Johnson & Johnson Reports 2020 First-Quarter Results

This Post Was Syndicated Under License Via QuoteMedia

– Sales of $20.7 billion reflecting strong growth of 3.3%, operational growth of 4.8%* and adjusted operational growth of 5.6%, inclusive of the overall estimated negative impact of the COVID-19 pandemic – EPS of $2.17 increased 56.1%; adjusted EPS of $ 2.30 increased 9.5% – Dividend increase of 6.3% announced – Long term fundamentals remain intact; 2020 guidance lowered to reflect COVID-19 impact and related investments

NEW BRUNSWICK, N.J., April 14, 2020 /PRNewswire/ — Johnson & Johnson (NYSE: JNJ) today announced results for first-quarter 2020. The Company also announced earlier today that its Board of Directors declared a 6.3% increase in the quarterly dividend rate, from $0.95 per share to $1.01 per share. At the new rate, the indicated dividend on an annual basis is $4.04 per share compared to the previous rate of $3.80 per share.

“With Johnson & Johnson’s century-plus history of leading in times of great challenge, we are mobilizing our resources across the Company in the fight against the COVID-19 pandemic,” said Alex Gorsky, Chairman and Chief Executive Officer. “Johnson & Johnson is built for times like this, and we are leveraging our scientific expertise, operational scale and financial strength in the effort to advance the work on our lead COVID-19 vaccine candidate. We are committed to beginning production at risk imminently and bringing an affordable and accessible vaccine to the public on a not-for-profit basis for emergency pandemic use.”

Mr. Gorsky continued, “I am both proud and amazed at the level of dedication that I have witnessed from our more than 132,000 employees as we have focused on delivering on our commitments and responsibilities to the patients and consumers we serve. Our strong performance in the first quarter reflects the efforts of our teams around the world and the sustainability of our business model. Today, our Board of Directors approved an increase in our quarterly dividend for the 58th consecutive year, underscoring our commitment to delivering value for our shareholders and the confidence we have in our business now and in the future.”

OVERALL FINANCIAL RESULTS:


	FIRST QUARTER
($ in Millions, except EPS)	2020	2019	% Change
Reported Sales	$ 20,691	$ 20,021	3.3%
Net Earnings	5,796	3,749	54.6%
EPS (diluted)	$ 2.17	$ 1.39	56.1%

Non-GAAP*	FIRST QUARTER
($ in Millions, except EPS)	2020	2019	% Change
Operational Sales^1,2	n/a	n/a	4.8%
Adjusted Operational Sales^1,3	n/a	n/a	5.6%
Adjusted Net Earnings^1,4	6,154	5,661	8.7%
Adjusted EPS (diluted)^1,4	$ 2.30	$ 2.10	9.5%

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

⁴Excludes intangible amortization expense and special items

REGIONAL SALES RESULTS:

	FIRST QUARTER		% Change
($ in Millions)	2020	2019	Reported	Operational^1,2	Currency	Adjusted Operational^1,3
U.S.	$ 10,699	$ 10,129	5.6%	5.6	–	6.7
International	9,992	9,892	1.0%	4.0	(3.0)	4.5
Worldwide	$ 20,691	$ 20,021	3.3%	4.8	(1.5)	5.6

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)	2020	2019	Reported	Operational^1,2	Currency	Adjusted Operational^1,3
Consumer Health	$ 3,625	$ 3,318	9.2%	11.3	(2.1)	11.0
Pharmaceutical	11,134	10,244	8.7%	10.1	(1.4)	10.2
Medical Devices	5,932	6,459	(8.2)%	(6.9)	(1.3)	(4.8)
Worldwide	$ 20,691	$ 20,021	3.3%	4.8	(1.5)	5.6

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 Health
Consumer Health worldwide operational sales, excluding the net impact of acquisitions and divestitures, grew 11.0%* driven primarily by over-the-counter products including TYLENOL and MOTRIN analgesics; upper respiratory products including ZYRTEC; digestive health products and ZARBEE’S NATURALS. Other contributors to growth were LISTERINE mouthwash in oral care products; NEUTROGENA and AVEENO in skin health/beauty products, as well as STAYFREE and o.b. in international women’s health. Consumer Health results across the majority of franchises were positively impacted by the increased demand related to the COVID-19 pandemic.

Pharmaceutical
Pharmaceutical worldwide operational sales, excluding the net impact of acquisitions and divestitures, grew 10.2%* driven by STELARA (ustekinumab), a biologic for the treatment of a number of immune-mediated inflammatory diseases, DARZALEX (daratumumab), for the treatment of multiple myeloma, IMBRUVICA (ibrutinib), an oral, once-daily therapy approved for use in treating certain B-cell malignancies, a type of blood or lymph node cancer, INVEGA SUSTENNA/XEPLION/INVEGA TRINZA/TREVICTA (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults, ERLEADA (apalutamide), a next-generation androgen receptor inhibitor for the treatment of patients with prostate cancer, OPSUMIT (macitentan), an oral endothelin receptor antagonist indicated for the treatment of pulmonary arterial hypertension to delay disease progression, TREMFYA (guselkumab), a biologic for the treatment of adults living with moderate to severe plaque psoriasis, and PREZISTA/PREZCOBIX/REZOLSTA/SYMTUZA for the treatment of human immunodeficiency virus type 1 (HIV-1) infection. This growth was partially offset by biosimilar and generic competition, with declines primarily in international VELCADE (bortezomib), a proteasome inhibitor for the treatment of multiple myeloma, REMICADE (infliximab), a biologic approved for the treatment of a number of immune-mediated inflammatory diseases, and PROCRIT (epoetin alfa), a treatment for chemotherapy-induced anemia and patients with chronic kidney disease.

Medical Devices
Medical Devices worldwide operational sales, excluding the net impact of acquisitions and divestitures, declined by 4.8%* driven by the estimated net negative impact of the COVID-19 pandemic and the associated deferral of medical procedures to our Surgery, Orthopaedics, Interventional Solutions and Vision businesses.

NOTABLE NEW ANNOUNCEMENTS 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 available online in the Investors section of the Company’s website at news releases.

Regulatory Approvals	ERLEADA (apalutamide) – European Commission (EC) Approves Expanded Use for Treatment of Patients with Metastatic Hormone-Sensitive Prostate Cancer	(press release)
Regulatory Approvals	STELARA (ustekinumab) – EC Approves Expanded Use for Treatment of Pediatric Patients With Moderate To Severe Plaque Psoriasis	(press release)
Regulatory Submissions	Ponesimod – Submission of New Drug Applications to the U.S. Food and Drug Administration (FDA) and European Marketing Authorization for Treatment of Adults with Relapsing Multiple Sclerosis	(press release) (press release)
Regulatory Submissions	DARZALEX (daratumumab) – Submission to U.S. FDA for Combination with carfilzomib and dexamethasone (DKd) For Patients with Relapsed/Refractory Multiple Myeloma	(press release)
Other	Lead Vaccine Candidate for COVID-19; Landmark New Partnership with U.S. Department of Health & Human Services; and Commitment to Supply One Billion Vaccines Worldwide for Emergency Pandemic Use; Announced	(press release)
	XARELTO (rivaroxaban) -Landmark Phase 3 VOYAGER PAD Study of XARELTO Plus Aspirin Shows Significant Benefit in Patients with Symptomatic Peripheral Artery Disease (PAD) after Lower-Extremity Revascularization	(press release)
	Rilpivirine And Cabotegravir Results of Phase 3 FLARE Study Demonstrate the Safety and Efficacy of Long-Acting Injectable HIV Treatment Regimen through 96 Weeks	(press release)
	Rilpivirine and Cabotegravir 48-week Results of Phase 3b ATLAS-2M Study Demonstrate the Safety and Efficacy of Long-Acting Injectable HIV Treatment Administered Every Two Months	(press release)
	JNJ-6372 Granted U.S. FDA Breakthrough Therapy Designation for the Treatment of Non-Small Cell Lung Cancer	(press release)
	RPGR Gene Therapy Granted European Medicines Agency PRIME and Advanced Therapy Medicinal Product Designations for X-Linked Retinitis Pigmentosa	(press release)
	HEARTLINE launched, the First-of-its-Kind, Virtual Study Designed to Explore if a New iPhone^® App and Apple Watch^® Can Help Reduce the Risk of Stroke¹	(press release)

¹ iPhone and Apple Watch are trademarks of their respective owners

FULL-YEAR 2020 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.

The impact of COVID-19, inclusive of the related investments the Company is making to combat the pandemic, is included in the guidance below.

April 2020

January 2020

($ in Billions, except EPS)

Adjusted Operational Sales^1,2

Change vs. Prior Year

(3.0%) – 0.5%

5.0% – 6.0%

Operational Sales²

Change vs. Prior Year

$79.2 to $82.2

(3.5%) – 0.0%

$85.8 to $86.6

4.5% – 5.5%

Estimated Reported Sales³

Change vs. Prior Year

$77.5 to $80.5

(5.5%) – (2.0%)

$85.4 to $86.2

4.0% – 5.0%

Adjusted Operational EPS (Diluted)^2,4

Change vs. Prior Year

$7.65 to $8.05

(11.9%) – (7.3%)

$9.00 to $9.15

3.7% – 5.4%

Adjusted EPS (Diluted)^3,4

Change vs. Prior Year

$7.50 to $7.90

(13.6%) – (9.0%)

$8.95 to $9.10

3.1% – 4.8%

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 2020 = $1.09 Euro Average Rate: January 2020 = $1.11 (Illustrative purposes only)

⁴Non-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: 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; 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 29, 2019, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” in the Company’s most recently filed Quarterly Report on Form 10-Q 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
	2020	2019	Total		Operations	Currency
Sales to customers by
segment of business

Consumer Health
U.S.	$ 1,740	1,438	21.0	%	21.0	–
International	1,885	1,880	0.3		3.9	(3.6)
	3,625	3,318	9.2		11.3	(2.1)

Pharmaceutical
U.S.	6,061	5,582	8.6		8.6	–
International	5,073	4,662	8.8		12.0	(3.2)
	11,134	10,244	8.7		10.1	(1.4)

Medical Devices
U.S.	2,898	3,109	(6.8)		(6.8)	–
International	3,034	3,350	(9.4)		(6.9)	(2.5)
	5,932	6,459	(8.2)		(6.9)	(1.3)

U.S.	10,699	10,129	5.6		5.6	–
International	9,992	9,892	1.0		4.0	(3.0)
Worldwide	$ 20,691	20,021	3.3	%	4.8	(1.5)

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
	2020	2019	Total		Operations	Currency
Sales to customers by
geographic area

U.S.	$ 10,699	10,129	5.6	%	5.6	–

Europe	4,827	4,609	4.7		7.5	(2.8)
Western Hemisphere excluding U.S.	1,502	1,503	(0.1)		8.5	(8.6)
Asia-Pacific, Africa	3,663	3,780	(3.1)		(1.9)	(1.2)
International	9,992	9,892	1.0		4.0	(3.0)

Worldwide	$ 20,691	20,021	3.3	%	4.8	(1.5)

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

	2020			2019			Percent
			Percent			Percent	Increase
	Amount		to Sales	Amount		to Sales	(Decrease)
Sales to customers	$ 20,691		100.0	$ 20,021		100.0	3.3
Cost of products sold	7,062		34.1	6,615		33.0	6.8
Gross Profit	13,629		65.9	13,406		67.0	1.7
Selling, marketing and administrative expenses	5,203		25.1	5,219		26.1	(0.3)
Research and development expense	2,580		12.5	2,858		14.3	(9.7)
In-process research and development	–		–	890		4.4
Interest (income) expense, net	(42)		(0.2)	3		0.0
Other (income) expense, net	(679)		(3.3)	(22)		(0.1)
Restructuring	58		0.3	36		0.2
Earnings before provision for taxes on income	6,509		31.5	4,422		22.1	47.2
Provision for taxes on income	713		3.5	673		3.4	5.9
Net earnings	5,796		28.0	3,749		18.7	54.6

Net earnings per share (Diluted)	$ 2.17			$ 1.39			56.1

Average shares outstanding (Diluted)	2,671.0			2,698.8

Effective tax rate	11.0	%		15.2	%

Adjusted earnings before provision for taxes and net earnings ⁽¹⁾
Earnings before provision for taxes on income	$ 7,244		35.0	$ 6,867		34.3	5.5
Net earnings	$ 6,154		29.7	$ 5,661		28.3	8.7
Net earnings per share (Diluted)	$ 2.30			$ 2.10			9.5
Effective tax rate	15.0	%		17.6	%

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

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

		First Quarter
	(Dollars in Millions Except Per Share Data)	2020	2019
	Net Earnings, after tax- as reported	$5,796	$3,749

	Pre-tax Adjustments
	Intangible Asset Amortization expense	1,118	1,130
	Litigation expense	120	423
	IPR&D	–	890
	Restructuring related	118	90
	Acquisition and Integration related ¹	(962)	67
	Unrealized (gains)/losses on securities	327	(158)
	Medical Device Regulation²	14	–
	Other	–	3

	Tax Adjustments
	Tax impact on special item adjustments ³	(267)	(533)
	Tax legislation and related impacts	(110)	–
	Adjusted Net Earnings, after tax	$6,154	$5,661
	Average shares outstanding (Diluted)	2,671.0	2,698.8
	Adjusted net earnings per share (Diluted)	$2.30	$2.10
	Operational adjusted net earnings per share (Diluted)	$2.32

	Notes:
1	Acquisition and integration related costs for the first quarter of 2020 primarily includes a $983M Contingent Consideration reversal related to the timing of certain developmental milestones associated with the Auris Health acquisition.



2	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 are 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 Medical Devices operating segments’ measures of profit and loss used for making operating decisions and assessing performance.







3	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
FIRST QUARTER 2020 ACTUAL vs. 2019 ACTUAL

Segments
	Consumer Health	Pharmaceutical	Medical Devices	Total
WW As Reported	9.2%	8.7%	(8.2)%	3.3%
U.S.	21.0%	8.6%	(6.8)%	5.6%
International	0.3%	8.8%	(9.4)%	1.0%

WW Currency	(2.1)	(1.4)	(1.3)	(1.5)
U.S.	–	–	–	–
International	(3.6)	(3.2)	(2.5)	(3.0)

WW Operational	11.3%	10.1%	(6.9)%	4.8%
U.S.	21.0%	8.6%	(6.8)%	5.6%
International	3.9%	12.0%	(6.9)%	4.0%

Skin Health / Beauty
*Dr. Ci Labo – Japan*	(0.4)			(0.1)
U.S.	0.0			0.0
International	(0.7)			(0.1)

General Surgery
*Advanced Sterilization Products*			2.1	0.8
U.S.			2.7	0.9
International			1.6	0.6

Baby Care
*Baby Center*	0.3			0.0
U.S.	0.8			0.1
International	0.0			0.0

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

WW Adjusted Operational	11.0%	10.2%	(4.8)%	5.6%
U.S.	21.7%	8.7%	(4.3)%	6.7%
International	2.8%	12.0%	(5.3)%	4.5%

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

	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
				% Change
		2020	2019	Reported	Operational ⁽¹⁾	Currency
CONSUMER HEALTH SEGMENT ^(2,3)
BABY CARE
US		$ 92	87	6.7%	6.7%	–
Intl		269	307	-12.4%	-8.2%	-4.2%
WW		361	394	-8.2%	-4.9%	-3.3%
SKIN HEALTH / BEAUTY⁽⁴⁾
US		659	588	12.1%	12.1%	–
Intl		458	502	-8.8%	-6.5%	-2.3%
WW		1,117	1,090	2.5%	3.5%	-1.0%
ORAL CARE
US		176	151	16.2%	16.2%	–
Intl		219	216	1.5%	5.3%	-3.8%
WW		395	367	7.6%	9.8%	-2.2%
OTC
US		689	507	35.9%	35.9%	–
Intl		659	580	13.7%	17.0%	-3.3%
WW		1,348	1,087	24.1%	25.8%	-1.7%
WOMEN’S HEALTH
US		4	3	32.0%	32.0%	–
Intl		228	222	2.5%	8.9%	-6.4%
WW		232	225	2.9%	9.2%	-6.3%
WOUND CARE / OTHER
US		119	102	17.0%	17.0%	–
Intl		52	53	-1.2%	1.9%	-3.1%
WW		171	155	10.7%	11.8%	-1.1%

TOTAL CONSUMER HEALTH
US		1,740	1,438	21.0%	21.0%	–
Intl		1,885	1,880	0.3%	3.9%	-3.6%
WW		$ 3,625	3,318	9.2%	11.3%	-2.1%


See footnotes at end of schedule
	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
				% Change
		2020	2019	Reported	Operational ⁽¹⁾	Currency
PHARMACEUTICAL SEGMENT ⁽²⁾
IMMUNOLOGY
US		$ 2,410	2,163	11.4%	11.4%	–
Intl		1,228	1,088	12.8%	16.3%	-3.5%
WW		3,638	3,251	11.9%	13.1%	-1.2%
REMICADE
US		625	774	-19.3%	-19.3%	–
US Exports ⁽⁵⁾		110	76	44.3%	44.3%	–
Intl		256	252	1.5%	5.2%	-3.7%
WW		990	1,102	-10.2%	-9.3%	-0.9%
SIMPONI / SIMPONI ARIA
US		272	263	3.4%	3.4%	–
Intl		258	261	-1.2%	2.6%	-3.8%
WW		529	524	1.1%	3.0%	-1.9%
STELARA
US		1,217	882	37.9%	37.9%	–
Intl		603	523	15.2%	18.3%	-3.1%
WW		1,819	1,405	29.5%	30.6%	-1.1%
TREMFYA
US		187	168	11.5%	11.5%	–
Intl		109	49	*	*	*
WW		296	217	36.4%	37.3%	-0.9%
OTHER IMMUNOLOGY
US		–	–	–	–	–
Intl		3	3	-6.9%	-5.6%	-1.3%
WW		3	3	-6.9%	-5.6%	-1.3%
INFECTIOUS DISEASES
US		436	357	22.3%	22.3%	–
Intl		483	489	-1.2%	2.7%	-3.9%
WW		920	846	8.7%	11.0%	-2.3%
EDURANT / rilpivirine
US		12	12	0.6%	0.6%	–
Intl		212	199	6.4%	9.2%	-2.8%
WW		224	211	6.1%	8.7%	-2.6%
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US		396	315	25.5%	25.5%	–
Intl		184	208	-11.6%	-6.4%	-5.2%
WW		579	523	10.8%	12.8%	-2.0%
OTHER INFECTIOUS DISEASES
US		29	30	-3.4%	-3.4%	–
Intl		87	82	6.7%	10.2%	-3.5%
WW		116	112	4.0%	6.6%	-2.6%

See footnotes at end of schedule

	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
				% Change
		2020	2019	Reported	Operational ⁽¹⁾	Currency
NEUROSCIENCE
US		748	723	3.3%	3.3%	–
Intl		910	905	0.5%	3.0%	-2.5%
WW		1,658	1,629	1.8%	3.1%	-1.3%
CONCERTA / Methylphenidate
US		52	97	-46.1%	-46.1%	–
Intl		118	116	1.5%	3.6%	-2.1%
WW		171	214	-20.1%	-19.0%	-1.1%
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
US		544	483	12.6%	12.6%	–
Intl		339	307	10.3%	13.2%	-2.9%
WW		883	790	11.7%	12.9%	-1.2%
RISPERDAL CONSTA
US		76	77	-0.3%	-0.3%	–
Intl		94	102	-8.7%	-5.9%	-2.8%
WW		170	179	-5.1%	-3.5%	-1.6%
OTHER NEUROSCIENCE
US		75	66	12.5%	12.5%	–
Intl		360	379	-5.1%	-3.1%	-2.0%
WW		435	446	-2.5%	-0.8%	-1.7%
ONCOLOGY
US		1,175	962	22.1%	22.1%	–
Intl		1,839	1,556	18.2%	21.7%	-3.5%
WW		3,013	2,518	19.7%	21.8%	-2.1%
DARZALEX
US		463	352	31.8%	31.8%	–
Intl		474	277	70.9%	76.8%	-5.9%
WW		937	629	49.0%	51.6%	-2.6%
ERLEADA⁽⁶⁾
US		119	58	*	*	–
Intl		24	3	*	*	*
WW		143	61	*	*	*
IMBRUVICA
US		432	349	23.9%	23.9%	–
Intl		599	435	37.8%	42.3%	-4.5%
WW		1,031	784	31.6%	34.1%	-2.5%
VELCADE
US		–	–	–	–	–
Intl		108	263	-59.0%	-58.2%	-0.8%
WW		108	263	-59.0%	-58.2%	-0.8%
ZYTIGA / abiraterone acetate
US		139	185	-25.2%	-25.2%	–
Intl		552	494	11.7%	14.3%	-2.6%
WW		690	679	1.6%	3.5%	-1.9%
OTHER ONCOLOGY⁽⁶⁾
US		22	18	20.1%	20.1%	–
Intl		82	84	-2.7%	0.6%	-3.3%
WW		104	102	1.3%	4.1%	-2.8%

See footnotes at end of schedule

	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
				% Change
		2020	2019	Reported	Operational ⁽¹⁾	Currency
PULMONARY HYPERTENSION
US		486	430	13.0%	13.0%	–
Intl		260	226	14.9%	17.8%	-2.9%
WW		745	656	13.7%	14.7%	-1.0%
OPSUMIT
US		229	172	33.0%	33.0%	–
Intl		160	133	20.2%	23.3%	-3.1%
WW		389	306	27.4%	28.8%	-1.4%
UPTRAVI
US		212	176	20.7%	20.7%	–
Intl		38	22	70.2%	75.0%	-4.8%
WW		250	198	26.2%	26.8%	-0.6%
OTHER PULMONARY HYPERTENSION⁽⁶⁾
US		44	82	-45.9%	-45.9%	–
Intl		62	71	-12.4%	-10.7%	-1.7%
WW		106	152	-30.4%	-29.6%	-0.8%
CARDIOVASCULAR / METABOLISM / OTHER
US		806	947	-14.9%	-14.9%	–
Intl		354	398	-11.0%	-8.7%	-2.3%
WW		1,160	1,345	-13.8%	-13.1%	-0.7%
XARELTO
US		527	542	-2.7%	-2.7%	–
Intl		–	–	–	–	–
WW		527	542	-2.7%	-2.7%	–
INVOKANA / INVOKAMET
US		117	154	-23.6%	-23.6%	–
Intl		58	49	18.6%	20.9%	-2.3%
WW		175	202	-13.5%	-12.9%	-0.6%
PROCRIT / EPREX
US		76	148	-48.5%	-48.5%	–
Intl		79	78	0.4%	1.9%	-1.5%
WW		155	226	-31.6%	-31.0%	-0.6%
OTHER
US		85	104	-18.0%	-18.0%	–
Intl		217	271	-19.7%	-17.1%	-2.6%
WW		302	374	-19.2%	-17.4%	-1.8%
TOTAL PHARMACEUTICAL
US		6,061	5,582	8.6%	8.6%	–
Intl		5,073	4,662	8.8%	12.0%	-3.2%
WW		$ 11,134	10,244	8.7%	10.1%	-1.4%

See footnotes at end of schedule

	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
				% Change
		2020	2019	Reported	Operational ⁽¹⁾	Currency
MEDICAL DEVICES SEGMENT ⁽²⁾
INTERVENTIONAL SOLUTIONS
US		365	343	6.6%	6.6%	–
Intl		362	389	-6.9%	-5.1%	-1.8%
WW		727	732	-0.6%	0.4%	-1.0%
ORTHOPAEDICS
US		1,250	1,318	-5.2%	-5.2%	–
Intl		788	885	-11.0%	-8.5%	-2.5%
WW		2,038	2,204	-7.5%	-6.5%	-1.0%
HIPS
US		206	213	-3.6%	-3.6%	–
Intl		132	148	-11.2%	-8.4%	-2.8%
WW		337	361	-6.7%	-5.6%	-1.1%
KNEES
US		214	223	-4.2%	-4.2%	–
Intl		130	146	-11.4%	-8.9%	-2.5%
WW		343	369	-7.0%	-6.1%	-0.9%
TRAUMA
US		407	417	-2.3%	-2.3%	–
Intl		247	268	-8.0%	-5.3%	-2.7%
WW		654	685	-4.5%	-3.5%	-1.0%
SPINE, SPORTS & OTHER⁽⁷⁾
US		423	465	-8.9%	-8.9%	–
Intl		280	323	-13.3%	-11.1%	-2.2%
WW		703	788	-10.7%	-9.8%	-0.9%
SURGERY
US		844	1,001	-15.7%	-15.7%	–
Intl		1,257	1,394	-9.8%	-6.7%	-3.1%
WW		2,100	2,395	-12.3%	-10.5%	-1.8%
ADVANCED
US		381	404	-5.7%	-5.7%	–
Intl		567	576	-1.6%	1.6%	-3.2%
WW		948	980	-3.3%	-1.4%	-1.9%
GENERAL⁽⁶⁾
US		463	597	-22.5%	-22.5%	–
Intl		690	818	-15.7%	-12.6%	-3.1%
WW		1,153	1,414	-18.5%	-16.8%	-1.7%
VISION
US		439	446	-1.6%	-1.6%	–
Intl		628	682	-8.0%	-6.4%	-1.6%
WW		1,067	1,129	-5.5%	-4.5%	-1.0%
CONTACT LENSES / OTHER
US		346	321	7.7%	7.7%	–
Intl		467	502	-7.0%	-5.4%	-1.6%
WW		814	824	-1.3%	-0.3%	-1.0%
SURGICAL
US		93	125	-25.5%	-25.5%	–
Intl		160	180	-11.0%	-9.2%	-1.8%
WW		253	305	-16.9%	-15.9%	-1.0%

TOTAL MEDICAL DEVICES
US		2,898	3,109	-6.8%	-6.8%	–
Intl		3,034	3,350	-9.4%	-6.9%	-2.5%
WW		$ 5,932	6,459	-8.2%	-6.9%	-1.3%


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			(5) Reported as U.S. sales
(2) Unaudited			(6) Refer to supplemental schedule
(3) Previously referred to as Consumer			(7) Previously referred to as Spine & Other
(4) Previously referred to as Beauty

Supplemental Schedule
Prior quarter amounts have been reclassified to
conform to current quarter product disclosure ($MM)

2018

2019

Full Year

PHARMACEUTICAL SEGMENT⁽¹⁾

ERLEADA⁽²⁾

124

103

297

Intl

–

124

116

332

OTHER ONCOLOGY⁽²⁾

104

Intl

362

336

466

102

101

100

104

407

2018

2019

Full Year

Pulmonary Hypertension

OTHER PAH⁽³⁾

353

205

Intl

342

272

695

152

140

476

2018

2019

Full Year

MEDICAL DEVICES SEGMENT⁽¹⁾

GENERAL SURGERY⁽⁴⁾

2,468

597

530

531

534

2,192

Intl

3,431

818

794

769

834

3,215

5,899

1,414

1,325

1,301

1,366

5,406

Note: Columns and rows within tables may not add due to rounding.

(1) Unaudited

(2) ERLEADA was previously included in Other Oncology

(3) Other PAH is inclusive of TRACLEER, which was previously disclosed separately

(4) General Surgery is inclusive of Specialty Surgery, which was previously disclosed separately

View original content to download multimedia:http://www.prnewswire.com/news-releases/johnson–johnson-reports-2020-first-quarter-results-301039992.html

SOURCE Johnson & Johnson

PR Newswire

April 14, 2020 – 3:31 AM PDT

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