jnj-20210721
0000200406false00002004062021-07-212021-07-210000200406us-gaap:CommonStockMember2021-07-212021-07-210000200406jnj:A0.250NotesDue2022Member2021-07-212021-07-210000200406jnj:A0.650NotesDue2024Member2021-07-212021-07-210000200406jnj:A5.50NotesDue2024Member2021-07-212021-07-210000200406jnj:A1.150NotesDue2028Member2021-07-212021-07-210000200406jnj:A1.650NotesDue2035Member2021-07-212021-07-21


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported): 
July 21, 2021
Johnson & Johnson
 (Exact name of registrant as specified in its charter)
  
New Jersey1-321522-1024240
(State or Other Jurisdiction of Incorporation)(Commission File Number)(IRS Employer Identification No.)

One Johnson & Johnson Plaza, New Brunswick, New Jersey  08933 
(Address of Principal Executive Offices)
 (Zip Code) 
Registrant's telephone number, including area code:
732-524-0400
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 
            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 
            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
               CFR 240.14d-2(b)) 
            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
               CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
    Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, Par Value $1.00JNJNew York Stock Exchange
0.250% Notes Due January 2022JNJ22New York Stock Exchange
0.650% Notes Due May 2024JNJ24CNew York Stock Exchange
5.50% Notes Due November 2024JNJ24BPNew York Stock Exchange
1.150% Notes Due November 2028JNJ28New York Stock Exchange
1.650% Notes Due May 2035JNJ35New York Stock Exchange
 
 




 
Item 2.02                      Results of Operations and Financial Condition
 
On July 21, 2021, Johnson & Johnson issued the attached press release announcing its sales and earnings for the second quarter ended July 4, 2021.
 
Item 9.01            Financial Statements and Exhibits

(d)     Exhibits. 
 
Exhibit No.
 
Description of Exhibit
 
104The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.




 
 
 


 

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 Johnson & Johnson 
   (Registrant)
 
 
 
 
Date: July 21, 2021By:/s/ Robert J. Decker, Jr. 
  Robert J. Decker, Jr.
Controller
(Principal Accounting Officer)
 

Document

Exhibit 99.1

JOHNSON & JOHNSON REPORTS 2021 SECOND-QUARTER RESULTS:
Strong sales growth of 27.1% to $23.3 Billion in Second Quarter 2021 with operational growth of 23.0%* and adjusted operational growth of 23.8%*
EPS of $2.35 increased 72.8% in Second Quarter 2021 and adjusted EPS of $2.48 increased 48.5%*

Company increasing 2021 Full-Year guidance for sales and EPS


New Brunswick, N.J. (July 21, 2021) – Johnson & Johnson (NYSE: JNJ) today announced results for second-quarter. “Our second-quarter results showcase Johnson & Johnson’s diversified portfolio, driven by strong sales and earnings growth across our Medical Device, Consumer Health and Pharmaceutical businesses,” said Alex Gorsky, Chairman and Chief Executive Officer. “I’m so proud of our 136,000 colleagues who remain focused on delivering our medicines and products to patients and consumers around the world, in addition to advancing our pipeline with new product launches and regulatory submissions. These accomplishments exemplify our commitment to advancing transformational innovations that improve the health of people and communities everywhere while continuing to deliver long-term value to all of our stakeholders.”

OVERALL FINANCIAL RESULTS:
https://cdn.kscope.io/907c58216d146603ebfdbe6555dd91cd-a2q21overallfinancialresula.jpg
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:

https://cdn.kscope.io/907c58216d146603ebfdbe6555dd91cd-a2q21regionalfinancialresua.jpg

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:

https://cdn.kscope.io/907c58216d146603ebfdbe6555dd91cd-a2q21salesbysegmentv2.jpg

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




Second Quarter 2021 SEGMENT COMMENTARY:

Consumer Health
Consumer Health worldwide operational sales, excluding the net impact of acquisitions and divestitures, increased 10.0%* inclusive of the market recovery from COVID-19 impacts, primarily in skin health/beauty. Sales growth was driven by skin health/beauty products including NEUTROGENA, AVEENO, and OGX; over-the-counter products including ZYRTEC in upper respiratory products, international analgesics, and digestive health products; and BAND-AID® Brand Adhesive Bandages in wound care products.


Pharmaceutical
Pharmaceutical worldwide operational sales, excluding the net impact of acquisitions and divestitures, grew 14.1%* 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, TREMFYA (guselkumab), a biologic for the treatment of adults living with moderate to severe plaque psoriasis, and for adults with active psoriatic arthritis, ERLEADA (apalutamide), a next-generation androgen receptor inhibitor for the treatment of patients with prostate cancer, IMBRUVICA (ibrutinib), an oral, once-daily therapy approved for use in treating certain B-cell malignancies, a type of blood or lymph node cancer, and INVEGA SUSTENNA/XEPLION/INVEGA TRINZA/TREVICTA (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults. This growth was partially offset by biosimilar and generic competition, with declines primarily in REMICADE (infliximab), a biologic approved for the treatment of a number of immune-mediated inflammatory diseases.


Medical Devices
Medical Devices worldwide operational sales, excluding the net impact of acquisitions and divestitures, grew 58.7%*, primarily driven by the benefit of market recovery from COVID-19 impacts and the associated deferral of medical procedures in the prior year across all of our businesses including Surgery, Orthopaedics, Vision and Interventional Solutions.



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
Decisions
TECNIS SYNERGY and TECNIS SYNERGY TORIC II IOLS a Next Generation Treatment for Cataract Patients Received Regulatory Approval and Launched in the U.S. and Canada(press release)
RYBREVANT (amivantamab-vmjw) Receives U.S. FDA Approval as the First Targeted Treatment for Patients with Non-Small Cell Lung Cancer with EGFR Exon 20 Insertion Mutations
(press release)
PONVORY (ponesimod) receives European Commission approval for the Treatment of Adults with Relapsing Forms of Multiple Sclerosis with Active Disease Defined by Clinical or Imaging Features
(press release)
DARZALEX (daratumumab) Subcutaneous (SC) Formulation Becomes the First Approved Treatment for Newly Diagnosed Systemic Light Chain Amyloidosis in Europe and Gains an Additional Approval in Pre-Treated Multiple Myeloma (press release)
DARZALEX FASPRO (daratumumab and hyaluronidase-fihj) Receives U.S. FDA Approval for Combination with Pomalidomide and Dexamethasone for Patients with Multiple Myeloma After First or Subsequent Relapse1
(press release)
Regulatory
Submissions
Janssen granted Breakthrough Therapy Designation from the U.S. FDA for Teclistamab for the Treatment of Relapsed or Refractory Multiple Myeloma (press release)
Janssen Submits Marketing Authorisation Application to the European Medicines Agency for BCMA CAR-T Therapy Ciltacabtagene Autoleucel (cilta-cel) for the Treatment of Relapsed and/or Refractory Multiple Myeloma (press release)
Janssen Submits New Drug Application to U.S. FDA for XARELTO (rivaroxaban) to Help Prevent and Treat Blood Clots in Pediatric Patients (press release)
OtherJohnson & Johnson Joins World Health Organization in Efforts to Prevent Spread of Ebola in West Africa (press release)
Janssen Discontinues Collaboration and License Agreement with argenx for Cusatuzumab(press release)
ETHICON expands Advanced Bipolar Energy Portfolio with Launch of ENSEAL X1 Curved Jaw Tissue Sealer (press release)
Johnson & Johnson Announces Positive New Data for the Single-Shot COVID-19 Vaccine on Activity Against Delta Variant and Long-lasting Durability of Response (press release)
Johnson & Johnson Consumer Inc. Issues Voluntary Recall of Specific NEUTROGENA and AVEENO Aerosol Sunscreen Products Due to the Presence of Benzene1
(press release)
1 Subsequent to the quarter




FULL-YEAR 2021 GUIDANCE:

Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson's results computed in accordance with GAAP.     
($ in Billions, except EPS)April 2021July 2021 (Base Business)July 2021 (incl. COVID Vx)
Adjusted Operational Sales1,2
Change vs. Prior Year
8.7% - 9.9%9.5% - 10.5%12.5% - 13.5%
Operational Sales2
Change vs. Prior Year
$89.3B - $90.3B
8.2% – 9.4%
$90.0B - $90.8B
 9.0% – 10.0%
$92.5B - $93.3B
12.0% – 13.0%
Estimated Reported Sales3
Change vs. Prior Year
$90.6B - $91.6B
 9.7% – 10.9%
$91.3B - $92.1B
 10.5% – 11.5%
$93.8B - $94.6B
13.5% – 14.5%
Adjusted Operational EPS (Diluted)2,4
Change vs. Prior Year
$9.30 - $9.45
  15.8% - 17.7%
$9.50 - $9.60
 18.4% - 19.6%
Adjusted EPS (Diluted)3,4
Change vs. Prior Year
$9.42 - $9.57
  17.3% - 19.2%
$9.60 - $9.70
 19.6% - 20.8%
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 2021 = $1.19 and July 2021 = $1.19 (Illustrative purposes only)
4 Non-GAAP financial measure; excludes intangible amortization expense and special items

Other modeling considerations will be provided on the webcast.

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

ABOUT JOHNSON & JOHNSON:
At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward
progress. That’s why for more than 130 years, we have aimed to keep people well at every age and every stage of
life. Today, as the world’s largest and most broadly-based health care company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity.






NON-GAAP FINANCIAL MEASURES:
*Operational sales growth excluding the impact of translational currency, adjusted operational sales growth excluding the net impact of acquisitions and divestitures and translational currency, as well as adjusted net earnings, adjusted diluted earnings per share and adjusted operational diluted earnings per share excluding after-tax intangible amortization expense and special items, are non-GAAP financial measures and should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Except for guidance measures, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying financial schedules of the earnings release and the Investors section of the company's website at quarterly-results.

Copies of the financial schedules accompanying this earnings release are available on the Company’s website at quarterly-results. These schedules include supplementary sales data, a condensed consolidated statement of earnings, reconciliations of non-GAAP financial measures, and sales of key products/franchises. Additional information on Johnson & Johnson, including adjusted income before tax by segment, a pharmaceutical pipeline of selected compounds in late stage development and a copy of today’s earnings call presentation can also be found in the Investors section of the Company's website at quarterly-results.

NOTE TO INVESTORS CONCERNING FORWARD-LOOKING STATEMENTS:
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: future operating and financial performance, product development, market position and business strategy. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: risks related to the impact of the COVID-19 global pandemic, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response, material delays and cancellations of medical procedures, supply chain disruptions and other impacts to the business, or on the Company’s ability to execute business continuity plans, as a result of the COVID-19 pandemic, economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the Company to successfully execute strategic plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended January 3, 2021 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.

Press Contacts:Investor Contacts:
Christina ChanCourtney DuganChristopher DelOreficeJennifer McIntyre
(732) 524-6297(347) 452-1061 (732) 524-2955(732) 524-3922

Document

Exhibit 99.2


Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)
SECOND QUARTER
Percent Change
20212020TotalOperationsCurrency
Sales to customers by
geographic area
U.S. $11,919  9,539  24.9 % 24.9 — 
Europe 5,668  4,063 39.5  28.6  10.9
Western Hemisphere excluding U.S. 1,367  1,133  20.6  12.7  7.9
Asia-Pacific, Africa 4,358  3,601  21.0  14.8  6.2
International 11,393  8,797  29.5  20.9  8.6
      
Worldwide $23,312  18,336  27.1 % 23.0  4.1
        
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)
SIX MONTHS
Percent Change
20212020TotalOperationsCurrency
Sales to customers by
geographic area
U.S. $23,030  20,238  13.8 % 13.8 — 
Europe 11,082  8,890  24.7  15.6  9.1
Western Hemisphere excluding U.S. 2,791  2,635  5.9  5.4  0.5
Asia-Pacific, Africa 8,730  7,264  20.2  14.2  6.0
International 22,603  18,789  20.3  13.7  6.6
      
Worldwide $45,633  39,027  16.9 % 13.7  3.2
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)
SECOND QUARTER
 Percent Change
20212020TotalOperationsCurrency
Sales to customers by
segment of business
Consumer Health
    U.S.$1,751 1,557 12.4 %12.4 — 
    International1,984 1,739 14.1 6.3 7.8 
3,735    3,296 13.3 9.2 4.1 
Pharmaceutical
    U.S.6,869 6,120 12.2 12.2— 
    International5,730 4,632 23.7 15.48.3 
12,599    10,752 17.2 13.63.6 
Medical Devices
    U.S.3,299    1,862 77.2 77.2 — 
    International3,679 2,426 51.6 41.9 9.7 
 6,978    4,288 62.7 57.2 5.5 
U.S.11,919 9,539 24.9 24.9 — 
International11,393 8,797 29.5 20.9 8.6 
Worldwide$23,312 18,336 27.1 %23.0 4.1 
   
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)
SIX MONTHS
 Percent Change
20212020TotalOperationsCurrency
Sales to customers by
segment of business
Consumer Health
    U.S.$3,362 3,297 2.0 %2.0 — 
    International3,916 3,624 8.1 3.3 4.8 
7,278    6,921 5.2 2.7 2.5 
Pharmaceutical
    U.S.13,315 12,181 9.3 9.3— 
    International11,483 9,705 18.3 11.46.9 
24,798    21,886 13.3 10.33.0 
Medical Devices
    U.S.6,353    4,760 33.5 33.5 — 
    International7,204 5,460 31.9 24.5 7.4 
 13,557    10,220 32.7 28.7 4.0 
U.S.23,030 20,238 13.8 13.8 — 
International22,603 18,789 20.3 13.7 6.6 
Worldwide$45,633 39,027 16.9 %13.7 3.2 
   
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
20212020Percent
PercentPercentIncrease
Amountto SalesAmountto Sales(Decrease)
Sales to customers$23,312 100.0$18,336 100.027.1 
Cost of products sold7,587 32.56,579 35.915.3
Gross Profit15,725 67.511,757 64.133.8 
Selling, marketing and administrative expenses6,073 26.14,993 27.221.6 
Research and development expense3,394 14.62,707 14.825.4 
In-process research and development00.06 0.0
Interest (income) expense, net28 0.1 26 0.2 
Other (income) expense, net(488)(2.1)24 0.1  
Restructuring56 0.261 0.3 
Earnings before provision for taxes on income6,662 28.63,940 21.569.1 
Provision for taxes on income384 1.7314 1.7 22.3 
Net earnings$6,278 26.9$3,626 19.873.1 
Net earnings per share (Diluted)$2.35 $1.36 72.8 
Average shares outstanding (Diluted)2,671.6 2,665.5 
Effective tax rate5.8 %8.0 %
Adjusted earnings before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income$7,776 33.4$5,337 29.145.7 
Net earnings$6,625 28.4$4,446 24.249.0 
Net earnings per share (Diluted)$2.48 $1.67 48.5 
Effective tax rate14.8 %16.7 %
(1) See Reconciliation of Non-GAAP Financial Measures.
(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings before provision for taxes on income," "adjusted net earnings," "adjusted net earnings per share (diluted)," and "adjusted effective tax rate" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate on an adjusted basis because management believes that these measures provide useful information to investors. Among other things, these measures may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as intangible asset amortization expense, significant gains from divestitures, significant costs associated with acquisitions, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters). Special items may be highly variable, difficult to predict, and of a size that sometimes has substantial impact on the Company's reported results of operations for a period. Management uses these measures internally for planning, forecasting and evaluating the performances of the Company's businesses, including allocating resources and evaluating results relative to employee performance compensation targets. Unlike earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate prepared in accordance with GAAP, adjusted earnings before provision for taxes on income, adjusted net earnings, adjusted net earnings per share (diluted), and adjusted effective tax rate may not be comparable with the calculation of similar measures for other companies. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of the Company's results of operations without including all events during a period, such as intangible asset amortization expense, significant gains from divestitures, the effects of an acquisition, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters) and do not provide a comparable view of the Company's performance to other companies in the health care industry. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.





Johnson & Johnson and Subsidiaries 
Condensed Consolidated Statement of Earnings  
(Unaudited; in Millions Except Per Share Figures)
SIX MONTHS
20212020Percent
PercentPercentIncrease
Amountto SalesAmountto Sales(Decrease)
Sales to customers$45,633 100.0$39,027 100.016.9 
Cost of products sold14,650 32.113,641 35.07.4
Gross Profit30,983 67.925,386 65.022.0 
Selling, marketing and administrative expenses11,505 25.210,196 26.112.8 
Research and development expense6,572 14.45,287 13.524.3 
In-process research and development00.0 6 0.0 
Interest (income) expense, net76 0.2 (16)0.0  
Other (income) expense, net(1,370)(3.0)(655)(1.7) 
Restructuring109 0.2119 0.3 
Earnings before provision for taxes on income14,091 30.910,449 26.834.9 
Provision for taxes on income1,616 3.61,027 2.7 57.4 
Net earnings$12,475 27.3$9,422 24.132.4 
Net earnings per share (Diluted)$4.67 $3.53 32.3 
Average shares outstanding (Diluted)2,674.0 2,671.0 
Effective tax rate11.5 %9.8 %
Adjusted earnings before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income$16,067 35.2$12,581 32.227.7 
Net earnings$13,549 29.7$10,600 27.227.8 
Net earnings per share (Diluted)$5.07 $3.97 27.7 
Effective tax rate15.7 %15.7 %
(1) See Reconciliation of Non-GAAP Financial Measures.
(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings before provision for taxes on income," "adjusted net earnings," "adjusted net earnings per share (diluted)," and "adjusted effective tax rate" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate on an adjusted basis because management believes that these measures provide useful information to investors. Among other things, these measures may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as intangible asset amortization expense, significant gains from divestitures, significant costs associated with acquisitions, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters). Special items may be highly variable, difficult to predict, and of a size that sometimes has substantial impact on the Company's reported results of operations for a period. Management uses these measures internally for planning, forecasting and evaluating the performances of the Company's businesses, including allocating resources and evaluating results relative to employee performance compensation targets. Unlike earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate prepared in accordance with GAAP, adjusted earnings before provision for taxes on income, adjusted net earnings, adjusted net earnings per share (diluted), and adjusted effective tax rate may not be comparable with the calculation of similar measures for other companies. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of the Company's results of operations without including all events during a period, such as intangible asset amortization expense, significant gains from divestitures, the effects of an acquisition, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters) and do not provide a comparable view of the Company's performance to other companies in the health care industry. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.









Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Second Quarter
(Dollars in Millions Except Per Share Data)20212020
Net Earnings, after tax- as reported$6,278$3,626
Pre-tax Adjustments
Intangible Asset Amortization expense1,202 1,127
Litigation related(23)613
IPR&D -  6
Restructuring related108 115
Acquisition, integration and divestiture related 14 29
Unrealized (gains)/losses on securities (243)(533)
Medical Device Regulation5637
Other-3
Tax Adjustments
Tax impact on special item adjustments 1
(135)(253)
Tax legislation and other tax related(632) (324)
Adjusted Net Earnings, after tax$6,625$4,446
Average shares outstanding (Diluted)2,671.6 2,665.5
Adjusted net earnings per share (Diluted)$2.48$1.67
Operational adjusted net earnings per share (Diluted)$2.42 
Notes:
1
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 Measures
Six Months Ended
(Dollars in Millions Except Per Share Data)20212020
Net Earnings, after tax- as reported$12,475$9,422
Pre-tax Adjustments
Intangible Asset Amortization expense2,417 2,245
Litigation related(23)733
IPR&D - 6
Restructuring related212 233
Acquisition, integration and divestiture related ¹(524)(933)
Unrealized (gains)/losses on securities (208)(206)
Medical Device Regulation102  51
Other -  3
Tax Adjustments
Tax impact on special item adjustments 2
(248)(520)
Tax legislation and other tax related(654) (434)
Adjusted Net Earnings, after tax$13,549$10,600
Average shares outstanding (Diluted)2,674.0 2,671.0
Adjusted net earnings per share (Diluted)$5.07$3.97
Operational adjusted net earnings per share (Diluted)$4.91 
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. The six months of 2020 primarily includes a $983M Contingent Consideration reversal related to the timing of certain developmental milestones associated with the Auris Health acquisition.
2
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 (A)
 SECOND QUARTER 2021 ACTUAL vs. 2020 ACTUAL
 Segments
Consumer Health Pharmaceutical  Medical Devices  Total
 WW As Reported 13.3 %17.2 %62.7 %27.1 %
 U.S. 12.4 %12.2 %77.2 %24.9 %
 International 14.1 %23.7 %51.6 %29.5 %
 WW Currency 4.13.65.54.1
 U.S.
 International 7.88.39.78.6
 WW Operational 9.2 %13.6 %57.2 %23.0 %
 U.S. 12.4 %12.2 %77.2 %24.9 %
 International 6.3 %15.4 %41.9 %20.9 %
General Surgery
Advanced Sterilization Products1.20.2
 U.S. 0.00.0
 International 1.90.4
All Other Acquisitions and Divestitures0.80.60.30.6
 U.S. 0.6(0.1)0.70.1
 International 1.11.50.01.0
WW Adjusted Operational10.0 %14.1 %58.7 %23.8 %
 U.S. 13.0 %12.1 %77.9 %25.1 %
 International 7.4 %16.8 %43.8 %22.4 %
Note: Percentages are based on actual, non-rounded figures and may not sum
(A) NON-GAAP FINANCIAL MEASURE “Adjusted operational sales growth" excludes acquisitions, divestitures and translational currency and is a non-GAAP financial measure. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and divestitures, and the impact they may have on the analysis of underlying business performance and trends, management believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to permit investors to more fully understand how management assesses the performance of the Company, including for internal evaluation of the performance of the Company's businesses and planning and forecasting for future periods. The use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company's results of operations without including all events during a period and may not provide a comparable view of the Company's performance to that of other companies in the health care industry.




Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Adjusted Operational Sales Growth (A)
SIX MONTHS 2021 ACTUAL vs. 2020 ACTUAL
 Segments
Consumer Health Pharmaceutical  Medical Devices  Total
 WW As Reported 5.2 %13.3 %32.7 %16.9 %
 U.S. 2.0 %9.3 %33.5 %13.8 %
 International 8.1 %18.3 %31.9 %20.3 %
 WW Currency 2.53.04.03.2
 U.S.
 International 4.86.97.46.6
 WW Operational 2.7 %10.3 %28.7 %13.7 %
 U.S. 2.0 %9.3 %33.5 %13.8 %
 International 3.3 %11.4 %24.5 %13.7 %
General Surgery
Advanced Sterilization Products0.80.2
 U.S. 0.00.0
 International 1.50.4
All Other Acquisitions and Divestitures0.60.50.20.4
 U.S. 0.5(0.1)0.50.1
 International 0.71.20.00.8
WW Adjusted Operational3.3 %10.7 %29.7 %14.4 %
 U.S. 2.5 %9.2 %33.9 %13.9 %
 International 4.0 %12.6 %26.0 %14.8 %
Note: Percentages are based on actual, non-rounded figures and may not sum
(A) NON-GAAP FINANCIAL MEASURE “Adjusted operational sales growth" excludes acquisitions, divestitures and translational currency and is a non-GAAP financial measure. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and divestitures, and the impact they may have on the analysis of underlying business performance and trends, management believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to permit investors to more fully understand how management assesses the performance of the Company, including for internal evaluation of the performance of the Company's businesses and planning and forecasting for future periods. The use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company's results of operations without including all events during a period and may not provide a comparable view of the Company's performance to that of other companies in the health care industry.




Johnson & Johnson
Segment Sales
(Dollars in Millions)
SECOND QUARTER
% Change
20212020Reported
Operational (1)
Currency
CONSUMER HEALTH SEGMENT (2)
OTC
US$6756277.7 %7.7 %— %
Intl63352221.2 10.4 10.8 
WW1,3071,14913.8 8.9 4.9 
SKIN HEALTH / BEAUTY
US65953623.0 23.0 — 
Intl5114718.4 1.4 7.0 
WW1,170 1,00716.2 12.9 3.3 
ORAL CARE
US165170(3.1)(3.1)— 
Intl26022714.6 6.7 7.9 
WW426 397 7.0 2.5 4.5 
BABY CARE
US97960.8 0.8 — 
Intl29026011.5 6.6 4.9 
WW387 356 8.6 5.0 3.6 
WOMEN'S HEALTH
US33(3.1)(3.1)— 
Intl22719914.2 9.2 5.0 
WW23020213.9 9.0 4.9 
WOUND CARE / OTHER
US15312620.9 20.9 — 
Intl64597.3 (2.8)10.1 
WW21618516.6 13.4 3.2 
TOTAL CONSUMER HEALTH
US1,751 1,557 12.4 12.4  
Intl1,984 1,739 14.1 6.3 7.8 
WW$3,735 3,296 13.3 %9.2 %4.1 %
See footnotes at end of schedule






Johnson & Johnson
Segment Sales
(Dollars in Millions)
SECOND QUARTER
% Change
20212020Reported
Operational (1)
Currency
PHARMACEUTICAL SEGMENT (2) (3)
IMMUNOLOGY
US$2,7482,36216.4 %16.4 %— %
Intl1,4831,16127.7 18.2 9.5 
WW4,2313,52320.1 17.0 3.1 
     REMICADE
     US540593(9.1)(9.1)— 
     US Exports (4)
93133(30.0)(30.0)— 
     Intl25520822.4 11.1 11.3 
     WW888935(5.1)(7.6)2.5 
     SIMPONI / SIMPONI ARIA
     US29025612.8 12.8 — 
     Intl2942891.7 (3.8)5.5 
     WW5845466.9 4.0 2.9 
     STELARA
     US1,4961,13831.4 31.4 — 
     Intl77855839.2 28.6 10.6 
     WW2,2741,69734.0 30.5 3.5 
     TREMFYA
     US325 241 35.0 35.0 — 
     Intl155 101 52.3 41.1 11.2 
     WW479 342 40.2 36.8 3.4 
     OTHER IMMUNOLOGY
     US5  **— 
     Intl1 3 (61.3)(67.9)6.6 
     WW7 3 ***
INFECTIOUS DISEASES
US4444166.8 6.8 — 
Intl58546326.3 18.2 8.1 
WW1,02887817.1 12.8 4.3 
     COVID-19 VACCINE
     US51**— 
     Intl113**— 
     WW164**— 
     EDURANT / rilpivirine
     US9 10 (9.3)(9.3)— 
     Intl253 246 2.8 (4.0)6.8 
     WW262 256 2.3 (4.2)6.5 
     PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
     US368379(3.2)(3.2)— 
     Intl1371305.5 (5.9)11.4 
     WW505510(1.0)(3.9)2.9 
     OTHER INFECTIOUS DISEASES
     US1625(36.2)(36.2)— 
     Intl8187(6.2)(13.4)7.2 
     WW98113(13.0)(18.5)5.5 
See footnotes at end of schedule





Johnson & Johnson
Segment Sales
(Dollars in Millions)
SECOND QUARTER
% Change
20212020Reported
Operational (1)
Currency
PHARMACEUTICAL SEGMENT (2) (3) (Continued)
NEUROSCIENCE
US$8427788.0%8.0%—%
Intl96780919.613.16.5
WW1,8081,58713.910.63.3
     CONCERTA / methylphenidate
     US3555(36.0)(36.0)
     Intl1279433.725.68.1
     WW1611498.13.05.1
     INVEGA SUSTENNA / XEPLION / INVEGA
     TRINZA / TREVICTA
     US64557611.911.9
     Intl380303 25.115.99.2
     WW1,02487916.413.33.1
     RISPERDAL CONSTA
     US7274(3.0)(3.0)
     Intl84796.40.26.2
     WW1551531.9(1.3)3.2
     OTHER NEUROSCIENCE
     US917520.920.9
     Intl37733113.810.03.8
     WW46840615.112.03.1
ONCOLOGY
US1,4621,18123.7 23.7 
Intl2,073 1,609 28.8 19.8 9.0
WW3,5352,79126.7 21.5 5.2
     DARZALEX
     US770 492 56.7 56.7 
     Intl663 409 62.1 50.3 11.8
     WW1,433 901 59.2 53.8 5.4
     ERLEADA
     US193 136 41.5 41.5 — 
     Intl109 33 ***
     WW302 170 77.6 73.7 3.9 
     IMBRUVICA
     US454 447 1.7 1.7 
     Intl662 502 31.9 22.1 9.8
     WW1,116 949 17.7 12.5 5.2
     ZYTIGA / abiraterone acetate
     US2187 (75.3)(75.3)
     Intl54248012.8 5.4 7.4
     WW563568(0.8)(7.1)6.3
     OTHER ONCOLOGY
     US23 20 18.8 18.8 
     Intl97185(47.2)(49.6)2.4
     WW120204(40.9)(43.0)2.1
See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
SECOND QUARTER
% Change
20212020Reported
Operational (1)
Currency
PHARMACEUTICAL SEGMENT (2) (3) (Continued)
PULMONARY HYPERTENSION
US$595 545 9.0 %9.0 %— %
Intl275 243 13.5 7.9 5.6 
WW870 789 10.4 8.7 1.7 
     OPSUMIT
     US290 256 13.6 13.6 — 
     Intl172 150 14.9 9.0 5.9 
     WW463 406 14.1 11.9 2.2 
     UPTRAVI
     US268 254 6.0 6.0 — 
     Intl45 28 54.9 42.9 12.0 
     WW313 282 11.0 9.8 1.2 
     OTHER PULMONARY HYPERTENSION
     US36 37 (2.4)(2.4)— 
     Intl59 64 (8.2)(10.3)2.1 
     WW95 101 (6.1)(7.5)1.4 
CARDIOVASCULAR / METABOLISM / OTHER
US780837(6.9)(6.9)— 
Intl346347(0.3)(8.4)8.1 
WW1,1261,184(5.0)(7.3)2.3 
     XARELTO
     US569 559 1.8 1.8 — 
     Intl  — — — 
     WW569 559 1.8 1.8 — 
     INVOKANA / INVOKAMET
     US96 132 (27.0)(27.0)— 
     Intl64 47 33.8 22.1 11.7 
     WW160 179 (10.9)(14.0)3.1 
     PROCRIT / EPREX
     US59 70 (16.3)(16.3)— 
     Intl69 66 3.7 (4.5)8.2 
     WW127 136 (6.6)(10.6)4.0 
     OTHER
     US57 78 (26.7)(26.7)— 
     Intl214 234 (8.4)(15.7)7.3 
     WW271 312 (13.0)(18.4)5.4 
TOTAL PHARMACEUTICAL
US6,8696,12012.2 12.2  
Intl5,7304,63223.7 15.4 8.3 
WW$12,59910,75217.2 %13.6 %3.6 %
See footnotes at end of schedule




Johnson & Johnson
Segment Sales
(Dollars in Millions)
SECOND QUARTER
% Change
20212020Reported
Operational (1)
Currency
MEDICAL DEVICES SEGMENT (2)
INTERVENTIONAL SOLUTIONS
US$475 255 86.5 %86.5 %— %
Intl572 33570.5 59.8 10.7 
WW1,046 59077.4 71.3 6.1 
ORTHOPAEDICS
US1,323 869 52.3 52.3 — 
Intl904 583 55.1 43.2 11.9 
WW2,227 1,451 53.4 48.6 4.8 
     HIPS
     US234 137 70.5 70.5 — 
     Intl159 88 78.6 64.3 14.3 
     WW392 226 73.7 68.1 5.6 
     KNEES
     US210 108 94.3 94.3 — 
     Intl140 66 *95.1 16.8 
     WW350 174 *94.6 6.4 
     TRAUMA
     US447 354 26.0 26.0 — 
     Intl263 198 32.7 22.7 10.0 
     WW710 553 28.4 24.8 3.6 
     SPINE, SPORTS & OTHER
     US433 270 60.6 60.6 — 
     Intl343 230 49.0 37.9 11.1 
     WW776 499 55.3 50.2 5.1 
See footnotes at end of schedule




Johnson & Johnson
Segment Sales
(Dollars in Millions)
SECOND QUARTER
% Change
20212020Reported
Operational (1)
Currency
MEDICAL DEVICES SEGMENT (2) (Continued)
SURGERY
US$1,035 490 **— %
Intl1,487 1,060 40.2 30.6 9.6 
WW2,522 1,551 62.6 56.0 6.6 
     ADVANCED
US459 277 65.4 65.4  
Intl708 498 42.2 32.5 9.7 
WW1,168 775 50.5 44.3 6.2 
     GENERAL
US576 213 ** 
Intl779 562 38.5 28.9 9.6 
WW1,354 775 74.7 67.8 6.9 
VISION
US467 248 88.3 88.3  
Intl716 447 60.0 53.7 6.3 
WW1,183 695 70.1 66.0 4.1 
     CONTACT LENSES / OTHER
US352 203 73.3 73.3  
Intl517 352 47.0 41.9 5.1 
WW868 554 56.7 53.4 3.3 
     SURGICAL
US115 45 **— 
Intl199 96 *97.1 10.6 
WW314 141 ***
TOTAL MEDICAL DEVICES
US3,299 1,862 77.2 77.2  
Intl3,679 2,426 51.6 41.9 9.7 
WW$6,978 4,288 62.7 %57.2 %5.5 %
See footnotes at end of schedule








Johnson & Johnson
Segment Sales
(Dollars in Millions)
SIX MONTHS
% Change
20212020Reported
Operational (1)
Currency
CONSUMER HEALTH SEGMENT (2)
OTC
US$1,2741,316(3.2)%(3.2)%— %
Intl1,2081,1812.3 (4.7)7.0 
WW2,4822,497(0.6)(3.9)3.3 
SKIN HEALTH / BEAUTY
US1,2931,1958.2 8.2 — 
Intl1,04092912.0 6.8 5.2 
WW2,333 2,1249.8 7.6 2.2 
ORAL CARE
US328346(5.2)(5.2)— 
Intl51444615.3 10.2 5.1 
WW843 792 6.3 3.5 2.8 
BABY CARE
US1931882.4 2.4 — 
Intl58352910.2 9.0 1.2 
WW776 717 8.1 7.3 0.8 
WOMEN'S HEALTH
US67(16.0)(16.0)— 
Intl4464274.5 3.1 1.4 
WW4524344.2 2.8 1.4 
WOUND CARE / OTHER
US2682459.3 9.3 — 
Intl12511112.1 5.2 6.9 
WW39335610.2 8.0 2.2 
TOTAL CONSUMER HEALTH
US3,362 3,297 2.0 2.0  
Intl3,916 3,624 8.1 3.3 4.8 
WW$7,278 6,921 5.2 %2.7 %2.5 %
See footnotes at end of schedule






Johnson & Johnson
Segment Sales
(Dollars in Millions)
SIX MONTHS
% Change
20212020Reported
Operational (1)
Currency
PHARMACEUTICAL SEGMENT (2) (3)
IMMUNOLOGY
US$5,1614,7728.2 %8.2 %— %
Intl2,9842,38924.9 17.0 7.9 
WW8,1457,16113.7 11.1 2.6 
     REMICADE
     US1,0291,218(15.6)(15.6)— 
     US Exports (4)
150243(38.2)(38.2)— 
     Intl4874644.9 (1.7)6.6 
     WW1,6651,925(13.5)(15.1)1.6 
     SIMPONI / SIMPONI ARIA
     US5455283.2 3.2 — 
     Intl6015479.8 4.5 5.3 
     WW1,1461,0756.6 3.8 2.8 
     STELARA
     US2,8272,35520.0 20.0 — 
     Intl1,5951,16137.3 28.1 9.2 
     WW4,4223,51625.8 22.7 3.1 
     TREMFYA
     US599 428 40.0 40.0 — 
     Intl298 210 41.8 31.8 10.0 
     WW897 638 40.6 37.3 3.3 
     OTHER IMMUNOLOGY
     US12  **— 
     Intl3 6 (51.2)(53.9)2.7 
     WW15 6 ***
INFECTIOUS DISEASES
US95685212.2 12.2 — 
Intl1,07994614.1 7.8 6.3 
WW2,0351,79813.2 9.9 3.3 
     COVID-19 VACCINE
     US151**— 
     Intl113**— 
     WW264**— 
     EDURANT / rilpivirine
     US19 22 (10.9)(10.9)— 
     Intl486 458 6.0 (1.7)7.7 
     WW505 480 5.2 (2.1)7.3 
     PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
     US748775(3.5)(3.5)— 
     Intl303314(3.5)(8.5)5.0 
     WW1,0511,089(3.5)(5.0)1.5 
     OTHER INFECTIOUS DISEASES
     US3754(31.3)(31.3)— 
     Intl1771741.8 (3.0)4.8 
     WW215229(6.1)(9.7)3.6 
See footnotes at end of schedule





Johnson & Johnson
Segment Sales
(Dollars in Millions)
SIX MONTHS
% Change
20212020Reported
Operational (1)
Currency
PHARMACEUTICAL SEGMENT (2) (3) (Continued)
NEUROSCIENCE
US$1,6131,5265.6 %5.6 %— %
Intl1,9161,71911.5 6.3 5.2
WW3,5293,2458.7 6.0 2.7
     CONCERTA / methylphenidate
     US