Johnson & Johnson : 2024 Second-Quarter Press Release & Supplemental Schedules

For immediate release

$22,447	$ 21,519	4.3%
$4,686	$5,376	(12.8)%
$1.93	$2.05	(5.9)%

6.6%

6.5%

7.1%

$6,840 $6,730 1.6%

$2.82 $2.56 10.2%

$12,569	$11,657	7.8%	7.8	-	7.6
9,878	9,862	0.2	5.1	(4.9)	5.3
$22,447	$21,519	4.3%	6.6	(2.3)	6.5

$14,490	$13,731	5.5%	7.8	(2.3)	8.0
7,957	7,788	2.2	4.4	(2.2)	4.0
$22,447	$21,519	4.3%	6.6	(2.3)	6.5

$10.68

$0.05

$10.73

($0.68)

$10.05

5.5% - 6.0% / 5.8%	5.5% - 6.0% / 5.8%
$89.2B - $89.6B / $89.4B	$88.7B - $89.1B / $88.9B
6.1% - 6.6% / 6.4%	5.5% - 6.0% / 5.8%
$88.0B - $88.4B / $88.2B	$88.0B - $88.4B / $88.2B
4.7% - 5.2% / 5.0%	4.7% - 5.2% / 5.0%
$10.00 - $10.10 / $10.05	$10.60 - $10.75 / $10.68
0.8% - 1.8% / 1.3%	6.9% - 8.4% / 7.7%
$9.97 - $10.07 / $10.02	$10.57 - $10.72 / $10.65
0.5% - 1.5% / 1.0%	6.6% - 8.1% / 7.4%

Johnson & Johnson and Subsidiaries

Supplementary Sales Data

(Unaudited; Dollars in Millions)				SECOND QUARTER
						Percent Change
		2024	2023	Total		Operations	Currency
Sales to customers by
segment of business
Innovative Medicine (1)
U.S.	$	8,510	7,818	8.9	%	8.9	-
International		5,980	5,913	1.1		6.4	(5.3)
		14,490	13,731	5.5		7.8	(2.3)
Innovative Medicine excluding COVID-19 Vaccine (1)
U.S.		8,510	7,818	8.9		8.9	-
International		5,808	5,628	3.2		8.7	(5.5)
		14,318	13,446	6.5		8.8	(2.3)
MedTech
U.S.		4,059	3,839	5.7		5.7	-
International		3,898	3,949	(1.3)		3.2	(4.5)
		7,957	7,788	2.2		4.4	(2.2)
U.S.		12,569	11,657	7.8		7.8	-
International		9,878	9,862	0.2		5.1	(4.9)
Worldwide		22,447	21,519	4.3		6.6	(2.3)
U.S.		12,569	11,657	7.8		7.8	-
International		9,706	9,577	1.3		6.4	(5.1)
Worldwide excluding COVID-19 Vaccine (1)	$	22,275	21,234	4.9	%	7.2	(2.3)

Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

1. Refer to supplemental sales information schedules

SIX MONTHS

Percent Change

2024

2023

Total

Operations

Currency

$	16,122	14,841	8.6	%	8.6	-
	11,930	12,303	(3.0)		1.0	(4.0)
	28,052	27,144	3.3		5.2	(1.9)
	16,122	14,841	8.6		8.6	-
	11,733	11,271	4.1		8.5	(4.4)
	27,855	26,112	6.7		8.6	(1.9)
	8,067	7,598	6.2		6.2	-
	7,711	7,671	0.5		4.6	(4.1)
	15,778	15,269	3.3		5.4	(2.1)
	24,189	22,439	7.8		7.8	-
	19,641	19,974	(1.7)		2.4	(4.1)
	43,830	42,413	3.3		5.2	(1.9)
	24,189	22,439	7.8		7.8	-
	19,444	18,942	2.7		6.9	(4.2)
$	43,633	41,381	5.4	%	7.4	(2.0)

Johnson & Johnson and Subsidiaries

Supplementary Sales Data

(Unaudited; Dollars in Millions)				SECOND QUARTER
						Percent Change
		2024	2023	Total		Operations	Currency
Sales to customers by
geographic area
U.S.	$	12,569	11,657	7.8	%	7.8	-
Europe		5,214	5,131	1.6		3.4	(1.8)
Western Hemisphere excluding U.S.		1,212	1,136	6.7		22.6	(15.9)
Asia-Pacific, Africa		3,452	3,595	(4.0)		1.9	(5.9)
International		9,878	9,862	0.2		5.1	(4.9)
Worldwide	$	22,447	21,519	4.3	%	6.6	(2.3)

Johnson & Johnson and Subsidiaries

Supplementary Sales Data

(Unaudited; Dollars in Millions)				SECOND QUARTER
						Percent Change
		2024	2023	Total		Operations	Currency
Sales to customers by
geographic area (ex. COVID-19 Vaccine)
U.S.*	$	12,569	11,657	7.8	%	7.8	-
Europe(1)		5,042	4,846	4.1		6.0	(1.9)
Western Hemisphere excluding U.S.*		1,212	1,136	6.7		22.6	(15.9)
Asia-Pacific, Africa*		3,452	3,595	(4.0)		1.9	(5.9)
International		9,706	9,577	1.3		6.4	(5.1)
Worldwide	$	22,275	21,234	4.9	%	7.2	(2.3)

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

SIX MONTHS

					Percent Change
	2024	2023	Total		Operations	Currency
$	24,189	22,439	7.8	%	7.8	-
	10,377	10,721	(3.2)		(2.4)	(0.8)
	2,406	2,212	8.8		21.9	(13.1)
	6,858	7,041	(2.6)		3.4	(6.0)
	19,641	19,974	(1.7)		2.4	(4.1)
$	43,830	42,413	3.3	%	5.2	(1.9)

SIX MONTHS

					Percent Change
	2024	2023	Total		Operations	Currency
$	24,189	22,439	7.8	%	7.8	-
	10,180	9,689	5.1		6.0	(0.9)
	2,406	2,212	8.8		21.9	(13.1)
	6,858	7,041	(2.6)		3.4	(6.0)
	19,444	18,942	2.7		6.9	(4.2)
$	43,633	41,381	5.4	%	7.4	(2.0)

Johnson & Johnson and Subsidiaries

Condensed Consolidated Statement of Earnings

(Unaudited; in Millions Except Per Share Figures)				SECOND QUARTER
		2024				2023		Percent
			Percent				Percent	Increase
	Amount	to Sales		Amount	to Sales	(Decrease)
Sales to customers	$	22,447	100.0	$	21,519	100.0	4.3
Cost of products sold		6,869	30.6			6,462	30.0	6.3
Gross Profit		15,578	69.4			15,057	70.0	3.5
Selling, marketing and administrative expenses		5,681	25.3			5,396	25.1	5.3
Research and development expense		3,440	15.3			3,703	17.2	(7.1)
In-process research and development impairments		194	0.9			-	0.0
Interest (income) expense, net		(125)	(0.6)			(109)	(0.5)
Other (income) expense, net		653	2.9			(384)	(1.8)
Restructuring		(13)	0.0			145	0.7
Earnings before provision for taxes on income		5,748	25.6			6,306	29.3	(8.8)
Provision for taxes on income		1,062	4.7			930	4.3	14.2
Net earnings from Continuing Operations	$	4,686	20.9	$	5,376	25.0	(12.8)
Net earnings/(loss) from Discontinued Operations, net of tax		-				(232)
Net earnings	$	4,686		$	5,144
Net earnings per share (Diluted) from Continuing Operations	$	1.93		$	2.05		(5.9)
Net earnings/(loss) per share (Diluted) from Discontinued Operations	$	-		$	(0.09)
Average shares outstanding (Diluted)		2,422.0				2,625.7
Effective tax rate from Continuing Operations		18.5 %				14.7 %
Adjusted earnings from Continuing Operations before provision for taxes and net earnings (1)
Earnings before provision for taxes on income from Continuing Operations	$	8,404	37.4	$	8,005	37.2	5.0
Net earnings from Continuing Operations	$	6,840	30.5	$	6,730	31.3	1.6
Net earnings per share (Diluted) from Continuing Operations	$	2.82		$	2.56		10.2
Effective tax rate from Continuing Operations		18.6 %				15.9 %

(1) See Reconciliation of Non-GAAP Financial Measures.

Johnson & Johnson and Subsidiaries

Condensed Consolidated Statement of Earnings

(Unaudited; in Millions Except Per Share Figures)				SIX MONTHS
		2024				2023		Percent
			Percent				Percent	Increase
	Amount	to Sales		Amount	to Sales	(Decrease)
Sales to customers	$	43,830	100.0	$	42,413	100.0	3.3
Cost of products sold		13,380	30.5			13,149	31.0	1.8
Gross Profit		30,450	69.5			29,264	69.0	4.1
Selling, marketing and administrative expenses		10,938	25.0			10,302	24.3	6.2
Research and development expense		6,982	16.0			7,158	16.9	(2.5)
In-process research and development impairments		194	0.4			49	0.1
Interest (income) expense, net		(334)	(0.8)			(95)	(0.2)
Other (income) expense, net		3,057	7.0			6,556	15.5
Restructuring		151	0.3			275	0.6
Earnings before provision for taxes on income		9,462	21.6			5,019	11.8	88.5
Provision for taxes on income		1,521	3.5			134	0.3	1,035.1
Net earnings from Continuing Operations	$	7,941	18.1	$	4,885	11.5	62.6
Net earnings from Discontinued Operations, net of tax		-				191
Net earnings	$	7,941		$	5,076
Net earnings per share (Diluted) from Continuing Operations	$	3.27		$	1.86		75.8
Net earnings per share (Diluted) from Discontinued Operations	$	-		$	0.07
Average shares outstanding (Diluted)		2,428.5				2,630.7
Effective tax rate from Continuing Operations		16.1 %				2.7 %
Adjusted earnings from Continuing Operations before provision for taxes and net earnings (1)
Earnings before provision for taxes on income from Continuing Operations	$	16,281	37.1	$	15,541	36.6	4.8
Net earnings from Continuing Operations	$	13,420	30.6	$	13,070	30.8	2.7
Net earnings per share (Diluted) from Continuing Operations	$	5.53		$	4.97		11.3
Effective tax rate from Continuing Operations		17.6 %				15.9 %

(1) See Reconciliation of Non-GAAP Financial Measures.