- 2024 Third-Quarter reported sales growth of 5.2% to $22.5 Billion with operational growth of 6.3%* and adjusted operational growth of 5.4%*
- 2024 Third-Quarter Earnings per share (EPS) of $1.11 decreasing by 34.3% due to a one-time special charge and acquired IPR&D. Adjusted EPS of $2.42 decreasing by 9.0%* with acquired IPR&D impacting results approximately 1,900 basis points
- Significant pipeline progress including approvals of TREMFYA in ulcerative colitis, RYBREVANT + LAZCLUZE in non-small cell lung cancer, and submission of an investigational device exemption for our general surgery robotic system, OTTAVA
- Company increases Full-Year 2024 operational sales5 guidance
- Company updates Full-Year 2024 adjusted operational EPS guidance to reflect improved performance and the acquisition of V-Wave; costs associated with the acquisition of V-Wave more than offset the improvement
Johnson & Johnson (NYSE: JNJ) today announced results for third-quarter 2024. “Johnson & Johnson’s strong results in the third quarter reflect the unique breadth of our business and commitment to delivering the next wave of healthcare innovation,” said Joaquin Duato, Chairman and Chief Executive Officer. “During the quarter, we advanced our pipeline with regulatory approvals for TREMFYA and RYBREVANT, submitted an IDE for our general surgery robotic system, OTTAVA, and launched VELYS Spine and Shockwave E8 IVL Catheter, further strengthening our confidence in our near-and long-term growth targets.”
Unless otherwise noted, the financial results and earnings guidance included below reflect the continuing operations of Johnson & Johnson.
Overall financial results
|
Q3
|
| ($ in Millions, except EPS) |
2024
|
2023
|
% Change
|
| Reported Sales |
$22,471
|
$21,351
|
5.2%
|
| Net Earnings/(Loss) |
$2,694
|
$4,309
|
-37.5%
|
| EPS (diluted) |
$1.11
|
$1.69
|
-34.3%
|
|
|
|
|
|
Q3
|
| Non-GAAP* ($ in Millions, except EPS) |
2024
|
2023
|
% Change
|
| Operational Sales1,2 |
|
|
6.3%
|
| Adjusted Operational Sales1,3 |
|
|
5.4%
|
| Adjusted Operational Sales ex. COVID-19 Vaccine1,3 |
|
|
5.6%
|
| Adjusted Net Earnings1,4 |
$5,876
|
$6,777
|
-13.3%
|
| Adjusted EPS (diluted)1,4 |
$2.42
|
$2.66
|
-9.0%
|
| Free Cash Flow (YTD)6,7 |
~$14,000
|
$11,974
|
|
|
1
|
|
Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
|
|
2
|
|
Excludes the impact of translational currency
|
|
3
|
|
Excludes the net impact of acquisitions and divestitures and translational currency
|
|
4
|
|
Excludes intangible amortization expense and special items
|
|
5
|
|
Excludes COVID-19 Vaccine
|
|
6
|
|
Non-GAAP measure; defined as cash flow from operating activities, less additions to property, plant and equipment. Cash flow from operations, the most directly comparable GAAP financial measure, will be included in subsequent SEC filings.
|
|
7
|
|
Q3 YTD 2024 is estimated as of October 15, 2024. Q3 YTD 2023 includes approximately 8 months contribution from the Consumer Health segment.
|
| Note: values may have been rounded |
Regional sales results
| Q3 |
|
% Change
|
| ($ in Millions) |
2024
|
2023
|
Reported
|
Operational1,2
|
Currency
|
Adjusted
Operational1,3
|
| U.S. |
$12,909
|
$11,996
|
7.6%
|
7.6
|
-
|
6.5
|
| International |
9,562
|
9,355
|
2.2
|
4.6
|
-2.4
|
4.0
|
| Worldwide |
$22,471
|
$21,351
|
5.2%
|
6.3
|
-1.1
|
5.4
|
|
1
|
|
Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
|
|
2
|
|
Excludes the impact of translational currency
|
|
3
|
|
Excludes the net impact of acquisitions and divestitures and translational currency
|
| Note: values may have been rounded |
Segment sales results
| Q3 |
|
% Change
|
| ($ in Millions) |
2024
|
2023
|
Reported
|
Operational1,2
|
Currency
|
Adjusted
Operational1,3
|
| Innovative Medicine |
$ 14,580
|
$ 13,893
|
4.9%
|
6.3
|
(1.4)
|
6.4
|
| MedTech |
7,891
|
7,458
|
5.8%
|
6.4
|
(0.6)
|
3.7
|
| Worldwide |
$ 22,471
|
$ 21,351
|
5.2%
|
6.3
|
(1.1)
|
5.4
|
|
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 |
Third Quarter 2024 segment commentary:
Operational sales* reflected below excludes the impact of translational currency.
Innovative Medicine
Innovative Medicine worldwide operational sales grew 6.3%. Growth was driven by DARZALEX (daratumumab), ERLEADA (apalutamide), Other Oncology, and CARVYKTI (ciltacabtagene autoleucel) in Oncology, TREMFYA (guselkumab) in Immunology, SPRAVATO (esketamine) in Neuroscience, and OPSUMIT (macitentan) in Pulmonary Hypertension. Growth was partially offset by STELARA (ustekinumab) and SIMPONI/SIMPONI ARIA (golimumab) in Immunology.
MedTech
MedTech worldwide operational sales grew 6.4%*, with net acquisitions and divestitures positively impacting growth by 2.7%. Operational sales growth was driven primarily by electrophysiology products and Abiomed in Cardiovascular, previously referred to as Interventional Solutions, contact lenses in Vision and wound closure products in General Surgery. Growth was partially offset by endocutter products in Advanced Surgery.
Full-year 2024 guidance:
Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses, and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson's results computed in accordance with GAAP.
Johnson & Johnson is updating its 2024 guidance, including adjusted operational EPS guidance, to reflect improved performance and the impact from the recent acquisition of V-Wave.
|
Non-GAAP*
|
2024
|
|
July 2024 Adjusted Operational EPS1,2
|
$10.05
|
|
Improved performance outlook
|
$0.10
|
|
October 2024 Adjusted Operational EPS1,2 pre-M&A
|
$10.15
|
|
M&A impact (V-Wave)
|
($0.24)
|
|
October 2024 Adjusted Operational EPS1,2
|
$9.91
|
|
1
|
|
Non-GAAP financial measure; excludes the impact of translational currency
|
|
2
|
|
Non-GAAP financial measure; excludes intangible amortization expense and special items
|
| Note: Adjusted operational EPS figures reflect midpoint of issued guidance |
|
($ in Billions, except EPS)
|
October 2024
|
July 2024
|
|
Adjusted Operational Sales1,2,5
Change vs. Prior Year / Mid-point
|
5.7% – 6.2% / 6.0%
|
5.5% – 6.0% / 5.8%
|
|
Operational Sales2,5/ Mid-point
|
$89.4B – $89.8B / $89.6B
|
$89.2B – $89.6B / $89.4B
|
|
Change vs. Prior Year / Mid-point
|
6.3% – 6.8% / 6.6%
|
6.1% – 6.6% / 6.4%
|
|
Estimated Reported Sales3,5/ Mid-point
|
$88.4B – $88.8B / $88.6B
|
$88.0B – $88.4B / $88.2B
|
|
Change vs. Prior Year / Mid-point
|
5.1% – 5.6% / 5.4%
|
4.7% – 5.2% / 5.0%
|
|
Adjusted Operational EPS (Diluted)2,4/ Mid-point
|
$9.86 – $9.96 / $9.91
|
$10.00 – $10.10 / $10.05
|
|
Change vs. Prior Year / Mid-point
|
(0.6)% – 0.4% / (0.1)%
|
0.8% – 1.8% / 1.3%
|
|
Adjusted EPS (Diluted)3,4 / Mid-point
|
$9.88 – $9.98 / $9.93
|
$9.97 – $10.07 / $10.02
|
|
Change vs. Prior Year / Mid-point
|
(0.4)% – 0.6% / 0.1%
|
0.5% – 1.5% / 1.0%
|
|
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 2024 = $1.09 and July 2024 = $1.08 (Illustrative purposes only)
|
|
4
|
|
Non-GAAP financial measure; excludes intangible amortization expense and special items
|
|
5
|
|
Excludes COVID-19 Vaccine
|
| Note: percentages may have been rounded |
Other modeling considerations will be provided on the webcast.
Notable announcements in the quarter:
The information contained in this section should be read together with Johnson & Johnson’s other disclosures filed with the Securities and Exchange Commission, including its Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. The reader is also encouraged to review all other news releases and information available in the Investor Relations section of the company’s website at News Releases, as well as Innovative Medicine News Center, MedTech News & Events, and www.factsabouttalc.com.
|
Regulatory
|
Johnson & Johnson submits application to the European Medicines Agency for DARZALEX (daratumumab) SC-based quadruplet regimen for newly diagnosed multiple myeloma patients1
|
Press Release
|
|
Johnson & Johnson files for U.S. FDA approval of DARZALEX FASPRO-based quadruplet regimen for newly diagnosed multiple myeloma patients for whom transplant is not planned
|
Press Release
|
|
DARZALEX (daratumumab)-based quadruplet regimen receives positive CHMP opinion for transplant-eligible patients with newly diagnosed multiple myeloma
|
Press Release
|
|
RYBREVANT (amivantamab-vmjw) plus standard of care approved in the U.S. as first and only targeted regimen to cut risk of disease progression by more than half in second-line EGFR-mutated advanced lung cancer
|
Press Release
|
|
Johnson & Johnson seeks first EU approval of nipocalimab to treat a broad population of patients living with antibody-positive generalised myasthenia gravis
|
Press Release
|
|
TREMFYA (guselkumab) receives U.S. FDA approval for adults with moderately to severely active ulcerative colitis, strengthening Johnson & Johnson's leadership in inflammatory bowel disease
|
Press Release
|
|
Johnson & Johnson seeks first approval of nipocalimab to treat broadest population living with antibody positive generalized myasthenia gravis
|
Press Release
|
|
European Commission approves RYBREVANT (amivantamab) in combination with chemotherapy for the treatment of adult patients with advanced EGFR-mutated non-small cell lung cancer after failure of prior therapy
|
Press Release
|
|
European Commission approves BALVERSA (erdafitinib) for adult patients with unresectable or metastatic urothelial carcinoma
|
Press Release
|
|
RYBREVANT (amivantamab-vmjw) plus LAZCLUZE (lazertinib) approved in the U.S. as a first-line chemotherapy-free treatment for patients with EGFR-mutated advanced lung cancer
|
Press Release
|
|
DARZALEX FASPRO (daratumumab and hyaluronidase-fihj)-based quadruplet regimen approved in the U.S. for patients with newly diagnosed multiple myeloma who are transplant-eligible
|
Press Release
|
|
Johnson & Johnson seeks U.S. FDA approval of SPRAVATO (esketamine) as the first and only monotherapy for adults with treatment-resistant depression
|
Press Release
|
|
Data Releases
|
TREMFYA (guselkumab) demonstrates impressive results across biologic-naïve and biologic-refractory patients in Crohn's disease and ulcerative colitis1
|
Press Release
|
|
|
CARVYKTI is the first and only cell therapy to significantly extend overall survival versus standard therapies for patients with multiple myeloma as early as second line
|
Press Release
|
|
DARZALEX (daratumumab)-based maintenance regimens show clinically meaningful deep and durable responses in transplant-eligible patients with newly diagnosed multiple myeloma
|
Press Release
|
|
Novel combination of TALVEY (talquetamab-tgvs) and TECVAYLI (teclistamab-cqyv) suggests high response rates and durable responses in triple-class refractory patients with relapsed or refractory multiple myeloma, including those with extramedullary disease
|
Press Release
|
|
TALVEY (talquetamab-tgvs) and DARZALEX FASPRO (daratumumab and hyaluronidase-fihj) based combination shows deep and durable responses in patients with relapsed or refractory multiple myeloma
|
Press Release
|
|
Johnson & Johnson is transforming solid tumor cancer outcomes with new data at the 2024 World Conference on Lung Cancer and European Society for Medical Oncology Congress
|
Press Release
|
|
Groundbreaking nipocalimab study of pregnant individuals at high risk for early onset severe hemolytic disease of the fetus and newborn published in The New England Journal of Medicine
|
Press Release
|
|
Product Launch
|
Johnson & Johnson MedTech Launches VOLT Plating System1
|
Press Release
|
|
Johnson & Johnson Rolls Out New TECNIS Odyssey Next-Generation Intraocular Lens Offering Cataract Patients Precise Vision at Every Distance in Any Lighting
|
Press Release
|
|
Shockwave Medical Expands U.S. Peripheral IVL Portfolio with Enhanced Catheter
|
Press Release
|
|
DePuy Synthes Launches its First Active Spine Robotics and Navigation Platform
|
Press Release
|
|
Other
|
Johnson & Johnson Completes Acquisition of V-Wave1
|
Press Release
|
|
|
Johnson & Johnson Announces that its Subsidiary, Red River Talc LLC, has Filed a Voluntary Prepackaged Chapter 11 Case to Resolve All Current and Future Ovarian Cancer Talc Claims
|
Press Release
|
|
Johnson & Johnson’s Executive Vice President, Chief Human Resources Officer Peter Fasolo to Retire; Kristen Mulholland Named Chief Human Resources Officer, Effective October 1, 2024
|
Press Release
|
|
|
|
|
1 Subsequent to the quarter
|
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 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; and the Company’s ability to realize the anticipated benefits from the separation of Kenvue Inc. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended December 31, 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
|
|
2024
|
|
2023
|
|
Total
|
|
Operations
|
Currency
|
|
2024
|
|
2023
|
|
Total
|
|
Operations
|
Currency
|
| Sales to customers by |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| segment of business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Innovative Medicine (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. |
$
|
8,871
|
|
8,249
|
|
7.5
|
%
|
7.5
|
|
-
|
|
|
$
|
24,993
|
|
23,090
|
|
8.2
|
|
%
|
8.2
|
|
-
|
|
| International |
|
5,709
|
|
5,644
|
|
1.2
|
|
4.4
|
|
(3.2
|
)
|
|
|
17,639
|
|
17,947
|
|
(1.7
|
)
|
|
2.1
|
|
(3.8
|
)
|
|
|
14,580
|
|
13,893
|
|
4.9
|
|
6.3
|
|
(1.4
|
)
|
|
|
42,632
|
|
41,037
|
|
3.9
|
|
|
5.5
|
|
(1.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Innovative Medicine excluding COVID-19 Vaccine (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. |
|
8,871
|
|
8,249
|
|
7.5
|
|
7.5
|
|
-
|
|
|
|
24,993
|
|
23,090
|
|
8.2
|
|
|
8.2
|
|
-
|
|
| International |
|
5,708
|
|
5,603
|
|
1.9
|
|
5.2
|
|
(3.3
|
)
|
|
|
17,441
|
|
16,874
|
|
3.4
|
|
|
7.4
|
|
(4.0
|
)
|
|
|
14,579
|
|
13,852
|
|
5.2
|
|
6.6
|
|
(1.4
|
)
|
|
|
42,434
|
|
39,964
|
|
6.2
|
|
|
7.9
|
|
(1.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MedTech |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. |
|
4,038
|
|
3,747
|
|
7.8
|
|
7.8
|
|
-
|
|
|
|
12,105
|
|
11,345
|
|
6.7
|
|
|
6.7
|
|
-
|
|
| International |
|
3,853
|
|
3,711
|
|
3.9
|
|
5.0
|
|
(1.1
|
)
|
|
|
11,564
|
|
11,382
|
|
1.6
|
|
|
4.7
|
|
(3.1
|
)
|
|
|
7,891
|
|
7,458
|
|
5.8
|
|
6.4
|
|
(0.6
|
)
|
|
|
23,669
|
|
22,727
|
|
4.1
|
|
|
5.7
|
|
(1.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. |
|
12,909
|
|
11,996
|
|
7.6
|
|
7.6
|
|
-
|
|
|
|
37,098
|
|
34,435
|
|
7.7
|
|
|
7.7
|
|
-
|
|
| International |
|
9,562
|
|
9,355
|
|
2.2
|
|
4.6
|
|
(2.4
|
)
|
|
|
29,203
|
|
29,329
|
|
(0.4
|
)
|
|
3.1
|
|
(3.5
|
)
|
| Worldwide |
|
22,471
|
|
21,351
|
|
5.2
|
|
6.3
|
|
(1.1
|
)
|
|
|
66,301
|
|
63,764
|
|
4.0
|
|
|
5.6
|
|
(1.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. |
|
12,909
|
|
11,996
|
|
7.6
|
|
7.6
|
|
-
|
|
|
|
37,098
|
|
34,435
|
|
7.7
|
|
|
7.7
|
|
-
|
|
| International |
|
9,561
|
|
9,314
|
|
2.7
|
|
5.1
|
|
(2.4
|
)
|
|
|
29,005
|
|
28,256
|
|
2.7
|
|
|
6.3
|
|
(3.6
|
)
|
| Worldwide excluding COVID-19 Vaccine (1) |
$
|
22,470
|
|
21,310
|
|
5.4
|
%
|
6.5
|
|
(1.1
|
)
|
|
$
|
66,103
|
|
62,691
|
|
5.4
|
|
%
|
7.1
|
|
(1.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. |
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Refer to supplemental sales information schedules |
| Johnson & Johnson and Subsidiaries |
|
|
|
|
|
|
|
|
|
|
| Supplementary Sales Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited; Dollars in Millions) |
THIRD QUARTER
|
|
NINE MONTHS
|
|
|
|
|
|
Percent Change
|
|
|
|
|
|
Percent Change
|
|
2024
|
|
2023
|
|
Total
|
|
Operations
|
Currency
|
|
2024
|
|
2023
|
|
Total
|
|
Operations
|
Currency
|
| Sales to customers by |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| geographic area |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. |
$
|
12,909
|
|
11,996
|
|
7.6
|
%
|
7.6
|
|
-
|
|
|
$
|
37,098
|
|
34,435
|
|
7.7
|
|
%
|
7.7
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Europe |
|
4,914
|
|
4,727
|
|
4.0
|
|
3.0
|
|
1.0
|
|
|
|
15,291
|
|
15,448
|
|
(1.0
|
)
|
|
(0.7
|
)
|
|
(0.3
|
)
|
| Western Hemisphere excluding U.S. |
|
1,173
|
|
1,171
|
|
0.3
|
|
20.3
|
|
(20.0
|
)
|
|
|
3,579
|
|
3,383
|
|
5.8
|
|
|
21.4
|
|
|
(15.6
|
)
|
| Asia-Pacific, Africa |
|
3,475
|
|
3,457
|
|
0.5
|
|
1.5
|
|
(1.0
|
)
|
|
|
10,333
|
|
10,498
|
|
(1.6
|
)
|
|
2.8
|
|
|
(4.4
|
)
|
| International |
|
9,562
|
|
9,355
|
|
2.2
|
|
4.6
|
|
(2.4
|
)
|
|
|
29,203
|
|
29,329
|
|
(0.4
|
)
|
|
3.1
|
|
|
(3.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Worldwide |
$
|
22,471
|
|
21,351
|
|
5.2
|
%
|
6.3
|
|
(1.1
|
)
|
|
$
|
66,301
|
|
63,764
|
|
4.0
|
|
%
|
5.6
|
|
|
(1.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Johnson & Johnson and Subsidiaries |
|
|
|
|
|
|
|
|
|
|
| Supplementary Sales Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited; Dollars in Millions) |
THIRD QUARTER
|
|
NINE MONTHS
|
|
|
|
|
|
Percent Change
|
|
|
|
|
|
Percent Change
|
|
2024
|
|
2023
|
|
Total
|
|
Operations
|
Currency
|
|
2024
|
|
2023
|
|
Total
|
|
Operations
|
Currency
|
| Sales to customers by |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| geographic area (ex. COVID-19 Vaccine) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.* |
$
|
12,909
|
|
11,996
|
|
7.6
|
%
|
7.6
|
|
-
|
|
|
$
|
37,098
|
|
34,435
|
|
7.7
|
|
%
|
7.7
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Europe(1) |
|
4,913
|
|
4,686
|
|
4.8
|
|
3.8
|
|
1.0
|
|
|
|
15,093
|
|
14,375
|
|
5.0
|
|
|
5.3
|
|
|
(0.3
|
)
|
| Western Hemisphere excluding U.S.* |
|
1,173
|
|
1,171
|
|
0.3
|
|
20.3
|
|
(20.0
|
)
|
|
|
3,579
|
|
3,383
|
|
5.8
|
|
|
21.4
|
|
|
(15.6
|
)
|
| Asia-Pacific, Africa* |
|
3,475
|
|
3,457
|
|
0.5
|
|
1.5
|
|
(1.0
|
)
|
|
|
10,333
|
|
10,498
|
|
(1.6
|
)
|
|
2.8
|
|
|
(4.4
|
)
|
| International |
|
9,561
|
|
9,314
|
|
2.7
|
|
5.1
|
|
(2.4
|
)
|
|
|
29,005
|
|
28,256
|
|
2.7
|
|
|
6.3
|
|
|
(3.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Worldwide |
$
|
22,470
|
|
21,310
|
|
5.4
|
%
|
6.5
|
|
(1.1
|
)
|
|
$
|
66,103
|
|
62,691
|
|
5.4
|
|
%
|
7.1
|
|
|
(1.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Refer to supplemental sales information schedules |
| *No COVID-19 Vaccine sales |
| Johnson & Johnson and Subsidiaries |
|
|
|
|
|
|
|
|
|
| Condensed Consolidated Statement of Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited; in Millions Except Per Share Figures) |
THIRD QUARTER |
|
|
|
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
Percent
|
|
|
|
Percent
|
|
|
|
Percent
|
|
Increase
|
|
Amount
|
|
to Sales
|
|
Amount
|
|
to Sales
|
|
(Decrease)
|
| Sales to customers |
$
|
22,471
|
|
|
100.0
|
|
|
$
|
21,351
|
|
|
100.0
|
|
|
5.2
|
|
| Cost of products sold |
|
6,963
|
|
|
31.0
|
|
|
|
6,606
|
|
|
30.9
|
|
|
5.4
|
|
| Gross Profit |
|
15,508
|
|
|
69.0
|
|
|
|
14,745
|
|
|
69.1
|
|
|
5.2
|
|
| Selling, marketing and administrative expenses |
|
5,478
|
|
|
24.3
|
|
|
|
5,400
|
|
|
25.3
|
|
|
1.4
|
|
| Research and development expense |
|
4,952
|
|
|
22.0
|
|
|
|
3,447
|
|
|
16.2
|
|
|
43.7
|
|
| In-process research and development impairments |
|
-
|
|
|
-
|
|
|
|
206
|
|
|
1.0
|
|
|
|
| Interest (income) expense, net |
|
(99
|
)
|
|
(0.4
|
)
|
|
|
(182
|
)
|
|
(0.8
|
)
|
|
|
| Other (income) expense, net |
|
1,798
|
|
|
8.0
|
|
|
|
499
|
|
|
2.3
|
|
|
|
| Restructuring |
|
41
|
|
|
0.2
|
|
|
|
158
|
|
|
0.7
|
|
|
|
| Earnings before provision for taxes on income |
|
3,338
|
|
|
14.9
|
|
|
|
5,217
|
|
|
24.4
|
|
|
(36.0
|
)
|
| Provision for taxes on income |
|
644
|
|
|
2.9
|
|
|
|
908
|
|
|
4.2
|
|
|
(29.1
|
)
|
| Net earnings from Continuing Operations |
$
|
2,694
|
|
|
12.0
|
|
|
$
|
4,309
|
|
|
20.2
|
|
|
(37.5
|
)
|
| Net earnings from Discontinued Operations, net of tax |
|
-
|
|
|
|
|
|
21,719
|
|
|
|
|
|
| Net earnings |
$
|
2,694
|
|
|
|
|
$
|
26,028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net earnings per share (Diluted) from Continuing Operations |
$
|
1.11
|
|
|
|
|
$
|
1.69
|
|
|
|
|
(34.3
|
)
|
| Net earnings per share (Diluted) from Discontinued Operations |
$
|
-
|
|
|
|
|
$
|
8.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average shares outstanding (Diluted) |
|
2,427.9
|
|
|
|
|
|
2,549.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Effective tax rate from Continuing Operations |
|
19.3
|
|
%
|
|
|
|
17.4
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted earnings from Continuing Operations before provision for taxes and net earnings (1) |
|
|
|
| Earnings before provision for taxes on income from Continuing Operations |
$
|
7,277
|
|
|
32.4
|
|
|
$
|
8,033
|
|
|
37.6
|
|
|
(9.4
|
)
|
| Net earnings from Continuing Operations |
$
|
5,876
|
|
|
26.1
|
|
|
$
|
6,777
|
|
|
31.7
|
|
|
(13.3
|
)
|
| Net earnings per share (Diluted) from Continuing Operations |
$
|
2.42
|
|
|
|
|
$
|
2.66
|
|
|
|
|
(9.0
|
)
|
| Effective tax rate from Continuing Operations |
|
19.3
|
|
%
|
|
|
|
15.6
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (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 |
|
|
|
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
Percent
|
|
|
|
Percent
|
|
|
|
Percent
|
|
Increase
|
|
Amount
|
|
to Sales
|
|
Amount
|
|
to Sales
|
|
(Decrease)
|
| Sales to customers |
$
|
66,301
|
|
|
100.0
|
|
|
$
|
63,764
|
|
|
100.0
|
|
|
4.0
|
|
| Cost of products sold |
|
20,343
|
|
|
30.7
|
|
|
|
19,755
|
|
|
31.0
|
|
|
3.0
|
|
| Gross Profit |
|
45,958
|
|
|
69.3
|
|
|
|
44,009
|
|
|
69.0
|
|
|
4.4
|
|
| Selling, marketing and administrative expenses |
|
16,416
|
|
|
24.8
|
|
|
|
15,702
|
|
|
24.6
|
|
|
4.5
|
|
| Research and development expense |
|
11,934
|
|
|
18.0
|
|
|
|
10,605
|
|
|
16.6
|
|
|
12.5
|
|
| In-process research and development impairments |
|
194
|
|
|
0.3
|
|
|
|
255
|
|
|
0.4
|
|
|
|
| Interest (income) expense, net |
|
(433
|
)
|
|
(0.7
|
)
|
|
|
(277
|
)
|
|
(0.4
|
)
|
|
|
| Other (income) expense, net |
|
4,855
|
|
|
7.3
|
|
|
|
7,055
|
|
|
11.1
|
|
|
|
| Restructuring |
|
192
|
|
|
0.3
|
|
|
|
433
|
|
|
0.6
|
|
|
|
| Earnings before provision for taxes on income |
|
12,800
|
|
|
19.3
|
|
|
|
10,236
|
|
|
16.1
|
|
|
25.0
|
|
| Provision for taxes on income |
|
2,165
|
|
|
3.3
|
|
|
|
1,042
|
|
|
1.7
|
|
|
107.8
|
|
| Net earnings from Continuing Operations |
$
|
10,635
|
|
|
16.0
|
|
|
$
|
9,194
|
|
|
14.4
|
|
|
15.7
|
|
| Net earnings from Discontinued Operations, net of tax |
|
-
|
|
|
|
|
|
21,910
|
|
|
|
|
|
| Net earnings |
$
|
10,635
|
|
|
|
|
$
|
31,104
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net earnings per share (Diluted) from Continuing Operations |
$
|
4.38
|
|
|
|
|
$
|
3.53
|
|
|
|
|
24.1
|
|
| Net earnings per share (Diluted) from Discontinued Operations |
$
|
-
|
|
|
|
|
$
|
8.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average shares outstanding (Diluted) |
|
2,429.5
|
|
|
|
|
|
2,603.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Effective tax rate from Continuing Operations |
|
16.9
|
|
%
|
|
|
|
10.2
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted earnings from Continuing Operations before provision for taxes and net earnings (1) |
|
|
|
| Earnings before provision for taxes on income from Continuing Operations |
$
|
23,558
|
|
|
35.5
|
|
|
$
|
23,574
|
|
|
37.0
|
|
|
(0.1
|
)
|
| Net earnings from Continuing Operations |
$
|
19,296
|
|
|
29.1
|
|
|
$
|
19,847
|
|
|
31.1
|
|
|
(2.8
|
)
|
| Net earnings per share (Diluted) from Continuing Operations |
$
|
7.94
|
|
|
|
|
$
|
7.62
|
|
|
|
|
4.2
|
|
| Effective tax rate from Continuing Operations |
|
18.1
|
|
%
|
|
|
|
15.8
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (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) |
2024
|
|
2023
|
|
2024
|
|
2023
|
| Net Earnings from Continuing Operations, after tax- as reported |
$
|
2,694
|
|
|
$
|
4,309
|
|
|
$
|
10,635
|
|
|
$
|
9,194
|
|
|
|
|
|
|
|
|
|
| Pre-tax Adjustments |
|
|
|
|
|
|
|
|
Litigation related
|
|
2,388
|
|
|
|
(51
|
)
|
|
|
5,466
|
|
|
|
6,986
|
|
| Intangible Asset Amortization expense |
|
1,171
|
|
|
|
1,132
|
|
|
|
3,355
|
|
|
|
3,384
|
|
| COVID-19 Vaccine related costs 1 |
|
4
|
|
|
|
44
|
|
|
|
77
|
|
|
|
653
|
|
| Restructuring related 2 |
|
47
|
|
|
|
384
|
|
|
|
207
|
|
|
|
659
|
|
| Medical Device Regulation 3 |
|
38
|
|
|
|
74
|
|
|
|
157
|
|
|
|
223
|
|
| Acquisition, integration and divestiture related |
|
328
|
|
|
|
22
|
|
|
|
928
|
|
|
|
102
|
|
| (Gains)/losses on securities |
|
(37
|
)
|
|
|
1,005
|
|
|
|
374
|
|
|
|
1,076
|
|
| IPR&D impairments |
|
-
|
|
|
|
206
|
|
|
|
194
|
|
|
|
255
|
|
|
|
|
|
|
|
|
|
| Tax Adjustments |
|
|
|
|
|
|
|
| Tax impact on special item adjustments 4 |
|
(762
|
)
|
|
|
(482
|
)
|
|
|
(2,055
|
)
|
|
|
(2,769
|
)
|
| Tax legislation and other tax related |
|
5
|
|
|
|
134
|
|
|
|
(42
|
)
|
|
|
84
|
|
| Adjusted Net Earnings from Continuing Operations, after tax |
$
|
5,876
|
|
|
$
|
6,777
|
|
|
$
|
19,296
|
|
|
$
|
19,847
|
|
| Average shares outstanding (Diluted) |
|
2,427.9
|
|
|
|
2,549.7
|
|
|
|
2,429.5
|
|
|
|
2,603.4
|
|
| Adjusted net earnings per share from Continuing Operations (Diluted) |
$
|
2.42
|
|
|
$
|
2.66
|
|
|
$
|
7.94
|
|
|
$
|
7.62
|
|
| Operational adjusted net earnings per share from Continuing Operations (Diluted) |
$
|
2.41
|
|
|
|
|
$
|
7.94
|
|
|
|
|
|
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 expense of $19 million in the fiscal third quarter of 2024 ($100 million Q3 2024 YTD) and $149 million in the fiscal third quarter of 2023 ($424 million Q3 2023 YTD) includes the termination of partnered and non-partnered program costs, asset impairments and asset divestments. |
|
|
|
|
|
|
|
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 expense of $28 million in the fiscal third quarter of 2024 ($107 million Q3 2024 YTD) and $235 million in the fiscal third quarter of 2023 ($235 million Q3 2023 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 will be completed by the end of 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 2024 ACTUAL vs. 2023 ACTUAL |
|
| Segments |
|
|
|
|
|
|
|
|
|
Innovative Medicine
|
|
MedTech
|
|
Total
|
|
|
|
|
|
|
|
| WW As Reported |
|
4.9%
|
|
5.8%
|
|
5.2%
|
| U.S. |
|
7.5%
|
|
7.8%
|
|
7.6%
|
| International |
|
1.2%
|
|
3.9%
|
|
2.2%
|
|
|
|
|
|
|
|
| WW Currency |
|
(1.4)
|
|
(0.6)
|
|
(1.1)
|
| U.S. |
|
-
|
|
-
|
|
-
|
| International |
|
(3.2)
|
|
(1.1)
|
|
(2.4)
|
|
|
|
|
|
|
|
| WW Operational |
|
6.3%
|
|
6.4%
|
|
6.3%
|
| U.S. |
|
7.5%
|
|
7.8%
|
|
7.6%
|
| International |
|
4.4%
|
|
5.0%
|
|
4.6%
|
|
|
|
|
|
|
|
| Shockwave |
|
|
|
(3.1)
|
|
(1.1)
|
| U.S. |
|
|
|
(4.4)
|
|
(1.4)
|
| International |
|
|
|
(1.8)
|
|
(0.7)
|
|
|
|
|
|
|
|
| All Other Acquisitions and Divestitures (A&D) |
0.1
|
|
0.4
|
|
0.2
|
| U.S. |
|
0.1
|
|
0.8
|
|
0.3
|
| International |
|
0.2
|
|
0.0
|
|
0.1
|
|
|
|
|
|
|
|
| WW Adjusted Operational Ex A&D |
|
6.4%
|
|
3.7%
|
|
5.4%
|
| U.S. |
|
7.6%
|
|
4.2%
|
|
6.5%
|
| International |
|
4.6%
|
|
3.2%
|
|
4.0%
|
|
|
|
|
|
|
|
| COVID-19 Vaccine |
|
0.3
|
|
|
|
0.2
|
| U.S. |
|
0.0
|
|
|
|
0.0
|
| International |
|
0.8
|
|
|
|
0.5
|
|
|
|
|
|
|
|
| WW Adjusted Operational Ex A&D & COVID-19 Vaccine |
|
6.7%
|
|
3.7%
|
|
5.6%
|
| U.S. |
|
7.6%
|
|
4.2%
|
|
6.5%
|
| International |
|
5.4%
|
|
3.2%
|
|
4.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 2024 ACTUAL vs. 2023 ACTUAL |
|
| Segments |
|
|
|
|
|
|
|
|
|
Innovative Medicine
|
|
MedTech
|
|
Total
|
|
|
|
|
|
|
|
| WW As Reported |
|
3.9%
|
|
4.1%
|
|
4.0%
|
| U.S. |
|
8.2%
|
|
6.7%
|
|
7.7%
|
| International |
|
(1.7)%
|
|
1.6%
|
|
(0.4)%
|
|
|
|
|
|
|
|
| WW Currency |
|
(1.6)
|
|
(1.6)
|
|
(1.6)
|
| U.S. |
|
-
|
|
-
|
|
-
|
| International |
|
(3.8)
|
|
(3.1)
|
|
(3.5)
|
|
|
|
|
|
|
|
| WW Operational |
|
5.5%
|
|
5.7%
|
|
5.6%
|
| U.S. |
|
8.2%
|
|
6.7%
|
|
7.7%
|
| International |
|
2.1%
|
|
4.7%
|
|
3.1%
|
|
|
|
|
|
|
|
| Shockwave |
|
|
|
(1.3)
|
|
(0.5)
|
| U.S. |
|
|
|
(2.1)
|
|
(0.7)
|
| International |
|
|
|
(0.6)
|
|
(0.2)
|
|
|
|
|
|
|
|
| All Other Acquisitions and Divestitures (A&D) |
0.1
|
|
0.3
|
|
0.2
|
| U.S. |
|
0.1
|
|
0.7
|
|
0.3
|
| International |
|
0.1
|
|
0.1
|
|
0.1
|
|
|
|
|
|
|
|
| WW Adjusted Operational Ex A&D |
|
5.6%
|
|
4.7%
|
|
5.3%
|
| U.S. |
|
8.3%
|
|
5.3%
|
|
7.3%
|
| International |
|
2.2%
|
|
4.2%
|
|
3.0%
|
|
|
|
|
|
|
|
| COVID-19 Vaccine |
|
2.4
|
|
|
|
1.5
|
| U.S. |
|
0.0
|
|
|
|
0.0
|
| International |
|
5.3
|
|
|
|
3.2
|
|
|
|
|
|
|
|
| WW Adjusted Operational Ex A&D & COVID-19 Vaccine |
|
8.0%
|
|
4.7%
|
|
6.8%
|
| U.S. |
|
8.3%
|
|
5.3%
|
|
7.3%
|
| International |
|
7.5%
|
|
4.2%
|
|
6.2%
|
|
|
|
|
|
|
|
| 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) |
|
2024
|
|
2023
|
Reported
|
Operational (1)
|
Currency
|
|
|
2024
|
|
2023
|
Reported
|
Operational (1)
|
Currency
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| IMMUNOLOGY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
$
|
3,068
|
|
|
3,193
|
-3.9
|
%
|
-3.9
|
%
|
-
|
|
|
|
$
|
8,499
|
|
8,506
|
-0.1
|
%
|
-0.1
|
%
|
-
|
|
| Intl |
|
|
1,552
|
|
|
1,656
|
-6.2
|
%
|
-2.1
|
%
|
-4.1
|
%
|
|
|
|
5,090
|
|
4,951
|
2.8
|
%
|
7.3
|
%
|
-4.5
|
%
|
| WW |
|
|
4,621
|
|
|
4,849
|
-4.7
|
%
|
-3.3
|
%
|
-1.4
|
%
|
|
|
|
13,590
|
|
13,457
|
1.0
|
%
|
2.6
|
%
|
-1.6
|
%
|
| REMICADE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
281
|
|
|
296
|
-5.4
|
%
|
-5.4
|
%
|
-
|
|
|
|
|
778
|
|
849
|
-8.5
|
%
|
-8.5
|
%
|
-
|
|
| US Exports (3) |
|
|
27
|
|
|
38
|
-28.9
|
%
|
-28.9
|
%
|
-
|
|
|
|
|
89
|
|
112
|
-20.5
|
%
|
-20.5
|
%
|
-
|
|
| Intl |
|
|
112
|
|
|
127
|
-11.5
|
%
|
-6.5
|
%
|
-5.0
|
%
|
|
|
|
380
|
|
449
|
-15.4
|
%
|
-11.3
|
%
|
-4.1
|
%
|
| WW |
|
|
419
|
|
|
461
|
-9.1
|
%
|
-7.7
|
%
|
-1.4
|
%
|
|
|
|
1,246
|
|
1,410
|
-11.6
|
%
|
-10.3
|
%
|
-1.3
|
%
|
| SIMPONI / SIMPONI ARIA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
299
|
|
|
310
|
-3.7
|
%
|
-3.7
|
%
|
-
|
|
|
|
|
820
|
|
866
|
-5.3
|
%
|
-5.3
|
%
|
-
|
|
| Intl |
|
|
218
|
|
|
319
|
-31.8
|
%
|
-23.3
|
%
|
-8.5
|
%
|
|
|
|
787
|
|
829
|
-5.1
|
%
|
4.1
|
%
|
-9.2
|
%
|
| WW |
|
|
516
|
|
|
629
|
-18.0
|
%
|
-13.6
|
%
|
-4.4
|
%
|
|
|
|
1,607
|
|
1,695
|
-5.2
|
%
|
-0.7
|
%
|
-4.5
|
%
|
| STELARA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
1,770
|
|
|
1,912
|
-7.5
|
%
|
-7.5
|
%
|
-
|
|
|
|
|
5,021
|
|
5,180
|
-3.1
|
%
|
-3.1
|
%
|
-
|
|
| Intl |
|
|
906
|
|
|
951
|
-4.8
|
%
|
-2.3
|
%
|
-2.5
|
%
|
|
|
|
2,991
|
|
2,925
|
2.2
|
%
|
5.4
|
%
|
-3.2
|
%
|
| WW |
|
|
2,676
|
|
|
2,864
|
-6.6
|
%
|
-5.7
|
%
|
-0.9
|
%
|
|
|
|
8,012
|
|
8,105
|
-1.2
|
%
|
0.0
|
%
|
-1.2
|
%
|
| TREMFYA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
691
|
|
|
634
|
9.1
|
%
|
9.1
|
%
|
-
|
|
|
|
|
1,789
|
|
1,490
|
20.1
|
%
|
20.1
|
%
|
-
|
|
| Intl |
|
|
316
|
|
|
258
|
22.6
|
%
|
26.9
|
%
|
-4.3
|
%
|
|
|
|
932
|
|
747
|
24.7
|
%
|
29.6
|
%
|
-4.9
|
%
|
| WW |
|
|
1,007
|
|
|
891
|
13.0
|
%
|
14.3
|
%
|
-1.3
|
%
|
|
|
|
2,721
|
|
2,237
|
21.6
|
%
|
23.3
|
%
|
-1.7
|
%
|
| OTHER IMMUNOLOGY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
1
|
|
|
2
|
-45.6
|
%
|
-45.6
|
%
|
-
|
|
|
|
|
3
|
|
9
|
-66.8
|
%
|
-66.8
|
%
|
-
|
|
| Intl |
|
|
0
|
|
|
0
|
-
|
|
-
|
|
-
|
|
|
|
|
0
|
|
0
|
-
|
|
-
|
|
-
|
|
| WW |
|
|
1
|
|
|
2
|
-45.6
|
%
|
-45.6
|
%
|
-
|
|
|
|
|
3
|
|
9
|
-66.8
|
%
|
-66.8
|
%
|
-
|
|
| INFECTIOUS DISEASES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
365
|
|
|
360
|
1.5
|
%
|
1.5
|
%
|
-
|
|
|
|
|
1,023
|
|
1,147
|
-10.8
|
%
|
-10.8
|
%
|
-
|
|
| Intl |
|
|
471
|
|
|
500
|
-5.7
|
%
|
-5.1
|
%
|
-0.6
|
%
|
|
|
|
1,599
|
|
2,420
|
-33.9
|
%
|
-33.4
|
%
|
-0.5
|
%
|
| WW |
|
|
836
|
|
|
859
|
-2.7
|
%
|
-2.4
|
%
|
-0.3
|
%
|
|
|
|
2,622
|
|
3,566
|
-26.5
|
%
|
-26.1
|
%
|
-0.4
|
%
|
| COVID-19 VACCINE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
0
|
|
|
0
|
-
|
|
-
|
|
-
|
|
|
|
|
0
|
|
0
|
-
|
|
-
|
|
-
|
|
| Intl |
|
|
1
|
|
|
41
|
-97.7
|
%
|
-98.9
|
%
|
1.2
|
%
|
|
|
|
198
|
|
1,073
|
-81.6
|
%
|
-81.6
|
%
|
0.0
|
%
|
| WW |
|
|
1
|
|
|
41
|
-97.7
|
%
|
-98.9
|
%
|
1.2
|
%
|
|
|
|
198
|
|
1,073
|
-81.6
|
%
|
-81.6
|
%
|
0.0
|
%
|
| EDURANT / rilpivirine |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
8
|
|
|
9
|
-15.8
|
%
|
-15.8
|
%
|
-
|
|
|
|
|
24
|
|
26
|
-10.0
|
%
|
-10.0
|
%
|
-
|
|
| Intl |
|
|
323
|
|
|
287
|
12.3
|
%
|
11.4
|
%
|
0.9
|
%
|
|
|
|
926
|
|
816
|
13.5
|
%
|
13.3
|
%
|
0.2
|
%
|
| WW |
|
|
330
|
|
|
297
|
11.5
|
%
|
10.6
|
%
|
0.9
|
%
|
|
|
|
950
|
|
843
|
12.7
|
%
|
12.6
|
%
|
0.1
|
%
|
| PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
355
|
|
|
345
|
2.8
|
%
|
2.8
|
%
|
-
|
|
|
|
|
990
|
|
1,105
|
-10.5
|
%
|
-10.5
|
%
|
-
|
|
| Intl |
|
|
94
|
|
|
102
|
-6.9
|
%
|
-3.0
|
%
|
-3.9
|
%
|
|
|
|
315
|
|
310
|
1.8
|
%
|
4.3
|
%
|
-2.5
|
%
|
| WW |
|
|
449
|
|
|
447
|
0.6
|
%
|
1.5
|
%
|
-0.9
|
%
|
|
|
|
1,305
|
|
1,415
|
-7.8
|
%
|
-7.2
|
%
|
-0.6
|
%
|
| OTHER INFECTIOUS DISEASES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
3
|
|
|
5
|
-52.2
|
%
|
-52.2
|
%
|
-
|
|
|
|
|
10
|
|
15
|
-37.7
|
%
|
-37.7
|
%
|
-
|
|
| Intl |
|
|
53
|
|
|
69
|
-23.2
|
%
|
-20.5
|
%
|
-2.7
|
%
|
|
|
|
160
|
|
220
|
-27.4
|
%
|
-24.2
|
%
|
-3.2
|
%
|
| WW |
|
|
55
|
|
|
74
|
-25.4
|
%
|
-22.9
|
%
|
-2.5
|
%
|
|
|
|
169
|
|
235
|
-28.0
|
%
|
-25.1
|
%
|
-2.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPORTED SALES vs. PRIOR PERIOD ($MM)
|
|
REPORTED SALES vs. PRIOR PERIOD ($MM)
|
|
THIRD QUARTER
|
|
NINE MONTHS
|
|
|
|
|
|
% Change
|
|
|
|
|
|
% Change
|
|
|
2024
|
|
2023
|
Reported
|
Operational (1)
|
Currency
|
|
|
2024
|
|
2023
|
Reported
|
Operational (1)
|
Currency
|
| NEUROSCIENCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
1,094
|
|
|
1,036
|
5.6
|
%
|
5.6
|
%
|
-
|
|
|
|
|
3,250
|
|
3,043
|
6.8
|
%
|
6.8
|
%
|
-
|
|
| Intl |
|
|
662
|
|
|
706
|
-6.2
|
%
|
-3.9
|
%
|
-2.3
|
%
|
|
|
|
2,090
|
|
2,296
|
-8.9
|
%
|
-4.8
|
%
|
-4.1
|
%
|
| WW |
|
|
1,755
|
|
|
1,742
|
0.8
|
%
|
1.7
|
%
|
-0.9
|
%
|
|
|
|
5,340
|
|
5,339
|
0.0
|
%
|
1.8
|
%
|
-1.8
|
%
|
| CONCERTA / Methylphenidate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
26
|
|
|
57
|
-55.0
|
%
|
-55.0
|
%
|
-
|
|
|
|
|
101
|
|
191
|
-47.5
|
%
|
-47.5
|
%
|
-
|
|
| Intl |
|
|
117
|
|
|
133
|
-11.9
|
%
|
-8.5
|
%
|
-3.4
|
%
|
|
|
|
382
|
|
412
|
-7.3
|
%
|
-2.9
|
%
|
-4.4
|
%
|
| WW |
|
|
142
|
|
|
189
|
-24.8
|
%
|
-22.5
|
%
|
-2.3
|
%
|
|
|
|
482
|
|
603
|
-20.0
|
%
|
-17.0
|
%
|
-3.0
|
%
|
INVEGA SUSTENNA / XEPLION /
INVEGA TRINZA / TREVICTA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
780
|
|
|
730
|
6.8
|
%
|
6.8
|
%
|
-
|
|
|
|
|
2,329
|
|
2,164
|
7.6
|
%
|
7.6
|
%
|
-
|
|
| Intl |
|
|
269
|
|
|
299
|
-10.1
|
%
|
-8.3
|
%
|
-1.8
|
%
|
|
|
|
830
|
|
940
|
-11.7
|
%
|
-8.7
|
%
|
-3.0
|
%
|
| WW |
|
|
1,049
|
|
|
1,029
|
1.9
|
%
|
2.4
|
%
|
-0.5
|
%
|
|
|
|
3,159
|
|
3,104
|
1.8
|
%
|
2.7
|
%
|
-0.9
|
%
|
| SPRAVATO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
243
|
|
|
154
|
56.8
|
%
|
56.8
|
%
|
-
|
|
|
|
|
660
|
|
409
|
61.2
|
%
|
61.2
|
%
|
-
|
|
| Intl |
|
|
42
|
|
|
29
|
44.6
|
%
|
47.4
|
%
|
-2.8
|
%
|
|
|
|
120
|
|
74
|
62.9
|
%
|
65.0
|
%
|
-2.1
|
%
|
| WW |
|
|
284
|
|
|
183
|
54.9
|
%
|
55.3
|
%
|
-0.4
|
%
|
|
|
|
780
|
|
483
|
61.5
|
%
|
61.8
|
%
|
-0.3
|
%
|
| OTHER NEUROSCIENCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
46
|
|
|
94
|
-51.4
|
%
|
-51.4
|
%
|
-
|
|
|
|
|
161
|
|
278
|
-42.1
|
%
|
-42.1
|
%
|
-
|
|
| Intl |
|
|
235
|
|
|
245
|
-4.4
|
%
|
-2.0
|
%
|
-2.4
|
%
|
|
|
|
759
|
|
870
|
-12.8
|
%
|
-7.4
|
%
|
-5.4
|
%
|
| WW |
|
|
281
|
|
|
340
|
-17.4
|
%
|
-15.7
|
%
|
-1.7
|
%
|
|
|
|
920
|
|
1,149
|
-19.9
|
%
|
-15.8
|
%
|
-4.1
|
%
|
| ONCOLOGY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
2,816
|
|
|
2,219
|
26.9
|
%
|
26.9
|
%
|
-
|
|
|
|
|
7,835
|
|
6,177
|
26.8
|
%
|
26.8
|
%
|
-
|
|
| Intl |
|
|
2,565
|
|
|
2,313
|
10.9
|
%
|
14.3
|
%
|
-3.4
|
%
|
|
|
|
7,450
|
|
6,865
|
8.5
|
%
|
12.6
|
%
|
-4.1
|
%
|
| WW |
|
|
5,380
|
|
|
4,533
|
18.7
|
%
|
20.5
|
%
|
-1.8
|
%
|
|
|
|
15,284
|
|
13,043
|
17.2
|
%
|
19.3
|
%
|
-2.1
|
%
|
| CARVYKTI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
258
|
|
|
140
|
84.9
|
%
|
84.9
|
%
|
-
|
|
|
|
|
565
|
|
324
|
74.6
|
%
|
74.6
|
%
|
-
|
|
| Intl |
|
|
27
|
|
|
12
|
|
*
|
|
*
|
|
*
|
|
|
|
63
|
|
17
|
|
*
|
|
*
|
|
*
|
| WW |
|
|
286
|
|
|
152
|
87.7
|
%
|
87.6
|
%
|
0.1
|
%
|
|
|
|
629
|
|
341
|
84.3
|
%
|
84.2
|
%
|
0.1
|
%
|
| DARZALEX |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
1,684
|
|
|
1,369
|
23.0
|
%
|
23.0
|
%
|
-
|
|
|
|
|
4,789
|
|
3,882
|
23.4
|
%
|
23.4
|
%
|
-
|
|
| Intl |
|
|
1,332
|
|
|
1,130
|
17.9
|
%
|
22.8
|
%
|
-4.9
|
%
|
|
|
|
3,797
|
|
3,312
|
14.6
|
%
|
19.9
|
%
|
-5.3
|
%
|
| WW |
|
|
3,016
|
|
|
2,499
|
20.7
|
%
|
22.9
|
%
|
-2.2
|
%
|
|
|
|
8,586
|
|
7,194
|
19.3
|
%
|
21.8
|
%
|
-2.5
|
%
|
| ERLEADA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
337
|
|
|
288
|
17.1
|
%
|
17.1
|
%
|
-
|
|
|
|
|
940
|
|
778
|
20.8
|
%
|
20.8
|
%
|
-
|
|
| Intl |
|
|
453
|
|
|
342
|
32.4
|
%
|
34.0
|
%
|
-1.6
|
%
|
|
|
|
1,275
|
|
961
|
32.6
|
%
|
35.6
|
%
|
-3.0
|
%
|
| WW |
|
|
790
|
|
|
631
|
25.4
|
%
|
26.3
|
%
|
-0.9
|
%
|
|
|
|
2,215
|
|
1,740
|
27.3
|
%
|
29.0
|
%
|
-1.7
|
%
|
| IMBRUVICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
259
|
|
|
264
|
-1.9
|
%
|
-1.9
|
%
|
-
|
|
|
|
|
770
|
|
796
|
-3.2
|
%
|
-3.2
|
%
|
-
|
|
| Intl |
|
|
494
|
|
|
545
|
-9.2
|
%
|
-7.2
|
%
|
-2.0
|
%
|
|
|
|
1,537
|
|
1,681
|
-8.5
|
%
|
-6.1
|
%
|
-2.4
|
%
|
| WW |
|
|
753
|
|
|
808
|
-6.8
|
%
|
-5.5
|
%
|
-1.3
|
%
|
|
|
|
2,307
|
|
2,476
|
-6.8
|
%
|
-5.2
|
%
|
-1.6
|
%
|
| TECVAYLI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
105
|
|
|
93
|
13.5
|
%
|
13.5
|
%
|
-
|
|
|
|
|
310
|
|
232
|
34.0
|
%
|
34.0
|
%
|
-
|
|
| Intl |
|
|
30
|
|
|
19
|
54.2
|
%
|
59.4
|
%
|
-5.2
|
%
|
|
|
|
93
|
|
37
|
|
*
|
|
*
|
*
|
| WW |
|
|
135
|
|
|
112
|
20.6
|
%
|
21.4
|
%
|
-0.8
|
%
|
|
|
|
403
|
|
269
|
49.6
|
%
|
50.0
|
%
|
-0.4
|
%
|
| ZYTIGA / abiraterone acetate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
5
|
|
|
16
|
-66.0
|
%
|
-66.0
|
%
|
-
|
|
|
|
|
25
|
|
41
|
-38.0
|
%
|
-38.0
|
%
|
-
|
|
| Intl |
|
|
144
|
|
|
199
|
-27.1
|
%
|
-24.4
|
%
|
-2.7
|
%
|
|
|
|
470
|
|
646
|
-27.1
|
%
|
-22.8
|
%
|
-4.3
|
%
|
| WW |
|
|
150
|
|
|
214
|
-30.0
|
%
|
-27.5
|
%
|
-2.5
|
%
|
|
|
|
496
|
|
686
|
-27.8
|
%
|
-23.7
|
%
|
-4.1
|
%
|
| OTHER ONCOLOGY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
168
|
|
|
50
|
|
*
|
|
*
|
-
|
|
|
|
|
435
|
|
125
|
|
*
|
|
*
|
-
|
|
| Intl |
|
|
83
|
|
|
67
|
24.8
|
%
|
27.6
|
%
|
-2.8
|
%
|
|
|
|
214
|
|
211
|
2.0
|
%
|
4.8
|
%
|
-2.8
|
%
|
| WW |
|
|
250
|
|
|
117
|
|
*
|
|
*
|
|
*
|
|
|
|
649
|
|
336
|
93.4
|
%
|
95.1
|
%
|
-1.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPORTED SALES vs. PRIOR PERIOD ($MM)
|
|
REPORTED SALES vs. PRIOR PERIOD ($MM)
|
|
THIRD QUARTER
|
|
NINE MONTHS
|
|
|
|
|
|
% Change
|
|
|
|
|
|
% Change
|
|
|
2024
|
|
2023
|
Reported
|
Operational (1)
|
Currency
|
|
|
2024
|
|
2023
|
Reported
|
Operational (1)
|
Currency
|
| PULMONARY HYPERTENSION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
815
|
|
|
680
|
20.0
|
%
|
20.0
|
%
|
-
|
|
|
|
|
2,324
|
|
1,964
|
18.4
|
%
|
18.4
|
%
|
-
|
|
| Intl |
|
|
287
|
|
|
274
|
4.5
|
%
|
9.7
|
%
|
-5.2
|
%
|
|
|
|
866
|
|
835
|
3.7
|
%
|
10.6
|
%
|
-6.9
|
%
|
| WW |
|
|
1,102
|
|
|
954
|
15.6
|
%
|
17.0
|
%
|
-1.4
|
%
|
|
|
|
3,190
|
|
2,798
|
14.0
|
%
|
16.1
|
%
|
-2.1
|
%
|
| OPSUMIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
406
|
|
|
323
|
25.4
|
%
|
25.4
|
%
|
-
|
|
|
|
|
1,135
|
|
924
|
22.8
|
%
|
22.8
|
%
|
-
|
|
| Intl |
|
|
165
|
|
|
166
|
-0.2
|
%
|
1.7
|
%
|
-1.9
|
%
|
|
|
|
504
|
|
512
|
-1.6
|
%
|
2.2
|
%
|
-3.8
|
%
|
| WW |
|
|
571
|
|
|
490
|
16.8
|
%
|
17.4
|
%
|
-0.6
|
%
|
|
|
|
1,639
|
|
1,437
|
14.1
|
%
|
15.4
|
%
|
-1.3
|
%
|
| UPTRAVI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
379
|
|
|
336
|
12.7
|
%
|
12.7
|
%
|
-
|
|
|
|
|
1,120
|
|
978
|
14.5
|
%
|
14.5
|
%
|
-
|
|
| Intl |
|
|
80
|
|
|
66
|
21.8
|
%
|
28.2
|
%
|
-6.4
|
%
|
|
|
|
232
|
|
185
|
25.5
|
%
|
33.5
|
%
|
-8.0
|
%
|
| WW |
|
|
458
|
|
|
402
|
14.2
|
%
|
15.2
|
%
|
-1.0
|
%
|
|
|
|
1,352
|
|
1,163
|
16.3
|
%
|
17.5
|
%
|
-1.2
|
%
|
| OTHER PULMONARY HYPERTENSION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
32
|
|
|
20
|
54.0
|
%
|
54.0
|
%
|
-
|
|
|
|
|
70
|
|
61
|
14.0
|
%
|
14.0
|
%
|
-
|
|
| Intl |
|
|
40
|
|
|
42
|
-3.9
|
%
|
12.4
|
%
|
-16.3
|
%
|
|
|
|
129
|
|
137
|
-5.8
|
%
|
10.9
|
%
|
-16.7
|
%
|
| WW |
|
|
72
|
|
|
63
|
15.0
|
%
|
25.9
|
%
|
-10.9
|
%
|
|
|
|
199
|
|
199
|
0.3
|
%
|
11.9
|
%
|
-11.6
|
%
|
| CARDIOVASCULAR / METABOLISM / OTHER |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
713
|
|
|
763
|
-6.5
|
%
|
-6.5
|
%
|
-
|
|
|
|
|
2,061
|
|
2,254
|
-8.5
|
%
|
-8.5
|
%
|
-
|
|
| Intl |
|
|
170
|
|
|
194
|
-11.9
|
%
|
-10.0
|
%
|
-1.9
|
%
|
|
|
|
543
|
|
580
|
-6.4
|
%
|
-4.6
|
%
|
-1.8
|
%
|
| WW |
|
|
884
|
|
|
957
|
-7.6
|
%
|
-7.2
|
%
|
-0.4
|
%
|
|
|
|
2,605
|
|
2,834
|
-8.1
|
%
|
-7.7
|
%
|
-0.4
|
%
|
| XARELTO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
592
|
|
|
625
|
-5.2
|
%
|
-5.2
|
%
|
-
|
|
|
|
|
1,697
|
|
1,840
|
-7.8
|
%
|
-7.8
|
%
|
-
|
|
| Intl |
|
|
-
|
|
|
-
|
-
|
|
-
|
|
-
|
|
|
|
|
-
|
|
-
|
-
|
|
-
|
|
-
|
|
| WW |
|
|
592
|
|
|
625
|
-5.2
|
%
|
-5.2
|
%
|
-
|
|
|
|
|
1,697
|
|
1,840
|
-7.8
|
%
|
-7.8
|
%
|
-
|
|
| OTHER |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
121
|
|
|
139
|
-12.2
|
%
|
-12.2
|
%
|
-
|
|
|
|
|
364
|
|
414
|
-11.9
|
%
|
-11.9
|
%
|
-
|
|
| Intl |
|
|
170
|
|
|
194
|
-11.9
|
%
|
-10.0
|
%
|
-1.9
|
%
|
|
|
|
543
|
|
580
|
-6.4
|
%
|
-4.6
|
%
|
-1.8
|
%
|
| WW |
|
|
292
|
|
|
332
|
-12.0
|
%
|
-10.9
|
%
|
-1.1
|
%
|
|
|
|
908
|
|
994
|
-8.7
|
%
|
-7.7
|
%
|
-1.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INNOVATIVE MEDICINE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
8,871
|
|
|
8,249
|
7.5
|
%
|
7.5
|
%
|
-
|
|
|
|
|
24,993
|
|
23,090
|
8.2
|
%
|
8.2
|
%
|
-
|
|
| Intl |
|
|
5,709
|
|
|
5,644
|
1.2
|
%
|
4.4
|
%
|
-3.2
|
%
|
|
|
|
17,639
|
|
17,947
|
-1.7
|
%
|
2.1
|
%
|
-3.8
|
%
|
| WW |
|
$
|
14,580
|
|
$
|
13,893
|
4.9
|
%
|
6.3
|
%
|
-1.4
|
%
|
|
|
$
|
42,632
|
|
41,037
|
3.9
|
%
|
5.5
|
%
|
-1.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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) |
|
2024
|
|
2023
|
Reported
|
Operational (1)
|
Currency
|
|
|
2024
|
|
2023
|
Reported
|
Operational (1)
|
Currency
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CARDIOVASCULAR (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
$
|
1,148
|
|
|
891
|
28.6
|
%
|
28.6
|
%
|
-
|
|
|
|
$
|
3,292
|
|
2,662
|
23.6
|
%
|
23.6
|
%
|
-
|
|
| Intl |
|
|
819
|
|
|
667
|
22.8
|
%
|
23.7
|
%
|
-0.9
|
%
|
|
|
|
2,353
|
|
2,019
|
16.5
|
%
|
20.5
|
%
|
-4.0
|
%
|
| WW |
|
|
1,966
|
|
|
1,558
|
26.2
|
%
|
26.5
|
%
|
-0.3
|
%
|
|
|
|
5,645
|
|
4,681
|
20.6
|
%
|
22.3
|
%
|
-1.7
|
%
|
| ELECTROPHYSIOLOGY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
660
|
|
|
611
|
7.9
|
%
|
7.9
|
%
|
-
|
|
|
|
|
2,057
|
|
1,791
|
14.8
|
%
|
14.8
|
%
|
-
|
|
| Intl |
|
|
619
|
|
|
549
|
12.7
|
%
|
13.8
|
%
|
-1.1
|
%
|
|
|
|
1,889
|
|
1,658
|
14.0
|
%
|
18.2
|
%
|
-4.2
|
%
|
| WW |
|
|
1,279
|
|
|
1,161
|
10.2
|
%
|
10.7
|
%
|
-0.5
|
%
|
|
|
|
3,946
|
|
3,449
|
14.4
|
%
|
16.5
|
%
|
-2.1
|
%
|
| ABIOMED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
293
|
|
|
254
|
15.4
|
%
|
15.4
|
%
|
-
|
|
|
|
|
905
|
|
790
|
14.5
|
%
|
14.5
|
%
|
-
|
|
| Intl |
|
|
68
|
|
|
57
|
20.1
|
%
|
20.1
|
%
|
0.0
|
%
|
|
|
|
207
|
|
176
|
17.7
|
%
|
20.0
|
%
|
-2.3
|
%
|
| WW |
|
|
362
|
|
|
311
|
16.3
|
%
|
16.3
|
%
|
0.0
|
%
|
|
|
|
1,112
|
|
966
|
15.1
|
%
|
15.5
|
%
|
-0.4
|
%
|
| SHOCKWAVE (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
163
|
|
|
-
|
|
*
|
|
*
|
-
|
|
|
|
|
240
|
|
-
|
|
*
|
|
*
|
-
|
|
| Intl |
|
|
66
|
|
|
-
|
|
*
|
|
*
|
-
|
|
|
|
|
66
|
|
-
|
|
*
|
|
*
|
-
|
|
| WW |
|
|
229
|
|
|
-
|
|
*
|
|
*
|
-
|
|
|
|
|
306
|
|
-
|
|
*
|
|
*
|
-
|
|
| OTHER CARDIOVASCULAR (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
30
|
|
|
26
|
16.7
|
%
|
16.7
|
%
|
-
|
|
|
|
|
89
|
|
81
|
10.6
|
%
|
10.6
|
%
|
-
|
|
| Intl |
|
|
66
|
|
|
61
|
7.7
|
%
|
7.5
|
%
|
0.2
|
%
|
|
|
|
192
|
|
186
|
3.0
|
%
|
5.7
|
%
|
-2.7
|
%
|
| WW |
|
|
96
|
|
|
87
|
10.4
|
%
|
10.2
|
%
|
0.2
|
%
|
|
|
|
281
|
|
267
|
5.3
|
%
|
7.2
|
%
|
-1.9
|
%
|
| ORTHOPAEDICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
1,359
|
|
|
1,349
|
0.7
|
%
|
0.7
|
%
|
-
|
|
|
|
|
4,229
|
|
4,100
|
3.2
|
%
|
3.2
|
%
|
-
|
|
| Intl |
|
|
832
|
|
|
815
|
2.0
|
%
|
2.2
|
%
|
-0.2
|
%
|
|
|
|
2,614
|
|
2,574
|
1.5
|
%
|
3.1
|
%
|
-1.6
|
%
|
| WW |
|
|
2,191
|
|
|
2,164
|
1.2
|
%
|
1.3
|
%
|
-0.1
|
%
|
|
|
|
6,843
|
|
6,674
|
2.5
|
%
|
3.2
|
%
|
-0.7
|
%
|
| HIPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
250
|
|
|
239
|
4.8
|
%
|
4.8
|
%
|
-
|
|
|
|
|
785
|
|
730
|
7.5
|
%
|
7.5
|
%
|
-
|
|
| Intl |
|
|
131
|
|
|
136
|
-3.6
|
%
|
-3.2
|
%
|
-0.4
|
%
|
|
|
|
435
|
|
432
|
0.6
|
%
|
2.4
|
%
|
-1.8
|
%
|
| WW |
|
|
381
|
|
|
375
|
1.7
|
%
|
1.9
|
%
|
-0.2
|
%
|
|
|
|
1,220
|
|
1,162
|
5.0
|
%
|
5.6
|
%
|
-0.6
|
%
|
| KNEES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
212
|
|
|
207
|
2.2
|
%
|
2.2
|
%
|
-
|
|
|
|
|
684
|
|
654
|
4.5
|
%
|
4.5
|
%
|
-
|
|
| Intl |
|
|
140
|
|
|
131
|
6.9
|
%
|
7.0
|
%
|
-0.1
|
%
|
|
|
|
463
|
|
415
|
11.5
|
%
|
12.7
|
%
|
-1.2
|
%
|
| WW |
|
|
352
|
|
|
338
|
4.0
|
%
|
4.1
|
%
|
-0.1
|
%
|
|
|
|
1,147
|
|
1,069
|
7.2
|
%
|
7.7
|
%
|
-0.5
|
%
|
| TRAUMA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
497
|
|
|
488
|
1.8
|
%
|
1.8
|
%
|
-
|
|
|
|
|
1,499
|
|
1,462
|
2.5
|
%
|
2.5
|
%
|
-
|
|
| Intl |
|
|
265
|
|
|
253
|
4.2
|
%
|
4.8
|
%
|
-0.6
|
%
|
|
|
|
786
|
|
775
|
1.4
|
%
|
3.0
|
%
|
-1.6
|
%
|
| WW |
|
|
761
|
|
|
742
|
2.6
|
%
|
2.8
|
%
|
-0.2
|
%
|
|
|
|
2,285
|
|
2,238
|
2.1
|
%
|
2.7
|
%
|
-0.6
|
%
|
| SPINE, SPORTS & OTHER |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
400
|
|
|
415
|
-3.6
|
%
|
-3.6
|
%
|
-
|
|
|
|
|
1,262
|
|
1,254
|
0.6
|
%
|
0.6
|
%
|
-
|
|
| Intl |
|
|
296
|
|
|
295
|
0.4
|
%
|
0.4
|
%
|
0.0
|
%
|
|
|
|
930
|
|
952
|
-2.3
|
%
|
-0.6
|
%
|
-1.7
|
%
|
| WW |
|
|
696
|
|
|
710
|
-1.9
|
%
|
-2.0
|
%
|
0.1
|
%
|
|
|
|
2,191
|
|
2,205
|
-0.6
|
%
|
0.1
|
%
|
-0.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPORTED SALES vs. PRIOR PERIOD ($MM)
|
|
REPORTED SALES vs. PRIOR PERIOD ($MM)
|
|
THIRD QUARTER
|
|
NINE MONTHS
|
|
|
|
|
|
% Change
|
|
|
|
|
|
% Change
|
|
|
2024
|
|
2023
|
Reported
|
Operational (1)
|
Currency
|
|
|
2024
|
|
2023
|
Reported
|
Operational (1)
|
Currency
|
| SURGERY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
983
|
|
|
994
|
-1.1
|
%
|
-1.1
|
%
|
-
|
|
|
|
|
2,965
|
|
2,984
|
-0.6
|
%
|
-0.6
|
%
|
-
|
|
| Intl |
|
|
1,451
|
|
|
1,483
|
-2.2
|
%
|
-0.3
|
%
|
-1.9
|
%
|
|
|
|
4,373
|
|
4,522
|
-3.3
|
%
|
0.4
|
%
|
-3.7
|
%
|
| WW |
|
|
2,434
|
|
|
2,479
|
-1.8
|
%
|
-0.7
|
%
|
-1.1
|
%
|
|
|
|
7,338
|
|
7,507
|
-2.2
|
%
|
0.0
|
%
|
-2.2
|
%
|
| ADVANCED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
448
|
|
|
455
|
-1.4
|
%
|
-1.4
|
%
|
-
|
|
|
|
|
1,360
|
|
1,365
|
-0.4
|
%
|
-0.4
|
%
|
-
|
|
| Intl |
|
|
661
|
|
|
709
|
-6.8
|
%
|
-5.1
|
%
|
-1.7
|
%
|
|
|
|
1,977
|
|
2,139
|
-7.6
|
%
|
-4.2
|
%
|
-3.4
|
%
|
| WW |
|
|
1,109
|
|
|
1,164
|
-4.7
|
%
|
-3.6
|
%
|
-1.1
|
%
|
|
|
|
3,337
|
|
3,504
|
-4.8
|
%
|
-2.7
|
%
|
-2.1
|
%
|
| GENERAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
535
|
|
|
540
|
-0.9
|
%
|
-0.9
|
%
|
-
|
|
|
|
|
1,605
|
|
1,619
|
-0.9
|
%
|
-0.9
|
%
|
-
|
|
| Intl |
|
|
791
|
|
|
775
|
2.1
|
%
|
4.0
|
%
|
-1.9
|
%
|
|
|
|
2,397
|
|
2,383
|
0.6
|
%
|
4.4
|
%
|
-3.8
|
%
|
| WW |
|
|
1,325
|
|
|
1,314
|
0.8
|
%
|
2.0
|
%
|
-1.2
|
%
|
|
|
|
4,001
|
|
4,002
|
0.0
|
%
|
2.3
|
%
|
-2.3
|
%
|
| VISION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
549
|
|
|
512
|
7.2
|
%
|
7.2
|
%
|
-
|
|
|
|
|
1,619
|
|
1,599
|
1.3
|
%
|
1.3
|
%
|
-
|
|
| Intl |
|
|
751
|
|
|
744
|
0.9
|
%
|
1.8
|
%
|
-0.9
|
%
|
|
|
|
2,224
|
|
2,265
|
-1.8
|
%
|
1.0
|
%
|
-2.8
|
%
|
| WW |
|
|
1,300
|
|
|
1,256
|
3.5
|
%
|
4.0
|
%
|
-0.5
|
%
|
|
|
|
3,843
|
|
3,864
|
-0.5
|
%
|
1.1
|
%
|
-1.6
|
%
|
| CONTACT LENSES / OTHER |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
441
|
|
|
399
|
10.2
|
%
|
10.2
|
%
|
-
|
|
|
|
|
1,288
|
|
1,252
|
2.8
|
%
|
2.8
|
%
|
-
|
|
| Intl |
|
|
527
|
|
|
529
|
-0.3
|
%
|
0.6
|
%
|
-0.9
|
%
|
|
|
|
1,508
|
|
1,568
|
-3.8
|
%
|
-0.4
|
%
|
-3.4
|
%
|
| WW |
|
|
968
|
|
|
928
|
4.2
|
%
|
4.7
|
%
|
-0.5
|
%
|
|
|
|
2,796
|
|
2,820
|
-0.9
|
%
|
1.0
|
%
|
-1.9
|
%
|
| SURGICAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
108
|
|
|
112
|
-3.6
|
%
|
-3.6
|
%
|
-
|
|
|
|
|
331
|
|
346
|
-4.4
|
%
|
-4.4
|
%
|
-
|
|
| Intl |
|
|
225
|
|
|
216
|
3.9
|
%
|
4.7
|
%
|
-0.8
|
%
|
|
|
|
717
|
|
698
|
2.7
|
%
|
4.2
|
%
|
-1.5
|
%
|
| WW |
|
|
333
|
|
|
328
|
1.3
|
%
|
1.9
|
%
|
-0.6
|
%
|
|
|
|
1,048
|
|
1,044
|
0.3
|
%
|
1.4
|
%
|
-1.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL MEDTECH |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US |
|
|
4,038
|
|
|
3,747
|
7.8
|
%
|
7.8
|
%
|
-
|
|
|
|
|
12,105
|
|
11,345
|
6.7
|
%
|
6.7
|
%
|
-
|
|
| Intl |
|
|
3,853
|
|
|
3,711
|
3.9
|
%
|
5.0
|
%
|
-1.1
|
%
|
|
|
|
11,564
|
|
11,382
|
1.6
|
%
|
4.7
|
%
|
-3.1
|
%
|
| WW |
|
$
|
7,891
|
|
$
|
7,458
|
5.8
|
%
|
6.4
|
%
|
-0.6
|
%
|
|
|
$
|
23,669
|
|
22,727
|
4.1
|
%
|
5.7
|
%
|
-1.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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) Reported as U.S. sales |
| (4) Previously referred to as Interventional Solutions |
| (5) Acquired on May 31, 2024 |
| Supplemental Sales Information (Unaudited) |
| (Dollars in Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THIRD QUARTER
|
|
NINE MONTHS
|
|
|
|
|
|
|
|
Percent Change
|
|
|
|
|
|
Percent Change
|
|
|
|
2024
|
|
2023
|
|
Total
|
Operations
|
Currency
|
|
2024
|
|
2023
|
|
Total
|
Operations
|
Currency
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Innovative Medicine |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
$
|
8,871
|
|
8,249
|
|
7.5
|
|
7.5
|
|
-
|
|
|
$
|
24,993
|
|
23,090
|
|
8.2
|
|
8.2
|
|
-
|
|
|
International |
|
|
5,709
|
|
5,644
|
|
1.2
|
|
4.4
|
|
(3.2
|
)
|
|
|
17,639
|
|
17,947
|
|
(1.7
|
)
|
2.1
|
|
(3.8
|
)
|
|
Worldwide |
|
|
14,580
|
|
13,893
|
|
4.9
|
|
6.3
|
|
(1.4
|
)
|
|
|
42,632
|
|
41,037
|
|
3.9
|
|
5.5
|
|
(1.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COVID-19 Vaccine |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
International |
|
|
1
|
|
41
|
|
(97.7
|
)
|
(98.9
|
)
|
1.2
|
|
|
|
198
|
|
1,073
|
|
(81.6
|
)
|
(81.6
|
)
|
0.0
|
|
|
Worldwide |
|
|
1
|
|
41
|
|
(97.7
|
)
|
(98.9
|
)
|
1.2
|
|
|
|
198
|
|
1,073
|
|
(81.6
|
)
|
(81.6
|
)
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Innovative Medicine excluding COVID-19 Vaccine |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
|
8,871
|
|
8,249
|
|
7.5
|
|
7.5
|
|
-
|
|
|
|
24,993
|
|
23,090
|
|
8.2
|
|
8.2
|
|
-
|
|
|
International |
|
|
5,708
|
|
5,603
|
|
1.9
|
|
5.2
|
|
(3.3
|
)
|
|
|
17,441
|
|
16,874
|
|
3.4
|
|
7.4
|
|
(4.0
|
)
|
|
Worldwide |
|
|
14,579
|
|
13,852
|
|
5.2
|
|
6.6
|
|
(1.4
|
)
|
|
|
42,434
|
|
39,964
|
|
6.2
|
|
7.9
|
|
(1.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
|
12,909
|
|
11,996
|
|
7.6
|
|
7.6
|
|
-
|
|
|
|
37,098
|
|
34,435
|
|
7.7
|
|
7.7
|
|
-
|
|
|
International |
|
|
9,562
|
|
9,355
|
|
2.2
|
|
4.6
|
|
(2.4
|
)
|
|
|
29,203
|
|
29,329
|
|
(0.4
|
)
|
3.1
|
|
(3.5
|
)
|
|
Worldwide |
|
|
22,471
|
|
21,351
|
|
5.2
|
|
6.3
|
|
(1.1
|
)
|
|
|
66,301
|
|
63,764
|
|
4.0
|
|
5.6
|
|
(1.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COVID-19 Vaccine |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
International |
|
|
1
|
|
41
|
|
(97.7
|
)
|
(98.9
|
)
|
1.2
|
|
|
|
198
|
|
1,073
|
|
(81.6
|
)
|
(81.6
|
)
|
0.0
|
|
|
Worldwide |
|
|
1
|
|
41
|
|
(97.7
|
)
|
(98.9
|
)
|
1.2
|
|
|
|
198
|
|
1,073
|
|
(81.6
|
)
|
(81.6
|
)
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
|
12,909
|
|
11,996
|
|
7.6
|
|
7.6
|
|
-
|
|
|
|
37,098
|
|
34,435
|
|
7.7
|
|
7.7
|
|
-
|
|
|
International |
|
|
9,561
|
|
9,314
|
|
2.7
|
|
5.1
|
|
(2.4
|
)
|
|
|
29,005
|
|
28,256
|
|
2.7
|
|
6.3
|
|
(3.6
|
)
|
|
Worldwide excluding COVID-19 Vaccine |
|
$
|
22,470
|
|
21,310
|
|
5.4
|
|
6.5
|
|
(1.1
|
)
|
|
$
|
66,103
|
|
62,691
|
|
5.4
|
|
7.1
|
|
(1.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
$
|
4,914
|
|
4,727
|
|
4.0
|
|
3.0
|
|
1.0
|
|
|
$
|
15,291
|
|
15,448
|
|
(1.0
|
)
|
(0.7
|
)
|
(0.3
|
)
|
|
Europe COVID-19 Vaccine Sales |
|
|
1
|
|
41
|
|
(97.7
|
)
|
(98.9
|
)
|
1.2
|
|
|
|
198
|
|
1,073
|
|
(81.6
|
)
|
(81.6
|
)
|
0.0
|
|
|
Europe excluding COVID-19 Vaccine Sales |
|
$
|
4,913
|
|
4,686
|
|
4.8
|
|
3.8
|
|
1.0
|
|
|
$
|
15,093
|
|
14,375
|
|
5.0
|
|
5.3
|
|
(0.3
|
)
|
| Johnson & Johnson and Subsidiaries |
| Reconciliation of Non-GAAP Financial Measures |
| Q3 QTD - Income Before Tax and Research & Development Expense by Segment |
| Dollars in Millions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Innovative Medicine
|
|
MedTech
|
|
Unallocated
|
|
|
Worldwide Total
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reported Income Before Tax by Segment From Continuing Operations |
$ |
|
4,482
|
|
|
4,794
|
|
|
1,059
|
|
|
1,185
|
|
|
(2,203
|
)
|
|
(762
|
)
|
|
|
3,338
|
|
|
5,217
|
|
| % to Sales |
|
|
30.7
|
%
|
|
34.5
|
%
|
|
13.4
|
%
|
|
15.9
|
%
|
|
-9.8
|
%
|
|
-3.6
|
%
|
|
|
14.9
|
%
|
|
24.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Intangible asset amortization expense |
|
|
695
|
|
|
749
|
|
|
476
|
|
|
383
|
|
|
-
|
|
|
-
|
|
|
|
1,171
|
|
|
1,132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| In-process research and development impairments |
|
|
-
|
|
|
206
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
206
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Litigation related |
|
|
356
|
|
|
(32
|
)
|
|
19
|
|
|
(19
|
)
|
|
2,013
|
|
|
-
|
|
|
|
2,388
|
|
|
(51
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss/(gain) on securities |
|
|
(41
|
)
|
|
398
|
|
|
4
|
|
|
(38
|
)
|
|
-
|
|
|
645
|
|
|
|
(37
|
)
|
|
1,005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Restructuring related |
|
|
19
|
|
|
149
|
|
|
28
|
|
|
235
|
|
|
-
|
|
|
-
|
|
|
|
47
|
|
|
384
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Acquisition, integration and divestiture related |
|
|
6
|
|
|
-
|
|
|
277
|
|
|
22
|
|
|
45
|
|
|
-
|
|
|
|
328
|
|
|
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Medical Device Regulation |
|
|
-
|
|
|
-
|
|
|
38
|
|
|
74
|
|
|
-
|
|
|
-
|
|
|
|
38
|
|
|
74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COVID-19 Vaccine related costs |
|
|
4
|
|
|
44
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
4
|
|
|
44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Income Before Tax by Segment From Continuing Operations |
$ |
|
5,521
|
|
|
6,308
|
|
|
1,901
|
|
|
1,842
|
|
|
(145
|
)
|
|
(117
|
)
|
|
|
7,277
|
|
|
8,033
|
|
| % to Sales |
|
|
37.9
|
%
|
|
45.4
|
%
|
|
24.1
|
%
|
|
24.7
|
%
|
|
-0.6
|
%
|
|
-0.5
|
%
|
|
|
32.4
|
%
|
|
37.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Estimated as of 10/15/2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As Reported Research and development expense* |
$ |
|
4,213
|
|
|
2,778
|
|
|
739
|
|
|
669
|
|
|
|
|
|
|
|
4,952
|
|
|
3,447
|
|
| % to Sales |
|
|
28.9
|
%
|
|
20.0
|
%
|
|
9.4
|
%
|
|
9.0
|
%
|
|
|
|
|
|
|
22.0
|
%
|
|
16.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| *Includes payment to secure the global rights for NM26 Bi-specific Antibody in Q3 2024 |
|
|
1,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,250
|
|
|
|
| Johnson & Johnson and Subsidiaries |
| Reconciliation of Non-GAAP Financial Measures |
| Q3 YTD - Income Before Tax and Research & Development Expense by Segment |
| Dollars in Millions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Innovative Medicine
|
|
MedTech
|
|
Unallocated
|
|
|
Worldwide Total
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reported Income Before Tax by Segment From Continuing Operations |
$ |
|
14,910
|
|
|
14,008
|
|
|
3,668
|
|
|
4,265
|
|
|
(5,778
|
)
|
|
(8,037
|
)
|
|
|
12,800
|
|
|
10,236
|
|
| % to Sales |
|
|
35.0
|
%
|
|
34.1
|
%
|
|
15.5
|
%
|
|
18.8
|
%
|
|
-8.7
|
%
|
|
-12.6
|
%
|
|
|
19.3
|
%
|
|
16.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Intangible asset amortization expense |
|
|
2,087
|
|
|
2,236
|
|
|
1,268
|
|
|
1,148
|
|
|
-
|
|
|
-
|
|
|
|
3,355
|
|
|
3,384
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| In-process research and development impairments |
|
|
194
|
|
|
206
|
|
|
-
|
|
|
49
|
|
|
-
|
|
|
-
|
|
|
|
194
|
|
|
255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Litigation related |
|
|
399
|
|
|
(125
|
)
|
|
15
|
|
|
41
|
|
|
5,052
|
|
|
7,070
|
|
|
|
5,466
|
|
|
6,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss/(gain) on securities |
|
|
(26
|
)
|
|
474
|
|
|
48
|
|
|
(43
|
)
|
|
352
|
|
|
645
|
|
|
|
374
|
|
|
1,076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Restructuring related |
|
|
100
|
|
|
424
|
|
|
107
|
|
|
235
|
|
|
-
|
|
|
-
|
|
|
|
207
|
|
|
659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Acquisition, integration and divestiture related |
|
|
54
|
|
|
-
|
|
|
747
|
|
|
102
|
|
|
127
|
|
|
-
|
|
|
|
928
|
|
|
102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Medical Device Regulation |
|
|
-
|
|
|
-
|
|
|
157
|
|
|
223
|
|
|
-
|
|
|
-
|
|
|
|
157
|
|
|
223
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COVID-19 Vaccine related costs |
|
|
77
|
|
|
653
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
77
|
|
|
653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Income Before Tax by Segment From Continuing Operations |
$ |
|
17,795
|
|
|
17,876
|
|
|
6,010
|
|
|
6,020
|
|
|
(247
|
)
|
|
(322
|
)
|
|
|
23,558
|
|
|
23,574
|
|
| % to Sales |
|
|
41.7
|
%
|
|
43.6
|
%
|
|
25.4
|
%
|
|
26.5
|
%
|
|
-0.4
|
%
|
|
-0.5
|
%
|
|
|
35.5
|
%
|
|
37.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Estimated as of 10/15/2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As Reported Research and development expense* |
$ |
|
9,831
|
|
|
8,604
|
|
|
2,103
|
|
|
2,001
|
|
|
|
|
|
|
|
11,934
|
|
|
10,605
|
|
| % to Sales |
|
|
23.1
|
%
|
|
21.0
|
%
|
|
8.9
|
%
|
|
8.8
|
%
|
|
|
|
|
|
|
18.0
|
%
|
|
16.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| *Includes payment to secure the global rights for NM26 Bi-specific Antibody in Q3 2024 |
|
|
1,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,250
|
|
|
|
| Johnson & Johnson and Subsidiaries |
| GAAP to Non-GAAP Reconciliation |
| $ in Millions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Quarter to Date |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In-process
research and
development
impairments |
|
|
|
Acquisition, integration
and divestiture related |
|
(Loss)/gain on
securities |
|
|
|
COVID-19
Vaccine Related
Costs |
|
Tax legislation
and other tax
related |
|
|
|
Third Quarter
Sept. 29, 2024
GAAP |
|
|
Intangible asset
amortization |
|
Litigation
related |
|
|
Restructuring
related |
|
|
|
Medical Device
Regulation |
|
|
|
Third Quarter
Sept. 29, 2024
Non-GAAP |
| Cost of products sold |
$
|
6,963
|
|
|
(1,171
|
)
|
|
|
|
|
|
(6
|
)
|
|
(156
|
)
|
|
|
|
(16
|
)
|
|
(2
|
)
|
|
-
|
|
|
5,612
|
|
| Selling, marketing and admin expenses |
|
5,478
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3
|
)
|
|
|
|
|
|
5,475
|
|
| Research and development expense |
|
4,952
|
|
|
|
|
|
|
|
|
|
|
(36
|
)
|
|
|
|
(19
|
)
|
|
(2
|
)
|
|
|
|
4,895
|
|
| Other (Income) / Expense |
|
1,798
|
|
|
-
|
|
|
(2,388
|
)
|
|
|
|
-
|
|
|
(136
|
)
|
|
37
|
|
|
|
|
-
|
|
|
|
|
(689
|
)
|
| In-process research and development impairments |
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
-
|
|
| Restructuring |
|
41
|
|
|
|
|
|
|
|
|
(41
|
)
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
| Provision for taxes on income |
|
644
|
|
|
169
|
|
|
527
|
|
|
-
|
|
|
9
|
|
|
59
|
|
|
(9
|
)
|
|
6
|
|
|
1
|
|
|
(5
|
)
|
|
1,401
|
|
| Net Earnings from Continuing Operations |
|
2,694
|
|
|
1,002
|
|
|
1,861
|
|
|
-
|
|
|
38
|
|
|
269
|
|
|
(28
|
)
|
|
32
|
|
|
3
|
|
|
5
|
|
|
5,876
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In-process
research and
development
impairments |
|
|
|
Acquisition, integration
and divestiture related |
|
(Loss)/gain on
securities |
|
|
|
COVID-19
Vaccine Related
Costs |
|
Tax legislation
and other tax
related |
|
|
|
Third Quarter
Oct. 1, 2023
GAAP |
|
|
Intangible asset
amortization |
|
Litigation
related |
|
|
Restructuring
related |
|
|
|
Medical Device
Regulation |
|
|
|
Third Quarter
Oct. 1, 2023
Non-GAAP |
| Cost of products sold |
$
|
6,606
|
|
|
(1,132
|
)
|
|
|
|
|
|
(226
|
)
|
|
|
|
|
|
(34
|
)
|
|
(9
|
)
|
|
-
|
|
|
5,205
|
|
| Selling, marketing and admin expenses |
|
5,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6
|
)
|
|
|
|
|
|
5,394
|
|
| Research and development expense |
|
3,447
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
(33
|
)
|
|
(36
|
)
|
|
|
|
3,378
|
|
| Other (Income) / Expense |
|
499
|
|
|
-
|
|
|
51
|
|
|
|
|
-
|
|
|
(22
|
)
|
|
(1,005
|
)
|
|
|
|
-
|
|
|
|
|
(477
|
)
|
| In-process research and development impairments |
|
206
|
|
|
|
|
|
|
(206
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
| Restructuring |
|
158
|
|
|
|
|
|
|
|
|
(158
|
)
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
| Provision for taxes on income |
|
908
|
|
|
178
|
|
|
(12
|
)
|
|
46
|
|
|
72
|
|
|
5
|
|
|
167
|
|
|
14
|
|
|
12
|
|
|
(134
|
)
|
|
1,256
|
|
| Net Earnings from Continuing Operations |
|
4,309
|
|
|
954
|
|
|
(39
|
)
|
|
160
|
|
|
312
|
|
|
17
|
|
|
838
|
|
|
59
|
|
|
33
|
|
|
134
|
|
|
6,777
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year to Date |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In-process
research and
development
impairments |
|
|
|
Acquisition, integration
and divestiture
related |
|
(Loss)/gain on
securities |
|
|
|
COVID-19
Vaccine Related
Costs |
|
Tax legislation
and other tax
related |
|
|
|
Nine Months
Sept. 29, 2024
GAAP |
|
|
Intangible asset
amortization |
|
Litigation
related |
|
|
Restructuring
related |
|
|
|
Medical Device
Regulation |
|
|
|
Nine Months
Sept. 29, 2024
Non-GAAP |
| Cost of products sold |
$
|
20,343
|
|
|
(3,355
|
)
|
|
|
|
|
|
(15
|
)
|
|
(206
|
)
|
|
|
|
(66
|
)
|
|
(8
|
)
|
|
|
|
16,693
|
|
| Selling, marketing and admin expenses |
|
16,416
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(12
|
)
|
|
-
|
|
|
|
|
16,404
|
|
| Research and development expense |
|
11,934
|
|
|
|
|
|
|
|
|
|
|
(69
|
)
|
|
|
|
(79
|
)
|
|
(19
|
)
|
|
|
|
11,767
|
|
| Other (Income) / Expense |
|
4,855
|
|
|
-
|
|
|
(5,466
|
)
|
|
|
|
-
|
|
|
(653
|
)
|
|
(374
|
)
|
|
|
|
(50
|
)
|
|
|
|
(1,688
|
)
|
| In-process research and development impairments |
|
194
|
|
|
|
|
|
|
(194
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
| Restructuring |
|
192
|
|
|
|
|
|
|
|
|
(192
|
)
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
| Provision for taxes on income |
|
2,165
|
|
|
473
|
|
|
1,224
|
|
|
43
|
|
|
42
|
|
|
222
|
|
|
5
|
|
|
29
|
|
|
17
|
|
|
42
|
|
|
4,262
|
|
| Net Earnings from Continuing Operations |
|
10,635
|
|
|
2,882
|
|
|
4,242
|
|
|
151
|
|
|
165
|
|
|
706
|
|
|
369
|
|
|
128
|
|
|
60
|
|
|
(42
|
)
|
|
19,296
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In-process
research and
development
impairments |
|
|
|
Acquisition, integration
and divestiture
related |
|
(Loss)/gain on
securities |
|
|
|
COVID-19
Vaccine Related
Costs |
|
Tax legislation
and other tax
related |
|
|
|
Nine Months
Oct. 1, 2023
GAAP |
|
|
Intangible asset
amortization |
|
Litigation
related |
|
|
Restructuring
related |
|
|
|
Medical Device
Regulation |
|
|
|
Nine Months
Oct 1, 2023
Non-GAAP |
| Cost of products sold |
$
|
19,755
|
|
|
(3,380
|
)
|
|
|
|
|
|
(226
|
)
|
|
|
|
|
|
(91
|
)
|
|
(177
|
)
|
|
|
|
15,881
|
|
| Selling, marketing and admin expenses |
|
15,702
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(21
|
)
|
|
|
|
|
|
15,681
|
|
| Research and development expense |
|
10,605
|
|
|
|
|
|
|
|
|
|
|
(16
|
)
|
|
|
|
(111
|
)
|
|
(98
|
)
|
|
|
|
10,380
|
|
| Other (Income) / Expense |
|
7,055
|
|
|
(4
|
)
|
|
(6,986
|
)
|
|
|
|
-
|
|
|
(86
|
)
|
|
(1,076
|
)
|
|
|
|
(378
|
)
|
|
|
|
(1,475
|
)
|
| In-process research and development impairments |
|
255
|
|
|
|
|
|
|
(255
|
)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
| Restructuring |
|
433
|
|
|
|
|
|
|
|
|
(433
|
)
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
| Provision for taxes on income |
|
1,042
|
|
|
532
|
|
|
1,639
|
|
|
57
|
|
|
141
|
|
|
22
|
|
|
182
|
|
|
41
|
|
|
155
|
|
|
(84
|
)
|
|
3,727
|
|
| Net Earnings from Continuing Operations |
|
9,194
|
|
|
2,852
|
|
|
5,347
|
|
|
198
|
|
|
518
|
|
|
80
|
|
|
894
|
|
|
182
|
|
|
498
|
|
|
84
|
|
|
19,847
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241014447723/en/