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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The

Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported): 

January 26, 2021

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
0.250% Notes Due January 2022			JNJ22			New York Stock Exchange
0.650% Notes Due May 2024			JNJ24C			New York Stock Exchange
5.50% Notes Due November 2024			JNJ24BP			New York Stock Exchange
1.150% Notes Due November 2028			JNJ28			New York Stock Exchange
1.650% Notes Due May 2035			JNJ35			New York Stock Exchange

 

 

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Item 2.02                      Results of Operations and Financial Condition

 

On January 26, 2021, Johnson & Johnson issued the attached press release announcing its sales and earnings for the fourth quarter and full year ended January 3, 2021.

 

Item 9.01            Financial Statements and Exhibits

(d)     Exhibits. 

 

Exhibit No.			Description of Exhibit
99.1			Press Release dated January 26, 2021 for the period ended January 3, 2021
99.2			Unaudited Comparative Supplementary Sales Data and Condensed Consolidated Statement of Earnings for the fourth quarter and full year
104			The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Johnson & Johnson

(Registrant)

Date:

January 26, 2021

By:

/s/ Robert J. Decker, Jr.

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

Exhibit 99.1

JOHNSON & JOHNSON REPORTS 2020 FOURTH-QUARTER AND FULL YEAR RESULTS:

•2020 Fourth-Quarter Sales of $22.5 Billion reflecting growth of 8.3%, operational growth of 7.1%* and adjusted operational growth of 7.3%*

•2020 Full-Year Sales of $82.6 Billion reflecting growth of 0.6%, operational growth of 1.2%* and adjusted operational growth of 1.5%*

•2020 Fourth-Quarter EPS of $0.65 decreased 56.7%; adjusted EPS of $1.86 decreased 1.1%*

•2020 Full-Year EPS of $5.51 decreased 2.1%; adjusted EPS of $8.03 decreased 7.5%*

•Company provides 2021 guidance of adjusted operational sales growth of 8.8%* and adjusted operational EPS growth of 16.4%*

New Brunswick, N.J. (January 26, 2021) – Johnson & Johnson (NYSE: JNJ) today announced results for fourth-quarter and full year 2020. “Our notable full year performance reflects the continued confidence from patients, physicians, customers and consumers in our life-enhancing products and medicines, particularly throughout the COVID-19 pandemic,” said Alex Gorsky, Chairman and Chief Executive Officer. “I’m incredibly proud of our Johnson & Johnson teams around the world for going above and beyond to meet stakeholder needs. These efforts, and our commitment to families around the world as the largest broad-based healthcare company, enabled us to lead in the fight against COVID-19. We continue to progress our COVID-19 vaccine candidate and look forward to sharing details from our Phase 3 study soon. Johnson & Johnson was built for times like these, and I am extremely confident in our ability to deliver lasting value and continued innovation in 2021 and for years to come.”

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

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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: values may have been rounded

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FULL-YEAR 2020 SEGMENT COMMENTARY:

Consumer Health

Consumer Health worldwide operational sales, excluding the net impact of acquisitions and divestitures, grew 3.1%* driven by U.S. growth in over-the-counter products including TYLENOL analgesics, PEPCID and ZYRTEC; LISTERINE mouthwash in oral care products; OGX in skin health/beauty products and wound care products. Growth was negatively impacted by COVID-19 primarily in skin health/beauty and international baby care partially offset by increased COVID-19 demand in oral care products.

Pharmaceutical

Pharmaceutical worldwide operational sales, excluding the net impact of acquisitions and divestitures, grew 8.4%* driven by STELARA (ustekinumab), a biologic for the treatment of a number of immune-mediated inflammatory diseases, DARZALEX (daratumumab), for the treatment of multiple myeloma, IMBRUVICA (ibrutinib), an oral, once-daily therapy approved for use in treating certain B-cell malignancies, a type of blood or lymph node cancer, ERLEADA (apalutamide), a next-generation androgen receptor inhibitor for the treatment of patients with prostate cancer, TREMFYA (guselkumab), a biologic for the treatment of adults living with moderate to severe plaque psoriasis, and for adults with active psoriatic arthritis, INVEGA SUSTENNA/XEPLION/INVEGA TRINZA/TREVICTA (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults, OPSUMIT (macitentan), an oral endothelin receptor antagonist indicated for the treatment of pulmonary arterial hypertension to delay disease progression and UPTRAVI (selexipag), an oral prostacyclin receptor agonist used to treat pulmonary arterial hypertension and reduce hospitalization. This growth was partially offset by the negative impact of COVID-19 as well as biosimilar and generic competition, with declines primarily in REMICADE (infliximab), a biologic approved for the treatment of a number of immune-mediated inflammatory diseases, U.S. ZYTIGA (abiraterone acetate), an oral, once-daily medication for use in combination with prednisone for the treatment of metastatic castration-resistant prostate cancer, and international VELCADE (bortezomib), a proteasome inhibitor for the treatment of multiple myeloma.

Medical Devices

Medical Devices worldwide operational sales, excluding the net impact of acquisitions and divestitures, declined by 10.5%*. The decline was primarily driven by the negative impact of the COVID-19 pandemic and the associated deferral of medical procedures to our Surgery, Orthopaedics, and Vision businesses. The decline was partially offset by growth in the Interventional Solutions business led by electrophysiology products. Results reflect market recovery in the second half of 2020.

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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.

Regulatory Approvals			VELYS Robotic-Assisted Solution- Receives 510(k) FDA Clearance Designed for Use with the ATTUNE Total Knee System ¹			(press release)
			DARZALEX FASPRO (daratumumab and hyaluronidase-fihj)- Becomes the First FDA-Approved Treatment for Patients with Newly Diagnosed Light Chain (AL) Amyloidosis ¹			(press release)
			CABENUVA (rilpivirine/cabotegravir)- U.S. FDA Approval and European Commission Authorization of the first complete long acting injectable HIV treatment ¹			(press release)
			TREMFYA (guselkumab)- European Commission Approves First-in-Class treatment for Active Psoriatic Arthritis (PsA)			(press release)
Regulatory Submissions			Amivantamab- Submission of U.S. FDA and European Marketing Authorization Application for Treatment of Patients with Metastatic Non-Small Cell Lung Cancer with EGFR Exon 20 Insertion Mutations			(press release)
			BCMA CAR-T Therapy (ciltacabtagene autoleucel)- Rolling Submission of a Biologics License Application to U.S. FDA for the Treatment of Relapsed and/or Refractory Multiple Myeloma			(press release)
			DARZALEX (daratumumab and hyaluronidase-fihj)- Janssen Submits Applications in U.S. and EU Seeking Approval of DARZALEX FASPRO (daratumumab and hyaluronidase-fihj)/DARZALEX (daratumumab) Subcutaneous (SC) Formulation in Combination With Pomalidomide and Dexamethasone for Patients With Relapsed or Refractory Multiple Myeloma			(press release)
			Paliperidone Palmitate 6-Month- Submission of Supplemental New Drug Application to U.S. FDA and European Marketing Authorization for Treatment of Schizophrenia in Adults			(press release)
			XARELTO (rivaroxaban)- Submission of Application to U.S. FDA for New Indication to Expand Use in Patients with Peripheral Artery Disease			(press release)
Other			Janssen Receives Positive CHMP Opinion for SPRAVATO (esketamine Nasal Spray) for the Rapid Reduction of Depressive Symptoms in a Psychiatric Emergency for Patients with Major Depressive Disorder			(press release)
			Janssen Acquires Rights to Novel Gene Therapy, Pioneering Treatment Solutions for Late-Stage Age-Related Macular Degeneration			(press release)
			Johnson & Johnson Initiates Second Global Phase 3 Clinical Trial of its Janssen COVID-19 Vaccine Candidate			(press release)

1 Subsequent to the quarter

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FULL-YEAR 2021 GUIDANCE:

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

			January 2021

($ in Billions, except EPS)    

Adjusted Operational Sales1,2 Change vs. Prior Year			8.0% - 9.5%
Operational Sales2 Change vs. Prior Year			$88.8B to $90.0B 7.5% - 9.0%
Estimated Reported Sales3 Change vs. Prior Year			$90.5B to $91.7B 9.5% - 11.0%
Adjusted Operational EPS (Diluted)2,4 Change vs. Prior Year			$9.25 to $9.45 15.2% - 17.7%
Adjusted EPS (Diluted)3,4 Change vs. Prior Year			$9.40 to $9.60 17.1% - 19.6%

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: January 2021 = $1.21 (Illustrative purposes only)

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

Other modeling considerations will be provided on the webcast.

WEBCAST INFORMATION:

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

ABOUT JOHNSON & JOHNSON:

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

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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 Investors section of the company's website at quarterly-results.

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

NOTE TO INVESTORS CONCERNING FORWARD-LOOKING STATEMENTS:

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: future operating and financial performance, product development, market position and business strategy. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: risks related to the impact of the COVID-19 global pandemic, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response, material delays and cancellations of medical procedures, supply chain disruptions and other impacts to the business, or on the Company’s ability to execute business continuity plans, as a result of the COVID-19 pandemic, economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the Company to successfully execute strategic plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended December 29, 2019, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” in the Company’s most recently filed Quarterly Report on Form 10-Q and the Company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.

Press Contacts: Investor Contacts:

Christina Chan Courtney Dugan Christopher DelOrefice Lisa Romanko

(732) 524-6297 (347) 452-1061 (732) 524-2955 (732) 524-2034

Exhibit 99.2

Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)			FOURTH QUARTER
															Percent Change
			2020						2019						Total						Operations						Currency
Sales to customers by
geographic area
U.S.			$11,809						10,774						9.6			%			9.6						-
Europe			5,271						4,663						13.0						7.7						5.3
Western Hemisphere excluding U.S.			1,404						1,495						(6.1)						2.9						(9.0)
Asia-Pacific, Africa			3,991						3,815						4.6						0.7						3.9
International			10,666						9,973						7.0						4.3						2.7
Worldwide			$22,475						20,747						8.3			%			7.1						1.2
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)			TWELVE MONTHS
															Percent Change
			2020						2019						Total						Operations						Currency
Sales to customers by
geographic area
U.S.			$43,133						42,097						2.5			%			2.5						-
Europe			18,980						18,466						2.8						2.0						0.8
Western Hemisphere excluding U.S.			5,335						5,941						(10.2)						0.4						(10.6)
Asia-Pacific, Africa			15,136						15,555						(2.7)						(3.1)						0.4
International			39,451						39,962						(1.3)						(0.2)						(1.1)
Worldwide			$82,584						82,059						0.6			%			1.2						(0.6)
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)			FOURTH QUARTER
															Percent Change
			2020						2019						Total						Operations						Currency
Sales to customers by
segment of business
Consumer Health
U.S.			$	1,509					1,470						2.7			%			2.7						—
International			2,109						2,097						0.5						1.5						(1.0)
			3,618						3,567						1.4						2.0						(0.6)
Pharmaceutical
U.S.			7,116						6,169						15.3						15.3						—
International			5,152						4,379						17.7						13.5						4.2
			12,268						10,548						16.3						14.6						1.7
Medical Devices
U.S.			3,184						3,135						1.5						1.5						—
International			3,405						3,497						(2.6)						(5.5)						2.9
			6,589						6,632						(0.7)						(2.2)						1.5
U.S.			11,809						10,774						9.6						9.6						—
International			10,666						9,973						7.0						4.3						2.7
Worldwide			$	22,475					20,747						8.3			%			7.1						1.2
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)			TWELVE MONTHS
															Percent Change
			2020						2019						Total						Operations						Currency
Sales to customers by
segment of business
Consumer Health
U.S.			$	6,362					5,839						9.0			%			9.0						-
International			7,691						8,059						(4.6)						(1.3)						(3.3)
			14,053						13,898						1.1						3.0						(1.9)
Pharmaceutical
U.S.			25,735						23,874						7.8						7.8						-
International			19,837						18,324						8.3						8.8						(0.5)
			45,572						42,198						8.0						8.2						(0.2)
Medical Devices
U.S.			11,036						12,384						(10.9)						(10.9)						-
International			11,923						13,579						(12.2)						(11.8)						(0.4)
			22,959						25,963						(11.6)						(11.4)						(0.2)
U.S.			43,133						42,097						2.5						2.5						-
International			39,451						39,962						(1.3)						(0.2)						(1.1)
Worldwide			$	82,584					82,059						0.6			%			1.2						(0.6)
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

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Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)			FOURTH QUARTER
			2020												2019												Percent
									Percent												Percent						Increase
			Amount						to Sales						Amount						to Sales						(Decrease)
Sales to customers			$	22,475					100.0						$	20,747					100.0						8.3
Cost of products sold			7,814						34.8						7,134						34.4						9.5
Gross Profit			14,661						65.2						13,613						65.6						7.7
Selling, marketing and administrative expenses			6,457						28.7						6,039						29.1						6.9
Research and development expense			4,032						17.9						3,232						15.6						24.8
In-process research and development			37						0.2						—						—
Interest (income) expense, net			74						0.3						4						0.0
Other (income) expense, net			2,354						10.5						16						0.1
Restructuring			60						0.3						104						0.5
Earnings before provision for taxes on income			1,647						7.3						4,218						20.3						(61.0)
Provision for/(Benefit from) taxes on income			(91)						(0.4)						208						1.0						(143.8)
Net earnings			$	1,738					7.7						$	4,010					19.3						(56.7)
Net earnings per share (Diluted)			$	0.65											$	1.50											(56.7)
Average shares outstanding (Diluted)			2,669.2												2,669.1
Effective tax rate			(5.5)			%									4.9			%
Adjusted earnings before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income			$	5,601					24.9						$	5,628					27.1						(0.5)
Net earnings			$	4,965					22.1						$	5,027					24.2						(1.2)
Net earnings per share (Diluted)			$	1.86											$	1.88											(1.1)
Effective tax rate			11.4			%									10.7			%
(1) See Reconciliation of Non-GAAP Financial Measures.
(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings before provision for taxes on income," "adjusted net earnings," "adjusted net earnings per share (diluted)," and "adjusted effective tax rate" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate on an adjusted basis because management believes that these measures provide useful information to investors. Among other things, these measures may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as intangible asset amortization expense, significant 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, the effects of an acquisition, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters) and do not provide a comparable view of the Company's performance to other companies in the health care industry. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.

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Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)			TWELVE MONTHS
			2020												2019												Percent
									Percent												Percent						Increase
			Amount						to Sales						Amount						to Sales						(Decrease)
Sales to customers			$	82,584					100.0						$	82,059					100.0						0.6
Cost of products sold			28,427						34.4						27,556						33.6						3.2
Gross Profit			54,157						65.6						54,503						66.4						(0.6)
Selling, marketing and administrative expenses			22,084						26.8						22,178						27.0						(0.4)
Research and development expense			12,159						14.7						11,355						13.8						7.1
In-process research and development			181						0.2						890						1.1
Interest (income) expense, net			90						0.1						(39)						0.0
Other (income) expense, net			2,899						3.5						2,525						3.1
Restructuring			247						0.3						266						0.3
Earnings before provision for taxes on income			16,497						20.0						17,328						21.1						(4.8)
Provision for taxes on income			1,783						2.2						2,209						2.7						(19.3)
Net earnings			$	14,714					17.8						$	15,119					18.4						(2.7)
Net earnings per share (Diluted)			$	5.51											$	5.63											(2.1)
Average shares outstanding (Diluted)			2,670.7												2,684.3
Effective tax rate			10.8			%									12.7			%
Adjusted earnings before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income			$	25,428					30.8						$	28,225					34.4						(9.9)
Net earnings			$	21,433					26.0						$	23,310					28.4						(8.1)
Net earnings per share (Diluted)			$	8.03											$	8.68											(7.5)
Effective tax rate			15.7			%									17.4			%
(1) See Reconciliation of Non-GAAP Financial Measures.
(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings before provision for taxes on income," "adjusted net earnings," "adjusted net earnings per share (diluted)," and "adjusted effective tax rate" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate on an adjusted basis because management believes that these measures provide useful information to investors. Among other things, these measures may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as intangible asset amortization expense, significant 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, the effects of an acquisition, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters) and do not provide a comparable view of the Company's performance to other companies in the health care industry. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.

---

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
						Fourth Quarter
			(Dollars in Millions Except Per Share Data)			2020						2019
			Net Earnings, after tax- as reported			$1,738						$4,010
			Pre-tax Adjustments
			Intangible Asset Amortization expense			1,234						1,142
			Litigation expense, net			2,902						264
			IPR&D			37						-
			Restructuring related			85						251
			Acquisition and Integration related			14						90
			Unrealized (gains)/losses on securities			(373)						(350)
			Medical Device Regulation 1			55						-
			Other			-						13
			Tax Adjustments
			Tax impact on special item adjustments 2			(606)						(123)
			Tax legislation and other tax related			(121)						(270)
			Adjusted Net Earnings, after tax			$4,965						$5,027
			Average shares outstanding (Diluted)			2,669.2						2,669.1
			Adjusted net earnings per share (Diluted)			$1.86						$1.88
			Operational adjusted net earnings per share (Diluted)			$1.82
			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 are 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 Medical Devices operating segments' measures of profit and loss used for making operating decisions and assessing performance.
2			The tax impact related to special item adjustments reflects the current and deferred income taxes associated with the above pre-tax special items in arriving at adjusted earnings.
			Prior year amounts have been reclassified to conform to current year disclosure

---

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
						Twelve Months Ended
			(Dollars in Millions Except Per Share Data)			2020						2019
			Net Earnings, after tax- as reported			$14,714						$15,119
			Pre-tax Adjustments
			Intangible Asset Amortization expense			4,660						4,528
			Litigation expense, net			5,112						5,096
			IPR&D			181						890
			Restructuring related			448						611
			Acquisition and Integration related ¹			(1,073)						319
			Unrealized (gains)/losses on securities			(547)						(567)
			Medical Device Regulation 2			144						-
			Other			6						20
			Tax Adjustments
			Tax impact on special item adjustments 3			(1,608)						(1,977)
			Tax legislation and other tax related			(604)						(729)
			Adjusted Net Earnings, after tax			$21,433						$23,310
			Average shares outstanding (Diluted)			2,670.7						2,684.3
			Adjusted net earnings per share (Diluted)			$8.03						$8.68
			Operational adjusted net earnings per share (Diluted)			$8.00
			Notes:
1			Acquisition and integration related costs for 2020 primarily includes a Contingent Consideration reversal of $1,148M related to the timing of certain developmental milestones associated with the Auris Health acquisition.
2			European Medical Device Regulation (MDR) costs represent one-time compliance costs for the Company’s previously registered products. MDR is a replacement of the existing European Medical Devices Directive regulatory framework, and manufacturers of currently marketed medical devices are 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 Medical Devices operating segments' measures of profit and loss used for making operating decisions and assessing performance.
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.
			Prior year amounts have been reclassified to conform to current year disclosure

---

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Adjusted Operational Sales Growth (A)
Fourth Quarter 2020 Actual vs. 2019 Actual
Segments
						Consumer Health						Pharmaceutical						Medical Devices						Total
WW As Reported						1.4		%				16.3		%				(0.7)		%				8.3		%
U.S.						2.7		%				15.3		%				1.5		%				9.6		%
International						0.5		%				17.7		%				(2.6)		%				7.0		%
WW Currency						(0.6)						1.7						1.5						1.2
U.S.						—						—						—						—
International						(1.0)						4.2						2.9						2.7
WW Operational						2.0		%				14.6		%				(2.2)		%				7.1		%
U.S.						2.7		%				15.3		%				1.5		%				9.6		%
International						1.5		%				13.5		%				(5.5)		%				4.3		%
General Surgery
Advanced Sterilization Products																		0.6						0.2
U.S.																		0.0						0.0
International																		1.0						0.4
All Other Acquisitions and Divestitures						0.1						0.0						0.1						0.1
U.S.						0.1						(0.1)						0.2						0.0
International						0.1						0.2						0.0						0.1
WW Adjusted Operational						2.1		%				14.6		%				(1.5)		%				7.3		%
U.S.						2.8		%				15.2		%				1.7		%				9.6		%
International						1.6		%				13.7		%				(4.4)		%				4.8		%
Note: Percentages are based on actual, non-rounded figures and may not sum
(A) NON-GAAP FINANCIAL MEASURE “Adjusted operational sales growth" excludes acquisitions, divestitures and translational currency and is a non-GAAP financial measure. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and divestitures, and the impact they may have on the analysis of underlying business performance and trends, management believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to permit investors to more fully understand how management assesses the performance of the Company, including for internal evaluation of the performance of the Company's businesses and planning and forecasting for future periods. The use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company's results of operations without including all events during a period and may not provide a comparable view of the Company's performance to that of other companies in the health care industry.

---

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Adjusted Operational Sales Growth (A)
Twelve Months 2020 Actual vs. 2019 Actual
Segments
						Consumer Health						Pharmaceutical						Medical Devices						Total
WW As Reported						1.1		%				8.0		%				(11.6)		%				0.6		%
U.S.						9.0		%				7.8		%				(10.9)		%				2.5		%
International						(4.6)		%				8.3		%				(12.2)		%				(1.3)		%
WW Currency						(1.9)						(0.2)						(0.2)						(0.6)
U.S.						—						—						—						—
International						(3.3)						(0.5)						(0.4)						(1.1)
WW Operational						3.0		%				8.2		%				(11.4)		%				1.2		%
U.S.						9.0		%				7.8		%				(10.9)		%				2.5		%
International						(1.3)		%				8.8		%				(11.8)		%				(0.2)		%
Skin Health / Beauty
Dr. Ci Labo - Japan						(0.1)																		0.0
U.S.						0.0																		0.0
International						(0.2)																		0.0
General Surgery
Advanced Sterilization Products																		0.8						0.3
U.S.																		0.6						0.2
International																		1.0						0.4
Baby Care
Baby Center						0.2																		0.0
U.S.						0.5																		0.1
International						0.0																		0.0
All Other Acquisitions and Divestitures						0.0						0.2						0.0						0.1
U.S.						0.0						0.0						0.0						0.0
International						(0.1)						0.3						0.0						0.1
WW Adjusted Operational						3.1		%				8.4		%				(10.5)		%				1.5		%
U.S.						9.5		%				7.8		%				(10.2)		%				2.8		%
International						(1.5)		%				9.1		%				(10.9)		%				0.2		%
Note: Percentages are based on actual, non-rounded figures and may not sum
(A) NON-GAAP FINANCIAL MEASURE “Adjusted operational sales growth" excludes acquisitions, divestitures and translational currency and is a non-GAAP financial measure. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and divestitures, and the impact they may have on the analysis of underlying business performance and trends, management believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to permit investors to more fully understand how management assesses the performance of the Company, including for internal evaluation of the performance of the Company's businesses and planning and forecasting for future periods. The use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company's results of operations without including all events during a period and may not provide a comparable view of the Company's performance to that of other companies in the health care industry.

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									FOURTH QUARTER
																					% Change
									2020						2019						Reported			Operational (1)			Currency
CONSUMER HEALTH SEGMENT (2) (3)
OTC
US						$			543						542						0.1		%	0.1		%	—		%
Intl									642						653						(1.7)			(2.9)			1.2
WW									1,185						1,195						(0.8)			(1.5)			0.7
SKIN HEALTH / BEAUTY (4)
US									583						582						0.2			0.2			—
Intl									594						568						4.6			5.0			(0.4)
WW									1,177						1,150						2.4			2.6			(0.2)
ORAL CARE
US									173						159						8.3			8.3			—
Intl									264						233						13.5			14.5			(1.0)
WW									437						393						11.4			12.0			(0.6)
BABY CARE
US									97						85						14.3			14.3			—
Intl									310						336						(7.8)			(3.6)			(4.2)
WW									407						421						(3.4)			0.0			(3.4)
WOMEN'S HEALTH
US									3						3						11.8			11.8			—
Intl									234						250						(6.5)			(3.1)			(3.4)
WW									237						253						(6.3)			(2.9)			(3.4)
WOUND CARE / OTHER
US									110						98						11.8			11.8			—
Intl									65						57						12.4			13.0			(0.6)
WW									175						155						12.0			12.2			(0.2)
TOTAL CONSUMER HEALTH
US									1,509						1,470						2.7			2.7			—
Intl									2,109						2,097						0.5			1.5			(1.0)
WW						$			3,618						3,567						1.4		%	2.0		%	(0.6)		%
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									FOURTH QUARTER
																					% Change
									2020						2019						Reported			Operational (1)			Currency
PHARMACEUTICAL SEGMENT (2) (5)
IMMUNOLOGY
US						$			2,845						2,517						13.0		%	13.0		%	—		%
Intl									1,261						1,005						25.4			21.1			4.3
WW									4,105						3,522						16.6			15.3			1.3
REMICADE
US									656						755						(13.1)			(13.1)			—
US Exports (6)									25						68						(62.4)			(62.4)			—
Intl									220						212						3.3			2.7			0.6
WW									901						1,035						(12.9)			(13.1)			0.2
SIMPONI / SIMPONI ARIA
US									315						302						4.4			4.4			—
Intl									261						213						22.9			18.8			4.1
WW									576						515						12.1			10.4			1.7
STELARA
US									1,572						1,194						31.6			31.6			—
Intl									672						506						32.7			27.2			5.5
WW									2,244						1,700						31.9			30.3			1.6
TREMFYA
US									276						199						39.1			39.1			—
Intl									105						71						48.1			40.0			8.1
WW									382						270						41.5			39.3			2.2
OTHER IMMUNOLOGY
US									—						—						—			—			—
Intl									2						2						(19.7)			(14.5)			(5.2)
WW									2						2						(19.7)			(14.5)			(5.2)
INFECTIOUS DISEASES
US									470						435						7.9			7.9			—
Intl									442						430						2.8			(2.6)			5.4
WW									912						866						5.4			2.7			2.7
EDURANT / rilpivirine
US									11						14						(17.9)			(17.9)			—
Intl									236						209						13.4			6.2			7.2
WW									248						222						11.4			4.7			6.7
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US									433						390						11.1			11.1			—
Intl									136						155						(12.4)			(17.1)			4.7
WW									569						544						4.4			3.1			1.3
OTHER INFECTIOUS DISEASES
US									25						32						(20.4)			(20.4)			—
Intl									71						67						5.2			3.3			1.9
WW									96						99						(3.0)			(4.3)			1.3
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									FOURTH QUARTER
																					% Change
									2020						2019						Reported			Operational (1)			Currency
PHARMACEUTICAL SEGMENT (2) (5) (Continued)
NEUROSCIENCE
US						$			806						747						7.9		%	7.9		%	—		%
Intl									892						819						9.0			6.2			2.8
WW									1,698						1,566						8.5			7.0			1.5
CONCERTA / methylphenidate
US									33						37						(9.7)			(9.7)			—
Intl									120						115						4.2			1.4			2.8
WW									153						152						0.9			(1.2)			2.1
INVEGA SUSTENNA / XEPLION / INVEGA
TRINZA / TREVICTA
US									610						564						8.1			8.1			—
Intl									355						308						15.7			10.8			4.9
WW									965						871						10.8			9.0			1.8
RISPERDAL CONSTA
US									76						77						(2.5)			(2.5)			—
Intl									92						82						11.0			7.7			3.3
WW									167						160						4.4			2.7			1.7
OTHER NEUROSCIENCE
US									88						70						27.4			27.4			—
Intl									326						314						3.7			3.1			0.6
WW									414						383						8.0			7.5			0.5
ONCOLOGY
US									1,469						1,153						27.4			27.4			—
Intl									1,965						1,563						25.7			20.9			4.8
WW									3,434						2,716						26.4			23.7			2.7
DARZALEX
US									692						444						55.6			55.6			—
Intl									561						385						45.4			41.3			4.1
WW									1,253						830						50.9			49.0			1.9
ERLEADA
US									176						103						70.8			70.8			—
Intl									64						13						*			*			*
WW									241						116						*			*			*
IMBRUVICA
US									492						392						25.8			25.8			—
Intl									625						483						29.3			24.8			4.5
WW									1,117						875						27.8			25.3			2.5
VELCADE
US									—						—						—			—			—
Intl									97						115						(15.2)			(18.5)			3.3
WW									97						115						(15.2)			(18.5)			3.3
ZYTIGA / abiraterone acetate
US									89						194						(54.3)			(54.3)			—
Intl									533						483						10.2			4.3			5.9
WW									622						677						(8.3)			(12.5)			4.2
OTHER ONCOLOGY
US									20						19						2.6			2.6			—
Intl									86						84						1.5			(2.1)			3.6
WW									105						104						1.7			(1.2)			2.9
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									FOURTH QUARTER
																					% Change
									2020						2019						Reported			Operational (1)			Currency
PHARMACEUTICAL SEGMENT (2) (5) (Continued)
PULMONARY HYPERTENSION
US						$			592						388						52.5		%	52.5		%	—		%
Intl									273						235						16.8			12.5			4.3
WW									865						623						39.0			37.4			1.6
OPSUMIT
US									279						185						52.1			52.1			—
Intl									173						143						21.2			16.9			4.3
WW									452						326						38.6			36.7			1.9
UPTRAVI
US									263						178						48.2			48.2			—
Intl									38						30						25.5			20.1			5.4
WW									301						208						44.9			44.1			0.8
OTHER PULMONARY HYPERTENSION
US									49						26						84.9			84.9			—
Intl									63						62						2.4			(1.2)			3.6
WW									112						88						26.6			24.1			2.5
CARDIOVASCULAR / METABOLISM / OTHER
US									935						930						0.6			0.6			—
Intl									317						327						(2.6)			(5.4)			2.8
WW									1,253						1,256						(0.2)			(1.0)			0.8
XARELTO
US									629						609						3.1			3.1			—
Intl									—						—						—			—			—
WW									629						609						3.1			3.1			—
INVOKANA / INVOKAMET
US									159						125						27.7			27.7			—
Intl									58						52						11.5			8.9			2.6
WW									217						177						22.9			22.1			0.8
PROCRIT / EPREX
US									62						118						(46.9)			(46.9)			—
Intl									66						65						2.0			(1.1)			3.1
WW									129						183						(29.5)			(30.6)			1.1
OTHER
US									85						78						9.4			9.4			—
Intl									194						209						(7.6)			(10.3)			2.7
WW									278						286						(3.0)			(5.0)			2.0
TOTAL PHARMACEUTICAL
US									7,116						6,169						15.3			15.3			—
Intl									5,152						4,379						17.7			13.5			4.2
WW						$			12,268						10,548						16.3			14.6			1.7		%
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									FOURTH QUARTER
																					% Change
									2020						2019						Reported			Operational (1)			Currency
MEDICAL DEVICES SEGMENT (2) (5)
INTERVENTIONAL SOLUTIONS
US						$			433						377						14.8		%	14.8		%	—		%
Intl									460						398						15.7			10.8			4.9
WW									893						774						15.3			12.8			2.5
ORTHOPAEDICS
US									1,352						1,369						(1.3)			(1.3)			—
Intl									839						904						(7.3)			(11.3)			4.0
WW									2,191						2,273						(3.7)			(5.3)			1.6
HIPS
US									229						230						(0.7)			(0.7)			—
Intl									143						147						(2.2)			(5.8)			3.6
WW									372						377						(1.3)			(2.7)			1.4
KNEES
US									216						239						(9.5)			(9.5)			—
Intl									129						156						(17.2)			(20.6)			3.4
WW									345						395						(12.5)			(13.9)			1.4
TRAUMA
US									454						413						10.0			10.0			—
Intl									268						273						(2.0)			(6.2)			4.2
WW									722						686						5.2			3.6			1.6
SPINE, SPORTS & OTHER (7)
US									453						488						(7.1)			(7.1)			—
Intl									299						329						(9.2)			(13.6)			4.4
WW									752						817						(7.9)			(9.7)			1.8
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									FOURTH QUARTER
																					% Change
									2020						2019						Reported			Operational (1)			Currency
MEDICAL DEVICES SEGMENT (2) (5) (Continued)
SURGERY
US						$			1,002						961						4.3		%	4.3		%	—		%
Intl									1,427						1,481						(3.7)			(5.9)			2.2
WW									2,429						2,442						(0.5)			(1.9)			1.4
ADVANCED
US									456						428						6.5			6.5			—
Intl									660						647						2.1			(0.9)			3.0
WW									1,116						1,076						3.8			2.0			1.8
GENERAL
US									546						534						2.5			2.5			—
Intl									767						834						(8.1)			(9.8)			1.7
WW									1,312						1,366						(4.0)			(5.0)			1.0
VISION
US									397						428						(7.3)			(7.3)			—
Intl									679						713						(4.7)			(6.2)			1.5
WW									1,076						1,141						(5.7)			(6.6)			0.9
CONTACT LENSES / OTHER
US									289						311						(7.4)			(7.4)			—
Intl									507						522						(2.7)			(4.1)			1.4
WW									796						833						(4.4)			(5.3)			0.9
SURGICAL
US									108						117						(7.1)			(7.1)			—
Intl									172						191						(10.3)			(12.0)			1.7
WW									280						309						(9.1)			(10.1)			1.0
TOTAL MEDICAL DEVICES
US									3,184						3,135						1.5			1.5			—
Intl									3,405						3,497						(2.6)			(5.5)			2.9
WW						$			6,589						6,632						(0.7)		%	(2.2)		%	1.5		%
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									TWELVE MONTHS
																					% Change
									2020						2019						Reported			Operational (1)			Currency
CONSUMER HEALTH SEGMENT (2) (3)
OTC
US						$			2,460						2,010						22.4		%	22.4		%	—		%
Intl									2,364						2,434						(2.9)			(1.2)			(1.7)
WW									4,824						4,444						8.5			9.4			(0.9)
SKIN HEALTH / BEAUTY (4)
US									2,350						2,392						(1.7)			(1.7)			—
Intl									2,100						2,201						(4.6)			(2.3)			(2.3)
WW									4,450						4,593						(3.1)			(2.0)			(1.1)
ORAL CARE
US									683						621						9.9			9.9			—
Intl									958						906						5.7			9.6			(3.9)
WW									1,641						1,528						7.4			9.7			(2.3)
BABY CARE
US									376						362						3.7			3.7			—
Intl									1,141						1,313						(13.1)			(7.3)			(5.8)
WW									1,517						1,675						(9.4)			(4.9)			(4.5)
WOMEN'S HEALTH
US									13						12						8.2			8.2			—
Intl									888						974						(8.8)			(2.9)			(5.9)
WW									901						986						(8.6)			(2.7)			(5.9)
WOUND CARE / OTHER
US									480						441						8.9			8.9			—
Intl									240						230						4.1			7.3			(3.2)
WW									720						671						7.2			8.3			(1.1)
TOTAL CONSUMER HEALTH
US									6,362						5,839						9.0			9.0			—
Intl									7,691						8,059						(4.6)			(1.3)			(3.3)
WW						$			14,053						13,898						1.1		%	3.0		%	(1.9)		%
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									TWELVE MONTHS
																					% Change
									2020						2019						Reported			Operational (1)			Currency
PHARMACEUTICAL SEGMENT (2) (5)
IMMUNOLOGY
US						$			10,175						9,641						5.5		%	5.5		%	—		%
Intl									4,880						4,309						13.2			14.0			(0.8)
WW									15,055						13,950						7.9			8.2			(0.3)
REMICADE
US									2,508						3,079						(18.5)			(18.5)			—
US Exports (6)									346						294						18.0			18.0			—
Intl									893						1,007						(11.4)			(8.6)			(2.8)
WW									3,747						4,380						(14.4)			(13.8)			(0.6)
SIMPONI / SIMPONI ARIA
US									1,155						1,159						(0.3)			(0.3)			—
Intl									1,088						1,029						5.8			7.0			(1.2)
WW									2,243						2,188						2.6			3.1			(0.5)
STELARA
US									5,240						4,346						20.6			20.6			—
Intl									2,467						2,015						22.4			22.2			0.2
WW									7,707						6,361						21.1			21.1			0.0
TREMFYA
US									926						764						21.3			21.3			—
Intl									421						248						69.9			67.9			2.0
WW									1,347						1,012						33.2			32.7			0.5
OTHER IMMUNOLOGY
US									—						—						—			—			—
Intl									11						10						6.4			12.8			(6.4)
WW									11						10						6.4			12.8			(6.4)
INFECTIOUS DISEASES
US									1,735						1,597						8.6			8.6			—
Intl									1,839						1,815						1.3			2.2			(0.9)
WW									3,574						3,413						4.7			5.2			(0.5)
EDURANT / rilpivirine
US									44						50						(11.2)			(11.2)			—
Intl									920						812						13.3			11.9			1.4
WW									964						861						11.9			10.5			1.4
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US									1,587						1,422						11.6			11.6			—
Intl									597						689						(13.4)			(10.7)			(2.7)
WW									2,184						2,110						3.5			4.4			(0.9)
OTHER INFECTIOUS DISEASES
US									104						126						(17.6)			(17.6)			—
Intl									323						315						2.6			5.6			(3.0)
WW									427						441						(3.2)			(1.0)			(2.2)
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									TWELVE MONTHS
																					% Change
									2020						2019						Reported			Operational (1)			Currency
PHARMACEUTICAL SEGMENT (2) (5) (Continued)
NEUROSCIENCE
US						$			3,091						2,919						5.9		%	5.9		%	—		%
Intl									3,457						3,409						1.4			2.2			(0.8)
WW									6,548						6,328						3.5			3.9			(0.4)
CONCERTA / methylphenidate
US									183						233						(21.4)			(21.4)			—
Intl									439						463						(5.1)			(4.5)			(0.6)
WW									622						696						(10.6)			(10.2)			(0.4)
INVEGA SUSTENNA / XEPLION / INVEGA
TRINZA / TREVICTA
US									2,314						2,107						9.8			9.8			—
Intl									1,339						1,224						9.4			9.1			0.3
WW									3,653						3,330						9.7			9.6			0.1
RISPERDAL CONSTA
US									296						314						(5.9)			(5.9)			—
Intl									346						374						(7.5)			(6.9)			(0.6)
WW									642						688						(6.8)			(6.4)			(0.4)
OTHER NEUROSCIENCE
US									298						266						12.4			12.4			—
Intl									1,334						1,349						(1.1)			0.7			(1.8)
WW									1,632						1,614						1.1			2.6			(1.5)
ONCOLOGY
US									5,092						4,299						18.5			18.5			—
Intl									7,275						6,393						13.8			14.0			(0.2)
WW									12,367						10,692						15.7			15.8			(0.1)
DARZALEX
US									2,232						1,567						42.4			42.4			—
Intl									1,958						1,430						36.9			38.0			(1.1)
WW									4,190						2,998						39.8			40.3			(0.5)
ERLEADA
US									583						297						96.1			96.1			—
Intl									176						35						*			*			*
WW									760						332						*			*			*
IMBRUVICA
US									1,821						1,555						17.1			17.1			—
Intl									2,307						1,856						24.3			25.1			(0.8)
WW									4,128						3,411						21.0			21.5			(0.5)
VELCADE
US									—						—						—			—			—
Intl									408						751						(45.7)			(45.8)			0.1
WW									408						751						(45.7)			(45.8)			0.1
ZYTIGA / abiraterone acetate
US									373						810						(54.0)			(54.0)			—
Intl									2,097						1,985						5.6			4.7			0.9
WW									2,470						2,795						(11.6)			(12.3)			0.7
OTHER ONCOLOGY
US									83						70						19.2			19.2			—
Intl									330						336						(1.9)			(1.4)			(0.5)
WW									413						407						1.7			2.2			(0.5)
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									TWELVE MONTHS
																					% Change
									2020						2019						Reported			Operational (1)			Currency
PHARMACEUTICAL SEGMENT (2) (5) (Continued)
PULMONARY HYPERTENSION
US						$			2,133						1,684						26.6		%	26.6		%	—		%
Intl									1,015						939						8.2			8.0			0.2
WW									3,148						2,623						20.0			20.0			0.0
OPSUMIT
US									1,008						766						31.7			31.7			—
Intl									631						562						12.3			12.3			0.0
WW									1,639						1,327						23.5			23.5			0.0
UPTRAVI
US									955						714						33.8			33.8			—
Intl									138						105						30.9			30.5			0.4
WW									1,093						819						33.5			33.4			0.1
OTHER PULMONARY HYPERTENSION
US									169						205						(17.6)			(17.6)			—
Intl									247						272						(9.2)			(9.4)			0.2
WW									416						476						(12.8)			(12.9)			0.1
CARDIOVASCULAR / METABOLISM / OTHER
US									3,509						3,734						(6.0)			(6.0)			—
Intl									1,369						1,458						(6.1)			(4.8)			(1.3)
WW									4,878						5,192						(6.0)			(5.7)			(0.3)
XARELTO
US									2,345						2,313						1.4			1.4			—
Intl									—						—						—			—			—
WW									2,345						2,313						1.4			1.4			—
INVOKANA / INVOKAMET
US									564						536						5.2			5.2			—
Intl									231						199						16.3			17.6			(1.3)
WW									795						735						8.2			8.6			(0.4)
PROCRIT / EPREX
US									277						505						(45.1)			(45.1)			—
Intl									274						285						(3.8)			(3.6)			(0.2)
WW									552						790						(30.2)			(30.1)			(0.1)
OTHER
US									323						380						(15.1)			(15.1)			—
Intl									864						974						(11.3)			(9.7)			(1.6)
WW									1,186						1,353						(12.4)			(11.2)			(1.2)
TOTAL PHARMACEUTICAL
US									25,735						23,874						7.8			7.8			—
Intl									19,837						18,324						8.3			8.8			(0.5)
WW						$			45,572						42,198						8.0		%	8.2		%	(0.2)		%
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									TWELVE MONTHS
																					% Change
									2020						2019						Reported			Operational (1)			Currency
MEDICAL DEVICES SEGMENT (2) (5)
INTERVENTIONAL SOLUTIONS
US						$			1,452						1,443						0.6		%	0.6		%	—		%
Intl									1,594						1,554						2.6			2.0			0.6
WW									3,046						2,997						1.6			1.3			0.3
ORTHOPAEDICS
US									4,779						5,319						(10.2)			(10.2)			—
Intl									2,984						3,520						(15.2)			(15.4)			0.2
WW									7,763						8,839						(12.2)			(12.3)			0.1
HIPS
US									793						863						(8.2)			(8.2)			—
Intl									487						575						(15.3)			(15.1)			(0.2)
WW									1,280						1,438						(11.0)			(11.0)			0.0
KNEES
US									743						889						(16.4)			(16.4)			—
Intl									427						591						(27.8)			(28.0)			0.2
WW									1,170						1,480						(21.0)			(21.1)			0.1
TRAUMA
US									1,648						1,652						(0.2)			(0.2)			—
Intl									966						1,068						(9.6)			(9.7)			0.1
WW									2,614						2,720						(3.9)			(3.9)			0.0
SPINE, SPORTS & OTHER (7)
US									1,595						1,915						(16.7)			(16.7)			—
Intl									1,104						1,286						(14.1)			(14.6)			0.5
WW									2,699						3,201						(15.7)			(15.9)			0.2
See footnotes at end of schedule

---

Johnson & Johnson
Segment Sales
(Dollars in Millions)
									TWELVE MONTHS
																					% Change
									2020						2019						Reported			Operational (1)			Currency
MEDICAL DEVICES SEGMENT (2) (5) (Continued)
SURGERY
US						$			3,249						3,828						(15.1)		%	(15.1)		%	—		%
Intl									4,983						5,673						(12.2)			(11.2)			(1.0)
WW									8,232						9,501						(13.4)			(12.8)			(0.6)
ADVANCED
US									1,535						1,637						(6.2)			(6.2)			—
Intl									2,304						2,458						(6.2)			(5.6)			(0.6)
WW									3,839						4,095						(6.2)			(5.8)			(0.4)
GENERAL
US									1,714						2,192						(21.8)			(21.8)			—
Intl									2,679						3,215						(16.7)			(15.5)			(1.2)
WW									4,392						5,406						(18.8)			(18.0)			(0.8)
VISION
US									1,557						1,794						(13.2)			(13.2)			—
Intl									2,362						2,830						(16.5)			(16.2)			(0.3)
WW									3,919						4,624						(15.2)			(15.1)			(0.1)
CONTACT LENSES / OTHER
US									1,213						1,304						(7.0)			(7.0)			—
Intl									1,781						2,088						(14.7)			(14.4)			(0.3)
WW									2,994						3,392						(11.7)			(11.5)			(0.2)
SURGICAL
US									344						490						(29.7)			(29.7)			—
Intl									581						742						(21.7)			(21.5)			(0.2)
WW									925						1,232						(24.9)			(24.7)			(0.2)
TOTAL MEDICAL DEVICES
US									11,036						12,384						(10.9)			(10.9)			—
Intl									11,923						13,579						(12.2)			(11.8)			(0.4)
WW						$			22,959						25,963						(11.6)		%	(11.4)		%	(0.2)		%
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) Previously referred to as Consumer
(4) Previously referred to as Beauty
(5) Certain prior year amounts have been reclassified to conform to current year product disclosures
(6) Reported as U.S. sales
(7) Previously referred to as Spine & Other