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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 17, 2023

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 17, 2023, Johnson & Johnson issued the attached press release (Exhibit 99.1) announcing its sales and earnings for the third quarter ended October 1, 2023.

 

Item 9.01    Financial Statements and Exhibits

(d)     Exhibits. 

 

Exhibit No.			Description of Exhibit
99.1			Press Release dated October 17, 2023 for the period ended October 1, 2023
99.2			Unaudited Comparative Supplementary Sales Data and Condensed Consolidated Statement of Earnings for the fiscal third quarter and nine months
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 17, 2023

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 Q3 2023 RESULTS:

•2023 Third-Quarter reported sales growth of 6.8% to $21.4 Billion with operational growth of 6.4%* and adjusted operational growth of 4.9%*. Operational growth excluding COVID-19 Vaccine of 9.0%*

•Earnings per share (EPS) of $1.69 increasing 4.3% and adjusted EPS of $2.66 increasing by 19.3%*

•Company is increasing 2023 full-year guidance midpoints for sales5 and adjusted EPS

New Brunswick, N.J. (October 17, 2023) – Johnson & Johnson (NYSE: JNJ) today announced results for third-quarter 2023. “Johnson & Johnson delivered strong results and significant pipeline advances in the third quarter, providing a solid foundation for future sustained growth,” said Joaquin Duato, Chairman of the Board and Chief Executive Officer. “With a sharpened focus on Innovative Medicine and MedTech solutions, Johnson & Johnson is innovating across the spectrum of healthcare and is poised to deliver the medical breakthroughs of tomorrow.”

Unless otherwise noted, the financial results and earnings guidance included below reflect the continuing operations of Johnson & Johnson. The Company recognized a one-time, non-cash gain of approximately $21 billion in the quarter as part of discontinued operations related to the final separation of its Consumer Health business.

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

Third Quarter 2023 Segment Commentary:

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

Innovative Medicine

Innovative Medicine worldwide adjusted operational sales grew 4.4%*. Excluding the COVID-19 Vaccine, operational sales grew 8.2%*. Growth was driven by DARZALEX (daratumumab), ERLEADA (apalutamide), Other Oncology, and CARVYKTI (ciltacabtagene autoleucel) in Oncology, STELARA (ustekinumab), TREMFYA (guselkumab), and SIMPONI/SIMPONI ARIA (golimumab) in Immunology, SPRAVATO (esketamine) in Neuroscience, and UPTRAVI (selexipag) in Pulmonary Hypertension. Growth was partially offset by COVID-19 Vaccine (Ad26.COV2.S) in Infectious Diseases, ZYTIGA (abiraterone acetate) and IMBRUVICA (ibrutinib) in Oncology, and REMICADE (infliximab) in Immunology.

MedTech

MedTech worldwide adjusted operational sales grew 6.0%*, driven primarily by electrophysiology products in Interventional Solutions, wound closure products in General Surgery, contact lenses in Vision, and biosurgery in Advanced Surgery. MedTech worldwide operational sales grew 10.4%*, with the acquisition of Abiomed contributing 4.6%.

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

Regulatory			Biosense Webster Receives FDA Approval for Multiple Atrial Fibrillation Ablation Products to be Used in a Workflow Without Fluoroscopy			Press Release
			U.S. FDA Approves TALVEY (talquetamab-tgvs), a First-in-Class Bispecific Therapy for the Treatment of Patients with Heavily Pretreated Multiple Myeloma			Press Release
			European Commission Approves TALVEY (talquetamab), Janssen’s Novel Bispecific Therapy for the Treatment of Patients with Relapsed and Refractory Multiple Myeloma			Press Release
			European Commission Approves Reduced Dosing Frequency for Janssen’s Bispecific Antibody TECVAYLI (teclistamab)			Press Release
			Janssen Submits Application to the European Medicines Agency for RYBREVANT (amivantamab) in Combination with Chemotherapy for the First-Line Treatment of Adult Patients with Advanced Non-Small Cell Lung Cancer with Activating EGFR Exon 20 Insertion Mutations1			Press Release
			Janssen Submits Supplemental New Drug Application to the U.S. Food and Drug Administration Seeking Full Approval of BALVERSA (erdafitinib) for the Treatment of Patients with Locally Advanced or Metastatic Urothelial Carcinoma and Selected Fibroblast Growth Factor Receptor Gene Alterations			Press Release
			Janssen Submits Marketing Authorisation Application to the European Medicines Agency Seeking Approval of Erdafitinib for the Treatment of Patients with Locally Advanced or Metastatic Urothelial Cancer with Susceptible FGFR Alterations			Press Release
			U.S. FDA Approves AKEEGA (Niraparib and Abiraterone Acetate), the First-And-Only Dual Action Tablet for the Treatment of Patients with BRCA-Positive Metastatic Castration-Resistant Prostate Cancer			Press Release
Data Release			Janssen to Highlight Latest Research from Nipocalimab Clinical Development Program to Address Unmet Need in Myasthenia Gravis at AANEM 2023 Meeting1			Press Release
			Janssen Aims to Define New Standards of Care in the Treatment of Solid Tumor Cancers with Transformative Data Planned for Presentation at ESMO1			Press Release
			TREMFYA (guselkumab) Maintains Key Efficacy Endpoints Through Three Years for Adults with Moderately to Severely Active Crohn's Disease in a Phase 2 Study1			Press Release
			Janssen Highlights Latest Research for TREMFYA (guselkumab) and Investigational Targeted Oral Peptide JNJ-2113 in Moderate to Severe Plaque Psoriasis at the European Academy of Dermatology and Venereology (EADV) Congress1			Press Release
			Landmark Phase 3 MARIPOSA Study Meets Primary Endpoint Resulting in Statistically Significant and Clinically Meaningful Improvement in Progression-Free Survival for RYBREVANT (amivantamab-vmjw) plus Lazertinib Versus Osimertinib in Patients with EGFR-Mutated Non-Small Cell Lung Cancer			Press Release
			Phase 3 MARIPOSA-2 Study Meets Dual Primary Endpoint Resulting in Statistically Significant and Clinically Meaningful Improvement in Progression-Free Survival for RYBREVANT (amivantamab-vmjw) Plus Chemotherapy with and without Lazertinib versus Chemotherapy Alone in Patients with EGFR-Mutated Non-Small Cell Lung Cancer after Disease Progression on Osimertinib			Press Release
			Treatment with RYBREVANT (amivantamab-vmjw) and Lazertinib Plus Chemotherapy Showed Durable Progression-Free Survival in Patients with Previously Treated EGFR-Mutated Advanced Non-Small Cell Lung Cancer			Press Release
			Janssen to Highlight Latest Advances in Retina Portfolio at the European Society of Retina Specialists (EURETINA) 2023 Annual Meeting1			Press Release
Product Launch			Biosense Webster Launches the OPTRELL Mapping Catheter with TRUEref Technology for Mapping of Complex Cardiac Arrhythmias			Press Release
Other			Johnson & Johnson Announces Final Results of Exchange Offer and Finalizes Separation of Kenvue Inc.			Press Release
			Johnson & Johnson Announces Updated Financials and 2023 Guidance Following Completion of the Kenvue Separation			Press Release
			Johnson & Johnson Marks New Era as Global Healthcare Company with Updated Visual Identity			Press Release

1 Subsequent to the quarter

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Full-Year 2023 Guidance:

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

($ in Billions, except EPS)			October 2023			August 2023
Adjusted Operational Sales1,2,5 Change vs. Prior Year / Mid-point			7.2% – 7.7% / 7.5%			6.2% – 7.2% / 6.7%
Operational Sales2,5/ Mid-point Change vs. Prior Year / Mid-point			$84.4B – $84.8B / $84.6B 8.5% – 9.0% / 8.7%			$83.6B – $84.4B / $84.0B 7.5% – 8.5% / 8.0%
Estimated Reported Sales3,5/ Mid-point Change vs. Prior Year / Mid-point			$83.6B – $84.0B / $83.8B 7.5% – 8.0% / 7.7%			$83.2B – $84.0B / $83.6B 7.0% – 8.0% / 7.5%
Adjusted Operational EPS (Diluted)2,4/ Mid-point Change vs. Prior Year / Mid-point			$10.02 – $10.08 / $10.05 12.2% – 12.8% / 12.5%			$9.90 – $10.00 / $9.95 11.0% – 12.0% / 11.5%
Adjusted EPS (Diluted)3,4 / Mid-point Change vs. Prior Year / Mid-point			$10.07 – $10.13 / $10.10 12.7% – 13.3% / 13.0%			$10.00 – $10.10 / $10.05 12.0% – 13.0% / 12.5%
Average Shares Outstanding (Diluted)6			~2,557.2			~2,557.2

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 2023 = $1.08 and July 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 2023 Projected Average Shares Outstanding (Diluted) only reflects impact from the Kenvue exchange offer

Note: percentages may have been rounded

Other modeling considerations will be provided on the webcast.

Webcast Information:

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

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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 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)			THIRD QUARTER
															Percent Change
			2023						2022						Total						Operations						Currency
Sales to customers by
geographic area
U.S.			$	11,996					10,794						11.1			%			11.1						—
Europe			4,727						4,844						(2.4)						(7.8)						5.4
Western Hemisphere excluding U.S.			1,171						1,059						10.5						12.8						(2.3)
Asia-Pacific, Africa			3,457						3,299						4.8						9.4						(4.6)
International			9,355						9,202						1.6						0.7						0.9
Worldwide			$	21,351					19,996						6.8			%			6.4						0.4
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
			2023						2022						Total						Operations						Currency
Sales to customers by
geographic area
U.S.			$	34,435					31,161						10.5			%			10.5						—
Europe			15,448						15,540						(0.6)						(1.0)						0.4
Western Hemisphere excluding U.S.			3,383						3,084						9.7						15.0						(5.3)
Asia-Pacific, Africa			10,498						10,266						2.2						8.7						(6.5)
International			29,329						28,890						1.5						4.2						(2.7)
Worldwide			$	63,764					60,051						6.2			%			7.5						(1.3)
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
			2023						2022						Total						Operations						Currency
Sales to customers by
segment of business
Innovative Medicine (1,2)
U.S.			8,249						7,438						10.9						10.9						—
International			5,644						5,776						(2.3)						(4.3)						2.0
			13,893						13,214						5.1						4.3						0.8
Innovative Medicine excluding COVID-19 Vaccine (1,2)
U.S.			8,249						7,438						10.9						10.9						—
International			5,603						5,287						5.9						4.3						1.6
			13,852						12,725						8.9						8.2						0.7
MedTech
U.S.			3,747						3,356						11.6						11.6						—
International			3,711						3,426						8.3						9.2						(0.9)
			7,458						6,782						10.0						10.4						(0.4)
U.S.			11,996						10,794						11.1						11.1						—
International			9,355						9,202						1.6						0.7						0.9
Worldwide			21,351						19,996						6.8						6.4						0.4
U.S.			11,996						10,794						11.1						11.1						—
International			9,314						8,713						6.9						6.3						0.6
Worldwide excluding COVID-19 Vaccine (1)			$	21,310					19,507						9.2			%			9.0						0.2
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(1) Refer to supplemental sales reconciliation schedules.
(2) Previously referred to as Pharmaceutical

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Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)			NINE MONTHS
															Percent Change
			2023						2022						Total						Operations						Currency
Sales to customers by
segment of business
Innovative Medicine (1,2)
U.S.			23,090						21,229						8.8						8.8						—
International			17,947						18,171						(1.2)						0.8						(2.0)
			41,037						39,400						4.2						5.1						(0.9)
Innovative Medicine excluding COVID-19 Vaccine (1,2)
U.S.			23,090						21,109						9.4						9.4						—
International			16,874						16,801						0.4						2.7						(2.3)
			39,964						37,910						5.4						6.4						(1.0)
MedTech
U.S.			11,345						9,932						14.2						14.2						—
International			11,382						10,719						6.2						10.0						(3.8)
			22,727						20,651						10.0						12.0						(2.0)
U.S.			34,435						31,161						10.5						10.5						—
International			29,329						28,890						1.5						4.2						(2.7)
Worldwide			63,764						60,051						6.2						7.5						(1.3)
U.S.			34,435						31,041						10.9						10.9						—
International			28,256						27,520						2.7						5.5						(2.8)
Worldwide excluding COVID-19 Vaccine (1)			$	62,691					58,561						7.1			%			8.4						(1.3)
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(1) Refer to supplemental sales reconciliation schedules.
(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)			THIRD QUARTER
			2023												2022												Percent
									Percent												Percent						Increase
			Amount						to Sales						Amount						to Sales						(Decrease)
Sales to customers			$	21,351					100.0						$	19,996					100.0						6.8
Cost of products sold			6,606						30.9						6,172						30.9						7.0
Gross Profit			14,745						69.1						13,824						69.1						6.7
Selling, marketing and administrative expenses			5,400						25.3						4,975						24.9						8.5
Research and development expense			3,447						16.2						3,485						17.4						(1.1)
In-process research and development impairments			206						1.0						—						—
Interest (income) expense, net			(182)						(0.8)						(99)						(0.5)
Other (income) expense, net			499						2.3						226						1.1
Restructuring			158						0.7						65						0.3
Earnings before provision for taxes on income			5,217						24.4						5,172						25.9						0.9
Provision for taxes on income			908						4.2						862						4.3						5.3
Net earnings from Continuing Operations			$	4,309					20.2						$	4,310					21.6						0.0
Net earnings from Discontinued Operations, net of tax			21,719												148
Net earnings			$	26,028											$	4,458
Net earnings per share (Diluted) from Continuing Operations			$	1.69											$	1.62											4.3
Net earnings per share (Diluted) from Discontinued Operations			$	8.52											$	0.06
Average shares outstanding (Diluted)			2,549.7												2,661.3
Effective tax rate from Continuing Operations			17.4			%									16.7			%
Adjusted earnings from Continuing Operations before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income from Continuing Operations			$	8,033					37.6						$	7,060					35.3						13.8
Net earnings from Continuing Operations			$	6,777					31.7						$	5,938					29.7						14.1
Net earnings per share (Diluted) from Continuing Operations			$	2.66											$	2.23											19.3
Effective tax rate from Continuing Operations			15.6			%									15.9			%
(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.

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Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)			NINE MONTHS
			2023												2022												Percent
									Percent												Percent						Increase
			Amount						to Sales						Amount						to Sales						(Decrease)
Sales to customers			$	63,764					100.0						$	60,051					100.0						6.2
Cost of products sold			19,755						31.0						18,512						30.8						6.7
Gross Profit			44,009						69.0						41,539						69.2						5.9
Selling, marketing and administrative expenses			15,702						24.6						14,907						24.8						5.3
Research and development expense			10,605						16.6						10,425						17.4						1.7
In-process research and development impairments			255						0.4						610						1.0
Interest (income) expense, net			(277)						(0.4)						(137)						(0.2)
Other (income) expense, net			7,055						11.1						15						0.0
Restructuring			433						0.6						200						0.4
Earnings before provision for taxes on income			10,236						16.1						15,519						25.8						(34.0)
Provision for taxes on income			1,042						1.7						2,376						3.9						(56.1)
Net earnings from Continuing Operations			$	9,194					14.4						$	13,143					21.9						(30.0)
Net earnings from Discontinued Operations, net of tax			21,910												1,278
Net earnings			$	31,104											$	14,421
Net earnings per share (Diluted) from Continuing Operations			$	3.53											$	4.93											(28.4)
Net earnings per share (Diluted) from Discontinued Operations			$	8.42											$	0.48
Average shares outstanding (Diluted)			2,603.4												2,667.5
Effective tax rate from Continuing Operations			10.2			%									15.3			%
Adjusted earnings from Continuing Operations before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income from Continuing Operations			$	23,574					37.0						$	21,491					35.8						9.7
Net earnings from Continuing Operations			$	19,847					31.1						$	18,364					30.6						8.1
Net earnings per share (Diluted) from Continuing Operations			$	7.62											$	6.89											10.6
Effective tax rate from Continuing Operations			15.8			%									14.6			%
(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
Reconciliation of Non-GAAP Financial Measures
						Third Quarter
			(Dollars in Millions Except Per Share Data)			2023						2022
			Net Earnings from Continuing Operations, after tax- as reported			$	4,309					$	4,310
			Pre-tax Adjustments
			Litigation related			(51)						219
			Intangible Asset Amortization expense			1,132						958
			COVID-19 Vaccine related costs 1			44						377
			Restructuring related 2			384						92
			Medical Device Regulation 3			74						78
			Acquisition, integration and divestiture related			22						-
			(Gains)/losses on securities			1,005						164
			IPR&D impairments			206						-
			Tax Adjustments
			Tax impact on special item adjustments 4			(482)						(312)
			Tax legislation and other tax related			134						52
			Adjusted Net Earnings from Continuing Operations, after tax			$	6,777					$	5,938
			Average shares outstanding (Diluted)			2,549.7						2,661.3
			Adjusted net earnings per share (Diluted) from Continuing Operations			$	2.66					$	2.23
			Operational adjusted net earnings per share (Diluted) from Continuing Operations			$	2.54
			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 $149 million in the quarter ($424 million Q3 YTD) include the termination of partnered and non-partnered program costs and asset impairments. In the third quarter of 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 expense in the quarter of $235 million 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 Measures
						Nine Months Ended
			(Dollars in Millions Except Per Share Data)			2023						2022
			Net Earnings from Continuing Operations, after tax- as reported			$	9,194					$	13,143
			Pre-tax Adjustments
			Litigation related			6,986						604
			Intangible Asset Amortization expense			3,384						2,967
			COVID-19 Vaccine related costs 1			653						653
			Restructuring related 2			659						253
			Medical Device Regulation 3			223						208
			Acquisition, integration and divestiture related			102						-
			(Gains)/losses on securities			1,076						684
			IPR&D impairments			255						610
			Other			-						(7)
			Tax Adjustments
			Tax impact on special item adjustments 4			(2,769)						(900)
			Tax legislation and other tax related			84						149
			Adjusted Net Earnings from Continuing Operations, after tax			$	19,847					$	18,364
			Average shares outstanding (Diluted)			2,603.4						2,667.5
			Adjusted net earnings per share (Diluted) from Continuing Operations			$	7.62					$	6.89
			Operational adjusted net earnings per share (Diluted) from Continuing Operations			$	7.60
			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 $149 million in the quarter ($424 million Q3 YTD) include the termination of partnered and non-partnered program costs and asset impairments. In the third quarter of 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 expense in the quarter of $235 million 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)
THIRD QUARTER 2023 ACTUAL vs. 2022 ACTUAL
Segments
						Innovative Medicine						MedTech						Total
WW As Reported						5.1		%				10.0		%				6.8		%
U.S.						10.9		%				11.6		%				11.1		%
International						(2.3)		%				8.3		%				1.6		%
WW Currency						0.8						(0.4)						0.4
U.S.						—						—						—
International						2.0						(0.9)						0.9
WW Operational						4.3		%				10.4		%				6.4		%
U.S.						10.9		%				11.6		%				11.1		%
International						(4.3)		%				9.2		%				0.7		%
Abiomed												(4.6)						(1.6)
U.S.												(7.6)						(2.3)
International												(1.7)						(0.6)
All Other Acquisitions and Divestitures						0.1						0.2						0.1
U.S.						0.0						0.3						0.1
International						0.2						0.1						0.2
WW Adjusted Operational						4.4		%				6.0		%				4.9		%
U.S.						10.9		%				4.3		%				8.9		%
International						(4.1)		%				7.6		%				0.3		%
Note: Percentages are based on actual, non-rounded figures and may not sum
(A) NON-GAAP FINANCIAL MEASURE “Adjusted operational sales growth" excludes acquisitions, divestitures and translational currency and is a non-GAAP financial measure. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and divestitures, and the impact they may have on the analysis of underlying business performance and trends, management believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to permit investors to more fully understand how management assesses the performance of the Company, including for internal evaluation of the performance of the Company's businesses and planning and forecasting for future periods. The use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company's results of operations without including all events during a period and may not provide a comparable view of the Company's performance to that of other companies in the health care industry.

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Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Adjusted Operational Sales Growth (A)
NINE MONTHS 2023 ACTUAL vs. 2022 ACTUAL
Segments
						Innovative Medicine						MedTech						Total
WW As Reported						4.2		%				10.0		%				6.2		%
U.S.						8.8		%				14.2		%				10.5		%
International						(1.2)		%				6.2		%				1.5		%
WW Currency						(0.9)						(2.0)						(1.3)
U.S.						—						—						—
International						(2.0)						(3.8)						(2.7)
WW Operational						5.1		%				12.0		%				7.5		%
U.S.						8.8		%				14.2		%				10.5		%
International						0.8		%				10.0		%				4.2		%
Abiomed												(4.7)						(1.6)
U.S.												(7.9)						(2.5)
International												(1.6)						(0.6)
All Other Acquisitions and Divestitures						0.1						0.1						0.1
U.S.						0.0						0.1						0.0
International						0.2						0.0						0.1
WW Adjusted Operational						5.2		%				7.4		%				6.0		%
U.S.						8.8		%				6.4		%				8.0		%
International						1.0		%				8.4		%				3.7		%
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
									2023						2022						Reported			Operational (1)			Currency
INNOVATIVE MEDICINE SEGMENT (2,3,4)
IMMUNOLOGY
US						$			3,193						2,876						11.0		%	11.0		%	—		%
Intl									1,656						1,411						17.4			15.2			2.2
WW									4,849						4,287						13.1			12.4			0.7
REMICADE
US									296						350						(15.4)			(15.4)			—
US Exports (5)									38						39						(2.5)			(2.5)			—
Intl									127						169						(25.1)			(24.3)			(0.8)
WW									461						558						(17.4)			(17.1)			(0.3)
SIMPONI / SIMPONI ARIA
US									310						298						3.9			3.9			—
Intl									319						248						29.1			30.2			(1.1)
WW									629						545						15.3			15.8			(0.5)
STELARA
US									1,912						1,655						15.5			15.5			—
Intl									951						794						19.9			16.2			3.7
WW									2,864						2,449						16.9			15.8			1.1
TREMFYA
US									634						530						19.6			19.6			—
Intl									258						200						29.0			26.3			2.7
WW									891						729						22.2			21.5			0.7
OTHER IMMUNOLOGY
US									2						5						(47.1)			(47.1)			—
Intl									0						0						—			—			—
WW									2						5						(47.1)			(47.1)			—
INFECTIOUS DISEASES
US									360						390						(7.8)			(7.8)			—
Intl									500						905						(44.8)			(50.7)			5.9
WW									859						1,295						(33.6)			(37.8)			4.2
COVID-19 VACCINE
US									0						0						—			—			—
Intl									41						489						(91.5)			(97.8)			6.3
WW									41						489						(91.5)			(97.8)			6.3
EDURANT / rilpivirine
US									9						9						10.2			10.2			—
Intl									287						237						21.4			13.4			8.0
WW									297						245						21.0			13.3			7.7
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US									345						372						(7.3)			(7.3)			—
Intl									102						112						(9.5)			(15.0)			5.5
WW									447						485						(7.8)			(9.0)			1.2
OTHER INFECTIOUS DISEASES
US									5						10						(42.7)			(42.7)			—
Intl									69						68						2.0			5.5			(3.5)
WW									74						77						(3.6)			(0.5)			(3.1)
See footnotes at end of schedule

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Johnson & Johnson
Segment Sales
(Dollars in Millions)
									THIRD QUARTER
																					% Change
									2023						2022						Reported			Operational (1)			Currency
INNOVATIVE MEDICINE SEGMENT (2,3,4)(Continued)
NEUROSCIENCE
US						$			1,036						919						12.7%			12.7%			—%
Intl									706						763						(7.4)			(5.1)			(2.3)
WW									1,742						1,681						3.6			4.6			(1.0)
CONCERTA / methylphenidate
US									57						41						38.1			38.1			—
Intl									133						117						13.6			15.5			(1.9)
WW									189						158						20.0			21.4			(1.4)
INVEGA SUSTENNA / XEPLION / INVEGA
TRINZA / TREVICTA
US									730						684						6.8			6.8			—
Intl									299						348						(14.0)			(14.4)			0.4
WW									1,029						1,031						(0.2)			(0.3)			0.1
SPRAVATO
US									154						88						75.1			75.1			—
Intl									29						12						*			*			*
WW									183						100						82.1			81.0			1.1
OTHER NEUROSCIENCE
US									94						106						(11.3)			(11.3)			—
Intl									245						286						(13.9)			(7.8)			(6.1)
WW									340						393						(13.2)			(8.7)			(4.5)
ONCOLOGY
US									2,219						1,812						22.5			22.5			—
Intl									2,313						2,252						2.7			0.7			2.0
WW									4,533						4,064						11.5			10.4			1.1
CARVYKTI
US									140						55						*			*			—
Intl									12						—						*			*			—
WW									152						55						*			*			—
DARZALEX
US									1,369						1,097						24.8			24.8			—
Intl									1,130						955						18.3			16.0			2.3
WW									2,499						2,052						21.8			20.7			1.1
ERLEADA
US									288						254						12.9			12.9			—
Intl									342						235						45.8			42.3			3.5
WW									631						490						28.7			27.0			1.7
IMBRUVICA
US									264						353						(25.2)			(25.2)			—
Intl									545						559						(2.5)			(4.6)			2.1
WW									808						911						(11.3)			(12.6)			1.3
ZYTIGA / abiraterone acetate
US									16						16						(2.8)			(2.8)			—
Intl									199						440						(54.9)			(55.1)			0.2
WW									214						456						(53.0)			(53.2)			0.2
OTHER ONCOLOGY
US									143						37						*			*			—
Intl									86						64						34.5			30.4			4.1
WW									229						100						*			*			*
See footnotes at end of schedule

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Johnson & Johnson
Segment Sales
(Dollars in Millions)
									THIRD QUARTER
																					% Change
									2023						2022						Reported			Operational (1)			Currency
INNOVATIVE MEDICINE SEGMENT (2,3,4)(Continued)
PULMONARY HYPERTENSION
US						$			680						604						12.6		%	12.6		%	—		%
Intl									274						247						10.5			11.7			(1.2)
WW									954						852						12.0			12.4			(0.4)
OPSUMIT
US									323						289						12.2			12.2			—
Intl									166						152						9.3			8.6			0.7
WW									490						441						11.2			10.9			0.3
UPTRAVI
US									336						283						18.9			18.9			—
Intl									66						50						30.9			33.8			(2.9)
WW									402						333						20.7			21.1			(0.4)
OTHER PULMONARY HYPERTENSION
US									20						33						(37.1)			(37.1)			—
Intl									42						46						(7.5)			(2.1)			(5.4)
WW									63						78						(19.8)			(16.6)			(3.2)
CARDIOVASCULAR / METABOLISM / OTHER
US									763						837						(8.8)			(8.8)			—
Intl									194						198						(2.1)			(4.7)			2.6
WW									957						1,034						(7.5)			(8.0)			0.5
XARELTO
US									625						689						(9.4)			(9.4)			—
Intl									—						—						—			—			—
WW									625						689						(9.4)			(9.4)			—
OTHER
US									139						147						(6.1)			(6.1)			—
Intl									194						198						(2.1)			(4.7)			2.6
WW									332						345						(3.8)			(5.3)			1.5
TOTAL INNOVATIVE MEDICINE
US									8,249						7,438						10.9			10.9			—
Intl									5,644						5,776						(2.3)			(4.3)			2.0
WW						$			13,893						13,214						5.1		%	4.3		%	0.8		%
See footnotes at end of schedule

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Johnson & Johnson
Segment Sales
(Dollars in Millions)
									THIRD QUARTER
																					% Change
									2023						2022						Reported			Operational (1)			Currency
MEDTECH SEGMENT (2,3)
INTERVENTIONAL SOLUTIONS
US						$			891						547						63.0		%	63.0		%	—		%
Intl									667						513						29.9			32.2			(2.3)
WW									1,558						1,060						47.0			48.1			(1.1)
ELECTROPHYSIOLOGY
US									611						520						17.6			17.6			—
Intl									549						453						21.2			23.4			(2.2)
WW									1,161						973						19.3			20.3			(1.0)
ABIOMED
US									254						—						*			*			—
Intl									57						—						*			*			—
WW									311						—						*			*			—
OTHER INTERVENTIONAL SOLUTIONS
US									26						27						(3.2)			(3.2)			—
Intl									61						60						1.0			3.7			(2.7)
WW									87						87						(0.3)			1.6			(1.9)
ORTHOPAEDICS
US									1,349						1,309						3.1			3.1			—
Intl									815						785						3.9			1.7			2.2
WW									2,164						2,095						3.4			2.6			0.8
HIPS
US									239						228						4.9			4.9			—
Intl									136						124						9.3			7.3			2.0
WW									375						352						6.5			5.8			0.7
KNEES
US									207						203						2.3			2.3			—
Intl									131						115						14.6			11.7			2.9
WW									338						317						6.7			5.7			1.0
TRAUMA
US									488						473						3.2			3.2			—
Intl									253						244						4.2			0.8			3.4
WW									742						717						3.5			2.4			1.1
SPINE, SPORTS & OTHER
US									415						406						2.3			2.3			—
Intl									295						303						(2.6)			(3.6)			1.0
WW									710						708						0.2			(0.2)			0.4
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									THIRD QUARTER
																					% Change
									2023						2022						Reported			Operational (1)			Currency
MEDTECH SEGMENT (2,3)(Continued)
SURGERY
US						$			994						984						1.1		%	1.1		%	—		%
Intl									1,483						1,439						3.1			4.6			(1.5)
WW									2,479						2,422						2.3			3.2			(0.9)
ADVANCED
US									455						457						(0.4)			(0.4)			—
Intl									709						701						1.0			2.7			(1.7)
WW									1,164						1,158						0.5			1.5			(1.0)
GENERAL
US									540						527						2.4			2.4			—
Intl									775						737						5.1			6.5			(1.4)
WW									1,314						1,264						4.0			4.8			(0.8)
VISION
US									512						517						(1.0)			(1.0)			—
Intl									744						689						8.1			10.1			(2.0)
WW									1,256						1,206						4.2			5.4			(1.2)
CONTACT LENSES / OTHER
US									399						405						(1.2)			(1.2)			—
Intl									529						503						4.9			8.2			(3.3)
WW									928						908						2.2			4.0			(1.8)
SURGICAL
US									112						112						(0.1)			(0.1)			—
Intl									216						186						16.6			15.4			1.2
WW									328						298						10.3			9.5			0.8
TOTAL MEDTECH
US									3,747						3,356						11.6			11.6			—
Intl									3,711						3,426						8.3			9.2			(0.9)
WW						$			7,458						6,782						10.0		%	10.4		%	(0.4)		%
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									NINE MONTHS
																					% Change
									2023						2022						Reported			Operational (1)			Currency
INNOVATIVE MEDICINE SEGMENT (2,3,4)
IMMUNOLOGY
US						$			8,506						8,230						3.3		%	3.3		%	—		%
Intl									4,951						4,587						7.9			10.3			(2.4)
WW									13,457						12,817						5.0			5.9			(0.9)
REMICADE
US									849						1,099						(22.7)			(22.7)			—
US Exports (5)									112						163						(31.3)			(31.3)			—
Intl									449						606						(25.9)			(23.0)			(2.9)
WW									1,410						1,868						(24.5)			(23.6)			(0.9)
SIMPONI / SIMPONI ARIA
US									866						886						(2.3)			(2.3)			—
Intl									829						797						4.1			8.6			(4.5)
WW									1,695						1,682						0.8			2.9			(2.1)
STELARA
US									5,180						4,766						8.7			8.7			—
Intl									2,925						2,571						13.8			15.5			(1.7)
WW									8,105						7,336						10.5			11.1			(0.6)
TREMFYA
US									1,490						1,303						14.4			14.4			—
Intl									747						613						21.9			24.0			(2.1)
WW									2,237						1,916						16.8			17.4			(0.6)
OTHER IMMUNOLOGY
US									9						14						(36.1)			(36.1)			—
Intl									0						0						—			—			—
WW									9						14						(36.1)			(36.1)			—
INFECTIOUS DISEASES
US									1,147						1,266						(9.4)			(9.4)			—
Intl									2,420						2,642						(8.4)			(9.3)			0.9
WW									3,566						3,908						(8.7)			(9.3)			0.6
COVID-19 VACCINE
US									0						120						*			*			—
Intl									1,073						1,370						(21.6)			(23.0)			1.4
WW									1,073						1,490						(27.9)			(29.2)			1.3
EDURANT / rilpivirine
US									26						27						(0.5)			(0.5)			—
Intl									816						691						18.2			16.4			1.8
WW									843						718						17.5			15.8			1.7
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US									1,105						1,096						0.9			0.9			—
Intl									310						354						(12.5)			(13.0)			0.5
WW									1,415						1,450						(2.4)			(2.5)			0.1
OTHER INFECTIOUS DISEASES
US									15						24						(35.5)			(35.5)			—
Intl									220						228						(3.4)			0.8			(4.2)
WW									235						251						(6.4)			(2.6)			(3.8)
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									NINE MONTHS
																					% Change
									2023						2022						Reported			Operational (1)			Currency
INNOVATIVE MEDICINE SEGMENT (2,3,4)(Continued)
NEUROSCIENCE
US						$			3,043						2,658						14.5%			14.5%			—%
Intl									2,296						2,498						(8.1)			(4.2)			(3.9)
WW									5,339						5,156						3.5			5.4			(1.9)
CONCERTA / methylphenidate
US									191						114						67.4			67.4			—
Intl									412						362						13.8			19.0			(5.2)
WW									603						476						26.7			30.7			(4.0)
INVEGA SUSTENNA / XEPLION / INVEGA
TRINZA / TREVICTA
US									2,164						2,036						6.3			6.3			—
Intl									940						1,097						(14.3)			(11.9)			(2.4)
WW									3,104						3,132						(0.9)			(0.1)			(0.8)
SPRAVATO
US									409						223						83.1			83.1			—
Intl									74						32						*			*			*
WW									483						255						88.8			88.7			0.1
OTHER NEUROSCIENCE
US									278						285						(2.3)			(2.3)			—
Intl									870						1,007						(13.5)			(8.5)			(5.0)
WW									1,149						1,293						(11.0)			(7.1)			(3.9)
ONCOLOGY
US									6,177						5,073						21.8			21.8			—
Intl									6,865						6,983						(1.7)			0.3			(2.0)
WW									13,043						12,056						8.2			9.3			(1.1)
CARVYKTI
US									324						79						*			*			—
Intl									17						—						*			*			—
WW									341						79						*			*			—
DARZALEX
US									3,882						3,071						26.4			26.4			—
Intl									3,312						2,823						17.3			19.7			(2.4)
WW									7,194						5,894						22.1			23.2			(1.1)
ERLEADA
US									778						693						12.2			12.2			—
Intl									961						647						48.7			51.0			(2.3)
WW									1,740						1,340						29.8			30.9			(1.1)
IMBRUVICA
US									796						1,072						(25.8)			(25.8)			—
Intl									1,681						1,847						(9.0)			(7.6)			(1.4)
WW									2,476						2,918						(15.2)			(14.2)			(1.0)
ZYTIGA / abiraterone acetate
US									41						54						(24.9)			(24.9)			—
Intl									646						1,446						(55.3)			(53.6)			(1.7)
WW									686						1,500						(54.2)			(52.6)			(1.6)
OTHER ONCOLOGY
US									357						104						*			*			—
Intl									248						220						12.5			13.8			(1.3)
WW									605						324						86.5			87.4			(0.9)
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									NINE MONTHS
																					% Change
									2023						2022						Reported			Operational (1)			Currency
INNOVATIVE MEDICINE SEGMENT (2,3,4)(Continued)
PULMONARY HYPERTENSION
US						$			1,964						1,736						13.1		%	13.1		%	—		%
Intl									835						810						3.0			7.4			(4.4)
WW									2,798						2,547						9.9			11.3			(1.4)
OPSUMIT
US									924						827						11.8			11.8			—
Intl									512						495						3.5			6.8			(3.3)
WW									1,437						1,322						8.7			9.9			(1.2)
UPTRAVI
US									978						824						18.7			18.7			—
Intl									185						162						14.1			18.6			(4.5)
WW									1,163						986						18.0			18.7			(0.7)
OTHER PULMONARY HYPERTENSION
US									61						86						(28.4)			(28.4)			—
Intl									137						154						(10.5)			(2.6)			(7.9)
WW									199						239						(16.9)			(11.8)			(5.1)
CARDIOVASCULAR / METABOLISM / OTHER
US									2,254						2,266						(0.5)			(0.5)			—
Intl									580						651						(10.8)			(9.8)			(1.0)
WW									2,834						2,916						(2.8)			(2.6)			(0.2)
XARELTO
US									1,840						1,806						1.9			1.9			—
Intl									—						—						—			—			—
WW									1,840						1,806						1.9			1.9			—
OTHER
US									414						459						(9.9)			(9.9)			—
Intl									580						651						(10.8)			(9.8)			(1.0)
WW									994						1,110						(10.5)			(9.8)			(0.7)
TOTAL INNOVATIVE MEDICINE
US									23,090						21,229						8.8			8.8			—
Intl									17,947						18,171						(1.2)			0.8			(2.0)
WW						$			41,037						39,400						4.2		%	5.1		%	(0.9)		%
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									NINE MONTHS
																					% Change
									2023						2022						Reported			Operational (1)			Currency
MEDTECH SEGMENT (2,3)
INTERVENTIONAL SOLUTIONS
US						$			2,662						1,566						70.0		%	70.0		%	—		%
Intl									2,019						1,636						23.4			28.6			(5.2)
WW									4,681						3,202						46.2			48.9			(2.7)
ELECTROPHYSIOLOGY
US									1,791						1,489						20.3			20.3			—
Intl									1,658						1,454						14.0			19.2			(5.2)
WW									3,449						2,943						17.2			19.8			(2.6)
ABIOMED
US									790						—						*			*			—
Intl									176						—						*			*			—
WW									966						—						*			*			—
OTHER INTERVENTIONAL SOLUTIONS
US									81						77						5.9			5.9			—
Intl									186						181						2.2			7.2			(5.0)
WW									267						258						3.3			6.8			(3.5)
ORTHOPAEDICS
US									4,100						3,936						4.2			4.2			—
Intl									2,574						2,504						2.8			4.9			(2.1)
WW									6,674						6,440						3.6			4.5			(0.9)
HIPS
US									730						693						5.4			5.4			—
Intl									432						437						(1.0)			1.1			(2.1)
WW									1,162						1,129						2.9			3.8			(0.9)
KNEES
US									654						620						5.6			5.6			—
Intl									415						386						7.7			9.7			(2.0)
WW									1,069						1,005						6.4			7.2			(0.8)
TRAUMA
US									1,462						1,412						3.5			3.5			—
Intl									775						749						3.5			5.0			(1.5)
WW									2,238						2,161						3.5			4.0			(0.5)
SPINE, SPORTS & OTHER
US									1,254						1,211						3.5			3.5			—
Intl									952						933						2.0			4.7			(2.7)
WW									2,205						2,144						2.8			4.0			(1.2)
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									NINE MONTHS
																					% Change
									2023						2022						Reported			Operational (1)			Currency
MEDTECH SEGMENT (2,3)(Continued)
SURGERY
US						$			2,984						2,897						3.0		%	3.0		%	—		%
Intl									4,522						4,410						2.6			6.7			(4.1)
WW									7,507						7,306						2.7			5.3			(2.6)
ADVANCED
US									1,365						1,328						2.8			2.8			—
Intl									2,139						2,132						0.3			4.5			(4.2)
WW									3,504						3,460						1.3			3.8			(2.5)
GENERAL
US									1,619						1,569						3.2			3.2			—
Intl									2,383						2,277						4.7			8.8			(4.1)
WW									4,002						3,846						4.1			6.5			(2.4)
VISION
US									1,599						1,534						4.2			4.2			—
Intl									2,265						2,170						4.4			8.3			(3.9)
WW									3,864						3,704						4.3			6.6			(2.3)
CONTACT LENSES / OTHER
US									1,252						1,179						6.2			6.2			—
Intl									1,568						1,533						2.3			7.0			(4.7)
WW									2,820						2,712						4.0			6.6			(2.6)
SURGICAL
US									346						355						(2.5)			(2.5)			—
Intl									698						637						9.6			11.7			(2.1)
WW									1,044						992						5.3			6.6			(1.3)
TOTAL MEDTECH
US									11,345						9,932						14.2			14.2			—
Intl									11,382						10,719						6.2			10.0			(3.8)
WW						$			22,727						20,651						10.0		%	12.0		%	(2.0)		%
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)
									THIRD QUARTER
																					% Change
									2023						2022						Total						Operations						Currency
			Innovative Medicine
			U.S.						$	8,249					7,438						10.9			%			10.9						-
			International						5,644						5,776						(2.3)						(4.3)						2.0
			Worldwide						13,893						13,214						5.1						4.3						0.8
			COVID-19 Vaccine
			U.S.						-						-						-						-						-
			International						41						489						(91.5)						(97.8)						6.3
			Worldwide						41						489						(91.5)						(97.8)						6.3
			Innovative Medicine excluding COVID-19 Vaccine
			U.S.						8,249						7,438						10.9						10.9						-
			International						5,603						5,287						5.9						4.3						1.6
			Worldwide						13,852						12,725						8.9						8.2						0.7
			Worldwide
			U.S.						11,996						10,794						11.1						11.1						-
			International						9,355						9,202						1.6						0.7						0.9
			Worldwide						21,351						19,996						6.8						6.4						0.4
			COVID-19 Vaccine
			U.S.						-						-						-						-						-
			International						41						489						(91.5)						(97.8)						6.3
			Worldwide						41						489						(91.5)						(97.8)						6.3
			Worldwide
			U.S.						11,996						10,794						11.1						11.1						-
			International						9,314						8,713						6.9						6.3						0.6
			Worldwide excluding COVID-19 Vaccine						$	21,310					19,507						9.2			%			9.0						0.2
			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
																					% Change
									2023						2022						Total						Operations						Currency
			Innovative Medicine
			U.S.						$	23,090					21,229						8.8			%			8.8						-
			International						17,947						18,171						(1.2)						0.8						(2.0)
			Worldwide						41,037						39,400						4.2						5.1						(0.9)
			COVID-19 Vaccine
			U.S.						-						120						*						*						-
			International						1,073						1,370						(21.6)						(23.0)						1.4
			Worldwide						1,073						1,490						(27.9)						(29.2)						1.3
			Innovative Medicine excluding COVID-19 Vaccine
			U.S.						23,090						21,109						9.4						9.4						-
			International						16,874						16,801						0.4						2.7						(2.3)
			Worldwide						39,964						37,910						5.4						6.4						(1.0)
			Worldwide
			U.S.						34,435						31,161						10.5						10.5						-
			International						29,329						28,890						1.5						4.2						(2.7)
			Worldwide						63,764						60,051						6.2						7.5						(1.3)
			COVID-19 Vaccine
			U.S.						-						120						*						*						-
			International						1,073						1,370						(21.6)						(23.0)						1.4
			Worldwide						1,073						1,490						(27.9)						(29.2)						1.3
			Worldwide
			U.S.						34,435						31,041						10.9						10.9						-
			International						28,256						27,520						2.7						5.5						(2.8)
			Worldwide excluding COVID-19 Vaccine						$	62,691					58,561						7.1			%			8.4						(1.3)
			Note: Columns and rows within tables may not add due to rounding
			* Percentage greater than 100% or not meaningful