Johnson & Johnson Reports Q3 2024 Results

10/15/24 6:20:00 AM ET

Biotechnology: Pharmaceutical Preparations

Health Care

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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 Sales^1,2			6.3%
Adjusted Operational Sales^1,3			5.4%
Adjusted Operational Sales ex. COVID-19 Vaccine^1,3			5.6%
Adjusted Net Earnings^1,4	$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	Operational^1,2	Currency	Adjusted Operational^1,3
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	Operational^1,2	Currency	Adjusted Operational^1,3
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 EPS^1,2	$10.05
Improved performance outlook	$0.10
October 2024 Adjusted Operational EPS^1,2 pre-M&A	$10.15
M&A impact (V-Wave)	($0.24)
October 2024 Adjusted Operational EPS^1,2	$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 Sales^1,2,5 Change vs. Prior Year / Mid-point	5.7% – 6.2% / 6.0%	5.5% – 6.0% / 5.8%
Operational Sales^2,5/ 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 Sales^3,5/ 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

¹Subsequent 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

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

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

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		In-process research and development impairments		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Medical Device Regulation		COVID-19 Vaccine Related Costs		Tax legislation and other tax related		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		In-process research and development impairments		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Medical Device Regulation		COVID-19 Vaccine Related Costs		Tax legislation and other tax related		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		In-process research and development impairments		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Medical Device Regulation		COVID-19 Vaccine Related Costs		Tax legislation and other tax related		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		In-process research and development impairments		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Medical Device Regulation		COVID-19 Vaccine Related Costs		Tax legislation and other tax related		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

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Date	Price Target	Rating	Analyst
11/15/2024	$190.00	Outperform	Wolfe Research
7/23/2024	$160.00 → $150.00	Outperform → Neutral	Daiwa Securities
5/30/2024	$160.00	Neutral	Goldman
4/18/2024	$170.00	Hold → Buy	HSBC Securities
12/13/2023	$170.00 → $163.00	Overweight → Equal Weight	Wells Fargo
12/1/2023	$167.00 → $180.00	Neutral → Buy	UBS
10/5/2023	$178.00	Outperform	RBC Capital Mkts
9/6/2023	$175.00	Hold	HSBC Securities

Johnson & Johnson Reports Q3 2024 Results

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Amendment: EVP, Innovative Medicine, R&D Reed John C converted options into 25,255 shares and covered exercise/tax liability with 10,984 shares, increasing direct ownership by 4,664% to 14,577 units (SEC Form 4)

Exec VP, CFO Wolk Joseph J gifted 68,890 shares and received a gift of 68,835 shares, closing all direct ownership in the company (SEC Form 4)

SEC Form 4 filed by Director Davis D Scott

Looking Into Johnson & Johnson's Recent Short Interest

Newly-Listed Psoriasis Alumis Attracts Analysts' Attention With Promising Lead Program And Modest Valuation

Check Out What Whales Are Doing With JNJ

NKGen Biotech Appoints Dr. Marco Gottardis to its Board of Directors

Sarepta Therapeutics Set to Join S&P MidCap 400

Johnson & Johnson Names Eugene A. Woods, Chief Executive Officer of Advocate Health, to its Board of Directors

Johnson & Johnson Announces Quarterly Dividend for Fourth Quarter 2024

Johnson & Johnson Reports Q3 2024 Results

Johnson & Johnson Completes Acquisition of V-Wave

$JNJ FDA approvals

Live FDA approvals issued by the Food and Drug Administration and FDA breaking news

July 21, 2023 - FDA Roundup: July 21, 2023

May 5, 2022 - Coronavirus (COVID-19) Update: FDA Limits Use of Janssen COVID-19 Vaccine to Certain Individuals

August 18, 2021 - Joint Statement from HHS Public Health and Medical Experts on COVID-19 Booster Shots

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