Johnson & Johnson Reports 2020 Second-Quarter Results:

NEW BRUNSWICK, N.J., July 16, 2020 /PRNewswire/ — Johnson & Johnson (NYSE: JNJ) today announced results for second-quarter 2020. «Our second…

NEW BRUNSWICK, N.J., July 16, 2020 /PRNewswire/ — Johnson & Johnson (NYSE: JNJ) today announced results for second-quarter 2020. «Our second quarter results reflect the impact of COVID-19 and the enduring strength of our Pharmaceutical business, where we saw continued growth even in this environment,» said Alex Gorsky, Chairman and Chief Executive Officer. «Thanks to the tireless work of our colleagues around the world and our broad range of capabilities, we continue to successfully navigate the external landscape, and we remain focused on advancing the development of a vaccine to help address this pandemic and save lives.»  Mr. Gorsky continued, «We are bringing together our best minds, our global footprint and our sophisticated supply chain technology to deliver on our commitment to provide the vaccine on a not-for-profit basis for emergency pandemic use, globally. We know the need is urgent, and every day we commit to doing our part to find a solution for the global good.»

OVERALL FINANCIAL RESULTS:




SECOND QUARTER


($ in Millions, except EPS)

2020

2019

%  Change

Reported Sales

$       18,336

$       20,562

(10.8)%

Net Earnings

3,626

5,607

(35.3)%

EPS (diluted)

$           1.36

$           2.08

(34.6)%





Non-GAAP*

SECOND QUARTER


($ in Millions, except EPS)

2020

2019

%  Change

Operational Sales1,2

N/A  

N/A  

(9.0)%

Adjusted Operational Sales1,3

N/A  

N/A  

(8.8)%

Adjusted Net Earnings1,4

4,446

6,950

(36.0)%

Adjusted EPS (diluted)1,4

$           1.67

$           2.58

(35.3)%


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

REGIONAL SALES RESULTS: 




SECOND QUARTER

%  Change

Adjusted

($ in Millions) 1

Adjusted

2020
2

Adjusted

2019
2

Adjusted

Reported
2

Adjusted

Operational
1,2

Adjusted

Currency
2

Adjusted

Operational1,3

U.S.

$         9,539

$       10,403

(8.3)%

(8.3)

(8.1)

International

8,797

10,159

(13.4)%

(9.6)

(3.8)

(9.4)

Worldwide

$       18,336

$       20,562

(10.8)%

(9.0)

(1.8)

(8.8)


1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules

2 Excludes the impact of translational currency

3 Excludes the net impact of acquisitions and divestitures and translational currency

Note: values may have been rounded

SEGMENT SALES RESULTS:




SECOND QUARTER

%  Change

Adjusted

($ in Millions) 1

Adjusted

2020
1

Adjusted

2019
1

Adjusted

Reported
2

Adjusted

Operational
1,2

Adjusted

Currency
1

Adjusted

Operational1,3

Consumer Health

$         3,296

$         3,544

(7.0)%

(3.6)

(3.4)

(3.4)

Pharmaceutical

10,752

10,529

2.1%

3.9

(1.8)

3.9

Medical Devices

4,288

6,489

(33.9)%

(32.7)

(1.2)

(32.5)

Worldwide

$       18,336

$       20,562

(10.8)%

(9.0)

(1.8)

(8.8)


1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules

2 Excludes the impact of translational currency

3 Excludes the net impact of acquisitions and divestitures and translational currency

Note: values may have been rounded

SEGMENT COMMENTARY:

Consumer Health

Consumer Health worldwide operational sales, excluding the net impact of acquisitions and divestitures, declined by 3.4%* as results were negatively impacted by the COVID-19 pandemic most notably reflected in skin health and beauty care products, followed by women’s health care products and international baby care products.  Partially offsetting this impact was growth in over-the-counter products including TYLENOL analgesics; digestive health products and ZARBEE’S NATURALS; and LISTERINE mouthwash in oral care products.  Both over-the-counter and oral care products were positively impacted by COVID-19.

Pharmaceutical

Pharmaceutical worldwide operational sales, excluding the net impact of acquisitions and divestitures, grew 3.9%* 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, ERLEADA (apalutamide), a next-generation androgen receptor inhibitor for the treatment of patients with prostate cancer, TREMFYA (guselkumab), a biologic for the treatment of adults living with moderate to severe plaque psoriasis, UPTRAVI (selexipag), an oral prostacyclin receptor agonist used to treat pulmonary arterial hypertension and reduce hospitalization, INVEGA SUSTENNA/XEPLION/INVEGA TRINZA/TREVICTA (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults, and OPSUMIT (macitentan), an oral endothelin receptor antagonist indicated for the treatment of pulmonary arterial hypertension to delay disease progression. This growth was partially offset by the negative impact of COVID-19 as well as biosimilar and generic competition, with declines primarily in REMICADE (infliximab), a biologic approved for the treatment of a number of immune-mediated inflammatory diseases, international VELCADE (bortezomib), a proteasome inhibitor for the treatment of multiple myeloma, and ZYTIGA (abiraterone acetate), an oral, once-daily medication for use in combination with prednisone for the treatment of metastatic castration-resistant prostate cancer.

Medical Devices 

Medical Devices worldwide operational sales, excluding the net impact of acquisitions and divestitures, declined by 32.5%* primarily driven by the negative impact of the COVID-19 pandemic and the associated deferral of medical procedures to our Surgery, Orthopaedics, Vision and Interventional Solutions 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

TREMFYA (guselkumab) – U.S. Food and Drug Administration (FDA)

Approves for Adult Patients with Active Psoriatic Arthritis (PsA)¹

(press release)

ZABDENO (Ad26.ZEBOV) and MVABEA (MVA-BN-Filo) – European

Commission Approves Janssen’s Preventive Ebola Vaccine¹

(press release)

DARZALEX (daratumumab) – European Commission (EC) Grants Marketing

Authorisation for Subcutaneous Formulation for all Currently Approved

Intravenous Formulation Indications

(press release)

SIRTURO (bedaquiline) – U.S. FDA Approves New Pediatric Formulation as

Part of Combination Therapy to Treat Children with Pulmonary Multidrug-

Resistant Tuberculosis

(press release)

DARZALEX FASPRO (daratumumab and hyaluronidase-fihj) – U.S. FDA

Approves a new Subcutaneous Formulation of Daratumumab for the Treatment

of Patients with Multiple Myeloma

(press release)

IMBRUVICA (ibrutinib) – U.S. FDA Approves IMBRUVICA Plus Rituximab for

Treatment of Patients with Chronic Lymphocytic Leukemia (CLL)

(press release)

Regulatory Submissions

SIMPONI ARIA (golimumab) – Submission to the U.S. Food and Drug

Administration (FDA) for the Treatment of Polyarticular Juvenile Idiopathic

Arthritis and Juvenile Psoriatic Arthritis

(press release) 

Other

STELARA (ustekinumab) Discontinuation of Phase 3 LOTUS Study in Systemic

Lupus Erythematosus

(press release)

Johnson & Johnson Announces Acceleration of its COVID-19 Vaccine

Candidate; Phase 1/2a Clinical Trial to Begin in Second Half of July

(press release)

Biosense Webster Unveils Late-Breaking Results from PRECEPT Study in Patients

with Persistent Atrial Fibrillation

(press release)

1 Subsequent to the quarter

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 estimated impact of the COVID-19 pandemic is included in the guidance below.


July 2020

April 2020

($ in Billions, except EPS)

Adjusted Operational Sales1,2

Change vs. Prior Year

(0.8%) – 1.0%

(3.0%) – 0.5% 

Operational Sales2

Change vs. Prior Year

$81.0 to $82.5

(1.3%) – 0.5%

$79.2 to $82.2 

(3.5%) – 0.0% 

Estimated Reported Sales3

Change vs. Prior Year

$79.9 to $81.4

(2.6%) – (0.8%)

$77.5 to $80.5 

(5.5%) – (2.0%) 




Adjusted Operational EPS (Diluted)2,4

Change vs. Prior Year

$7.85 to $8.05

(9.6%) – (7.3%)

$7.65 to $8.05 

(11.9%) – (7.3%) 

Adjusted EPS (Diluted)3,4

Change vs. Prior Year

$7.75 – $7.95

(10.7%) – (8.4%)

$7.50 to $7.90 

(13.6%) – (9.0%) 


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: July 2020 = $1.12 Euro Average Rate: April 2020 = $1.09 (Illustrative purposes only)

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 8:00 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 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)

SECOND QUARTER


SIX MONTHS






Percent Change






Percent Change


2020


2019


Total


Operations


Currency


2020


2019


Total


Operations


Currency

Sales to customers by




















geographic area








































U.S.

$   9,539


10,403


(8.3)

%

(8.3)



$ 20,238


20,532


(1.4)

%

(1.4)






















Europe

4,063


4,733


(14.2)


(11.5)


(2.7)


8,890


9,342


(4.8)


(2.1)


(2.7)

Western Hemisphere excluding U.S.

1,133


1,455


(22.1)


(8.9)


(13.2)


2,635


2,958


(10.9)


(0.1)


(10.8)

Asia-Pacific, Africa

3,601


3,971


(9.3)


(7.7)


(1.6)


7,264


7,751


(6.3)


(4.9)


(1.4)

International

8,797


10,159


(13.4)


(9.6)


(3.8)


18,789


20,051


(6.3)


(2.9)


(3.4)





















Worldwide

$ 18,336


20,562


(10.8)

%

(9.0)


(1.8)


$ 39,027


40,583


(3.8)

%

(2.2)


(1.6)









































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)

SECOND QUARTER


SIX MONTHS






 Percent Change






Percent Change


2020


2019


Total


Operations


Currency


2020


2019


Total


Operations


Currency

Sales to customers by




















segment of business








































Consumer Health




















    U.S.

$   1,557


1,537


1.3

%

1.3



$   3,297


2,975


10.8

%

10.8


    International

1,739


2,007


(13.4)


(7.4)


(6.0)


3,624


3,887


(6.8)


(1.9)


(4.9)


3,296


3,544


(7.0)


(3.6)


(3.4)


6,921


6,862


0.9


3.6


(2.7)





















Pharmaceutical




















    U.S.

6,120


5,783


5.8


5.8



12,181


11,365


7.2


7.2


    International

4,632


4,746


(2.4)


1.4


(3.8)


9,705


9,408


3.2


6.7


(3.5)


10,752


10,529


2.1


3.9


(1.8)


21,886


20,773


5.4


7.0


(1.6)





















Medical Devices




















    U.S.

1,862


3,083


(39.6)


(39.6)



4,760


6,192


(23.1)


(23.1)


    International

2,426


3,406


(28.8)


(26.4)


(2.4)


5,460


6,756


(19.2)


(16.8)


(2.4)


4,288


6,489


(33.9)


(32.7)


(1.2)


10,220


12,948


(21.1)


(19.8)


(1.3)





















U.S.

9,539


10,403


(8.3)


(8.3)



20,238


20,532


(1.4)


(1.4)


International

8,797


10,159


(13.4)


(9.6)


(3.8)


18,789


20,051


(6.3)


(2.9)


(3.4)

Worldwide

$ 18,336


20,562


(10.8)

%

(9.0)


(1.8)


$ 39,027


40,583


(3.8)

%

(2.2)


(1.6)





















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)

SECOND QUARTER












2020


2019


Percent




Percent




Percent


Increase


Amount


to Sales


Amount


to Sales


(Decrease)

Sales to customers

$ 18,336


100.0


$ 20,562


100.0


(10.8)

Cost of products sold

6,579


35.9


6,940


33.8


(5.2)

Gross Profit

11,757


64.1


13,622


66.2


(13.7)

Selling, marketing and administrative expenses

4,993


27.2


5,546


27.0


(10.0)

Research and development expense

2,707


14.8


2,666


13.0


1.5

In-process research and development

6


0.0





Interest (income) expense, net

26


0.2


(5)


0.0



Other (income) expense, net

24


0.1


(1,683)


(8.2)



Restructuring

61


0.3


57


0.2



Earnings before provision for taxes on income

3,940


21.5


7,041


34.2


(44.0)

Provision for taxes on income

314


1.7


1,434


6.9


(78.1)

Net earnings

$   3,626


19.8


$   5,607


27.3


(35.3)











Net earnings per share (Diluted)

$     1.36




$     2.08




(34.6)











Average shares outstanding (Diluted)

2,665.5




2,691.7















Effective tax rate

8.0

%



20.4

%














Adjusted earnings before provision for taxes and net earnings (1)










Earnings before provision for taxes on income

$   5,337


29.1


$   8,614


41.9


(38.0)

Net earnings

$   4,446


24.2


$   6,950


33.8


(36.0)

Net earnings per share (Diluted)

$     1.67




$     2.58




(35.3)

Effective tax rate

16.7

%



19.3

%














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










 

 

Johnson & Johnson and Subsidiaries










Condensed Consolidated Statement of Earnings 




















(Unaudited; in Millions Except Per Share Figures)

SIX MONTHS












2020


2019


Percent




Percent




Percent


Increase


Amount


to Sales


Amount


to Sales


(Decrease)

Sales to customers

$ 39,027


100.0


$ 40,583


100.0


(3.8)

Cost of products sold

13,641


35.0


13,555


33.4


0.6

Gross Profit

25,386


65.0


27,028


66.6


(6.1)

Selling, marketing and administrative expenses

10,196


26.1


10,765


26.5


(5.3)

Research and development expense

5,287


13.5


5,524


13.6


(4.3)

In-process research and development

6


0.0


890


2.2



Interest (income) expense, net

(16)


0.0


(2)


0.0



Other (income) expense, net

(655)


(1.7)


(1,705)


(4.2)



Restructuring

119


0.3


93


0.3



Earnings before provision for taxes on income

10,449


26.8


11,463


28.2


(8.8)

Provision for taxes on income

1,027


2.7


2,107


5.1


(51.3)

Net earnings

$   9,422


24.1


$   9,356


23.1


0.7











Net earnings per share (Diluted)

$     3.53




$     3.47




1.7











Average shares outstanding (Diluted)

2,671.0




2,697.0















Effective tax rate

9.8

%



18.4

%














Adjusted earnings before provision for taxes and net earnings (1)










Earnings before provision for taxes on income

$ 12,581


32.2


$ 15,481


38.1


(18.7)

Net earnings

$ 10,600


27.2


$ 12,611


31.1


(15.9)

Net earnings per share (Diluted)

$     3.97




$     4.68




(15.2)

Effective tax rate

15.7

%



18.5

%














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










 

 

Johnson & Johnson and Subsidiaries








Reconciliation of Non-GAAP Financial Measures 



















Second Quarter


Six Months Ended


(Dollars in Millions Except Per Share Data)

2020


2019


2020


2019


Net Earnings, after tax- as reported

$3,626


$5,607


$9,422


$9,356











Pre-tax Adjustments 









Intangible Asset Amortization expense

1,127


1,118


2,245


2,248


Litigation expense, net

613


409


733


832


IPR&D

6



6


890


Restructuring related

115


142


233


232


Acquisition and Integration related ¹

29


55


(933)


122


Unrealized (gains)/losses on securities 

(533)


(148)


(206)


(306)


Medical Device Regulation 2

37



51



Other

3


(3)


3












Tax Adjustments









Tax impact on special item adjustments 3

(253)


(230)


(520)


(763)


Tax legislation and related impacts 

(324)



(434)



Adjusted Net Earnings, after tax

$4,446


$6,950


$10,600


$12,611


Average shares outstanding (Diluted)

2,665.5


2,691.7


2,671.0


2,697.0


Adjusted net earnings per share (Diluted)

$1.67


$2.58


$3.97


$4.68


Operational adjusted net earnings per share (Diluted)

$1.69




$4.01













Notes:








1

Acquisition and integration related costs for the six months 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

 SECOND QUARTER 2020 ACTUAL vs. 2019 ACTUAL 


 Segments 












Consumer Health


 Pharmaceutical 


 Medical Devices 


 Total 










 WW As Reported 


(7.0)%


2.1%


(33.9)%


(10.8)%

 U.S. 


1.3%


5.8%


(39.6)%


(8.3)%

 International 


(13.4)%


(2.4)%


(28.8)%


(13.4)%










 WW Currency 


(3.4)


(1.8)


(1.2)


(1.8)

 U.S. 





 International 


(6.0)


(3.8)


(2.4)


(3.8)










 WW Operational 


(3.6)%


3.9%


(32.7)%


(9.0)%

 U.S. 


1.3%


5.8%


(39.6)%


(8.3)%

 International 


(7.4)%


1.4%


(26.4)%


(9.6)%










General Surgery









Advanced Sterilization Products






0.1


0.1

 U.S. 






0.0


0.0

 International 






0.3


0.2










Baby Care









Baby Center


0.3






0.0

 U.S. 


0.7






0.1

 International 


0.0






0.0










All Other Acquisitions and Divestitures


0.0


0.0


0.1


0.1

 U.S. 


0.0


0.0


0.1


0.0

 International 


(0.1)


0.1


0.0


0.0










WW Adjusted Operational


(3.4)%


3.9%


(32.5)%


(8.8)%

 U.S. 


2.0%


5.8%


(39.5)%


(8.1)%

 International 


(7.5)%


1.5%


(26.1)%


(9.4)%










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

 SIX MONTHS 2020 ACTUAL vs. 2019 ACTUAL 


 Segments 












Consumer Health


 Pharmaceutical 


 Medical Devices 


 Total 










 WW As Reported 


0.9%


5.4%


(21.1)%


(3.8)%

 U.S. 


10.8%


7.2%


(23.1)%


(1.4)%

 International 


(6.8)%


3.2%


(19.2)%


(6.3)%










 WW Currency 


(2.7)


(1.6)


(1.3)


(1.6)

 U.S. 





 International 


(4.9)


(3.5)


(2.4)


(3.4)










 WW Operational 


3.6%


7.0%


(19.8)%


(2.2)%

 U.S. 


10.8%


7.2%


(23.1)%


(1.4)%

 International 


(1.9)%


6.7%


(16.8)%


(2.9)%










Skin Health / Beauty









Dr. Ci Labo – Japan


(0.2)






0.0

 U.S. 


0.0






0.0

 International 


(0.4)






(0.1)










General Surgery









Advanced Sterilization Products






1.0


0.4

 U.S. 






1.1


0.4

 International 






0.9


0.4










Baby Care









Baby Center


0.3






0.0

 U.S. 


0.7






0.1

 International 


0.0






0.0










All Other Acquisitions and Divestitures


(0.1)


0.1


0.0


0.0

 U.S. 


0.0


0.1


0.0


0.1

 International 


(0.2)


0.0


0.0


0.0










WW Adjusted Operational


3.6%


7.0%


(18.8)%


(1.7)%

 U.S. 


11.5%


7.2%


(22.0)%


(0.8)%

 International 


(2.5)%


6.7%


(15.9)%


(2.6)%










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



 

 


REPORTED SALES vs. PRIOR PERIOD ($MM)




REPORTED SALES vs. PRIOR PERIOD ($MM)


SECOND QUARTER

SIX MONTHS









% Change








% Change



2020


2019

Reported

Operational (1)

Currency





2020


2019

Reported

Operational (1)

Currency

CONSUMER HEALTH SEGMENT (2,3) 


















BABY CARE


















US


$                  96


99

-3.5%

-3.5%





$              188


186

1.2%

1.2%

Intl


260


344

-24.3%

-16.6%

-7.7%





529


651

-18.7%

-12.6%

-6.1%

WW


356


443

-19.7%

-13.6%

-6.1%





717


837

-14.3%

-9.5%

-4.8%

ORAL CARE


















US


170


155

9.7%

9.7%





346


306

12.9%

12.9%

Intl


227


234

-2.8%

4.0%

-6.8%





446


450

-0.8%

4.6%

-5.4%

WW


397


389

2.2%

6.3%

-4.1%





792


756

4.8%

8.0%

-3.2%

OTC


















US


627


484

29.6%

29.6%





1,316


991

32.8%

32.8%

Intl


522


580

-10.1%

-5.0%

-5.1%





1,181


1,160

1.8%

6.0%

-4.2%

WW


1,149


1,064

7.9%

10.7%

-2.8%





2,497


2,151

16.1%

18.3%

-2.2%

SKIN HEALTH / BEAUTY(4)


















US


536


663

-19.2%

-19.2%





1,195


1,251

-4.5%

-4.5%

Intl


471


539

-12.5%

-8.2%

-4.3%





929


1,041

-10.7%

-7.4%

-3.3%

WW


1,007


1,202

-16.2%

-14.3%

-1.9%





2,124


2,292

-7.3%

-5.8%

-1.5%

WOMEN’S HEALTH


















US


3


3

-2.9%

-2.9%





7


6

14.3%

14.3%

Intl


199


250

-20.4%

-12.0%

-8.4%





427


472

-9.6%

-2.1%

-7.5%

WW


202


253

-20.1%

-11.8%

-8.3%





434


478

-9.3%

-1.9%

-7.4%

WOUND CARE / OTHER


















US


126


132

-4.7%

-4.7%





245


234

4.7%

4.7%

Intl


59


61

-2.4%

3.7%

-6.1%





111


114

-1.9%

2.8%

-4.7%

WW


185


193

-4.0%

-2.1%

-1.9%





356


348

2.6%

4.1%

-1.5%



















TOTAL CONSUMER HEALTH


















US


1,557


1,537

1.3%

1.3%





3,297


2,975

10.8%

10.8%

Intl


1,739


2,007

-13.4%

-7.4%

-6.0%





3,624


3,887

-6.8%

-1.9%

-4.9%

WW


$             3,296


3,544

-7.0%

-3.6%

-3.4%





$           6,921


6,862

0.9%

3.6%

-2.7%





































See footnotes at end of schedule


















 

 


REPORTED SALES vs. PRIOR PERIOD ($MM)




REPORTED SALES vs. PRIOR PERIOD ($MM)



SECOND QUARTER

SIX MONTHS







% Change








% Change


PHARMACEUTICAL SEGMENT (2,5)


2020


2019

Reported

Operational (1)

Currency





2020


2019

Reported

Operational (1)

Currency



















IMMUNOLOGY


















US


$             2,362


2,379

-0.7%

-0.7%





$           4,772


4,542

5.1%

5.1%

Intl


1,161


1,087

6.8%

11.0%

-4.2%





2,389


2,175

9.8%

13.7%

-3.9%

WW


3,523


3,466

1.6%

3.0%

-1.4%





7,161


6,717

6.6%

7.9%

-1.3%

REMICADE


















US 


593


801

-25.8%

-25.8%





1,218


1,575

-22.7%

-22.7%

US Exports (6)


133


62

*

*





243


138

75.7%

75.7%

Intl


208


244

-14.5%

-8.7%

-5.8%





464


496

-6.4%

-1.6%

-4.8%

WW


935


1,107

-15.5%

-14.2%

-1.3%





1,925


2,209

-12.9%

-11.8%

-1.1%

SIMPONI / SIMPONI ARIA


















US


256


281

-8.7%

-8.7%





528


544

-2.9%

-2.9%

Intl


289


282

2.6%

6.8%

-4.2%





547


543

0.8%

4.8%

-4.0%

WW


546


563

-3.0%

-0.9%

-2.1%





1,075


1,087

-1.1%

1.0%

-2.1%

STELARA


















US


1,138


1,058

7.5%

7.5%





2,355


1,940

21.4%

21.4%

Intl


558


499

11.9%

15.5%

-3.6%





1,161


1,022

13.6%

16.9%

-3.3%

WW


1,697


1,558

8.9%

10.1%

-1.2%





3,516


2,963

18.7%

19.8%

-1.1%

TREMFYA


















US


241


176

36.7%

36.7%





428


344

24.4%

24.4%

Intl


101


59

71.0%

73.4%

-2.4%





210


108

94.0%

97.1%

-3.1%

WW


342


235

45.4%

46.0%

-0.6%





638


452

41.1%

41.8%

-0.7%

OTHER IMMUNOLOGY


















US








Intl


3


3

11.8%

21.6%

-9.8%





6


6

2.7%

8.4%

-5.7%

WW


3


3

11.8%

21.6%

-9.8%





6


6

2.7%

8.4%

-5.7%

INFECTIOUS DISEASES


















US


416


387

7.4%

7.4%





852


744

14.5%

14.5%

Intl


463


475

-2.5%

2.6%

-5.1%





946


964

-1.8%

2.7%

-4.5%

WW


878


862

1.9%

4.7%

-2.8%





1,798


1,708

5.3%

7.8%

-2.5%

EDURANT / rilpivirine


















US


10


12

-14.0%

-14.0%





22


24

-6.9%

-6.9%

Intl


246


198

24.5%

27.7%

-3.2%





458


397

15.4%

18.4%

-3.0%

WW


256


210

22.2%

25.2%

-3.0%





480


421

14.1%

17.0%

-2.9%

PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA


















US


379


344

10.5%

10.5%





775


659

17.7%

17.7%

Intl


130


191

-32.0%

-26.1%

-5.9%





314


399

-21.4%

-15.8%

-5.6%

WW


510


535

-4.7%

-2.6%

-2.1%





1,089


1,058

2.9%

5.0%

-2.1%

OTHER INFECTIOUS DISEASES


















US


25


31

-18.7%

-18.7%





54


61

-11.2%

-11.2%

Intl


87


86

1.0%

8.7%

-7.7%





174


168

3.8%

9.4%

-5.6%

WW


113


117

-4.2%

1.5%

-5.7%





229


229

-0.2%

3.9%

-4.1%

 

 


REPORTED SALES vs. PRIOR PERIOD ($MM)





REPORTED SALES vs. PRIOR PERIOD ($MM)


SECOND QUARTER


SIX MONTHS






% Change








% Change



2020


2019

Reported

Operational (1)

Currency





2020


2019

Reported

Operational (1)

Currency

NEUROSCIENCE


















US


778


664

17.4%

17.4%





1,526


1,387

10.1%

10.1%

Intl


809


875

-7.6%

-4.1%

-3.5%





1,719


1,780

-3.5%

-0.5%

-3.0%

WW


1,587


1,538

3.2%

5.2%

-2.0%





3,245


3,167

2.5%

4.1%

-1.6%

CONCERTA / Methylphenidate


















US


55


15

*

*





107


112

-4.2%

-4.2%

Intl


94


123

-23.0%

-20.2%

-2.8%





212


239

-11.0%

-8.6%

-2.4%

WW


149


137

8.7%

11.2%

-2.5%





320


351

-8.9%

-7.2%

-1.7%

INVEGA SUSTENNA / XEPLION /

INVEGA TRINZA / TREVICTA


















US


576


506

13.8%

13.8%





1,120


989

13.2%

13.2%

Intl


303


312

-2.8%

0.3%

-3.1%





642


619

3.7%

6.7%

-3.0%

WW


879


818

7.5%

8.6%

-1.1%





1,762


1,608

9.5%

10.7%

-1.2%

RISPERDAL CONSTA


















US


74


81

-9.3%

-9.3%





150


158

-4.9%

-4.9%

Intl


79


101

-21.2%

-18.1%

-3.1%





173


203

-14.9%

-11.9%

-3.0%

WW


153


182

-15.9%

-14.2%

-1.7%





323


361

-10.5%

-8.9%

-1.6%

OTHER NEUROSCIENCE


















US


75


62

21.5%

21.5%





150


128

16.8%

16.8%

Intl


331


340

-2.5%

1.7%

-4.2%





691


719

-3.9%

-0.8%

-3.1%

WW


406


401

1.2%

4.7%

-3.5%





841


847

-0.7%

1.8%

-2.5%

ONCOLOGY


















US


1,181


1,013

16.6%

16.6%





2,356


1,975

19.3%

19.3%

Intl


1,609


1,684

-4.4%

-0.9%

-3.5%





3,448


3,240

6.4%

9.9%

-3.5%

WW


2,791


2,697

3.5%

5.7%

-2.2%





5,804


5,215

11.3%

13.5%

-2.2%

DARZALEX


















US


492


369

32.9%

32.9%





955


721

32.3%

32.3%

Intl


409


405

1.2%

5.9%

-4.7%





883


682

29.6%

34.7%

-5.1%

WW


901


774

16.3%

18.8%

-2.5%





1,838


1,403

31.0%

33.5%

-2.5%

ERLEADA


















US


136


62

*

*





255


120

*

*

Intl


33


7

*

*

*





57


10

*

*

*

WW


170


69

*

*

*





313


130

*

*

*

IMBRUVICA


















US


447


367

21.5%

21.5%





879


716

22.6%

22.6%

Intl


502


463

8.3%

13.4%

-5.1%





1,101


898

22.6%

27.4%

-4.8%

WW


949


831

14.1%

17.0%

-2.9%





1,980


1,615

22.6%

25.3%

-2.7%

VELCADE


















US








Intl


98


224

-56.1%

-55.2%

-0.9%





206


487

-57.7%

-56.9%

-0.8%

WW


98


224

-56.1%

-55.2%

-0.9%





206


487

-57.7%

-56.9%

-0.8%

ZYTIGA / abiraterone acetate


















US


87


198

-55.6%

-55.6%





226


383

-40.9%

-40.9%

Intl


480


500

-3.9%

-2.0%

-1.9%





1,032


994

3.8%

6.1%

-2.3%

WW


568


698

-18.6%

-17.2%

-1.4%





1,258


1,377

-8.6%

-7.0%

-1.6%

OTHER ONCOLOGY


















US


20


16

22.9%

22.9%





42


34

21.4%

21.4%

Intl


87


85

2.2%

5.9%

-3.7%





169


169

-0.3%

3.3%

-3.6%

WW


106


101

5.5%

8.6%

-3.1%





210


203

3.4%

6.3%

-2.9%

PULMONARY HYPERTENSION


















US


545


439

24.2%

24.2%





1,031


869

18.7%

18.7%

Intl


243


251

-3.3%

-1.0%

-2.3%





503


477

5.3%

7.9%

-2.6%

WW


789


690

14.2%

15.0%

-0.8%





1,534


1,346

13.9%

14.9%

-1.0%

OPSUMIT


















US


256


203

26.1%

26.1%





485


375

29.3%

29.3%

Intl


150


146

3.0%

5.7%

-2.7%





310


279

11.2%

14.1%

-2.9%

WW


406


348

16.5%

17.6%

-1.1%





795


654

21.6%

22.8%

-1.2%

UPTRAVI


















US


254


175

44.5%

44.5%





466


351

32.6%

32.6%

Intl


28


28

4.0%

7.3%

-3.3%





66


50

33.6%

37.6%

-4.0%

WW


282


203

39.0%

39.5%

-0.5%





532


401

32.7%

33.2%

-0.5%

OTHER PULMONARY HYPERTENSION


















US


37


61

-40.2%

-40.2%





81


143

-43.5%

-43.5%

Intl


64


78

-17.6%

-16.4%

-1.2%





126


149

-15.1%

-13.7%

-1.4%

WW


101


140

-27.5%

-26.9%

-0.6%





207


292

-29.0%

-28.3%

-0.7%

CARDIOVASCULAR / METABOLISM / OTHER


















US


837


902

-7.2%

-7.2%





1,643


1,849

-11.1%

-11.1%

Intl


347


373

-7.0%

-2.4%

-4.6%





701


771

-9.1%

-5.6%

-3.5%

WW


1,184


1,275

-7.1%

-5.8%

-1.3%





2,344


2,620

-10.5%

-9.5%

-1.0%

XARELTO


















US


559


549

1.7%

1.7%





1,086


1,091

-0.5%

-0.5%

Intl








WW


559


549

1.7%

1.7%





1,086


1,091

-0.5%

-0.5%

INVOKANA / INVOKAMET


















US


132


132

-0.8%

-0.8%





249


286

-13.0%

-13.0%

Intl


47


43

9.1%

14.8%

-5.7%





105


92

14.1%

18.1%

-4.0%

WW


179


177

1.6%

3.1%

-1.5%





354


379

-6.4%

-5.5%

-0.9%

PROCRIT / EPREX


















US


70


113

-38.3%

-38.3%





146


261

-44.1%

-44.1%

Intl


66


70

-5.0%

-2.3%

-2.7%





145


148

-2.2%

-0.1%

-2.1%

WW


136


183

-25.6%

-24.6%

-1.0%





291


409

-28.9%

-28.2%

-0.7%

OTHER


















US


78


107

-27.7%

-27.7%





163


211

-22.9%

-22.9%

Intl


234


260

-10.2%

-5.3%

-4.9%





451


531

-15.0%

-11.3%

-3.7%

WW


312


368

-15.3%

-11.8%

-3.5%





614


742

-17.3%

-14.6%

-2.7%

TOTAL PHARMACEUTICAL


















US


6,120


5,783

5.8%

5.8%





12,181


11,365

7.2%

7.2%

Intl


4,632


4,746

-2.4%

1.4%

-3.8%





9,705


9,408

3.2%

6.7%

-3.5%

WW


$           10,752


10,529

2.1%

3.9%

-1.8%





$         21,886


20,773

5.4%

7.0%

-1.6%



















See footnotes at end of schedule


















 

 


REPORTED SALES vs. PRIOR PERIOD ($MM)





REPORTED SALES vs. PRIOR PERIOD ($MM)


SECOND QUARTER


SIX MONTHS










% Change








% Change

MEDICAL DEVICES SEGMENT (2,5)


2020


2019

Reported

Operational (1)

Currency





2020


2019

Reported

Operational (1)

Currency



















INTERVENTIONAL SOLUTIONS


















US


255


366

-30.5%

-30.5%





620


709

-12.6%

-12.6%

Intl


335


385

-12.8%

-10.9%

-1.9%





697


774

-9.9%

-8.0%

-1.9%

WW


590


750

-21.5%

-20.5%

-1.0%





1,317


1,482

-11.2%

-10.2%

-1.0%

ORTHOPAEDICS


















US 


869


1,331

-34.7%

-34.7%





2,119


2,649

-20.0%

-20.0%

Intl


583


894

-34.8%

-32.6%

-2.2%





1,371


1,779

-22.9%

-20.6%

-2.3%

WW


1,451


2,224

-34.7%

-33.9%

-0.8%





3,489


4,428

-21.2%

-20.3%

-0.9%

HIPS


















US


137


216

-36.5%

-36.5%





343


429

-20.1%

-20.1%

Intl


88


147

-39.8%

-37.3%

-2.5%





220


295

-25.4%

-22.8%

-2.6%

WW


226


364

-37.8%

-36.8%

-1.0%





563


725

-22.3%

-21.2%

-1.1%

KNEES


















US


108


218

-50.5%

-50.5%





322


441

-27.1%

-27.1%

Intl


66


153

-56.8%

-55.3%

-1.5%





196


299

-34.6%

-32.7%

-1.9%

WW


174


372

-53.1%

-52.5%

-0.6%





517


741

-30.1%

-29.3%

-0.8%

TRAUMA


















US


354


407

-12.9%

-12.9%





761


824

-7.6%

-7.6%

Intl


198


265

-25.2%

-22.6%

-2.6%





445


533

-16.5%

-13.9%

-2.6%

WW


553


672

-17.8%

-16.7%

-1.1%





1,207


1,357

-11.1%

-10.0%

-1.1%

SPINE, SPORTS & OTHER(7)


















US


270


490

-45.0%

-45.0%





693


955

-27.4%

-27.4%

Intl


230


328

-29.9%

-27.9%

-2.0%





510


651

-21.7%

-19.6%

-2.1%

WW


499


818

-39.0%

-38.2%

-0.8%





1,202


1,606

-25.1%

-24.3%

-0.8%

SURGERY


















US


490


926

-47.0%

-47.0%





1,334


1,927

-30.8%

-30.8%

Intl


1,060


1,427

-25.7%

-22.6%

-3.1%





2,317


2,821

-17.9%

-14.8%

-3.1%

WW


1,551


2,353

-34.1%

-32.2%

-1.9%





3,651


4,748

-23.1%

-21.3%

-1.8%

ADVANCED


















US


277


396

-30.0%

-30.0%





658


800

-17.7%

-17.7%

Intl


498


633

-21.2%

-18.4%

-2.8%





1,065


1,209

-11.9%

-8.9%

-3.0%

WW


775


1,029

-24.6%

-22.9%

-1.7%





1,723


2,009

-14.2%

-12.4%

-1.8%

GENERAL


















US


213


530

-59.8%

-59.8%





676


1,127

-40.0%

-40.0%

Intl


562


794

-29.2%

-26.0%

-3.2%





1,252


1,612

-22.4%

-19.2%

-3.2%

WW


775


1,325

-41.5%

-39.5%

-2.0%





1,928


2,739

-29.6%

-27.8%

-1.8%

VISION


















US


248


461

-46.1%

-46.1%





687


907

-24.2%

-24.2%

Intl


447


701

-36.1%

-34.8%

-1.3%





1,075


1,383

-22.3%

-20.8%

-1.5%

WW


695


1,161

-40.1%

-39.3%

-0.8%





1,762


2,290

-23.0%

-22.2%

-0.8%

CONTACT LENSES / OTHER


















US


203


333

-39.0%

-39.0%





549


654

-16.1%

-16.1%

Intl


352


509

-30.9%

-29.6%

-1.3%





819


1,011

-19.0%

-17.6%

-1.4%

WW


554


842

-34.1%

-33.3%

-0.8%





1,368


1,666

-17.9%

-17.0%

-0.9%

SURGICAL


















US


45


128

-64.6%

-64.6%





138


253

-45.3%

-45.3%

Intl


96


191

-49.9%

-48.8%

-1.1%





256


371

-31.0%

-29.6%

-1.4%

WW


141


319

-55.8%

-55.2%

-0.6%





394


624

-36.8%

-36.0%

-0.8%



















TOTAL MEDICAL DEVICES


















US


1,862


3,083

-39.6%

-39.6%





4,760


6,192

-23.1%

-23.1%

Intl


2,426


3,406

-28.8%

-26.4%

-2.4%





5,460


6,756

-19.2%

-16.8%

-2.4%

WW


$             4,288


6,489

-33.9%

-32.7%

-1.2%





$         10,220


12,948

-21.1%

-19.8%

-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


(6) Reported as U.S. sales













(1) Operational growth excludes the effect of translational currency


(7) Previously referred to as Spine & Other












(2) Unaudited


















(3) Previously referred to as Consumer
















(4) Previously referred to as Beauty
















(5) Certain prior year amounts have been reclassified to conform to current year product disclosures

 

(PRNewsfoto/Johnson & Johnson)

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/johnson–johnson-reports-2020-second-quarter-results-301094705.html

SOURCE Johnson & Johnson