Johnson & Johnson Reports 2019 First-Quarter Results:

This Post Was Syndicated Under License Via QuoteMedia

– Sales of $20.0 billion reflecting growth of 0.1%, operational growth of 3.9%* and adjusted operational growth of 5.5%* – EPS of $1.39 decreased 13.1%; adjusted EPS of $2.10 increased 1.9%* – Midpoint of adjusted EPS guidance maintained, overcoming incremental currency headwinds – Strength of business drives up guidance for operational sales and adjusted operational EPS

NEW BRUNSWICK, N.J., April 16, 2019 /PRNewswire/ — Johnson & Johnson (NYSE: JNJ) today announced results for first-quarter 2019. “Our strong first-quarter results reflect continued underlying operational sales and adjusted EPS growth,” said Alex Gorsky, Chairman and Chief Executive Officer. “At the same time, we remain focused on investing in innovative technologies and platforms that will make a meaningful difference in the lives of patients around the world. I am proud of our global colleagues’ collective efforts to deliver on our long-term goals and our ability to create value for all of our stakeholders.”

OVERALL FINANCIAL RESULTS:

	FIRST QUARTER
($ in Millions, except EPS)	2019	2018	% Change
Reported Sales	$ 20,021	$ 20,009	0.1%
Net Earnings	3,749	4,367	(14.2)
EPS (diluted)	$ 1.39	$ 1.60	(13.1)%

Non-GAAP*	FIRST QUARTER
($ in Millions, except EPS)	2019	2018	% Change
Operational Sales	N/A	N/A	3.9%
Adjusted Operational Sales	N/A	N/A	5.5
Adjusted Net Earnings	5,661	5,635	0.5
Adjusted EPS (diluted)	$ 2.10	$ 2.06	1.9%
* Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules

REGIONAL SALES RESULTS:

	FIRST QUARTER		% Change
($ in Millions)	2019	2018	Reported	Operational^1,2	Currency	Adjusted Operational^1,3
U.S.	$ 10,129	$ 9,951	1.8%	1.8	–	3.1
International	9,892	10,058	(1.7)	6.0	(7.7)	7.9
Worldwide	$ 20,021	$ 20,009	0.1%	3.9	(3.8)	5.5
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:

	FIRST QUARTER		% Change
($ in Millions)	2019	2018	Reported	Operational^1,2	Currency	Adjusted Operational^1,3
Consumer	$ 3,318	$ 3,398	(2.4)%	2.2	(4.6)	0.7
Pharmaceuticals	10,244	9,844	4.1	7.9	(3.8)	7.9
Medical Devices	6,459	6,767	(4.6)	(1.0)	(3.6)	4.3
Worldwide	$ 20,021	$ 20,009	0.1%	3.9	(3.8)	5.5
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 COMMENTARY:

Consumer
Consumer worldwide operational sales, excluding the net impact of acquisitions and divestitures grew 0.7%* driven by over-the-counter products including TYLENOL analgesics, digestive health products and international anti-smoking aids; and NEUTROGENA beauty products, primarily offset by lower sales of baby care products.

Pharmaceutical
Pharmaceutical worldwide operational sales, excluding the net impact of acquisitions and divestitures grew 7.9%* driven by STELARA (ustekinumab), a biologic for the treatment of a number of immune-mediated inflammatory diseases, IMBRUVICA (ibrutinib), an oral, once-daily therapy approved for use in treating certain B-cell malignancies, a type of blood or lymph node cancer, DARZALEX (daratumumab), for the treatment of multiple myeloma, TREMFYA (guselkumab), a biologic for the treatment of adults living with moderate to severe plaque psoriasis, INVEGA SUSTENNA/XEPLION/INVEGA TRINZA/TREVICTA (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults, PREZISTA/PREZCOBIX/REZOLSTA/SYMTUZA (D/C/F/TAF) for the treatment of human immunodeficiency virus type 1 (HIV-1) infection, UPTRAVI (selexipag), an oral prostacyclin receptor agonist used to treat pulmonary arterial hypertension and reduce hospitalization, and ERLEADA (apalutamide), a next-generation androgen receptor inhibitor for the treatment of patients with non-metastatic castration-resistant prostate cancer partially offset by declines in REMICADE (infliximab), a biologic approved for the treatment of a number of immune-mediated inflammatory diseases, and U.S. ZYTIGA (abiraterone acetate), an oral, once-daily medication for use in combination with prednisone for the treatment of metastatic, castration-resistant prostate cancer due to biosimilar and generic entrants.

Medical Devices
Worldwide Medical Devices operational sales, excluding the net impact of acquisitions and divestitures grew 4.3%* driven by the growth of electrophysiology products in the Interventional Solutions business; ACUVUE contact lenses in the Vision business; biosurgicals in the Advanced Surgery business; and wound closure products in the General Surgery business.

NOTABLE NEW ANNOUNCEMENTS IN THE QUARTER:

Acquisitions/Divestitures/Licenses

Completed the divestiture of Advanced Sterilization Products¹(press release)
Completed the acquisition of Auris Health, Inc.¹ commercially available robotic platform technology (press release)
Entered into an exclusive worldwide collaboration and license agreement with MeiraGTx to develop gene therapy programs for inherited retinal diseases (press release)

Pipeline Updates
Regulatory Approvals	BALVERSA (erdafitinib) – Locally advanced or metastatic urothelial cancer (U.S.)¹	(press release)
	SPRAVATO (esketamine) – Treatment-resistant depression (U.S.)	(press release)
	TREMFYA (guselkumab) – One-press patient-controlled injector (U.S.)	(press release)
	DARZALEX (daratumumab) Split-dosing regimen (U.S.)	(press release)
	IMBRUVICA (ibrutinib) plus obinutuzumab – Chronic lymphocytic leukemia (U.S.)	(press release)
Regulatory Submissions	INVOKANA (canagliflozin) – Chronic kidney disease in patients with Type 2 diabetes (U.S.)	(press release)
	DARZALEX (daratumumab) – Combination therapy for transplant eligible multiple myeloma patients (U.S.,EU)	(press release – U.S.) (press release – EU)
	DARZALEX (daratumumab) – Combination therapy for transplant ineligible multiple myeloma patients (U.S.,EU)	(press release – U.S.) (press release – EU)
Other	Antihistamine-releasing contact lens demonstrates positive Phase 3 results	(press release)
Other	ACUVUE OASYS with TRANSITIONS LIGHT INTELLIGENT TECHNOLOGY availability (U.S)	(press release)
¹ Subsequent to the quarter

FULL YEAR 2019 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.

	April 2019	January 2019
($ in Billions, except EPS)
Adjusted Operational Sales^1,2 Change vs. Prior Year	2.5% – 3.5%	2.0% – 3.0%
Operational Sales² Change vs. Prior Year	$82.0 to $82.8 0.5% – 1.5%	$81.6 to $82.4 0.0% – 1.0%
Estimated Reported Sales³ Change vs. Prior Year	$80.4 to $81.2 (1.5%) – (0.5%)	$80.4 to $81.2 (1.5%) – (0.5%)

Adjusted Operational EPS (Diluted)^2,4 Change vs. Prior Year	$8.73 to $8.83 6.7% – 7.9%	$8.65 to $8.80 5.7% – 7.6%
Adjusted EPS (Diluted)^3,4 Change vs. Prior Year	$8.53 to $8.63 4.3% – 5.5%	$8.50 to $8.65 3.9% – 5.8%

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: April 2019 = $1.12; Euro Average Rate: Jan 2019 = $1.14 (Illustrative purposes only)
⁴ Non-GAAP financial measure; excludes intangible amortization expense and special items

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 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; 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. 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 30, 2018, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and the company’s subsequent 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)	FIRST QUARTER
			Percent Change
	2019	2018	Total		Operations	Currency
Sales to customers by
segment of business

Consumer
U.S.	$ 1,438	1,436	0.2	%	0.2	–
International	1,880	1,962	(4.2)		3.7	(7.9)
	3,318	3,398	(2.4)		2.2	(4.6)

Pharmaceutical
U.S.	5,582	5,354	4.3		4.3	–
International	4,662	4,490	3.9		12.2	(8.3)
	10,244	9,844	4.1		7.9	(3.8)

Medical Devices
U.S.	3,109	3,161	(1.6)		(1.6)	–
International	3,350	3,606	(7.1)		(0.3)	(6.8)
	6,459	6,767	(4.6)		(1.0)	(3.6)

U.S.	10,129	9,951	1.8		1.8	–
International	9,892	10,058	(1.7)		6.0	(7.7)
Worldwide	$ 20,021	20,009	0.1	%	3.9	(3.8)

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)	FIRST QUARTER
			Percent Change
	2019	2018	Total		Operations	Currency
Sales to customers by
geographic area

U.S.	$ 10,129	9,951	1.8	%	1.8	–

Europe	4,609	4,797	(3.9)		4.5	(8.4)
Western Hemisphere excluding U.S.	1,503	1,567	(4.1)		8.7	(12.8)
Asia-Pacific, Africa	3,780	3,694	2.3		6.9	(4.6)
International	9,892	10,058	(1.7)		6.0	(7.7)

Worldwide	$ 20,021	20,009	0.1	%	3.9	(3.8)


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)	FIRST QUARTER

	2019			2018			Percent
			Percent			Percent	Increase
	Amount		to Sales	Amount		to Sales	(Decrease)
Sales to customers	$ 20,021		100.0	$ 20,009		100.0	0.1
Cost of products sold	6,615		33.0	6,614		33.1	0.0
Gross Profit	13,406		67.0	13,395		66.9	0.1
Selling, marketing and administrative expenses	5,219		26.1	5,263		26.3	(0.8)
Research and development expense	2,858		14.3	2,404		12.0	18.9
In-process research and development	890		4.4	–		–
Interest (income) expense, net	3		0.0	145		0.7
Other (income) expense, net	(22)		(0.1)	60		0.3
Restructuring	36		0.2	42		0.2
Earnings before provision for taxes on income	4,422		22.1	5,481		27.4	(19.3)
Provision for taxes on income	673		3.4	1,114		5.6	(39.6)
Net earnings	3,749		18.7	4,367		21.8	(14.2)

Net earnings per share (Diluted)	$ 1.39			$ 1.60			(13.1)

Average shares outstanding (Diluted)	2,698.8			2,731.9

Effective tax rate	15.2	%		20.3	%

Adjusted earnings before provision for taxes and net earnings ⁽¹⁾
Earnings before provision for taxes on income	$ 6,867		34.3	$ 6,858		34.3	0.1
Net earnings	$ 5,661		28.3	$ 5,635		28.2	0.5
Net earnings per share (Diluted)	$ 2.10			$ 2.06			1.9
Effective tax rate	17.6	%		17.8	%

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

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures

	First Quarter		% Incr. /
(Dollars in Millions Except Per Share Data)	2019	2018	(Decr.)

Earnings before provision for taxes on income – as reported	$ 4,422	5,481	(19.3)	%
Intangible asset amortization expense	1,130	1,115
In-process research and development	890	–
Litigation expense	423	–
Unrealized (gain)/loss on securities	(158)	27
Restructuring/Other ⁽¹⁾	90	107
Actelion acquisition related cost	39	96
AMO acquisition related cost	28	21
Other	3	11
Earnings before provision for taxes on income – as adjusted	$ 6,867	6,858	0.1	%

Net Earnings – as reported	$ 3,749	4,367	(14.2)	%
Intangible asset amortization expense	846	996
In-process research and development	703	–
Litigation expense	342	–
Unrealized (gain)/loss on securities	(125)	21
Restructuring/Other	75	81
Actelion acquisition related cost	37	92
AMO acquisition related cost	23	17
Impact of tax legislation ⁽²⁾	–	52
Other	11	9
Net Earnings – as adjusted	$ 5,661	5,635	0.5	%

Diluted Net Earnings per share – as reported	$ 1.39	1.60	(13.1)	%
Intangible asset amortization expense	0.31	0.36
In-process research and development	0.26	–
Litigation expense	0.13	–
Unrealized (gain)/loss on securities	(0.05)	0.01
Restructuring/Other	0.03	0.03
Actelion acquisition related cost	0.01	0.03
AMO acquisition related cost	0.01	0.01
Impact of tax legislation	–	0.02
Other	0.01	–
Diluted Net Earnings per share – as adjusted	$ 2.10	2.06	1.9	%

Operational Diluted Net Earnings per share – as adjusted at 2017 foreign currency exchange rates		1.93

Impact of currency at 2018 foreign currency exchange rates	0.08	0.13

Operational Diluted Net Earnings per share – as adjusted at 2018 foreign currency exchange rates	$ 2.18	2.06	5.8	%


⁽¹⁾Includes $23M recorded in cost of products sold and $31M recorded in other (income) expense in the first quarter 2019, and $6M recorded in cost of products sold
and $59M recorded in other (income) expense in the first quarter 2018

⁽²⁾Includes foreign currency translation

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure

Adjusted Operational Sales Growth
FIRST QUARTER 2019 ACTUAL vs. 2018 ACTUAL

Segments

	Consumer	Pharmaceutical	Medical Devices	Total
WW As Reported	(2.4)%	4.1%	(4.6)%	0.1%
U.S.	0.2%	4.3%	(1.6)%	1.8%
International	(4.2)%	3.9%	(7.1)%	(1.7)%

WW Currency	(4.6)	(3.8)	(3.6)	(3.8)
U.S.	–	–	–	–
International	(7.9)	(8.3)	(6.8)	(7.7)

WW Operational	2.2%	7.9%	(1.0)%	3.9%
U.S.	0.2%	4.3%	(1.6)%	1.8%
International	3.7%	12.2%	(0.3)%	6.0%

Beauty
*Nizoral*	0.4			0.1
U.S.	0.3			0.0
International	0.5			0.1

OTC
*Zarbees*	(0.8)			(0.1)
U.S.	(2.0)			(0.3)
International	0.0			0.0

Diabetes Care
*LifeScan*			5.1	1.7
U.S.			3.8	1.2
International			6.2	2.3

Beauty
*RoC*	0.8			0.1
U.S.	1.5			0.2
International	0.3			0.1

Beauty
*Dr. Ci Labo – Japan*	(2.1)			(0.4)
U.S.	0.0			0.0
International	(3.6)			(0.7)

All Other Acquisitions and Divestitures	0.2	0.0	0.2	0.1
U.S.	0.0	0.0	0.3	0.1
International	0.4	0.0	0.0	0.1

WW Adjusted Operational	0.7%	7.9%	4.3%	5.5%
U.S.	0.0%	4.3%	2.5%	3.1%
International	1.3%	12.2%	5.9%	7.9%

Note: Percentages are based on actual, non-rounded figures and may not sum

	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
				% Change
		2019	2018	Reported	Operational ⁽¹⁾	Currency
CONSUMER SEGMENT ⁽²⁾
BABY CARE
US		$ 87	$ 97	-10.9%	-10.9%	–
Intl		307	360	-14.8%	-6.4%	-8.4%
WW		394	457	-14.0%	-7.4%	-6.6%
BEAUTY
US		588	611	-3.8%	-3.8%	–
Intl		502	473	6.2%	13.1%	-6.9%
WW		1,090	1,084	0.6%	3.6%	-3.0%
ORAL CARE
US		151	157	-3.5%	-3.5%	–
Intl		216	222	-2.8%	4.6%	-7.4%
WW		367	379	-3.1%	1.2%	-4.3%
OTC
US		507	465	9.1%	9.1%	–
Intl		580	607	-4.6%	2.8%	-7.4%
WW		1,087	1,072	1.3%	5.5%	-4.2%
WOMEN’S HEALTH
US		3	3	4.2%	4.2%	–
Intl		222	240	-7.5%	4.3%	-11.8%
WW		225	243	-7.3%	4.3%	-11.6%
WOUND CARE / OTHER
US		102	103	-0.9%	-0.9%	–
Intl		53	60	-11.6%	-6.0%	-5.6%
WW		155	163	-4.8%	-2.7%	-2.1%

TOTAL CONSUMER
US		1,438	1,436	0.2%	0.2%	–
Intl		1,880	1,962	-4.2%	3.7%	-7.9%
WW		$ 3,318	$ 3,398	-2.4%	2.2%	-4.6%


See footnotes at end of schedule



	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
				% Change
		2019	2018	Reported	Operational ⁽¹⁾	Currency
PHARMACEUTICAL SEGMENT ⁽²⁾⁽⁴⁾
IMMUNOLOGY
US		$ 2,163	$ 2,000	8.1%	8.1%	–
Intl		1,088	1,042	4.5%	12.6%	-8.1%
WW		3,251	3,042	6.9%	9.6%	-2.7%
REMICADE
US		774	916	-15.5%	-15.5%	–
US Exports ⁽³⁾		76	142	-46.4%	-46.4%	–
Intl		252	331	-23.6%	-17.2%	-6.4%
WW		1,102	1,389	-20.6%	-19.1%	-1.5%
SIMPONI / SIMPONI ARIA
US		263	224	17.0%	17.0%	–
Intl		261	294	-11.1%	-3.8%	-7.3%
WW		524	518	1.0%	5.2%	-4.2%
STELARA
US		882	652	35.2%	35.2%	–
Intl		523	409	27.9%	37.2%	-9.3%
WW		1,405	1,061	32.4%	36.0%	-3.6%
TREMFYA
US		168	66	*	*	–
Intl		49	6	*	*	*
WW		217	72	*	*	*
OTHER IMMUNOLOGY⁽⁴⁾
US		–	–	–	–	–
Intl		3	2	19.5%	21.0%	-1.5%
WW		3	2	19.5%	21.0%	-1.5%
INFECTIOUS DISEASES
US		357	333	7.3%	7.3%	–
Intl		489	497	-1.7%	7.8%	-9.5%
WW		846	830	1.9%	7.6%	-5.7%
EDURANT / rilpivirine
US		12	14	-18.8%	-18.8%	–
Intl		199	196	2.2%	10.6%	-8.4%
WW		211	210	0.8%	8.6%	-7.8%
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US		315	273	15.5%	15.5%	–
Intl		208	205	1.5%	11.9%	-10.4%
WW		523	478	9.5%	13.9%	-4.4%
OTHER INFECTIOUS DISEASES
US		30	46	-33.8%	-33.8%	–
Intl		82	96	-16.0%	-6.3%	-9.7%
WW		112	142	-21.7%	-15.1%	-6.6%
See footnotes at end of schedule


	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
				% Change
		2019	2018	Reported	Operational ⁽¹⁾	Currency
NEUROSCIENCE
US		723	624	16.0%	16.0%	–
Intl		905	935	-3.2%	4.3%	-7.5%
WW		1,629	1,559	4.5%	9.0%	-4.5%
CONCERTA / methlyphenidate
US		97	66	47.7%	47.7%	–
Intl		116	107	8.5%	15.8%	-7.3%
WW		214	173	23.4%	28.0%	-4.6%
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
US		483	400	20.7%	20.7%	–
Intl		307	296	3.8%	12.3%	-8.5%
WW		790	696	13.5%	17.1%	-3.6%
RISPERDAL CONSTA
US		77	82	-6.8%	-6.8%	–
Intl		102	114	-10.3%	-2.4%	-7.9%
WW		179	196	-8.8%	-4.3%	-4.5%
OTHER NEUROSCIENCE
US		66	76	-12.0%	-12.0%	–
Intl		379	418	-9.2%	-2.5%	-6.7%
WW		446	494	-9.6%	-3.9%	-5.7%
ONCOLOGY
US		962	933	3.1%	3.1%	–
Intl		1,556	1,378	13.0%	22.2%	-9.2%
WW		2,518	2,311	9.0%	14.5%	-5.5%
DARZALEX
US		352	264	33.0%	33.0%	–
Intl		277	168	65.1%	80.1%	-15.0%
WW		629	432	45.5%	51.3%	-5.8%
IMBRUVICA
US		349	227	53.7%	53.7%	–
Intl		435	360	20.8%	32.0%	-11.2%
WW		784	587	33.5%	40.4%	-6.9%
VELCADE
US		–	–	–	–	–
Intl		263	313	-16.0%	-10.1%	-5.9%
WW		263	313	-16.0%	-10.1%	-5.9%
ZYTIGA / Abiraterone Acetate
US		185	407	-54.5%	-54.5%	–
Intl		494	438	12.9%	20.9%	-8.0%
WW		679	845	-19.6%	-15.4%	-4.2%
OTHER ONCOLOGY
US		76	35	*	*	–
Intl		87	99	-12.2%	-3.9%	-8.3%
WW		163	134	21.7%	27.8%	-6.1%



	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
				% Change
		2019	2018	Reported	Operational ⁽¹⁾	Currency
PULMONARY HYPERTENSION
US		430	361	19.2%	19.2%	–
Intl		226	224	0.7%	8.6%	-7.9%
WW		656	585	12.1%	15.1%	-3.0%
OPSUMIT
US		172	149	15.9%	15.9%	–
Intl		133	122	8.9%	17.8%	-8.9%
WW		306	271	12.7%	16.8%	-4.1%
TRACLEER
US		61	68	-10.1%	-10.1%	–
Intl		56	72	-22.9%	-18.3%	-4.6%
WW		117	140	-16.7%	-14.4%	-2.3%
UPTRAVI
US		176	124	41.4%	41.4%	–
Intl		22	16	42.8%	53.6%	-10.8%
WW		198	140	41.6%	42.8%	-1.2%
OTHER
US		21	20	3.6%	3.6%	–
Intl		15	14	4.6%	17.1%	-12.5%
WW		35	34	4.0%	9.2%	-5.2%
CARDIOVASCULAR / METABOLISM / OTHER
US		947	1,103	-14.1%	-14.1%	–
Intl		398	414	-3.9%	2.7%	-6.6%
WW		1,345	1,517	-11.3%	-9.5%	-1.8%
XARELTO
US		542	578	-6.3%	-6.3%	–
Intl		–	–	–	–	–
WW		542	578	-6.3%	-6.3%	–
INVOKANA / INVOKAMET
US		154	204	-24.8%	-24.8%	–
Intl		49	44	11.6%	20.0%	-8.4%
WW		202	248	-18.4%	-16.9%	-1.5%
PROCRIT / EPREX
US		148	189	-21.6%	-21.6%	–
Intl		78	87	-10.2%	-5.2%	-5.0%
WW		226	276	-18.0%	-16.4%	-1.6%
OTHER
US		104	132	-21.3%	-21.3%	–
Intl		271	283	-4.4%	2.5%	-6.9%
WW		374	415	-9.7%	-5.1%	-4.6%

TOTAL PHARMACEUTICAL
US		5,582	5,354	4.3%	4.3%	–
Intl		4,662	4,490	3.9%	12.2%	-8.3%
WW		$ 10,244	$ 9,844	4.1%	7.9%	-3.8%



See footnotes at end of schedule

	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
				% Change
		2019	2018	Reported	Operational ⁽¹⁾	Currency
MEDICAL DEVICES SEGMENT ⁽²⁾⁽⁵⁾
DIABETES CARE⁽⁵⁾
US		$ –	$ 117	*	*	–
Intl		–	222	*	*	*
WW		–	339	*	*	*
INTERVENTIONAL SOLUTIONS
US		343	304	12.6%	12.6%	–
Intl		389	336	15.8%	22.7%	-6.9%
WW		732	640	14.3%	17.9%	-3.6%
ORTHOPAEDICS
US		1,318	1,307	0.9%	0.9%	–
Intl		885	943	-6.2%	0.7%	-6.9%
WW		2,204	2,250	-2.1%	0.8%	-2.9%
HIPS
US		213	209	2.1%	2.1%	–
Intl		148	154	-3.8%	3.5%	-7.3%
WW		361	363	-0.4%	2.7%	-3.1%
KNEES
US		223	228	-2.2%	-2.2%	–
Intl		146	159	-8.2%	-1.5%	-6.7%
WW		369	387	-4.7%	-1.9%	-2.8%
TRAUMA
US		417	407	2.5%	2.5%	–
Intl		268	289	-7.0%	-0.3%	-6.7%
WW		685	696	-1.4%	1.3%	-2.7%
SPINE & OTHER
US		465	463	0.3%	0.3%	–
Intl		323	341	-5.5%	1.3%	-6.8%
WW		788	804	-2.2%	0.7%	-2.9%




	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
				% Change
		2019	2018	Reported	Operational ⁽¹⁾	Currency
SURGERY
US		1,001	993	0.8%	0.8%	–
Intl		1,394	1,430	-2.6%	4.7%	-7.3%
WW		2,395	2,423	-1.2%	3.1%	-4.3%
ADVANCED
US		404	393	2.9%	2.9%	–
Intl		576	573	0.5%	7.7%	-7.2%
WW		980	966	1.5%	5.8%	-4.3%
GENERAL
US		425	423	0.3%	0.3%	–
Intl		665	704	-5.6%	1.6%	-7.2%
WW		1,089	1,127	-3.4%	1.1%	-4.5%
SPECIALTY
US		172	177	-2.5%	-2.5%	–
Intl		153	153	-0.2%	7.6%	-7.8%
WW		325	330	-1.4%	2.2%	-3.6%
VISION
US		446	440	1.5%	1.5%	–
Intl		682	675	1.1%	7.2%	-6.1%
WW		1,129	1,115	1.2%	5.0%	-3.8%
CONTACT LENSES / OTHER
US		321	309	4.1%	4.1%	–
Intl		502	498	1.0%	7.4%	-6.4%
WW		824	807	2.1%	6.1%	-4.0%
SURGICAL
US		125	131	-4.5%	-4.5%	–
Intl		180	177	1.3%	6.8%	-5.5%
WW		305	308	-1.1%	2.0%	-3.1%

TOTAL MEDICAL DEVICES
US		3,109	3,161	-1.6%	-1.6%	–
Intl		3,350	3,606	-7.1%	-0.3%	-6.8%
WW		$ 6,459	$ 6,767	-4.6%	-1.0%	-3.6%


Note: Columns and rows within tables may not add due to rounding. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

* Percentage greater than 100% or not meaningful
(1) Operational growth excludes the effect of translational currency
(2) Unaudited
(3) Reported as U.S. sales
(4) Prior year amounts have been reclassified to conform to current year product disclosure
(5) Reflects LifeScan divestiture October 2, 2018