S.	0.2	0.1	(0.1)	0.1
International	0.1	0.0	0.2	0.1

WW Adjusted Operational	2.2%	10.9%	6.0%	8.0%
U.S.	(3.3)%	3.7%	3.4%	2.6%
International	6.7%	19.4%	8.2%	13.6%

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)
	SECOND QUARTER									SIX MONTHS
				% Change									% Change
	2022		2021	Reported		Operational ⁽¹⁾		Currency		2022		2021	Reported		Operational ⁽¹⁾		Currency
CONSUMER HEALTH SEGMENT ^(2,3)
OTC
US	$	663	675	-1.8	%	-1.8	%	-		$	1,333	1,274	4.6	%	4.6	%	-
Intl		818	752	8.8	%	15.9	%	-7.1	%		1,609	1,425	12.9	%	18.6	%	-5.7	%
WW		1,482	1,426	3.8	%	7.5	%	-3.7	%		2,943	2,699	9.0	%	12.0	%	-3.0	%
SKIN HEALTH / BEAUTY
US		629	659	-4.5	%	-4.5	%	-			1,173	1,293	-9.2	%	-9.2	%	-
Intl		497	511	-2.8	%	5.1	%	-7.9	%		965	1,040	-7.2	%	-1.1	%	-6.1	%
WW		1,126	1,170	-3.7	%	-0.3	%	-3.4	%		2,138	2,333	-8.3	%	-5.6	%	-2.7	%
ORAL CARE
US		170	165	3.4	%	3.4	%	-			313	328	-4.6	%	-4.6	%	-
Intl		224	260	-14.1	%	-8.7	%	-5.4	%		447	514	-13.0	%	-8.6	%	-4.4	%
WW		394	426	-7.3	%	-4.0	%	-3.3	%		760	843	-9.7	%	-7.1	%	-2.6	%
BABY CARE
US		88	97	-9.1	%	-9.1	%	-			173	193	-10.3	%	-10.3	%	-
Intl		287	290	-1.0	%	3.7	%	-4.7	%		557	583	-4.4	%	-0.6	%	-3.8	%
WW		375	387	-3.1	%	0.5	%	-3.6	%		730	776	-5.9	%	-3.0	%	-2.9	%
WOMEN'S HEALTH
US		3	3	8.9	%	8.9	%	-			7	6	8.1	%	8.1	%	-
Intl		228	227	0.1	%	7.2	%	-7.1	%		452	446	1.3	%	7.7	%	-6.4	%
WW		230	230	0.2	%	7.2	%	-7.0	%		458	452	1.4	%	7.7	%	-6.3	%
WOUND CARE / OTHER
US		133	153	-12.7	%	-12.7	%	-			245	268	-8.6	%	-8.6	%	-
Intl		65	64	1.7	%	5.2	%	-3.5	%		117	125	-6.6	%	-4.5	%	-2.1	%
WW		197	216	-8.4	%	-7.4	%	-1.0	%		361	393	-8.0	%	-7.3	%	-0.7	%

TOTAL CONSUMER HEALTH
US		1,687	1,751	-3.6	%	-3.6	%	-			3,244	3,362	-3.5	%	-3.5	%	-
Intl		2,118	2,103	0.6	%	7.3	%	-6.7	%		4,147	4,133	0.3	%	5.7	%	-5.4	%
WW	$	3,805	3,854	-1.3	%	2.3	%	-3.6	%	$	7,391	7,495	-1.4	%	1.6	%	-3.0	%


See footnotes at end of schedule


	REPORTED SALES vs. PRIOR PERIOD ($MM)									REPORTED SALES vs. PRIOR PERIOD ($MM)
	SECOND QUARTER									SIX MONTHS
				% Change									% Change
PHARMACEUTICAL SEGMENT ^(2,3)	2022		2021	Reported		Operational ⁽¹⁾		Currency		2022		2021	Reported		Operational ⁽¹⁾		Currency

IMMUNOLOGY
US	$	2,853	2,748	3.8	%	3.8	%	-		$	5,354	5,161	3.7	%	3.7	%	-
Intl		1,559	1,483	5.1	%	16.2	%	-11.1	%		3,176	2,984	6.4	%	14.9	%	-8.5	%
WW		4,411	4,231	4.3	%	8.1	%	-3.8	%		8,530	8,145	4.7	%	7.8	%	-3.1	%
REMICADE
US		391	540	-27.4	%	-27.4	%	-			749	1,029	-27.1	%	-27.1	%	-
US Exports ⁽⁴⁾		44	93	-53.0	%	-53.0	%	-			124	150	-17.5	%	-17.5	%	-
Intl		212	255	-17.2	%	-12.0	%	-5.2	%		437	487	-10.3	%	-6.7	%	-3.6	%
WW		647	888	-27.2	%	-25.6	%	-1.6	%		1,310	1,665	-21.4	%	-20.3	%	-1.1	%
SIMPONI / SIMPONI ARIA
US		301	290	3.8	%	3.8	%	-			588	545	7.9	%	7.9	%	-
Intl		266	294	-9.7	%	0.3	%	-10.0	%		549	601	-8.6	%	-0.8	%	-7.8	%
WW		566	584	-3.0	%	2.0	%	-5.0	%		1,137	1,146	-0.8	%	3.3	%	-4.1	%
STELARA
US		1,731	1,496	15.7	%	15.7	%	-			3,110	2,827	10.0	%	10.0	%	-
Intl		868	778	11.6	%	24.0	%	-12.4	%		1,777	1,595	11.4	%	20.8	%	-9.4	%
WW		2,599	2,274	14.3	%	18.6	%	-4.3	%		4,887	4,422	10.5	%	13.9	%	-3.4	%
TREMFYA
US		382	325	17.7	%	17.7	%	-			773	599	29.1	%	29.1	%	-
Intl		214	155	38.3	%	54.6	%	-16.3	%		413	298	38.6	%	51.4	%	-12.8	%
WW		597	479	24.4	%	29.7	%	-5.3	%		1,187	897	32.3	%	36.6	%	-4.3	%
OTHER IMMUNOLOGY
US		3	5	-50.1	%	-50.1	%	-			9	12	-24.8	%	-24.8	%	-
Intl		0	1	*		*		*			0	3	*		*		*
WW		3	7	-59.2	%	-59.2	%	0.0	%		9	15	-39.0	%	-39.0	%	0.0	%
INFECTIOUS DISEASES
US		415	444	-6.4	%	-6.4	%	-			876	956	-8.3	%	-8.3	%	-
Intl		901	575	56.8	%	79.3	%	-22.5	%		1,737	1,060	63.9	%	79.0	%	-15.1	%
WW		1,316	1,018	29.3	%	42.0	%	-12.7	%		2,613	2,016	29.6	%	37.6	%	-8.0	%
COVID-19 VACCINE
US		45	51	-11.5	%	-11.5	%	-			120	151	-20.4	%	-20.4	%	-
Intl		499	113	*		*		*			881	113	*		*		*
WW		544	164	*		*		*			1,001	264	*		*		*
EDURANT / rilpivirine
US		9	9	-1.7	%	-1.7	%	-			18	19	-7.4	%	-7.4	%	-
Intl		215	253	-14.7	%	-5.4	%	-9.3	%		454	486	-6.5	%	2.2	%	-8.7	%
WW		225	262	-14.3	%	-5.3	%	-9.0	%		473	505	-6.5	%	1.9	%	-8.4	%
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US		355	368	-3.4	%	-3.4	%	-			724	748	-3.2	%	-3.2	%	-
Intl		110	137	-20.2	%	-10.4	%	-9.8	%		242	303	-20.3	%	-13.4	%	-6.9	%
WW		464	505	-7.9	%	-5.3	%	-2.6	%		965	1,051	-8.1	%	-6.1	%	-2.0	%
OTHER INFECTIOUS DISEASES
US		6	16	-62.5	%	-62.5	%	-			14	37	-62.5	%	-62.5	%	-
Intl		77	71	7.4	%	10.9	%	-3.5	%		160	158	1.3	%	5.8	%	-4.5	%
WW		83	88	-5.4	%	-2.6	%	-2.8	%		174	196	-10.9	%	-7.2	%	-3.7	%


	REPORTED SALES vs. PRIOR PERIOD ($MM)					REPORTED SALES vs. PRIOR PERIOD ($MM)
	SECOND QUARTER					SIX MONTHS
			% Change					% Change
	2022	2021	Reported	Operational ⁽¹⁾	Currency	2022	2021	Reported	Operational ⁽¹⁾	Currency
NEUROSCIENCE
US	896	842	6.5%	6.5%	-	1,739	1,613	7.9%	7.9%	-
Intl	837	963	-13.0%	-4.8%	-8.2%	1,735	1,906	-8.9%	-1.7%	-7.2%
WW	1,734	1,804	-3.9%	0.5%	-4.4%	3,475	3,519	-1.2%	2.7%	-3.9%
CONCERTA / Methylphenidate
US	38	35	9.4%	9.4%	-	73	82	-11.3%	-11.3%	-
Intl	123	127	-2.2%	8.0%	-10.2%	245	250	-1.7%	5.8%	-7.5%
WW	161	161	0.3%	8.3%	-8.0%	318	332	-4.1%	1.5%	-5.6%
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
US	691	645	7.3%	7.3%	-	1,352	1,234	9.6%	9.6%	-
Intl	362	380	-4.6%	6.3%	-10.9%	749	756	-0.8%	8.1%	-8.9%
WW	1,054	1,024	2.9%	6.9%	-4.0%	2,102	1,989	5.7%	9.0%	-3.3%
RISPERDAL CONSTA
US	65	72	-8.9%	-8.9%	-	128	139	-7.7%	-7.7%	-
Intl	60	84	-28.0%	-19.0%	-9.0%	126	173	-27.1%	-19.3%	-7.8%
WW	125	155	-19.3%	-14.4%	-4.9%	254	312	-18.4%	-14.1%	-4.3%
OTHER NEUROSCIENCE
US	102	91	11.8%	11.8%	-	186	158	17.6%	17.6%	-
Intl	292	373	-21.8%	-17.2%	-4.6%	615	728	-15.5%	-10.2%	-5.3%
WW	393	464	-15.2%	-11.6%	-3.6%	800	886	-9.6%	-5.2%	-4.4%
ONCOLOGY
US	1,679	1,462	14.9%	14.9%	-	3,261	2,839	14.9%	14.9%	-
Intl	2,362	2,073	14.0%	26.9%	-12.9%	4,731	4,266	10.9%	20.8%	-9.9%
WW	4,042	3,535	14.3%	21.9%	-7.6%	7,992	7,105	12.5%	18.4%	-5.9%
DARZALEX
US	1,021	770	32.6%	32.6%	-	1,974	1,461	35.1%	35.1%	-
Intl	965	663	45.5%	61.9%	-16.4%	1,868	1,337	39.7%	52.2%	-12.5%
WW	1,986	1,433	38.6%	46.1%	-7.5%	3,842	2,798	37.3%	43.3%	-6.0%
ERLEADA
US	233	193	20.6%	20.6%	-	439	364	20.4%	20.4%	-
Intl	218	109	*	*	*	412	199	*	*	*
WW	450	302	49.5%	56.9%	-7.4%	850	563	51.1%	57.2%	-6.1%
IMBRUVICA
US	349	454	-23.1%	-23.1%	-	719	898	-19.9%	-19.9%	-
Intl	620	662	-6.3%	3.6%	-9.9%	1,288	1,342	-4.0%	4.1%	-8.1%
WW	970	1,116	-13.1%	-7.2%	-5.9%	2,008	2,241	-10.4%	-5.6%	-4.8%
ZYTIGA / abiraterone acetate
US	19	21	-12.2%	-12.2%	-	38	71	-47.0%	-47.0%	-
Intl	486	542	-10.2%	1.5%	-11.7%	1,006	1,130	-11.0%	-2.3%	-8.7%
WW	505	563	-10.3%	0.9%	-11.2%	1,044	1,201	-13.1%	-4.9%	-8.2%
OTHER ONCOLOGY
US	57	23	*	*	-	91	44	*	*	-
Intl	72	97	-25.7%	-17.3%	-8.4%	156	258	-39.4%	-34.3%	-5.1%
WW	130	120	7.5%	14.4%	-6.9%	248	302	-18.0%	-13.7%	-4.3%


	REPORTED SALES vs. PRIOR PERIOD ($MM)									REPORTED SALES vs. PRIOR PERIOD ($MM)
	SECOND QUARTER									SIX MONTHS
				% Change									% Change
	2022		2021	Reported		Operational ⁽¹⁾		Currency		2022		2021	Reported		Operational ⁽¹⁾		Currency
PULMONARY HYPERTENSION
US		560	595	-5.8	%	-5.8	%	-			1,132	1,168	-3.1	%	-3.1	%	-
Intl		284	275	2.8	%	15.3	%	-12.5	%		563	563	-0.1	%	9.6	%	-9.7	%
WW		843	870	-3.1	%	0.9	%	-4.0	%		1,695	1,731	-2.1	%	1.1	%	-3.2	%
OPSUMIT
US		265	290	-8.7	%	-8.7	%	-			538	562	-4.3	%	-4.3	%	-
Intl		173	172	0.5	%	13.1	%	-12.6	%		343	351	-2.2	%	7.4	%	-9.6	%
WW		438	463	-5.3	%	-0.6	%	-4.7	%		881	913	-3.5	%	0.2	%	-3.7	%
UPTRAVI
US		272	268	1.4	%	1.4	%	-			541	527	2.6	%	2.6	%	-
Intl		56	45	26.2	%	38.3	%	-12.1	%		112	91	23.5	%	33.4	%	-9.9	%
WW		328	313	4.9	%	6.6	%	-1.7	%		653	618	5.7	%	7.1	%	-1.4	%
OTHER PULMONARY HYPERTENSION
US		23	36	-36.2	%	-36.2	%	-			53	78	-32.3	%	-32.3	%	-
Intl		55	59	-8.1	%	4.8	%	-12.9	%		108	122	-11.7	%	-2.0	%	-9.7	%
WW		78	95	-18.7	%	-10.7	%	-8.0	%		161	200	-19.8	%	-13.9	%	-5.9	%
CARDIOVASCULAR / METABOLISM / OTHER
US		757	780	-3.0	%	-3.0	%	-			1,429	1,579	-9.5	%	-9.5	%	-
Intl		215	241	-10.9	%	-3.4	%	-7.5	%		453	486	-6.9	%	-1.2	%	-5.7	%
WW		972	1,021	-4.8	%	-3.1	%	-1.7	%		1,882	2,065	-8.9	%	-7.5	%	-1.4	%
XARELTO
US		609	569	7.1	%	7.1	%	-			1,117	1,158	-3.5	%	-3.5	%	-
Intl		-	-	-		-		-			-	-	-		-		-
WW		609	569	7.1	%	7.1	%	-			1,117	1,158	-3.5	%	-3.5	%	-
INVOKANA / INVOKAMET
US		55	96	-42.9	%	-42.9	%	-			115	183	-37.1	%	-37.1	%	-
Intl		65	64	2.4	%	10.2	%	-7.8	%		133	127	4.9	%	10.6	%	-5.7	%
WW		120	160	-24.9	%	-21.8	%	-3.1	%		248	310	-19.9	%	-17.6	%	-2.3	%
OTHER
US		93	116	-19.5	%	-19.5	%	-			197	238	-17.2	%	-17.2	%	-
Intl		150	178	-15.6	%	-8.3	%	-7.3	%		320	360	-11.1	%	-5.4	%	-5.7	%
WW		243	293	-17.2	%	-12.7	%	-4.5	%		517	598	-13.5	%	-10.1	%	-3.4	%

TOTAL PHARMACEUTICAL
US		7,159	6,869	4.2	%	4.2	%	-			13,791	13,315	3.6	%	3.6	%	-
Intl		6,158	5,611	9.8	%	22.1	%	-12.3	%		12,395	11,266	10.0	%	19.4	%	-9.4	%
WW	$	13,317	12,480	6.7	%	12.3	%	-5.6	%	$	26,186	24,581	6.5	%	10.8	%	-4.3	%


See footnotes at end of schedule


	REPORTED SALES vs. PRIOR PERIOD ($MM)									REPORTED SALES vs. PRIOR PERIOD ($MM)
	SECOND QUARTER									SIX MONTHS
				% Change								% Change
MEDTECH SEGMENT ^(2,3,5)	2022		2021	Reported		Operational ⁽¹⁾		Currency		2022	2021	Reported		Operational ⁽¹⁾		Currency

INTERVENTIONAL SOLUTIONS
US	$	525	475	10.5	%	10.5	%	-		1,019	909	12.1	%	12.1	%	-
Intl		525	572	-8.1	%	1.0	%	-9.1	%	1,123	1,086	3.4	%	10.2	%	-6.8	%
WW		1,049	1,046	0.3	%	5.3	%	-5.0	%	2,141	1,995	7.4	%	11.1	%	-3.7	%
ORTHOPAEDICS
US		1,338	1,323	1.1	%	1.1	%	-		2,627	2,572	2.1	%	2.1	%	-
Intl		820	904	-9.3	%	-0.6	%	-8.7	%	1,719	1,768	-2.8	%	4.2	%	-7.0	%
WW		2,157	2,227	-3.1	%	0.5	%	-3.6	%	4,345	4,340	0.1	%	3.0	%	-2.9	%
HIPS
US		240	233	3.4	%	3.4	%	-		465	442	5.2	%	5.2	%	-
Intl		148	159	-6.6	%	1.7	%	-8.3	%	312	305	2.4	%	9.0	%	-6.6	%
WW		388	391	-0.7	%	2.7	%	-3.4	%	777	747	4.1	%	6.8	%	-2.7	%
KNEES
US		216	210	2.9	%	2.9	%	-		417	395	5.6	%	5.6	%	-
Intl		133	140	-4.6	%	3.9	%	-8.5	%	271	272	-0.4	%	6.4	%	-6.8	%
WW		349	350	-0.1	%	3.3	%	-3.4	%	688	667	3.1	%	5.9	%	-2.8	%
TRAUMA
US		464	447	3.9	%	3.9	%	-		939	897	4.7	%	4.7	%	-
Intl		232	263	-11.8	%	-1.7	%	-10.1	%	505	545	-7.4	%	0.3	%	-7.7	%
WW		696	710	-1.9	%	1.8	%	-3.7	%	1,444	1,443	0.1	%	3.0	%	-2.9	%
SPINE, SPORTS & OTHER
US		418	434	-3.7	%	-3.7	%	-		805	838	-3.9	%	-3.9	%	-
Intl		306	343	-10.6	%	-2.5	%	-8.1	%	630	646	-2.4	%	4.2	%	-6.6	%
WW		724	777	-6.8	%	-3.2	%	-3.6	%	1,436	1,484	-3.2	%	-0.4	%	-2.8	%


	REPORTED SALES vs. PRIOR PERIOD ($MM)									REPORTED SALES vs. PRIOR PERIOD ($MM)
	SECOND QUARTER									SIX MONTHS
				% Change									% Change
	2022		2021	Reported		Operational ⁽¹⁾		Currency		2022		2021	Reported		Operational ⁽¹⁾		Currency
SURGERY
US		992	1,035	-4.1	%	-4.1	%	-			1,913	1,933	-1.0	%	-1.0	%	-
Intl		1,458	1,487	-2.0	%	5.9	%	-7.9	%		2,971	2,961	0.3	%	6.2	%	-5.9	%
WW		2,450	2,522	-2.8	%	1.8	%	-4.6	%		4,884	4,894	-0.2	%	3.4	%	-3.6	%
ADVANCED
US		454	459	-1.1	%	-1.1	%	-			871	864	0.8	%	0.8	%	-
Intl		702	708	-0.9	%	6.6	%	-7.5	%		1,431	1,421	0.7	%	6.0	%	-5.3	%
WW		1,156	1,168	-1.0	%	3.6	%	-4.6	%		2,302	2,286	0.7	%	4.0	%	-3.3	%
GENERAL
US		538	576	-6.4	%	-6.4	%	-			1,042	1,069	-2.5	%	-2.5	%	-
Intl		756	779	-3.0	%	5.3	%	-8.3	%		1,540	1,540	0.0	%	6.5	%	-6.5	%
WW		1,294	1,354	-4.5	%	0.3	%	-4.8	%		2,582	2,608	-1.0	%	2.8	%	-3.8	%
VISION
US		496	467	6.2	%	6.2	%	-			1,017	939	8.3	%	8.3	%	-
Intl		745	716	4.0	%	13.9	%	-9.9	%		1,481	1,389	6.6	%	15.1	%	-8.5	%
WW		1,241	1,183	4.9	%	10.9	%	-6.0	%		2,498	2,328	7.3	%	12.4	%	-5.1	%
CONTACT LENSES / OTHER
US		374	352	6.6	%	6.6	%	-			774	723	7.2	%	7.2	%	-
Intl		519	517	0.4	%	11.0	%	-10.6	%		1,030	1,003	2.7	%	11.9	%	-9.2	%
WW		894	868	2.9	%	9.2	%	-6.3	%		1,804	1,725	4.5	%	9.9	%	-5.4	%
SURGICAL
US		122	115	5.1	%	5.1	%	-			243	216	12.1	%	12.1	%	-
Intl		225	199	13.6	%	21.5	%	-7.9	%		451	386	17.0	%	23.5	%	-6.5	%
WW		347	314	10.5	%	15.5	%	-5.0	%		694	602	15.2