Johnson & Johnson Reports Q3 2024 Results

Rhea-AI Summary

Johnson & Johnson (NYSE: JNJ) reported Q3 2024 results with sales growth of 5.2% to $22.5 billion. Operational growth was 6.3% and adjusted operational growth was 5.4%. Earnings per share (EPS) decreased by 34.3% to $1.11 due to a one-time special charge and acquired IPR&D. Adjusted EPS decreased by 9.0% to $2.42.

The company highlighted significant pipeline progress, including approvals for TREMFYA and RYBREVANT, and the submission of an IDE for the OTTAVA robotic system. JNJ increased its full-year 2024 operational sales guidance but updated its adjusted operational EPS guidance to reflect the acquisition of V-Wave.

Innovative Medicine worldwide operational sales grew 6.3%, driven by products like DARZALEX and TREMFYA. MedTech worldwide operational sales grew 6.4%, with growth in cardiovascular, vision, and general surgery products.

Positive

• Sales growth of 5.2% to $22.5 billion in Q3 2024
• Operational growth of 6.3% and adjusted operational growth of 5.4%
• Innovative Medicine worldwide operational sales grew 6.3%
• MedTech worldwide operational sales grew 6.4%
• Significant pipeline progress with approvals for TREMFYA and RYBREVANT
• Increased full-year 2024 operational sales guidance

Negative

• EPS decreased by 34.3% to $1.11 due to one-time special charge and acquired IPR&D
• Adjusted EPS decreased by 9.0% to $2.42
• Updated adjusted operational EPS guidance due to V-Wave acquisition costs

Insights

Financial Analyst

Johnson & Johnson's Q3 2024 results show a mixed performance. The company reported 5.2% sales growth to $22.5 billion, with operational growth of 6.3%. However, EPS decreased by 34.3% to $1.11 due to a one-time special charge and acquired IPR&D. Adjusted EPS of $2.42 decreased by 9.0%.

The Innovative Medicine segment saw operational sales growth of 6.3%, driven by key products like DARZALEX and TREMFYA. The MedTech segment grew 6.4% operationally, boosted by cardiovascular and vision products.

While the company increased its full-year 2024 operational sales guidance, it updated its adjusted operational EPS guidance to reflect the acquisition of V-Wave. This acquisition's costs are expected to offset performance improvements.

The mixed results, pipeline advancements and guidance updates suggest a company navigating challenges while investing in future growth. Investors should monitor how JNJ balances near-term pressures with long-term strategic investments.

Medical Research Analyst

J&J's Q3 results highlight significant progress in their pharmaceutical pipeline. Key developments include:

• Regulatory approvals for TREMFYA in ulcerative colitis and RYBREVANT + LAZCLUZE in non-small cell lung cancer
• Submission of an investigational device exemption for the OTTAVA general surgery robotic system
• Launch of VELYS Spine and Shockwave E8 IVL Catheter

These advancements strengthen J&J's position in immunology, oncology and medical devices. The TREMFYA approval expands its potential market in inflammatory bowel diseases, while the RYBREVANT combination therapy could improve outcomes in lung cancer treatment. The OTTAVA system submission signals J&J's push into the competitive surgical robotics market.

However, the 9.0% decrease in adjusted EPS, partly due to acquired IPR&D, indicates significant R&D investments. This strategy may pressure short-term financials but could drive long-term growth and innovation. Investors should weigh these pipeline advancements against current financial performance when assessing J&J's future prospects.

• 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

NEW BRUNSWICK, N.J.--(BUSINESS WIRE)-- 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

 

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Source: Johnson & Johnson

FAQ

What was Johnson & Johnson's (JNJ) revenue in Q3 2024?

Johnson & Johnson reported revenue of $22.5 billion in Q3 2024, representing a 5.2% increase from the previous year.

How did Johnson & Johnson's (JNJ) EPS perform in Q3 2024?

Johnson & Johnson's EPS decreased by 34.3% to $1.11 in Q3 2024, while adjusted EPS decreased by 9.0% to $2.42.

What were the key growth drivers for Johnson & Johnson (JNJ) in Q3 2024?

Key growth drivers included DARZALEX, ERLEADA, and TREMFYA in the Innovative Medicine segment, and cardiovascular, vision, and general surgery products in the MedTech segment.

Did Johnson & Johnson (JNJ) update its guidance for 2024?

Yes, Johnson & Johnson increased its full-year 2024 operational sales guidance but updated its adjusted operational EPS guidance to reflect the acquisition of V-Wave.