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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 23, 2024

Johnson & Johnson

 (Exact name of registrant as specified in its charter)

  

New Jersey			1-3215			22-1024240
(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 class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, Par Value $1.00			JNJ			New York Stock Exchange
0.650% Notes Due May 2024			JNJ24C			New York Stock Exchange
5.50% Notes Due November 2024			JNJ24BP			New York Stock Exchange
1.150% Notes Due November 2028			JNJ28			New York Stock Exchange
1.650% Notes Due May 2035			JNJ35			New York Stock Exchange

 

 

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Item 2.02     Results of Operations and Financial Condition

On January 23, 2024, Johnson & Johnson issued the attached press release (Exhibit 99.1) announcing its sales and earnings for the fourth quarter and full year ended December 31, 2023.

 

Item 9.01    Financial Statements and Exhibits

(d)     Exhibits. 

 

Exhibit No.			Description of Exhibit
99.1			Press Release dated January 23, 2024 for the period ended December 31, 2023
99.2			Unaudited Comparative Supplementary Sales Data and Condensed Consolidated Statement of Earnings for the fiscal fourth quarter and full year
104			The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

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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 23, 2024

By:

/s/ Robert J. Decker, Jr.

Robert J. Decker, Jr. Controller (Principal Accounting Officer)

Exhibit 99.1

Media contact: Tesia Williams [email protected]						Investor contact: Jessica Moore [email protected]

Johnson & Johnson Reports Q4 and Full-Year 2023 Results

•2023 Fourth-Quarter reported sales growth of 7.3% to $21.4 Billion with operational growth of 7.2%* and adjusted operational growth of 5.7%*. Operational growth excluding COVID-19 Vaccine of 10.9%*

•2023 Fourth-Quarter Earnings per share (EPS) of $1.70 increasing 39.3% and adjusted EPS of $2.29 increasing by 11.7%*

•2023 Full-Year reported sales growth of 6.5% to $85.2 Billion with operational growth of 7.4%* and adjusted operational growth of 5.9%*. Operational growth excluding COVID-19 Vaccine of 9.0%*

•2023 Full-Year EPS of $5.20 decreasing 15.3% due to a special one-time charge in the First-Quarter, and adjusted EPS of $9.92 increasing by 11.1%*

•Company re-confirms guidance for 2024 with operational sales5 growth of 5.0% - 6.0%* and adjusted operational EPS of $10.55 - $10.75, reflecting growth of 7.4%* at the mid-point

New Brunswick, N.J. (January 23, 2024) – Johnson & Johnson (NYSE: JNJ) today announced results for fourth-quarter and full year 2023. “Johnson & Johnson’s full year 2023 results reflect the breadth and competitiveness of our business and our relentless focus on delivering for patients,” said Joaquin Duato, Chairman and Chief Executive Officer. “We have entered 2024 from a position of strength, and I am confident in our ability to lead the next wave of health innovation.”

Unless otherwise noted, the financial results and earnings guidance included below reflect the continuing operations of Johnson & Johnson.

Overall Financial Results

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

5 Excludes COVID-19 Vaccine

Note: values may have been rounded

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Regional Sales Results

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

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: The Innovative Medicine segment was previously referred to as the Pharmaceutical segment

Values may have been rounded

Full Year 2023 Segment Commentary:

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

Innovative Medicine

Innovative Medicine worldwide operational sales, excluding the COVID-19 Vaccine, grew 7.2%*. Growth was driven by DARZALEX (daratumumab), ERLEADA (apalutamide), TECVAYLI (teclistamab-cqyv) in Other Oncology, and CARVYKTI (ciltacabtagene autoleucel) in Oncology, STELARA (ustekinumab) and TREMFYA (guselkumab) in Immunology, and SPRAVATO (esketamine) in Neuroscience. Growth was partially offset by ZYTIGA (abiraterone acetate) and IMBRUVICA (ibrutinib) in Oncology, and REMICADE (infliximab) in Immunology. Including the COVID-19 Vaccine, Innovative Medicine worldwide operational sales grew 4.8%*.

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MedTech

MedTech worldwide operational sales grew 12.4%*, with the acquisition of Abiomed contributing 4.7%. MedTech worldwide adjusted operational sales grew 7.8%*, driven primarily by electrophysiology products in Interventional Solutions, contact lenses in Vision, wound closure products in General Surgery, and biosurgery in Advanced Surgery.

Notable New Announcements in the Quarter:

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

Regulatory			U.S. Food and Drug Administration Grants Full Approval for BALVERSA to Treat Locally Advanced or Metastatic Bladder Cancer with Select Genetic Alterations1			Press Release
			Biosense Webster Announces Regulatory Approval of VARIPULSE Pulsed Field Ablation (PFA) Platform in Japan1			Press Release
			Janssen Submits Marketing Authorisation Application to the European Medicines Agency Seeking Approval of Lazertinib, in combination with RYBREVANT (amivantamab), for the First-Line Treatment of Patients with EGFR-Mutated Non-Small Cell Lung Cancer			Press Release
			Johnson & Johnson Submits Supplemental Biologics License Application and New Drug Application to U.S. FDA Seeking Approval of RYBREVANT (amivantamab-vmjw) Plus Lazertinib for the Treatment of Patients with EGFR-Mutated Non-Small Cell Lung Cancer (NSCLC)			Press Release
			Johnson & Johnson’s Investigational TAR-200 Granted U.S. FDA Breakthrough Therapy Designation for the Treatment of High-Risk Non-Muscle-Invasive Bladder Cancer			Press Release
			Janssen Submits Application to the European Medicines Agency for RYBREVANT (amivantamab) in Combination with Chemotherapy for the Treatment of Adult Patients with Advanced EGFR-Mutated Non-Small Cell Lung Cancer After Failure of Prior Therapy			Press Release
			Janssen Submits Supplemental Biologics License Application to U.S. FDA Seeking Approval of RYBREVANT (amivantamab-vmjw) Plus Chemotherapy for the Treatment of Patients with EGFR-Mutated Non-Small Cell Lung Cancer Who Progressed on or after Osimertinib			Press Release
			MONARCH Platform for Bronchoscopy Receives Regulatory License for China			Press Release
Data Release			Johnson & Johnson highlights its preeminent leadership in hematology through differentiated blood cancer portfolio and pipeline with new clinical and real-world data at ASH			Press Release
			New Real-World Data Show TREMFYA (guselkumab) Was Associated With Clinically Meaningful Improvements in Patient-Reported Outcomes for Adults Living With Active Psoriatic Arthritis			Press Release
			Phase 2 Nipocalimab Data Establish Proof of Mechanism in Adults Living with Moderate to Severe Rheumatoid Arthritis, Supporting its Progression into a Combination Study			Press Release
			New Biosense Webster QDOT MICRO Catheter Data Demonstrate Very High-Power, Short-Duration Ablations Improved Quality of Life and Reduced Healthcare Utilization for AFib Patients			Press Release
			New Phase 3 TREMFYA (guselkumab) Results in Ulcerative Colitis Show a 77 Percent Overall Clinical Response Rate and Early Symptom Improvement			Press Release
			Janssen Aims to Define New Standards of Care in the Treatment of Solid Tumor Cancers with Transformative Data Planned for Presentation at ESMO			Press Release

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Product Launch			Ethicon Introduces ETHIZIA Hemostatic Sealing Patch, Clinically Proven to Stop Disruptive Bleeding			Press Release
Other			Johnson & Johnson to Acquire Ambrx, Advancing Next Generation Antibody Drug Conjugates to Transform the Treatment of Cancer1			Press Release
			Johnson & Johnson Announces Key Drivers for Long-Term Competitive Growth at Enterprise Business Review			Press Release
			Johnson & Johnson Names Eugene A. Woods, Chief Executive Officer of Advocate Health, to its Board of Directors			Press Release
			Johnson & Johnson MedTech Acquires Laminar, Inc.			Press Release
			Johnson & Johnson MedTech Provides Details and Timeline for General Surgery Robot			Press Release
			Johnson & Johnson Announces Departure of Ashley McEvoy, Tim Schmid Named Executive Vice President, Worldwide Chairman of MedTech			Press Release

1 Subsequent to the quarter

Full-Year 2024 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 2024			December 2023
Adjusted Operational Sales1,2,5 Change vs. Prior Year / Mid-point			5.0% – 6.0% / 5.5%
Operational Sales2,5/ Mid-point Change vs. Prior Year / Mid-point			$88.2B – $89.0B / $88.6B 5.0% – 6.0% / 5.5%			5.0% – 6.0% / 5.5%
Estimated Reported Sales3,5/ Mid-point Change vs. Prior Year / Mid-point			$87.8B – $88.6B / $88.2B 4.5% – 5.5% / 5.0%
Adjusted Operational EPS (Diluted)2,4/ Mid-point Change vs. Prior Year / Mid-point			$10.55 – $10.75 / $10.65 6.4% – 8.4% / 7.4%			$10.55 – $10.75 / $10.65 7.3% Mid-point
Adjusted EPS (Diluted)3,4 / Mid-point Change vs. Prior Year / Mid-point			$10.55 – $10.75 / $10.65 6.4% – 8.4% / 7.4%
Average Shares Outstanding (Diluted)6			~2,435 million

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 2024 = $1.09 and December 2023 = $1.09 (Illustrative purposes only)

4 Non-GAAP financial measure; excludes intangible amortization expense and special items

5 Excludes COVID-19 Vaccine

6 Full Year 2024 Projected Average Shares Outstanding (Diluted) reflects impact from the Kenvue exchange offer

Note: percentages may have been rounded

Other modeling considerations will be provided on the webcast.

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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 Investor Relations section of the company's website at events-and-presentations.

About Johnson & Johnson:

At Johnson & Johnson, we believe health is everything. Our strength in healthcare innovation empowers us to build a world where complex diseases are prevented, treated, and cured, where treatments are smarter and less invasive, and solutions are personal. Through our expertise in Innovative Medicine and MedTech, we are uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow, and profoundly impact health for humanity. Learn more at https://www.jnj.com/.

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 Investor Relations 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, an Innovative Medicine pipeline of selected compounds in late stage development and a copy of today’s earnings call presentation can also be found in the Investor Relations 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, and 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: 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, including restructuring 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 realize the anticipated benefits from the separation of the Company’s Consumer Health business; and the New Consumer Health Company’s ability to succeed as a standalone publicly traded company. 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 1, 2023, including in the sections captioned “Cautionary Note Regarding

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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.

Exhibit 99.2

Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)			FOURTH QUARTER
															Percent Change
			2023						2022						Total						Operations						Currency
Sales to customers by
geographic area
U.S.			$	12,009					10,820						11.0			%			11.0						—
Europe			4,962						5,124						(3.2)						(5.8)						2.6
Western Hemisphere excluding U.S.			1,166						1,024						14.0						18.1						(4.1)
Asia-Pacific, Africa			3,258						2,971						9.7						12.1						(2.4)
International			9,386						9,119						2.9						2.7						0.2
Worldwide			$	21,395					19,939						7.3			%			7.2						0.1
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

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Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)			TWELVE MONTHS
															Percent Change
			2023						2022						Total						Operations						Currency
Sales to customers by
geographic area
U.S.			$	46,444					41,981						10.6			%			10.6						—
Europe			20,410						20,664						(1.2)						(2.2)						1.0
Western Hemisphere excluding U.S.			4,549						4,108						10.7						15.8						(5.1)
Asia-Pacific, Africa			13,756						13,237						3.9						9.5						(5.6)
International			38,715						38,009						1.9						3.8						(1.9)
Worldwide			$	85,159					79,990						6.5			%			7.4						(0.9)
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

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Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)			FOURTH QUARTER
															Percent Change
			2023						2022						Total						Operations						Currency
Sales to customers by
segment of business
Innovative Medicine (1,2)
U.S.			$	8,079					7,375						9.5			%			9.5						—
International			5,643						5,788						(2.5)						(3.1)						0.6
			13,722						13,163						4.2						4.0						0.2
Innovative Medicine excluding COVID-19 Vaccine (1,2)
U.S.			8,079						7,375						9.5						9.5						—
International			5,599						5,099						9.8						9.4						0.4
			13,678						12,474						9.7						9.5						0.2
MedTech
U.S.			3,930						3,445						14.1						14.1						—
International			3,743						3,331						12.4						12.8						(0.4)
			7,673						6,776						13.3						13.4						(0.1)
U.S.			12,009						10,820						11.0						11.0						—
International			9,386						9,119						2.9						2.7						0.2
Worldwide			21,395						19,939						7.3						7.2						0.1
U.S.			12,009						10,820						11.0						11.0						—
International			9,342						8,430						10.8						10.7						0.1
Worldwide excluding COVID-19 Vaccine (1)			$	21,351					19,250						10.9			%			10.9						0.0
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(1) Refer to supplemental sales reconciliation schedule.
(2) Previously referred to as Pharmaceutical.

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Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)			TWELVE MONTHS
															Percent Change
			2023						2022						Total						Operations						Currency
Sales to customers by
segment of business
Innovative Medicine (1,2)
U.S.			$	31,169					28,604						9.0			%			9.0						—
International			23,590						23,959						(1.5)						(0.2)						(1.3)
			54,759						52,563						4.2						4.8						(0.6)
Innovative Medicine excluding COVID-19 Vaccine (1,2)
U.S.			31,169						28,484						9.4						9.4						—
International			22,473						21,900						2.6						4.3						(1.7)
			53,642						50,384						6.5						7.2						(0.7)
MedTech
U.S.			15,275						13,377						14.2						14.2						—
International			15,125						14,050						7.7						10.6						(2.9)
			30,400						27,427						10.8						12.4						(1.6)
U.S.			46,444						41,981						10.6						10.6						—
International			38,715						38,009						1.9						3.8						(1.9)
Worldwide			85,159						79,990						6.5						7.4						(0.9)
U.S.			46,444						41,861						10.9						10.9						—
International			37,598						35,950						4.6						6.7						(2.1)
Worldwide excluding COVID-19 Vaccine (1)			$	84,042					77,811						8.0			%			9.0						(1.0)
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(1) Refer to supplemental sales reconciliation schedule.
(2) Previously referred to as Pharmaceutical.

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Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)			FOURTH QUARTER
			2023												2022												Percent
									Percent												Percent						Increase
			Amount						to Sales						Amount						to Sales						(Decrease)
Sales to customers			$	21,395					100.0						$	19,939					100.0						7.3
Cost of products sold			6,798						31.8						6,084						30.5						11.7
Gross Profit			14,597						68.2						13,855						69.5						5.4
Selling, marketing and administrative expenses			5,810						27.1						5,339						26.8						8.8
Research and development expense			4,480						20.9						3,710						18.6						20.8
In-process research and development impairments			58						0.3						173						0.8
Interest (income) expense, net			(212)						(1.0)						(77)						(0.4)
Other (income) expense, net			(421)						(2.0)						795						4.0
Restructuring			56						0.3						75						0.4
Earnings before provision for taxes on income			4,826						22.6						3,840						19.3						25.7
Provision for taxes on income			694						3.3						613						3.1						13.2
Net earnings from Continuing Operations			$	4,132					19.3						$	3,227					16.2						28.0
Net earnings/(loss) from Discontinued Operations, net of tax			(83)												293
Net earnings			$	4,049											$	3,520
Net earnings per share (Diluted) from Continuing Operations			$	1.70											$	1.22											39.3
Net earnings/(loss) per share (Basic/Diluted) from Discontinued Operations*			$	(0.03)											$	0.11
Average shares outstanding (Diluted)			2,430.7												2,650.1
Effective tax rate from Continuing Operations			14.4			%									16.0			%
Adjusted earnings from Continuing Operations before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income from Continuing Operations			$	6,237					29.2						$	6,482					32.5						(3.8)
Net earnings from Continuing Operations			$	5,562					26.0						$	5,432					27.2						2.4
Net earnings per share (Diluted) from Continuing Operations			$	2.29											$	2.05											11.7
Effective tax rate from Continuing Operations			10.8			%									16.2			%
* Basic shares of 2,407.2 are used to calculate loss per share in the fourth quarter of 2023 as use of diluted shares when in a loss position would be anti-dilutive.
(1) See Reconciliation of Non-GAAP Financial Measures.
(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings from continuing operations before provision for taxes on income," "adjusted net earnings from continuing operations," "adjusted net earnings per share (diluted) from continuing operations," and "adjusted effective tax rate from continuing operations" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings from continuing operations before provision for taxes on income, net earnings from continuing operations, net earnings per share (diluted) from continuing operations, and effective tax rate from continuing operations 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 from continuing operations before provision for taxes on income, net earnings from continuing operations, net earnings per share (diluted) from continuing operations, and effective tax rate from continuing operations prepared in accordance with GAAP, adjusted earnings from continuing operations before provision for taxes on income, adjusted net earnings from continuing operations, adjusted net earnings per share (diluted) from continuing operations, and adjusted effective tax rate from continuing operations 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.

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Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)			TWELVE MONTHS
			2023												2022												Percent
									Percent												Percent						Increase
			Amount						to Sales						Amount						to Sales						(Decrease)
Sales to customers			$	85,159					100.0						$	79,990					100.0						6.5
Cost of products sold			26,553						31.2						24,596						30.7						8.0
Gross Profit			58,606						68.8						55,394						69.3						5.8
Selling, marketing and administrative expenses			21,512						25.2						20,246						25.3						6.3
Research and development expense			15,085						17.7						14,135						17.7						6.7
In-process research and development impairments			313						0.4						783						1.0
Interest (income) expense, net			(489)						(0.6)						(214)						(0.3)
Other (income) expense, net			6,634						7.8						810						1.0
Restructuring			489						0.6						275						0.4
Earnings before provision for taxes on income			15,062						17.7						19,359						24.2						(22.2)
Provision for taxes on income			1,736						2.1						2,989						3.7						(41.9)
Net earnings from Continuing Operations			$	13,326					15.6						$	16,370					20.5						(18.6)
Net earnings from Discontinued Operations, net of tax			21,827												1,571
Net earnings			$	35,153											$	17,941
Net earnings per share (Diluted) from Continuing Operations			$	5.20											$	6.14											(15.3)
Net earnings per share (Diluted) from Discontinued Operations			$	8.52											$	0.59
Average shares outstanding (Diluted)			2,560.4												2,663.9
Effective tax rate from Continuing Operations			11.5			%									15.4			%
Adjusted earnings from Continuing Operations before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income from Continuing Operations			$	29,811					35.0						$	27,973					35.0						6.6
Net earnings from Continuing Operations			$	25,409					29.8						$	23,796					29.7						6.8
Net earnings per share (Diluted) from Continuing Operations			$	9.92											$	8.93											11.1
Effective tax rate from Continuing Operations			14.8			%									14.9			%
(1) See Reconciliation of Non-GAAP Financial Measures.
(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings from continuing operations before provision for taxes on income," "adjusted net earnings from continuing operations," "adjusted net earnings per share (diluted) from continuing operations," and "adjusted effective tax rate from continuing operations" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings from continuing operations before provision for taxes on income, net earnings from continuing operations, net earnings per share (diluted) from continuing operations, and effective tax rate from continuing operations 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 from continuing operations before provision for taxes on income, net earnings from continuing operations, net earnings per share (diluted) from continuing operations, and effective tax rate from continuing operations prepared in accordance with GAAP, adjusted earnings from continuing operations before provision for taxes on income, adjusted net earnings from continuing operations, adjusted net earnings per share (diluted) from continuing operations, and adjusted effective tax rate from continuing operations 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)			2023						2022
			Net Earnings from Continuing Operations, after tax- as reported			$	4,132					$	3,227
			Pre-tax Adjustments
			Litigation related			166						262
			Intangible Asset Amortization expense			1,148						977
			COVID-19 Vaccine related costs 1			10						821
			Restructuring related 2			139						119
			Medical Device Regulation 3			88						88
			Acquisition, integration and divestiture related			237						196
			(Gains)/losses on securities			(435)						6
			IPR&D impairments			58						173
			Tax Adjustments
			Tax impact on special item adjustments 4			75						(394)
			Tax legislation and other tax related			(56)						(43)
			Adjusted Net Earnings from Continuing Operations, after tax			$	5,562					$	5,432
			Average shares outstanding (Diluted)			2,430.7						2,650.1
			Adjusted net earnings per share from Continuing Operations (Diluted)			$	2.29					$	2.05
			Operational adjusted net earnings per share from Continuing Operations (Diluted)			$	2.28
			Notes:
1			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 completion of its COVID-19 vaccine contractual commitments.
2			In fiscal 2023, the company completed a prioritization of its research and development (R&D) investment within the Innovative Medicine segment to focus on the most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs within therapeutic areas. The R&D program exits are primarily in infectious diseases and vaccines including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, hepatitis and HIV development.  The restructuring expenses of $55 million in the quarter ($479 million Q4 YTD) include the termination of partnered and non-partnered program costs and asset impairments. In fiscal 2023, the company initiated a restructuring program of its Orthopaedics franchise within the MedTech segment to streamline operations by exiting certain markets, product lines and distribution network arrangements. The restructuring expenses of $84 million in the quarter ($319 million Q4 YTD) primarily includes inventory and instrument reserves related to the market and product exits.
3			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.
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)			2023						2022
			Net Earnings from Continuing Operations, after tax- as reported			$	13,326					$	16,370
			Pre-tax Adjustments
			Litigation related			7,152						866
			Intangible Asset Amortization expense			4,532						3,944
			COVID-19 Vaccine related costs 1			663						1,474
			Restructuring related 2			798						372
			Medical Device Regulation 3			311						296
			Acquisition, integration and divestiture related			339						196
			(Gains)/losses on securities			641						690
			IPR&D impairments			313						783
			Other			-						(7)
			Tax Adjustments
			Tax impact on special item adjustments 4			(2,694)						(1,294)
			Tax legislation and other tax related			28						106
			Adjusted Net Earnings from Continuing Operations, after tax			$	25,409					$	23,796
			Average shares outstanding (Diluted)			2,560.4						2,663.9
			Adjusted net earnings per share from Continuing Operations (Diluted)			$	9.92					$	8.93
			Operational adjusted net earnings per share from Continuing Operations (Diluted)			$	9.89
			Notes:
1			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 completion of its COVID-19 vaccine contractual commitments.
2			In fiscal 2023, the company completed a prioritization of its research and development (R&D) investment within the Innovative Medicine segment to focus on the most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs within therapeutic areas. The R&D program exits are primarily in infectious diseases and vaccines including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, hepatitis and HIV development.  The restructuring expenses of $55 million in the quarter ($479 million Q4 YTD) include the termination of partnered and non-partnered program costs and asset impairments. In fiscal 2023, the company initiated a restructuring program of its Orthopaedics franchise within the MedTech segment to streamline operations by exiting certain markets, product lines and distribution network arrangements. The restructuring expenses of $84 million in the quarter ($319 million Q4 YTD) primarily includes inventory and instrument reserves related to the market and product exits.
3			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.
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.

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Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Adjusted Operational Sales Growth (A)
FOURTH QUARTER 2023 ACTUAL vs. 2022 ACTUAL
Segments
						Innovative Medicine						MedTech						Total
WW As Reported						4.2		%				13.3		%				7.3		%
U.S.						9.5		%				14.1		%				11.0		%
International						(2.5)		%				12.4		%				2.9		%
WW Currency						0.2						(0.1)						0.1
U.S.						—						—						—
International						0.6						(0.4)						0.2
WW Operational						4.0		%				13.4		%				7.2		%
U.S.						9.5		%				14.1		%				11.0		%
International						(3.1)		%				12.8		%				2.7		%
Abiomed												(4.5)						(1.6)
U.S.												(7.2)						(2.3)
International												(1.9)						(0.7)
All Other Acquisitions and Divestitures						0.0						0.2						0.1
U.S.						0.0						0.3						0.1
International						0.1						0.1						0.1
WW Adjusted Operational						4.0		%				9.1		%				5.7		%
U.S.						9.5		%				7.2		%				8.8		%
International						(3.0)		%				11.0		%				2.1		%
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.

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Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Adjusted Operational Sales Growth (A)
TWELVE MONTHS 2023 ACTUAL vs. 2022 ACTUAL
Segments
						Innovative Medicine						MedTech						Total
WW As Reported						4.2		%				10.8		%				6.5		%
U.S.						9.0		%				14.2		%				10.6		%
International						(1.5)		%				7.7		%				1.9		%
WW Currency						(0.6)						(1.6)						(0.9)
U.S.						—						—						—
International						(1.3)						(2.9)						(1.9)
WW Operational						4.8		%				12.4		%				7.4		%
U.S.						9.0		%				14.2		%				10.6		%
International						(0.2)		%				10.6		%				3.8		%
Abiomed												(4.7)						(1.6)
U.S.												(7.7)						(2.5)
International												(1.7)						(0.6)
All Other Acquisitions and Divestitures						0.1						0.1						0.1
U.S.						0.0						0.1						0.1
International						0.2						0.1						0.2
WW Adjusted Operational						4.9		%				7.8		%				5.9		%
U.S.						9.0		%				6.6		%				8.2		%
International						0.0		%				9.0		%				3.4		%
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.

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Johnson & Johnson
Segment Sales
(Dollars in Millions)
									FOURTH QUARTER
																					% Change
									2023						2022						Reported			Operational (1)			Currency
INNOVATIVE MEDICINE SEGMENT (2,3,4)
IMMUNOLOGY
US						$			3,033						2,805						8.1		%	8.1		%	—		%
Intl									1,562						1,312						19.0			17.7			1.3
WW									4,595						4,118						11.6			11.2			0.4
REMICADE
US									294						318						(7.4)			(7.4)			—
US Exports (5)									35						41						(15.1)			(15.1)			—
Intl									100						116						(13.4)			(12.4)			(1.0)
WW									429						475						(9.6)			(9.4)			(0.2)
SIMPONI / SIMPONI ARIA
US									258						280						(7.8)			(7.8)			—
Intl									244						220						10.1			11.8			(1.7)
WW									502						501						0.1			0.8			(0.7)
STELARA
US									1,786						1,621						10.1			10.1			—
Intl									967						764						26.4			23.9			2.5
WW									2,753						2,386						15.3			14.5			0.8
TREMFYA
US									657						541						21.6			21.6			—
Intl									252						211						19.4			17.8			1.6
WW									910						752						21.0			20.5			0.5
OTHER IMMUNOLOGY
US									2						3						(22.8)			(22.8)			—
Intl									0						0						—			—			—
WW									2						3						(22.8)			(22.8)			—
INFECTIOUS DISEASES
US									353						414						(14.6)			(14.6)			—
Intl									498						1,127						(55.8)			(58.2)			2.4
WW									852						1,540						(44.7)			(46.5)			1.8
COVID-19 VACCINE
US									0						0						—			—			—
Intl									44						689						(93.7)			(95.2)			1.5
WW									44						689						(93.7)			(95.2)			1.5
EDURANT / rilpivirine
US									9						9						(12.4)			(12.4)			—
Intl									299						281						6.4			1.5			4.9
WW									307						290						5.8			1.0			4.8
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US									341						398						(14.4)			(14.4)			—
Intl									98						95						3.1			(0.8)			3.9
WW									439						493						(11.0)			(11.8)			0.8
OTHER INFECTIOUS DISEASES
US									4						6						(30.4)			(30.4)			—
Intl									58						61						(5.6)			(4.9)			(0.7)
WW									62						67						(7.8)			(7.1)			(0.7)
See footnotes at end of schedule

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Johnson & Johnson
Segment Sales
(Dollars in Millions)
									FOURTH QUARTER
																					% Change
									2023						2022						Reported			Operational (1)			Currency
INNOVATIVE MEDICINE SEGMENT (2,3,4)(Continued)
NEUROSCIENCE
US						$			1,022						912						12.1%			12.1%			—%
Intl									780						825						(5.5)			(2.0)			(3.5)
WW									1,801						1,737						3.7			5.4			(1.7)
CONCERTA / methylphenidate
US									39						37						5.7			5.7			—
Intl									142						131						7.9			9.2			(1.3)
WW									180						168						7.4			8.5			(1.1)
INVEGA SUSTENNA / XEPLION / INVEGA
TRINZA / TREVICTA
US									733						678						8.0			8.0			—
Intl									278						329						(15.5)			(15.7)			0.2
WW									1,011						1,008						0.3			0.3			0.0
SPRAVATO
US									180						105						72.3			72.3			—
Intl									26						14						87.1			83.4			3.7
WW									206						119						74.1			73.6			0.5
OTHER NEUROSCIENCE
US									71						91						(23.0)			(23.0)			—
Intl									334						351						(5.0)			3.2			(8.2)
WW									404						442						(8.7)			(2.3)			(6.4)
ONCOLOGY
US									2,285						1,857						23.0			23.0			—
Intl									2,334						2,069						12.8			12.0			0.8
WW									4,618						3,927						17.6			17.2			0.4
CARVYKTI
US									145						54						*			*			—
Intl									13						—						*			*			—
WW									159						54						*			*			*
DARZALEX
US									1,395						1,139						22.5			22.5			—
Intl									1,155						944						22.3			21.8			0.5
WW									2,550						2,083						22.4			22.2			0.2
ERLEADA
US									287						275						4.4			4.4			—
Intl									361						266						35.6			34.0			1.6
WW									647						541						19.8			19.0			0.8
IMBRUVICA
US									255						318						(19.8)			(19.8)			—
Intl									533						547						(2.6)			(3.8)			1.2
WW									788						866						(8.9)			(9.7)			0.8
ZYTIGA / abiraterone acetate
US									9						20						(52.0)			(52.0)			—
Intl									191						250						(23.6)			(23.2)			(0.4)
WW									201						270						(25.6)			(25.3)			(0.3)
OTHER ONCOLOGY
US									192						52						*			*			—
Intl									82						63						32.2			28.4			3.8
WW									274						114						*			*			*

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Johnson & Johnson
Segment Sales
(Dollars in Millions)
									FOURTH QUARTER
																					% Change
									2023						2022						Reported			Operational (1)			Currency
INNOVATIVE MEDICINE SEGMENT (2,3,4)(Continued)
PULMONARY HYPERTENSION
US						$			733						610						20.2		%	20.2		%	—		%
Intl									282						261						8.6			10.9			(2.3)
WW									1,017						870						16.7			17.4			(0.7)
OPSUMIT
US									368						305						20.5			20.5			—
Intl									169						156						7.9			8.3			(0.4)
WW									536						461						16.2			16.3			(0.1)
UPTRAVI
US									348						280						24.3			24.3			—
Intl									70						56						26.4			31.4			(5.0)
WW									419						336						24.6			25.4			(0.8)
OTHER PULMONARY HYPERTENSION
US									18						24						(29.4)			(29.4)			—
Intl									45						48						(9.7)			(3.9)			(5.8)
WW									61						73						(16.2)			(12.4)			(3.8)
CARDIOVASCULAR / METABOLISM / OTHER
US									652						776						(15.9)			(15.9)			—
Intl									185						194						(4.7)			(6.7)			2.0
WW									837						971						(13.7)			(14.1)			0.4
XARELTO
US									525						667						(21.2)			(21.2)			—
Intl									—						—						—			—			—
WW									525						667						(21.2)			(21.2)			—
OTHER
US									127						110						15.9			15.9			—
Intl									185						194						(4.7)			(6.7)			2.0
WW									312						304						2.8			1.5			1.3
TOTAL INNOVATIVE MEDICINE
US									8,079						7,375						9.5			9.5			—
Intl									5,643						5,788						(2.5)			(3.1)			0.6
WW						$			13,722						13,163						4.2		%	4.0		%	0.2		%

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Johnson & Johnson
Segment Sales
(Dollars in Millions)
									FOURTH QUARTER
																					% Change
									2023						2022						Reported			Operational (1)			Currency
MEDTECH SEGMENT (2,3)
INTERVENTIONAL SOLUTIONS
US						$			971						603						61.0			61.0			—
Intl									698						495						40.8			41.7			(0.9)
WW									1,669						1,098						51.9			52.3			(0.4)
ELECTROPHYSIOLOGY
US									667						547						22.0			22.0			—
Intl									572						447						28.0			29.0			(1.0)
WW									1,239						994						24.7			25.2			(0.5)
ABIOMED
US									276						31						*			*			—
Intl									64						—						*			*			—
WW									340						31						*			*			—
OTHER INTERVENTIONAL SOLUTIONS
US									28						25						8.8			8.8			—
Intl									61						48						26.5			27.1			(0.6)
WW									89						73						20.4			20.7			(0.3)
ORTHOPAEDICS
US									1,425						1,385						2.9			2.9			—
Intl									843						763						10.5			8.8			1.7
WW									2,268						2,148						5.6			5.0			0.6
HIPS
US									266						250						6.3			6.3			—
Intl									132						135						(2.0)			(3.9)			1.9
WW									398						385						3.4			2.7			0.7
KNEES
US									242						231						4.5			4.5			—
Intl									144						122						18.1			15.6			2.5
WW									387						354						9.2			8.4			0.8
TRAUMA
US									487						470						3.6			3.6			—
Intl									255						240						5.9			4.1			1.8
WW									741						710						4.4			3.8			0.6
SPINE, SPORTS & OTHER
US									430						434						(0.7)			(0.7)			—
Intl									311						265						17.5			16.5			1.0
WW									742						699						6.2			5.8			0.4
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									FOURTH QUARTER
																					% Change
									2023						2022						Reported			Operational (1)			Currency
MEDTECH SEGMENT (2,3)(Continued)
SURGERY
US						$			1,047						1,000						4.6		%	4.6		%	—		%
Intl									1,484						1,383						7.2			7.8			(0.6)
WW									2,530						2,384						6.1			6.4			(0.3)
ADVANCED
US									468						456						2.5			2.5			—
Intl									698						653						7.0			7.2			(0.2)
WW									1,167						1,109						5.1			5.2			(0.1)
GENERAL
US									579						544						6.4			6.4			—
Intl									785						731						7.4			8.3			(0.9)
WW									1,364						1,275						7.0			7.5			(0.5)
VISION
US									487						456						6.8			6.8			—
Intl									721						689						4.6			6.4			(1.8)
WW									1,208						1,145						5.5			6.6			(1.1)
CONTACT LENSES / OTHER
US									374						343						8.9			8.9			—
Intl									508						489						4.2			7.2			(3.0)
WW									882						831						6.1			7.9			(1.8)
SURGICAL
US									114						113						0.4			0.4			—
Intl									212						200						5.6			4.7			0.9
WW									326						314						3.7			3.1			0.6
TOTAL MEDTECH
US									3,930						3,445						14.1			14.1			—
Intl									3,743						3,331						12.4			12.8			(0.4)
WW						$			7,673						6,776						13.3		%	13.4		%	(0.1)		%
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									TWELVE MONTHS
																					% Change
									2023						2022						Reported			Operational (1)			Currency
INNOVATIVE MEDICINE SEGMENT (2,3,4)
IMMUNOLOGY
US						$			11,539						11,036						4.6		%	4.6		%	—		%
Intl									6,513						5,899						10.4			12.0			(1.6)
WW									18,052						16,935						6.6			7.1			(0.5)
REMICADE
US									1,143						1,417						(19.3)			(19.3)			—
US Exports (5)									147						204						(28.0)			(28.0)			—
Intl									549						722						(23.9)			(21.3)			(2.6)
WW									1,839						2,343						(21.5)			(20.7)			(0.8)
SIMPONI / SIMPONI ARIA
US									1,124						1,166						(3.6)			(3.6)			—
Intl									1,073						1,017						5.4			9.3			(3.9)
WW									2,197						2,184						0.6			2.4			(1.8)
STELARA
US									6,966						6,388						9.0			9.0			—
Intl									3,892						3,335						16.7			17.4			(0.7)
WW									10,858						9,723						11.7			11.9			(0.2)
TREMFYA
US									2,147						1,844						16.5			16.5			—
Intl									999						824						21.2			22.4			(1.2)
WW									3,147						2,668						17.9			18.3			(0.4)
OTHER IMMUNOLOGY
US									11						17						(33.8)			(33.8)			—
Intl									0						0						—			—			—
WW									11						17						(33.8)			(33.8)			—
INFECTIOUS DISEASES
US									1,500						1,680						(10.7)			(10.7)			—
Intl									2,918						3,769						(22.6)			(23.9)			1.3
WW									4,418						5,449						(18.9)			(19.8)			0.9
COVID-19 VACCINE
US									0						120						*			*			—
Intl									1,117						2,059						(45.8)			(47.2)			1.4
WW									1,117						2,179						(48.8)			(50.1)			1.3
EDURANT / rilpivirine
US									35						36						(3.7)			(3.7)			—
Intl									1,115						972						14.8			12.1			2.7
WW									1,150						1,008						14.1			11.5			2.6
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US									1,446						1,494						(3.2)			(3.2)			—
Intl									408						449						(9.2)			(10.4)			1.2
WW									1,854						1,943						(4.6)			(4.9)			0.3
OTHER INFECTIOUS DISEASES
US									19						30						(34.5)			(34.5)			—
Intl									278						289						(3.8)			(0.4)			(3.4)
WW									297						318						(6.7)			(3.6)			(3.1)
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									TWELVE MONTHS
																					% Change
									2023						2022						Reported			Operational (1)			Currency
INNOVATIVE MEDICINE SEGMENT (2,3,4)(Continued)
NEUROSCIENCE
US						$			4,065						3,570						13.9%			13.9%			—%
Intl									3,076						3,323						(7.5)			(3.7)			(3.8)
WW									7,140						6,893						3.6			5.4			(1.8)
CONCERTA / methylphenidate
US									230						151						52.5			52.5			—
Intl									554						493						12.2			16.4			(4.2)
WW									783						644						21.6			24.9			(3.3)
INVEGA SUSTENNA / XEPLION / INVEGA
TRINZA / TREVICTA
US									2,897						2,714						6.7			6.7			—
Intl									1,218						1,426						(14.6)			(12.8)			(1.8)
WW									4,115						4,140						(0.6)			0.0			(0.6)
SPRAVATO
US									589						328						79.7			79.7			—
Intl									100						46						*			*			*
WW									689						374						84.1			84.0			0.1
OTHER NEUROSCIENCE
US									349						376						(7.3)			(7.3)			—
Intl									1,204						1,358						(11.3)			(5.4)			(5.9)
WW									1,553						1,734						(10.4)			(5.9)			(4.5)
ONCOLOGY
US									8,462						6,930						22.1			22.1			—
Intl									9,199						9,052						1.6			2.9			(1.3)
WW									17,661						15,983						10.5			11.2			(0.7)
CARVYKTI
US									469						133						*			*			—
Intl									30						—						*			*			—
WW									500						133						*			*			*
DARZALEX
US									5,277						4,210						25.4			25.4			—
Intl									4,467						3,767						18.6			20.2			(1.6)
WW									9,744						7,977						22.2			22.9			(0.7)
ERLEADA
US									1,065						968						10.0			10.0			—
Intl									1,322						913						44.8			46.0			(1.2)
WW									2,387						1,881						26.9			27.5			(0.6)
IMBRUVICA
US									1,051						1,390						(24.4)			(24.4)			—
Intl									2,214						2,394						(7.5)			(6.7)			(0.8)
WW									3,264						3,784						(13.7)			(13.2)			(0.5)
ZYTIGA / abiraterone acetate
US									50						74						(32.1)			(32.1)			—
Intl									837						1,696						(50.7)			(49.1)			(1.6)
WW									887						1,770						(49.9)			(48.4)			(1.5)
OTHER ONCOLOGY
US									549						156						*			*			—
Intl									330						283						16.9			17.0			(0.1)
WW									879						438						*			*			*

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									TWELVE MONTHS
																					% Change
									2023						2022						Reported			Operational (1)			Currency
INNOVATIVE MEDICINE SEGMENT (2,3,4)(Continued)
PULMONARY HYPERTENSION
US						$			2,697						2,346						15.0		%	15.0		%	—		%
Intl									1,117						1,071						4.3			8.3			(4.0)
WW									3,815						3,417						11.6			12.9			(1.3)
OPSUMIT
US									1,292						1,132						14.1			14.1			—
Intl									681						651						4.6			7.2			(2.6)
WW									1,973						1,783						10.6			11.6			(1.0)
UPTRAVI
US									1,326						1,104						20.1			20.1			—
Intl									255						218						17.3			21.8			(4.5)
WW									1,582						1,322						19.7			20.4			(0.7)
OTHER PULMONARY HYPERTENSION
US									79						110						(28.6)			(28.6)			—
Intl									182						202						(10.3)			(2.9)			(7.4)
WW									260						313						(16.7)			(12.0)			(4.7)
CARDIOVASCULAR / METABOLISM / OTHER
US									2,906						3,042						(4.5)			(4.5)			—
Intl									765						845						(9.4)			(9.1)			(0.3)
WW									3,671						3,887						(5.5)			(5.5)			0.0
XARELTO
US									2,365						2,473						(4.4)			(4.4)			—
Intl									—						—						—			—			—
WW									2,365						2,473						(4.4)			(4.4)			—
OTHER
US									541						569						(5.0)			(5.0)			—
Intl									765						845						(9.4)			(9.1)			(0.3)
WW									1,306						1,414						(7.6)			(7.4)			(0.2)
TOTAL INNOVATIVE MEDICINE
US									31,169						28,604						9.0			9.0			—
Intl									23,590						23,959						(1.5)			(0.2)			(1.3)
WW						$			54,759						52,563						4.2		%	4.8		%	(0.6)		%

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									TWELVE MONTHS
																					% Change
									2023						2022						Reported			Operational (1)			Currency
MEDTECH SEGMENT (2,3)
INTERVENTIONAL SOLUTIONS
US						$			3,633						2,169						67.5		%	67.5		%	—		%
Intl									2,717						2,131						27.5			31.7			(4.2)
WW									6,350						4,300						47.7			49.8			(2.1)
ELECTROPHYSIOLOGY
US									2,458						2,036						20.7			20.7			—
Intl									2,230						1,901						17.3			21.5			(4.2)
WW									4,688						3,937						19.1			21.1			(2.0)
ABIOMED
US									1,066						31						*			*			—
Intl									240						—						*			*			—
WW									1,306						31						*			*			—
OTHER INTERVENTIONAL SOLUTIONS
US									109						102						6.7			6.7			—
Intl									247						230						7.3			11.4			(4.1)
WW									356						332						7.1			9.9			(2.8)
ORTHOPAEDICS
US									5,525						5,321						3.8			3.8			—
Intl									3,417						3,267						4.6			5.8			(1.2)
WW									8,942						8,587						4.1			4.6			(0.5)
HIPS
US									996						943						5.6			5.6			—
Intl									564						571						(1.2)			(0.1)			(1.1)
WW									1,560						1,514						3.0			3.5			(0.5)
KNEES
US									896						851						5.3			5.3			—
Intl									559						508						10.2			11.1			(0.9)
WW									1,456						1,359						7.1			7.5			(0.4)
TRAUMA
US									1,949						1,882						3.6			3.6			—
Intl									1,030						989						4.1			4.8			(0.7)
WW									2,979						2,871						3.8			4.0			(0.2)
SPINE, SPORTS & OTHER
US									1,684						1,645						2.4			2.4			—
Intl									1,263						1,198						5.4			7.3			(1.9)
WW									2,947						2,843						3.7			4.5			(0.8)
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									TWELVE MONTHS
																					% Change
									2023						2022						Reported			Operational (1)			Currency
MEDTECH SEGMENT (2,3)(Continued)
SURGERY
US						$			4,031						3,897						3.4		%	3.4		%	—		%
Intl									6,006						5,793						3.7			7.0			(3.3)
WW									10,037						9,690						3.6			5.5			(1.9)
ADVANCED
US									1,833						1,784						2.8			2.8			—
Intl									2,837						2,785						1.9			5.1			(3.2)
WW									4,671						4,569						2.2			4.2			(2.0)
GENERAL
US									2,198						2,113						4.0			4.0			—
Intl									3,168						3,008						5.3			8.7			(3.4)
WW									5,366						5,121						4.8			6.8			(2.0)
VISION
US									2,086						1,990						4.8			4.8			—
Intl									2,986						2,859						4.5			7.9			(3.4)
WW									5,072						4,849						4.6			6.6			(2.0)
CONTACT LENSES / OTHER
US									1,626						1,522						6.8			6.8			—
Intl									2,076						2,022						2.7			7.0			(4.3)
WW									3,702						3,543						4.5			6.9			(2.4)
SURGICAL
US									460						468						(1.8)			(1.8)			—
Intl									910						837						8.6			10.0			(1.4)
WW									1,370						1,306						4.9			5.8			(0.9)
TOTAL MEDTECH
US									15,275						13,377						14.2			14.2			—
Intl									15,125						14,050						7.7			10.6			(2.9)
WW						$			30,400						27,427						10.8		%	12.4		%	(1.6)		%
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) Previously referred to as Pharmaceutical
(5) Reported as U.S. sales

---

Supplemental Sales Reconciliation (Unaudited)
(Dollars in Millions)
									FOURTH QUARTER
																					% Change
									2023						2022						Total						Operations						Currency
			Innovative Medicine
			U.S.						$	8,079					7,375						9.5			%			9.5						-
			International						5,643						5,788						(2.5)						(3.1)						0.6
			Worldwide						13,722						13,163						4.2						4.0						0.2
			COVID-19 Vaccine
			U.S.						-						-						-						-						-
			International						44						689						(93.7)						(95.2)						1.5
			Worldwide						44						689						(93.7)						(95.2)						1.5
			Innovative Medicine excluding COVID-19 Vaccine
			U.S.						8,079						7,375						9.5						9.5						-
			International						5,599						5,099						9.8						9.4						0.4
			Worldwide						13,678						12,474						9.7						9.5						0.2
			Worldwide
			U.S.						12,009						10,820						11.0						11.0						-
			International						9,386						9,119						2.9						2.7						0.2
			Worldwide						21,395						19,939						7.3						7.2						0.1
			COVID-19 Vaccine
			U.S.						-						-						-						-						-
			International						44						689						(93.7)						(95.2)						1.5
			Worldwide						44						689						(93.7)						(95.2)						1.5
			Worldwide
			U.S.						12,009						10,820						11.0						11.0						-
			International						9,342						8,430						10.8						10.7						0.1
			Worldwide excluding COVID-19 Vaccine						$	21,351					19,250						10.9			%			10.9						-
			Note: Columns and rows within tables may not add due to rounding

---

Supplemental Sales Reconciliation (Unaudited)
(Dollars in Millions)
									TWELVE MONTHS
																					% Change
									2023						2022						Total						Operations						Currency
			Innovative Medicine
			U.S.						$	31,169					28,604						9.0			%			9.0						-
			International						23,590						23,959						(1.5)						(0.2)						(1.3)
			Worldwide						54,759						52,563						4.2						4.8						(0.6)
			COVID-19 Vaccine
			U.S.						-						120						*						*						-
			International						1,117						2,059						(45.8)						(47.2)						1.4
			Worldwide						1,117						2,179						(48.8)						(50.1)						1.3
			Innovative Medicine excluding COVID-19 Vaccine
			U.S.						31,169						28,484						9.4						9.4						-
			International						22,473						21,900						2.6						4.3						(1.7)
			Worldwide						53,642						50,384						6.5						7.2						(0.7)
			Worldwide
			U.S.						46,444						41,981						10.6						10.6						-
			International						38,715						38,009						1.9						3.8						(1.9)
			Worldwide						85,159						79,990						6.5						7.4						(0.9)
			COVID-19 Vaccine
			U.S.						-						120						*						*						-
			International						1,117						2,059						(45.8)						(47.2)						1.4
			Worldwide						1,117						2,179						(48.8)						(50.1)						1.3
			Worldwide
			U.S.						46,444						41,861						10.9						10.9						-
			International						37,598						35,950						4.6						6.7						(2.1)
			Worldwide excluding COVID-19 Vaccine						$	84,042					77,811						8.0			%			9.0						(1.0)
			Note: Columns and rows within tables may not add due to rounding
			* Percentage greater than 100% or not meaningful