Johnson & Johnson Reports Q1 2023 Results

• 2023 First-Quarter reported sales growth of 5.6% to $24.7 Billion with operational growth of 9.0%* and adjusted operational growth of 7.6%*
• 2023 First-Quarter basic loss per share of ($0.03) decreasing 101.6% due to a special one-time charge, with adjusted earnings per share (EPS) of $2.68 increasing by 0.4%*
• Company is increasing 2023 full-year guidance midpoints for adjusted operational sales and adjusted operational EPS

NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--Johnson & Johnson (NYSE: JNJ) today announced results for first-quarter 2023. “Our first quarter results demonstrate strong performance across all three segments of our business and reflect the dedication of Johnson & Johnson colleagues around the world,” said Joaquin Duato, Chairman of the Board and Chief Executive Officer. “With this momentum, I look forward to the remainder of the year, one filled with exciting catalysts that will create both near- and long-term value for patients and all of our stakeholders.”

OVERALL FINANCIAL RESULTS

	Q1
($ in Millions, except EPS)	2023	2022	% Change
Reported Sales	$24,746	$23,426	5.6%
Net Earnings/(Loss)	($68)	$5,149	(101.3)%
EPS (basic/diluted)^5	($0.03)	$1.93	(101.6)%
	Q1
Non-GAAP* ($ in Millions, except EPS)	2023	2022	% Change
Operational Sales^1,2			9.0%
Adjusted Operational Sales^1,3			7.6%
Adjusted Net Earnings^1,4	$7,068	$7,129	(0.9)%
Adjusted EPS (diluted)^1,4	$2.68	$2.67	0.4%

^1	Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
^2	Excludes the impact of translational currency
^3	Excludes the net impact of acquisitions and divestitures and translational currency
^4	Excludes intangible amortization expense and special items
^5	Basic shares are used to calculate loss per share as use of diluted shares when in a loss position would be anti-dilutive
	Note: values may have been rounded

REGIONAL SALES RESULTS

Q1			% Change
($ in Millions)	2023	2022	Reported	Operational^1,2	Currency	Adjusted Operational^1,3
U.S.	$12,517	$11,414	9.7%	9.7	-	7.4
International	12,229	12,012	1.8	8.3	(6.5)	7.9
Worldwide	$24,746	$23,426	5.6%	9.0	(3.4)	7.6

^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

Q1			% Change
($ in Millions)	2023	2022	Reported	Operational^1,2	Currency	Adjusted Operational^1,3
Consumer Health	$ 3,852	$ 3,586	7.4%	11.3	(3.9)	11.3
Pharmaceutical	13,413	12,869	4.2	7.2	(3.0)	7.2
MedTech	7,481	6,971	7.3	11.0	(3.7)	6.4
Worldwide	$ 24,746	$ 23,426	5.6%	9.0	(3.4)	7.6

^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

FIRST QUARTER 2023 SEGMENT COMMENTARY:
Adjusted operational sales* reflected below excludes the net impact of acquisitions and divestitures and translational currency.

Consumer Health
Consumer Health worldwide adjusted operational sales increased 11.3%* largely driven by over-the-counter (OTC) products. Major contributors to growth in OTC were TYLENOL and MOTRIN analgesics, upper respiratory products, IMODIUM in digestive health products and international smoking cessation products. Additional contributors to growth were NEUTROGENA and AVEENO in Skin Health/Beauty products and JOHNSON’s in Baby Care products.

Pharmaceutical
Pharmaceutical worldwide adjusted operational sales grew 7.2%*, driven by DARZALEX (daratumumab), a biologic for the treatment of multiple myeloma, STELARA (ustekinumab), a biologic for the treatment of a number of immune-mediated inflammatory diseases, ERLEADA (apalutamide), a next-generation androgen receptor inhibitor for the treatment of patients with prostate cancer, CARVYKTI (ciltacabtagene autoleucel), a BCMA-directed CAR-T immunotherapy for the treatment of patients with relapsed or refractory multiple myeloma, and XARELTO (rivaroxaban), a direct oral anticoagulant. Also contributing to growth were sales of the Janssen COVID-19 Vaccine (Ad26.COV2.S) for the prevention of the SARS-CoV-2 Virus. This growth was partially offset by declines in sales of REMICADE (infliximab), a biologic approved for the treatment of several 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, and ZYTIGA (abiraterone acetate), an oral, once daily medication for use in combination with prednisone for the treatment of metastatic castration-resistant prostate cancer.

MedTech
MedTech worldwide adjusted operational sales grew 6.4%*, driven primarily by electrophysiology products in Interventional Solutions, contact lenses in Vision, wound closure products in General Surgery, and knees in Orthopaedics. MedTech worldwide operational sales grew 11.0%*, with the acquisition of Abiomed contributing 4.6%.

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 and information available in the Investors section of the company’s website at news releases, as well as www.factsabouttalc.com, www.factsaboutourprescriptionopioids.com, and www.LTLManagementInformation.com.

Regulatory	Janssen Receives Positive CHMP Opinion for AKEEGA (Niraparib and Abiraterone Acetate Dual Action Tablet) Plus Prednisone or Prednisolone for the Treatment of Adult Patients with BRCA1/2 Gene-Mutated Metastatic Castration Resistant Prostate Cancer	Press Release
	Janssen Submits New Drug Application to the U.S. Food and Drug Administration Seeking Approval of Niraparib and Abiraterone Acetate Dual-Action Tablet, Plus Prednisone, as a First-Line Targeted Treatment for Patients with Metastatic Castration-Resistant Prostate Cancer with BRCA Gene Mutations	Press Release
Data Release	Janssen Announces Unblinding of Phase 3 CARTITUDE-4 Study of CARVYKTI (cilta-cel) as Primary Endpoint Met in Treatment of Patients with Relapsed and Refractory Multiple Myeloma	Press Release
	Late Breaking Data on Pulmonary Vein Isolation with HELIOSTAR Balloon Ablation Catheter Presented at AF Symposium 2023	Press Release
	First Look at Data on Biosense Webster’s Investigational Pulsed Field Ablation Platform Presented at AF Symposium 2023	Press Release
	Janssen Reports Positive Topline Phase 2 Results for Nipocalimab in Pregnant Individuals at High Risk for Severe Hemolytic Disease of the Fetus and Newborn (HDFN)	Press Release
	Janssen Data at ASCO GU Support Ambition to Transform Treatment of Prostate and Bladder Cancer Through Precision Medicine and Early Intervention	Press Release
	TREMFYA (guselkumab) Demonstrates a Differentiated Binding Mechanism from Risankizumab in In Vitro Studies	Press Release
	New STELARA (ustekinumab) Long-Term Data Support its Established Safety Profile in Inflammatory Bowel Disease and Durable Efficacy in Ulcerative Colitis	Press Release
	Late-Breaking Phase 3 A DUE Data Show Investigational Single Tablet Combination Therapy of Macitentan and Tadalafil Significantly Improves Pulmonary Hemodynamics versus Monotherapy in Patients with Pulmonary Arterial Hypertension (PAH)	Press Release
	TREMFYA (guselkumab) Real-World Data Analyses Show Greater Treatment Persistence Than IL-17s in Both Bio-naïve and Bio-experienced Patients Living With Moderate to Severe Plaque Psoriasis	Press Release
	New RYBREVANT (amivantamab-vmjw) Data Showed Long-Term Clinical Response and Safety in Patients with Advanced Non-Small Cell Lung Cancer with EGFR Exon 20 Insertion Mutations Who Have Failed Prior Platinum-Based Chemotherapy	Press Release
Other	Johnson & Johnson Subsidiary LTL Management LLC (“LTL”) Re-Files for Voluntary Chapter 11 to Equitably Resolve All Current and Future Talc Claims^1	Press Release
	Johnson & Johnson Appoints Dr. John Reed as Executive Vice President, Pharmaceuticals, R&D	Press Release
	Johnson & Johnson Names Dr. Paula A. Johnson, President of Wellesley College, to its Board of Directors	Press Release
	Johnson & Johnson Announces Pricing of $7.75 Billion of Senior Notes Issued by Kenvue Inc.	Press Release
	Janssen Provides Portfolio Update	Press Release
	ERLEADA (apalutamide), First-and-Only Next-Generation Androgen Receptor Inhibitor with Once-Daily, Single-Tablet Option, Now Available in the U.S.^1	Press Release

^1Subsequent to the quarter

FULL-YEAR 2023 GUIDANCE:
Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson's results computed in accordance with GAAP.

($ in Billions, except EPS)	April 2023	January 2023
Adjusted Operational Sales^1,2,5 Change vs. Prior Year / Mid-point	4.5% – 5.5% / 5.0%	3.5% – 4.5% / 4.0%
Operational Sales^2,5/ Mid-point^2,5 Change vs. Prior Year / Mid-point	$97.9B – $98.9B / $98.4B 5.5% – 6.5% / 6.0%	$96.9B – $97.9B / $97.4B 4.5% – 5.5% / 5.0%
Estimated Reported Sales^3,5/ Mid-point^3,5 Change vs. Prior Year / Mid-point	$97.9B – $98.9B / $98.4B 5.5% – 6.5% / 6.0%	$96.9B – $97.9B / $97.4B 4.5% – 5.5% / 5.0%
Adjusted Operational EPS (Diluted)^2,4/ Mid-point^2,4 Change vs. Prior Year / Mid-point	$10.50 – $10.60 / $10.55 3.5% – 4.5% / 4.0%	$10.40 – $10.60 / $10.50 2.5% – 4.5% / 3.5%
Adjusted EPS (Diluted)^3,4/ Mid-point^3,4 Change vs. Prior Year / Mid-point	$10.60 – $10.70 / $10.65 4.5% – 5.5% / 5.0%	$10.45 – $10.65 / $10.55 3.0% – 5.0% / 4.0%

^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: January 2023 = $1.08 and April 2023 = $1.10 (Illustrative purposes only)
^4	Non-GAAP financial measure; excludes intangible amortization expense and special items
^5	Excludes COVID-19 Vaccine
	Note: percentages may have been rounded

Other modeling considerations will be provided on the webcast.

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 135 years, we have aimed to keep people well at every age and every stage of life. Today, as the world’s largest, most diversified healthcare products 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, and the anticipated separation of the Company’s Consumer Health business. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the company to successfully execute strategic plans, including restructuring plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies; the Company’s ability to satisfy the necessary conditions to consummate the separation of the Company’s Consumer Health business on a timely basis or at all; the Company’s ability to successfully separate the Company’s Consumer Health business and realize the anticipated benefits from the separation; and the New Consumer Health Company’s ability to succeed as a standalone publicly traded company. 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 January 1, 2023, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in Johnson & Johnson’s subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.

Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)	FIRST QUARTER
				Percent Change
	2023		2022	Total			Operations	Currency
Sales to customers by
segment of business
Consumer Health
U.S.	$	1,735	1,557	11.4		%	11.4	-
International		2,117	2,029	4.4			11.3	(6.9	)
		3,852	3,586	7.4			11.3	(3.9	)
Pharmaceutical ^(1)
U.S.		7,023	6,632	5.9			5.9	-
International		6,390	6,237	2.4			8.6	(6.2	)
		13,413	12,869	4.2			7.2	(3.0	)
Pharmaceutical excluding COVID-19 Vaccine ^(1)
U.S.		7,023	6,557	7.1			7.1	-
International		5,643	5,855	(3.6	)		2.4	(6.0	)
		12,666	12,412	2.0			4.9	(2.9	)
MedTech ^(1)
U.S.		3,759	3,225	16.6			16.6	-
International		3,722	3,746	(0.6	)		6.2	(6.8	)
		7,481	6,971	7.3			11.0	(3.7	)
U.S.		12,517	11,414	9.7			9.7	-
International		12,229	12,012	1.8			8.3	(6.5	)
Worldwide		24,746	23,426	5.6			9.0	(3.4	)
U.S.		12,517	11,339	10.4			10.4	-
International		11,482	11,630	(1.3	)		5.2	(6.5	)
Worldwide excluding COVID-19 Vaccine ^(1)	$	23,999	22,969	4.5		%	7.7	(3.2	)
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
^(1) Refer to supplemental sales reconciliation schedule

Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)	FIRST QUARTER
				Percent Change
	2023		2022	Total			Operations	Currency
Sales to customers by
geographic area
U.S.	$	12,517	11,414	9.7		%	9.7	-
Europe		6,332	6,024	5.1			10.0	(4.9	)
Western Hemisphere excluding U.S.		1,587	1,482	7.1			14.3	(7.2	)
Asia-Pacific, Africa		4,310	4,506	(4.3	)		4.1	(8.4	)
International		12,229	12,012	1.8			8.3	(6.5	)
Worldwide	$	24,746	23,426	5.6		%	9.0	(3.4	)
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
	2023						2022						Percent
					Percent						Percent		Increase
	Amount				to Sales		Amount				to Sales		(Decrease)
Sales to customers	$	24,746			100.0		$	23,426			100.0		5.6
Cost of products sold		8,395			33.9			7,598			32.4		10.5
Gross Profit		16,351			66.1			15,828			67.6		3.3
Selling, marketing and administrative expenses		6,138			24.8			5,938			25.4		3.4
Research and development expense		3,563			14.4			3,462			14.8		2.9
In-process research and development		49			0.2			610			2.6
Interest (income) expense, net		(20	)		(0.1	)		(12	)		(0.1	)
Other (income) expense, net		7,228			29.2			(102	)		(0.4	)
Restructuring		130			0.6			70			0.3
Earnings/(Loss) before provision for taxes on income		(737	)		(3.0	)		5,862			25.0		(112.6	)
Provision for/(Benefit from) taxes on income		(669	)		(2.7	)		713			3.0		(193.8	)
Net earnings/(Loss)	$	(68	)		(0.3	)	$	5,149			22.0		(101.3	)
Net earnings/(Loss) per share (Basic/Diluted)*	$	(0.03	)				$	1.93					(101.6	)
Average shares outstanding (Basic/Diluted)*		2,605.5						2,666.5
Effective tax rate		90.8		%				12.2		%
Adjusted earnings before provision for taxes and net earnings ^(1)
Earnings before provision for taxes on income	$	8,468			34.2		$	8,218			35.1		3.0
Net earnings	$	7,068			28.6		$	7,129			30.4		(0.9	)
Net earnings per share (Diluted)	$	2.68					$	2.67					0.4
Average shares outstanding (Diluted)**		2,634.3						2,666.5
Effective tax rate		16.5		%				13.3		%
* Basic shares are used to calculate loss per share as use of diluted shares when in a loss position would be anti-dilutive.
** Difference of 28.8 shares due to anti-dilutive impact on net loss position.
^(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)	2023		2022
	Net Earnings/(Loss), after tax- as reported	($68	)	$5,149
	Pre-tax Adjustments
	Litigation expense	6,900		-
	Intangible Asset Amortization expense	1,204		1,108
	COVID-19 Vaccine related costs^1	444		-
	Consumer Health separation costs	300		102
	Restructuring related^2	130		72
	(Gains)/losses on securities	72		411
	Medical Device Regulation^3	64		60
	IPR&D	49		610
	Acquisition, integration and divestiture related	42		-
	Other	-		(7	)
	Tax Adjustments
	Tax impact on special item adjustments ^4	(2,057	)	(393	)
	Consumer Health separation tax related costs	11		96
	Tax legislation and other tax related	(23	)	(79	)
	Adjusted Net Earnings, after tax	$7,068		$7,129
	Average shares outstanding (Diluted)	2,634.3		2,666.5
	Adjusted net earnings per share (Diluted)	$2.68		$2.67
	Operational adjusted net earnings per share (Diluted)	$2.75

	Notes:
^1	COVID-19 Vaccine related costs include remaining commitments and obligations, including external manufacturing network exit costs and required clinical trial expenses, associated with the Company's completion of its COVID-19 vaccine contractual commitments.
^2	In the first quarter of 2023, the company completed a prioritization of its research and development (R&D) investment within the Pharmaceutical segment to focus on the most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, HIV and hepatitis. The restructuring expenses of $130 million in the quarter include the termination of partnered and non-partnered program costs and asset impairments.
^3	European Medical Device Regulation (MDR) costs represent one-time compliance costs for the Company’s previously registered products. MDR is a replacement of the existing European Medical Devices Directive regulatory framework, and manufacturers of currently marketed medical devices were required to comply with EU MDR beginning in May 2021. The Company considers the adoption of EU MDR to be a significant one-time regulatory change and is not indicative of on-going operations. The Company has excluded only external third-party regulatory and consulting costs from its MedTech operating segments' measures of profit and loss used for making operating decisions and assessing performance which is expected to be completed during 2024.
^4	The tax impact related to special item adjustments reflects the current and deferred income taxes associated with the above pre-tax special items in arriving at adjusted earnings.

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Adjusted Operational Sales Growth
FIRST QUARTER 2023 ACTUAL vs. 2022 ACTUAL
Segments
	Consumer Health		Pharmaceutical		MedTech		Total
WW As Reported	7.4	%	4.2	%	7.3	%	5.6	%
U.S.	11.4	%	5.9	%	16.6	%	9.7	%
International	4.4	%	2.4	%	(0.6	)%	1.8	%
WW Currency	(3.9	)	(3.0	)	(3.7	)	(3.4	)
U.S.	-		-		-		-
International	(6.9	)	(6.2	)	(6.8	)	(6.5	)
WW Operational	11.3	%	7.2	%	11.0	%	9.0	%
U.S.	11.4	%	5.9	%	16.6	%	9.7	%
International	11.3	%	8.6	%	6.2	%	8.3	%
Abiomed					(4.6	)	(1.4	)
U.S.					(8.2	)	(2.3	)
International					(1.6	)	(0.5	)
All Other Acquisitions and Divestitures	0.0		0.0		0.0		0.0
U.S.	0.0		0.0		0.0		0.0
International	0.0		0.2		0.0		0.1
WW Adjusted Operational	11.3	%	7.2	%	6.4	%	7.6	%
U.S.	11.4	%	5.9	%	8.4	%	7.4	%
International	11.3	%	8.8	%	4.6	%	7.9	%
Note: Percentages are based on actual, non-rounded figures and may not sum

		REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
					% Change
		2023		2022	Reported		Operational ^(1)		Currency
CONSUMER HEALTH SEGMENT ^(2)
OTC
US		$	745	670	11.0	%	11.0	%	-
Intl			897	791	13.5	%	19.8	%	-6.3	%
WW			1,642	1,461	12.4	%	15.8	%	-3.4	%
SKIN HEALTH / BEAUTY
US			617	544	13.4	%	13.4	%	-
Intl			493	468	5.3	%	12.6	%	-7.3	%
WW			1,110	1,012	9.7	%	13.1	%	-3.4	%
ORAL CARE
US			159	143	11.6	%	11.6	%	-
Intl			202	223	-9.6	%	-4.0	%	-5.6	%
WW			361	366	-1.3	%	2.1	%	-3.4	%
BABY CARE
US			96	85	13.0	%	13.0	%	-
Intl			263	270	-2.8	%	4.5	%	-7.3	%
WW			359	355	1.0	%	6.5	%	-5.5	%
WOMEN'S HEALTH
US			3	3	1.8	%	1.8	%	-
Intl			214	224	-4.9	%	4.1	%	-9.0	%
WW			217	228	-4.8	%	4.1	%	-8.9	%
WOUND CARE / OTHER
US			115	112	2.6	%	2.6	%	-
Intl			49	52	-6.0	%	2.3	%	-8.3	%
WW			164	164	-0.1	%	2.5	%	-2.6	%
TOTAL CONSUMER HEALTH
US			1,735	1,557	11.4	%	11.4	%	-
Intl			2,117	2,029	4.4	%	11.3	%	-6.9	%
WW		$	3,852	3,586	7.4	%	11.3	%	-3.9	%
See footnotes at end of schedule

		REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
					% Change
PHARMACEUTICAL SEGMENT ^(2,3)		2023		2022	Reported		Operational ^(1)		Currency
IMMUNOLOGY
US		$	2,448	2,501	-2.1	%	-2.1	%	-
Intl			1,664	1,617	2.9	%	9.7	%	-6.8	%
WW			4,112	4,119	-0.2	%	2.5	%	-2.7	%
REMICADE
US			276	358	-22.8	%	-22.8	%	-
US Exports ^(4)			41	80	-48.8	%	-48.8	%	-
Intl			170	225	-24.4	%	-20.0	%	-4.4	%
WW			487	663	-26.5	%	-25.0	%	-1.5	%
SIMPONI / SIMPONI ARIA
US			271	287	-5.6	%	-5.6	%	-
Intl			266	283	-6.1	%	1.8	%	-7.9	%
WW			537	571	-5.8	%	-1.9	%	-3.9	%
STELARA
US			1,451	1,379	5.2	%	5.2	%	-
Intl			993	909	9.3	%	16.2	%	-6.9	%
WW			2,444	2,288	6.8	%	9.6	%	-2.8	%
TREMFYA
US			406	391	3.9	%	3.9	%	-
Intl			234	199	17.3	%	24.9	%	-7.6	%
WW			640	590	8.4	%	11.0	%	-2.6	%
OTHER IMMUNOLOGY
US			3	6	-51.2	%	-51.2	%	-
Intl			0	0	-		-		-
WW			3	6	-51.3	%	-51.3	%	0.0	%
INFECTIOUS DISEASES
US			392	461	-14.9	%	-14.9	%	-
Intl			1,193	836	42.8	%	49.2	%	-6.4	%
WW			1,586	1,297	22.3	%	26.4	%	-4.1	%
COVID-19 VACCINE
US			0	75	*		*		-
Intl			747	382	95.6	%	*		-8.9	%
WW			747	457	63.4	%	70.8	%	-7.4	%
EDURANT / rilpivirine
US			9	9	-1.4	%	-1.4	%	-
Intl			271	239	13.4	%	18.7	%	-5.3	%
WW			280	248	12.8	%	18.0	%	-5.2	%
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US			378	369	2.5	%	2.5	%	-
Intl			99	132	-25.2	%	-21.2	%	-4.0	%
WW			477	501	-4.8	%	-3.7	%	-1.1	%
OTHER INFECTIOUS DISEASES
US			5	8	-33.1	%	-33.1	%	-
Intl			77	83	-7.6	%	-5.6	%	-2.0	%
WW			82	91	-9.8	%	-8.0	%	-1.8	%

		REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
				% Change
		2023	2022	Reported		Operational ^(1)		Currency
NEUROSCIENCE
US		978	843	16.0	%	16.0	%	-
Intl		826	898	-8.1	%	-3.1	%	-5.0	%
WW		1,804	1,741	3.6	%	6.1	%	-2.5	%
CONCERTA / Methylphenidate
US		70	35	*		*		-
Intl		136	122	11.4	%	20.2	%	-8.8	%
WW		206	157	31.4	%	38.2	%	-6.8	%
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
US		713	661	7.9	%	7.9	%	-
Intl		331	387	-14.6	%	-8.9	%	-5.7	%
WW		1,044	1,048	-0.4	%	1.7	%	-2.1	%
SPRAVATO
US		111	61	82.4	%	82.4	%	-
Intl		20	9	*		*		*
WW		131	70	86.9	%	88.0	%	-1.1	%
OTHER NEUROSCIENCE
US		84	86	-3.5	%	-3.5	%	-
Intl		339	380	-10.7	%	-7.6	%	-3.1	%
WW		423	467	-9.4	%	-6.9	%	-2.5	%
ONCOLOGY
US		1,889	1,582	19.4	%	19.4	%	-
Intl		2,223	2,369	-6.1	%	-0.1	%	-6.0	%
WW		4,112	3,950	4.1	%	7.7	%	-3.6	%
CARVYKTI
US		70	-	*		*		-
Intl		2	-	*		*		-
WW		72	-	*		*		-
DARZALEX
US		1,191	953	25.0	%	25.0	%	-
Intl		1,072	903	18.8	%	26.4	%	-7.6	%
WW		2,264	1,856	22.0	%	25.7	%	-3.7	%
ERLEADA
US		249	206	21.2	%	21.2	%	-
Intl		293	194	50.9	%	60.7	%	-9.8	%
WW		542	400	35.6	%	40.3	%	-4.7	%
IMBRUVICA
US		270	370	-27.1	%	-27.1	%	-
Intl		557	668	-16.6	%	-11.7	%	-4.9	%
WW		827	1,038	-20.3	%	-17.2	%	-3.1	%
ZYTIGA / abiraterone acetate
US		16	19	-14.0	%	-14.0	%	-
Intl		229	520	-56.0	%	-52.2	%	-3.8	%
WW		245	539	-54.5	%	-50.9	%	-3.6	%
OTHER ONCOLOGY
US		92	34	*		*		-
Intl		70	84	-17.2	%	-12.1	%	-5.1	%
WW		162	118	37.4	%	41.0	%	-3.6	%

		REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
					% Change
		2023		2022	Reported		Operational ^(1)		Currency
PULMONARY HYPERTENSION
US			600	572	4.9	%	4.9	%	-
Intl			272	279	-2.7	%	5.3	%	-8.0	%
WW			872	852	2.4	%	5.0	%	-2.6	%
OPSUMIT
US			273	273	-0.1	%	-0.1	%	-
Intl			167	170	-1.6	%	6.1	%	-7.7	%
WW			440	443	-0.7	%	2.3	%	-3.0	%
UPTRAVI
US			304	269	13.1	%	13.1	%	-
Intl			58	56	3.3	%	9.4	%	-6.1	%
WW			362	325	11.4	%	12.4	%	-1.0	%
OTHER PULMONARY HYPERTENSION
US			23	30	-22.4	%	-22.4	%	-
Intl			47	53	-12.6	%	-1.8	%	-10.8	%
WW			70	83	-16.1	%	-9.3	%	-6.8	%
CARDIOVASCULAR / METABOLISM / OTHER
US			715	672	6.3	%	6.3	%	-
Intl			212	238	-10.8	%	-6.3	%	-4.5	%
WW			927	910	1.8	%	3.0	%	-1.2	%
XARELTO
US			578	508	13.7	%	13.7	%	-
Intl			-	-	-		-		-
WW			578	508	13.7	%	13.7	%	-
OTHER
US			137	164	-16.7	%	-16.7	%	-
Intl			212	238	-10.8	%	-6.3	%	-4.5	%
WW			349	402	-13.2	%	-10.5	%	-2.7	%
TOTAL PHARMACEUTICAL
US			7,023	6,632	5.9	%	5.9	%	-
Intl			6,390	6,237	2.4	%	8.6	%	-6.2	%
WW		$	13,413	12,869	4.2	%	7.2	%	-3.0	%
See footnotes at end of schedule

		REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
					% Change
MEDTECH SEGMENT ^(2,3)		2023		2022	Reported		Operational ^(1)		Currency
INTERVENTIONAL SOLUTIONS
US		$	863	494	74.5	%	74.5	%	-
Intl			640	597	7.1	%	14.9	%	-7.8	%
WW			1,503	1,092	37.6	%	41.9	%	-4.3	%
ELECTROPHYSIOLOGY
US			571	470	21.4	%	21.4	%	-
Intl			522	532	-1.8	%	6.1	%	-7.9	%
WW			1,092	1,002	9.1	%	13.3	%	-4.2	%
ABIOMED
US			264	-	*		*		-
Intl			60	-	*		*		-
WW			324	-	*		*		-
OTHER INTERVENTIONAL SOLUTIONS
US			28	24	17.4	%	17.4	%	-
Intl			58	65	-11.7	%	-5.0	%	-6.7	%
WW			87	90	-3.9	%	1.1	%	-5.0	%
ORTHOPAEDICS
US			1,363	1,289	5.8	%	5.8	%	-
Intl			881	899	-2.0	%	4.0	%	-6.0	%
WW			2,245	2,188	2.6	%	5.1	%	-2.5	%
HIPS
US			241	225	7.3	%	7.3	%	-
Intl			149	164	-9.0	%	-3.6	%	-5.4	%
WW			390	389	0.4	%	2.7	%	-2.3	%
KNEES
US			226	201	12.4	%	12.4	%	-
Intl			142	138	3.4	%	9.6	%	-6.2	%
WW			368	339	8.7	%	11.3	%	-2.6	%
TRAUMA
US			491	475	3.2	%	3.2	%	-
Intl			267	273	-2.4	%	3.6	%	-6.0	%
WW			757	748	1.2	%	3.4	%	-2.2	%
SPINE, SPORTS & OTHER
US			406	387	4.7	%	4.7	%	-
Intl			323	324	-0.3	%	5.9	%	-6.2	%
WW			729	712	2.4	%	5.2	%	-2.8	%

		REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
					% Change
		2023		2022	Reported		Operational ^(1)		Currency
SURGERY
US			975	921	5.9	%	5.9	%	-
Intl			1,459	1,513	-3.6	%	3.1	%	-6.7	%
WW			2,434	2,434	0.0	%	4.1	%	-4.1	%
ADVANCED
US			444	417	6.5	%	6.5	%	-
Intl			673	729	-7.6	%	-1.1	%	-6.5	%
WW			1,118	1,146	-2.5	%	1.6	%	-4.1	%
GENERAL
US			531	504	5.4	%	5.4	%	-
Intl			785	784	0.2	%	7.0	%	-6.8	%
WW			1,316	1,288	2.2	%	6.4	%	-4.2	%
VISION
US			558	521	7.1	%	7.1	%	-
Intl			743	736	0.8	%	8.0	%	-7.2	%
WW			1,300	1,257	3.4	%	7.6	%	-4.2	%
CONTACT LENSES / OTHER
US			444	400	11.1	%	11.1	%	-
Intl			509	511	-0.3	%	7.9	%	-8.2	%
WW			953	910	4.7	%	9.3	%	-4.6	%
SURGICAL
US			114	121	-6.0	%	-6.0	%	-
Intl			233	226	3.3	%	8.0	%	-4.7	%
WW			347	347	0.1	%	3.1	%	-3.0	%
TOTAL MEDTECH
US			3,759	3,225	16.6	%	16.6	%	-
Intl			3,722	3,746	-0.6	%	6.2	%	-6.8	%
WW		$	7,481	6,971	7.3	%	11.0	%	-3.7	%

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) Certain prior year amounts have been reclassified to conform to current year product disclosures; refer to supplemental sales schedules

(4) Reported as U.S. sales

Supplemental Sales Reconciliation (Unaudited)
(Dollars in Millions)
		FIRST QUARTER
					Percent Change
		2023		2022	Total			Operations	Currency
	Pharmaceutical
	U.S.	$	7,023	6,632	5.9		%	5.9	-
	International		6,390	6,237	2.4			8.6	(6.2	)
	Worldwide		13,413	12,869	4.2			7.2	(3.0	)
	COVID-19 Vaccine
	U.S.		0	75	*			*	-
	International		747	382	95.6			*	(8.9	)
	Worldwide		747	457	63.4			70.8	(7.4	)
	Pharmaceutical excluding COVID-19 Vaccine
	U.S.		7,023	6,557	7.1			7.1	-
	International		5,643	5,855	(3.6	)		2.4	(6.0	)
	Worldwide		12,666	12,412	2.0			4.9	(2.9	)
	Worldwide
	U.S.		12,517	11,414	9.7			9.7	-
	International		12,229	12,012	1.8			8.3	(6.5	)
	Worldwide		24,746	23,426	5.6			9.0	(3.4	)
	COVID-19 Vaccine
	U.S.		0	75	*			*	-
	International		747	382	95.6			*	(8.9	)
	Worldwide		747	457	63.4			70.8	(7.4	)
	Worldwide
	U.S.		12,517	11,339	10.4			10.4	-
	International		11,482	11,630	(1.3	)		5.2	(6.5	)
	Worldwide excluding COVID-19 Vaccine	$	23,999	22,969	4.5		%	7.7	(3.2	)
	Note: Columns and rows within tables may not add due to rounding
	* Percentage greater than 100% or not meaningful

Supplemental Sales Information
(Dollars in Millions)
Certain prior year amounts have been reclassified to
conform to current year product disclosures
		2021		2022					2022
			Full Year		Q1	Q2	Q3	Q4		Full Year
	PHARMACEUTICAL SEGMENT^(1)
	NEUROSCIENCE
	SPRAVATO
	US		198		61	74	88	105		328
	INTL		26		9	11	12	14		46
	WW		224		70	85	100	119		374
	OTHER NEUROSCIENCE ^(2)
	US		427		86	93	106	91		376
	INTL		1,647		380	341	286	351		1,358
	WW		2,074		467	433	393	442		1,734
	ONCOLOGY
	CARVYKTI
	US		-		-	24	55	54		133
	INTL		-		-	-	-	-		-
	WW		-		-	24	55	54		133
	OTHER ONCOLOGY
	US		110		34	33	37	52		156
	INTL		458		84	72	64	63		283
	WW		568		118	106	100	114		438
	CARDIOVASCULAR / METABOLISM / OTHER
	OTHER ^(3)
	US		754		164	148	147	110		569
	INTL		927		238	215	198	194		845
	WW		1,682		402	363	345	304		1,414
	MEDTECH SEGMENT^(1)
	INTERVENTIONAL SOLUTIONS
	ELECTROPHYSIOLOGY
	US		1,730		470	499	520	547		2,036
	INTL		1,893		532	469	453	447		1,901
	WW		3,623		1,002	968	973	994		3,937
	ABIOMED ^(4)
	US		-		-	-	-	31		31
	INTL		-		-	-	-	-		-
	WW		-		-	-	-	31		31
	OTHER INTERVENTIONAL SOLUTIONS
	US		106		24	26	27	25		102
	INTL		242		65	56	60	48		230
	WW		348		90	81	87	73		332
	Note: Columns and rows within tables may not add due to rounding
	(1) Unaudited
	(2) Other Neuroscience is inclusive of RISPERDAL CONSTA, which was previously disclosed separately
	(3) Other is inclusive of INVOKANA, which was previously disclosed separately
	(4) Acquired on December 22, 2022

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Q1 YTD - Income Before Tax by Segment
Dollars in Millions
										Consumer Health Separation Costs
		Consumer Health		Pharmaceutical		MedTech		Unallocated				Worldwide Total
		2023	2022	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022
Reported Income Before Tax by Segment	$	776	686	4,444	3,924	1,445	1,477	(7,102)	(123)	(300)	(102)	(737)	5,862
% to Sales		20.1%	19.1%	33.1%	30.5%	19.3%	21.2%	-28.7%	-0.5%	-1.2%	-0.4%	-3.0%	25.0%
Intangible asset amortization expense		82	94	739	760	383	254		-		-	1,204	1,108
In-process research and development			-		610	49	-		-		-	49	610
Litigation related								6,900	-		-	6,900	-
COVID-19 Vaccine related costs		-	-	444	-	-	-	-	-	-	-	444	-
Loss/(gain) on securities			-	38	394	34	17		-		-	72	411
Restructuring related			14	130	(14)		72		-		-	130	72
Acquisition, integration and divestiture related			-		-	42	-		-		-	42	-
Medical Device Regulation			-		-	64	60		-		-	64	60
Consumer Health separation costs			-		-		-		-	300	102	300	102
Other			-		-		-		(7)		-	-	(7)
Adjusted Income Before Tax by Segment	$	858	794	5,795	5,674	2,017	1,880	(202)	(130)	-	-	8,468	8,218
% to Sales		22.3%	22.1%	43.2%	44.1%	27.0%	27.0%	-0.8%	-0.6%	0.0%	0.0%	34.2%	35.1%

Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
	First Quarter April 2, 2023 GAAP			Intangible asset amortization		Litigation related		In-process research and development		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Medical Device Regulation		COVID-19 Vaccine Related Costs		Consumer Health separation costs		Consumer Health separation tax related costs		Tax legislation and other tax related		Other		First Quarter April 2, 2023 Non-GAAP
Cost of products sold	$	8,395		(1,200	)					-						(23	)	(206	)	(12	)							6,954
Selling, marketing and admin expenses		6,138														(7	)			(38	)							6,093
Research and development expense		3,563										(16	)			(34	)	(16	)	(2	)							3,495
Other (Income) / Expense		7,228		(4	)	(6,900	)			-		(26	)	(72	)			(222	)	(285	)					-		(281	)
In-process research and development		49						(49	)																			-
Interest (Income) / Expense		(20	)																	37								17
Restructuring		130								(130	)																	-
Provision for/(Benefit from) taxes on income		(669	)	194		1,622		11		32		5		16		12		105		60		(11	)	23		-		1,400
Net Earnings/(Loss)		(68	)	1,010		5,278		38		98		37		56		52		339		240		11		(23	)	-		7,068
	First Quarter April 3, 2022 GAAP			Intangible asset amortization		Litigation related		In-process research and development		Restructuring related		Acquisition, integration and divestiture related		(Loss)/gain on securities		Medical Device Regulation		COVID-19 Vaccine Related Costs		Consumer Health separation costs		Consumer Health separation tax related costs		Tax legislation and other tax related		Other		First Quarter April 3, 2022 Non-GAAP
Cost of products sold	$	7,598		(1,108	)					(16	)					(22	)											6,452
Selling, marketing and admin expenses		5,938														(6	)											5,932
Research and development expense		3,462														(32	)											3,430
Other (Income) / Expense		(102	)	-		-				14		-		(411	)			-		(102	)					7		(594	)
In-process research and development		610						(610	)																			-
Restructuring		70								(70	)																	-
Provision for taxes on income		713		168		(53	)	138		12		-		96		11		-		23		(96	)	79		(2	)	1,089
Net Earnings		5,149		940		53		472		60		-		315		49		-		79		96		(79	)	(5	)	7,129