Johnson & Johnson Reports Q4 and Full-Year 2021 Results

Rhea-AI Summary

Johnson & Johnson (NYSE: JNJ) reported a robust performance for Q4 and full-year 2021. Reported sales reached $24.8 billion in Q4, a 10.4% increase, and $93.8 billion for the year, up 13.6%. Net earnings surged by 172.5% in Q4 to $4.7 billion, while full-year net earnings rose 41.9% to $20.9 billion. Adjusted operational sales growth was notable in Pharmaceuticals (13.6%) and Medical Devices (16.8%), despite supply constraints in Consumer Health. New product approvals and a planned separation of the Consumer Health business were also highlighted as key strategic moves for future growth.

Positive

• Q4 reported sales increased by 10.4% to $24.8 billion.
• Full-year sales rose 13.6% to $93.8 billion.
• Net earnings for Q4 soared by 172.5% to $4.7 billion.
• Full-year net earnings increased 41.9% to $20.9 billion.
• Pharmaceutical segment operational sales grew 13.6%, supported by strong drug performances.
• Medical Devices experienced a 16.8% growth, indicating market recovery.
• New product approvals and strategic separation of the Consumer Health business aim to enhance future growth.

Negative

• Consumer Health sector faced external supply constraints impacting product availability.

NEW BRUNSWICK, N.J., Jan. 25, 2022 /PRNewswire/ -- Johnson & Johnson (NYSE: JNJ) today announced results for fourth-quarter and full year 2021. "Our 2021 performance reflects continued strength across all segments of our business. Guided by Our Credo, I am honored to assume the role of CEO, leading our global teams in continuing our work to deliver life-changing solutions to consumers, patients, and health care providers" said Joaquin Duato, Chief Executive Officer. "Given our strong results, financial profile, and innovative pipeline we are well positioned for success in 2022 and beyond."

OVERALL FINANCIAL RESULTS
	Q4				Full Year
($ in Millions, except EPS)	2021	2020	%  Change		2021	2020	%  Change
Reported Sales	$       24,804	$       22,475	10.4%		$       93,775	$       82,584	13.6%
Net Earnings	4,736	1,738	172.5%		20,878	14,714	41.9%
EPS (diluted)	$           1.77	$           0.65	172.3%		$           7.81	$           5.51	41.7%
	Q4				Full Year
Non-GAAP*($ in Millions, except EPS)	2021	2020	%  Change		2021	2020	%  Change
Operational Sales1,2			11.6%				12.2%
Adjusted Operational Sales1,3			12.3%				12.8%
Adjusted Net Earnings1,4	5,678	4,965	14.4%		26,195	21,433	22.2%
Adjusted EPS (diluted)1,4	$           2.13	$           1.86	14.5%		$           9.80	$           8.03	22.0%

 

REGIONAL SALES RESULTS
Q4			%  Change
($ in Millions)	2021	2020	Reported	Operational1,2	Currency	Adjusted Operational1,3
U.S.	$      12,163	$      11,809	3.0%	3.0	-	3.1
International	12,641	10,666	18.5%	21.2	(2.7)	22.4
Worldwide	$      24,804	$      22,475	10.4%	11.6	(1.2)	12.3
Full Year			%  Change
($ in Millions)	2021	2020	Reported	Operational1,2	Currency	Adjusted Operational1,3
U.S.	$      47,156	$      43,133	9.3%	9.3	-	9.5
International	46,619	39,451	18.2%	15.3	2.9	16.6
Worldwide	$      93,775	$      82,584	13.6%	12.2	1.4	12.8

 

SEGMENT SALES RESULTS
Q4			%  Change
($ in Millions)	2021	2020	Reported	Operational1,2	Currency	Adjusted Operational1,3
Consumer Health	$         3,657	$         3,618	1.1%	1.8	(0.7)	2.9
Pharmaceutical	14,288	12,268	16.5%	17.9	(1.4)	18.6
Medical Devices	6,859	6,589	4.1%	5.3	(1.2)	5.6
Worldwide	$       24,804	$      22,475	10.4%	11.6	(1.2)	12.3
Full Year			%  Change
($ in Millions)	2021	2020	Reported	Operational1,2	Currency	Adjusted Operational1,3
Consumer Health	$       14,635	$      14,053	4.1%	2.8	1.3	3.8
Pharmaceutical	52,080	45,572	14.3%	13.1	1.2	13.6
Medical Devices	27,060	22,959	17.9%	16.2	1.7	16.8
Worldwide	$       93,775	$      82,584	13.6%	12.2	1.4	12.8

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

Note: values may have been rounded

FULL YEAR 2021 SEGMENT COMMENTARY:

Consumer Health
Consumer Health worldwide adjusted operational sales increased 3.8%* primarily driven by over-the-counter (OTC) products including TYLENOL analgesics and digestive health, in addition to NEUTROGENA and AVEENO products in Skin Health / Beauty primarily due to COVID-19 market recovery. The growth was partially offset by external supply constraints mainly impacting Skin Health / Beauty.

Pharmaceutical
Pharmaceutical worldwide adjusted operational sales grew 13.6%* driven by DARZALEX (daratumumab), a biologic for the treatment of multiple myeloma, STELARA (ustekinumab), a biologic for the treatment of a number of immune-mediated inflammatory diseases, TREMFYA (guselkumab), a biologic for the treatment of adults living with moderate to severe plaque psoriasis, and for adults with active psoriatic arthritis, ERLEADA (apalutamide), a next-generation androgen receptor inhibitor for the treatment of patients with prostate cancer, and INVEGA SUSTENNA/XEPLION/INVEGA TRINZA/TREVICTA (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults. Also contributing to growth were sales of the Janssen COVID-19 Vaccine (Ad26.COV2.S) for the treatment of the SARS-CoV-2 virus. This growth was partially offset by declines in U.S. sales of REMICADE (infliximab), a biologic approved for the treatment of a number of immune-mediated inflammatory diseases.

Medical Devices
Medical Devices worldwide adjusted operational sales grew 16.8%*, driven primarily by the market recovery from COVID-19 impacts and the associated deferral of medical procedures in the prior year across all of our businesses including Surgery, Interventional Solutions, Vision and Orthopaedics.

NOTABLE NEW ANNOUCEMENTS IN THE QUARTER:
The information contained in this section should be read in conjunction 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 Investors section of the company's website at news releases, as well as www.factsabouttalc.com,www.factsaboutourprescriptionopioids.com, and www.LTLManagementInformation.com.

Regulatory Decisions	European Commission Approves BYANNLI® (6-monthly Paliperidone Palmitate; PP6M) for the Maintenance Treatment of Schizophrenia in Adults	(press release)
	U.S. FDA Approves DARZALEX FASPRO® (daratumumab and hyaluronidase-fihj) in Combination with Carfilzomib and Dexamethasone for Patients with Multiple Myeloma After First or Subsequent Relapse	(press release)
	Janssen EMEA Receives Conditional Marketing Authorisation for RYBREVANT® (amivantamab), the First Treatment Approved for Patients with Advanced NonSmall Cell Lung Cancer (NSCLC) with EGFR Exon 20 Insertion Mutations After Failure of Platinum-Based Therapy	(press release)
	Johnson & Johnson COVID-19 Vaccine Booster Shot Authorized for Emergency Use by U.S. FDA	(press release)
	World Health Organization Strategic Advisory Group of Experts (SAGE) Interim Recommendation Supports Use of Johnson & Johnson COVID-19 Vaccine as a Booster	(press release)
	Johnson & Johnson Announces Positive CHMP Opinion for a Booster Shot of its COVID-19 Vaccine	(press release)
	FDA Approves Two New Indications for XARELTO® (rivaroxaban) to Help Prevent and Treat Blood Clots in Pediatric Patients	(press release)
	U.S. FDA Approves New MENTOR® MemoryGel BOOST™ Breast Implant1	(press release)
Regulatory Submissions	Janssen Seeks Approval of IMBRUVICA® (ibrutinib) in a Fixed-Duration Regimen for Patients with Untreated Chronic Lymphocytic Leukaemia (CLL) (EU)	(press release)
	Janssen Submits Biologics License Application to U.S. FDA Seeking Approval of Teclistamab for the Treatment of Patients with Relapsed or Refractory Multiple Myeloma	(press release)
Other	Johnson & Johnson Announces Plans to Accelerate Innovation, Serve Patients and Consumers, and Unlock Value through Intent to Separate Consumer Health Business	(press release)
	Johnson & Johnson Appoints Senior Leaders to Executive Committee	(press release)
	Johnson & Johnson announces significant progress towards its climate goals – 100% renewable electricity for all sites in the United States, Canada and Europe by 2023	(press release)
	Johnson & Johnson Medical Devices Companies Announces Strategic Partnership with Microsoft to Further Enable its Digital Surgery Solutions1	(press release)
	Johnson & Johnson COVID-19 Booster, Administered Six Months After Two-Dose Regimen of BNT162b2, Shows Substantial Increase in Antibody and T-cell Responses	(press release)
	Johnson & Johnson Enters into Agreement to Provide its Single-Shot COVID-19 Vaccine for the World's Most Vulnerable People through Novel Humanitarian Buffer	(press release)
	Johnson & Johnson COVID-19 Vaccine Demonstrates 85 Percent Effectiveness against Hospitalization in South Africa when Omicron was Dominant	(press release)

1Subsequent to the quarter

FULL-YEAR 2022 GUIDANCE:
Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson's results computed in accordance with GAAP.

($ in Billions, except EPS)	January 2022 (ex. COVID Vx)	January 2022 (COVID Vx)	January 2022 (incl. COVID Vx)
Adjusted Operational Sales1,2 Change vs. Prior Year	6.5% – 7.5%		7.0% – 8.5%
Operational Sales2 Change vs. Prior Year	$97.3B – $98.3B 6.5% – 7.5%	$3.0B - $3.5B	$100.3B – $101.8B 7.0% – 8.5%
Estimated Reported Sales3 Change vs. Prior Year	$95.9B - $96.9B 5.0% – 6.0%	$3.0B - $3.5B	$98.9B - $100.4B 5.5% – 7.0%
Adjusted Operational EPS (Diluted)2,4 Change vs. Prior Year			$10.60 - $10.80 8.2% – 10.2%
Adjusted EPS (Diluted)3,4 Change vs. Prior Year			$10.40 - $10.60 6.1% – 8.2%

   

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

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

3 Calculated using Euro Average Rate: January 2022 = $1.14 (Illustrative purposes only)

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

Note: % may have been rounded

Other modeling considerations will be provided on the webcast.

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

ABOUT JOHNSON & JOHNSON:
At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That's why for more than 130 years, we have aimed to keep people well at every age and every stage of life. Today, as the world's largest and most broadly-based health care company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity.

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 Investors 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, a pharmaceutical pipeline of selected compounds in late stage development and a copy of today's earnings call presentation can also be found in the Investors 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, market position, business strategy, and the anticipated separation of the company's Consumer Health business. 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: risks related to the impact of the COVID-19 global pandemic, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response, material delays and cancellations of medical procedures, supply chain disruptions and other impacts to the business, or on the company's ability to execute business continuity plans, as a result of the COVID-19 pandemic; economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the company to successfully execute strategic plans, including restructuring plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies; the company's ability to satisfy the necessary conditions to consummate the separation of the company's Consumer Health business on a timely basis or at all; the company's ability to successfully separate the company's Consumer Health business and realize the anticipated benefits from the separation; and the New Consumer Health Company's ability to succeed as a standalone publicly traded company. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended January 3, 2021 including in the sections captioned "Cautionary Note Regarding Forward-Looking Statements" and "Item 1A. Risk Factors," and in the company'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)	FOURTH QUARTER										TWELVE MONTHS
					Percent Change										Percent Change
	2021		2020		Total		Operations		Currency		2021		2020		Total		Operations		Currency
Sales to customers by
segment of business
Consumer Health
U.S.	$   1,529		1,509		1.3	%	1.3		-		$   6,516		6,362		2.4	%	2.4		-
International	2,128		2,109		0.9		2.1		(1.2)		8,119		7,691		5.6		3.1		2.5
	3,657		3,618		1.1		1.8		(0.7)		14,635		14,053		4.1		2.8		1.3
Pharmaceutical
U.S.	7,418		7,116		4.2		4.2		-		27,954		25,735		8.6		8.6		-
International	6,870		5,152		33.4		36.9		(3.5)		24,126		19,837		21.6		18.8		2.8
	14,288		12,268		16.5		17.9		(1.4)		52,080		45,572		14.3		13.1		1.2
Medical Devices
U.S.	3,216		3,184		1.0		1.0		-		12,686		11,036		14.9		14.9		-
International	3,643		3,405		7.0		9.3		(2.3)		14,374		11,923		20.6		17.3		3.3
	6,859		6,589		4.1		5.3		(1.2)		27,060		22,959		17.9		16.2		1.7
U.S.	12,163		11,809		3.0		3.0		-		47,156		43,133		9.3		9.3		-
International	12,641		10,666		18.5		21.2		(2.7)		46,619		39,451		18.2		15.3		2.9
Worldwide	$ 24,804		22,475		10.4	%	11.6		(1.2)		$ 93,775		82,584		13.6	%	12.2		1.4
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

 

Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)	FOURTH QUARTER										TWELVE MONTHS
					Percent Change										Percent Change
	2021		2020		Total		Operations		Currency		2021		2020		Total		Operations		Currency
Sales to customers by
geographic area
U.S.	$ 12,163		11,809		3.0	%	3.0		-		$ 47,156		43,133		9.3	%	9.3		-
Europe	6,925		5,271		31.4		34.7		(3.3)		23,594		18,980		24.3		20.7		3.6
Western Hemisphere excluding U.S.	1,459		1,404		3.9		5.0		(1.1)		5,750		5,335		7.8		7.3		0.5
Asia-Pacific, Africa	4,257		3,991		6.6		9.0		(2.4)		17,275		15,136		14.1		11.4		2.7
International	12,641		10,666		18.5		21.2		(2.7)		46,619		39,451		18.2		15.3		2.9
Worldwide	$ 24,804		22,475		10.4	%	11.6		(1.2)		$ 93,775		82,584		13.6	%	12.2		1.4
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

 

Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)	FOURTH QUARTER
	2021				2020				Percent
			Percent				Percent		Increase
	Amount		to Sales		Amount		to Sales		(Decrease)
Sales to customers	$ 24,804		100.0		$ 22,475		100.0		10.4
Cost of products sold	7,955		32.1		7,814		34.8		1.8
Gross Profit	16,849		67.9		14,661		65.2		14.9
Selling, marketing and administrative expenses	7,154		28.9		6,457		28.7		10.8
Research and development expense	4,720		19.0		4,032		17.9		17.1
In-process research and development	0		0.0		37		0.2
Interest (income) expense, net	47		0.2		74		0.3
Other (income) expense, net	9		0.0		2,354		10.5
Restructuring	83		0.3		60		0.3
Earnings before provision for taxes on income	4,836		19.5		1,647		7.3		193.6
Provision for/(Benefit from) taxes on income	100		0.4		(91)		(0.4)		(209.9)
Net earnings	$   4,736		19.1		$   1,738		7.7		172.5
Net earnings per share (Diluted)	$     1.77				$     0.65				172.3
Average shares outstanding (Diluted)	2,670.2				2,669.2
Effective tax rate	2.1	%			(5.5)	%
Adjusted earnings before provision for taxes and net earnings (1)
Earnings before provision for taxes on income	$   6,339		25.6		$   5,601		24.9		13.2
Net earnings	$   5,678		22.9		$   4,965		22.1		14.4
Net earnings per share (Diluted)	$     2.13				$     1.86				14.5
Effective tax rate	10.4	%			11.4	%
(1)See Reconciliation of Non-GAAP Financial Measures.

 

Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)	TWELVE MONTHS
	2021				2020				Percent
			Percent				Percent		Increase
	Amount		to Sales		Amount		to Sales		(Decrease)
Sales to customers	$ 93,775		100.0		$ 82,584		100.0		13.6
Cost of products sold	29,855		31.8		28,427		34.4		5.0
Gross Profit	63,920		68.2		54,157		65.6		18.0
Selling, marketing and administrative expenses	24,659		26.3		22,084		26.8		11.7
Research and development expense	14,714		15.7		12,159		14.7		21.0
In-process research and development	900		1.0		181		0.2
Interest (income) expense, net	130		0.1		90		0.1
Other (income) expense, net	489		0.5		2,899		3.5
Restructuring	252		0.3		247		0.3
Earnings before provision for taxes on income	22,776		24.3		16,497		20.0		38.1
Provision for taxes on income	1,898		2.0		1,783		2.2		6.4
Net earnings	$ 20,878		22.3		$ 14,714		17.8		41.9
Net earnings per share (Diluted)	$     7.81				$     5.51				41.7
Average shares outstanding (Diluted)	2,674.0				2,670.7
Effective tax rate	8.3	%			10.8	%
Adjusted earnings before provision for taxes and net earnings (1)
Earnings before provision for taxes on income	$ 30,464		32.5		$ 25,428		30.8		19.8
Net earnings	$ 26,195		27.9		$ 21,433		26.0		22.2
Net earnings per share (Diluted)	$     9.80				$     8.03				22.0
Effective tax rate	14.0	%			15.7	%
(1)See Reconciliation of Non-GAAP Financial Measures.

 

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
		Fourth Quarter				Twelve Months Ended
	(Dollars in Millions Except Per Share Data)	2021		2020		2021		2020
	Net Earnings, after tax- as reported	$4,736		$1,738		$20,878		$14,714
	Pre-tax Adjustments
	Intangible Asset Amortization expense	1,121		1,234		4,697		4,660
	Litigation expense, net	274		2,902		2,328		5,112
	IPR&D	-		37		900		181
	Restructuring related	140		85		473		448
	Acquisition, integration and divestiture related ¹	26		14		(478)		(1,073)
	(Gains)/losses on securities	(198)		(373)		(533)		(547)
	Medical Device Regulation	73		55		234		144
	Consumer Health separation costs	67		-		67		-
	Other	-		-		-		6
	Tax Adjustments
	Tax impact on special item adjustments 2	(184)		(606)		(1,281)		(1,608)
	Tax legislation and other tax related	(377)		(121)		(1,090)		(604)
	Adjusted Net Earnings, after tax	$5,678		$4,965		$26,195		$21,433
	Average shares outstanding (Diluted)	2,670.2		2,669.2		2,674.0		2,670.7
	Adjusted net earnings per share (Diluted)	$2.13		$1.86		$9.80		$8.03
	Operational adjusted net earnings per share (Diluted)	$2.18				$9.65
	Notes:
1	Acquisition, integration and divestiture related for 2021 primarily includes the gain on the divestiture of two Pharmaceutical brands outside of the U.S. Acquisition, integration and divestiture related for 2020 primarily includes a Contingent Consideration reversal of $1,148M related to the timing of certain developmental milestones associated with the Auris Health acquisition.
2	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
FOURTH QUARTER 2021 ACTUAL vs. 2020 ACTUAL
Segments
		Consumer Health		Pharmaceutical		Medical Devices		Total
WW As Reported		1.1%		16.5%		4.1%		10.4%
U.S.		1.3%		4.2%		1.0%		3.0%
International		0.9%		33.4%		7.0%		18.5%
WW Currency		(0.7)		(1.4)		(1.2)		(1.2)
U.S.		-		-		-		-
International		(1.2)		(3.5)		(2.3)		(2.7)
WW Operational		1.8%		17.9%		5.3%		11.6%
U.S.		1.3%		4.2%		1.0%		3.0%
International		2.1%		36.9%		9.3%		21.2%
General Surgery
Advanced Sterilization Products						0.3		0.1
U.S.						0.0		0.0
International						0.5		0.2
Skin Health / Beauty
Dr. Ci Labo - Sedona		0.7						0.1
U.S.		0.0						0.0
International		1.2						0.3
All Other Acquisitions and Divestitures		0.4		0.7		0.1		0.4
U.S.		0.6		0.0		0.2		0.1
International		0.3		1.7		0.0		0.8
WW Adjusted Operational		2.9%		18.6%		5.6%		12.3%
U.S.		1.9%		4.2%		1.2%		3.1%
International		3.6%		38.6%		9.8%		22.4%
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
TWELVE MONTHS 2021 ACTUAL vs. 2020 ACTUAL
Segments
		Consumer Health		Pharmaceutical		Medical Devices		Total
WW As Reported		4.1%		14.3%		17.9%		13.6%
U.S.		2.4%		8.6%		14.9%		9.3%
International		5.6%		21.6%		20.6%		18.2%
WW Currency		1.3		1.2		1.7		1.4
U.S.		-		-		-		-
International		2.5		2.8		3.3		2.9
WW Operational		2.8%		13.1%		16.2%		12.2%
U.S.		2.4%		8.6%		14.9%		9.3%
International		3.1%		18.8%		17.3%		15.3%
General Surgery
Advanced Sterilization Products						0.5		0.1
U.S.						0.0		0.0
International						1.0		0.3
Skin Health / Beauty
Dr. Ci Labo - Sedona		0.5						0.1
U.S.		0.0						0.0
International		1.0						0.2
All Other Acquisitions and Divestitures		0.4		0.5		0.1		0.4
U.S.		0.6		0.0		0.4		0.2
International		0.3		1.4		0.0		0.8
WW Adjusted Operational		3.8%		13.6%		16.8%		12.8%
U.S.		3.0%		8.6%		15.3%		9.5%
International		4.4%		20.2%		18.3%		16.6%
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)
	FOURTH QUARTER								TWELVE MONTHS
					% Change								% Change
		2021		2020	Reported	Operational (1)	Currency			2021		2020	Reported	Operational (1)	Currency
CONSUMER HEALTH SEGMENT (2)
OTC
US		$             633		543	16.8%	16.8%	-			$          2,594		2,460	5.4%	5.4%	-
Intl		740		642	15.1%	14.9%	0.2%			2,634		2,364	11.4%	6.9%	4.5%
WW		1,373		1,185	15.9%	15.8%	0.1%			5,227		4,824	8.4%	6.2%	2.2%
SKIN HEALTH / BEAUTY
US		538		583	-7.8%	-7.8%	-			2,400		2,350	2.1%	2.1%	-
Intl		546		594	-8.2%	-6.4%	-1.8%			2,141		2,100	1.9%	-0.3%	2.2%
WW		1,084		1,177	-8.0%	-7.1%	-0.9%			4,541		4,450	2.0%	1.0%	1.0%
ORAL CARE
US		159		173	-8.2%	-8.2%	-			637		683	-6.7%	-6.7%	-
Intl		246		264	-7.2%	-5.5%	-1.7%			1,008		958	5.1%	2.8%	2.3%
WW		405		437	-7.6%	-6.5%	-1.1%			1,645		1,641	0.2%	-1.2%	1.4%
BABY CARE
US		90		97	-7.5%	-7.5%	-			378		376	0.5%	0.5%	-
Intl		309		310	-0.3%	1.3%	-1.6%			1,188		1,141	4.1%	3.7%	0.4%
WW		399		407	-2.0%	-0.8%	-1.2%			1,566		1,517	3.2%	2.9%	0.3%
WOMEN'S HEALTH
US		4		3	14.1%	14.1%	-			13		13	-1.6%	-1.6%	-
Intl		230		234	-1.8%	1.2%	-3.0%			905		888	1.8%	2.0%	-0.2%
WW		233		237	-1.6%	1.3%	-2.9%			917		901	1.8%	1.9%	-0.1%
WOUND CARE / OTHER
US		106		110	-4.2%	-4.2%	-			495		480	3.1%	3.1%	-
Intl		57		65	-9.6%	-10.2%	0.6%			243		240	1.7%	-2.7%	4.4%
WW		164		175	-6.2%	-6.4%	0.2%			739		720	2.6%	1.2%	1.4%
TOTAL CONSUMER HEALTH
US		1,529		1,509	1.3%	1.3%	-			6,516		6,362	2.4%	2.4%	-
Intl		2,128		2,109	0.9%	2.1%	-1.2%			8,119		7,691	5.6%	3.1%	2.5%
WW		$          3,657		3,618	1.1%	1.8%	-0.7%			$        14,635		14,053	4.1%	2.8%	1.3%
See footnotes at end of schedule

 

	REPORTED SALES vs. PRIOR PERIOD ($MM)								REPORTED SALES vs. PRIOR PERIOD ($MM)
	FOURTH QUARTER								TWELVE MONTHS
					% Change								% Change
PHARMACEUTICAL SEGMENT (2,3)		2021		2020	Reported	Operational (1)	Currency			2021		2020	Reported	Operational (1)	Currency
IMMUNOLOGY
US		$          2,912		2,845	2.4%	2.4%	-			$        10,843		10,175	6.6%	6.6%	-
Intl		1,443		1,261	14.5%	17.9%	-3.4%			5,907		4,880	21.0%	17.7%	3.3%
WW		4,355		4,105	6.1%	7.1%	-1.0%			16,750		15,055	11.3%	10.2%	1.1%
REMICADE
US		511		656	-22.2%	-22.2%	-			2,019		2,508	-19.5%	-19.5%	-
US Exports (4)		39		25	53.5%	53.5%	-			236		346	-31.9%	-31.9%	-
Intl		214		220	-2.3%	-2.4%	0.1%			935		893	4.8%	0.4%	4.4%
WW		764		901	-15.2%	-15.2%	0.0%			3,190		3,747	-14.9%	-15.9%	1.0%
SIMPONI / SIMPONI ARIA
US		287		315	-8.9%	-8.9%	-			1,127		1,155	-2.4%	-2.4%	-
Intl		271		261	3.6%	8.4%	-4.8%			1,148		1,088	5.5%	4.1%	1.4%
WW		559		576	-3.2%	-1.0%	-2.2%			2,276		2,243	1.4%	0.8%	0.6%
STELARA
US		1,542		1,572	-1.9%	-1.9%	-			5,938		5,240	13.3%	13.3%	-
Intl		792		672	17.9%	21.7%	-3.8%			3,196		2,467	29.6%	25.9%	3.7%
WW		2,334		2,244	4.0%	5.1%	-1.1%			9,134		7,707	18.5%	17.3%	1.2%
TREMFYA
US		528		276	90.9%	90.9%	-			1,503		926	62.3%	62.3%	-
Intl		165		105	56.9%	61.8%	-4.9%			624		421	48.2%	44.0%	4.2%
WW		693		382	81.5%	82.8%	-1.3%			2,127		1,347	57.9%	56.5%	1.4%
OTHER IMMUNOLOGY
US		6		-	*	*	-			21		-	*	*	-
Intl		0		2	*	*	*			3		11	-73.3%	-74.6%	1.3%
WW		6		2	*	*	*			24		11	*	*	*
INFECTIOUS DISEASES
US		614		470	30.8%	30.8%	-			2,249		1,735	29.7%	29.7%	-
Intl		1,824		442	*	*	-3.0%			3,612		1,839	96.3%	93.4%	2.9%
WW		2,437		912	*	*	-1.5%			5,861		3,574	64.0%	62.5%	1.5%
COVID-19 VACCINE
US		213		-	*	*	-			634		-	*	*	-
Intl		1,405		-	*	*	-			1,751		-	*	*	-
WW		1,619		-	*	*	-			2,385		-	*	*	-
EDURANT / rilpivirine
US		10		11	-15.8%	-15.8%	-			41		44	-7.6%	-7.6%	-
Intl		220		236	-6.8%	-3.3%	-3.5%			953		920	3.6%	0.4%	3.2%
WW		230		248	-7.2%	-3.9%	-3.3%			994		964	3.1%	0.0%	3.1%
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US		380		433	-12.2%	-12.2%	-			1,508		1,587	-4.9%	-4.9%	-
Intl		135		136	-0.1%	3.0%	-3.1%			575		597	-3.6%	-6.0%	2.4%
WW		515		569	-9.3%	-8.5%	-0.8%			2,083		2,184	-4.6%	-5.2%	0.6%
OTHER INFECTIOUS DISEASES
US		11		25	-55.9%	-55.9%	-			66		104	-36.0%	-36.0%	-
Intl		63		71	-10.9%	-10.0%	-0.9%			333		323	3.0%	-0.1%	3.1%
WW		74		96	-22.9%	-22.2%	-0.7%			399		427	-6.5%	-8.9%	2.4%

 

	REPORTED SALES vs. PRIOR PERIOD ($MM)								REPORTED SALES vs. PRIOR PERIOD ($MM)
	FOURTH QUARTER								TWELVE MONTHS
					% Change								% Change
		2021		2020	Reported	Operational (1)	Currency			2021		2020	Reported	Operational (1)	Currency
NEUROSCIENCE
US		899		806	11.4%	11.4%	-			3,347		3,091	8.3%	8.3%	-
Intl		894		892	0.2%	3.2%	-3.0%			3,664		3,457	6.0%	3.9%	2.1%
WW		1,793		1,698	5.5%	7.1%	-1.6%			7,011		6,548	7.1%	5.9%	1.2%
CONCERTA / Methylphenidate
US		55		33	68.1%	68.1%	-			172		183	-5.8%	-5.8%	-
Intl		123		120	3.2%	6.0%	-2.8%			495		439	12.8%	10.1%	2.7%
WW		178		153	17.2%	19.4%	-2.2%			667		622	7.3%	5.4%	1.9%
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
US		668		610	9.5%	9.5%	-			2,550		2,314	10.2%	10.2%	-
Intl		361		355	1.5%	5.0%	-3.5%			1,472		1,339	10.0%	6.9%	3.1%
WW		1,029		965	6.5%	7.8%	-1.3%			4,022		3,653	10.1%	9.0%	1.1%
RISPERDAL CONSTA
US		77		76	2.3%	2.3%	-			287		296	-2.9%	-2.9%	-
Intl		63		92	-30.3%	-26.4%	-3.9%			305		346	-11.8%	-13.1%	1.3%
WW		140		167	-15.6%	-13.4%	-2.2%			592		642	-7.7%	-8.4%	0.7%
OTHER NEUROSCIENCE
US		99		88	11.7%	11.7%	-			338		298	13.3%	13.3%	-
Intl		346		326	6.2%	8.6%	-2.4%			1,391		1,334	4.3%	3.2%	1.1%
WW		445		414	7.4%	9.2%	-1.8%			1,729		1,632	6.0%	5.0%	1.0%
ONCOLOGY
US		1,594		1,469	8.5%	8.5%	-			5,958		5,092	17.0%	17.0%	-
Intl		2,184		1,965	11.1%	15.2%	-4.1%			8,590		7,275	18.1%	15.3%	2.8%
WW		3,778		3,434	10.0%	12.3%	-2.3%			14,548		12,367	17.6%	16.0%	1.6%
DARZALEX
US		867		692	25.3%	25.3%	-			3,169		2,232	42.0%	42.0%	-
Intl		778		561	38.9%	43.5%	-4.6%			2,854		1,958	45.8%	42.6%	3.2%
WW		1,645		1,253	31.4%	33.4%	-2.0%			6,023		4,190	43.8%	42.3%	1.5%
ERLEADA
US		235		176	33.4%	33.4%	-			813		583	39.3%	39.3%	-
Intl		149		64	*	*	*			478		176	*	*	*
WW		384		241	59.8%	61.3%	-1.5%			1,291		760	70.0%	68.7%	1.3%
IMBRUVICA
US		436		492	-11.3%	-11.3%	-			1,747		1,821	-4.0%	-4.0%	-
Intl		626		625	0.0%	3.4%	-3.4%			2,622		2,307	13.6%	10.4%	3.2%
WW		1,062		1,117	-5.0%	-3.1%	-1.9%			4,369		4,128	5.8%	4.1%	1.7%
ZYTIGA / abiraterone acetate
US		23		89	-74.2%	-74.2%	-			119		373	-68.1%	-68.1%	-
Intl		525		533	-1.4%	3.1%	-4.5%			2,178		2,097	3.9%	1.5%	2.4%
WW		548		622	-11.8%	-7.9%	-3.9%			2,297		2,470	-7.0%	-9.0%	2.0%
OTHER ONCOLOGY
US		34		20	64.7%	64.7%	-			110		83	31.7%	31.7%	-
Intl		106		183	-42.0%	-39.2%	-2.8%			458		738	-37.9%	-38.7%	0.8%
WW		140		202	-31.3%	-28.8%	-2.5%			568		821	-30.8%	-31.5%	0.7%

 

	REPORTED SALES vs. PRIOR PERIOD ($MM)								REPORTED SALES vs. PRIOR PERIOD ($MM)
	FOURTH QUARTER								TWELVE MONTHS
					% Change								% Change
		2021		2020	Reported	Operational (1)	Currency			2021		2020	Reported	Operational (1)	Currency
PULMONARY HYPERTENSION
US		587		592	-0.7%	-0.7%	-			2,365		2,133	10.9%	10.9%	-
Intl		264		273	-3.6%	0.8%	-4.4%			1,085		1,015	6.9%	5.5%	1.4%
WW		851		865	-1.6%	-0.2%	-1.4%			3,450		3,148	9.6%	9.2%	0.4%
OPSUMIT
US		286		279	2.0%	2.0%	-			1,147		1,008	13.7%	13.7%	-
Intl		162		173	-6.1%	-1.7%	-4.4%			672		631	6.6%	5.1%	1.5%
WW		448		452	-1.1%	0.6%	-1.7%			1,819		1,639	11.0%	10.4%	0.6%
UPTRAVI
US		264		263	0.0%	0.0%	-			1,056		955	10.5%	10.5%	-
Intl		46		38	21.9%	24.7%	-2.8%			181		138	31.1%	27.0%	4.1%
WW		310		301	2.7%	3.1%	-0.4%			1,237		1,093	13.1%	12.6%	0.5%
OTHER PULMONARY HYPERTENSION
US		38		49	-20.1%	-20.1%	-			163		169	-3.7%	-3.7%	-
Intl		56		63	-12.2%	-6.6%	-5.6%			232		247	-5.9%	-5.4%	-0.5%
WW		94		112	-15.6%	-12.4%	-3.2%			395		416	-5.0%	-4.7%	-0.3%
CARDIOVASCULAR / METABOLISM / OTHER
US		813		935	-13.1%	-13.1%	-			3,192		3,509	-9.0%	-9.0%	-
Intl		261		317	-17.8%	-16.0%	-1.8%			1,268		1,369	-7.4%	-10.9%	3.5%
WW		1,074		1,253	-14.3%	-13.8%	-0.5%			4,460		4,878	-8.6%	-9.6%	1.0%
XARELTO
US		644		629	2.5%	2.5%	-			2,438		2,345	4.0%	4.0%	-
Intl		-		-	-	-	-			-		-	-	-	-
WW		644		629	2.5%	2.5%	-			2,438		2,345	4.0%	4.0%	-
INVOKANA / INVOKAMET
US		59		159	-63.1%	-63.1%	-			308		564	-45.4%	-45.4%	-
Intl		60		58	3.8%	4.5%	-0.7%			254		231	9.9%	5.4%	4.5%
WW		120		217	-45.1%	-44.9%	-0.2%			563		795	-29.3%	-30.6%	1.3%
PROCRIT / EPREX
US		55		62	-12.8%	-12.8%	-			223		277	-19.7%	-19.7%	-
Intl		58		66	-13.0%	-11.7%	-1.3%			256		274	-6.8%	-10.1%	3.3%
WW		113		129	-12.9%	-12.2%	-0.7%			479		552	-13.3%	-14.9%	1.6%
OTHER
US		55		85	-35.6%	-35.6%	-			223		323	-31.0%	-31.0%	-
Intl		143		194	-25.9%	-23.8%	-2.1%			758		864	-12.2%	-15.5%	3.3%
WW		198		278	-28.9%	-27.4%	-1.5%			981		1,186	-17.3%	-19.7%	2.4%
TOTAL PHARMACEUTICAL
US		7,418		7,116	4.2%	4.2%	-			27,954		25,735	8.6%	8.6%	-
Intl		6,870		5,152	33.4%	36.9%	-3.5%			24,126		19,837	21.6%	18.8%	2.8%
WW		$        14,288		12,268	16.5%	17.9%	-1.4%			$        52,080		45,572	14.3%	13.1%	1.2%

 

	REPORTED SALES vs. PRIOR PERIOD ($MM)								REPORTED SALES vs. PRIOR PERIOD ($MM)
	FOURTH QUARTER								TWELVE MONTHS
					% Change								% Change
MEDICAL DEVICES SEGMENT (2)		2021		2020	Reported	Operational (1)	Currency			2021		2020	Reported	Operational (1)	Currency
INTERVENTIONAL SOLUTIONS
US		$          483		433	11.6%	11.6%	-			1,836		1,452	26.4%	26.4%	-
Intl		536		460	16.5%	18.8%	-2.3%			2,135		1,594	34.0%	29.8%	4.2%
WW		1,019		893	14.1%	15.3%	-1.2%			3,971		3,046	30.4%	28.2%	2.2%
ORTHOPAEDICS
US		1,305		1,352	-3.5%	-3.5%	-			5,126		4,779	7.3%	7.3%	-
Intl		851		839	1.5%	3.9%	-2.4%			3,462		2,984	16.0%	12.1%	3.9%
WW		2,155		2,191	-1.6%	-0.7%	-0.9%			8,588		7,763	10.6%	9.1%	1.5%
HIPS
US		229		229	0.4%	0.4%	-			883		793	11.4%	11.4%	-
Intl		151		143	4.9%	6.5%	-1.6%			602		487	23.6%	18.9%	4.7%
WW		380		372	2.1%	2.7%	-0.6%			1,485		1,280	16.0%	14.3%	1.7%
KNEES
US		208		216	-4.2%	-4.2%	-			787		743	5.9%	5.9%	-
Intl		135		129	4.6%	6.5%	-1.9%			538		427	26.1%	21.7%	4.4%
WW		342		345	-0.9%	-0.2%	-0.7%			1,325		1,170	13.3%	11.7%	1.6%
TRAUMA
US		467		454	2.8%	2.8%	-			1,819		1,648	10.4%	10.4%	-
Intl		261		268	-2.4%	0.7%	-3.1%			1,066		966	10.4%	7.1%	3.3%
WW		728		722	0.9%	2.0%	-1.1%			2,885		2,614	10.4%	9.2%	1.2%
SPINE, SPORTS & OTHER
US		401		453	-11.4%	-11.4%	-			1,637		1,595	2.6%	2.6%	-
Intl		304		299	2.0%	4.3%	-2.3%			1,256		1,104	13.8%	9.9%	3.9%
WW		706		752	-6.1%	-5.2%	-0.9%			2,893		2,699	7.2%	5.6%	1.6%

 

	REPORTED SALES vs. PRIOR PERIOD ($MM)								REPORTED SALES vs. PRIOR PERIOD ($MM)
	FOURTH QUARTER								TWELVE MONTHS
					% Change								% Change
		2021		2020	Reported	Operational (1)	Currency			2021		2020	Reported	Operational (1)	Currency
SURGERY
US		986		1,002	-1.7%	-1.7%	-			3,867		3,249	19.0%	19.0%	-
Intl		1,527		1,427	7.0%	8.7%	-1.7%			5,945		4,983	19.3%	15.6%	3.7%
WW		2,513		2,429	3.5%	4.4%	-0.9%			9,812		8,232	19.2%	17.0%	2.2%
ADVANCED
US		457		456	0.5%	0.5%	-			1,761		1,535	14.9%	14.9%	-
Intl		735		660	11.2%	12.6%	-1.4%			2,861		2,304	24.1%	20.0%	4.1%
WW		1,192		1,116	6.8%	7.6%	-0.8%			4,622		3,839	20.4%	18.0%	2.4%
GENERAL
US		528		546	-3.4%	-3.4%	-			2,105		1,714	22.7%	22.7%	-
Intl		793		767	3.4%	5.3%	-1.9%			3,085		2,679	15.2%	11.8%	3.4%
WW		1,321		1,312	0.6%	1.7%	-1.1%			5,190		4,392	18.1%	16.1%	2.0%
VISION
US		443		397	11.4%	11.4%	-			1,857		1,557	19.3%	19.3%	-
Intl		728		679	7.2%	10.8%	-3.6%			2,831		2,362	19.8%	18.8%	1.0%
WW		1,171		1,076	8.7%	11.0%	-2.3%			4,688		3,919	19.6%	19.0%	0.6%
CONTACT LENSES / OTHER
US		316		289	9.4%	9.4%	-			1,398		1,213	15.2%	15.2%	-
Intl		518		507	1.9%	5.8%	-3.9%			2,043		1,781	14.7%	14.0%	0.7%
WW		833		796	4.6%	7.1%	-2.5%			3,440		2,994	14.9%	14.5%	0.4%
SURGICAL
US		126		108	16.8%	16.8%	-			459		344	33.5%	33.5%	-
Intl		211		172	22.9%	25.4%	-2.5%			788		581	35.7%	33.3%	2.4%
WW		338		280	20.5%	22.1%	-1.6%			1,248		925	34.9%	33.4%	1.5%
TOTAL MEDICAL DEVICES
US		3,216		3,184	1.0%	1.0%	-			12,686		11,036	14.9%	14.9%	-
Intl		3,643		3,405	7.0%	9.3%	-2.3%			14,374		11,923	20.6%	17.3%	3.3%
WW		$          6,859		6,589	4.1%	5.3%	-1.2%			$        27,060		22,959	17.9%	16.2%	1.7%
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. The Company estimates that the inclusion of an additional week in the 2020 fiscal year impacted fiscal fourth quarter 2021 comparative sales growth by approximately -4% and impacted full year fiscal 2021 comparative sales growth by approximately -1%.
* Percentage greater than 100% or not meaningful
(1) Operational growth excludes the effect of translational currency
(2) Unaudited
(3) Certain prior year amounts have been reclassified to conform to current year product disclosures
(4) Reported as U.S. sales

 

 

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SOURCE Johnson & Johnson

FAQ

What were Johnson & Johnson's Q4 2021 sales results?

Johnson & Johnson reported Q4 2021 sales of $24.8 billion, a 10.4% increase from the previous year.

How much did JNJ's net earnings increase in Q4 2021?

Net earnings for Q4 2021 surged by 172.5% to $4.7 billion.

What was JNJ's full-year 2021 sales revenue?

For the full year 2021, Johnson & Johnson reported sales of $93.8 billion, a 13.6% increase.

What growth did the Pharmaceutical sector of JNJ experience in 2021?

The Pharmaceutical sector reported a 13.6% growth in operational sales for 2021.

What is the significance of JNJ's plan to separate its Consumer Health business?

The separation aims to accelerate innovation and unlock value, enhancing JNJ's strategic focus.