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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): 
January 24, 2023
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
0.650% 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 January 24, 2023, Johnson & Johnson issued the attached press release announcing its sales and earnings for the fourth quarter and full year ended January 1, 2023.
 
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: January 24, 2023By:/s/ Robert J. Decker, Jr. 
  Robert J. Decker, Jr.
Controller
(Principal Accounting Officer)		 


Exhibit 99.1

JOHNSON & JOHNSON REPORTS 2022 FOURTH-QUARTER AND FULL YEAR RESULTS:
•2022 Fourth-Quarter reported sales decline of 4.4% to $23.7 Billion primarily driven by unfavorable foreign exchange and reduced COVID-19 Vaccine sales vs. prior year. Operational growth excluding COVID-19 Vaccine of 4.6%*

•2022 Fourth-Quarter earnings per share (EPS) of $1.33 decreasing 24.9% and adjusted EPS of $2.35 increasing by 10.3%*

•2022 Full-Year reported sales growth of 1.3% to $94.9 Billion primarily driven by strong commercial execution partially offset by unfavorable foreign exchange. Operational growth of 6.1%*

•2022 Full-Year earnings per share (EPS) of $6.73 decreasing 13.8% and adjusted EPS of $10.15 increasing by 3.6%*

•Company guides 2023 adjusted operational sales growth excluding COVID-19 Vaccine of 4.0%* and adjusted operational EPS of $10.50, reflecting growth of 3.5%*


New Brunswick, N.J. (January 24, 2023) – Johnson & Johnson (NYSE: JNJ) today announced results for fourth-quarter and full year 2022. “Our full year 2022 results reflect the continued strength and stability of our three business segments, despite macroeconomic challenges,” said Joaquin Duato, Chairman of the Board and Chief Executive Officer. “I am inspired by our employees who make a difference in the health and lives of people around the world every day. As we look ahead to 2023, Johnson & Johnson is well-positioned to drive near-term growth, while also investing strategically to deliver long-term value.”

OVERALL FINANCIAL RESULTS:
a4q22overallfinancialresul.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
Note: values may have been rounded




REGIONAL SALES RESULTS:
a4q22regionalfinancialresu.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:
a4q22salesbysegment.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 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




FULL YEAR 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 3.9%* predominately driven by over-the-counter (OTC) products. Major contributors to growth in OTC were TYLENOL and MOTRIN analgesics, as well as upper respiratory products and digestive health products in the international markets. Additionally, Skin Health/Beauty adjusted operational growth was primarily driven by NEUTROGENA outside the U.S. Growth was partially offset by Oral Care in the international markets.

Pharmaceutical
Pharmaceutical worldwide adjusted operational sales grew 6.8%*, 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. This growth was partially offset by declines in sales of REMICADE (infliximab), a biologic approved for the treatment of several immune-mediated inflammatory diseases, 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 ZYTIGA (abiratone acetate), an oral, once daily medication for use in combination with prednisone for the treatment of metastatic castration-resistant prostate cancer.

MedTech
MedTech worldwide adjusted operational sales grew 6.1%*, driven primarily by electrophysiology products in Interventional Solutions, contact lenses in Vision, and wound closure products in General Surgery.





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, as well as
www.factsabouttalc.com, www.factsaboutourprescriptionopioids.com, and www.LTLManagementInformation.com.

RegulatoryDePuy Synthes Receives FDA Clearance for TELIGEN SystemPress Release
U.S. FDA Approves TECVAYLI (teclistamab-cqyv), the First Bispecific T-cell Engager Antibody for the Treatment of Patients with Relapsed or Refractory Multiple MyelomaPress Release
Janssen Submits Biologics License Application to U.S. FDA for Talquetamab for the Treatment of Patients with Relapsed or Refractory Multiple MyelomaPress Release
Data ReleaseNew TREMFYA (guselkumab) Data Shows an Overall Clinical Response Rate of Approximately 80 Percent in a Phase 2b Induction Study of Adults with Moderately to Severely Active Ulcerative ColitisPress Release
Janssen to Highlight Latest Scientific Advances in Hematologic Diseases at ASH 2022 with Clinical and Real-World Data Across Innovative Pipeline and Distinguished PortfolioPress Release
Late-Breaking Data from Pivotal Phase 3 PRECISION Study Demonstrates Significant and Sustained Effect of Aprocitentan on Lowering Blood Pressure for Patients with Difficult-to-Control HypertensionPress Release
New TREMFYA (guselkumab) Post-Hoc Analysis Reveals Active Psoriatic Arthritis Patients With Early Efficacy Had Meaningful Long-Term Improvement in Health-Related Quality of LifePress Release
New TREMFYA (guselkumab) Post-Hoc Analysis Reveals Early Efficacy Predicted Longer-Term Efficacy And Sustained Achievement Among A Diverse Active Psoriatic Arthritis Patient PopulationPress Release
CERENOVUS Reveals Positive Outcomes with Thrombectomy in Global Registry Studying Stroke-Inducing Blood ClotsPress Release
OtherJohnson & Johnson Names CEO Joaquin Duato as Chairman of the BoardPress Release
Johnson & Johnson Completes Acquisition of AbiomedPress Release








FULL-YEAR 2023 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)January 2023
Adjusted Operational Sales1,2,5
Change vs. Prior Year / Mid-point
3.5% – 4.5% / 4.0%
Operational Sales2,5/ Mid-point2,5
Change vs. Prior Year / Mid-point
$96.9B – $97.9B / $97.4B
4.5% – 5.5% / 5.0%
Estimated Reported Sales3,5/ Mid-point3,5
Change vs. Prior Year / Mid-point
$96.9B – $97.9B / $97.4B
4.5% – 5.5% / 5.0%
Adjusted Operational EPS (Diluted)2,4/ Mid-point2,4
Change vs. Prior Year / Mid-point
$10.40 – $10.60 / $10.50
2.5% – 4.5% / 3.5%
Adjusted EPS (Diluted)3,4 / Mid-point3,4
Change vs. Prior Year / Mid-point
$10.45 – $10.65 / $10.55
3.0% – 5.0% / 4.0%

     1 Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures
     2 Non-GAAP financial measure; excludes the impact of translational currency
     3 Calculated using Euro Average Rate: January 2023 = $1.08 (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 135 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.


Press Contacts:Investor Contacts:
Tesia Williams Jessica Moore
[email protected] [email protected]


Exhibit 99.2


Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)
FOURTH QUARTER
Percent Change
20222021TotalOperationsCurrency
Sales to customers by
geographic area
U.S.$12,516  12,163  2.9 % 2.9 — 
Europe 5,816  6,925 (16.0) (6.3) (9.7)
Western Hemisphere excluding U.S. 1,545  1,459  5.9  11.8  (5.9)
Asia-Pacific, Africa 3,829  4,257  (10.0) 3.1  (13.1)
International 11,190  12,641  (11.5) (1.1) (10.4)
      
Worldwide$23,706  24,804  (4.4)% 0.9  (5.3)
        
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)
TWELVE MONTHS
Percent Change
20222021TotalOperationsCurrency
Sales to customers by
geographic area
U.S.$48,580  47,156  3.0 % 3.0 — 
Europe 23,449  23,594  (0.6) 11.0  (11.6)
Western Hemisphere excluding U.S. 6,125  5,750  6.5  10.2  (3.7)
Asia-Pacific, Africa 16,789  17,275  (2.8) 6.2  (9.0)
International 46,363  46,619  (0.6) 9.1  (9.7)
      
Worldwide$94,943  93,775  1.3 % 6.1  (4.8)
        
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.



Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)
FOURTH QUARTER
 Percent Change
20222021TotalOperationsCurrency
Sales to customers by
segment of business
Consumer Health (1)
    U.S.$1,696 1,529 10.9 %10.9 — 
    International2,071 2,199 (5.8)3.2 (9.0)
3,767    3,728 1.0 6.4 (5.4)
Pharmaceutical (1)
    U.S.7,375 7,418 (0.6)(0.6)— 
    International5,788 6,799 (14.9)(4.5)(10.4)
13,163    14,217 (7.4)(2.5)(4.9)
Pharmaceutical excluding COVID-19 Vaccine (1,3)
     U.S.7,375 7,205 2.4 2.4— 
     International5,099 5,394 (5.5)6.0(11.5)
12,474 12,599 (1.0)3.9(4.9)
MedTech (2)
    U.S.3,445    3,216 7.1 7.1 — 
    International3,331 3,643 (8.6)2.9 (11.5)
 6,776    6,859 (1.2)4.9 (6.1)
U.S.12,516 12,163 2.9 2.9 — 
International11,190 12,641 (11.5)(1.1)(10.4)
Worldwide23,706 24,804 (4.4)0.9 (5.3)
   
U.S.12,516 11,950 4.7 4.7 — 
International10,501 11,236 (6.5)4.4 (10.9)
Worldwide excluding COVID-19 Vaccine (3)
$23,017 23,186 (0.7)%4.6 (5.3)
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)
TWELVE MONTHS
 Percent Change
20222021TotalOperationsCurrency
Sales to customers by
segment of business
Consumer Health (1)
    U.S.$6,599 6,516 1.3 %1.3 — 
    International8,354 8,519 (1.9)5.3 (7.2)
14,953    15,035 (0.5)3.6 (4.1)
Pharmaceutical (1)
    U.S.28,604 27,954 2.3 2.3 — 
    International23,959 23,726 1.0 11.9 (10.9)
52,563    51,680 1.7 6.7 (5.0)
Pharmaceutical excluding COVID-19 Vaccine (1,3)
     U.S.28,484 27,320 4.3 4.3— 
     International21,900 21,975 (0.3)10.3(10.6)
50,384 49,295 2.2 6.9(4.7)
MedTech (2)
    U.S.13,377    12,686 5.4 5.4 — 
    International14,050 14,374 (2.3)6.9 (9.2)
 27,427    27,060 1.4 6.2 (4.8)
U.S.48,580 47,156 3.0 3.0 — 
International46,363 46,619 (0.6)9.1 (9.7)
Worldwide94,943 93,775 1.3 6.1 (4.8)
   
U.S.48,460 46,522 4.2 4.2 — 
International44,304 44,868 (1.3)8.2 (9.5)
Worldwide excluding COVID-19 Vaccine (3)
$92,764 91,390 1.5 %6.2 (4.7)
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 
Condensed Consolidated Statement of Earnings  
(Unaudited; in Millions Except Per Share Figures)
FOURTH QUARTER
20222021Percent
PercentPercentIncrease
Amountto SalesAmountto Sales(Decrease)
Sales to customers$23,706 100.0$24,804 100.0(4.4)
Cost of products sold7,765 32.87,955 32.1(2.4)
Gross Profit15,941 67.216,849 67.9(5.4)
Selling, marketing and administrative expenses6,512 27.47,154 28.9(9.0)
Research and development expense3,841 16.24,720 19.0(18.6)
In-process research and development173 0.7 00.0
Interest (income) expense, net(77)(0.3)47 0.2
Other (income) expense, net1,207 5.1 9 0.0
Restructuring84 0.483 0.3
Earnings before provision for taxes on income4,201 17.74,836 19.5(13.1)
Provision for taxes on income681 2.9100 0.4 581.0 
Net earnings$3,520 14.8$4,736 19.1(25.7)
Net earnings per share (Diluted)$1.33 $1.77 (24.9)
Average shares outstanding (Diluted)2,650.1 2,670.2 
Effective tax rate16.2 %2.1 %
Adjusted earnings before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income$7,418 31.3$6,339 25.617.0 
Net earnings$6,218 26.2$5,678 22.99.5 
Net earnings per share (Diluted)$2.35 $2.13 10.3 
Effective tax rate16.2 %10.4 %
(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)
TWELVE MONTHS
20222021Percent
PercentPercentIncrease
Amountto SalesAmountto Sales(Decrease)
Sales to customers$94,943 100.0$93,775 100.01.3 
Cost of products sold31,089 32.729,855 31.84.1 
Gross Profit63,854 67.363,920 68.2(0.1)
Selling, marketing and administrative expenses24,765 26.124,659 26.30.4 
Research and development expense14,603 15.414,714 15.7(0.8)
In-process research and development7830.8900 1.0  
Interest (income) expense, net(214)(0.2)130 0.1 
Other (income) expense, net1,871 2.0 489 0.5  
Restructuring321 0.3252 0.3
Earnings before provision for taxes on income21,725 22.922,776 24.3(4.6)
Provision for taxes on income3,784 4.01,898 2.0 99.4 
Net earnings$17,941 18.9$20,878 22.3(14.1)
Net earnings per share (Diluted)$6.73 $7.81 (13.8)
Average shares outstanding (Diluted)2,663.9 2,674.0 
Effective tax rate17.4 %8.3 %
Adjusted earnings before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income$31,880 33.6$30,464 32.54.6 
Net earnings$27,038 28.5$26,195 27.93.2 
Net earnings per share (Diluted)$10.15 $9.80 3.6 
Effective tax rate15.2 %14.0 %
(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
Fourth Quarter
(Dollars in Millions Except Per Share Data)20222021
Net Earnings, after tax- as reported$3,520$4,736
Pre-tax Adjustments
Intangible Asset Amortization expense1,061 1,121
Litigation related262 274
IPR&D 173  -
Restructuring related140 140
Acquisition, integration and divestiture related ¹ 196 26
(Gains)/losses on securities 6 (198)
Medical Device Regulation 2
88  73
COVID-19 Vaccine related costs 3
821 -
Consumer Health separation costs470  67
Tax Adjustments
Tax impact on special item adjustments 4
(507)(184)
Consumer Health separation tax related costs35  -
Tax legislation and other tax related(47) (377)
Adjusted Net Earnings, after tax$6,218 $5,678 
Average shares outstanding (Diluted)2,650.1 2,670.2 
Adjusted net earnings per share (Diluted)$2.35 $2.13 
Operational adjusted net earnings per share (Diluted)$2.46  
Notes:
1
Acquisition, integration and divestiture related for 2022 primarily includes costs related to the Abiomed acquisition.
2
European Medical Device Regulation (MDR) costs represent one-time compliance costs for the Company’s previously registered products. MDR is a replacement of the existing European Medical Devices Directive regulatory framework, and manufacturers of currently marketed medical devices 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 during 2024.
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 remaining 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 Measures
Twelve Months Ended
(Dollars in Millions Except Per Share Data)20222021
Net Earnings, after tax- as reported$17,941$20,878
Pre-tax Adjustments
Intangible Asset Amortization expense4,305 4,697
Litigation related866 2,328
IPR&D 783  900
Restructuring related463 473
Acquisition, integration and divestiture related 1
 196 (478)
(Gains)/losses on securities 690 (533)
Medical Device Regulation 2
296  234
COVID-19 Vaccine related costs 3
1,474  -
Consumer Health separation costs1,089  67
Other(7) -
Tax Adjustments
Tax impact on special item adjustments 4
(1,592)(1,281)
Consumer Health separation tax related costs494  -
Tax legislation and other tax related40  (1,090)
Adjusted Net Earnings, after tax$27,038$26,195
Average shares outstanding (Diluted)2,663.9 2,674.0 
Adjusted net earnings per share (Diluted)$10.15 $9.80 
Operational adjusted net earnings per share (Diluted)$10.70  
Notes:
1
Acquisition, integration and divestiture related for 2022 primarily includes costs related to the Abiomed acquisition. Acquisition, integration and divestiture related for 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 during 2024.
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 remaining 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 (A)
 FOURTH QUARTER 2022 ACTUAL vs. 2021 ACTUAL
 Segments
Consumer Health Pharmaceutical  MedTech  Total
 WW As Reported 1.0 %(7.4)%(1.2)%(4.4)%
 U.S. 10.9 %(0.6)%7.1 %2.9 %
 International (5.8)%(14.9)%(8.6)%(11.5)%
 WW Currency (5.4)(4.9)(6.1)(5.3)
 U.S. ————
 International (9.0)(10.4)(11.5)(10.4)
 WW Operational 6.4 %(2.5)%4.9 %0.9 %
 U.S. 10.9 %(0.6)%7.1 %2.9 %
International3.2 %(4.5)%2.9 %(1.1)%
Interventional Solutions
Abiomed (0.5)(0.1)
U.S.(1.0)(0.3)
International0.00.0
All Other Acquisitions and Divestitures0.00.20.00.1
 U.S. 0.10.2(0.2)0.1
 International 0.00.10.10.1
WW Adjusted Operational6.4 %(2.3)%4.4 %0.8 %
 U.S. 11.0 %(0.4)%5.9 %2.7 %
 International 3.2 %(4.4)%3.0 %(1.0)%
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)
TWELVE MONTHS 2022 ACTUAL vs. 2021 ACTUAL
 Segments
Consumer Health Pharmaceutical MedTech Total
 WW As Reported (0.5)%1.7 %1.4 %1.3 %
 U.S. 1.3 %2.3 %5.4 %3.0 %
 International (1.9)%1.0 %(2.3)%(0.6)%
 WW Currency (4.1)(5.0)(4.8)(4.8)
 U.S. ————
 International (7.2)(10.9)(9.2)(9.7)
 WW Operational 3.6 %6.7 %6.2 %6.1 %
 U.S. 1.3 %2.3 %5.4 %3.0 %
 International 5.3 %11.9 %6.9 %9.1 %
All Other Acquisitions and Divestitures0.30.1(0.1)0.1
 U.S. 0.20.2(0.4)0.0
 International 0.50.10.10.2
WW Adjusted Operational3.9 %6.8 %6.1 %6.2 %
 U.S. 1.5 %2.5 %5.0 %3.0 %
 International 5.8 %12.0 %7.0 %9.3 %
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)
FOURTH QUARTER
% Change
20222021Reported
Operational (1)
Currency
CONSUMER HEALTH SEGMENT (2) (3)
OTC
US$75463318.9 %18.9 %— %
Intl8158110.6 9.6 (9.0)
WW1,5691,4448.6 13.7 (5.1)
SKIN HEALTH / BEAUTY
US5735386.5 6.5 — 
Intl515546(5.6)4.4 (10.0)
WW1,088 1,0840.4 5.4 (5.0)
ORAL CARE
US1641593.3 3.3 — 
Intl207246(16.0)(8.1)(7.9)
WW370 405 (8.4)(3.7)(4.7)
BABY CARE
US93903.4 3.4 — 
Intl264309(14.6)(7.4)(7.2)
WW356 399 (10.6)(5.0)(5.6)
WOMEN'S HEALTH
US4415.6 15.6 — 
Intl217230(5.7)4.4 (10.1)
WW220233(5.5)4.6 (10.1)
WOUND CARE / OTHER
US1091063.3 3.3 — 
Intl5457(7.5)2.9 (10.4)
WW163164(0.5)3.1 (3.6)
TOTAL CONSUMER HEALTH
US1,696 1,529 10.9 10.9 — 
Intl2,071 2,199 (5.8)3.2 (9.0)
WW$3,767 3,728 1.0 %6.4 %(5.4)%
See footnotes at end of schedule





Johnson & Johnson
Segment Sales
(Dollars in Millions)
FOURTH QUARTER
% Change
20222021Reported
Operational (1)
Currency
PHARMACEUTICAL SEGMENT (2) (3)
IMMUNOLOGY
US$2,8052,912(3.6)%(3.6)%— %
Intl1,3121,443(9.1)2.1 (11.2)
WW4,1184,355(5.4)(1.8)(3.6)
     REMICADE
     US318511(37.7)(37.7)— 
     US Exports (4)
41395.1 5.1 — 
     Intl116214(45.9)(41.3)(4.6)
     WW475764(37.8)(36.5)(1.3)
     SIMPONI / SIMPONI ARIA
     US280287(2.2)(2.2)— 
     Intl220271(18.6)(7.4)(11.2)
     WW501559(10.2)(4.7)(5.5)
     STELARA
     US1,6211,5425.2 5.2 — 
     Intl764792(3.5)8.1 (11.6)
     WW2,3862,3342.3 6.2 (3.9)
     TREMFYA
     US541 528 2.5 2.5 — 
     Intl211 165 27.5 44.5 (17.0)
     WW752 693 8.5 12.5 (4.0)
     OTHER IMMUNOLOGY
     US3 6 (53.5)(53.5)— 
     Intl0 0 **  *
     WW3 6 (53.3)(53.3)0.0
INFECTIOUS DISEASES
US414614(32.6)(32.6)— 
Intl1,1271,818(38.0)(31.0)(7.0)
WW1,5402,431(36.6)(31.4)(5.2)
     COVID-19 VACCINE
     US0213**— 
     Intl6891,405(50.9)(45.0)(5.9)
     WW6891,619(57.4)(52.2)(5.2)
     EDURANT / rilpivirine
     US9 10 1.21.2— 
     Intl281 220 27.639.2(11.6)
     WW290 230 26.537.6(11.1)
     PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
     US3983804.74.7— 
     Intl95135(29.5)(20.5)(9.0)
     WW493515(4.3)(1.9)(2.4)
     OTHER INFECTIOUS DISEASES
     US611(47.1)(47.1)— 
     Intl61577.318.0(10.7)
     WW6768(1.6)7.4(9.0)
See footnotes at end of schedule




Johnson & Johnson
Segment Sales
(Dollars in Millions)
FOURTH QUARTER
% Change
20222021Reported
Operational (1)
Currency
PHARMACEUTICAL SEGMENT (2) (3) (Continued)
NEUROSCIENCE
US$9128991.4%1.4%—%
Intl825890(7.2)3.3(10.5)
WW1,7371,789(2.8)2.4(5.2)
     CONCERTA / methylphenidate
     US3755(34.3)(34.3)—
     Intl1311236.520.3(13.8)
     WW168178(6.2)3.4(9.6)
     INVEGA SUSTENNA / XEPLION / INVEGA
     TRINZA / TREVICTA
     US6786681.81.8—
     Intl329361(8.8)2.7(11.5)
     WW1,0081,029(2.0)2.1(4.1)
     RISPERDAL CONSTA
     US6277(19.4)(19.4)—
     Intl5063(21.5)(9.7)(11.8)
     WW112140(20.4)(15.0)(5.4)
     OTHER NEUROSCIENCE
     US1349935.535.5—
     Intl315342(7.7)0.3(8.0)
     WW4494412.08.2(6.2)
ONCOLOGY
US1,8571,59416.516.5—
Intl2,0692,184(5.3)6.8(12.1)
WW3,9273,7783.910.9(7.0)
     DARZALEX
     US1,139 867 31.431.4—
     Intl944 778 21.336.7(15.4)
     WW2,083 1,645 26.633.9(7.3)
     ERLEADA
     US275 235 17.217.2—
     Intl266 149 78.097.8(19.8)
     WW541 384 40.948.6(7.7)
     IMBRUVICA
     US318 436 (27.0)(27.0)—
     Intl547 626 (12.5)(2.0)(10.5)
     WW866 1,062 (18.5)(12.3)(6.2)
     ZYTIGA / abiraterone acetate
     US2023 (14.3)(14.3)—
     Intl250525(52.4)(44.8)(7.6)
     WW270548(50.8)(43.6)(7.2)
     OTHER ONCOLOGY
     US106 34 **—
     Intl63106(41.1)(33.1)(8.0)
     WW16814020.626.7(6.1)
See footnotes at end of schedule


Johnson & Johnson
Segment Sales
(Dollars in Millions)
FOURTH QUARTER
% Change
20222021Reported
Operational (1)
Currency
PHARMACEUTICAL SEGMENT (2) (3) (Continued)
PULMONARY HYPERTENSION
US$610 587 3.9 %3.9 %— %
Intl261 264 (1.3)13.5 (14.8)
WW870 851 2.3 6.9 (4.6)
     OPSUMIT
     US305 286 7.0 7.0 — 
     Intl156 162 (3.7)11.0 (14.7)
     WW461 448 3.1 8.4 (5.3)
     UPTRAVI
     US280 264 6.3 6.3 — 
     Intl56 46 20.4 33.3 (12.9)
     WW336 310 8.4 10.3 (1.9)
     OTHER PULMONARY HYPERTENSION
     US24 38 (35.5)(35.5)— 
     Intl48 56 (12.2)4.4 (16.6)
     WW73 94 (21.7)(11.8)(9.9)
CARDIOVASCULAR / METABOLISM / OTHER
US776813(4.4)(4.4)— 
Intl194200(3.4)5.7 (9.1)
WW9711,013(4.2)(2.4)(1.8)
     XARELTO
     US667 644 3.4 3.4 — 
     Intl— — — — — 
     WW667 644 3.4 3.4 — 
     INVOKANA / INVOKAMET
     US29 59 (51.3)(51.3)— 
     Intl62 60 2.3 11.2 (8.9)
     WW91 120 (24.1)(19.6)(4.5)
     OTHER
     US81 110 (25.7)(25.7)— 
     Intl132 140 (5.9)3.3 (9.2)
     WW213 250 (14.6)(9.4)(5.2)
TOTAL PHARMACEUTICAL
US7,3757,418(0.6)(0.6)— 
Intl5,7886,799(14.9)(4.5)(10.4)
WW$13,16314,217(7.4)%(2.5)%(4.9)%
See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
FOURTH QUARTER
% Change
20222021Reported
Operational (1)
Currency
MEDTECH SEGMENT (2) (3) (5)
INTERVENTIONAL SOLUTIONS
US$603 483 24.9 %24.9 %— %
Intl495 536(7.6)6.2 (13.8)
WW1,098 1,0197.8 15.1 (7.3)
ORTHOPAEDICS
US1,385 1,305 6.1 6.1 — 
Intl763 851 (10.4)0.8 (11.2)
WW2,148 2,155 (0.4)4.0 (4.4)
     HIPS
     US250 227 9.7 9.7 — 
     Intl135 151 (10.4)0.4 (10.8)
     WW385 378 1.7 6.0 (4.3)
     KNEES
     US231 208 11.8 11.8 — 
     Intl122 135 (9.5)1.2 (10.7)
     WW354 342 3.4 7.6 (4.2)
     TRAUMA
     US470 467 0.7 0.7 — 
     Intl240 261 (7.9)3.5 (11.4)
     WW710 728 (2.4)1.7 (4.1)
     SPINE, SPORTS & OTHER
     US434 403 7.5 7.5 — 
     Intl265 304 (12.9)(1.5)(11.4)
     WW699 708 (1.3)3.6 (4.9)
See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
FOURTH QUARTER
% Change
20222021Reported
Operational (1)
Currency
MEDTECH SEGMENT (2) (3) (5) (Continued)
SURGERY
US$1,000 986 1.5 %1.5 %— %
Intl1,383 1,527 (9.4)1.4 (10.8)
WW2,384 2,513 (5.1)1.4 (6.5)
     ADVANCED
US456 457 (0.2)(0.2)— 
Intl653 735 (11.1)(0.4)(10.7)
WW1,109 1,192 (7.0)(0.3)(6.7)
     GENERAL
US544 528 3.1 3.1 — 
Intl731 793 (7.8)3.0 (10.8)
WW1,275 1,321 (3.5)3.0 (6.5)
VISION
US456 443 3.1 3.1 — 
Intl689 728 (5.4)5.9 (11.3)
WW1,145 1,171 (2.2)4.8 (7.0)
     CONTACT LENSES / OTHER
US343 316 8.6 8.6 — 
Intl489 518 (5.6)7.2 (12.8)
WW831 833 (0.2)7.7 (7.9)
     SURGICAL
US113 126 (10.7)(10.7)— 
Intl200 211 (5.0)2.9 (7.9)
WW314 338 (7.1)(2.2)(4.9)
TOTAL MEDTECH
US3,445 3,216 7.1 7.1 — 
Intl3,331 3,643 (8.6)2.9 (11.5)
WW$6,776 6,859 (1.2)%4.9 %(6.1)%
See footnotes at end of schedule








Johnson & Johnson
Segment Sales
(Dollars in Millions)
TWELVE MONTHS
% Change
20222021Reported
Operational (1)
Currency
CONSUMER HEALTH SEGMENT (2) (3)
OTC
US$2,7822,5947.3 %7.3 %— %
Intl3,2493,0347.1 14.5 (7.4)
WW6,0315,6277.2 11.2 (4.0)
SKIN HEALTH / BEAUTY
US2,3372,400(2.6)(2.6)— 
Intl2,0152,141(5.9)2.2 (8.1)
WW4,352 4,541(4.2)(0.4)(3.8)
ORAL CARE
US635637(0.3)(0.3)— 
Intl8711,008(13.6)(7.4)(6.2)
WW1,505 1,645 (8.5)(4.7)(3.8)
BABY CARE
US357378(5.5)(5.5)— 
Intl1,1041,188(7.1)(1.4)(5.7)
WW1,461 1,566 (6.7)(2.4)(4.3)
WOMEN'S HEALTH
US13131.7 1.7 — 
Intl891905(1.5)7.1 (8.6)
WW904917(1.5)7.0 (8.5)
WOUND CARE / OTHER
US475495(4.0)(4.0)— 
Intl224243(8.0)(3.4)(4.6)
WW700739(5.3)(3.8)(1.5)
TOTAL CONSUMER HEALTH
US6,599 6,516 1.3 1.3 — 
Intl8,354 8,519 (1.9)5.3 (7.2)
WW$14,953 15,035 (0.5)%3.6 %(4.1)%
See footnotes at end of schedule


Johnson & Johnson
Segment Sales
(Dollars in Millions)
TWELVE MONTHS
% Change
20222021Reported
Operational (1)
Currency
PHARMACEUTICAL SEGMENT (2) (3)
IMMUNOLOGY
US$11,03610,8431.8 %1.8 %— %
Intl5,8995,907(0.1)10.3 (10.4)
WW16,93516,7501.1 4.8 (3.7)
     REMICADE
     US1,4172,019(29.8)(29.8)— 
     US Exports (4)
204236(13.6)(13.6)— 
     Intl722935(22.8)(18.7)(4.1)
     WW2,3433,190(26.6)(25.3)(1.3)
     SIMPONI / SIMPONI ARIA
     US1,1661,1273.5 3.5 — 
     Intl1,0171,148(11.4)(1.4)(10.0)
     WW2,1842,276(4.0)1.0 (5.0)
     STELARA
     US6,3885,9387.6 7.6 — 
     Intl3,3353,1964.4 15.7 (11.3)
     WW9,7239,1346.5 10.4 (3.9)
     TREMFYA
     US1,844 1,503 22.7 22.7 — 
     Intl824 624 32.0 47.8 (15.8)
     WW2,668 2,127 25.4 30.1 (4.7)
     OTHER IMMUNOLOGY
     US17 21 (18.4)(18.4)— 
     Intl03 ***
     WW17 24 (28.2)(28.2)0.0
INFECTIOUS DISEASES
US1,6802,249(25.3)(25.3)— 
Intl3,7693,5765.4 17.3 (11.9)
WW5,4495,825(6.5)0.8 (7.3)
     COVID-19 VACCINE
     US120634(81.1)(81.1)— 
     Intl2,0591,75117.632.1(14.5)
     WW2,1792,385(8.6)2.0(10.6)
     EDURANT / rilpivirine
     US36 41 (10.8)(10.8)— 
     Intl972 953 2.0 12.7 (10.7)
     WW1,008 994 1.5 11.8 (10.3)
     PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
     US1,4941,508(1.0)(1.0)— 
     Intl449575(21.9)(13.4)(8.5)
     WW1,9432,083(6.7)(4.4)(2.3)
     OTHER INFECTIOUS DISEASES
     US3066(55.5)(55.5)— 
     Intl289297(2.6)3.6 (6.2)
     WW318363(12.3)(7.2)(5.1)
See footnotes at end of schedule


Johnson & Johnson
Segment Sales
(Dollars in Millions)
TWELVE MONTHS
% Change
20222021Reported
Operational (1)
Currency
PHARMACEUTICAL SEGMENT (2) (3) (Continued)
NEUROSCIENCE
US$3,5703,3476.7 %6.7 %— %
Intl3,3233,641(8.7)0.4 (9.1)
WW6,8936,988(1.4)3.4 (4.8)
     CONCERTA / methylphenidate
     US151172(12.5)(12.5)—
     Intl493495(0.4)9.9(10.3)
     WW644667(3.5)4.1(7.6)
     INVEGA SUSTENNA / XEPLION / INVEGA
     TRINZA / TREVICTA
     US2,7142,5506.5 6.5 —
     Intl1,4261,472 (3.1)7.8 (10.9)
     WW4,1404,0223.0 6.9 (3.9)
     RISPERDAL CONSTA
     US257287(10.4)(10.4)—
     Intl228305(25.3)(15.5)(9.8)
     WW485592(18.1)(13.0)(5.1)
     OTHER NEUROSCIENCE
     US44733832.432.4—
     Intl1,1761,368(14.1)(7.5)(6.6)
     WW1,6231,706(4.9)0.4(5.3)
ONCOLOGY
US6,9305,95816.316.3—
Intl9,052 8,590 5.417.3(11.9)
WW15,98314,5489.916.9(7.0)
     DARZALEX
     US4,210 3,169 32.832.8—
     Intl3,767 2,854 32.047.0(15.0)
     WW7,977 6,023 32.439.5(7.1)
     ERLEADA
     US968 813 19.219.2—
     Intl913 478 ***
     WW1,881 1,291 45.753.0(7.3)
     IMBRUVICA
     US1,390 1,747 (20.4)(20.4)—
     Intl2,394 2,622 (8.7)1.0(9.7)
     WW3,784 4,369 (13.4)(7.6)(5.8)
     ZYTIGA / abiraterone acetate
     US74 119 (37.8)(37.8)—
     Intl1,6962,178(22.1)(12.3)(9.8)
     WW1,7702,297(22.9)(13.6)(9.3)
     OTHER ONCOLOGY
     US289 110 **—
     Intl283458(38.3)(31.6)(6.7)
     WW5715680.66.0(5.4)
See footnotes at end of schedule






Johnson & Johnson
Segment Sales
(Dollars in Millions)
TWELVE MONTHS
% Change
20222021Reported
Operational (1)
Currency
PHARMACEUTICAL SEGMENT (2) (3) (Continued)
PULMONARY HYPERTENSION
US$2,346 2,365 (0.8)%(0.8)%— %
Intl1,071 1,085 (1.3)11.2 (12.5)
WW3,417 3,450 (1.0)3.0 (4.0)
     OPSUMIT
     US1,132 1,147 (1.3)(1.3)— 
     Intl651 672 (3.2)9.3 (12.5)
     WW1,783 1,819 (2.0)2.6 (4.6)
     UPTRAVI
     US1,104 1,056 4.5 4.5 — 
     Intl218 181 20.4 32.4 (12.0)
     WW1,322 1,237 6.9 8.6 (1.7)
     OTHER PULMONARY HYPERTENSION
     US110 163 (32.3)(32.3)— 
     Intl202 232 (12.8)0.3 (13.1)
     WW313 395 (20.8)(13.1)(7.7)
CARDIOVASCULAR / METABOLISM / OTHER
US3,0423,192(4.7)(4.7)— 
Intl845927(8.9)(1.7)(7.2)
WW3,8874,119(5.6)(4.0)(1.6)
     XARELTO
US2,473 2,438 1.4 1.4 — 
Intl— — — — — 
WW2,473 2,438 1.4 1.4 — 
     INVOKANA / INVOKAMET
US193 308 (37.4)(37.4)— 
Intl255 254 0.1 7.3 (7.2)
WW448 563 (20.4)(17.2)(3.2)
     OTHER
US376 446 (15.5)(15.5)— 
Intl590 673 (12.3)(5.1)(7.2)
WW966 1,119 (13.6)(9.3)(4.3)
TOTAL PHARMACEUTICAL
US28,60427,9542.3 2.3 — 
Intl23,95923,7261.0 11.9 (10.9)
WW$52,56351,6801.7 %6.7 %(5.0)%
See footnotes at end of schedule


Johnson & Johnson
Segment Sales
(Dollars in Millions)
TWELVE MONTHS
% Change
20222021Reported
Operational (1)
Currency
MEDTECH SEGMENT (2) (3) (5)
INTERVENTIONAL SOLUTIONS
US$2,169 1,836 18.2 %18.2 %— %
Intl2,1312,135(0.2)9.9 (10.1)
WW4,3003,9718.3 13.7 (5.4)
ORTHOPAEDICS
US5,321 5,126 3.8 3.8 — 
Intl3,267 3,462 (5.6)3.4 (9.0)
WW8,587 8,588 0.03.7 (3.7)
     HIPS
     US943 878 7.3 7.3 — 
     Intl571 602 (5.1)3.6 (8.7)
     WW1,514 1,480 2.3 5.8 (3.5)
     KNEES
     US851 787 8.2 8.2 — 
     Intl508 538 (5.7)3.1 (8.8)
     WW1,359 1,325 2.6 6.1 (3.5)
     TRAUMA
     US1,882 1,819 3.5 3.5 — 
     Intl989 1,066 (7.2)2.6 (9.8)
     WW2,871 2,885 (0.5)3.1 (3.6)
     SPINE, SPORTS & OTHER
     US1,645 1,642 0.2 0.2 — 
     Intl1,198 1,256 (4.6)4.3 (8.9)
     WW2,843 2,898 (1.9)1.9 (3.8)
See footnotes at end of schedule


Johnson & Johnson
Segment Sales
(Dollars in Millions)
TWELVE MONTHS
% Change
20222021Reported
Operational (1)
Currency
MEDTECH SEGMENT (2)(3)(5) (Continued)
SURGERY
US$3,897 3,867 0.8 %0.8 %— %
Intl5,793 5,945 (2.6)5.7 (8.3)
WW9,690 9,812 (1.2)3.8 (5.0)
     ADVANCED
US1,784 1,761 1.3 1.3 — 
Intl2,785 2,861 (2.6)5.3 (7.9)
WW4,569 4,622 (1.1)3.8 (4.9)
     GENERAL
US2,113 2,105 0.4 0.4 — 
Intl3,008 3,085 (2.5)6.2 (8.7)
WW5,121 5,190 (1.3)3.8 (5.1)
VISION
US1,990 1,857 7.2 7.2 — 
Intl2,859 2,831 1.0 11.1 (10.1)
WW4,849 4,688 3.4 9.5 (6.1)
     CONTACT LENSES / OTHER
US1,522 1,398 8.9 8.9 — 
Intl2,022 2,043 (1.0)10.1 (11.1)
WW3,543 3,440 3.0 9.6 (6.6)
     SURGICAL
US468 459 2.0 2.0 — 
Intl837 788 6.2 13.7 (7.5)
WW1,306 1,248 4.6 9.4 (4.8)
TOTAL MEDTECH
US13,377 12,686 5.4 5.4 — 
Intl14,050 14,374 (2.3)6.9 (9.2)
WW$27,427 27,060 1.4 %6.2 %(4.8)%
Note: Column 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)
FOURTH QUARTER
Percent Change
20222021TotalOperationsCurrency
Pharmaceutical
U.S.$7,375  7,418  (0.6)% (0.6) -
International 5,788  6,799  (14.9) (4.5) (10.4)
Worldwide 13,163  14,217  (7.4) (2.5) (4.9)
COVID-19 Vaccine
U.S. 0  213  *  *  -
International 689  1,405  (50.9) (45.0) (5.9)
Worldwide 689  1,619  (57.4) (52.2) (5.2)
Pharmaceutical excluding COVID-19 Vaccine
U.S. 7,375  7,205  2.4  2.4  -
International 5,099  5,394  (5.5) 6.0  (11.5)
Worldwide 12,474  12,599  (1.0) 3.9  (4.9)
Worldwide
U.S. 12,516  12,163  2.9  2.9  -
International 11,190  12,641  (11.5) (1.1) (10.4)
Worldwide 23,706  24,804  (4.4) 0.9  (5.3)
COVID-19 Vaccine
U.S. 0  213  *  *  -
International 689  1,405  (50.9) (45.0) (5.9)
Worldwide 689  1,619  (57.4) (52.2) (5.2)
Worldwide
U.S. 12,516  11,950  4.7  4.7  -
International 10,501  11,236  (6.5) 4.4  (10.9)
Worldwide excluding COVID-19 Vaccine$23,017  23,186  (0.7)% 4.6  (5.3)
Note: Columns and rows within tables may not add due to rounding
* Percentage greater than 100% or not meaningful












Supplemental Sales Reconciliation (Unaudited)
(Dollars in Millions)
TWELVE MONTHS
Percent Change
20222021TotalOperationsCurrency
Pharmaceutical
U.S.$28,604  27,954  2.3 % 2.3  -
International 23,959  23,726  1.0  11.9  (10.9)
Worldwide 52,563  51,680  1.7  6.7  (5.0)
COVID-19 Vaccine
U.S. 120  634  (81.1) (81.1) -
International 2,059  1,751  17.6  32.1  (14.5)
Worldwide 2,179  2,385  (8.6) 2.0  (10.6)
Pharmaceutical excluding COVID-19 Vaccine
U.S. 28,484  27,320  4.3  4.3  -
International 21,900  21,975  (0.3) 10.3  (10.6)
Worldwide 50,384  49,295  2.2  6.9  (4.7)
Worldwide
U.S. 48,580  47,156  3.0  3.0  -
International 46,363  46,619  (0.6) 9.1  (9.7)
Worldwide 94,943  93,775  1.3  6.1  (4.8)
COVID-19 Vaccine
U.S. 120  634  (81.1) (81.1) -
International 2,059  1,751  17.6  32.1  (14.5)
Worldwide 2,179  2,385  (8.6) 2.0  (10.6)
Worldwide
U.S. 48,460  46,522  4.2  4.2  -
International 44,304  44,868  (1.3) 8.2  (9.5)
Worldwide excluding COVID-19 Vaccine$92,764  91,390  1.5 % 6.2  (4.7)
Note: Columns and rows within tables may not add due to rounding
* Percentage greater than 100% or not meaningful