EX-99.2 3 a2023q4exhibit992.htm EX-99.2 Document

Exhibit 99.2


Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)
FOURTH QUARTER
Percent Change
20232022TotalOperationsCurrency
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
20232022TotalOperationsCurrency
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
20232022TotalOperationsCurrency
Sales to customers by
segment of business
Innovative Medicine (1,2)
    U.S.$8,079 7,375 9.5 %9.5 — 
    International5,643 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— 
     International5,599 5,099 9.8 9.40.4 
13,678 12,474 9.7 9.50.2 
MedTech
    U.S.3,930    3,445 14.1 14.1 — 
    International3,743 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 — 
International9,386 9,119 2.9 2.7 0.2 
Worldwide21,395 19,939 7.3 7.2 0.1 
      
U.S.12,009 10,820 11.0 11.0 — 
International9,342 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
20232022TotalOperationsCurrency
Sales to customers by
segment of business
Innovative Medicine (1,2)
    U.S.$31,169 28,604 9.0 %9.0 — 
    International23,590 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— 
     International22,473 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 — 
    International15,125 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 — 
International38,715 38,009 1.9 3.8 (1.9)
Worldwide85,159 79,990 6.5 7.4 (0.9)
      
U.S.46,444 41,861 10.9 10.9 — 
International37,598 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
20232022Percent
PercentPercentIncrease
Amountto SalesAmountto Sales(Decrease)
Sales to customers$21,395 100.0 $19,939 100.0 7.3 
Cost of products sold6,798 31.8 6,084 30.5 11.7 
Gross Profit14,597 68.2 13,855 69.5 5.4 
Selling, marketing and administrative expenses5,810 27.1 5,339 26.8 8.8 
Research and development expense4,480 20.9 3,710 18.6 20.8 
In-process research and development impairments58 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 
Restructuring56 0.3 75 0.4 
Earnings before provision for taxes on income4,826 22.6 3,840 19.3 25.7 
Provision for taxes on income694 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 Operations14.4 %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 27.22.4 
Net earnings per share (Diluted) from Continuing Operations$2.29 $2.05 11.7 
Effective tax rate from Continuing Operations10.8 %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
20232022Percent
PercentPercentIncrease
Amountto SalesAmountto Sales(Decrease)
Sales to customers$85,159 100.0 $79,990 100.0 6.5 
Cost of products sold26,553 31.2 24,596 30.7 8.0 
Gross Profit58,606 68.8 55,394 69.3 5.8 
Selling, marketing and administrative expenses21,512 25.2 20,246 25.3 6.3 
Research and development expense15,085 17.7 14,135 17.7 6.7 
In-process research and development impairments313 0.4 783 1.0  
Interest (income) expense, net(489)(0.6)(214)(0.3) 
Other (income) expense, net6,634 7.8 810 1.0  
Restructuring489 0.6 275 0.4 
Earnings before provision for taxes on income15,062 17.7 19,359 24.2 (22.2)
Provision for taxes on income1,736 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 tax21,827    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 Operations11.5 %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 35.06.6 
Net earnings from Continuing Operations$25,409 29.8$23,796 29.76.8 
Net earnings per share (Diluted) from Continuing Operations$9.92 $8.93 11.1 
Effective tax rate from Continuing Operations14.8 %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)20232022
Net Earnings from Continuing Operations, after tax- as reported$4,132 $3,227 
Pre-tax Adjustments
Litigation related166 262
Intangible Asset Amortization expense1,148 977
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 impairments58  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)20232022
Net Earnings from Continuing Operations, after tax- as reported$13,326 $16,370 
Pre-tax Adjustments
Litigation related7,152 866
Intangible Asset Amortization expense4,532 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 securities641 690
IPR&D impairments313  783
Other - (7)
Tax Adjustments
Tax impact on special item adjustments 4
(2,694)(1,294)
Tax legislation and other tax related28  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 Divestitures0.00.20.1
 U.S. 0.00.30.1
 International 0.10.10.1
WW Adjusted Operational4.0 %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 MedicineMedTechTotal
WW As Reported4.2 %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 Operational4.8 %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 Divestitures0.10.10.1
U.S.0.00.10.1
International0.20.10.2
WW Adjusted Operational4.9 %7.8 %5.9 %
U.S.9.0 %6.6 %8.2 %
International0.0 %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
20232022Reported
Operational (1)
Currency
INNOVATIVE MEDICINE SEGMENT (2,3,4)
IMMUNOLOGY
US$3,0332,8058.1 %8.1 %— %
Intl1,5621,31219.0 17.7 1.3 
WW4,5954,11811.6 11.2 0.4 
     REMICADE
     US294318(7.4)(7.4)— 
     US Exports (5)
3541(15.1)(15.1)— 
     Intl100116(13.4)(12.4)(1.0)
     WW429475(9.6)(9.4)(0.2)
     SIMPONI / SIMPONI ARIA
     US258280(7.8)(7.8)— 
     Intl24422010.1 11.8 (1.7)
     WW5025010.1 0.8 (0.7)
     STELARA
     US1,7861,62110.1 10.1 — 
     Intl96776426.4 23.9 2.5 
     WW2,7532,38615.3 14.5 0.8 
     TREMFYA
     US657 541 21.6 21.6 — 
     Intl252 211 19.4 17.8 1.6 
     WW910 752 21.0 20.5 0.5 
     OTHER IMMUNOLOGY
     US2 3 (22.8)(22.8)— 
     Intl0 0 ——— 
     WW2 3 (22.8)(22.8)— 
INFECTIOUS DISEASES
US353414(14.6)(14.6)— 
Intl4981,127(55.8)(58.2)2.4 
WW8521,540(44.7)(46.5)1.8 
     COVID-19 VACCINE
     US0 0 ——— 
     Intl44689(93.7)(95.2)1.5
     WW44689(93.7)(95.2)1.5
     EDURANT / rilpivirine
     US9 9 (12.4)(12.4)— 
     Intl299 281 6.41.54.9 
     WW307 290 5.81.04.8 
     PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
     US341398(14.4)(14.4)— 
     Intl98953.1(0.8)3.9 
     WW439493(11.0)(11.8)0.8 
     OTHER INFECTIOUS DISEASES
     US46(30.4)(30.4)— 
     Intl5861(5.6)(4.9)(0.7)
     WW6267(7.8)(7.1)(0.7)
See footnotes at end of schedule


Johnson & Johnson
Segment Sales
(Dollars in Millions)
FOURTH QUARTER
% Change
20232022Reported
Operational (1)
Currency
INNOVATIVE MEDICINE SEGMENT (2,3,4)(Continued)
NEUROSCIENCE
US$1,02291212.1%12.1%—%
Intl780825(5.5)(2.0)(3.5)
WW1,8011,7373.75.4(1.7)
     CONCERTA / methylphenidate
     US39375.75.7—
     Intl1421317.99.2(1.3)
     WW1801687.48.5(1.1)
     INVEGA SUSTENNA / XEPLION / INVEGA
     TRINZA / TREVICTA
     US7336788.08.0—
     Intl278329(15.5)(15.7)0.2
     WW1,0111,0080.30.30.0
     SPRAVATO
     US18010572.372.3—
     Intl261487.183.43.7
     WW20611974.173.60.5
     OTHER NEUROSCIENCE
     US7191(23.0)(23.0)—
     Intl334351(5.0)3.2(8.2)
     WW404442(8.7)(2.3)(6.4)
ONCOLOGY
US2,2851,85723.023.0—
Intl2,3342,06912.812.00.8
WW4,6183,92717.617.20.4
     CARVYKTI
US145 54 **—
Intl13 — **—
WW159 54 ***
     DARZALEX
     US1,395 1,139 22.522.5—
     Intl1,155 944 22.321.80.5
     WW2,550 2,083 22.422.20.2
     ERLEADA
     US287 275 4.44.4—
     Intl361 266 35.634.01.6
     WW647 541 19.819.00.8
     IMBRUVICA
     US255 318 (19.8)(19.8)—
     Intl533 547 (2.6)(3.8)1.2
     WW788 866 (8.9)(9.7)0.8
     ZYTIGA / abiraterone acetate
     US920 (52.0)(52.0)—
     Intl191250(23.6)(23.2)(0.4)
     WW201270(25.6)(25.3)(0.3)
     OTHER ONCOLOGY
     US192 52 **—
     Intl826332.228.43.8
     WW274114***
 


Johnson & Johnson
Segment Sales
(Dollars in Millions)
FOURTH QUARTER
% Change
20232022Reported
Operational (1)
Currency
INNOVATIVE MEDICINE SEGMENT (2,3,4)(Continued)
PULMONARY HYPERTENSION
US$733 610 20.2 %20.2 %— %
Intl282 261 8.6 10.9 (2.3)
WW1,017 870 16.7 17.4 (0.7)
     OPSUMIT
     US368 305 20.5 20.5 — 
     Intl169 156 7.9 8.3 (0.4)
     WW536 461 16.2 16.3 (0.1)
     UPTRAVI
     US348 280 24.3 24.3 — 
     Intl70 56 26.4 31.4 (5.0)
     WW419 336 24.6 25.4 (0.8)
     OTHER PULMONARY HYPERTENSION
     US18 24 (29.4)(29.4)— 
     Intl45 48 (9.7)(3.9)(5.8)
     WW61 73 (16.2)(12.4)(3.8)
CARDIOVASCULAR / METABOLISM / OTHER
US652776(15.9)(15.9)— 
Intl185194(4.7)(6.7)2.0 
WW837971(13.7)(14.1)0.4 
     XARELTO
     US525 667 (21.2)(21.2)— 
     Intl— — — — — 
     WW525 667 (21.2)(21.2)— 
     OTHER
     US127 110 15.9 15.9 — 
     Intl185 194 (4.7)(6.7)2.0 
     WW312 304 2.8 1.5 1.3 
TOTAL INNOVATIVE MEDICINE
US8,0797,3759.5 9.5 — 
Intl5,6435,788(2.5)(3.1)0.6 
WW$13,72213,1634.2 %4.0 %0.2 %
 



Johnson & Johnson
Segment Sales
(Dollars in Millions)
FOURTH QUARTER
% Change
20232022Reported
Operational (1)
Currency
MEDTECH SEGMENT (2,3)
INTERVENTIONAL SOLUTIONS
US$971 603 61.0 61.0 — 
Intl698 495 40.8 41.7 (0.9)
WW1,669 1,098 51.9 52.3 (0.4)
ELECTROPHYSIOLOGY
US667 547 22.0 22.0 — 
Intl572 447 28.0 29.0 (1.0)
WW1,239 994 24.7 25.2 (0.5)
ABIOMED
US276 31 **— 
Intl64 — **— 
WW340 31 **— 
OTHER INTERVENTIONAL SOLUTIONS
US28 25 8.8 8.8 — 
Intl61 48 26.5 27.1 (0.6)
WW89 7320.4 20.7 (0.3)
ORTHOPAEDICS
US1,425 1,385 2.9 2.9 — 
Intl843 763 10.5 8.8 1.7 
WW2,268 2,148 5.6 5.0 0.6 
     HIPS
     US266 250 6.3 6.3 — 
     Intl132 135 (2.0)(3.9)1.9 
     WW398 385 3.4 2.7 0.7 
     KNEES
     US242 231 4.5 4.5 — 
     Intl144 122 18.1 15.6 2.5 
     WW387 354 9.2 8.4 0.8 
     TRAUMA
     US487 470 3.6 3.6 — 
     Intl255 240 5.9 4.1 1.8 
     WW741 710 4.4 3.8 0.6 
     SPINE, SPORTS & OTHER
     US430 434 (0.7)(0.7)— 
     Intl311 265 17.5 16.5 1.0 
     WW742 699 6.2 5.8 0.4 
See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
FOURTH QUARTER
% Change
20232022Reported
Operational (1)
Currency
MEDTECH SEGMENT (2,3)(Continued)
SURGERY
US$1,047 1,000 4.6 %4.6 %— %
Intl1,484 1,383 7.2 7.8 (0.6)
WW2,530 2,384 6.1 6.4 (0.3)
     ADVANCED
US468 456 2.5 2.5 — 
Intl698 653 7.0 7.2 (0.2)
WW1,167 1,109 5.1 5.2 (0.1)
     GENERAL
US579 544 6.4 6.4 — 
Intl785 731 7.4 8.3 (0.9)
WW1,364 1,275 7.0 7.5 (0.5)
VISION
US487 456 6.8 6.8 — 
Intl721 689 4.6 6.4 (1.8)
WW1,208 1,145 5.5 6.6 (1.1)
     CONTACT LENSES / OTHER
US374 343 8.9 8.9 — 
Intl508 489 4.2 7.2 (3.0)
WW882 831 6.1 7.9 (1.8)
     SURGICAL
US114 113 0.40.4— 
Intl212 200 5.64.7 0.9 
WW326 314 3.73.10.6 
TOTAL MEDTECH
US3,930 3,445 14.1 14.1 — 
Intl3,743 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
20232022Reported
Operational (1)
Currency
INNOVATIVE MEDICINE SEGMENT (2,3,4)
IMMUNOLOGY
US$11,53911,0364.6 %4.6 %— %
Intl6,5135,89910.4 12.0 (1.6)
WW18,05216,9356.6 7.1 (0.5)
     REMICADE
     US1,1431,417(19.3)(19.3)— 
     US Exports (5)
147204(28.0)(28.0)— 
     Intl549722(23.9)(21.3)(2.6)
     WW1,8392,343(21.5)(20.7)(0.8)
     SIMPONI / SIMPONI ARIA
     US1,1241,166(3.6)(3.6)— 
     Intl1,0731,0175.4 9.3 (3.9)
     WW2,1972,1840.6 2.4 (1.8)
     STELARA
     US6,9666,3889.0 9.0 — 
     Intl3,8923,33516.7 17.4 (0.7)
     WW10,8589,72311.7 11.9 (0.2)
     TREMFYA
     US2,147 1,844 16.5 16.5 — 
     Intl999 824 21.2 22.4 (1.2)
     WW3,147 2,668 17.9 18.3 (0.4)
     OTHER IMMUNOLOGY
     US11 17 (33.8)(33.8)— 
     Intl0 0 ——— 
     WW11 17 (33.8)(33.8)— 
INFECTIOUS DISEASES
US1,5001,680(10.7)(10.7)— 
Intl2,9183,769(22.6)(23.9)1.3 
WW4,4185,449(18.9)(19.8)0.9 
     COVID-19 VACCINE
     US0120**— 
     Intl1,1172,059(45.8)(47.2)1.4
     WW1,1172,179(48.8)(50.1)1.3
     EDURANT / rilpivirine
     US35 36 (3.7)(3.7)— 
     Intl1,115 972 14.812.12.7 
     WW1,150 1,008 14.111.52.6 
     PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
     US1,4461,494(3.2)(3.2)— 
     Intl408449(9.2)(10.4)1.2 
     WW1,8541,943(4.6)(4.9)0.3 
     OTHER INFECTIOUS DISEASES
     US1930(34.5)(34.5)— 
     Intl278289(3.8)(0.4)(3.4)
     WW297318(6.7)(3.6)(3.1)
See footnotes at end of schedule


Johnson & Johnson
Segment Sales
(Dollars in Millions)
TWELVE MONTHS
% Change
20232022Reported
Operational (1)
Currency
INNOVATIVE MEDICINE SEGMENT (2,3,4)(Continued)
NEUROSCIENCE
US$4,0653,57013.9%13.9%—%
Intl3,0763,323(7.5)(3.7)(3.8)
WW7,1406,8933.65.4(1.8)
     CONCERTA / methylphenidate
     US23015152.552.5—
     Intl55449312.216.4(4.2)
     WW78364421.624.9(3.3)
     INVEGA SUSTENNA / XEPLION / INVEGA
     TRINZA / TREVICTA
     US2,8972,7146.76.7—
     Intl1,2181,426(14.6)(12.8)(1.8)
     WW4,1154,140(0.6)0.0(0.6)
     SPRAVATO
     US58932879.779.7—
     Intl10046***
     WW68937484.184.00.1
     OTHER NEUROSCIENCE
     US349376(7.3)(7.3)—
     Intl1,2041,358(11.3)(5.4)(5.9)
     WW1,5531,734(10.4)(5.9)(4.5)
ONCOLOGY
US8,4626,93022.122.1—
Intl9,1999,0521.62.9(1.3)
WW17,66115,98310.511.2(0.7)
     CARVYKTI
US469 133 **—
Intl30 — **—
WW500 133 ***
     DARZALEX
     US5,277 4,210 25.425.4—
     Intl4,467 3,767 18.620.2(1.6)
     WW9,744 7,977 22.222.9(0.7)
     ERLEADA
     US1,065 968 10.010.0—
     Intl1,322 913 44.846.0(1.2)
     WW2,387 1,881 26.927.5(0.6)
     IMBRUVICA
     US1,051 1,390 (24.4)(24.4)—
     Intl2,214 2,394 (7.5)(6.7)(0.8)
     WW3,264 3,784 (13.7)(13.2)(0.5)
     ZYTIGA / abiraterone acetate
     US5074 (32.1)(32.1)—
     Intl8371,696(50.7)(49.1)(1.6)
     WW8871,770(49.9)(48.4)(1.5)
     OTHER ONCOLOGY
     US549 156 **—
     Intl33028316.917.0(0.1)
     WW879438***
 


Johnson & Johnson
Segment Sales
(Dollars in Millions)
TWELVE MONTHS
% Change
20232022Reported
Operational (1)
Currency
INNOVATIVE MEDICINE SEGMENT (2,3,4)(Continued)
PULMONARY HYPERTENSION
US$2,697 2,346 15.0 %15.0 %— %
Intl1,117 1,071 4.3 8.3 (4.0)
WW3,815 3,417 11.6 12.9 (1.3)
     OPSUMIT
     US1,292 1,132 14.1 14.1 — 
     Intl681 651 4.6 7.2 (2.6)
     WW1,973 1,783 10.6 11.6 (1.0)
     UPTRAVI
     US1,326 1,104 20.1 20.1 — 
     Intl255 218 17.3 21.8 (4.5)
     WW1,582 1,322 19.7 20.4 (0.7)
     OTHER PULMONARY HYPERTENSION
     US79 110 (28.6)(28.6)— 
     Intl182 202 (10.3)(2.9)(7.4)
     WW260 313 (16.7)(12.0)(4.7)
CARDIOVASCULAR / METABOLISM / OTHER
US2,9063,042(4.5)(4.5)— 
Intl765845(9.4)(9.1)(0.3)
WW3,6713,887(5.5)(5.5)0.0 
     XARELTO
     US2,365 2,473 (4.4)(4.4)— 
     Intl— — — — — 
     WW2,365 2,473 (4.4)(4.4)— 
     OTHER
     US541 569 (5.0)(5.0)— 
     Intl765 845 (9.4)(9.1)(0.3)
     WW1,306 1,414 (7.6)(7.4)(0.2)
TOTAL INNOVATIVE MEDICINE
US31,16928,6049.0 9.0 — 
Intl23,59023,959(1.5)(0.2)(1.3)
WW$54,75952,5634.2 %4.8 %(0.6)%
 











Johnson & Johnson
Segment Sales
(Dollars in Millions)
TWELVE MONTHS
% Change
20232022Reported
Operational (1)
Currency
MEDTECH SEGMENT (2,3)
INTERVENTIONAL SOLUTIONS
US$3,633 2,169 67.5 %67.5 %— %
Intl2,717 2,13127.5 31.7 (4.2)
WW6,350 4,30047.7 49.8 (2.1)
ELECTROPHYSIOLOGY
US2,458 2,036 20.7 20.7 — 
Intl2,230 1,90117.3 21.5 (4.2)
WW4,688 3,93719.1 21.1 (2.0)
ABIOMED
US1,066 31**— 
Intl240 —**— 
WW1,306 31**— 
OTHER INTERVENTIONAL SOLUTIONS
US109 102 6.7 6.7 — 
Intl247 2307.3 11.4 (4.1)
WW356 3327.1 9.9 (2.8)
ORTHOPAEDICS
US5,525 5,321 3.8 3.8 — 
Intl3,417 3,267 4.6 5.8 (1.2)
WW8,942 8,587 4.1 4.6 (0.5)
     HIPS
     US996 943 5.6 5.6 — 
     Intl564 571 (1.2)(0.1)(1.1)
     WW1,560 1,514 3.0 3.5 (0.5)
     KNEES
     US896 851 5.3 5.3 — 
     Intl559 508 10.2 11.1 (0.9)
     WW1,456 1,359 7.1 7.5 (0.4)
     TRAUMA
     US1,949 1,882 3.6 3.6 — 
     Intl1,030 989 4.1 4.8 (0.7)
     WW2,979 2,871 3.8 4.0 (0.2)
     SPINE, SPORTS & OTHER
     US1,684 1,645 2.4 2.4 — 
     Intl1,263 1,198 5.4 7.3 (1.9)
     WW2,947 2,843 3.7 4.5 (0.8)
See footnotes at end of schedule





Johnson & Johnson
Segment Sales
(Dollars in Millions)
TWELVE MONTHS
% Change
20232022Reported
Operational (1)
Currency
MEDTECH SEGMENT (2,3)(Continued)
SURGERY
US$4,031 3,897 3.4 %3.4 %— %
Intl6,006 5,793 3.7 7.0 (3.3)
WW10,037 9,690 3.6 5.5 (1.9)
     ADVANCED
US1,833 1,784 2.8 2.8 — 
Intl2,837 2,785 1.9 5.1 (3.2)
WW4,671 4,569 2.2 4.2 (2.0)
     GENERAL
US2,198 2,113 4.0 4.0 — 
Intl3,168 3,008 5.3 8.7 (3.4)
WW5,366 5,121 4.8 6.8 (2.0)
VISION
US2,086 1,990 4.8 4.8 — 
Intl2,986 2,859 4.5 7.9 (3.4)
WW5,072 4,849 4.6 6.6 (2.0)
     CONTACT LENSES / OTHER
US1,626 1,522 6.8 6.8 — 
Intl2,076 2,022 2.7 7.0 (4.3)
WW3,702 3,543 4.5 6.9 (2.4)
     SURGICAL
US460 468 (1.8)(1.8)— 
Intl910 837 8.610.0 (1.4)
WW1,370 1,306 4.95.8(0.9)
TOTAL MEDTECH
US15,275 13,377 14.2 14.2 — 
Intl15,125 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
20232022TotalOperationsCurrency
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
20232022TotalOperationsCurrency
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