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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 Sales1,2

 

 

 

 

8.0%

Adjusted Operational Sales1,3

 

 

 

 

8.1%

Adjusted Net Earnings1,4

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

REGIONAL SALES RESULTS

Q2       % Change

($ in Millions)

 

2022

 

2021

 

Reported

 

Operational1,2

 

Currency

 

Adjusted
Operational1,3

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

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

Q2       % Change
($ in Millions)  

2022

 

2021

 

Reported

 

Operational1,2

 

Currency

 

Adjusted
Operational1,3

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 Sales1,2,5

Change vs. Prior Year

6.5% – 7.5%

6.5% – 7.5%

Operational Sales2,5

Change vs. Prior Year

$97.3B$98.3B

6.5% – 7.5%

$97.3B$98.3B

6.5% – 7.5%

Estimated Reported Sales3,5

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%

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 2022 = $1.09 and July 2022 = $1.05 (Illustrative purposes only)
4 Non-GAAP financial measure; excludes intangible amortization expense and special items
5 Excludes 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       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

)

 

 

28

 

 

0.1

 

   
Other (income) expense, net

 

273

 

 

1.1

 

 

 

(488

)

 

(2.1

)

   
Restructuring

 

85

 

 

0.4

 

 

 

56

 

 

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       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

)

 

 

76

 

 

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

%

 

19.4

%

 

-4.2

%

                                           
TOTAL MEDTECH                                          
US  

 

3,351

 

3,299

 

1.6

%

 

1.6

%

 

-

 

   

 

6,576

 

6,353

 

3.5

%

 

3.5

%

 

-

 

Intl  

 

3,547

 

3,679

 

-3.6

%

 

5.1

%

 

-8.7

%

   

 

7,293

 

7,204

 

1.2

%

 

8.0

%

 

-6.8

%

WW  

$

6,898

 

6,978

 

-1.1

%

 

3.4

%

 

-4.5

%

   

$

13,869

 

13,557

 

2.3

%

 

5.9

%

 

-3.6

%

                                           
                                           
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                    
(1) Operational growth excludes the effect of translational currency                    
(2) Unaudited                    
(3) Certain prior year amounts have been reclassified to conform to current year product disclosures                
(4) Reported as U.S. sales                    
(5) Previously referred to as Medical Devices                    
Supplemental Sales Reconciliation (Unaudited)
(Dollars in Millions)