EX-99.2 3 a2022q1exhibit992.htm EX-99.2 Document

Exhibit 99.2


Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)
FIRST QUARTER
Percent Change
20222021TotalOperationsCurrency
Sales to customers by
geographic area
U.S.$11,414  11,111  2.7 % 2.7 — 
Europe 6,024  5,414 11.3  19.5  (8.2)
Western Hemisphere excluding U.S. 1,482  1,424  4.1  5.1  (1.0)
Asia-Pacific, Africa 4,506  4,372  3.1  6.6  (3.5)
International 12,012  11,210  7.2  12.6  (5.4)
      
Worldwide$23,426  22,321  5.0 % 7.7  (2.7)
        
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)
FIRST QUARTER
 Percent Change
20222021TotalOperationsCurrency
Sales to customers by
segment of business
Consumer Health (1)
    U.S.$1,557 1,611 (3.4)%(3.4)— 
    International2,029 2,030 0.04.1 (4.1)
3,586    3,641 (1.5)0.8 (2.3)
Pharmaceutical (1)
    U.S.6,632 6,446 2.9 2.9— 
    International6,237 5,655 10.3 16.7(6.4)
12,869    12,101 6.3 9.3(3.0)
MedTech (2)
    U.S.3,225    3,054 5.6 5.6 — 
    International3,746 3,525 6.3 11.1 (4.8)
 6,971    6,579 5.9 8.5 (2.6)
U.S.11,414 11,111 2.7 2.7 — 
International12,012 11,210 7.2 12.6 (5.4)
Worldwide$23,426 22,321 5.0 %7.7 (2.7)
   
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(1) Certain international OTC products, primarily in China, were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes in their respective regions.
(2) Previously referred to as Medical Devices.






Johnson & Johnson and Subsidiaries 
Condensed Consolidated Statement of Earnings  
(Unaudited; in Millions Except Per Share Figures)
FIRST QUARTER
20222021Percent
PercentPercentIncrease
Amountto SalesAmountto Sales(Decrease)
Sales to customers$23,426 100.0$22,321 100.05.0 
Cost of products sold7,598 32.47,063 31.77.6 
Gross Profit15,828 67.615,258 68.33.7 
Selling, marketing and administrative expenses5,938 25.45,432 24.39.3 
Research and development expense3,462 14.83,178 14.28.9 
In-process research and development6102.6  
Interest (income) expense, net(12)(0.1)48 0.2
Other (income) expense, net(102)(0.4)(882)(3.9)
Restructuring70 0.353 0.2
Earnings before provision for taxes on income5,862 25.07,429 33.3(21.1)
Provision for taxes on income713 3.01,232 5.5 (42.1)
Net earnings$5,149 22.0$6,197 27.8(16.9)
Net earnings per share (Diluted)$1.93 $2.32 (16.8)
Average shares outstanding (Diluted)2,666.5 2,672.7 
Effective tax rate12.2  % 16.6 %
Adjusted earnings before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income$8,218 35.1$8,291 37.1(0.9)
Net earnings$7,129 30.4$6,924 31.03.0 
Net earnings per share (Diluted)$2.67 $2.59 3.1 
Effective tax rate13.3 %16.5 %
(1) See Reconciliation of Non-GAAP Financial Measures.
(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings before provision for taxes on income," "adjusted net earnings," "adjusted net earnings per share (diluted)," and "adjusted effective tax rate" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate on an adjusted basis because management believes that these measures provide useful information to investors. Among other things, these measures may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as intangible asset amortization expense, significant 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 before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate prepared in accordance with GAAP, adjusted earnings before provision for taxes on income, adjusted net earnings, adjusted net earnings per share (diluted), and adjusted effective tax rate may not be comparable with the calculation of similar measures for other companies. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of the Company's results of operations without including all events during a period, such as intangible asset amortization expense, 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
First Quarter
(Dollars in Millions Except Per Share Data)20222021
Net Earnings, after tax- as reported$5,149$6,197
Pre-tax Adjustments
Intangible Asset Amortization expense1,108 1,215
IPR&D610  -
Restructuring related72 104
Acquisition, integration and divestiture related ¹ -  (538)
(Gains)/losses on securities  411  35
Medical Device Regulation 2
 60  46
Consumer Health separation costs 102  -
Other(7)-
Tax Adjustments
Tax impact on special item adjustments 3
(393)(113)
Consumer Health separation tax related costs96  -
Tax legislation and other tax related(79)(22)
Adjusted Net Earnings, after tax$7,129$6,924
Average shares outstanding (Diluted)2,666.52,672.7
Adjusted net earnings per share (Diluted)$2.67$2.59
Operational adjusted net earnings per share (Diluted)$2.75 
Notes:
1
Acquisition, integration and divestiture related for the first quarter of 2021 primarily includes the gain on the divestiture of 2 Pharmaceutical brands outside of the U.S.
2
European Medical Device Regulation (MDR) costs represent one-time compliance costs for the Company’s previously registered products. MDR is a replacement of the existing European Medical Devices Directive regulatory framework, and manufacturers of currently marketed medical devices 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 by the end of 2023.
3
The tax impact related to special item adjustments reflects the current and deferred income taxes associated with the above pre-tax special items in arriving at adjusted earnings.





Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Adjusted Operational Sales Growth (A)
 FIRST QUARTER 2022 ACTUAL vs. 2021 ACTUAL
 Segments
Consumer Health Pharmaceutical  MedTech  Total
 WW As Reported (1.5)%6.3 %5.9 %5.0 %
 U.S. (3.4)%2.9 %5.6 %2.7 %
 International 0.0 %10.3 %6.3 %7.2 %
 WW Currency (2.3)(3.0)(2.6)(2.7)
 U.S.
 International (4.1)(6.4)(4.8)(5.4)
 WW Operational 0.8 %9.3 %8.5 %7.7 %
 U.S. (3.4)%2.9 %5.6 %2.7 %
 International 4.1 %16.7 %11.1 %12.6 %
Skin Health / Beauty
Dr. Ci Labo - Sedona0.60.1
 U.S. 0.00.0
 International 1.10.2
All Other Acquisitions and Divestitures0.20.00.10.1
 U.S. 0.20.00.10.1
 International 0.10.00.10.1
WW Adjusted Operational1.6 %9.3 %8.6 %7.9 %
 U.S. (3.2)%2.9 %5.7 %2.8 %
 International 5.3 %16.7 %11.2 %12.9 %
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)
FIRST QUARTER
% Change
20222021Reported
Operational (1)
Currency
CONSUMER HEALTH SEGMENT (2) (3)
OTC (5)
US$67059911.8 %11.8 %— %
Intl79167317.5 21.7 (4.2)
WW1,4611,27314.8 17.1 (2.3)
SKIN HEALTH / BEAUTY
US544634(14.2)(14.2)— 
Intl468529(11.6)(7.1)(4.5)
WW1,012 1,163(13.0)(11.0)(2.0)
ORAL CARE
US143163(12.6)(12.6)— 
Intl223254(12.0)(8.6)(3.4)
WW366 417 (12.2)(10.2)(2.0)
BABY CARE
US8596(11.5)(11.5)— 
Intl270293(7.7)(4.8)(2.9)
WW355 389 (8.6)(6.4)(2.2)
WOMEN'S HEALTH
US337.2 7.2 — 
Intl2242192.5 8.3 (5.8)
WW2282222.6 8.3 (5.7)
WOUND CARE / OTHER
US112115(3.3)(3.3)— 
Intl5261(15.3)(14.5)(0.8)
WW164177(7.4)(7.2)(0.2)
TOTAL CONSUMER HEALTH
US1,557 1,611 (3.4)(3.4) 
Intl2,029 2,030 0.0 4.1 (4.1)
WW$3,586 3,641 (1.5)%0.8 %(2.3)%
See footnotes at end of schedule






Johnson & Johnson
Segment Sales
(Dollars in Millions)
FIRST QUARTER
% Change
20222021Reported
Operational (1)
Currency
PHARMACEUTICAL SEGMENT (2) (3)
IMMUNOLOGY
US$2,5012,4133.7 %3.7 %— %
Intl1,6171,5017.7 13.7 (6.0)
WW4,1193,9145.2 7.5 (2.3)
     REMICADE
     US358489(26.8)(26.8)— 
     US Exports (4)
805740.5 40.5 — 
     Intl225232(2.6)(1.0)(1.6)
     WW663777(14.7)(14.2)(0.5)
     SIMPONI / SIMPONI ARIA
     US28725512.5 12.5 — 
     Intl283307(7.6)(1.9)(5.7)
     WW5715621.5 4.7 (3.2)
     STELARA
     US1,3791,3313.6 3.6 — 
     Intl90981711.2 17.8 (6.6)
     WW2,2882,1486.5 9.0 (2.5)
     TREMFYA
     US391 274 42.7 42.7 — 
     Intl199 143 38.8 47.9 (9.1)
     WW590 418 41.3 44.5 (3.2)
     OTHER IMMUNOLOGY
     US6 7 (3.2)(3.2)— 
     Intl0 2 **  *
     WW6 8 (22.0)(22.0)0.0
INFECTIOUS DISEASES (5)
US461512(10.0)(10.0)— 
Intl83648572.378.6(6.3)
WW1,29799830.033.1(3.1)
     COVID-19 VACCINE
     US75100(24.9)(24.9)— 
     Intl3820**  *
     WW457100**  *
     EDURANT / rilpivirine
     US9 10 (12.6)(12.6)— 
     Intl239 233 2.5 10.5 (8.0)
     WW248 243 1.8 9.6 (7.8)
     PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
     US369380(3.1)(3.1)— 
     Intl132166(20.3)(15.9)(4.4)
     WW501546(8.3)(6.9)(1.4)
     OTHER INFECTIOUS DISEASES
     US821(62.5)(62.5)— 
     Intl8387(3.8)1.6 (5.4)
     WW91108(15.3)(11.0)(4.3)
See footnotes at end of schedule





Johnson & Johnson
Segment Sales
(Dollars in Millions)
FIRST QUARTER
% Change
20212020Reported
Operational (1)
Currency
PHARMACEUTICAL SEGMENT (2) (3) (Continued)
NEUROSCIENCE (5)
US$8437719.3 %9.3%—%
Intl898943(4.8)1.5(6.3)
WW1,7411,7151.55.0(3.5)
     CONCERTA / methylphenidate
     US3547(26.5)(26.5)
     Intl122123(1.3)3.5(4.8)
     WW157171(8.3)(4.8)(3.5)
     INVEGA SUSTENNA / XEPLION / INVEGA
     TRINZA / TREVICTA
     US66158912.212.2
     Intl387376 3.09.9(6.9)
     WW1,0489658.611.3(2.7)
     RISPERDAL CONSTA
     US6367(6.4)(6.4)
     Intl6689(26.1)(19.6)(6.5)
     WW129157(17.6)(13.9)(3.7)
     OTHER NEUROSCIENCE
     US846725.525.5
     Intl323355(8.9)(2.8)(6.1)
     WW408422(3.5)1.7(5.2)
ONCOLOGY
US1,5821,37714.914.9
Intl2,369 2,193 8.015.0(7.0)
WW3,9503,57010.614.9(4.3)
     DARZALEX
     US953 691 37.937.9
     Intl903 674 34.042.7(8.7)
     WW1,856 1,365 36.040.3(4.3)
     ERLEADA
     US206 171 20.320.3
     Intl194 90 **  *
     WW400 261 53.057.5(4.5)
     IMBRUVICA
     US370 444 (16.7)(16.7)
     Intl668 680 (1.8)4.5(6.3)
     WW1,038 1,125 (7.7)(3.9)(3.8)
     ZYTIGA / abiraterone acetate
     US1950 (62.1)(62.1)
     Intl520588(11.6)(5.7)(5.9)
     WW539638(15.6)(10.1)(5.5)
     OTHER ONCOLOGY
     US34 21 63.163.1
     Intl84161(47.7)(44.6)(3.1)
     WW118182(35.1)(32.3)(2.8)
See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
FIRST QUARTER
% Change
20222021Reported
Operational (1)
Currency
PHARMACEUTICAL SEGMENT (2) (3) (Continued)
PULMONARY HYPERTENSION
US$572 573 (0.2)%(0.2)%— %
Intl279 288 (2.9)4.0 (6.9)
WW852 861 (1.1)1.2 (2.3)
     OPSUMIT
     US273 272 0.5 0.5 — 
     Intl170 179 (4.8)2.0 (6.8)
     WW443 450 (1.6)1.1 (2.7)
     UPTRAVI
     US269 259 3.9 3.9 — 
     Intl56 46 20.9 28.8 (7.9)
     WW325 305 6.5 7.7 (1.2)
     OTHER PULMONARY HYPERTENSION
     US30 42 (29.0)(29.0)— 
     Intl53 63 (15.2)(8.4)(6.8)
     WW83 105 (20.8)(16.8)(4.0)
CARDIOVASCULAR / METABOLISM / OTHER (5)
US672799(15.8)(15.8)— 
Intl238245(3.0)0.9 (3.9)
WW9101,044(12.8)(11.9)(0.9)
     XARELTO
     US508 589 (13.8)(13.8)— 
     Intl  — — — 
     WW508 589 (13.8)(13.8)— 
     INVOKANA / INVOKAMET
     US60 87 (30.7)(30.7)— 
     Intl68 63 7.5 11.1 (3.6)
     WW128 150 (14.6)(13.1)(1.5)
     OTHER
     US104 122 (14.9)(14.9)— 
     Intl170 182 (6.6)(2.6)(4.0)
     WW274 305 (10.0)(7.5)(2.5)
TOTAL PHARMACEUTICAL
US6,6326,4462.9 2.9  
Intl6,2375,65510.3 16.7 (6.4)
WW$12,86912,1016.3 %9.3 %(3.0)%
See footnotes at end of schedule




Johnson & Johnson
Segment Sales
(Dollars in Millions)
FIRST QUARTER
% Change
20222021Reported
Operational (1)
Currency
MEDTECH SEGMENT (2) (3) (6)
INTERVENTIONAL SOLUTIONS
US$494 434 13.8 %13.8 %— %
Intl597 51416.2 20.4 (4.2)
WW1,092 94915.1 17.4 (2.3)
ORTHOPAEDICS
US1,289 1,249 3.2 3.2 — 
Intl899 864 4.1 9.1 (5.0)
WW2,188 2,113 3.5 5.6 (2.1)
     HIPS
     US225 209 7.3 7.3 — 
     Intl164 146 12.2 17.0 (4.8)
     WW389 356 9.3 11.3 (2.0)
     KNEES
     US201 185 8.6 8.6 — 
     Intl138 132 4.1 9.1 (5.0)
     WW339 317 6.7 8.8 (2.1)
     TRAUMA
     US475 450 5.5 5.5 — 
     Intl273 282 (3.3)2.2 (5.5)
     WW748 733 2.1 4.2 (2.1)
     SPINE, SPORTS & OTHER
     US387 404 (4.1)(4.1)— 
     Intl324 303 7.0 11.7 (4.7)
     WW712 707 0.6 2.7 (2.1)
See footnotes at end of schedule




Johnson & Johnson
Segment Sales
(Dollars in Millions)
FIRST QUARTER
% Change
20212020Reported
Operational (1)
Currency
MEDTECH SEGMENT (2) (3) (6) (Continued)
SURGERY
US$921 898 2.52.5— %
Intl1,513 1,474 2.7 6.6 (3.9)
WW2,434 2,372 2.6 5.0 (2.4)
     ADVANCED
US417 405 3.0 3.0  
Intl729 713 2.2 5.4 (3.2)
WW1,146 1,118 2.5 4.5 (2.0)
     GENERAL
US504 493 2.12.1 
Intl784 761 3.1 7.7 (4.6)
WW1,288 1,254 2.7 5.5 (2.8)
VISION
US521 472 10.4 10.4  
Intl736 673 9.4 16.4 (7.0)
WW1,257 1,145 9.8 13.9 (4.1)
     CONTACT LENSES / OTHER
US400 371 7.7 7.7  
Intl511 486 5.1 12.9 (7.8)
WW910 857 6.2 10.6 (4.4)
     SURGICAL
US121 101 20.220.2— 
Intl226 187 20.525.7 (5.2)
WW347 288 20.423.8(3.4)
TOTAL MEDTECH
US3,225 3,054 5.6 5.6  
Intl3,746 3,525 6.3 11.1 (4.8)
WW$6,971 6,579 5.9 %8.5 %(2.6)%
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) Reported as U.S. sales
(5) Refer to supplemental sales information schedule
(6) Previously referred to as Medical Devices







Johnson & Johnson
Supplemental Sales Information
(Dollars in Millions)
Certain prior year amounts have been reclassified to
conform to current year product disclosures
202020212021
Full YearQ1Q2Q3Q4Full Year
CONSUMER HEALTH SEGMENT (1)
OTC (2)
US$2,460 599 675 686 633 2,594 
Intl2,761 673 752 798 811 3,034 
WW5,221 1,273 1,426 1,484 1,444 5,627 
PHARMACEUTICAL SEGMENT (1)
INFECTIOUS DISEASES (2)
OTHER INFECTIOUS DISEASES
US104 21 16 18 11 66 
Intl292 87 71 82 57 297 
WW396 108 88 99 68 363 
NEUROSCIENCE (2)
OTHER NEUROSCIENCE
US298 67 91 81 99 338 
Intl1,312 355 373 298 342 1,368 
WW1,610 422 464 379 441 1,706 
CARDIOVASCULAR / METABOLISM / OTHER (2) (3)
OTHER
US600 122 116 98 110 446 
Intl794 182 178 173 140 673 
WW$1,394 305 293 271 250 1,119 
Note: Columns and rows within tables may not add due to rounding.
(1) Unaudited
(2) Certain international OTC products, primarily in China, were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes in their respective regions
(3) Other is inclusive of PROCRIT / EPREX, which was previously disclosed separately