- 2024 Fourth-Quarter reported sales growth of 5.3% to $22.5
Billion with operational growth of 6.7%* and adjusted operational
growth of 5.7%*
- 2024 Fourth-Quarter Earnings per share (EPS) of $1.41 and
Adjusted EPS of $2.04, both include $(0.22) due to acquired
IPR&D charges related to V-Wave acquisition
- 2024 Full-Year reported sales growth of 4.3% to $88.8 Billion
with operational growth of 5.9%* and adjusted operational growth of
5.4%*. Operational growth excluding COVID-19 Vaccine of 7.0%*
- 2024 Full-Year Earnings per share (EPS) of $5.79 and Adjusted
EPS of $9.98, both include $(0.67) due to acquired IPR&D
charges on various transactions throughout the year
- Significant pipeline progress including RYBREVANT + LAZCLUZE
overall survival data, initiation of TAR-200 submission, and
approval of investigational device exemption for our general
surgery robotic system, OTTAVA
- Company issues guidance for 2025 with operational sales5 growth
of 2.5% - 3.5%* and adjusted operational EPS of $10.75 - $10.95,
reflecting strong growth of 8.7%* at the mid-point
Johnson & Johnson (NYSE: JNJ) today announced results for
fourth-quarter and full year 2024. "2024 was a transformative year
for Johnson & Johnson, marked by strong growth, an accelerating
pipeline and industry-leading investments in innovation,” said
Joaquin Duato, Chairman and Chief Executive Officer, Johnson &
Johnson. “As a healthcare company, with a disease-centric approach,
we are improving the standard of care in a broad range of diseases
with high unmet need, including multiple myeloma, lung cancer,
inflammatory bowel disease, and heart failure. With our strong
financial foundation, differentiated portfolio and robust pipeline,
we are well positioned to sustain the high pace of growth and
innovation that is the hallmark of Johnson & Johnson.”
Unless otherwise noted, the financial results and earnings
guidance included below reflect the continuing operations of
Johnson & Johnson.
Overall financial results
Q4
Full Year
($ in Millions, expect EPS)
2024
2023
% Change
2024
2023
% Change
Reported Sales
$22,520
$ 21,395
5.3%
$88,821
$ 85,159
4.3%
Net Earnings
$3,431
$4,132
(17.0)%
$14,066
$13,326
5.6%
EPS (diluted)
$1.41
$1.70
(17.1)%
$5.79
$5.20
11.3%
Q4
Full Year
Non-GAAP* ($ in Millions, except
EPS)
2024
2023
% Change
2024
2023
% Change
Operational Sales1,2
6.7%
5.9%
Adjusted Operational Sales1,3
5.7%
5.4%
Adjusted Operational Sales1,3 ex. COVID-19
Vaccine
5.9%
6.5%
Adjusted Net Earnings1,4
$4,946
$5,562
(11.1)%
$ 24,242
$ 25,409
(4.6)%
Adjusted EPS (diluted)1,4
$2.04
$2.29
(10.9)%
$9.98
$9.92
0.6%
Free Cash Flow6,7
~$19,800
$18,248
1
Non-GAAP financial measure; refer to
reconciliations of non-GAAP financial measures included in
accompanying schedules
2
Excludes the impact of translational
currency
3
Excludes the net impact of acquisitions
and divestitures and translational currency
4
Excludes intangible amortization expense
and special items
5
Excludes COVID-19 Vaccine
6
Non-GAAP measure; defined as cash flow
from operating activities, less additions to property, plant and
equipment. Cash flow from operations, the most directly comparable
GAAP financial measure, will be included in subsequent SEC
filings.
7
Full year 2024 is estimated as of January
22, 2025. Full year 2023 includes approximately 8 months
contribution from the Consumer Health segment.
Note: values may have been rounded
Regional sales results
Q4
% Change
($ in Millions)
2024
2023
Reported
Operational1,2
Currency
Adjusted
Operational1,3
U.S.
$13,204
$12,009
10.0%
10.0
-
8.6
International
9,316
9,386
(0.7)
2.5
(3.2)
2.0
Worldwide
$22,520
$21,395
5.3%
6.7
(1.4)
5.7
Full Year
% Change
($ in Millions)
2024
2023
Reported
Operational1,2
Currency
Adjusted
Operational1,3
U.S.
$50,302
$46,444
8.3%
8.3
-
7.6
International
38,519
38,715
(0.5)
2.9
(3.4)
2.7
Worldwide
$88,821
$85,159
4.3%
5.9
(1.6)
5.4
1
Non-GAAP financial measure; refer to
reconciliations of non-GAAP financial measures included in
accompanying schedules
2
Excludes the impact of translational
currency
3
Excludes the net impact of acquisitions
and divestitures and translational currency
Note: values may have been rounded
Segment sales results
Q4
% Change
($ in Millions)
2024
2023
Reported
Operational1,2
Currency
Adjusted
Operational1,3
Innovative Medicine
$14,332
$13,722
4.4%
6.1
(1.7)
6.3
MedTech
8,188
7,673
6.7
7.6
(0.9)
4.6
Worldwide
$22,520
$21,395
5.3%
6.7
(1.4)
5.7
Full Year
% Change
($ in Millions)
2024
2023
Reported
Operational1,2
Currency
Adjusted
Operational1,3
Innovative Medicine
$56,964
$54,759
4.0%
5.7
(1.7)
5.8
MedTech
31,857
30,400
4.8
6.2
(1.4)
4.7
Worldwide
$88,821
$85,159
4.3%
5.9
(1.6)
5.4
1
Non-GAAP financial measure; refer to
reconciliations of non-GAAP financial measures included in
accompanying schedules
2
Excludes the impact of translational
currency
3
Excludes the net impact of acquisitions
and divestitures and translational currency
Note: values may have been rounded
Full year 2024 segment commentary:
Operational sales* reflected below excludes the impact of
translational currency.
Innovative Medicine
Innovative Medicine worldwide operational sales, excluding the
COVID-19 Vaccine, grew 7.5%*. Growth was driven primarily by
DARZALEX (daratumumab), ERLEADA (apalutamide), CARVYKTI
(ciltacabtagene autoleucel), and Other Oncology in Oncology,
TREMFYA (guselkumab) in Immunology, and SPRAVATO (esketamine) in
Neuroscience. Growth was partially offset by STELARA (ustekinumab)
in Immunology and Other Neuroscience in Neuroscience. Including the
COVID-19 Vaccine, Innovative Medicine worldwide operational sales
grew 5.7%*.
MedTech
MedTech worldwide operational sales grew 6.2%*, with net
acquisitions and divestitures positively impacting growth by 1.5%.
Growth was driven primarily by electrophysiology products and
Abiomed in Cardiovascular, previously referred to as Interventional
Solutions, and wound closure products in General Surgery.
Full-year 2025 guidance:
Johnson & Johnson does not provide GAAP financial measures
on a forward-looking basis because the company is unable to predict
with reasonable certainty the ultimate outcome of legal
proceedings, unusual gains and losses, acquisition-related
expenses, and purchase accounting fair value adjustments without
unreasonable effort. These items are uncertain, depend on various
factors, and could be material to Johnson & Johnson's results
computed in accordance with GAAP.
($ in Billions, except EPS)
January 2025
Adjusted Operational Sales1,2,5
Change vs. Prior Year / Mid-point
2.0% – 3.0% / 2.5%
Operational Sales2,5 / Mid-point
Change vs. Prior Year / Mid-point
$90.9B – $91.7B / $91.3B
2.5% – 3.5% / 3.0%
Estimated Reported Sales3,5/ Mid-point
Change vs. Prior Year / Mid-point
$89.2B – $90.0B / $89.6B
0.5% – 1.5% / 1.0%
Adjusted Operational EPS (Diluted)2,4 /
Mid-point
Change vs. Prior Year / Mid-point
$10.75 – $10.95 / $10.85
7.7% – 9.7% / 8.7%
Adjusted EPS (Diluted)3,4 / Mid-point
Change vs. Prior Year / Mid-point
$10.50 – $10.70 / $10.60
5.2% – 7.2% / 6.2%
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 2025 = $1.04 (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
SPRAVATO (esketamine) approved in the U.S.
as the first and only monotherapy for adults with
treatment-resistant depression1
Press Release
European Commission approves LAZCLUZE
(lazertinib) in combination with RYBREVANT (amivantamab) for the
first-line treatment of patients with EGFR-mutated advanced
non-small cell lung cancer1
Press Release
New Drug Application initiated with U.S.
FDA for TAR-200, the first and only intravesical drug releasing
system for patients with BCG-unresponsive high-risk
non-muscle-invasive bladder cancer1
Press Release
Johnson & Johnson MedTech Announces CE
Mark Approval for Dual Energy THERMOCOOL SMARTTOUCH SF
Catheter1
Press Release
Nipocalimab granted U.S. FDA Priority
Review for the treatment of generalized myasthenia gravis1
Press Release
Johnson & Johnson's Posdinemab and Tau
Active Immunotherapy Receive U.S. FDA Fast Track Designations for
the Treatment of Alzheimer's Disease1
Press Release
European Commission approves RYBREVANT
(amivantamab) in combination with LAZCLUZE (lazertinib) for the
first-line treatment of patients with EGFR-mutated advanced
non-small cell lung cancer
Press Release
Johnson & Johnson submits application
to the European Medicines Agency seeking approval of a new
indication for IMBRUVICA (ibrutinib) in adult patients with
previously untreated mantle cell lymphoma (MCL) who are eligible
for autologous stem cell transplant
Press Release
U.S. FDA Expands Indication for Impella
Heart Pumps to Treat Pediatric Patients
Press Release
Johnson & Johnson seeks U.S. FDA
approval for first pediatric indications for TREMFYA
(guselkumab)
Press Release
Johnson & Johnson seeks U.S. FDA
approval for subcutaneous induction regimen of TREMFYA (guselkumab)
in ulcerative colitis, a first for an IL-23 inhibitor
Press Release
Johnson & Johnson MedTech Receives IDE
Approval for OTTAVA Robotic Surgical System
Press Release
Nipocalimab is the first and only
investigational therapy granted U.S. FDA Breakthrough Therapy
Designation for the treatment of adults living with
moderate-to-severe Sj�gren's disease
Press Release
Johnson & Johnson submits applications
in the U.S. and EU seeking approval of DARZALEX FASPRO / DARZALEX
as subcutaneous monotherapy for high-risk smoldering multiple
myeloma
Press Release
DARZALEX (daratumumab)-SC based quadruplet
regimen approved by the European Commission for patients with newly
diagnosed multiple myeloma who are transplant-eligible
Press Release
Data Releases
RYBREVANT (amivantamab-vmjw) plus LAZCLUZE
(lazertinib) show statistically significant and clinically
meaningful improvement in overall survival versus osimertinib1
Press Release
Johnson & Johnson to showcase strength
of its broad hematology portfolio and pipeline at the 2024 American
Society of Hematology Annual Meeting
Press Release
Icotrokinra delivered an industry-leading
combination of significant skin clearance with demonstrated
tolerability in a once daily pill in Phase 3 topline results
Press Release
Johnson & Johnson advances leadership
in rheumatic disease innovation with 43 abstracts at ACR 2024
Press Release
Shockwave Medical Unveils First Clinical
Outcomes of New IVL Platform in Late-Breaking Presentation at VIVA
2024
Press Release
TREMFYA (guselkumab) is the first and only
IL-23 inhibitor to demonstrate robust results with a fully
subcutaneous regimen in both induction and maintenance in Crohn's
disease
Press Release
New SPECTREM study findings reveal TREMFYA
(guselkumab) effectively clears overlooked and undertreated plaque
psoriasis
Press Release
Johnson & Johnson highlights
innovative neuropsychiatry portfolio and pipeline at Psych
Congress
Press Release
Nipocalimab demonstrates sustained disease
control in adolescents living with generalized myasthenia gravis in
Phase 2/3 study
Press Release
Product Launch
MENTOR MemoryGel Enhance Breast Implant
Receives FDA Approval for Largest Size Breast Implants for
Reconstruction
Press Release
Johnson & Johnson MedTech Receives FDA
Approval for the VARIPULSE Pulsed Field Ablation Platform for the
Treatment of Atrial Fibrillation2
Press Release
Other
Johnson & Johnson Strengthens
Neuroscience Leadership with Acquisition of Intra-Cellular
Therapies, Inc.1
Press Release
1
Subsequent to the quarter
2
On January 5, 2025, Johnson & Johnson
MedTech temporarily paused the U.S. External Evaluation and all
U.S. VARIPULSE cases. More information can be found in the
Statement on VARIPULSE.
Webcast information:
Johnson & Johnson will conduct a conference call with
investors to discuss this earnings release today at 8:00 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)
FOURTH
QUARTER TWELVE 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.
$
8,977
8,079
11.1
%
11.1
-
$
33,970
31,169
9.0
%
9.0
-
International
5,355
5,643
(5.1
)
(1.0
)
(4.1
)
22,994
23,590
(2.5
)
1.3
(3.8
)
14,332
13,722
4.4
6.1
(1.7
)
56,964
54,759
4.0
5.7
(1.7
)
Innovative Medicine excluding COVID-19 Vaccine (1) U.S.
8,977
8,079
11.1
11.1
-
33,970
31,169
9.0
9.0
-
International
5,355
5,599
(4.4
)
(0.3
)
(4.1
)
22,796
22,473
1.4
5.5
(4.1
)
14,332
13,678
4.8
6.5
(1.7
)
56,766
53,642
5.8
7.5
(1.7
)
MedTech U.S.
4,227
3,930
7.6
7.6
-
16,332
15,275
6.9
6.9
-
International
3,961
3,743
5.8
7.6
(1.8
)
15,525
15,125
2.6
5.4
(2.8
)
8,188
7,673
6.7
7.6
(0.9
)
31,857
30,400
4.8
6.2
(1.4
)
U.S.
13,204
12,009
10.0
10.0
-
50,302
46,444
8.3
8.3
-
International
9,316
9,386
(0.7
)
2.5
(3.2
)
38,519
38,715
(0.5
)
2.9
(3.4
)
Worldwide
22,520
21,395
5.3
6.7
(1.4
)
88,821
85,159
4.3
5.9
(1.6
)
U.S.
13,204
12,009
10.0
10.0
-
50,302
46,444
8.3
8.3
-
International
9,316
9,342
(0.3
)
2.9
(3.2
)
38,321
37,598
1.9
5.5
(3.6
)
Worldwide excluding COVID-19 Vaccine (1)
$
22,520
21,351
5.5
%
6.9
(1.4
)
$
88,623
84,042
5.5
%
7.0
(1.5
)
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)
FOURTH QUARTER
TWELVE MONTHS
Percent Change
Percent Change
2024
2023
Total
Operations
Currency
2024
2023
Total
Operations
Currency
Sales to customers by geographic area U.S.
$
13,204
12,009
10.0
%
10.0
-
$
50,302
46,444
8.3
%
8.3
-
Europe
4,921
4,962
(0.8
)
(0.2
)
(0.6
)
20,212
20,410
(1.0
)
(0.6
)
(0.4
)
Western Hemisphere excluding U.S.
1,135
1,166
(2.7
)
17.6
(20.3
)
4,714
4,549
3.6
20.4
(16.8
)
Asia-Pacific, Africa
3,260
3,258
0.1
0.9
(0.8
)
13,593
13,756
(1.2
)
2.3
(3.5
)
International
9,316
9,386
(0.7
)
2.5
(3.2
)
38,519
38,715
(0.5
)
2.9
(3.4
)
Worldwide
$
22,520
21,395
5.3
%
6.7
(1.4
)
$
88,821
85,159
4.3
%
5.9
(1.6
)
Johnson & Johnson and Subsidiaries
Supplementary Sales Data (Unaudited; Dollars in
Millions)
FOURTH QUARTER
TWELVE 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.*
$
13,204
12,009
10.0
%
10.0
-
$
50,302
46,444
8.3
%
8.3
-
Europe(1)
4,921
4,918
0.1
0.7
(0.6
)
20,014
19,293
3.7
4.1
(0.4
)
Western Hemisphere excluding U.S.*
1,135
1,166
(2.7
)
17.6
(20.3
)
4,714
4,549
3.6
20.4
(16.8
)
Asia-Pacific, Africa*
3,260
3,258
0.1
0.9
(0.8
)
13,593
13,756
(1.2
)
2.3
(3.5
)
International
9,316
9,342
(0.3
)
2.9
(3.2
)
38,321
37,598
1.9
5.5
(3.6
)
Worldwide
$
22,520
21,351
5.5
%
6.9
(1.4
)
$
88,623
84,042
5.5
%
7.0
(1.5
)
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) FOURTH QUARTER
2024
2023
Percent
Percent
Percent
Increase
Amount
to Sales
Amount
to Sales
(Decrease)
Sales to customers
$
22,520
100.0
$
21,395
100.0
5.3
Cost of products sold
7,128
31.6
6,798
31.8
4.9
Gross Profit
15,392
68.4
14,597
68.2
5.4
Selling, marketing and administrative expenses
6,453
28.6
5,810
27.1
11.1
Research and development expense
5,298
23.5
4,480
20.9
18.3
In-process research and development impairments
17
0.1
58
0.3
Interest (income) expense, net
(144
)
(0.6
)
(212
)
(1.0
)
Other (income) expense, net
(161
)
(0.7
)
(421
)
(2.0
)
Restructuring
42
0.2
56
0.3
Earnings before provision for taxes on income
3,887
17.3
4,826
22.6
(19.5
)
Provision for taxes on income
456
2.1
694
3.3
(34.3
)
Net earnings from Continuing Operations
$
3,431
15.2
$
4,132
19.3
(17.0
)
Net earnings/(loss) from Discontinued Operations, net of tax
-
(83
)
Net earnings
$
3,431
$
4,049
Net earnings per share (Diluted) from Continuing
Operations
$
1.41
$
1.70
(17.1
)
Net earnings/(loss) per share (Basic) from Discontinued
Operations*
$
-
$
(0.03
)
Average shares outstanding (Diluted)
2,427.1
2,430.7
Effective tax rate from Continuing Operations
11.7
%
14.4
%
Adjusted earnings from Continuing Operations before
provision for taxes and net earnings (1) Earnings before
provision for taxes on income from Continuing Operations
$
5,421
24.1
$
6,237
29.2
(13.1
)
Net earnings from Continuing Operations
$
4,946
22.0
$
5,562
26.0
(11.1
)
Net earnings per share (Diluted) from Continuing Operations
$
2.04
$
2.29
(10.9
)
Effective tax rate from Continuing Operations
8.8
%
10.8
%
* Basic shares of 2,407.2 are used to calculate loss per share in
the fourth quarter of 2023 as use of diluted shares when in a loss
position would be anti-dilutive. (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
2024
2023
Percent
Percent
Percent
Increase
Amount
to Sales
Amount
to Sales
(Decrease)
Sales to customers
$
88,821
100.0
$
85,159
100.0
4.3
Cost of products sold
27,471
30.9
26,553
31.2
3.5
Gross Profit
61,350
69.1
58,606
68.8
4.7
Selling, marketing and administrative expenses
22,869
25.7
21,512
25.2
6.3
Research and development expense
17,232
19.4
15,085
17.7
14.2
In-process research and development impairments
211
0.2
313
0.4
Interest (income) expense, net
(577
)
(0.6
)
(489
)
(0.6
)
Other (income) expense, net
4,694
5.3
6,634
7.8
Restructuring
234
0.3
489
0.6
Earnings before provision for taxes on income
16,687
18.8
15,062
17.7
10.8
Provision for taxes on income
2,621
3.0
1,736
2.1
51.0
Net earnings from Continuing Operations
$
14,066
15.8
$
13,326
15.6
5.6
Net earnings from Discontinued Operations, net of tax
-
21,827
Net earnings
$
14,066
$
35,153
Net earnings per share (Diluted) from Continuing
Operations
$
5.79
$
5.20
11.3
Net earnings per share (Diluted) from Discontinued
Operations
$
-
$
8.52
Average shares outstanding (Diluted)
2,429.4
2,560.4
Effective tax rate from Continuing Operations
15.7
%
11.5
%
Adjusted earnings from Continuing Operations before
provision for taxes and net earnings (1) Earnings before
provision for taxes on income from Continuing Operations
$
28,979
32.6
$
29,811
35.0
(2.8
)
Net earnings from Continuing Operations
$
24,242
27.3
$
25,409
29.8
(4.6
)
Net earnings per share (Diluted) from Continuing Operations
$
9.98
$
9.92
0.6
Effective tax rate from Continuing Operations
16.3
%
14.8
%
(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)
2024
2023
2024
2023
Net Earnings from Continuing Operations, after tax- as reported
$3,431
$4,132
$14,066
$13,326
Pre-tax Adjustments Litigation related
(16)
166
5,450
7,152
Intangible Asset Amortization expense
1,171
1,148
4,526
4,532
COVID-19 Vaccine related costs 1
23
10
100
663
Restructuring related 2
62
139
269
798
Medical Device Regulation 3
47
88
204
311
Acquisition, integration and divestiture related
298
237
1,226
339
(Gains)/losses on securities
(68)
(435)
306
641
IPR&D impairments
17
58
211
313
Tax Adjustments Tax impact on special item adjustments 4
(80)
75
(2,135)
(2,694)
Tax legislation and other tax related
61
(56)
19
28
Adjusted Net Earnings from Continuing Operations, after tax
$4,946
$5,562
$24,242
$25,409
Average shares outstanding (Diluted)
2,427.1
2,430.7
2,429.4
2,560.4
Adjusted net earnings per share from Continuing Operations
(Diluted)
$2.04
$2.29
$9.98
$9.92
Operational adjusted net earnings per share from Continuing
Operations (Diluted)
$2.05
$9.99
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 which
was completed in Q4 2024.
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 $102 million Q4 2024 YTD and $55 million in the fiscal
fourth quarter of 2023 ($479 million Q4 2023 YTD) includes the
termination of partnered and non-partnered program costs, asset
impairments and asset divestments. This program was completed in Q4
2024.
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 $60
million in the fiscal fourth quarter of 2024 ($167 million Q4 2024
YTD) and $84 million in the fiscal fourth quarter of 2023 ($319
million Q4 2023 YTD) primarily includes costs 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. The
implementation was substantially completed as of Q4 2024, and
ongoing costs will be reflected in MedTech's operating results
beginning in 2025.
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 FOURTH QUARTER 2024 ACTUAL
vs. 2023 ACTUAL Segments
Innovative Medicine MedTech Total WW
As Reported
4.4
%
6.7
%
5.3
%
U.S.
11.1
%
7.6
%
10.0
%
International
(5.1
)%
5.8
%
(0.7
)%
WW Currency
(1.7
)
(0.9
)
(1.4
)
U.S.
-
-
-
International
(4.1
)
(1.8
)
(3.2
)
WW Operational
6.1
%
7.6
%
6.7
%
U.S.
11.1
%
7.6
%
10.0
%
International
(1.0
)%
7.6
%
2.5
%
Shockwave
(3.4
)
(1.2
)
U.S.
(5.1
)
(1.7
)
International
(1.5
)
(0.6
)
All Other Acquisitions and Divestitures (A&D)
0.2
0.4
0.2
U.S.
0.1
0.8
0.3
International
0.3
0.0
0.1
WW Adjusted Operational Ex A&D
6.3
%
4.6
%
5.7
%
U.S.
11.2
%
3.3
%
8.6
%
International
(0.7
)%
6.1
%
2.0
%
COVID-19 Vaccine
0.4
0.2
U.S.
0.0
0.0
International
0.7
0.4
WW Adjusted Operational Ex A&D & COVID-19
Vaccine
6.7
%
4.6
%
5.9
%
U.S.
11.2
%
3.3
%
8.6
%
International
0.0
%
6.1
%
2.4
%
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 2024 ACTUAL vs. 2023
ACTUAL Segments Innovative
Medicine MedTech Total WW As
Reported
4.0
%
4.8
%
4.3
%
U.S.
9.0
%
6.9
%
8.3
%
International
(2.5
)%
2.6
%
(0.5
)%
WW Currency
(1.7
)
(1.4
)
(1.6
)
U.S.
-
-
-
International
(3.8
)
(2.8
)
(3.4
)
WW Operational
5.7
%
6.2
%
5.9
%
U.S.
9.0
%
6.9
%
8.3
%
International
1.3
%
5.4
%
2.9
%
Shockwave
(1.9
)
(0.7
)
U.S.
(2.9
)
(1.0
)
International
(0.8
)
(0.3
)
All Other Acquisitions and Divestitures (A&D)
0.1
0.4
0.2
U.S.
0.1
0.8
0.3
International
0.2
0.1
0.1
WW Adjusted Operational Ex A&D
5.8
%
4.7
%
5.4
%
U.S.
9.1
%
4.8
%
7.6
%
International
1.5
%
4.7
%
2.7
%
COVID-19 Vaccine
1.8
1.1
U.S.
0.0
0.0
International
4.2
2.6
WW Adjusted Operational Ex A&D & COVID-19
Vaccine
7.6
%
4.7
%
6.5
%
U.S.
9.1
%
4.8
%
7.6
%
International
5.7
%
4.7
%
5.3
%
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
INNOVATIVE MEDICINE SEGMENT
(2)
2024
2023
Reported
Operational (1)
Currency
2024
2023
Reported
Operational (1)
Currency
IMMUNOLOGY US
$
2,856
3,033
-5.9
%
-5.9
%
-
$
11,355
11,539
-1.6
%
-1.6
%
-
Intl
1,383
1,562
-11.5
%
-6.5
%
-5.0
%
6,473
6,513
-0.6
%
4.0
%
-4.6
%
WW
4,238
4,595
-7.8
%
-6.1
%
-1.7
%
17,828
18,052
-1.2
%
0.4
%
-1.6
%
REMICADE US
231
294
-21.4
%
-21.4
%
-
1,009
1,143
-11.7
%
-11.7
%
-
US Exports (3)
9
35
-73.3
%
-73.3
%
-
98
147
-33.0
%
-33.0
%
-
Intl
117
100
16.5
%
22.9
%
-6.4
%
497
549
-9.5
%
-5.0
%
-4.5
%
WW
359
429
-16.5
%
-15.0
%
-1.5
%
1,605
1,839
-12.8
%
-11.4
%
-1.4
%
SIMPONI / SIMPONI ARIA US
262
258
1.3
%
1.3
%
-
1,082
1,124
-3.8
%
-3.8
%
-
Intl
321
244
32.1
%
44.2
%
-12.1
%
1,108
1,073
3.3
%
13.2
%
-9.9
%
WW
583
502
16.2
%
22.1
%
-5.9
%
2,190
2,197
-0.3
%
4.5
%
-4.8
%
STELARA US
1,699
1,786
-4.9
%
-4.9
%
-
6,720
6,966
-3.5
%
-3.5
%
-
Intl
650
967
-32.7
%
-29.6
%
-3.1
%
3,641
3,892
-6.4
%
-3.3
%
-3.1
%
WW
2,349
2,753
-14.7
%
-13.6
%
-1.1
%
10,361
10,858
-4.6
%
-3.4
%
-1.2
%
TREMFYA US
654
657
-0.6
%
-0.6
%
-
2,443
2,147
13.7
%
13.7
%
-
Intl
295
252
16.9
%
21.7
%
-4.8
%
1,227
999
22.8
%
27.6
%
-4.8
%
WW
949
910
4.2
%
5.6
%
-1.4
%
3,670
3,147
16.6
%
18.1
%
-1.5
%
OTHER IMMUNOLOGY US
0
2
* *
-
3
11
-74.1
%
-74.1
%
-
Intl
0
0
-
-
-
0
0
-
-
-
WW
0
2
* * *
3
11
-74.1
%
-74.1
%
-
INFECTIOUS DISEASES US
331
353
-6.4
%
-6.4
%
-
1,354
1,500
-9.8
%
-9.8
%
-
Intl
443
498
-11.2
%
-9.8
%
-1.4
%
2,042
2,918
-30.0
%
-29.3
%
-0.7
%
WW
774
852
-9.2
%
-8.4
%
-0.8
%
3,396
4,418
-23.1
%
-22.7
%
-0.4
%
COVID-19 VACCINE US
0
0
-
-
-
0
0
-
-
-
Intl
0
44
* * *
198
1,117
-82.4
%
-82.4
%
0.0
%
WW
0
44
* * *
198
1,117
-82.4
%
-82.4
%
0.0
%
EDURANT / rilpivirine US
7
9
-10.1
%
-10.1
%
-
31
35
-10.0
%
-10.0
%
-
Intl
315
299
5.0
%
5.6
%
-0.6
%
1,241
1,115
11.2
%
11.2
%
0.0
%
WW
322
307
4.6
%
5.1
%
-0.5
%
1,272
1,150
10.6
%
10.6
%
0.0
%
PREZISTA / PREZCOBIX / REZOLSTA /
SYMTUZA US
321
341
-5.8
%
-5.8
%
-
1,311
1,446
-9.4
%
-9.4
%
-
Intl
86
98
-12.9
%
-8.9
%
-4.0
%
401
408
-1.7
%
1.1
%
-2.8
%
WW
407
439
-7.4
%
-6.5
%
-0.9
%
1,712
1,854
-7.7
%
-7.1
%
-0.6
%
OTHER INFECTIOUS DISEASES US
1
4
-53.1
%
-53.1
%
-
11
19
-41.0
%
-41.0
%
-
Intl
43
58
-24.2
%
-22.4
%
-1.8
%
203
278
-26.7
%
-23.9
%
-2.8
%
WW
45
62
-26.1
%
-24.4
%
-1.7
%
214
297
-27.6
%
-25.0
%
-2.6
%
REPORTED
SALES vs. PRIOR PERIOD ($MM)
REPORTED
SALES vs. PRIOR PERIOD ($MM)
FOURTH QUARTER
TWELVE MONTHS
% Change
% Change
2024
2023
Reported
Operational (1)
Currency
2024
2023
Reported
Operational (1)
Currency
NEUROSCIENCE US
1,148
1,022
12.3
%
12.3
%
-
4,398
4,065
8.2
%
8.2
%
-
Intl
628
780
-19.6
%
-16.8
%
-2.8
%
2,718
3,076
-11.6
%
-7.8
%
-3.8
%
WW
1,775
1,801
-1.5
%
-0.3
%
-1.2
%
7,115
7,140
-0.4
%
1.3
%
-1.7
%
CONCERTA / Methylphenidate US
33
39
-12.8
%
-12.8
%
-
134
230
-41.7
%
-41.7
%
-
Intl
125
142
-11.5
%
-7.7
%
-3.8
%
507
554
-8.4
%
-4.1
%
-4.3
%
WW
159
180
-11.7
%
-8.8
%
-2.9
%
641
783
-18.1
%
-15.1
%
-3.0
%
INVEGA SUSTENNA / XEPLION
/INVEGA TRINZA / TREVICTA US
796
733
8.6
%
8.6
%
-
3,125
2,897
7.9
%
7.9
%
-
Intl
267
278
-4.0
%
-1.8
%
-2.2
%
1,097
1,218
-9.9
%
-7.1
%
-2.8
%
WW
1,063
1,011
5.1
%
5.7
%
-0.6
%
4,222
4,115
2.6
%
3.4
%
-0.8
%
SPRAVATO US
269
180
50.1
%
50.1
%
-
929
589
57.8
%
57.8
%
-
Intl
28
26
7.1
%
12.5
%
-5.4
%
148
100
48.2
%
51.2
%
-3.0
%
WW
297
206
44.6
%
45.3
%
-0.7
%
1,077
689
56.4
%
56.8
%
-0.4
%
OTHER NEUROSCIENCE US
49
71
-31.0
%
-31.0
%
-
210
349
-39.8
%
-39.8
%
-
Intl
206
334
-38.1
%
-35.4
%
-2.7
%
965
1,204
-19.8
%
-15.1
%
-4.7
%
WW
255
404
-36.9
%
-34.6
%
-2.3
%
1,175
1,553
-24.3
%
-20.7
%
-3.6
%
ONCOLOGY US
3,019
2,285
32.2
%
32.2
%
-
10,854
8,462
28.3
%
28.3
%
-
Intl
2,476
2,334
6.1
%
10.6
%
-4.5
%
9,926
9,199
7.9
%
12.1
%
-4.2
%
WW
5,497
4,618
19.0
%
21.3
%
-2.3
%
20,781
17,661
17.7
%
19.8
%
-2.1
%
CARVYKTI US
304
145
* *
-
869
469
85.2
%
85.2
%
-
Intl
31
13
* * *
94
30
* * * WW
334
159
* * *
963
500
92.7
%
92.7
%
0.0
%
DARZALEX US
1,799
1,395
28.9
%
28.9
%
-
6,588
5,277
24.8
%
24.8
%
-
Intl
1,285
1,155
11.3
%
17.0
%
-5.7
%
5,082
4,467
13.8
%
19.1
%
-5.3
%
WW
3,084
2,550
20.9
%
23.5
%
-2.6
%
11,670
9,744
19.8
%
22.2
%
-2.4
%
ERLEADA US
342
287
19.0
%
19.0
%
-
1,282
1,065
20.3
%
20.3
%
-
Intl
442
361
22.4
%
25.7
%
-3.3
%
1,717
1,322
29.8
%
32.9
%
-3.1
%
WW
784
647
20.9
%
22.7
%
-1.8
%
2,999
2,387
25.6
%
27.3
%
-1.7
%
IMBRUVICA US
250
255
-2.0
%
-2.0
%
-
1,020
1,051
-3.0
%
-3.0
%
-
Intl
481
533
-9.6
%
-6.8
%
-2.8
%
2,018
2,214
-8.8
%
-6.3
%
-2.5
%
WW
731
788
-7.2
%
-5.2
%
-2.0
%
3,038
3,264
-6.9
%
-5.2
%
-1.7
%
TECVAYLI US
108
102
5.6
%
5.6
%
-
418
334
25.3
%
25.3
%
-
Intl
38
24
59.9
%
71.6
%
-11.7
%
131
61
* * * WW
146
126
15.8
%
18.0
%
-2.2
%
549
395
38.8
%
39.8
%
-1.0
%
ZYTIGA / abiraterone acetate US
9
9
-7.3
%
-7.3
%
-
34
50
-32.2
%
-32.2
%
-
Intl
127
191
-33.6
%
-30.7
%
-2.9
%
597
837
-28.6
%
-24.6
%
-4.0
%
WW
135
201
-32.4
%
-29.6
%
-2.8
%
631
887
-28.8
%
-25.0
%
-3.8
%
OTHER ONCOLOGY US
208
90
* *
-
643
215
* *
-
Intl
74
58
25.5
%
30.6
%
-5.1
%
288
269
7.1
%
10.4
%
-3.3
%
WW
282
148
90.4
%
92.4
%
-2.0
%
931
484
92.5
%
94.3
%
-1.8
%
REPORTED
SALES vs. PRIOR PERIOD ($MM)
REPORTED
SALES vs. PRIOR PERIOD ($MM)
FOURTH QUARTER
TWELVE MONTHS
% Change
% Change
2024
2023
Reported
Operational (1)
Currency
2024
2023
Reported
Operational (1)
Currency
PULMONARY HYPERTENSION US
819
733
11.6
%
11.6
%
-
3,143
2,697
16.5
%
16.5
%
-
Intl
274
282
-3.2
%
1.2
%
-4.4
%
1,140
1,117
2.0
%
8.2
%
-6.2
%
WW
1,092
1,017
7.4
%
8.7
%
-1.3
%
4,282
3,815
12.3
%
14.1
%
-1.8
%
OPSUMIT US
385
368
4.8
%
4.8
%
-
1,520
1,292
17.7
%
17.7
%
-
Intl
160
169
-5.2
%
-2.5
%
-2.7
%
664
681
-2.4
%
1.1
%
-3.5
%
WW
545
536
1.7
%
2.5
%
-0.8
%
2,184
1,973
10.7
%
11.9
%
-1.2
%
UPTRAVI US
391
348
12.3
%
12.3
%
-
1,511
1,326
13.9
%
13.9
%
-
Intl
75
70
5.7
%
11.2
%
-5.5
%
307
255
20.1
%
27.3
%
-7.2
%
WW
465
419
11.2
%
12.1
%
-0.9
%
1,817
1,582
14.9
%
16.1
%
-1.2
%
OTHER PULMONARY HYPERTENSION US
42
18
* *
-
112
79
41.8
%
41.8
%
-
Intl
40
45
-10.0
%
-0.4
%
-9.6
%
169
182
-6.9
%
8.2
%
-15.1
%
WW
82
61
32.3
%
39.3
%
-7.0
%
281
260
7.9
%
18.3
%
-10.4
%
CARDIOVASCULAR / METABOLISM /
OTHER US
805
652
23.3
%
23.3
%
-
2,866
2,906
-1.4
%
-1.4
%
-
Intl
153
185
-17.6
%
-15.1
%
-2.5
%
696
765
-9.1
%
-7.1
%
-2.0
%
WW
957
837
14.3
%
14.8
%
-0.5
%
3,562
3,671
-3.0
%
-2.6
%
-0.4
%
XARELTO US
676
525
28.5
%
28.5
%
-
2,373
2,365
0.3
%
0.3
%
-
Intl
-
-
-
-
-
-
-
-
-
-
WW
676
525
28.5
%
28.5
%
-
2,373
2,365
0.3
%
0.3
%
-
OTHER US
130
127
1.5
%
1.5
%
-
494
541
-8.8
%
-8.8
%
-
Intl
153
185
-17.6
%
-15.1
%
-2.5
%
696
765
-9.1
%
-7.1
%
-2.0
%
WW
281
312
-9.8
%
-8.3
%
-1.5
%
1,189
1,306
-8.9
%
-7.8
%
-1.1
%
TOTAL INNOVATIVE
MEDICINE US
8,977
8,079
11.1
%
11.1
%
-
33,970
31,169
9.0
%
9.0
%
-
Intl
5,355
5,643
-5.1
%
-1.0
%
-4.1
%
22,994
23,590
-2.5
%
1.3
%
-3.8
%
WW
$
14,332
$
13,722
4.4
%
6.1
%
-1.7
%
$
56,964
54,759
4.0
%
5.7
%
-1.7
%
See footnotes at end of schedule
REPORTED
SALES vs. PRIOR PERIOD ($MM)
REPORTED
SALES vs. PRIOR PERIOD ($MM)
FOURTH QUARTER
TWELVE MONTHS
% Change
% Change
MEDTECH SEGMENT (2)
2024
2023
Reported
Operational (1)
Currency
2024
2023
Reported
Operational (1)
Currency
CARDIOVASCULAR (4) US
$
1,221
971
25.8
%
25.8
%
-
$
4,513
3,633
24.2
%
24.2
%
-
Intl
841
698
20.6
%
22.0
%
-1.4
%
3,194
2,717
17.6
%
20.9
%
-3.3
%
WW
2,062
1,669
23.6
%
24.2
%
-0.6
%
7,707
6,350
21.4
%
22.8
%
-1.4
%
ELECTROPHYSIOLOGY US
681
667
2.1
%
2.1
%
-
2,738
2,458
11.4
%
11.4
%
-
Intl
640
572
11.7
%
13.3
%
-1.6
%
2,529
2,230
13.4
%
17.0
%
-3.6
%
WW
1,321
1,239
6.6
%
7.3
%
-0.7
%
5,267
4,688
12.3
%
14.0
%
-1.7
%
ABIOMED US
308
276
11.3
%
11.3
%
-
1,213
1,066
13.7
%
13.7
%
-
Intl
77
64
19.8
%
21.1
%
-1.3
%
284
240
18.2
%
20.3
%
-2.1
%
WW
384
340
12.9
%
13.2
%
-0.3
%
1,496
1,306
14.5
%
14.9
%
-0.4
%
SHOCKWAVE (5) US
202
-
* *
-
442
-
* *
-
Intl
56
-
* *
-
122
-
* *
-
WW
258
-
* *
-
564
-
* *
-
OTHER CARDIOVASCULAR (4) US
31
28
11.1
%
11.1
%
-
120
109
10.7
%
10.7
%
-
Intl
68
61
12.1
%
12.3
%
-0.2
%
260
247
5.3
%
7.3
%
-2.0
%
WW
99
89
11.8
%
12.0
%
-0.2
%
380
356
6.9
%
8.4
%
-1.5
%
ORTHOPAEDICS US
1,460
1,425
2.4
%
2.4
%
-
5,689
5,525
3.0
%
3.0
%
-
Intl
856
843
1.6
%
2.5
%
-0.9
%
3,470
3,417
1.5
%
3.0
%
-1.5
%
WW
2,315
2,268
2.1
%
2.5
%
-0.4
%
9,158
8,942
2.4
%
3.0
%
-0.6
%
HIPS US
272
266
2.5
%
2.5
%
-
1,057
996
6.2
%
6.2
%
-
Intl
146
132
10.6
%
11.7
%
-1.1
%
581
564
3.0
%
4.6
%
-1.6
%
WW
418
398
5.2
%
5.6
%
-0.4
%
1,638
1,560
5.0
%
5.6
%
-0.6
%
KNEES US
238
242
-1.5
%
-1.5
%
-
922
896
2.9
%
2.9
%
-
Intl
160
144
10.7
%
11.3
%
-0.6
%
623
559
11.3
%
12.4
%
-1.1
%
WW
398
387
3.1
%
3.3
%
-0.2
%
1,545
1,456
6.1
%
6.5
%
-0.4
%
TRAUMA US
514
487
5.5
%
5.5
%
-
2,013
1,949
3.3
%
3.3
%
-
Intl
250
255
-1.9
%
-0.5
%
-1.4
%
1,036
1,030
0.6
%
2.1
%
-1.5
%
WW
764
741
3.0
%
3.5
%
-0.5
%
3,049
2,979
2.3
%
2.9
%
-0.6
%
SPINE, SPORTS & OTHER US
434
430
1.1
%
1.1
%
-
1,696
1,684
0.7
%
0.7
%
-
Intl
300
311
-3.6
%
-2.9
%
-0.7
%
1,230
1,263
-2.6
%
-1.2
%
-1.4
%
WW
735
742
-0.9
%
-0.6
%
-0.3
%
2,926
2,947
-0.7
%
-0.1
%
-0.6
%
REPORTED
SALES vs. PRIOR PERIOD ($MM)
REPORTED
SALES vs. PRIOR PERIOD ($MM)
FOURTH QUARTER
TWELVE MONTHS
% Change
% Change
2024
2023
Reported
Operational (1)
Currency
2024
2023
Reported
Operational (1)
Currency
SURGERY US
1,038
1,047
-0.9
%
-0.9
%
-
4,003
4,031
-0.7
%
-0.7
%
-
Intl
1,469
1,484
-1.0
%
1.4
%
-2.4
%
5,842
6,006
-2.7
%
0.6
%
-3.3
%
WW
2,507
2,530
-0.9
%
0.4
%
-1.3
%
9,845
10,037
-1.9
%
0.1
%
-2.0
%
ADVANCED US
478
468
2.0
%
2.0
%
-
1,838
1,833
0.2
%
0.2
%
-
Intl
673
698
-3.6
%
-1.6
%
-2.0
%
2,650
2,837
-6.6
%
-3.5
%
-3.1
%
WW
1,151
1,167
-1.4
%
-0.1
%
-1.3
%
4,488
4,671
-3.9
%
-2.0
%
-1.9
%
GENERAL US
560
579
-3.1
%
-3.1
%
-
2,165
2,198
-1.5
%
-1.5
%
-
Intl
795
785
1.4
%
4.0
%
-2.6
%
3,192
3,168
0.8
%
4.3
%
-3.5
%
WW
1,357
1,364
-0.5
%
1.0
%
-1.5
%
5,358
5,366
-0.2
%
2.0
%
-2.2
%
VISION US
509
487
4.5
%
4.5
%
-
2,128
2,086
2.0
%
2.0
%
-
Intl
794
721
10.2
%
12.2
%
-2.0
%
3,018
2,986
1.1
%
3.7
%
-2.6
%
WW
1,303
1,208
7.9
%
9.1
%
-1.2
%
5,146
5,072
1.5
%
3.0
%
-1.5
%
CONTACT LENSES / OTHER US
396
374
6.0
%
6.0
%
-
1,684
1,626
3.6
%
3.6
%
-
Intl
541
508
6.4
%
8.5
%
-2.1
%
2,049
2,076
-1.3
%
1.8
%
-3.1
%
WW
937
882
6.3
%
7.4
%
-1.1
%
3,733
3,702
0.8
%
2.6
%
-1.8
%
SURGICAL US
113
114
-0.4
%
-0.4
%
-
444
460
-3.4
%
-3.4
%
-
Intl
252
212
19.3
%
21.1
%
-1.8
%
969
910
6.5
%
8.2
%
-1.7
%
WW
365
326
12.4
%
13.6
%
-1.2
%
1,413
1,370
3.2
%
4.3
%
-1.1
%
TOTAL MEDTECH US
4,227
3,930
7.6
%
7.6
%
-
16,332
15,275
6.9
%
6.9
%
-
Intl
3,961
3,743
5.8
%
7.6
%
-1.8
%
15,525
15,125
2.6
%
5.4
%
-2.8
%
WW
$
8,188
$
7,673
6.7
%
7.6
%
-0.9
%
$
31,857
30,400
4.8
%
6.2
%
-1.4
%
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)
FOURTH QUARTER
TWELVE MONTHS
Percent Change
Percent Change
2024
2023
Total
Operations
Currency
2024
2023
Total
Operations
Currency
Innovative Medicine U.S.
$
8,977
8,079
11.1
11.1
-
$
33,970
31,169
9.0
9.0
-
International
5,355
5,643
(5.1
)
(1.0
)
(4.1
)
22,994
23,590
(2.5
)
1.3
(3.8
)
Worldwide
14,332
13,722
4.4
6.1
(1.7
)
56,964
54,759
4.0
5.7
(1.7
)
COVID-19 Vaccine U.S.
-
-
-
-
-
-
-
-
-
-
International
-
44
* * *
198
1,117
(82.4
)
(82.4
)
0.0
Worldwide
-
44
* * *
198
1,117
(82.4
)
(82.4
)
0.0
Innovative Medicine excluding COVID-19 Vaccine U.S.
8,977
8,079
11.1
11.1
-
33,970
31,169
9.0
9.0
-
International
5,355
5,599
(4.4
)
(0.3
)
(4.1
)
22,796
22,473
1.4
5.5
(4.1
)
Worldwide
14,332
13,678
4.8
6.5
(1.7
)
56,766
53,642
5.8
7.5
(1.7
)
Worldwide U.S.
13,204
12,009
10.0
10.0
-
50,302
46,444
8.3
8.3
-
International
9,316
9,386
(0.7
)
2.5
(3.2
)
38,519
38,715
(0.5
)
2.9
(3.4
)
Worldwide
22,520
21,395
5.3
6.7
(1.4
)
88,821
85,159
4.3
5.9
(1.6
)
COVID-19 Vaccine U.S.
-
-
-
-
-
-
-
-
-
-
International
-
44
*
*
*
198
1,117
(82.4
)
(82.4
)
0.0
Worldwide
-
44
*
*
*
198
1,117
(82.4
)
(82.4
)
0.0
Worldwide U.S.
13,204
12,009
10.0
10.0
-
50,302
46,444
8.3
8.3
-
International
9,316
9,342
(0.3
)
2.9
(3.2
)
38,321
37,598
1.9
5.5
(3.6
)
Worldwide excluding COVID-19 Vaccine
$
22,520
21,351
5.5
6.9
(1.4
)
$
88,623
84,042
5.5
7.0
(1.5
)
Europe
$
4,921
4,962
(0.8
)
(0.2
)
(0.6
)
$
20,212
20,410
(1.0
)
(0.6
)
(0.4
)
Europe COVID-19 Vaccine Sales
-
44
*
*
*
198
1,117
(82.4
)
(82.4
)
0.0
Europe excluding COVID-19 Vaccine Sales
$
4,921
4,918
0.1
0.7
(0.6
)
$
20,014
19,293
3.7
4.1
(0.4
)
* Percentage greater than 100% or not meaningful Johnson
& Johnson and Subsidiaries Reconciliation of Non-GAAP Financial
Measures Q4 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 $
4,009
4,238
72
404
(194
)
184
3,887
4,826
% to Sales
28.0
%
30.9
%
0.9
%
5.3
%
-0.9
%
0.9
%
17.3
%
22.6
%
Intangible asset amortization expense
685
747
486
401
-
-
1,171
1,148
In-process research and development impairments
17
-
-
58
-
-
17
58
Litigation related
(41
)
17
(29
)
149
54
-
(16
)
166
Loss/(gain) on securities
(50
)
(112
)
(18
)
(59
)
-
(264
)
(68
)
(435
)
Restructuring related
2
55
60
84
-
-
62
139
Acquisition, integration and divestiture related
12
175
268
62
18
-
298
237
Medical Device Regulation
-
-
47
88
-
-
47
88
COVID-19 Vaccine related costs
23
10
-
-
-
-
23
10
Adjusted Income Before Tax by Segment From Continuing
Operations $
4,657
5,130
886
1,187
(122
)
(80
)
5,421
6,237
% to Sales
32.5
%
37.4
%
10.8
%
15.5
%
-0.5
%
-0.4
%
24.1
%
29.2
%
*Estimated as of 1/22/2025 As Reported Research and
development expense** $
3,698
3,357
1,600
1,123
5,298
4,480
% to Sales
25.8
%
24.5
%
19.5
%
14.6
%
23.5
%
20.9
%
**Includes the following Acquired IPR&D: Laminar - Q4
2023
390
390
V-Wave - Q4 2024
540
540
Total
540
390
540
390
Johnson & Johnson and Subsidiaries Reconciliation of
Non-GAAP Financial Measures Q4 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 $
18,919
18,246
3,740
4,669
(5,972
)
(7,853
)
16,687
15,062
% to Sales
33.2
%
33.3
%
11.7
%
15.4
%
-6.7
%
-9.2
%
18.8
%
17.7
%
Intangible asset amortization expense
2,772
2,983
1,754
1,549
-
-
4,526
4,532
In-process research and development impairments
211
206
-
107
-
-
211
313
Litigation related
358
(108
)
(14
)
190
5,106
7,070
5,450
7,152
Loss/(gain) on securities
(76
)
362
30
(102
)
352
381
306
641
Restructuring related
102
479
167
319
-
-
269
798
Acquisition, integration and divestiture related
66
175
1,015
164
145
-
1,226
339
Medical Device Regulation
-
-
204
311
-
-
204
311
COVID-19 Vaccine related costs
100
663
-
-
-
-
100
663
Adjusted Income Before Tax by Segment From Continuing
Operations $
22,452
23,006
6,896
7,207
(369
)
(402
)
28,979
29,811
% to Sales
39.4
%
42.0
%
21.6
%
23.7
%
-0.4
%
-0.5
%
32.6
%
35.0
%
*Estimated as of 1/22/2025 As Reported Research and
development expense** $
13,529
11,963
3,703
3,122
17,232
15,085
% to Sales
23.8
%
21.8
%
11.6
%
10.3
%
19.4
%
17.7
%
**Includes the following Acquired IPR&D: Laminar - Q4
2023
390
390
Yellow Jersey (NM26 bispecific antibody) - Q3 2024
1,250
1,250
V-Wave -Q4 2024
540
540
Total
1,250
540
390
1,790
390
Johnson & Johnson and Subsidiaries GAAP to Non-GAAP
Reconciliation $ in Millions Quarter to
Date In-processresearch anddevelopmentimpairments
Acquisition, integrationand divestiture related
(Loss)/gain onsecurities COVID-19Vaccine RelatedCosts
Tax legislationand other taxrelated Fourth Quarter Dec.
29, 2024GAAP Intangible assetamortization
Litigationrelated Restructuringrelated Medical
DeviceRegulation Fourth QuarterDec. 29, 2024Non-GAAP
Cost of products sold
$
7,128
(1,162
)
(20
)
(153
)
(18
)
-
-
5,775
Selling, marketing and admin expenses
6,453
(4
)
6,449
Research and development expense
5,298
-
(25
)
(6
)
5,267
Other (Income) / Expense
(161
)
(9
)
16
-
(145
)
68
(17
)
(248
)
In-process research and development impairments
17
(17
)
-
-
Restructuring
42
(42
)
-
Provision for taxes on income
456
171
(158
)
4
3
80
(34
)
9
5
(61
)
475
Net Earnings from Continuing Operations
3,431
1,000
142
13
59
218
(34
)
38
18
61
4,946
In-processresearch anddevelopmentimpairments
Acquisition, integrationand divestiture related
(Loss)/gain onsecurities COVID-19Vaccine RelatedCosts
Tax legislationand other taxrelated Fourth QuarterDec.
31, 2023GAAP Intangible assetamortization
Litigationrelated Restructuringrelated Medical
DeviceRegulation Fourth QuarterDec. 31, 2023Non-GAAP
Cost of products sold
$
6,798
(1,131
)
(83
)
(42
)
(12
)
-
5,530
Selling, marketing and admin expenses
5,810
(8
)
5,802
Research and development expense
4,480
(16
)
(38
)
(1
)
4,425
Other (Income) / Expense
(421
)
(17
)
(166
)
-
(221
)
435
3
(387
)
In-process research and development impairments
58
(58
)
-
Restructuring
56
(56
)
-
Provision for taxes on income
694
175
(134
)
13
16
30
(191
)
16
-
56
675
Net Earnings from Continuing Operations
4,132
973
300
45
123
207
(244
)
72
10
(56
)
5,562
Year to Date In-processresearch
anddevelopmentimpairments Acquisition, integrationand
divestiture related (Loss)/gain onsecurities
COVID-19Vaccine RelatedCosts Tax legislationand other
taxrelated Twelve Months Dec. 29, 2024GAAP Intangible
assetamortization Litigationrelated
Restructuringrelated Medical DeviceRegulation
Twelve MonthsDec. 29, 2024Non-GAAP Cost of products sold
$
27,471
(4,517
)
(35
)
(359
)
(84
)
(8
)
22,468
Selling, marketing and admin expenses
22,869
(16
)
-
22,853
Research and development expense
17,232
(69
)
(104
)
(25
)
17,034
Other (Income) / Expense
4,694
(9
)
(5,450
)
-
(798
)
(306
)
(67
)
(1,936
)
In-process research and development impairments
211
(211
)
-
-
-
-
-
Restructuring
234
(234
)
-
Provision for taxes on income
2,621
644
1,066
47
45
302
(29
)
38
22
(19
)
4,737
Net Earnings from Continuing Operations
14,066
3,882
4,384
164
224
924
335
166
78
19
24,242
In-processresearch anddevelopmentimpairments
Acquisition, integrationand divestiture related
(Loss)/gain onsecurities COVID-19Vaccine RelatedCosts
Tax legislationand other taxrelated Twelve MonthsDec. 31,
2023GAAP Intangible assetamortization
Litigationrelated Restructuringrelated Medical
DeviceRegulation Twelve MonthsDec. 31, 2023Non-GAAP Cost
of products sold
$
26,553
(4,511
)
(309
)
(133
)
(189
)
21,411
Selling, marketing and admin expenses
21,512
(29
)
21,483
Research and development expense
15,085
(32
)
(149
)
(99
)
14,805
Other (Income) / Expense
6,634
(21
)
(7,152
)
-
(307
)
(641
)
(375
)
(1,862
)
In-process research and development impairments
313
(313
)
-
-
Restructuring
489
(489
)
-
Provision for taxes on income
1,736
707
1,505
70
157
52
(9
)
57
155
(28
)
4,402
Net Earnings from Continuing Operations
13,326
3,825
5,647
243
641
287
650
254
508
28
25,409
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250121770243/en/
Media contact: media-relations@its.jnj.com
Investor contact: investor-relations@its.jnj.com
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