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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): 

October 18, 2022

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 October 18, 2022, Johnson & Johnson issued the attached press release announcing its sales and earnings for the third quarter ended October 2, 2022.

 

Item 9.01    Financial Statements and Exhibits

(d)     Exhibits. 

 

Exhibit No.			Description of Exhibit
99.1			Press Release dated October 18, 2022 for the period ended October 2, 2022
99.2			Unaudited Comparative Supplementary Sales Data and Condensed Consolidated Statement of Earnings for the third quarter
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:

October 18, 2022

By:

/s/ Robert J. Decker, Jr.

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

Exhibit 99.1

JOHNSON & JOHNSON REPORTS 2022 THIRD-QUARTER RESULTS:

•Reported sales growth of 1.9% to $23.8 Billion with operational growth of 8.1%* and adjusted operational growth of 8.2%*

•Earnings per share of (EPS) of $1.68 increasing 22.6% and adjusted EPS of $2.55 decreasing by 1.9%*

•Company is maintaining 2022 full-year guidance midpoints for adjusted operational sales and reported adjusted EPS; increasing adjusted operational EPS performance offsetting continued unfavorable currency impacts

New Brunswick, N.J. (October 18, 2022) – Johnson & Johnson (NYSE: JNJ) today announced results for third-quarter 2022. “Our third quarter performance demonstrates our continued strength and resilience across all three of our businesses,” said Joaquin Duato, Chief Executive Officer. “Through the ongoing efforts of our teams around the world, we continue to navigate the dynamic macroeconomic environment and remain focused on delivering transformative healthcare solutions. Looking ahead, I remain confident in our business and ability to continue advancing our innovative portfolio and pipeline.”

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

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

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

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THIRD QUARTER 2022 SEGMENT COMMENTARY:

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

Consumer Health

Consumer Health worldwide adjusted operational sales increased 4.8%*. Major contributors to growth include upper respiratory and analgesic products in the over-the-counter franchise, NEUTROGENA and AVEENO in Skin Health/Beauty and Women’s Health products outside the United States.

Pharmaceutical

Pharmaceutical worldwide adjusted operational sales grew 9.2%*, driven by DARZALEX (daratumumab), a biologic for the treatment of multiple myeloma, TREMFYA (guselkumab), a biologic for the treatment of adults living with moderate to severe plaque psoriasis, and for adults with active psoriatic arthritis, 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, and INVEGA SUSTENNA/XEPLION and INVEGA TRINZA/TREVICTA (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults. Also contributing to growth were sales of the Janssen COVID-19 Vaccine (Ad26.COV2.S) for the prevention of the SARS-CoV-2 virus. This growth was partially offset by declines in sales of REMICADE (infliximab), a biologic approved for the treatment of several immune-mediated inflammatory diseases and IMBRUVICA (ibrutinib), an oral, once daily therapy approved for use in treating certain B-cell malignancies, a type of blood or lymph node cancer.

MedTech

MedTech worldwide adjusted operational sales grew 8.1%*, driven primarily by electrophysiology products in Interventional Solutions, contact lenses in Vision, Trauma in Orthopaedics and wound closure products in General Surgery.

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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.

Regulatory Decisions			STELARA (ustekinumab) Approved by the U.S. Food and Drug Administration to Treat Pediatric Patients with Active Psoriatic Arthritis			(Press Release)
			European Commission Approves IMBRUVICA (ibrutinib) in a Fixed-Duration Combination Regimen for Adult Patients with Previously Untreated Chronic Lymphocytic Leukaemia (CLL)			(Press Release)
			Janssen Marks First Approval Worldwide for TECVAYLI (teclistamab) with EC Authorisation of First-in-Class Bispecific Antibody for the Treatment of Patients with Multiple Myeloma			(Press Release)
			U.S. FDA Approves IMBRUVICA (ibrutinib) as First and Only BTKi Treatment for Pediatric Patients with Chronic Graft-Versus-Host Disease			(Press Release)
Data Release			Janssen Announces New Data Supporting Safety and Efficacy of RYBREVANT and Lazertinib Combination for Patients with Non-Small Cell Lung Cancer and EGFR Mutations			(Press Release)
			Final Analysis of Phase 2 GRIFFIN Study Presented for DARZALEX (daratumumab)-based Investigational Quadruplet Regimen in Patients with Newly Diagnosed, Transplant-Eligible Multiple Myeloma			(Press Release)
			TREMFYA (guselkumab) Demonstrates Higher Rates of Complete Skin Clearance with Earlier Treatment in Adults with Moderate to Severe Plaque Psoriasis in Phase 3b GUIDE Study			(Press Release)
			Results of Novel Clinical Study of Guselkumab and Golimumab Combination Therapy Show Adults with Moderately to Severely Active Ulcerative Colitis Maintained Higher Rates of Clinical, Histologic, and Endoscopic Remission at Week 381			(Press Release)
			STELARA (ustekinumab) Demonstrated Sustained Symptomatic and Corticosteroid-Free Remission Through Four Years in Adults with Moderately to Severely Active Ulcerative Colitis1			(Press Release)
			Janssen Announces Late-Breaking Data from Two Gene Therapy Programs at the American Academy of Ophthalmology 2022 Annual Meeting			(Press Release)
Product Launches			Biosense Webster Launches the OCTARAY Mapping Catheter with TRUEref Technology			(Press Release)
			Johnson & Johnson Vision Introduces All Purpose EDOF, TECNIS Symfony OptiBlue IOL, the Latest PC-IOL Powered by InteliLight Technology			(Press Release)
			Johnson & Johnson Vision Launches New Contact Lens Innovation to Help Meet the Needs of Digitally Intense Lifestyles: ACUVUE OASYS MAX 1-Day			(Press Release)
			Biosense Webster Launches HELIOSTAR in Europe, the First Radiofrequency Balloon Ablation Catheter, Enabling Physicians to Perform More Efficient Cardiac Ablations1			(Press Release)
Other			Johnson & Johnson Announces $5 Billion Share Repurchase Program			(Press Release)
			Johnson & Johnson Appoints Larry Merlo as Non-Executive Chair Designate of Planned New Consumer Health Company			(Press Release)
			Johnson & Johnson Announces Kenvue as the Name for Planned New Consumer Health Company			(Press Release)

. 1 Subsequent to the quarter

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FULL-YEAR 2022 GUIDANCE:

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

			($ in Billions, except EPS)			October 2022			July 2022
			Adjusted Operational Sales1,2,5 Change vs. Prior Year			6.7% – 7.2%			6.5% – 7.5%
			Operational Sales2,5/ Mid-point2,5 Change vs. Prior Year / Mid-point			$97.5B – $98.0B / $97.8B 6.7% – 7.2% / 7.0%			$97.3B – $98.3B / $97.8B 6.5% – 7.5% / 7.0%
			Estimated Reported Sales3,5/ Mid-point3,5 Change vs. Prior Year / Mid-point			$93.0B – $93.5B / $93.3B 1.8% – 2.3% / 2.1%			$93.3B – $94.3B / $93.8B 2.1% – 3.1% / 2.6%
			Adjusted Operational EPS (Diluted)2,4/ Mid-point2,4 Change vs. Prior Year / Mid-point			$10.70 – $10.75 / $10.73 9.2% – 9.7% / 9.5%			$10.65 – $10.75 / $10.70 8.7% – 9.7% / 9.2%
			Adjusted EPS (Diluted)3,4 / Mid-point3,4 Change vs. Prior Year / Mid-point			$10.02 – $10.07 / $10.05 2.3% – 2.8% / 2.6%			$10.00 – $10.10 / $10.05 2.1% – 3.1% / 2.6%

     1 Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures

     2 Non-GAAP financial measure; excludes the impact of translational currency

     3 Calculated using Euro Average Rate: October 2022 = $1.04 and July 2022 = $1.05 (Illustrative purposes only)

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

5 Excludes COVID-19 Vaccine

     Note: percentages may have been rounded

Other modeling considerations will be provided on the webcast.

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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 Investors section of the Company's website at events-and-presentations.

ABOUT JOHNSON & JOHNSON:

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

NON-GAAP FINANCIAL MEASURES:

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

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

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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:
Jake Sargent						Jessica Moore			Sarah Wood
(732) 524-1090						(732) 524-2955			(732) 524-2617

Exhibit 99.2

Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)			THIRD QUARTER
															Percent Change
			2022						2021						Total						Operations						Currency
Sales to customers by
geographic area
U.S.			$	12,453					11,963						4.1			%			4.1						—
Europe			5,524						5,587						(1.1)						14.5						(15.6)
Western Hemisphere excluding U.S.			1,562						1,500						4.1						9.1						(5.0)
Asia-Pacific, Africa			4,252						4,288						(0.9)						10.5						(11.4)
International			11,338						11,375						(0.3)						12.3						(12.6)
Worldwide			$	23,791					23,338						1.9			%			8.1						(6.2)
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)			NINE MONTHS
															Percent Change
			2022						2021						Total						Operations						Currency
Sales to customers by
geographic area
U.S.			$	36,064					34,993						3.1			%			3.1						—
Europe			17,633						16,669						5.8						18.2						(12.4)
Western Hemisphere excluding U.S.			4,580						4,291						6.7						9.6						(2.9)
Asia-Pacific, Africa			12,960						13,018						(0.4)						7.2						(7.6)
International			35,173						33,978						3.5						12.9						(9.4)
Worldwide			$	71,237					68,971						3.3			%			7.9						(4.6)
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)			THIRD QUARTER
															Percent Change
			2022						2021						Total						Operations						Currency
Sales to customers by
segment of business
Consumer Health (1)
U.S.			$	1,659					1,625						2.1			%			2.1						—
International			2,136						2,187						(2.3)						6.7						(9.0)
			3,795						3,812						(0.4)						4.7						(5.1)
Pharmaceutical (1)
U.S.			7,438						7,221						3.0						3.0						—
International			5,776						5,661						2.0						16.7						(14.7)
			13,214						12,882						2.6						9.0						(6.4)
Pharmaceutical excluding COVID-19 Vaccine (1,3)
U.S.			7,438						6,951						7.0						7.0						—
International			5,287						5,429						(2.6)						11.3						(13.9)
			12,725						12,380						2.8						8.9						(6.1)
MedTech (2)
U.S.			3,356						3,117						7.7						7.7						—
International			3,426						3,527						(2.9)						8.5						(11.4)
			6,782						6,644						2.1						8.1						(6.0)
U.S.			12,453						11,963						4.1						4.1						—
International			11,338						11,375						(0.3)						12.3						(12.6)
Worldwide			23,791						23,338						1.9						8.1						(6.2)
U.S.			12,453						11,693						6.5						6.5						—
International			10,849						11,143						(2.6)						9.5						(12.1)
Worldwide excluding COVID-19 Vaccine (3)			$	23,302					22,836						2.0			%			8.0						(6.0)
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

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Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)			NINE MONTHS
															Percent Change
			2022						2021						Total						Operations						Currency
Sales to customers by
segment of business
Consumer Health (1)
U.S.			$	4,903					4,987						(1.7)			%			(1.7)						—
International			6,283						6,320						(0.6)						6.0						(6.6)
			11,186						11,307						(1.1)						2.6						(3.7)
Pharmaceutical (1)
U.S.			21,229						20,536						3.4						3.4						—
International			18,171						16,927						7.3						18.5						(11.2)
			39,400						37,463						5.2						10.2						(5.0)
Pharmaceutical excluding COVID-19 Vaccine (1,3)
U.S.			21,109						20,115						4.9						4.9						—
International			16,801						16,582						1.3						11.7						(10.4)
			37,910						36,697						3.3						8.0						(4.7)
MedTech (2)
U.S.			9,932						9,470						4.9						4.9						—
International			10,719						10,731						(0.1)						8.2						(8.3)
			20,651						20,201						2.2						6.6						(4.4)
U.S.			36,064						34,993						3.1						3.1						—
International			35,173						33,978						3.5						12.9						(9.4)
Worldwide			71,237						68,971						3.3						7.9						(4.6)
U.S.			35,944						34,572						4.0						4.0						—
International			33,803						33,633						0.5						9.5						(9.0)
Worldwide excluding COVID-19 Vaccine (3)			$	69,747					68,205						2.3			%			6.7						(4.4)
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

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Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)			THIRD QUARTER
			2022												2021												Percent
									Percent												Percent						Increase
			Amount						to Sales						Amount						to Sales						(Decrease)
Sales to customers			$	23,791					100.0						$	23,338					100.0						1.9
Cost of products sold			7,807						32.8						7,250						31.1						7.7
Gross Profit			15,984						67.2						16,088						68.9						(0.6)
Selling, marketing and administrative expenses			6,089						25.6						6,000						25.7						1.5
Research and development expense			3,597						15.1						3,422						14.7						5.1
In-process research and development			—						—						900						3.9
Interest (income) expense, net			(99)						(0.4)						7						0.0
Other (income) expense, net			493						2.1						1,850						7.9
Restructuring			82						0.3						60						0.2
Earnings before provision for taxes on income			5,822						24.5						3,849						16.5						51.3
Provision for taxes on income			1,364						5.8						182						0.8						649.5
Net earnings			$	4,458					18.7						$	3,667					15.7						21.6
Net earnings per share (Diluted)			$	1.68											$	1.37											22.6
Average shares outstanding (Diluted)			2,661.3												2,674.9
Effective tax rate			23.4			%									4.7			%
Adjusted earnings before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income			$	8,073					33.9						$	8,058					34.5						0.2
Net earnings			$	6,779					28.5						$	6,968					29.9						(2.7)
Net earnings per share (Diluted)			$	2.55											$	2.60											(1.9)
Effective tax rate			16.0			%									13.5			%
(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)			NINE MONTHS
			2022												2021												Percent
									Percent												Percent						Increase
			Amount						to Sales						Amount						to Sales						(Decrease)
Sales to customers			$	71,237					100.0						$	68,971					100.0						3.3
Cost of products sold			23,324						32.7						21,900						31.8						6.5
Gross Profit			47,913						67.3						47,071						68.2						1.8
Selling, marketing and administrative expenses			18,253						25.7						17,505						25.4						4.3
Research and development expense			10,762						15.1						9,994						14.5						7.7
In-process research and development			610						0.9						900						1.3
Interest (income) expense, net			(137)						(0.2)						83						0.1
Other (income) expense, net			664						0.9						480						0.7
Restructuring			237						0.3						169						0.2
Earnings before provision for taxes on income			17,524						24.6						17,940						26.0						(2.3)
Provision for taxes on income			3,103						4.4						1,798						2.6						72.6
Net earnings			$	14,421					20.2						$	16,142					23.4						(10.7)
Net earnings per share (Diluted)			$	5.41											$	6.04											(10.4)
Average shares outstanding (Diluted)			2,667.5												2,674.6
Effective tax rate			17.7			%									10.0			%
Adjusted earnings before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income			$	24,462					34.3						$	24,125					35.0						1.4
Net earnings			$	20,820					29.2						$	20,517					29.7						1.5
Net earnings per share (Diluted)			$	7.81											$	7.67											1.8
Effective tax rate			14.9			%									15.0			%
(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
						Third Quarter
			(Dollars in Millions Except Per Share Data)			2022						2021
			Net Earnings, after tax- as reported			$4,458						$3,667
			Pre-tax Adjustments
			Intangible Asset Amortization expense			1,041						1,159
			Litigation related			219						2,077
			IPR&D			-						900
			Restructuring related			123						121
			Acquisition, integration and divestiture related			-						20
			(Gains)/losses on securities			164						(127)
			Medical Device Regulation 1			78						59
			COVID-19 Vaccine related costs 2			377						-
			Consumer Health separation costs			249						-
			Other			-						-
			Tax Adjustments
			Tax impact on special item adjustments 3			(379)						(849)
			Consumer Health separation tax related costs			361						-
			Tax legislation and other tax related			88						(59)
			Adjusted Net Earnings, after tax			$	6,779					$	6,968
			Average shares outstanding (Diluted)			2,661.3						2,674.9
			Adjusted net earnings per share (Diluted)			$	2.55					$	2.60
			Operational adjusted net earnings per share (Diluted)			$	2.75
			Notes:
1			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.
2			COVID-19 Vaccine related costs include remaining commitments and obligations, including external manufacturing network exit costs and required clinical trial expenses, associated with the Company's modification of its COVID-19 vaccine research program and manufacturing capacity to levels that meet all customer contractual requirements.
3			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 Measures
						Nine Months Ended
			(Dollars in Millions Except Per Share Data)			2022						2021
			Net Earnings, after tax- as reported			$14,421						$16,142
			Pre-tax Adjustments
			Intangible Asset Amortization expense			3,244						3,576
			Litigation related			604						2,054
			IPR&D			610						900
			Restructuring related			323						333
			Acquisition, integration and divestiture related 1			-						(504)
			(Gains)/losses on securities			684						(335)
			Medical Device Regulation 2			208						161
			COVID-19 Vaccine related costs 3			653						-
			Consumer Health separation costs			619						-
			Other			(7)						-
			Tax Adjustments
			Tax impact on special item adjustments 4			(1,085)						(1,097)
			Consumer Health separation tax related costs			459						-
			Tax legislation and other tax related			87						(713)
			Adjusted Net Earnings, after tax			$20,820						$20,517
			Average shares outstanding (Diluted)			2,667.5						2,674.6
			Adjusted net earnings per share (Diluted)			$	7.81					$	7.67
			Operational adjusted net earnings per share (Diluted)			$	8.25
			Notes:
1			Acquisition, integration and divestiture related for the nine months of 2021 primarily includes the gain on the divestiture of two Pharmaceutical brands outside of the U.S.
2			European Medical Device Regulation (MDR) costs represent one-time compliance costs for the Company’s previously registered products. MDR is a replacement of the existing European Medical Devices Directive regulatory framework, and manufacturers of currently marketed medical devices were required to comply with EU MDR beginning in May 2021. The Company considers the adoption of EU MDR to be a significant one-time regulatory change and is not indicative of on-going operations. The Company has excluded only external third-party regulatory and consulting costs from its MedTech operating segments' measures of profit and loss used for making operating decisions and assessing performance which is expected to be completed 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 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)
THIRD QUARTER 2022 ACTUAL vs. 2021 ACTUAL
Segments
						Consumer Health						Pharmaceutical						MedTech						Total
WW As Reported						(0.4)		%				2.6		%				2.1		%				1.9		%
U.S.						2.1		%				3.0		%				7.7		%				4.1		%
International						(2.3)		%				2.0		%				(2.9)		%				(0.3)		%
WW Currency						(5.1)						(6.4)						(6.0)						(6.2)
U.S.						—						—						—						—
International						(9.0)						(14.7)						(11.4)						(12.6)
WW Operational						4.7		%				9.0		%				8.1		%				8.1		%
U.S.						2.1		%				3.0		%				7.7		%				4.1		%
International						6.7		%				16.7		%				8.5		%				12.3		%
All Other Acquisitions and Divestitures						0.1						0.2						0.0						0.1
U.S.						0.2						0.2						(0.2)						0.1
International						0.0						0.1						0.2						0.1
WW Adjusted Operational						4.8		%				9.2		%				8.1		%				8.2		%
U.S.						2.3		%				3.2		%				7.5		%				4.2		%
International						6.7		%				16.8		%				8.7		%				12.4		%
Note: Percentages are based on actual, non-rounded figures and may not sum
(A) NON-GAAP FINANCIAL MEASURE “Adjusted operational sales growth" excludes acquisitions, divestitures and translational currency and is a non-GAAP financial measure. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and divestitures, and the impact they may have on the analysis of underlying business performance and trends, management believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to permit investors to more fully understand how management assesses the performance of the Company, including for internal evaluation of the performance of the Company's businesses and planning and forecasting for future periods. The use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company's results of operations without including all events during a period and may not provide a comparable view of the Company's performance to that of other companies in the health care industry.

---

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Adjusted Operational Sales Growth (A)
NINE MONTHS 2022 ACTUAL vs. 2021 ACTUAL
Segments
						Consumer Health						Pharmaceutical						MedTech						Total
WW As Reported						(1.1)		%				5.2		%				2.2		%				3.3		%
U.S.						(1.7)		%				3.4		%				4.9		%				3.1		%
International						(0.6)		%				7.3		%				(0.1)		%				3.5		%
WW Currency						(3.7)						(5.0)						(4.4)						(4.6)
U.S.						—						—						—						—
International						(6.6)						(11.2)						(8.3)						(9.4)
WW Operational						2.6		%				10.2		%				6.6		%				7.9		%
U.S.						(1.7)		%				3.4		%				4.9		%				3.1		%
International						6.0		%				18.5		%				8.2		%				12.9		%
All Other Acquisitions and Divestitures						0.5						0.1						0.1						0.2
U.S.						0.2						0.1						(0.2)						0.1
International						0.7						0.1						0.2						0.2
WW Adjusted Operational						3.1		%				10.3		%				6.7		%				8.1		%
U.S.						(1.5)		%				3.5		%				4.7		%				3.2		%
International						6.7		%				18.6		%				8.4		%				13.1		%
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
Segment Sales
(Dollars in Millions)
									THIRD QUARTER
																					% Change
									2022						2021						Reported			Operational (1)			Currency
CONSUMER HEALTH SEGMENT (2) (3)
OTC
US						$			695						686						1.4		%	1.4		%	—		%
Intl									825						798						3.4			12.2			(8.8)
WW									1,519						1,484						2.5			7.2			(4.7)
SKIN HEALTH / BEAUTY
US									591						569						3.7			3.7			—
Intl									535						555						(3.6)			6.2			(9.8)
WW									1,126						1,124						0.1			5.0			(4.9)
ORAL CARE
US									158						150						5.2			5.2			—
Intl									217						248						(12.4)			(4.3)			(8.1)
WW									375						398						(5.8)			(0.7)			(5.1)
BABY CARE
US									91						95						(4.0)			(4.0)			—
Intl									283						296						(4.5)			3.4			(7.9)
WW									375						391						(4.3)			1.6			(5.9)
WOMEN'S HEALTH
US									2						3						(22.0)			(22.0)			—
Intl									222						229						(2.7)			8.4			(11.1)
WW									225						232						(3.0)			7.9			(10.9)
WOUND CARE / OTHER
US									122						122						(0.2)			(0.2)			—
Intl									53						61						(11.4)			(7.1)			(4.3)
WW									176						182						(3.9)			(2.5)			(1.4)
TOTAL CONSUMER HEALTH
US									1,659						1,625						2.1			2.1			—
Intl									2,136						2,187						(2.3)			6.7			(9.0)
WW						$			3,795						3,812						(0.4)		%	4.7		%	(5.1)		%
See footnotes at end of schedule

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Johnson & Johnson
Segment Sales
(Dollars in Millions)
									THIRD QUARTER
																					% Change
									2022						2021						Reported			Operational (1)			Currency
PHARMACEUTICAL SEGMENT (2) (3)
IMMUNOLOGY
US						$			2,876						2,771						3.8		%	3.8		%	—		%
Intl									1,411						1,480						(4.7)			8.9			(13.6)
WW									4,287						4,250						0.9			5.6			(4.7)
REMICADE
US									350						480						(27.0)			(27.0)			—
US Exports (4)									39						47						(16.9)			(16.9)			—
Intl									169						234						(27.8)			(22.8)			(5.0)
WW									558						761						(26.6)			(25.1)			(1.5)
SIMPONI / SIMPONI ARIA
US									298						295						0.9			0.9			—
Intl									248						276						(10.4)			3.0			(13.4)
WW									545						571						(4.6)			1.9			(6.5)
STELARA
US									1,655						1,569						5.5			5.5			—
Intl									794						809						(1.9)			12.9			(14.8)
WW									2,449						2,378						3.0			8.0			(5.0)
TREMFYA
US									530						376						40.7			40.7			—
Intl									200						161						24.6			44.5			(19.9)
WW									729						537						35.9			41.9			(6.0)
OTHER IMMUNOLOGY
US									5						3						*			*			—
Intl									0						0						*			*			*
WW									5						3						*			*			*
INFECTIOUS DISEASES
US									390						679						(42.7)			(42.7)			—
Intl									905						698						29.7			49.1			(19.4)
WW									1,295						1,378						(6.0)			3.8			(9.8)
COVID-19 VACCINE
US									0						270						*			*			—
Intl									489						233						*			*			*
WW									489						502						(2.7)			13.1			(15.8)
EDURANT / rilpivirine
US									9						12						(27.1)			(27.1)			—
Intl									237						247						(4.2)			9.8			(14.0)
WW									245						259						(5.2)			8.2			(13.4)
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US									372						380						(2.2)			(2.2)			—
Intl									112						137						(17.9)			(6.3)			(11.6)
WW									485						517						(6.4)			(3.3)			(3.1)
OTHER INFECTIOUS DISEASES
US									10						18						(46.4)			(46.4)			—
Intl									68						82						(17.1)			(10.8)			(6.3)
WW									77						99						(22.4)			(17.2)			(5.2)
See footnotes at end of schedule

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Johnson & Johnson
Segment Sales
(Dollars in Millions)
									THIRD QUARTER
																					% Change
									2022						2021						Reported			Operational (1)			Currency
PHARMACEUTICAL SEGMENT (2) (3) (Continued)
NEUROSCIENCE
US						$			919						835						10.0%			10.0%			—%
Intl									763						845						(9.9)			1.8			(11.7)
WW									1,681						1,680						0.0			5.9			(5.9)
CONCERTA / methylphenidate
US									41						35						19.3			19.3			—
Intl									117						122						(4.4)			8.0			(12.4)
WW									158						157						0.8			10.5			(9.7)
INVEGA SUSTENNA / XEPLION / INVEGA
TRINZA / TREVICTA
US									684						648						5.3			5.3			—
Intl									348						355						(2.3)			12.2			(14.5)
WW									1,031						1,004						2.6			7.8			(5.2)
RISPERDAL CONSTA
US									67						71						(6.1)			(6.1)			—
Intl									52						69						(24.2)			(11.3)			(12.9)
WW									119						140						(14.9)			(8.6)			(6.3)
OTHER NEUROSCIENCE
US									127						81						57.2			57.2			—
Intl									246						298						(17.9)			(10.0)			(7.9)
WW									374						379						(1.9)			4.3			(6.2)
ONCOLOGY
US									1,812						1,525						18.8			18.8			—
Intl									2,252						2,140						5.2			20.9			(15.7)
WW									4,064						3,665						10.9			20.0			(9.1)
DARZALEX
US									1,097						841						30.3			30.3			—
Intl									955						739						29.3			48.2			(18.9)
WW									2,052						1,580						29.8			38.7			(8.9)
ERLEADA
US									254						214						19.1			19.1			—
Intl									235						130						*			*			*
WW									490						344						42.2			51.2			(9.0)
IMBRUVICA
US									353						413						(14.6)			(14.6)			—
Intl									559						654						(14.6)			(2.5)			(12.1)
WW									911						1,066						(14.6)			(7.2)			(7.4)
ZYTIGA / abiraterone acetate
US									16						25						(33.1)			(33.1)			—
Intl									440						523						(15.9)			(1.2)			(14.7)
WW									456						548						(16.7)			(2.6)			(14.1)
OTHER ONCOLOGY
US									92						32						*			*			—
Intl									64						94						(32.1)			(22.6)			(9.5)
WW									155						126						23.1			30.2			(7.1)
See footnotes at end of schedule

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Johnson & Johnson
Segment Sales
(Dollars in Millions)
									THIRD QUARTER
																					% Change
									2022						2021						Reported			Operational (1)			Currency
PHARMACEUTICAL SEGMENT (2) (3) (Continued)
PULMONARY HYPERTENSION
US						$			604						610						(1.1)		%	(1.1)		%	—		%
Intl									247						258						(3.8)			12.5			(16.3)
WW									852						868						(1.9)			3.0			(4.9)
OPSUMIT
US									289						299						(3.4)			(3.4)			—
Intl									152						159						(4.7)			11.6			(16.3)
WW									441						458						(3.9)			1.8			(5.7)
UPTRAVI
US									283						265						6.6			6.6			—
Intl									50						44						14.2			29.5			(15.3)
WW									333						309						7.7			9.9			(2.2)
OTHER PULMONARY HYPERTENSION
US									33						47						(29.5)			(29.5)			—
Intl									46						54						(15.7)			1.2			(16.9)
WW									78						101						(22.1)			(12.9)			(9.2)
CARDIOVASCULAR / METABOLISM / OTHER
US									837						800						4.5			4.5			—
Intl									198						241						(17.5)			(8.8)			(8.7)
WW									1,034						1,041						(0.6)			1.4			(2.0)
XARELTO
US									689						636						8.4			8.4			—
Intl									—						—						—			—			—
WW									689						636						8.4			8.4			—
INVOKANA / INVOKAMET
US									49						66						(25.8)			(25.8)			—
Intl									60						67						(11.0)			(2.5)			(8.5)
WW									109						133						(18.4)			(14.1)			(4.3)
OTHER
US									98						98						(0.1)			(0.1)			—
Intl									138						173						(20.0)			(11.3)			(8.7)
WW									236						271						(12.8)			(7.3)			(5.5)
TOTAL PHARMACEUTICAL
US									7,438						7,221						3.0			3.0			—
Intl									5,776						5,661						2.0			16.7			(14.7)
WW						$			13,214						12,882						2.6		%	9.0		%	(6.4)		%
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									THIRD QUARTER
																					% Change
									2022						2021						Reported			Operational (1)			Currency
MEDTECH SEGMENT (2) (3) (5)
INTERVENTIONAL SOLUTIONS
US						$			547						444						23.2		%	23.2		%	—		%
Intl									513						513						0.0			13.0			(13.0)
WW									1,060						957						10.8			17.7			(6.9)
ORTHOPAEDICS
US									1,309						1,249						4.8			4.8			—
Intl									785						843						(6.9)			4.6			(11.5)
WW									2,095						2,093						0.1			4.7			(4.6)
HIPS
US									228						209						9.1			9.1			—
Intl									124						146						(15.1)			(4.5)			(10.6)
WW									352						355						(0.9)			3.5			(4.4)
KNEES
US									203						184						9.8			9.8			—
Intl									115						131						(12.8)			(2.1)			(10.7)
WW									317						316						0.4			4.9			(4.5)
TRAUMA
US									473						455						3.8			3.8			—
Intl									244						260						(6.0)			6.5			(12.5)
WW									717						715						0.2			4.8			(4.6)
SPINE, SPORTS & OTHER
US									406						401						1.3			1.3			—
Intl									303						306						(1.1)			10.2			(11.3)
WW									708						706						0.3			5.2			(4.9)
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									THIRD QUARTER
																					% Change
									2022						2021						Reported			Operational (1)			Currency
MEDTECH SEGMENT (2) (3) (5) (Continued)
SURGERY
US						$			984						948						3.7			3.7			—		%
Intl									1,439						1,457						(1.2)			9.3			(10.5)
WW									2,422						2,405						0.7			7.1			(6.4)
ADVANCED
US									457						440						3.8			3.8			—
Intl									701						705						(0.4)			9.8			(10.2)
WW									1,158						1,144						1.2			7.5			(6.3)
GENERAL
US									527						508						3.6			3.6			—
Intl									737						752						(2.0)			8.8			(10.8)
WW									1,264						1,261						0.3			6.7			(6.4)
VISION
US									517						475						8.8			8.8			—
Intl									689						714						(3.5)			8.4			(11.9)
WW									1,206						1,189						1.4			8.6			(7.2)
CONTACT LENSES / OTHER
US									405						359						12.6			12.6			—
Intl									503						522						(3.6)			9.5			(13.1)
WW									908						882						3.0			10.8			(7.8)
SURGICAL
US									112						117						(3.2)			(3.2)			—
Intl									186						191						(3.3)			5.6			(8.9)
WW									298						308						(3.2)			2.3			(5.5)
TOTAL MEDTECH
US									3,356						3,117						7.7			7.7			—
Intl									3,426						3,527						(2.9)			8.5			(11.4)
WW						$			6,782						6,644						2.1		%	8.1		%	(6.0)		%
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									NINE MONTHS
																					% Change
									2022						2021						Reported			Operational (1)			Currency
CONSUMER HEALTH SEGMENT (2) (3)
OTC
US						$			2,028						1,960						3.5		%	3.5		%	—		%
Intl									2,434						2,223						9.5			16.3			(6.8)
WW									4,462						4,183						6.7			10.3			(3.6)
SKIN HEALTH / BEAUTY
US									1,764						1,862						(5.3)			(5.3)			—
Intl									1,500						1,595						(6.0)			1.5			(7.5)
WW									3,264						3,457						(5.6)			(2.2)			(3.4)
ORAL CARE
US									471						478						(1.5)			(1.5)			—
Intl									664						762						(12.8)			(7.2)			(5.6)
WW									1,135						1,240						(8.5)			(5.0)			(3.5)
BABY CARE
US									264						288						(8.2)			(8.2)			—
Intl									840						879						(4.4)			0.8			(5.2)
WW									1,105						1,167						(5.4)			(1.5)			(3.9)
WOMEN'S HEALTH
US									9						9						(2.8)			(2.8)			—
Intl									674						675						(0.1)			8.0			(8.1)
WW									684						684						(0.1)			7.8			(7.9)
WOUND CARE / OTHER
US									366						390						(6.0)			(6.0)			—
Intl									170						186						(8.2)			(5.4)			(2.8)
WW									537						575						(6.7)			(5.8)			(0.9)
TOTAL CONSUMER HEALTH
US									4,903						4,987						(1.7)			(1.7)			—
Intl									6,283						6,320						(0.6)			6.0			(6.6)
WW						$			11,186						11,307						(1.1)		%	2.6		%	(3.7)		%
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									NINE MONTHS
																					% Change
									2022						2021						Reported			Operational (1)			Currency
PHARMACEUTICAL SEGMENT (2) (3)
IMMUNOLOGY
US						$			8,230						7,932						3.8		%	3.8		%	—		%
Intl									4,587						4,464						2.8			12.9			(10.1)
WW									12,817						12,395						3.4			7.1			(3.7)
REMICADE
US									1,099						1,508						(27.1)			(27.1)			—
US Exports (4)									163						197						(17.2)			(17.2)			—
Intl									606						721						(16.0)			(11.9)			(4.1)
WW									1,868						2,426						(23.0)			(21.8)			(1.2)
SIMPONI / SIMPONI ARIA
US									886						840						5.4			5.4			—
Intl									797						877						(9.2)			0.4			(9.6)
WW									1,682						1,717						(2.0)			2.9			(4.9)
STELARA
US									4,766						4,396						8.4			8.4			—
Intl									2,571						2,404						6.9			18.2			(11.3)
WW									7,336						6,800						7.9			11.9			(4.0)
TREMFYA
US									1,303						975						33.6			33.6			—
Intl									613						459						33.7			49.0			(15.3)
WW									1,916						1,434						33.6			38.5			(4.9)
OTHER IMMUNOLOGY
US									14						15						(3.5)			(3.5)			—
Intl									0						3						*			*			*
WW									14						18						(19.3)			(19.3)			0.0
INFECTIOUS DISEASES
US									1,266						1,635						(22.6)			(22.6)			—
Intl									2,642						1,758						50.3			67.1			(16.8)
WW									3,908						3,394						15.2			23.9			(8.7)
COVID-19 VACCINE
US									120						421						(71.5)			(71.5)			—
Intl									1,370						346						*			*			*
WW									1,490						766						*			*			*
EDURANT / rilpivirine
US									27						31						(14.5)			(14.5)			—
Intl									691						733						(5.7)			4.8			(10.5)
WW									718						764						(6.1)			4.0			(10.1)
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US									1,096						1,128						(2.9)			(2.9)			—
Intl									354						440						(19.5)			(11.2)			(8.3)
WW									1,450						1,568						(7.5)			(5.2)			(2.3)
OTHER INFECTIOUS DISEASES
US									24						55						(57.2)			(57.2)			—
Intl									228						240						(5.0)			0.2			(5.2)
WW									251						295						(14.8)			(10.6)			(4.2)
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									NINE MONTHS
																					% Change
									2022						2021						Reported			Operational (1)			Currency
PHARMACEUTICAL SEGMENT (2) (3) (Continued)
NEUROSCIENCE
US						$			2,658						2,448						8.6		%	8.6		%	—		%
Intl									2,498						2,751						(9.2)			(0.6)			(8.6)
WW									5,156						5,199						(0.8)			3.7			(4.5)
CONCERTA / methylphenidate
US									114						117						(2.2)			(2.2)			—
Intl									362						372						(2.6)			6.5			(9.1)
WW									476						489						(2.5)			4.4			(6.9)
INVEGA SUSTENNA / XEPLION / INVEGA
TRINZA / TREVICTA
US									2,036						1,882						8.1			8.1			—
Intl									1,097						1,111						(1.3)			9.4			(10.7)
WW									3,132						2,994						4.6			8.6			(4.0)
RISPERDAL CONSTA
US									195						210						(7.1)			(7.1)			—
Intl									178						242						(26.3)			(17.0)			(9.3)
WW									373						452						(17.4)			(12.4)			(5.0)
OTHER NEUROSCIENCE
US									313						239						31.1			31.1			—
Intl									861						1,026						(16.2)			(10.2)			(6.0)
WW									1,174						1,265						(7.3)			(2.4)			(4.9)
ONCOLOGY
US									5,073						4,364						16.2			16.2			—
Intl									6,983						6,406						9.0			20.8			(11.8)
WW									12,056						10,770						11.9			19.0			(7.1)
DARZALEX
US									3,071						2,302						33.4			33.4			—
Intl									2,823						2,076						36.0			50.8			(14.8)
WW									5,894						4,378						34.6			41.6			(7.0)
ERLEADA
US									693						578						20.0			20.0			—
Intl									647						329						*			*			*
WW									1,340						907						47.7			54.9			(7.2)
IMBRUVICA
US									1,072						1,311						(18.3)			(18.3)			—
Intl									1,847						1,996						(7.5)			1.9			(9.4)
WW									2,918						3,307						(11.8)			(6.1)			(5.7)
ZYTIGA / abiraterone acetate
US									54						96						(43.4)			(43.4)			—
Intl									1,446						1,653						(12.5)			(1.9)			(10.6)
WW									1,500						1,749						(14.2)			(4.2)			(10.0)
OTHER ONCOLOGY
US									183						76						*			*			—
Intl									220						352						(37.5)			(31.2)			(6.3)
WW									403						428						(5.9)			(0.8)			(5.1)
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									NINE MONTHS
																					% Change
									2022						2021						Reported			Operational (1)			Currency
PHARMACEUTICAL SEGMENT (2) (3) (Continued)
PULMONARY HYPERTENSION
US						$			1,736						1,778						(2.4)		%	(2.4)		%	—		%
Intl									810						821						(1.3)			10.5			(11.8)
WW									2,547						2,599						(2.0)			1.7			(3.7)
OPSUMIT
US									827						861						(4.0)			(4.0)			—
Intl									495						510						(3.0)			8.7			(11.7)
WW									1,322						1,371						(3.6)			0.7			(4.3)
UPTRAVI
US									824						792						3.9			3.9			—
Intl									162						135						20.4			32.1			(11.7)
WW									986						927						6.3			8.0			(1.7)
OTHER PULMONARY HYPERTENSION
US									86						125						(31.3)			(31.3)			—
Intl									154						176						(13.0)			(1.0)			(12.0)
WW									239						301						(20.5)			(13.5)			(7.0)
CARDIOVASCULAR / METABOLISM / OTHER
US									2,266						2,379						(4.8)			(4.8)			—
Intl									651						727						(10.4)			(3.8)			(6.6)
WW									2,916						3,106						(6.1)			(4.5)			(1.6)
XARELTO
US									1,806						1,794						0.7			0.7			—
Intl									—						—						—			—			—
WW									1,806						1,794						0.7			0.7			—
INVOKANA / INVOKAMET
US									164						249						(34.1)			(34.1)			—
Intl									193						194						(0.6)			6.1			(6.7)
WW									357						443						(19.5)			(16.6)			(2.9)
OTHER
US									295						336						(12.2)			(12.2)			—
Intl									458						533						(14.0)			(7.3)			(6.7)
WW									753						869						(13.3)			(9.2)			(4.1)
TOTAL PHARMACEUTICAL
US									21,229						20,536						3.4			3.4			—
Intl									18,171						16,927						7.3			18.5			(11.2)
WW						$			39,400						37,463						5.2		%	10.2		%	(5.0)		%
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									NINE MONTHS
																					% Change
									2022						2021						Reported			Operational (1)			Currency
MEDTECH SEGMENT (2) (3) (5)
INTERVENTIONAL SOLUTIONS
US						$			1,566						1,353						15.7		%	15.7		%	—		%
Intl									1,636						1,599						2.3			11.1			(8.8)
WW									3,202						2,952						8.5			13.2			(4.7)
ORTHOPAEDICS
US									3,936						3,821						3.0			3.0			—
Intl									2,504						2,611						(4.1)			4.3			(8.4)
WW									6,440						6,433						0.1			3.5			(3.4)
HIPS
US									693						651						6.5			6.5			—
Intl									437						451						(3.3)			4.6			(7.9)
WW									1,129						1,102						2.5			5.7			(3.2)
KNEES
US									620						579						6.9			6.9			—
Intl									386						403						(4.4)			3.7			(8.1)
WW									1,005						983						2.3			5.6			(3.3)
TRAUMA
US									1,412						1,352						4.4			4.4			—
Intl									749						805						(7.0)			2.3			(9.3)
WW									2,161						2,157						0.2			3.6			(3.4)
SPINE, SPORTS & OTHER
US									1,211						1,239						(2.2)			(2.2)			—
Intl									933						952						(2.0)			6.1			(8.1)
WW									2,144						2,190						(2.1)			1.4			(3.5)
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									NINE MONTHS
																					% Change
									2022						2021						Reported			Operational (1)			Currency
MEDTECH SEGMENT (2)(3)(5) (Continued)
SURGERY
US						$			2,897						2,881						0.5		%	0.5		%	—		%
Intl									4,410						4,418						(0.2)			7.3			(7.5)
WW									7,306						7,299						0.1			4.6			(4.5)
ADVANCED
US									1,328						1,304						1.8			1.8			—
Intl									2,132						2,126						0.3			7.2			(6.9)
WW									3,460						3,430						0.9			5.2			(4.3)
GENERAL
US									1,569						1,577						(0.5)			(0.5)			—
Intl									2,277						2,292						(0.6)			7.3			(7.9)
WW									3,846						3,869						(0.6)			4.1			(4.7)
VISION
US									1,534						1,414						8.5			8.5			—
Intl									2,170						2,103						3.2			12.9			(9.7)
WW									3,704						3,517						5.3			11.1			(5.8)
CONTACT LENSES / OTHER
US									1,179						1,082						9.0			9.0			—
Intl									1,533						1,525						0.5			11.1			(10.6)
WW									2,712						2,607						4.0			10.2			(6.2)
SURGICAL
US									355						333						6.8			6.8			—
Intl									637						577						10.3			17.6			(7.3)
WW									992						910						9.0			13.6			(4.6)
TOTAL MEDTECH
US									9,932						9,470						4.9			4.9			—
Intl									10,719						10,731						(0.1)			8.2			(8.3)
WW						$			20,651						20,201						2.2		%	6.6		%	(4.4)		%
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)
									THIRD QUARTER
																					Percent Change
									2022						2021						Total						Operations						Currency
			Pharmaceutical
			U.S.						$	7,438					7,221						3.0			%			3.0						-
			International						5,776						5,661						2.0						16.7						(14.7)
			Worldwide						13,214						12,882						2.6						9.0						(6.4)
			COVID-19 Vaccine
			U.S.						0						270						*						*						-
			International						489						233						*						*						*
			Worldwide						489						502						(2.7)						13.1						(15.8)
			Pharmaceutical excluding COVID-19 Vaccine
			U.S.						7,438						6,951						7.0						7.0						-
			International						5,287						5,429						(2.6)						11.3						(13.9)
			Worldwide						12,725						12,380						2.8						8.9						(6.1)
			Worldwide
			U.S.						12,453						11,963						4.1						4.1						-
			International						11,338						11,375						(0.3)						12.3						(12.6)
			Worldwide						23,791						23,338						1.9						8.1						(6.2)
			COVID-19 Vaccine
			U.S.						0						270						*						*						-
			International						489						233						*						*						*
			Worldwide						489						502						(2.7)						13.1						(15.8)
			Worldwide
			U.S.						12,453						11,693						6.5						6.5						-
			International						10,849						11,143						(2.6)						9.5						(12.1)
			Worldwide excluding COVID-19 Vaccine						$	23,302					22,836						2.0			%			8.0						(6.0)
			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)
									NINE MONTHS
																					Percent Change
									2022						2021						Total						Operations						Currency
			Pharmaceutical
			U.S.						$	21,229					20,536						3.4			%			3.4						-
			International						18,171						16,927						7.3						18.5						(11.2)
			Worldwide						39,400						37,463						5.2						10.2						(5.0)
			COVID-19 Vaccine
			U.S.						120						421						(71.5)						(71.5)						-
			International						1,370						346						*						*						*
			Worldwide						1,490						766						*						*						*
			Pharmaceutical excluding COVID-19 Vaccine
			U.S.						21,109						20,115						4.9						4.9						-
			International						16,801						16,582						1.3						11.7						(10.4)
			Worldwide						37,910						36,697						3.3						8.0						(4.7)
			Worldwide
			U.S.						36,064						34,993						3.1						3.1						-
			International						35,173						33,978						3.5						12.9						(9.4)
			Worldwide						71,237						68,971						3.3						7.9						(4.6)
			COVID-19 Vaccine
			U.S.						120						421						(71.5)						(71.5)						-
			International						1,370						346						*						*						*
			Worldwide						1,490						766						*						*						*
			Worldwide
			U.S.						35,944						34,572						4.0						4.0						-
			International						33,803						33,633						0.5						9.5						(9.0)
			Worldwide excluding COVID-19 Vaccine						$	69,747					68,205						2.3			%			6.7						(4.4)
			Note: Columns and rows within tables may not add due to rounding
			* Percentage greater than 100% or not meaningful