Skip to main content

Johnson & Johnson Reports Q3 2023 Results

  • 2023 Third-Quarter reported sales growth of 6.8% to $21.4 Billion with operational growth of 6.4%* and adjusted operational growth of 4.9%*. Operational growth excluding COVID-19 Vaccine of 9.0%*
  • Earnings per share (EPS) of $1.69 increasing 4.3% and adjusted EPS of $2.66 increasing by 19.3%*
  • Company is increasing 2023 full-year guidance midpoints for sales5 and adjusted EPS

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

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

Overall Financial Results

 

Q3

($ in millions, except EPS)

2023

2022

% Change

Reported Sales

$21,351

$19,996

6.8

%

Net Earnings

$4,309

$4,310

0.0

%

EPS (diluted)

$1.69

$1.62

4.3

%

 

 

 

 

 

Q3

Non-GAAP* ($ in Millions, except EPS)

2023

2022

% Change

Operational Sales1,2

 

 

6.4

%

Adjusted Operational Sales1,3

 

 

4.9

%

Adjusted Net Earnings1,4

$6,777

$5,938

14.1

%

Adjusted EPS (diluted)1,4

$2.66

$2.23

19.3

%

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

Q3

 

 

% Change

($ in Millions)

2023

2022

Reported

Operational1,2

Currency

Adjusted

Operational1,3

U.S.

$11,996

$10,794

11.1%

11.1

-

8.9

International

9,355

9,202

1.6

0.7

0.9

0.3

Worldwide

$21,351

$19,996

6.8%

6.4

0.4

4.9

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

Q3

 

 

% Change

($ in Millions)

2023

2022

Reported

Operational1,2

Currency

Adjusted

Operational1,3

Innovative Medicine

$13,893

$13,214

5.1%

4.3

0.8

4.4

MedTech

7,458

6,782

10.0

10.4

(0.4)

6.0

Worldwide

$21,351

$19,996

6.8%

6.4

0.4

4.9

1

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

2

Excludes the impact of translational currency

3

Excludes the net impact of acquisitions and divestitures and translational currency

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

Values may have been rounded

Third Quarter 2023 Segment Commentary:

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

Innovative Medicine

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

MedTech

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

Notable New Announcements in the Quarter:

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

Regulatory

Biosense Webster Receives FDA Approval for Multiple Atrial Fibrillation Ablation Products to be Used in a Workflow Without Fluoroscopy

Press

Release

U.S. FDA Approves TALVEY (talquetamab-tgvs), a First-in-Class Bispecific Therapy for the Treatment of Patients with Heavily Pretreated Multiple Myeloma

Press

Release

European Commission Approves TALVEY (talquetamab), Janssen’s Novel Bispecific Therapy for the Treatment of Patients with Relapsed and Refractory Multiple Myeloma

Press

Release

European Commission Approves Reduced Dosing Frequency for Janssen’s Bispecific Antibody TECVAYLI (teclistamab)

Press

Release

Janssen Submits Application to the European Medicines Agency for RYBREVANT (amivantamab) in Combination with Chemotherapy for the First-Line Treatment of Adult Patients with Advanced Non-Small Cell Lung Cancer with Activating EGFR Exon 20 Insertion Mutations1

Press

Release

Janssen Submits Supplemental New Drug Application to the U.S. Food and Drug Administration Seeking Full Approval of BALVERSA (erdafitinib) for the Treatment of Patients with Locally Advanced or Metastatic Urothelial Carcinoma and Selected Fibroblast Growth Factor Receptor Gene Alterations

Press

Release

Janssen Submits Marketing Authorisation Application to the European Medicines Agency Seeking Approval of Erdafitinib for the Treatment of Patients with Locally Advanced or Metastatic Urothelial Cancer with Susceptible FGFR Alterations

Press

Release

U.S. FDA Approves AKEEGA (Niraparib and Abiraterone Acetate), the First-And-Only Dual Action Tablet for the Treatment of Patients with BRCA-Positive Metastatic Castration-Resistant Prostate Cancer

Press

Release

Data

Release

Janssen to Highlight Latest Research from Nipocalimab Clinical Development Program to Address Unmet Need in Myasthenia Gravis at AANEM 2023 Meeting1

Press

Release

Janssen Aims to Define New Standards of Care in the Treatment of Solid Tumor Cancers with Transformative Data Planned for Presentation at ESMO1

Press

Release

TREMFYA (guselkumab) Maintains Key Efficacy Endpoints Through Three Years for Adults with Moderately to Severely Active Crohn's Disease in a Phase 2 Study1

Press

Release

Janssen Highlights Latest Research for TREMFYA (guselkumab) and Investigational Targeted Oral Peptide JNJ-2113 in Moderate to Severe Plaque Psoriasis at the European Academy of Dermatology and Venereology (EADV) Congress1

Press

Release

Landmark Phase 3 MARIPOSA Study Meets Primary Endpoint Resulting in Statistically Significant and Clinically Meaningful Improvement in Progression-Free Survival for RYBREVANT (amivantamab-vmjw) plus Lazertinib Versus Osimertinib in Patients with EGFR-Mutated Non-Small Cell Lung Cancer

Press

Release

Phase 3 MARIPOSA-2 Study Meets Dual Primary Endpoint Resulting in Statistically Significant and Clinically Meaningful Improvement in Progression-Free Survival for RYBREVANT (amivantamab-vmjw) Plus Chemotherapy with and without Lazertinib versus Chemotherapy Alone in Patients with EGFR-Mutated Non-Small Cell Lung Cancer after Disease Progression on Osimertinib

Press

Release

Treatment with RYBREVANT (amivantamab-vmjw) and Lazertinib Plus Chemotherapy Showed Durable Progression-Free Survival in Patients with Previously Treated EGFR-Mutated Advanced Non-Small Cell Lung Cancer

Press

Release

Janssen to Highlight Latest Advances in Retina Portfolio at the European Society of Retina Specialists (EURETINA) 2023 Annual Meeting1

Press

Release

Product

Launch

Biosense Webster Launches the OPTRELL Mapping Catheter with TRUEref Technology for Mapping of Complex Cardiac Arrhythmias

Press

Release

Other

Johnson & Johnson Announces Final Results of Exchange Offer and Finalizes Separation of Kenvue Inc.

Press

Release

Johnson & Johnson Announces Updated Financials and 2023 Guidance Following Completion of the Kenvue Separation

Press

Release

Johnson & Johnson Marks New Era as Global Healthcare Company with Updated Visual Identity

Press

Release

1 Subsequent to the quarter

Full-Year 2023 Guidance:

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

($ in Billions, except EPS)

October 2023

August 2023

Adjusted Operational Sales1,2,5

Change vs. Prior Year / Mid-point

7.2% – 7.7% / 7.5%

6.2% – 7.2% / 6.7%

Operational Sales2,5/ Mid-point

Change vs. Prior Year / Mid-point

$84.4B – $84.8B / $84.6B

8.5% – 9.0% / 8.7%

$83.6B – $84.4B / $84.0B

7.5% – 8.5% / 8.0%

Estimated Reported Sales3,5/ Mid-point

Change vs. Prior Year / Mid-point

$83.6B – $84.0B / $83.8B

7.5% – 8.0% / 7.7%

$83.2B – $84.0B / $83.6B

7.0% – 8.0% / 7.5%

 

 

 

Adjusted Operational EPS (Diluted)2,4/ Mid-point

Change vs. Prior Year / Mid-point

$10.02 – $10.08 / $10.05

12.2% – 12.8% / 12.5%

$9.90 – $10.00 / $9.95

11.0% – 12.0% / 11.5%

Adjusted EPS (Diluted)3,4 / Mid-point

Change vs. Prior Year / Mid-point

$10.07 – $10.13 / $10.10

12.7% – 13.3% / 13.0%

$10.00 – $10.10 / $10.05

12.0% – 13.0% / 12.5%

Average Shares Outstanding (Diluted)6

~2,557.2

~2,557.2

1

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

2

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

3

Calculated using Euro Average Rate: October 2023 = $1.08 and July 2023 = $1.09 (Illustrative purposes only)

4

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

5

Excludes COVID-19 Vaccine

6

Full Year 2023 Projected Average Shares Outstanding (Diluted) only reflects impact from the Kenvue exchange offer

Note: Percentages may have been rounded

Other modeling considerations will be provided on the webcast.

Webcast Information:

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

About Johnson & Johnson:

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

Non-GAAP Financial Measures:

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

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

Note to Investors Concerning Forward-Looking Statements:

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

Johnson & Johnson and Subsidiaries
Supplementary Sales Data
 
(Unaudited; Dollars in Millions)

THIRD QUARTER

NINE MONTHS

 

 

 

 

Percent Change

 

 

 

 

Percent Change

2023

 

2022

 

Total

 

Operations

 

Currency

2023

 

2022

 

Total

 

Operations

 

Currency

Sales to customers by
segment of business
 
Innovative Medicine (1,2)
U.S.

 

8,249

7,438

10.9

 

10.9

 

-

 

 

23,090

21,229

8.8

 

8.8

-

 

International

 

5,644

5,776

(2.3

)

(4.3

)

2.0

 

 

17,947

18,171

(1.2

)

0.8

(2.0

)

 

13,893

13,214

5.1

 

4.3

 

0.8

 

 

41,037

39,400

4.2

 

5.1

(0.9

)

 
Innovative Medicine excluding COVID-19 Vaccine (1,2)
U.S.

 

8,249

7,438

10.9

 

10.9

 

-

 

 

23,090

21,109

9.4

 

9.4

-

 

International

 

5,603

5,287

5.9

 

4.3

 

1.6

 

 

16,874

16,801

0.4

 

2.7

(2.3

)

 

13,852

12,725

8.9

 

8.2

 

0.7

 

 

39,964

37,910

5.4

 

6.4

(1.0

)

 
MedTech
U.S.

 

3,747

3,356

11.6

 

11.6

 

-

 

 

11,345

9,932

14.2

 

14.2

-

 

International

 

3,711

3,426

8.3

 

9.2

 

(0.9

)

 

11,382

10,719

6.2

 

10.0

(3.8

)

 

7,458

6,782

10.0

 

10.4

 

(0.4

)

 

22,727

20,651

10.0

 

12.0

(2.0

)

 
U.S.

 

11,996

10,794

11.1

 

11.1

 

-

 

 

34,435

31,161

10.5

 

10.5

-

 

International

 

9,355

9,202

1.6

 

0.7

 

0.9

 

 

29,329

28,890

1.5

 

4.2

(2.7

)

Worldwide

 

21,351

19,996

6.8

 

6.4

 

0.4

 

 

63,764

60,051

6.2

 

7.5

(1.3

)

 
U.S.

 

11,996

10,794

11.1

 

11.1

 

-

 

 

34,435

31,041

10.9

 

10.9

-

 

International

 

9,314

8,713

6.9

 

6.3

 

0.6

 

 

28,256

27,520

2.7

 

5.5

(2.8

)

Worldwide excluding COVID-19 Vaccine (1)

$

21,310

19,507

9.2

 

%

9.0

 

0.2

 

$

62,691

58,561

7.1

 

%

8.4

(1.3

)

 
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
 
(1) Refer to supplemental sales reconciliation schedule
(2) Previously referred to as Pharmaceutical
Johnson & Johnson and Subsidiaries
Supplementary Sales Data
 
(Unaudited; Dollars in Millions)

THIRD QUARTER

 

NINE MONTHS

 

 

 

 

Percent Change

 

 

 

 

 

Percent Change

2023

 

2022

 

Total

 

Operations

 

Currency

 

2023

 

2022

 

Total

 

Operations

 

Currency

Sales to customers by
geographic area
 
U.S.

$

11,996

10,794

11.1

 

%

11.1

 

-

 

$

34,435

31,161

10.5

 

%

10.5

 

-

 

 
Europe

 

4,727

4,844

(2.4

)

(7.8

)

5.4

 

 

15,448

15,540

(0.6

)

(1.0

)

0.4

 

Western Hemisphere excluding U.S.

 

1,171

1,059

10.5

 

12.8

 

(2.3

)

 

3,383

3,084

9.7

 

15.0

 

(5.3

)

Asia-Pacific, Africa

 

3,457

3,299

4.8

 

9.4

 

(4.6

)

 

10,498

10,266

2.2

 

8.7

 

(6.5

)

International

 

9,355

9,202

1.6

 

0.7

 

0.9

 

 

29,329

28,890

1.5

 

4.2

 

(2.7

)

 
Worldwide

$

21,351

19,996

6.8

 

%

6.4

 

0.4

 

$

63,764

60,051

6.2

 

%

7.5

 

(1.3

)

 
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
 
(Unaudited; in Millions Except Per Share Figures) THIRD QUARTER
 

2023

 

2022

 

Percent

 

 

Percent

 

 

 

Percent

 

Increase

Amount

 

to Sales

 

Amount

 

to Sales

 

(Decrease)

Sales to customers

$

21,351

 

100.0

 

$

19,996

 

100.0

 

6.8

 

Cost of products sold

 

6,606

 

30.9

 

 

6,172

 

30.9

 

7.0

 

Gross Profit

 

14,745

 

69.1

 

 

13,824

 

69.1

 

6.7

 

Selling, marketing and administrative expenses

 

5,400

 

25.3

 

 

4,975

 

24.9

 

8.5

 

Research and development expense

 

3,447

 

16.2

 

 

3,485

 

17.4

 

(1.1

)

In-process research and development impairments

 

206

 

1.0

 

 

-

 

-

 

Interest (income) expense, net

 

(182

)

(0.8

)

 

(99

)

(0.5

)

Other (income) expense, net

 

499

 

2.3

 

 

226

 

1.1

 

Restructuring

 

158

 

0.7

 

 

65

 

0.3

 

Earnings before provision for taxes on income

 

5,217

 

24.4

 

 

5,172

 

25.9

 

0.9

 

Provision for taxes on income

 

908

 

4.2

 

 

862

 

4.3

 

5.3

 

Net earnings from Continuing Operations

$

4,309

 

20.2

 

$

4,310

 

21.6

 

0.0

 

Net earnings from Discontinued Operations, net of tax

 

21,719

 

 

148

 

Net earnings

$

26,028

 

$

4,458

 

 
Net earnings per share (Diluted) from Continuing Operations

$

1.69

 

$

1.62

 

4.3

 

Net earnings per share (Diluted) from Discontinued Operations

$

8.52

 

$

0.06

 

 
Average shares outstanding (Diluted)

 

2,549.7

 

 

2,661.3

 

 
Effective tax rate from Continuing Operations

 

17.4

 

%

 

16.7

 

%

 
Adjusted earnings from Continuing Operations before provision for taxes and net earnings (1)
Earnings before provision for taxes on income from Continuing Operations

$

8,033

 

37.6

 

$

7,060

 

35.3

 

13.8

 

Net earnings from Continuing Operations

$

6,777

 

31.7

 

$

5,938

 

29.7

 

14.1

 

Net earnings per share (Diluted) from Continuing Operations

$

2.66

 

$

2.23

 

19.3

 

Effective tax rate from Continuing Operations

 

15.6

 

%

 

15.9

 

%

 
(1) See Reconciliation of Non-GAAP Financial Measures.
Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
 
(Unaudited; in Millions Except Per Share Figures) NINE MONTHS
 

2023

 

2022

 

Percent

 

 

Percent

 

 

 

Percent

 

Increase

Amount

 

to Sales

 

Amount

 

to Sales

 

(Decrease)

Sales to customers

$

63,764

 

100.0

 

$

60,051

 

100.0

 

6.2

 

Cost of products sold

 

19,755

 

31.0

 

 

18,512

 

30.8

 

6.7

 

Gross Profit

 

44,009

 

69.0

 

 

41,539

 

69.2

 

5.9

 

Selling, marketing and administrative expenses

 

15,702

 

24.6

 

 

14,907

 

24.8

 

5.3

 

Research and development expense

 

10,605

 

16.6

 

 

10,425

 

17.4

 

1.7

 

In-process research and development impairments

 

255

 

0.4

 

 

610

 

1.0

 

Interest (income) expense, net

 

(277

)

(0.4

)

 

(137

)

(0.2

)

Other (income) expense, net

 

7,055

 

11.1

 

 

15

 

0.0

 

Restructuring

 

433

 

0.6

 

 

200

 

0.4

 

Earnings before provision for taxes on income

 

10,236

 

16.1

 

 

15,519

 

25.8

 

(34.0

)

Provision for taxes on income

 

1,042

 

1.7

 

 

2,376

 

3.9

 

(56.1

)

Net earnings from Continuing Operations

$

9,194

 

14.4

 

$

13,143

 

21.9

 

(30.0

)

Net earnings from Discontinued Operations, net of tax

 

21,910

 

 

1,278

 

Net earnings

$

31,104

 

$

14,421

 

 
Net earnings per share (Diluted) from Continuing Operations

$

3.53

 

$

4.93

 

(28.4

)

Net earnings per share (Diluted) from Discontinued Operations

$

8.42

 

$

0.48

 

 
Average shares outstanding (Diluted)

 

2,603.4

 

 

2,667.5

 

 
Effective tax rate from Continuing Operations

 

10.2

 

%

 

15.3

 

%

 
Adjusted earnings from continuing operations before provision for taxes and net earnings (1)
Earnings before provision for taxes on income from Continuing Operations

$

23,574

 

37.0

 

$

21,491

 

35.8

 

9.7

 

Net earnings from Continuing Operations

$

19,847

 

31.1

 

$

18,364

 

30.6

 

8.1

 

Net earnings per share (Diluted) from Continuing Operations

$

7.62

 

$

6.89

 

10.6

 

Effective tax rate from Continuing Operations

 

15.8

 

%

 

14.6

 

%

 
(1) See Reconciliation of Non-GAAP Financial Measures.
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
 

Third Quarter

 

Nine Months Ended

(Dollars in Millions Except Per Share Data)

2023

 

2022

 

2023

 

2022

Net Earnings from Continuing Operations, after tax- as reported

$

4,309

 

$

4,310

 

$

9,194

 

$

13,143

 

 
Pre-tax Adjustments
Litigation related

 

(51

)

 

219

 

 

6,986

 

 

604

 

Intangible Asset Amortization expense

 

1,132

 

 

958

 

 

3,384

 

 

2,967

 

COVID-19 Vaccine related costs 1

 

44

 

 

377

 

 

653

 

 

653

 

Restructuring related 2

 

384

 

 

92

 

 

659

 

 

253

 

Medical Device Regulation 3

 

74

 

 

78

 

 

223

 

 

208

 

Acquisition, integration and divestiture related

 

22

 

 

-

 

 

102

 

 

-

 

(Gains)/losses on securities

 

1,005

 

 

164

 

 

1,076

 

 

684

 

IPR&D impairments

 

206

 

 

-

 

 

255

 

 

610

 

Other

 

-

 

 

-

 

 

-

 

 

(7

)

 
Tax Adjustments
Tax impact on special item adjustments 4

 

(482

)

 

(312

)

 

(2,769

)

 

(900

)

Tax legislation and other tax related

 

134

 

 

52

 

 

84

 

 

149

 

Adjusted Net Earnings from Continuing Operations, after tax

$

6,777

 

$

5,938

 

$

19,847

 

$

18,364

 

Average shares outstanding (Diluted)

 

2,549.7

 

 

2,661.3

 

 

2,603.4

 

 

2,667.5

 

Adjusted net earnings per share from Continuing Operations (Diluted)

$

2.66

 

$

2.23

 

$

7.62

 

$

6.89

 

Operational adjusted net earnings per share from Continuing Operations (Diluted)

$

2.54

 

$

7.60

 

Notes:

1

COVID-19 Vaccine related costs include remaining commitments and obligations, including external manufacturing network exit costs and required clinical trial expenses, associated with the Company's completion of its COVID-19 vaccine contractual commitments.

2

In fiscal 2023, the company completed a prioritization of its research and development (R&D) investment within the Innovative Medicine segment to focus on the most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs within therapeutic areas. The R&D program exits are primarily in infectious diseases and vaccines including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, hepatitis and HIV development. The restructuring expenses of $149 million in the quarter ($424 million Q3 YTD) include the termination of partnered and non-partnered program costs and asset impairments.
In the third quarter of 2023, the company initiated a restructuring program of its Orthopaedics franchise within the MedTech segment to streamline operations by exiting certain markets, product lines and distribution network arrangements. The restructuring expense in the quarter of $235 million primarily includes inventory and instrument reserves related to the market and product exits.

3

European Medical Device Regulation (MDR) costs represent one-time compliance costs for the Company’s previously registered products. MDR is a replacement of the existing European Medical Devices Directive regulatory framework, and manufacturers of currently marketed medical devices were required to comply with EU MDR beginning in May 2021. The Company considers the adoption of EU MDR to be a significant one-time regulatory change and is not indicative of on-going operations. The Company has excluded only external third-party regulatory and consulting costs from its MedTech operating segments' measures of profit and loss used for making operating decisions and assessing performance which is expected to be completed during 2024.

4

The tax impact related to special item adjustments reflects the current and deferred income taxes associated with the above pre-tax special items in arriving at adjusted earnings.
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
 
Adjusted Operational Sales Growth
THIRD QUARTER 2023 ACTUAL vs. 2022 ACTUAL
     
Segments
 
Innovative Medicine MedTech Total
 
WW As Reported

5.1

%

10.0

%

6.8

%

U.S.

10.9

%

11.6

%

11.1

%

International

(2.3

)%

8.3

%

1.6

%

 
WW Currency

0.8

 

(0.4

)

0.4

 

U.S.

-

 

-

 

-

 

International

2.0

 

(0.9

)

0.9

 

 
WW Operational

4.3

%

10.4

%

6.4

%

U.S.

10.9

%

11.6

%

11.1

%

International

(4.3

)%

9.2

%

0.7

%

 
Abiomed

(4.6

)

(1.6

)

U.S.

(7.6

)

(2.3

)

International

(1.7

)

(0.6

)

 
All Other Acquisitions and Divestitures

0.1

 

0.2

 

0.1

 

U.S.

0.0

 

0.3

 

0.1

 

International

0.2

 

0.1

 

0.2

 

 
WW Adjusted Operational

4.4

%

6.0

%

4.9

%

U.S.

10.9

%

4.3

%

8.9

%

International

(4.1

)%

7.6

%

0.3

%

 
Note: Percentages are based on actual, non-rounded figures and may not sum
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
 
Adjusted Operational Sales Growth
NINE MONTHS 2023 ACTUAL vs. 2022 ACTUAL
    
Segments
 
Innovative Medicine MedTech Total
 
WW As Reported

4.2

%

10.0

%

6.2

%

U.S.

8.8

%

14.2

%

10.5

%

International

(1.2

)%

6.2

%

1.5

%

 
WW Currency

(0.9

)

(2.0

)

(1.3

)

U.S.

-

 

-

 

-

 

International

(2.0

)

(3.8

)

(2.7

)

 
WW Operational

5.1

%

12.0

%

7.5

%

U.S.

8.8

%

14.2

%

10.5

%

International

0.8

%

10.0

%

4.2

%

 
Abiomed

(4.7

)

(1.6

)

U.S.

(7.9

)

(2.5

)

International

(1.6

)

(0.6

)

 
All Other Acquisitions and Divestitures

0.1

 

0.1

 

0.1

 

U.S.

0.0

 

0.1

 

0.0

 

International

0.2

 

0.0

 

0.1

 

 
WW Adjusted Operational

5.2

%

7.4

%

6.0

%

U.S.

8.8

%

6.4

%

8.0

%

International

1.0

%

8.4

%

3.7

%

 
Note: Percentages are based on actual, non-rounded figures and may not sum

REPORTED SALES vs. PRIOR PERIOD ($MM)

REPORTED SALES vs. PRIOR PERIOD ($MM)
THIRD QUARTER

NINE MONTHS

% Change % Change
INNOVATIVE MEDICINE SEGMENT (2,3,4)

2023

2022

Reported

Operational (1)

Currency

2023

2022

Reported

Operational (1)

Currency

 
IMMUNOLOGY
US

$

3,193

2,876

11.0

%

11.0

%

-

 

$

8,506

8,230

3.3

%

3.3

%

-

 

Intl

 

1,656

1,411

17.4

%

15.2

%

2.2

%

 

4,951

4,587

7.9

%

10.3

%

-2.4

%

WW

 

4,849

4,287

13.1

%

12.4

%

0.7

%

 

13,457

12,817

5.0

%

5.9

%

-0.9

%

REMICADE
US

 

296

350

-15.4

%

-15.4

%

-

 

 

849

1,099

-22.7

%

-22.7

%

-

 

US Exports (5)

 

38

39

-2.5

%

-2.5

%

-

 

 

112

163

-31.3

%

-31.3

%

-

 

Intl

 

127

169

-25.1

%

-24.3

%

-0.8

%

 

449

606

-25.9

%

-23.0

%

-2.9

%

WW

 

461

558

-17.4

%

-17.1

%

-0.3

%

 

1,410

1,868

-24.5

%

-23.6

%

-0.9

%

SIMPONI / SIMPONI ARIA
US

 

310

298

3.9

%

3.9

%

-

 

 

866

886

-2.3

%

-2.3

%

-

 

Intl

 

319

248

29.1

%

30.2

%

-1.1

%

 

829

797

4.1

%

8.6

%

-4.5

%

WW

 

629

545

15.3

%

15.8

%

-0.5

%

 

1,695

1,682

0.8

%

2.9

%

-2.1

%

STELARA
US

 

1,912

1,655

15.5

%

15.5

%

-

 

 

5,180

4,766

8.7

%

8.7

%

-

 

Intl

 

951

794

19.9

%

16.2

%

3.7

%

 

2,925

2,571

13.8

%

15.5

%

-1.7

%

WW

 

2,864

2,449

16.9

%

15.8

%

1.1

%

 

8,105

7,336

10.5

%

11.1

%

-0.6

%

TREMFYA
US

 

634

530

19.6

%

19.6

%

-

 

 

1,490

1,303

14.4

%

14.4

%

-

 

Intl

 

258

200

29.0

%

26.3

%

2.7

%

 

747

613

21.9

%

24.0

%

-2.1

%

WW

 

891

729

22.2

%

21.5

%

0.7

%

 

2,237

1,916

16.8

%

17.4

%

-0.6

%

OTHER IMMUNOLOGY
US

 

2

5

-47.1

%

-47.1

%

-

 

 

9

14

-36.1

%

-36.1

%

-

 

Intl

 

0

0

-

 

-

 

-

 

 

0

0

-

 

-

 

-

 

WW

 

2

5

-47.1

%

-47.1

%

-

 

 

9

14

-36.1

%

-36.1

%

-

 

INFECTIOUS DISEASES
US

 

360

390

-7.8

%

-7.8

%

-

 

 

1,147

1,266

-9.4

%

-9.4

%

-

 

Intl

 

500

905

-44.8

%

-50.7

%

5.9

%

 

2,420

2,642

-8.4

%

-9.3

%

0.9

%

WW

 

859

1,295

-33.6

%

-37.8

%

4.2

%

 

3,566

3,908

-8.7

%

-9.3

%

0.6

%

COVID-19 VACCINE
US

 

0

0

-

 

-

 

-

 

 

0

120

* *

-

 

Intl

 

41

489

-91.5

%

-97.8

%

6.3

%

 

1,073

1,370

-21.6

%

-23.0

%

1.4

%

WW

 

41

489

-91.5

%

-97.8

%

6.3

%

 

1,073

1,490

-27.9

%

-29.2

%

1.3

%

EDURANT / rilpivirine
US

 

9

9

10.2

%

10.2

%

-

 

 

26

27

-0.5

%

-0.5

%

-

 

Intl

 

287

237

21.4

%

13.4

%

8.0

%

 

816

691

18.2

%

16.4

%

1.8

%

WW

 

297

245

21.0

%

13.3

%

7.7

%

 

843

718

17.5

%

15.8

%

1.7

%

PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US

 

345

372

-7.3

%

-7.3

%

-

 

 

1,105

1,096

0.9

%

0.9

%

-

 

Intl

 

102

112

-9.5

%

-15.0

%

5.5

%

 

310

354

-12.5

%

-13.0

%

0.5

%

WW

 

447

485

-7.8

%

-9.0

%

1.2

%

 

1,415

1,450

-2.4

%

-2.5

%

0.1

%

OTHER INFECTIOUS DISEASES
US

 

5

10

-42.7

%

-42.7

%

-

 

 

15

24

-35.5

%

-35.5

%

-

 

Intl

 

69

68

2.0

%

5.5

%

-3.5

%

 

220

228

-3.4

%

0.8

%

-4.2

%

WW

 

74

77

-3.6

%

-0.5

%

-3.1

%

 

235

251

-6.4

%

-2.6

%

-3.8

%

 
 
 
 

REPORTED SALES vs. PRIOR PERIOD ($MM)

REPORTED SALES vs. PRIOR PERIOD ($MM)
THIRD QUARTER

NINE MONTHS

% Change % Change

2023

2022

Reported

Operational (1)

Currency

 

 

 

2023

2022

Reported

Operational (1)

Currency

NEUROSCIENCE
US

 

1,036

919

12.7

%

12.7

%

-

 

 

3,043

2,658

14.5

%

14.5

%

-

 

Intl

 

706

763

-7.4

%

-5.1

%

-2.3

%

 

2,296

2,498

-8.1

%

-4.2

%

-3.9

%

WW

 

1,742

1,681

3.6

%

4.6

%

-1.0

%

 

5,339

5,156

3.5

%

5.4

%

-1.9

%

CONCERTA / Methylphenidate
US

 

57

41

38.1

%

38.1

%

-

 

 

191

114

67.4

%

67.4

%

-

 

Intl

 

133

117

13.6

%

15.5

%

-1.9

%

 

412

362

13.8

%

19.0

%

-5.2

%

WW

 

189

158

20.0

%

21.4

%

-1.4

%

 

603

476

26.7

%

30.7

%

-4.0

%

INVEGA SUSTENNA / XEPLION /

INVEGA TRINZA / TREVICTA
US

 

730

684

6.8

%

6.8

%

-

 

 

2,164

2,036

6.3

%

6.3

%

-

 

Intl

 

299

348

-14.0

%

-14.4

%

0.4

%

 

940

1,097

-14.3

%

-11.9

%

-2.4

%

WW

 

1,029

1,031

-0.2

%

-0.3

%

0.1

%

 

3,104

3,132

-0.9

%

-0.1

%

-0.8

%

SPRAVATO
US

 

154

88

75.1

%

75.1

%

-

 

 

409

223

83.1

%

83.1

%

-

 

Intl

 

29

12

* * *

 

74

32

* * *
WW

 

183

100

82.1

%

81.0

%

1.1

%

 

483

255

88.8

%

88.7

%

0.1

%

OTHER NEUROSCIENCE
US

 

94

106

-11.3

%

-11.3

%

-

 

 

278

285

-2.3

%

-2.3

%

-

 

Intl

 

245

286

-13.9

%

-7.8

%

-6.1

%

 

870

1,007

-13.5

%

-8.5

%

-5.0

%

WW

 

340

393

-13.2

%

-8.7

%

-4.5

%

 

1,149

1,293

-11.0

%

-7.1

%

-3.9

%

ONCOLOGY
US

 

2,219

1,812

22.5

%

22.5

%

-

 

 

6,177

5,073

21.8

%

21.8

%

-

 

Intl

 

2,313

2,252

2.7

%

0.7

%

2.0

%

 

6,865

6,983

-1.7

%

0.3

%

-2.0

%

WW

 

4,533

4,064

11.5

%

10.4

%

1.1

%

 

13,043

12,056

8.2

%

9.3

%

-1.1

%

CARVYKTI
US

 

140

55

* *

-

 

 

324

79

* *

-

 

Intl

 

12

-

* *

-

 

 

17

-

* *

-

 

WW

 

152

55

* *

-

 

 

341

79

* *

-

 

DARZALEX
US

 

1,369

1,097

24.8

%

24.8

%

-

 

 

3,882

3,071

26.4

%

26.4

%

-

 

Intl

 

1,130

955

18.3

%

16.0

%

2.3

%

 

3,312

2,823

17.3

%

19.7

%

-2.4

%

WW

 

2,499

2,052

21.8

%

20.7

%

1.1

%

 

7,194

5,894

22.1

%

23.2

%

-1.1

%

ERLEADA
US

 

288

254

12.9

%

12.9

%

-

 

 

778

693

12.2

%

12.2

%

-

 

Intl

 

342

235

45.8

%

42.3

%

3.5

%

 

961

647

48.7

%

51.0

%

-2.3

%

WW

 

631

490

28.7

%

27.0

%

1.7

%

 

1,740

1,340

29.8

%

30.9

%

-1.1

%

IMBRUVICA
US

 

264

353

-25.2

%

-25.2

%

-

 

 

796

1,072

-25.8

%

-25.8

%

-

 

Intl

 

545

559

-2.5

%

-4.6

%

2.1

%

 

1,681

1,847

-9.0

%

-7.6

%

-1.4

%

WW

 

808

911

-11.3

%

-12.6

%

1.3

%

 

2,476

2,918

-15.2

%

-14.2

%

-1.0

%

ZYTIGA / abiraterone acetate
US

 

16

16

-2.8

%

-2.8

%

-

 

 

41

54

-24.9

%

-24.9

%

-

 

Intl

 

199

440

-54.9

%

-55.1

%

0.2

%

 

646

1,446

-55.3

%

-53.6

%

-1.7

%

WW

 

214

456

-53.0

%

-53.2

%

0.2

%

 

686

1,500

-54.2

%

-52.6

%

-1.6

%

OTHER ONCOLOGY
US

 

143

37

* *

-

 

 

357

104

* *

-

 

Intl

 

86

64

34.5

%

30.4

%

4.1

%

 

248

220

12.5

%

13.8

%

-1.3

%

WW

 

229

100

* * *

 

605

324

86.5

%

87.4

%

-0.9

%

 
 
 
 

REPORTED SALES vs. PRIOR PERIOD ($MM)

REPORTED SALES vs. PRIOR PERIOD ($MM)

THIRD QUARTER

NINE MONTHS

 

 

 

% Change

 

 

 

% Change

2023

2022

Reported

Operational (1)

Currency

2023

2022

Reported

Operational (1)

Currency

PULMONARY HYPERTENSION
US

 

680

604

12.6

%

12.6

%

-

 

 

1,964

1,736

13.1

%

13.1

%

-

 

Intl

 

274

247

10.5

%

11.7

%

-1.2

%

 

835

810

3.0

%

7.4

%

-4.4

%

WW

 

954

852

12.0

%

12.4

%

-0.4

%

 

2,798

2,547

9.9

%

11.3

%

-1.4

%

OPSUMIT
US

 

323

289

12.2

%

12.2

%

-

 

 

924

827

11.8

%

11.8

%

-

 

Intl

 

166

152

9.3

%

8.6

%

0.7

%

 

512

495

3.5

%

6.8

%

-3.3

%

WW

 

490

441

11.2

%

10.9

%

0.3

%

 

1,437

1,322

8.7

%

9.9

%

-1.2

%

UPTRAVI
US

 

336

283

18.9

%

18.9

%

-

 

 

978

824

18.7

%

18.7

%

-

 

Intl

 

66

50

30.9

%

33.8

%

-2.9

%

 

185

162

14.1

%

18.6

%

-4.5

%

WW

 

402

333

20.7

%

21.1

%

-0.4

%

 

1,163

986

18.0

%

18.7

%

-0.7

%

OTHER PULMONARY HYPERTENSION
US

 

20

33

-37.1

%

-37.1

%

-

 

 

61

86

-28.4

%

-28.4

%

-

 

Intl

 

42

46

-7.5

%

-2.1

%

-5.4

%

 

137

154

-10.5

%

-2.6

%

-7.9

%

WW

 

63

78

-19.8

%

-16.6

%

-3.2

%

 

199

239

-16.9

%

-11.8

%

-5.1

%

CARDIOVASCULAR / METABOLISM / OTHER
US

 

763

837

-8.8

%

-8.8

%

-

 

 

2,254

2,266

-0.5

%

-0.5

%

-

 

Intl

 

194

198

-2.1

%

-4.7

%

2.6

%

 

580

651

-10.8

%

-9.8

%

-1.0

%

WW

 

957

1,034

-7.5

%

-8.0

%

0.5

%

 

2,834

2,916

-2.8

%

-2.6

%

-0.2

%

XARELTO
US

 

625

689

-9.4

%

-9.4

%

-

 

 

1,840

1,806

1.9

%

1.9

%

-

 

Intl

 

-

-

-

 

-

 

-

 

 

-

-

-

 

-

 

-

 

WW

 

625

689

-9.4

%

-9.4

%

-

 

 

1,840

1,806

1.9

%

1.9

%

-

 

OTHER
US

 

139

147

-6.1

%

-6.1

%

-

 

 

414

459

-9.9

%

-9.9

%

-

 

Intl

 

194

198

-2.1

%

-4.7

%

2.6

%

 

580

651

-10.8

%

-9.8

%

-1.0

%

WW

 

332

345

-3.8

%

-5.3

%

1.5

%

 

994

1,110

-10.5

%

-9.8

%

-0.7

%

 
TOTAL INNOVATIVE MEDICINE
US

 

8,249

7,438

10.9

%

10.9

%

-

 

 

23,090

21,229

8.8

%

8.8

%

-

 

Intl

 

5,644

5,776

-2.3

%

-4.3

%

2.0

%

 

17,947

18,171

-1.2

%

0.8

%

-2.0

%

WW

$

13,893

13,214

5.1

%

4.3

%

0.8

%

$

41,037

39,400

4.2

%

5.1

%

-0.9

%

 
 
See footnotes at end of schedule
 
 
 

REPORTED SALES vs. PRIOR PERIOD ($MM)

 

 

 

REPORTED SALES vs. PRIOR PERIOD ($MM)

THIRD QUARTER

 

 

 

NINE MONTHS

 

 

 

 

% Change

 

 

 

 

 

 

% Change

MEDTECH SEGMENT (2,3)

 

2023

 

2022

Reported

Operational (1)

Currency

 

 

 

2023

 

2022

Reported

Operational (1)

Currency

 
INTERVENTIONAL SOLUTIONS
US

$

891

547

63.0

%

63.0

%

-

 

$

2,662

1,566

70.0

%

70.0

%

-

 

Intl

 

667

513

29.9

%

32.2

%

-2.3

%

 

2,019

1,636

23.4

%

28.6

%

-5.2

%

WW

 

1,558

1,060

47.0

%

48.1

%

-1.1

%

 

4,681

3,202

46.2

%

48.9

%

-2.7

%

ELECTROPHYSIOLOGY
US

 

611

520

17.6

%

17.6

%

-

 

 

1,791

1,489

20.3

%

20.3

%

-

 

Intl

 

549

453

21.2

%

23.4

%

-2.2

%

 

1,658

1,454

14.0

%

19.2

%

-5.2

%

WW

 

1,161

973

19.3

%

20.3

%

-1.0

%

 

3,449

2,943

17.2

%

19.8

%

-2.6

%

ABIOMED
US

 

254

-

* *

-

 

 

790

-

* *

-

 

Intl

 

57

-

* *

-

 

 

176

-

* *

-

 

WW

 

311

-

* *

-

 

 

966

-

* *

-

 

OTHER INTERVENTIONAL SOLUTIONS
US

 

26

27

-3.2

%

-3.2

%

-

 

 

81

77

5.9

%

5.9

%

-

 

Intl

 

61

60

1.0

%

3.7

%

-2.7

%

 

186

181

2.2

%

7.2

%

-5.0

%

WW

 

87

87

-0.3

%

1.6

%

-1.9

%

 

267

258

3.3

%

6.8

%

-3.5

%

ORTHOPAEDICS
US

 

1,349

1,309

3.1

%

3.1

%

-

 

 

4,100

3,936

4.2

%

4.2

%

-

 

Intl

 

815

785

3.9

%

1.7

%

2.2

%

 

2,574

2,504

2.8

%

4.9

%

-2.1

%

WW

 

2,164

2,095

3.4

%

2.6

%

0.8

%

 

6,674

6,440

3.6

%

4.5

%

-0.9

%

HIPS
US

 

239

228

4.9

%

4.9

%

-

 

 

730

693

5.4

%

5.4

%

-

 

Intl

 

136

124

9.3

%

7.3

%

2.0

%

 

432

437

-1.0

%

1.1

%

-2.1

%

WW

 

375

352

6.5

%

5.8

%

0.7

%

 

1,162

1,129

2.9

%

3.8

%

-0.9

%

KNEES
US

 

207

203

2.3

%

2.3

%

-

 

 

654

620

5.6

%

5.6

%

-

 

Intl

 

131

115

14.6

%

11.7

%

2.9

%

 

415

386

7.7

%

9.7

%

-2.0

%

WW

 

338

317

6.7

%

5.7

%

1.0

%

 

1,069

1,005

6.4

%

7.2

%

-0.8

%

TRAUMA
US

 

488

473

3.2

%

3.2

%

-

 

 

1,462

1,412

3.5

%

3.5

%

-

 

Intl

 

253

244

4.2

%

0.8

%

3.4

%

 

775

749

3.5

%

5.0

%

-1.5

%

WW

 

742

717

3.5

%

2.4

%

1.1

%

 

2,238

2,161

3.5

%

4.0

%

-0.5

%

SPINE, SPORTS & OTHER
US

 

415

406

2.3

%

2.3

%

-

 

 

1,254

1,211

3.5

%

3.5

%

-

 

Intl

 

295

303

-2.6

%

-3.6

%

1.0

%

 

952

933

2.0

%

4.7

%

-2.7

%

WW

 

710

708

0.2

%

-0.2

%

0.4

%

 

2,205

2,144

2.8

%

4.0

%

-1.2

%

 
 
 
 

REPORTED SALES vs. PRIOR PERIOD ($MM)

 

 

 

REPORTED SALES vs. PRIOR PERIOD ($MM)

THIRD QUARTER

 

 

 

NINE MONTHS

 

 

 

 

% Change

 

 

 

 

 

 

% Change

 

2023

 

2022

Reported

Operational (1)

Currency

 

 

 

2023

 

2022

Reported

Operational (1)

Currency

SURGERY
US

 

994

984

1.1

%

1.1

%

-

 

 

2,984

2,897

3.0

%

3.0

%

-

 

Intl

 

1,483

1,439

3.1

%

4.6

%

-1.5

%

 

4,522

4,410

2.6

%

6.7

%

-4.1

%

WW

 

2,479

2,422

2.3

%

3.2

%

-0.9

%

 

7,507

7,306

2.7

%

5.3

%

-2.6

%

ADVANCED
US

 

455

457

-0.4

%

-0.4

%

-

 

 

1,365

1,328

2.8

%

2.8

%

-

 

Intl

 

709

701

1.0

%

2.7

%

-1.7

%

 

2,139

2,132

0.3

%

4.5

%

-4.2

%

WW

 

1,164

1,158

0.5

%

1.5

%

-1.0

%

 

3,504

3,460

1.3

%

3.8

%

-2.5

%

GENERAL
US

 

540

527

2.4

%

2.4

%

-

 

 

1,619

1,569

3.2

%

3.2

%

-

 

Intl

 

775

737

5.1

%

6.5

%

-1.4

%

 

2,383

2,277

4.7

%

8.8

%

-4.1

%

WW

 

1,314

1,264

4.0

%

4.8

%

-0.8

%

 

4,002

3,846

4.1

%

6.5

%

-2.4

%

VISION
US

 

512

517

-1.0

%

-1.0

%

-

 

 

1,599

1,534

4.2

%

4.2

%

-

 

Intl

 

744

689

8.1

%

10.1

%

-2.0

%

 

2,265

2,170

4.4

%

8.3

%

-3.9

%

WW

 

1,256

1,206

4.2

%

5.4

%

-1.2

%

 

3,864

3,704

4.3

%

6.6

%

-2.3

%

CONTACT LENSES / OTHER
US

 

399

405

-1.2

%

-1.2

%

-

 

 

1,252

1,179

6.2

%

6.2

%

-

 

Intl

 

529

503

4.9

%

8.2

%

-3.3

%

 

1,568

1,533

2.3

%

7.0

%

-4.7

%

WW

 

928

908

2.2

%

4.0

%

-1.8

%

 

2,820

2,712

4.0

%

6.6

%

-2.6

%

SURGICAL
US

 

112

112

-0.1

%

-0.1

%

-

 

 

346

355

-2.5

%

-2.5

%

-

 

Intl

 

216

186

16.6

%

15.4

%

1.2

%

 

698

637

9.6

%

11.7

%

-2.1

%

WW

 

328

298

10.3

%

9.5

%

0.8

%

 

1,044

992

5.3

%

6.6

%

-1.3

%

 
TOTAL MEDTECH
US

 

3,747

3,356

11.6

%

11.6

%

-

 

 

11,345

9,932

14.2

%

14.2

%

-

 

Intl

 

3,711

3,426

8.3

%

9.2

%

-0.9

%

 

11,382

10,719

6.2

%

10.0

%

-3.8

%

WW

$

7,458

6,782

10.0

%

10.4

%

-0.4

%

$

22,727

20,651

10.0

%

12.0

%

-2.0

%

 
Note: Columns and rows within tables may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely
       
* Percentage greater than 100% or not meaningful
(1) Operational growth excludes the effect of translational currency
(2) Unaudited
(3) Certain prior year amounts have been reclassified to conform to current year product disclosures
(4) Previously referred to as Pharmaceutical
(5) Reported as U.S. sales
Supplemental Sales Reconciliation (Unaudited)
(Dollars in Millions)
 

THIRD QUARTER

 

NINE MONTHS

 

 

 

 

Percent Change

 

 

 

 

 

Percent Change

2023

 

2022

 

Total

 

Operations

 

Currency

2023

 

2022

 

Total

 

Operations

 

Currency

 
Innovative Medicine
U.S.

$

8,249

7,438

10.9

 

%

10.9

 

-

$

23,090

21,229

8.8

 

%

8.8

 

-

 

International

 

5,644

5,776

(2.3

)

(4.3

)

2.0

 

17,947

18,171

(1.2

)

0.8

 

(2.0

)

Worldwide

 

13,893

13,214

5.1

 

4.3

 

0.8

 

41,037

39,400

4.2

 

5.1

 

(0.9

)

 
COVID-19 Vaccine
U.S.

 

-

-

-

 

-

 

-

 

-

120

* *

-

 

International

 

41

489

(91.5

)

(97.8

)

6.3

 

1,073

1,370

(21.6

)

(23.0

)

1.4

 

Worldwide

 

41

489

(91.5

)

(97.8

)

6.3

 

1,073

1,490

(27.9

)

(29.2

)

1.3

 

 
Innovative Medicine excluding COVID-19 Vaccine
U.S.

 

8,249

7,438

10.9

 

10.9