8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): 

January 23, 2024

Johnson & Johnson

 (Exact name of registrant as specified in its charter)

New Jersey	1-3215	22-1024240
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

One Johnson & Johnson Plaza, New Brunswick, New Jersey  08933 

(Address of Principal Executive Offices)

 (Zip Code) 

Registrant's telephone number, including area code:

732-524-0400

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 

☐             Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 

☐             Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17

               CFR 240.14d-2(b)) 

☐             Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17

               CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

    Emerging growth company ☐  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

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

Item 2.02     Results of Operations and Financial Condition

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

Item 9.01    Financial Statements and Exhibits

(d)     Exhibits. 

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

SIGNATURES

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

		Johnson & Johnson
			(Registrant)
Date:	January 23, 2024	By:	/s/ Robert J. Decker, Jr.
			Robert J. Decker, Jr. Controller (Principal Accounting Officer)

EX-99.1

Exhibit 99.1

Media contact: Tesia Williams media-relations@its.jnj.com Investor contact: Jessica Moore investor-relations@its.jnj.com

Johnson & Johnson Reports Q4 and Full-Year 2023 Results

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

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

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

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

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

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

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

Overall Financial Results

1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules

2 Excludes the impact of translational currency

3 Excludes the net impact of acquisitions and divestitures and translational currency

4 Excludes intangible amortization expense and special items

5 Excludes COVID-19 Vaccine

Note: values may have been rounded

Regional Sales Results

1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules

2 Excludes the impact of translational currency

3 Excludes the net impact of acquisitions and divestitures and translational currency

Note: values may have been rounded

Segment Sales Results

1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules

2 Excludes the impact of translational currency

3 Excludes the net impact of acquisitions and divestitures and translational currency

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

Values may have been rounded

Full Year 2023 Segment Commentary:

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

Innovative Medicine

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

MedTech

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

Notable New Announcements in the Quarter:

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

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

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

1 Subsequent to the quarter

Full-Year 2024 Guidance:

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

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

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

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

3 Calculated using Euro Average Rate: January 2024 = $1.09 and December 2023 = $1.09 (Illustrative purposes only)

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

5 Excludes COVID-19 Vaccine

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

Note: percentages may have been rounded

Other modeling considerations will be provided on thewebcast.

Webcast Information:

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

About Johnson & Johnson:

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

Non-GAAP Financial Measures:

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

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

Note to Investors Concerning Forward-Looking Statements:

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: future operating and financial performance, product development, and market position and business strategy. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the Company to successfully execute strategic plans, including restructuring plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies; the Company’s ability to realize the anticipated benefits from the separation of the Company’s Consumer Health business; and the New Consumer Health Company’s ability to succeed as a standalone publicly traded company. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended January 1, 2023, including in the sections captioned “Cautionary Note Regarding

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.comor 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.

EX-99.2

Exhibit 99.2

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

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

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

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

Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)	FOURTH QUARTER
	2023				2022				Percent
				Percent				Percent	Increase
	Amount			to Sales	Amount			to Sales	(Decrease)
Sales to customers	$	21,395		100.0	$	19,939		100.0	7.3
Cost of products sold	6,798			31.8	6,084			30.5	11.7
Gross Profit	14,597			68.2	13,855			69.5	5.4
Selling, marketing and administrative expenses	5,810			27.1	5,339			26.8	8.8
Research and development expense	4,480			20.9	3,710			18.6	20.8
In-process research and development impairments	58			0.3	173			0.8
Interest (income) expense, net	(212)			(1.0)	(77)			(0.4)
Other (income) expense, net	(421)			(2.0)	795			4.0
Restructuring	56			0.3	75			0.4
Earnings before provision for taxes on income	4,826			22.6	3,840			19.3	25.7
Provision for taxes on income	694			3.3	613			3.1	13.2
Net earnings from Continuing Operations	$	4,132		19.3	$	3,227		16.2	28.0
Net earnings/(loss) from Discontinued Operations, net of tax	(83)				293
Net earnings	$	4,049			$	3,520
Net earnings per share (Diluted) from Continuing Operations	$	1.70			$	1.22			39.3
Net earnings/(loss) per share (Basic/Diluted) from Discontinued Operations*	$	(0.03)			$	0.11
Average shares outstanding (Diluted)	2,430.7				2,650.1
Effective tax rate from Continuing Operations	14.4		%		16.0		%
Adjusted earnings from Continuing Operations before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income from Continuing Operations	$	6,237		29.2	$	6,482		32.5	(3.8)
Net earnings from Continuing Operations	$	5,562		26.0	$	5,432		27.2	2.4
Net earnings per share (Diluted) from Continuing Operations	$	2.29			$	2.05			11.7
Effective tax rate from Continuing Operations	10.8		%		16.2		%
* Basic shares of 2,407.2 are used to calculate loss per share in the fourth quarter of 2023 as use of diluted shares when in a loss position would be anti-dilutive.
(1) See Reconciliation of Non-GAAP Financial Measures.
(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings from continuing operations before provision for taxes on income," "adjusted net earnings from continuing operations," "adjusted net earnings per share (diluted) from continuing operations," and "adjusted effective tax rate from continuing operations" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings from continuing operations before provision for taxes on income, net earnings from continuing operations, net earnings per share (diluted) from continuing operations, and effective tax rate from continuing operations on an adjusted basis because management believes that these measures provide useful information to investors. Among other things, these measures may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as intangible asset amortization expense, significant gains from divestitures, significant costs associated with acquisitions, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters). Special items may be highly variable, difficult to predict, and of a size that sometimes has substantial impact on the Company's reported results of operations for a period. Management uses these measures internally for planning, forecasting and evaluating the performances of the Company's businesses, including allocating resources and evaluating results relative to employee performance compensation targets. Unlike earnings from continuing operations before provision for taxes on income, net earnings from continuing operations, net earnings per share (diluted) from continuing operations, and effective tax rate from continuing operations prepared in accordance with GAAP, adjusted earnings from continuing operations before provision for taxes on income, adjusted net earnings from continuing operations, adjusted net earnings per share (diluted) from continuing operations, and adjusted effective tax rate from continuing operations may not be comparable with the calculation of similar measures for other companies. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of the Company's results of operations without including all events during a period, such as intangible asset amortization expense, significant gains from divestitures, the effects of an acquisition, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters) and do not provide a comparable view of the Company's performance to other companies in the health care industry. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.

Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)	TWELVE MONTHS
	2023				2022				Percent
				Percent				Percent	Increase
	Amount			to Sales	Amount			to Sales	(Decrease)
Sales to customers	$	85,159		100.0	$	79,990		100.0	6.5
Cost of products sold	26,553			31.2	24,596			30.7	8.0
Gross Profit	58,606			68.8	55,394			69.3	5.8
Selling, marketing and administrative expenses	21,512			25.2	20,246			25.3	6.3
Research and development expense	15,085			17.7	14,135			17.7	6.7
In-process research and development impairments	313			0.4	783			1.0
Interest (income) expense, net	(489)			(0.6)	(214)			(0.3)
Other (income) expense, net	6,634			7.8	810			1.0
Restructuring	489			0.6	275			0.4
Earnings before provision for taxes on income	15,062			17.7	19,359			24.2	(22.2)
Provision for taxes on income	1,736			2.1	2,989			3.7	(41.9)
Net earnings from Continuing Operations	$	13,326		15.6	$	16,370		20.5	(18.6)
Net earnings from Discontinued Operations, net of tax	21,827				1,571
Net earnings	$	35,153			$	17,941
Net earnings per share (Diluted) from Continuing Operations	$	5.20			$	6.14			(15.3)
Net earnings per share (Diluted) from Discontinued Operations	$	8.52			$	0.59
Average shares outstanding (Diluted)	2,560.4				2,663.9
Effective tax rate from Continuing Operations	11.5		%		15.4		%
Adjusted earnings from Continuing Operations before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income from Continuing Operations	$	29,811		35.0	$	27,973		35.0	6.6
Net earnings from Continuing Operations	$	25,409		29.8	$	23,796		29.7	6.8
Net earnings per share (Diluted) from Continuing Operations	$	9.92			$	8.93			11.1
Effective tax rate from Continuing Operations	14.8		%		14.9		%
(1) See Reconciliation of Non-GAAP Financial Measures.
(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings from continuing operations before provision for taxes on income," "adjusted net earnings from continuing operations," "adjusted net earnings per share (diluted) from continuing operations," and "adjusted effective tax rate from continuing operations" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings from continuing operations before provision for taxes on income, net earnings from continuing operations, net earnings per share (diluted) from continuing operations, and effective tax rate from continuing operations on an adjusted basis because management believes that these measures provide useful information to investors. Among other things, these measures may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as intangible asset amortization expense, significant gains from divestitures, significant costs associated with acquisitions, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters). Special items may be highly variable, difficult to predict, and of a size that sometimes has substantial impact on the Company's reported results of operations for a period. Management uses these measures internally for planning, forecasting and evaluating the performances of the Company's businesses, including allocating resources and evaluating results relative to employee performance compensation targets. Unlike earnings from continuing operations before provision for taxes on income, net earnings from continuing operations, net earnings per share (diluted) from continuing operations, and effective tax rate from continuing operations prepared in accordance with GAAP, adjusted earnings from continuing operations before provision for taxes on income, adjusted net earnings from continuing operations, adjusted net earnings per share (diluted) from continuing operations, and adjusted effective tax rate from continuing operations may not be comparable with the calculation of similar measures for other companies. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of the Company's results of operations without including all events during a period, such as intangible asset amortization expense, significant gains from divestitures, the effects of an acquisition, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters) and do not provide a comparable view of the Company's performance to other companies in the health care industry. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
		Fourth Quarter
	(Dollars in Millions Except Per Share Data)	2023		2022
	Net Earnings from Continuing Operations, after tax- as reported	$	4,132	$	3,227
	Pre-tax Adjustments
	Litigation related	166		262
	Intangible Asset Amortization expense	1,148		977
	COVID-19 Vaccine related costs 1	10		821
	Restructuring related 2	139		119
	Medical Device Regulation 3	88		88
	Acquisition, integration and divestiture related	237		196
	(Gains)/losses on securities	(435)		6
	IPR&D impairments	58		173
	Tax Adjustments
	Tax impact on special item adjustments 4	75		(394)
	Tax legislation and other tax related	(56)		(43)
	Adjusted Net Earnings from Continuing Operations, after tax	$	5,562	$	5,432
	Average shares outstanding (Diluted)	2,430.7		2,650.1
	Adjusted net earnings per share from Continuing Operations (Diluted)	$	2.29	$	2.05
	Operational adjusted net earnings per share from Continuing Operations (Diluted)	$	2.28
	Notes:
1	COVID-19 Vaccine related costs include remaining commitments and obligations, including external manufacturing network exit costs and required clinical trial expenses, associated with the Company's completion of its COVID-19 vaccine contractual commitments.
2	In fiscal 2023, the company completed a prioritization of its research and development (R&D) investment within the Innovative Medicine segment to focus on the most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs within therapeutic areas. The R&D program exits are primarily in infectious diseases and vaccines including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, hepatitis and HIV development.  The restructuring expenses of $55 million in the quarter ($479 million Q4 YTD) include the termination of partnered and non-partnered program costs and asset impairments. In fiscal 2023, the company initiated a restructuring program of its Orthopaedics franchise within the MedTech segment to streamline operations by exiting certain markets, product lines and distribution network arrangements. The restructuring expenses of $84 million in the quarter ($319 million Q4 YTD) primarily includes inventory and instrument reserves related to the market and product exits.
3	European Medical Device Regulation (MDR) costs represent one-time compliance costs for the Company’s previously registered products. MDR is a replacement of the existing European Medical Devices Directive regulatory framework, and manufacturers of currently marketed medical devices were required to comply with EU MDR beginning in May 2021. The Company considers the adoption of EU MDR to be a significant one-time regulatory change and is not indicative of on-going operations. The Company has excluded only external third-party regulatory and consulting costs from its MedTech operating segments' measures of profit and loss used for making operating decisions and assessing performance which is expected to be completed during 2024.
4	The tax impact related to special item adjustments reflects the current and deferred income taxes associated with the above pre-tax special items in arriving at adjusted earnings.

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
		Twelve Months Ended
	(Dollars in Millions Except Per Share Data)	2023		2022
	Net Earnings from Continuing Operations, after tax- as reported	$	13,326	$	16,370
	Pre-tax Adjustments
	Litigation related	7,152		866
	Intangible Asset Amortization expense	4,532		3,944
	COVID-19 Vaccine related costs 1	663		1,474
	Restructuring related 2	798		372
	Medical Device Regulation 3	311		296
	Acquisition, integration and divestiture related	339		196
	(Gains)/losses on securities	641		690
	IPR&D impairments	313		783
	Other	-		(7)
	Tax Adjustments
	Tax impact on special item adjustments 4	(2,694)		(1,294)
	Tax legislation and other tax related	28		106
	Adjusted Net Earnings from Continuing Operations, after tax	$	25,409	$	23,796
	Average shares outstanding (Diluted)	2,560.4		2,663.9
	Adjusted net earnings per share from Continuing Operations (Diluted)	$	9.92	$	8.93
	Operational adjusted net earnings per share from Continuing Operations (Diluted)	$	9.89
	Notes:
1	COVID-19 Vaccine related costs include remaining commitments and obligations, including external manufacturing network exit costs and required clinical trial expenses, associated with the Company's completion of its COVID-19 vaccine contractual commitments.
2	In fiscal 2023, the company completed a prioritization of its research and development (R&D) investment within the Innovative Medicine segment to focus on the most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs within therapeutic areas. The R&D program exits are primarily in infectious diseases and vaccines including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, hepatitis and HIV development.  The restructuring expenses of $55 million in the quarter ($479 million Q4 YTD) include the termination of partnered and non-partnered program costs and asset impairments. In fiscal 2023, the company initiated a restructuring program of its Orthopaedics franchise within the MedTech segment to streamline operations by exiting certain markets, product lines and distribution network arrangements. The restructuring expenses of $84 million in the quarter ($319 million Q4 YTD) primarily includes inventory and instrument reserves related to the market and product exits.
3	European Medical Device Regulation (MDR) costs represent one-time compliance costs for the Company’s previously registered products. MDR is a replacement of the existing European Medical Devices Directive regulatory framework, and manufacturers of currently marketed medical devices were required to comply with EU MDR beginning in May 2021. The Company considers the adoption of EU MDR to be a significant one-time regulatory change and is not indicative of on-going operations. The Company has excluded only external third-party regulatory and consulting costs from its MedTech operating segments' measures of profit and loss used for making operating decisions and assessing performance which is expected to be completed during 2024.
4	The tax impact related to special item adjustments reflects the current and deferred income taxes associated with the above pre-tax special items in arriving at adjusted earnings.

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Adjusted Operational Sales Growth (A)
FOURTH QUARTER 2023 ACTUAL vs. 2022 ACTUAL
Segments
	Innovative Medicine		MedTech		Total
WW As Reported	4.2	%	13.3	%	7.3	%
U.S.	9.5	%	14.1	%	11.0	%
International	(2.5)	%	12.4	%	2.9	%
WW Currency	0.2		(0.1)		0.1
U.S.	—		—		—
International	0.6		(0.4)		0.2
WW Operational	4.0	%	13.4	%	7.2	%
U.S.	9.5	%	14.1	%	11.0	%
International	(3.1)	%	12.8	%	2.7	%
Abiomed			(4.5)		(1.6)
U.S.			(7.2)		(2.3)
International			(1.9)		(0.7)
All Other Acquisitions and Divestitures	0.0		0.2		0.1
U.S.	0.0		0.3		0.1
International	0.1		0.1		0.1
WW Adjusted Operational	4.0	%	9.1	%	5.7	%
U.S.	9.5	%	7.2	%	8.8	%
International	(3.0)	%	11.0	%	2.1	%
Note: Percentages are based on actual, non-rounded figures and may not sum
(A) NON-GAAP FINANCIAL MEASURE “Adjusted operational sales growth" excludes acquisitions, divestitures and translational currency and is a non-GAAP financial measure. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and divestitures, and the impact they may have on the analysis of underlying business performance and trends, management believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to permit investors to more fully understand how management assesses the performance of the Company, including for internal evaluation of the performance of the Company's businesses and planning and forecasting for future periods. The use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company's results of operations without including all events during a period and may not provide a comparable view of the Company's performance to that of other companies in the health care industry.

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Adjusted Operational Sales Growth (A)
TWELVE MONTHS 2023 ACTUAL vs. 2022 ACTUAL
Segments
	Innovative Medicine		MedTech		Total
WW As Reported	4.2	%	10.8	%	6.5	%
U.S.	9.0	%	14.2	%	10.6	%
International	(1.5)	%	7.7	%	1.9	%
WW Currency	(0.6)		(1.6)		(0.9)
U.S.	—		—		—
International	(1.3)		(2.9)		(1.9)
WW Operational	4.8	%	12.4	%	7.4	%
U.S.	9.0	%	14.2	%	10.6	%
International	(0.2)	%	10.6	%	3.8	%
Abiomed			(4.7)		(1.6)
U.S.			(7.7)		(2.5)
International			(1.7)		(0.6)
All Other Acquisitions and Divestitures	0.1		0.1		0.1
U.S.	0.0		0.1		0.1
International	0.2		0.1		0.2
WW Adjusted Operational	4.9	%	7.8	%	5.9	%
U.S.	9.0	%	6.6	%	8.2	%
International	0.0	%	9.0	%	3.4	%
Note: Percentages are based on actual, non-rounded figures and may not sum
(A) NON-GAAP FINANCIAL MEASURE “Adjusted operational sales growth" excludes acquisitions, divestitures and translational currency and is a non-GAAP financial measure. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and divestitures, and the impact they may have on the analysis of underlying business performance and trends, management believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to permit investors to more fully understand how management assesses the performance of the Company, including for internal evaluation of the performance of the Company's businesses and planning and forecasting for future periods. The use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company's results of operations without including all events during a period and may not provide a comparable view of the Company's performance to that of other companies in the health care industry.

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

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

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

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

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

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

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

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

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

Johnson & Johnson
Segment Sales
(Dollars in Millions)
		TWELVE MONTHS
				% Change
		2023	2022	Reported		Operational (1)		Currency
MEDTECH SEGMENT (2,3)(Continued)
SURGERY
US	$	4,031	3,897	3.4	%	3.4	%	—	%
Intl		6,006	5,793	3.7		7.0		(3.3)
WW		10,037	9,690	3.6		5.5		(1.9)
ADVANCED
US		1,833	1,784	2.8		2.8		—
Intl		2,837	2,785	1.9		5.1		(3.2)
WW		4,671	4,569	2.2		4.2		(2.0)
GENERAL
US		2,198	2,113	4.0		4.0		—
Intl		3,168	3,008	5.3		8.7		(3.4)
WW		5,366	5,121	4.8		6.8		(2.0)
VISION
US		2,086	1,990	4.8		4.8		—
Intl		2,986	2,859	4.5		7.9		(3.4)
WW		5,072	4,849	4.6		6.6		(2.0)
CONTACT LENSES / OTHER
US		1,626	1,522	6.8		6.8		—
Intl		2,076	2,022	2.7		7.0		(4.3)
WW		3,702	3,543	4.5		6.9		(2.4)
SURGICAL
US		460	468	(1.8)		(1.8)		—
Intl		910	837	8.6		10.0		(1.4)
WW		1,370	1,306	4.9		5.8		(0.9)
TOTAL MEDTECH
US		15,275	13,377	14.2		14.2		—
Intl		15,125	14,050	7.7		10.6		(2.9)
WW	$	30,400	27,427	10.8	%	12.4	%	(1.6)	%
Note: Column and rows within tables may not add due to rounding. Percentages have been calculated using actual, non-
rounded figures and, therefore, may not recalculate precisely.
* Percentage greater than 100% or not meaningful
(1) Operational growth excludes the effect of translational currency
(2) Unaudited
(3) Certain prior year amounts have been reclassified to conform to current year product disclosures
(4) Previously referred to as Pharmaceutical
(5) Reported as U.S. sales

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

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

XML

Cover	Jan. 23, 2024
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jan. 23, 2024
Entity Registrant Name	Johnson & Johnson
Entity Incorporation, State or Country Code	NJ
Entity File Number	1-3215
Entity Tax Identification Number	22-1024240
Entity Address, Address Line One	One Johnson & Johnson Plaza
Entity Address, City or Town	New Brunswick
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08933
City Area Code	732
Local Phone Number	524-0400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000200406
Amendment Flag	false
Common Stock, Par Value $1.00
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, Par Value $1.00
Trading Symbol	JNJ
Security Exchange Name	NYSE
0.650% Notes Due May 2024
Entity Information [Line Items]
Title of 12(b) Security	0.650% Notes Due May 2024
Trading Symbol	JNJ24C
Security Exchange Name	NYSE
5.50% Notes Due November 2024
Entity Information [Line Items]
Title of 12(b) Security	5.50% Notes Due November 2024
Trading Symbol	JNJ24BP
Security Exchange Name	NYSE
1.150% Notes Due November 2028
Entity Information [Line Items]
Title of 12(b) Security	1.150% Notes Due November 2028
Trading Symbol	JNJ28
Security Exchange Name	NYSE
1.650% Notes Due May 2035
Entity Information [Line Items]
Title of 12(b) Security	1.650% Notes Due May 2035
Trading Symbol	JNJ35
Security Exchange Name	NYSE