Johnson & Johnson Reports Q3 2023 Results

• 2023 Third-Quarter reported sales growth of 6.8% to $21.4 Billion with operational growth of 6.4%* and adjusted operational growth of 4.9%*. Operational growth excluding COVID-19 Vaccine of 9.0%*
• Earnings per share (EPS) of $1.69 increasing 4.3% and adjusted EPS of $2.66 increasing by 19.3%*
• Company is increasing 2023 full-year guidance midpoints for sales⁵ and adjusted EPS

NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--Johnson & Johnson (NYSE: JNJ) today announced results for third-quarter 2023. “Johnson & Johnson delivered strong results and significant pipeline advances in the third quarter, providing a solid foundation for future sustained growth,” said Joaquin Duato, Chairman of the Board and Chief Executive Officer. “With a sharpened focus on Innovative Medicine and MedTech solutions, Johnson & Johnson is innovating across the spectrum of healthcare and is poised to deliver the medical breakthroughs of tomorrow.”

Unless otherwise noted, the financial results and earnings guidance included below reflect the continuing operations of Johnson & Johnson. The Company recognized a one-time, non-cash gain of approximately $21 billion in the quarter as part of discontinued operations related to the final separation of its Consumer Health business.

Overall Financial Results

	Q3
($ in millions, except EPS)	2023	2022	% Change
Reported Sales	$21,351	$19,996	6.8	%
Net Earnings	$4,309	$4,310	0.0	%
EPS (diluted)	$1.69	$1.62	4.3	%
	Q3
Non-GAAP* ($ in Millions, except EPS)	2023	2022	% Change
Operational Sales^1,2			6.4	%
Adjusted Operational Sales^1,3			4.9	%
Adjusted Net Earnings^1,4	$6,777	$5,938	14.1	%
Adjusted EPS (diluted)^1,4	$2.66	$2.23	19.3	%

^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
^5	Excludes COVID-19 Vaccine
	Note: Values may have been rounded

Regional Sales Results

Q3			% Change
($ in Millions)	2023	2022	Reported	Operational^1,2	Currency	Adjusted Operational^1,3
U.S.	$11,996	$10,794	11.1%	11.1	-	8.9
International	9,355	9,202	1.6	0.7	0.9	0.3
Worldwide	$21,351	$19,996	6.8%	6.4	0.4	4.9

^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

Q3			% Change
($ in Millions)	2023	2022	Reported	Operational^1,2	Currency	Adjusted Operational^1,3
Innovative Medicine	$13,893	$13,214	5.1%	4.3	0.8	4.4
MedTech	7,458	6,782	10.0	10.4	(0.4)	6.0
Worldwide	$21,351	$19,996	6.8%	6.4	0.4	4.9

^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: The Innovative Medicine segment was previously referred to as the Pharmaceutical segment
	Values may have been rounded

Third Quarter 2023 Segment Commentary:

Adjusted operational sales* reflected below excludes the net impact of acquisitions and divestitures and translational currency.

Innovative Medicine

Innovative Medicine worldwide adjusted operational sales grew 4.4%*. Excluding the COVID-19 Vaccine, operational sales grew 8.2%*. Growth was driven by DARZALEX (daratumumab), ERLEADA (apalutamide), Other Oncology, and CARVYKTI (ciltacabtagene autoleucel) in Oncology, STELARA (ustekinumab), TREMFYA (guselkumab), and SIMPONI/SIMPONI ARIA (golimumab) in Immunology, SPRAVATO (esketamine) in Neuroscience, and UPTRAVI (selexipag) in Pulmonary Hypertension. Growth was partially offset by COVID-19 Vaccine (Ad26.COV2.S) in Infectious Diseases, ZYTIGA (abiraterone acetate) and IMBRUVICA (ibrutinib) in Oncology, and REMICADE (infliximab) in Immunology.

MedTech

MedTech worldwide adjusted operational sales grew 6.0%*, driven primarily by electrophysiology products in Interventional Solutions, wound closure products in General Surgery, contact lenses in Vision, and biosurgery in Advanced Surgery. MedTech worldwide operational sales grew 10.4%*, with the acquisition of Abiomed contributing 4.6%.

Notable New Announcements in the Quarter:

The information contained in this section should be read together with Johnson & Johnson’s other disclosures filed with the Securities and Exchange Commission, including its Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. The reader is also encouraged to review all other news releases and information available in the Investor Relations section of the company’s website at news releases, as well as www.factsabouttalc.com, www.factsaboutourprescriptionopioids.com, and www.LTLManagementInformation.com.

Regulatory	Biosense Webster Receives FDA Approval for Multiple Atrial Fibrillation Ablation Products to be Used in a Workflow Without Fluoroscopy	Press Release
	U.S. FDA Approves TALVEY (talquetamab-tgvs), a First-in-Class Bispecific Therapy for the Treatment of Patients with Heavily Pretreated Multiple Myeloma	Press Release
	European Commission Approves TALVEY (talquetamab), Janssen’s Novel Bispecific Therapy for the Treatment of Patients with Relapsed and Refractory Multiple Myeloma	Press Release
	European Commission Approves Reduced Dosing Frequency for Janssen’s Bispecific Antibody TECVAYLI (teclistamab)	Press Release
	Janssen Submits Application to the European Medicines Agency for RYBREVANT (amivantamab) in Combination with Chemotherapy for the First-Line Treatment of Adult Patients with Advanced Non-Small Cell Lung Cancer with Activating EGFR Exon 20 Insertion Mutations^1	Press Release
	Janssen Submits Supplemental New Drug Application to the U.S. Food and Drug Administration Seeking Full Approval of BALVERSA (erdafitinib) for the Treatment of Patients with Locally Advanced or Metastatic Urothelial Carcinoma and Selected Fibroblast Growth Factor Receptor Gene Alterations	Press Release
	Janssen Submits Marketing Authorisation Application to the European Medicines Agency Seeking Approval of Erdafitinib for the Treatment of Patients with Locally Advanced or Metastatic Urothelial Cancer with Susceptible FGFR Alterations	Press Release
	U.S. FDA Approves AKEEGA (Niraparib and Abiraterone Acetate), the First-And-Only Dual Action Tablet for the Treatment of Patients with BRCA-Positive Metastatic Castration-Resistant Prostate Cancer	Press Release
Data Release	Janssen to Highlight Latest Research from Nipocalimab Clinical Development Program to Address Unmet Need in Myasthenia Gravis at AANEM 2023 Meeting^1	Press Release
	Janssen Aims to Define New Standards of Care in the Treatment of Solid Tumor Cancers with Transformative Data Planned for Presentation at ESMO^1	Press Release
	TREMFYA (guselkumab) Maintains Key Efficacy Endpoints Through Three Years for Adults with Moderately to Severely Active Crohn's Disease in a Phase 2 Study^1	Press Release
	Janssen Highlights Latest Research for TREMFYA (guselkumab) and Investigational Targeted Oral Peptide JNJ-2113 in Moderate to Severe Plaque Psoriasis at the European Academy of Dermatology and Venereology (EADV) Congress^1	Press Release
	Landmark Phase 3 MARIPOSA Study Meets Primary Endpoint Resulting in Statistically Significant and Clinically Meaningful Improvement in Progression-Free Survival for RYBREVANT (amivantamab-vmjw) plus Lazertinib Versus Osimertinib in Patients with EGFR-Mutated Non-Small Cell Lung Cancer	Press Release
	Phase 3 MARIPOSA-2 Study Meets Dual Primary Endpoint Resulting in Statistically Significant and Clinically Meaningful Improvement in Progression-Free Survival for RYBREVANT (amivantamab-vmjw) Plus Chemotherapy with and without Lazertinib versus Chemotherapy Alone in Patients with EGFR-Mutated Non-Small Cell Lung Cancer after Disease Progression on Osimertinib	Press Release
	Treatment with RYBREVANT (amivantamab-vmjw) and Lazertinib Plus Chemotherapy Showed Durable Progression-Free Survival in Patients with Previously Treated EGFR-Mutated Advanced Non-Small Cell Lung Cancer	Press Release
	Janssen to Highlight Latest Advances in Retina Portfolio at the European Society of Retina Specialists (EURETINA) 2023 Annual Meeting^1	Press Release
Product Launch	Biosense Webster Launches the OPTRELL Mapping Catheter with TRUEref Technology for Mapping of Complex Cardiac Arrhythmias	Press Release
Other	Johnson & Johnson Announces Final Results of Exchange Offer and Finalizes Separation of Kenvue Inc.	Press Release
	Johnson & Johnson Announces Updated Financials and 2023 Guidance Following Completion of the Kenvue Separation	Press Release
	Johnson & Johnson Marks New Era as Global Healthcare Company with Updated Visual Identity	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)	October 2023	August 2023
Adjusted Operational Sales^1,2,5 Change vs. Prior Year / Mid-point	7.2% – 7.7% / 7.5%	6.2% – 7.2% / 6.7%
Operational Sales^2,5/ Mid-point Change vs. Prior Year / Mid-point	$84.4B – $84.8B / $84.6B 8.5% – 9.0% / 8.7%	$83.6B – $84.4B / $84.0B 7.5% – 8.5% / 8.0%
Estimated Reported Sales^3,5/ Mid-point Change vs. Prior Year / Mid-point	$83.6B – $84.0B / $83.8B 7.5% – 8.0% / 7.7%	$83.2B – $84.0B / $83.6B 7.0% – 8.0% / 7.5%
Adjusted Operational EPS (Diluted)^2,4/ Mid-point Change vs. Prior Year / Mid-point	$10.02 – $10.08 / $10.05 12.2% – 12.8% / 12.5%	$9.90 – $10.00 / $9.95 11.0% – 12.0% / 11.5%
Adjusted EPS (Diluted)^3,4/ Mid-point Change vs. Prior Year / Mid-point	$10.07 – $10.13 / $10.10 12.7% – 13.3% / 13.0%	$10.00 – $10.10 / $10.05 12.0% – 13.0% / 12.5%
Average Shares Outstanding (Diluted)^6	~2,557.2	~2,557.2

^1	Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures
^2	Non-GAAP financial measure; excludes the impact of translational currency
^3	Calculated using Euro Average Rate: October 2023 = $1.08 and July 2023 = $1.09 (Illustrative purposes only)
^4	Non-GAAP financial measure; excludes intangible amortization expense and special items
^5	Excludes COVID-19 Vaccine
^6	Full Year 2023 Projected Average Shares Outstanding (Diluted) only reflects impact from the Kenvue exchange offer
	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 Investor Relations section of the company's website at events-and-presentations.

About Johnson & Johnson:

At Johnson & Johnson, we believe health is everything. Our strength in healthcare innovation empowers us to build a world where complex diseases are prevented, treated, and cured, where treatments are smarter and less invasive, and solutions are personal. Through our expertise in Innovative Medicine and MedTech, we are uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow, and profoundly impact health for humanity. Learn more at https://www.jnj.com/.

Non-GAAP Financial Measures:

* “Operational sales growth” excluding the impact of translational currency, “adjusted operational sales growth” excluding the net impact of acquisitions and divestitures and translational currency, as well as “adjusted net earnings”, “adjusted diluted earnings per share” and “adjusted operational diluted earnings per share” excluding after-tax intangible amortization expense and special items, are non-GAAP financial measures and should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Except for guidance measures, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying financial schedules of the earnings release and the Investor Relations section of the company's website at quarterly results.

Copies of the financial schedules accompanying this earnings release are available on the company’s website at quarterly results. These schedules include supplementary sales data, a condensed consolidated statement of earnings, reconciliations of non-GAAP financial measures, and sales of key products/franchises. Additional information on Johnson & Johnson, including adjusted income before tax by segment, an Innovative Medicine pipeline of selected compounds in late stage development and a copy of today’s earnings call presentation can also be found in the Investor Relations section of the company's website at quarterly results.

Note to Investors Concerning Forward-Looking Statements:

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: future operating and financial performance, product development, and market position and business strategy. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the Company to successfully execute strategic plans, including restructuring plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies; the Company’s ability to realize the anticipated benefits from the separation of the Company’s Consumer Health business; 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)	THIRD QUARTER										NINE MONTHS
				Percent Change										Percent Change
	2023		2022	Total			Operations		Currency		2023		2022	Total			Operations	Currency
Sales to customers by
segment of business
Innovative Medicine^(1,2)
U.S.		8,249	7,438	10.9			10.9		-			23,090	21,229	8.8			8.8	-
International		5,644	5,776	(2.3	)		(4.3	)	2.0			17,947	18,171	(1.2	)		0.8	(2.0	)
		13,893	13,214	5.1			4.3		0.8			41,037	39,400	4.2			5.1	(0.9	)
Innovative Medicine excluding COVID-19 Vaccine^(1,2)
U.S.		8,249	7,438	10.9			10.9		-			23,090	21,109	9.4			9.4	-
International		5,603	5,287	5.9			4.3		1.6			16,874	16,801	0.4			2.7	(2.3	)
		13,852	12,725	8.9			8.2		0.7			39,964	37,910	5.4			6.4	(1.0	)
MedTech
U.S.		3,747	3,356	11.6			11.6		-			11,345	9,932	14.2			14.2	-
International		3,711	3,426	8.3			9.2		(0.9	)		11,382	10,719	6.2			10.0	(3.8	)
		7,458	6,782	10.0			10.4		(0.4	)		22,727	20,651	10.0			12.0	(2.0	)
U.S.		11,996	10,794	11.1			11.1		-			34,435	31,161	10.5			10.5	-
International		9,355	9,202	1.6			0.7		0.9			29,329	28,890	1.5			4.2	(2.7	)
Worldwide		21,351	19,996	6.8			6.4		0.4			63,764	60,051	6.2			7.5	(1.3	)
U.S.		11,996	10,794	11.1			11.1		-			34,435	31,041	10.9			10.9	-
International		9,314	8,713	6.9			6.3		0.6			28,256	27,520	2.7			5.5	(2.8	)
Worldwide excluding COVID-19 Vaccine ^(1)	$	21,310	19,507	9.2		%	9.0		0.2		$	62,691	58,561	7.1		%	8.4	(1.3	)
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
^(1) Refer to supplemental sales reconciliation schedule
^(2)Previously referred to as Pharmaceutical

Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)	THIRD QUARTER										NINE MONTHS
				Percent Change										Percent Change
	2023		2022	Total			Operations		Currency		2023		2022	Total			Operations		Currency
Sales to customers by
geographic area
U.S.	$	11,996	10,794	11.1		%	11.1		-		$	34,435	31,161	10.5		%	10.5		-
Europe		4,727	4,844	(2.4	)		(7.8	)	5.4			15,448	15,540	(0.6	)		(1.0	)	0.4
Western Hemisphere excluding U.S.		1,171	1,059	10.5			12.8		(2.3	)		3,383	3,084	9.7			15.0		(5.3	)
Asia-Pacific, Africa		3,457	3,299	4.8			9.4		(4.6	)		10,498	10,266	2.2			8.7		(6.5	)
International		9,355	9,202	1.6			0.7		0.9			29,329	28,890	1.5			4.2		(2.7	)
Worldwide	$	21,351	19,996	6.8		%	6.4		0.4		$	63,764	60,051	6.2		%	7.5		(1.3	)
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)	THIRD QUARTER
	2023						2022						Percent
					Percent						Percent		Increase
	Amount				to Sales		Amount				to Sales		(Decrease)
Sales to customers	$	21,351			100.0		$	19,996			100.0		6.8
Cost of products sold		6,606			30.9			6,172			30.9		7.0
Gross Profit		14,745			69.1			13,824			69.1		6.7
Selling, marketing and administrative expenses		5,400			25.3			4,975			24.9		8.5
Research and development expense		3,447			16.2			3,485			17.4		(1.1	)
In-process research and development impairments		206			1.0			-			-
Interest (income) expense, net		(182	)		(0.8	)		(99	)		(0.5	)
Other (income) expense, net		499			2.3			226			1.1
Restructuring		158			0.7			65			0.3
Earnings before provision for taxes on income		5,217			24.4			5,172			25.9		0.9
Provision for taxes on income		908			4.2			862			4.3		5.3
Net earnings from Continuing Operations	$	4,309			20.2		$	4,310			21.6		0.0
Net earnings from Discontinued Operations, net of tax		21,719						148
Net earnings	$	26,028					$	4,458
Net earnings per share (Diluted) from Continuing Operations	$	1.69					$	1.62					4.3
Net earnings per share (Diluted) from Discontinued Operations	$	8.52					$	0.06
Average shares outstanding (Diluted)		2,549.7						2,661.3
Effective tax rate from Continuing Operations		17.4		%				16.7		%
Adjusted earnings from Continuing Operations before provision for taxes and net earnings^(1)
Earnings before provision for taxes on income from Continuing Operations	$	8,033			37.6		$	7,060			35.3		13.8
Net earnings from Continuing Operations	$	6,777			31.7		$	5,938			29.7		14.1
Net earnings per share (Diluted) from Continuing Operations	$	2.66					$	2.23					19.3
Effective tax rate from Continuing Operations		15.6		%				15.9		%
^(1)See Reconciliation of Non-GAAP Financial Measures.

Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)	NINE MONTHS
	2023						2022						Percent
					Percent						Percent		Increase
	Amount				to Sales		Amount				to Sales		(Decrease)
Sales to customers	$	63,764			100.0		$	60,051			100.0		6.2
Cost of products sold		19,755			31.0			18,512			30.8		6.7
Gross Profit		44,009			69.0			41,539			69.2		5.9
Selling, marketing and administrative expenses		15,702			24.6			14,907			24.8		5.3
Research and development expense		10,605			16.6			10,425			17.4		1.7
In-process research and development impairments		255			0.4			610			1.0
Interest (income) expense, net		(277	)		(0.4	)		(137	)		(0.2	)
Other (income) expense, net		7,055			11.1			15			0.0
Restructuring		433			0.6			200			0.4
Earnings before provision for taxes on income		10,236			16.1			15,519			25.8		(34.0	)
Provision for taxes on income		1,042			1.7			2,376			3.9		(56.1	)
Net earnings from Continuing Operations	$	9,194			14.4		$	13,143			21.9		(30.0	)
Net earnings from Discontinued Operations, net of tax		21,910						1,278
Net earnings	$	31,104					$	14,421
Net earnings per share (Diluted) from Continuing Operations	$	3.53					$	4.93					(28.4	)
Net earnings per share (Diluted) from Discontinued Operations	$	8.42					$	0.48
Average shares outstanding (Diluted)		2,603.4						2,667.5
Effective tax rate from Continuing Operations		10.2		%				15.3		%
Adjusted earnings from continuing operations before provision for taxes and net earnings^(1)
Earnings before provision for taxes on income from Continuing Operations	$	23,574			37.0		$	21,491			35.8		9.7
Net earnings from Continuing Operations	$	19,847			31.1		$	18,364			30.6		8.1
Net earnings per share (Diluted) from Continuing Operations	$	7.62					$	6.89					10.6
Effective tax rate from Continuing Operations		15.8		%				14.6		%
^(1)See Reconciliation of Non-GAAP Financial Measures.

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
		Third Quarter						Nine Months Ended
	(Dollars in Millions Except Per Share Data)	2023			2022			2023			2022
	Net Earnings from Continuing Operations, after tax- as reported	$	4,309		$	4,310		$	9,194		$	13,143
	Pre-tax Adjustments
	Litigation related		(51	)		219			6,986			604
	Intangible Asset Amortization expense		1,132			958			3,384			2,967
	COVID-19 Vaccine related costs ^1		44			377			653			653
	Restructuring related ^2		384			92			659			253
	Medical Device Regulation ^3		74			78			223			208
	Acquisition, integration and divestiture related		22			-			102			-
	(Gains)/losses on securities		1,005			164			1,076			684
	IPR&D impairments		206			-			255			610
	Other		-			-			-			(7	)
	Tax Adjustments
	Tax impact on special item adjustments ^4		(482	)		(312	)		(2,769	)		(900	)
	Tax legislation and other tax related		134			52			84			149
	Adjusted Net Earnings from Continuing Operations, after tax	$	6,777		$	5,938		$	19,847		$	18,364
	Average shares outstanding (Diluted)		2,549.7			2,661.3			2,603.4			2,667.5
	Adjusted net earnings per share from Continuing Operations (Diluted)	$	2.66		$	2.23		$	7.62		$	6.89
	Operational adjusted net earnings per share from Continuing Operations (Diluted)	$	2.54					$	7.60

	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 fiscal 2023, the company completed a prioritization of its research and development (R&D) investment within the Innovative Medicine segment to focus on the most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs within therapeutic areas. The R&D program exits are primarily in infectious diseases and vaccines including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, hepatitis and HIV development. The restructuring expenses of $149 million in the quarter ($424 million Q3 YTD) include the termination of partnered and non-partnered program costs and asset impairments.
	In the third quarter of 2023, the company initiated a restructuring program of its Orthopaedics franchise within the MedTech segment to streamline operations by exiting certain markets, product lines and distribution network arrangements. The restructuring expense in the quarter of $235 million primarily includes inventory and instrument reserves related to the market and product exits.
3	European Medical Device Regulation (MDR) costs represent one-time compliance costs for the Company’s previously registered products. MDR is a replacement of the existing European Medical Devices Directive regulatory framework, and manufacturers of currently marketed medical devices were required to comply with EU MDR beginning in May 2021. The Company considers the adoption of EU MDR to be a significant one-time regulatory change and is not indicative of on-going operations. The Company has excluded only external third-party regulatory and consulting costs from its MedTech operating segments' measures of profit and loss used for making operating decisions and assessing performance 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
THIRD QUARTER 2023 ACTUAL vs. 2022 ACTUAL
Segments
	Innovative Medicine		MedTech		Total
WW As Reported	5.1	%	10.0	%	6.8	%
U.S.	10.9	%	11.6	%	11.1	%
International	(2.3	)%	8.3	%	1.6	%
WW Currency	0.8		(0.4	)	0.4
U.S.	-		-		-
International	2.0		(0.9	)	0.9
WW Operational	4.3	%	10.4	%	6.4	%
U.S.	10.9	%	11.6	%	11.1	%
International	(4.3	)%	9.2	%	0.7	%
Abiomed			(4.6	)	(1.6	)
U.S.			(7.6	)	(2.3	)
International			(1.7	)	(0.6	)
All Other Acquisitions and Divestitures	0.1		0.2		0.1
U.S.	0.0		0.3		0.1
International	0.2		0.1		0.2
WW Adjusted Operational	4.4	%	6.0	%	4.9	%
U.S.	10.9	%	4.3	%	8.9	%
International	(4.1	)%	7.6	%	0.3	%
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
NINE MONTHS 2023 ACTUAL vs. 2022 ACTUAL
Segments
	Innovative Medicine		MedTech		Total
WW As Reported	4.2	%	10.0	%	6.2	%
U.S.	8.8	%	14.2	%	10.5	%
International	(1.2	)%	6.2	%	1.5	%
WW Currency	(0.9	)	(2.0	)	(1.3	)
U.S.	-		-		-
International	(2.0	)	(3.8	)	(2.7	)
WW Operational	5.1	%	12.0	%	7.5	%
U.S.	8.8	%	14.2	%	10.5	%
International	0.8	%	10.0	%	4.2	%
Abiomed			(4.7	)	(1.6	)
U.S.			(7.9	)	(2.5	)
International			(1.6	)	(0.6	)
All Other Acquisitions and Divestitures	0.1		0.1		0.1
U.S.	0.0		0.1		0.0
International	0.2		0.0		0.1
WW Adjusted Operational	5.2	%	7.4	%	6.0	%
U.S.	8.8	%	6.4	%	8.0	%
International	1.0	%	8.4	%	3.7	%
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)
	THIRD QUARTER										NINE MONTHS
					% Change									% Change
INNOVATIVE MEDICINE SEGMENT ^(2,3,4)		2023		2022	Reported		Operational ^(1)		Currency		2023		2022	Reported		Operational ^(1)		Currency
IMMUNOLOGY
US		$	3,193	2,876	11.0	%	11.0	%	-		$	8,506	8,230	3.3	%	3.3	%	-
Intl			1,656	1,411	17.4	%	15.2	%	2.2	%		4,951	4,587	7.9	%	10.3	%	-2.4	%
WW			4,849	4,287	13.1	%	12.4	%	0.7	%		13,457	12,817	5.0	%	5.9	%	-0.9	%
REMICADE
US			296	350	-15.4	%	-15.4	%	-			849	1,099	-22.7	%	-22.7	%	-
US Exports ^(5)			38	39	-2.5	%	-2.5	%	-			112	163	-31.3	%	-31.3	%	-
Intl			127	169	-25.1	%	-24.3	%	-0.8	%		449	606	-25.9	%	-23.0	%	-2.9	%
WW			461	558	-17.4	%	-17.1	%	-0.3	%		1,410	1,868	-24.5	%	-23.6	%	-0.9	%
SIMPONI / SIMPONI ARIA
US			310	298	3.9	%	3.9	%	-			866	886	-2.3	%	-2.3	%	-
Intl			319	248	29.1	%	30.2	%	-1.1	%		829	797	4.1	%	8.6	%	-4.5	%
WW			629	545	15.3	%	15.8	%	-0.5	%		1,695	1,682	0.8	%	2.9	%	-2.1	%
STELARA
US			1,912	1,655	15.5	%	15.5	%	-			5,180	4,766	8.7	%	8.7	%	-
Intl			951	794	19.9	%	16.2	%	3.7	%		2,925	2,571	13.8	%	15.5	%	-1.7	%
WW			2,864	2,449	16.9	%	15.8	%	1.1	%		8,105	7,336	10.5	%	11.1	%	-0.6	%
TREMFYA
US			634	530	19.6	%	19.6	%	-			1,490	1,303	14.4	%	14.4	%	-
Intl			258	200	29.0	%	26.3	%	2.7	%		747	613	21.9	%	24.0	%	-2.1	%
WW			891	729	22.2	%	21.5	%	0.7	%		2,237	1,916	16.8	%	17.4	%	-0.6	%
OTHER IMMUNOLOGY
US			2	5	-47.1	%	-47.1	%	-			9	14	-36.1	%	-36.1	%	-
Intl			0	0	-		-		-			0	0	-		-		-
WW			2	5	-47.1	%	-47.1	%	-			9	14	-36.1	%	-36.1	%	-
INFECTIOUS DISEASES
US			360	390	-7.8	%	-7.8	%	-			1,147	1,266	-9.4	%	-9.4	%	-
Intl			500	905	-44.8	%	-50.7	%	5.9	%		2,420	2,642	-8.4	%	-9.3	%	0.9	%
WW			859	1,295	-33.6	%	-37.8	%	4.2	%		3,566	3,908	-8.7	%	-9.3	%	0.6	%
COVID-19 VACCINE
US			0	0	-		-		-			0	120	*		*		-
Intl			41	489	-91.5	%	-97.8	%	6.3	%		1,073	1,370	-21.6	%	-23.0	%	1.4	%
WW			41	489	-91.5	%	-97.8	%	6.3	%		1,073	1,490	-27.9	%	-29.2	%	1.3	%
EDURANT / rilpivirine
US			9	9	10.2	%	10.2	%	-			26	27	-0.5	%	-0.5	%	-
Intl			287	237	21.4	%	13.4	%	8.0	%		816	691	18.2	%	16.4	%	1.8	%
WW			297	245	21.0	%	13.3	%	7.7	%		843	718	17.5	%	15.8	%	1.7	%
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US			345	372	-7.3	%	-7.3	%	-			1,105	1,096	0.9	%	0.9	%	-
Intl			102	112	-9.5	%	-15.0	%	5.5	%		310	354	-12.5	%	-13.0	%	0.5	%
WW			447	485	-7.8	%	-9.0	%	1.2	%		1,415	1,450	-2.4	%	-2.5	%	0.1	%
OTHER INFECTIOUS DISEASES
US			5	10	-42.7	%	-42.7	%	-			15	24	-35.5	%	-35.5	%	-
Intl			69	68	2.0	%	5.5	%	-3.5	%		220	228	-3.4	%	0.8	%	-4.2	%
WW			74	77	-3.6	%	-0.5	%	-3.1	%		235	251	-6.4	%	-2.6	%	-3.8	%
	REPORTED SALES vs. PRIOR PERIOD ($MM)										REPORTED SALES vs. PRIOR PERIOD ($MM)
	THIRD QUARTER										NINE MONTHS
					% Change									% Change
		2023		2022	Reported		Operational ^(1)		Currency		2023		2022	Reported		Operational ^(1)		Currency
NEUROSCIENCE
US			1,036	919	12.7	%	12.7	%	-			3,043	2,658	14.5	%	14.5	%	-
Intl			706	763	-7.4	%	-5.1	%	-2.3	%		2,296	2,498	-8.1	%	-4.2	%	-3.9	%
WW			1,742	1,681	3.6	%	4.6	%	-1.0	%		5,339	5,156	3.5	%	5.4	%	-1.9	%
CONCERTA / Methylphenidate
US			57	41	38.1	%	38.1	%	-			191	114	67.4	%	67.4	%	-
Intl			133	117	13.6	%	15.5	%	-1.9	%		412	362	13.8	%	19.0	%	-5.2	%
WW			189	158	20.0	%	21.4	%	-1.4	%		603	476	26.7	%	30.7	%	-4.0	%
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
US			730	684	6.8	%	6.8	%	-			2,164	2,036	6.3	%	6.3	%	-
Intl			299	348	-14.0	%	-14.4	%	0.4	%		940	1,097	-14.3	%	-11.9	%	-2.4	%
WW			1,029	1,031	-0.2	%	-0.3	%	0.1	%		3,104	3,132	-0.9	%	-0.1	%	-0.8	%
SPRAVATO
US			154	88	75.1	%	75.1	%	-			409	223	83.1	%	83.1	%	-
Intl			29	12	*		*		*			74	32	*		*		*
WW			183	100	82.1	%	81.0	%	1.1	%		483	255	88.8	%	88.7	%	0.1	%
OTHER NEUROSCIENCE
US			94	106	-11.3	%	-11.3	%	-			278	285	-2.3	%	-2.3	%	-
Intl			245	286	-13.9	%	-7.8	%	-6.1	%		870	1,007	-13.5	%	-8.5	%	-5.0	%
WW			340	393	-13.2	%	-8.7	%	-4.5	%		1,149	1,293	-11.0	%	-7.1	%	-3.9	%
ONCOLOGY
US			2,219	1,812	22.5	%	22.5	%	-			6,177	5,073	21.8	%	21.8	%	-
Intl			2,313	2,252	2.7	%	0.7	%	2.0	%		6,865	6,983	-1.7	%	0.3	%	-2.0	%
WW			4,533	4,064	11.5	%	10.4	%	1.1	%		13,043	12,056	8.2	%	9.3	%	-1.1	%
CARVYKTI
US			140	55	*		*		-			324	79	*		*		-
Intl			12	-	*		*		-			17	-	*		*		-
WW			152	55	*		*		-			341	79	*		*		-
DARZALEX
US			1,369	1,097	24.8	%	24.8	%	-			3,882	3,071	26.4	%	26.4	%	-
Intl			1,130	955	18.3	%	16.0	%	2.3	%		3,312	2,823	17.3	%	19.7	%	-2.4	%
WW			2,499	2,052	21.8	%	20.7	%	1.1	%		7,194	5,894	22.1	%	23.2	%	-1.1	%
ERLEADA
US			288	254	12.9	%	12.9	%	-			778	693	12.2	%	12.2	%	-
Intl			342	235	45.8	%	42.3	%	3.5	%		961	647	48.7	%	51.0	%	-2.3	%
WW			631	490	28.7	%	27.0	%	1.7	%		1,740	1,340	29.8	%	30.9	%	-1.1	%
IMBRUVICA
US			264	353	-25.2	%	-25.2	%	-			796	1,072	-25.8	%	-25.8	%	-
Intl			545	559	-2.5	%	-4.6	%	2.1	%		1,681	1,847	-9.0	%	-7.6	%	-1.4	%
WW			808	911	-11.3	%	-12.6	%	1.3	%		2,476	2,918	-15.2	%	-14.2	%	-1.0	%
ZYTIGA / abiraterone acetate
US			16	16	-2.8	%	-2.8	%	-			41	54	-24.9	%	-24.9	%	-
Intl			199	440	-54.9	%	-55.1	%	0.2	%		646	1,446	-55.3	%	-53.6	%	-1.7	%
WW			214	456	-53.0	%	-53.2	%	0.2	%		686	1,500	-54.2	%	-52.6	%	-1.6	%
OTHER ONCOLOGY
US			143	37	*		*		-			357	104	*		*		-
Intl			86	64	34.5	%	30.4	%	4.1	%		248	220	12.5	%	13.8	%	-1.3	%
WW			229	100	*		*		*			605	324	86.5	%	87.4	%	-0.9	%
	REPORTED SALES vs. PRIOR PERIOD ($MM)										REPORTED SALES vs. PRIOR PERIOD ($MM)
	THIRD QUARTER										NINE MONTHS
					% Change									% Change
		2023		2022	Reported		Operational ^(1)		Currency		2023		2022	Reported		Operational ^(1)		Currency
PULMONARY HYPERTENSION
US			680	604	12.6	%	12.6	%	-			1,964	1,736	13.1	%	13.1	%	-
Intl			274	247	10.5	%	11.7	%	-1.2	%		835	810	3.0	%	7.4	%	-4.4	%
WW			954	852	12.0	%	12.4	%	-0.4	%		2,798	2,547	9.9	%	11.3	%	-1.4	%
OPSUMIT
US			323	289	12.2	%	12.2	%	-			924	827	11.8	%	11.8	%	-
Intl			166	152	9.3	%	8.6	%	0.7	%		512	495	3.5	%	6.8	%	-3.3	%
WW			490	441	11.2	%	10.9	%	0.3	%		1,437	1,322	8.7	%	9.9	%	-1.2	%
UPTRAVI
US			336	283	18.9	%	18.9	%	-			978	824	18.7	%	18.7	%	-
Intl			66	50	30.9	%	33.8	%	-2.9	%		185	162	14.1	%	18.6	%	-4.5	%
WW			402	333	20.7	%	21.1	%	-0.4	%		1,163	986	18.0	%	18.7	%	-0.7	%
OTHER PULMONARY HYPERTENSION
US			20	33	-37.1	%	-37.1	%	-			61	86	-28.4	%	-28.4	%	-
Intl			42	46	-7.5	%	-2.1	%	-5.4	%		137	154	-10.5	%	-2.6	%	-7.9	%
WW			63	78	-19.8	%	-16.6	%	-3.2	%		199	239	-16.9	%	-11.8	%	-5.1	%
CARDIOVASCULAR / METABOLISM / OTHER
US			763	837	-8.8	%	-8.8	%	-			2,254	2,266	-0.5	%	-0.5	%	-
Intl			194	198	-2.1	%	-4.7	%	2.6	%		580	651	-10.8	%	-9.8	%	-1.0	%
WW			957	1,034	-7.5	%	-8.0	%	0.5	%		2,834	2,916	-2.8	%	-2.6	%	-0.2	%
XARELTO
US			625	689	-9.4	%	-9.4	%	-			1,840	1,806	1.9	%	1.9	%	-
Intl			-	-	-		-		-			-	-	-		-		-
WW			625	689	-9.4	%	-9.4	%	-			1,840	1,806	1.9	%	1.9	%	-
OTHER
US			139	147	-6.1	%	-6.1	%	-			414	459	-9.9	%	-9.9	%	-
Intl			194	198	-2.1	%	-4.7	%	2.6	%		580	651	-10.8	%	-9.8	%	-1.0	%
WW			332	345	-3.8	%	-5.3	%	1.5	%		994	1,110	-10.5	%	-9.8	%	-0.7	%
TOTAL INNOVATIVE MEDICINE
US			8,249	7,438	10.9	%	10.9	%	-			23,090	21,229	8.8	%	8.8	%	-
Intl			5,644	5,776	-2.3	%	-4.3	%	2.0	%		17,947	18,171	-1.2	%	0.8	%	-2.0	%
WW		$	13,893	13,214	5.1	%	4.3	%	0.8	%	$	41,037	39,400	4.2	%	5.1	%	-0.9	%
See footnotes at end of schedule
	REPORTED SALES vs. PRIOR PERIOD ($MM)										REPORTED SALES vs. PRIOR PERIOD ($MM)
	THIRD QUARTER										NINE MONTHS
					% Change									% Change
MEDTECH SEGMENT ^(2,3)		2023		2022	Reported		Operational ^(1)		Currency		2023		2022	Reported		Operational ^(1)		Currency
INTERVENTIONAL SOLUTIONS
US		$	891	547	63.0	%	63.0	%	-		$	2,662	1,566	70.0	%	70.0	%	-
Intl			667	513	29.9	%	32.2	%	-2.3	%		2,019	1,636	23.4	%	28.6	%	-5.2	%
WW			1,558	1,060	47.0	%	48.1	%	-1.1	%		4,681	3,202	46.2	%	48.9	%	-2.7	%
ELECTROPHYSIOLOGY
US			611	520	17.6	%	17.6	%	-			1,791	1,489	20.3	%	20.3	%	-
Intl			549	453	21.2	%	23.4	%	-2.2	%		1,658	1,454	14.0	%	19.2	%	-5.2	%
WW			1,161	973	19.3	%	20.3	%	-1.0	%		3,449	2,943	17.2	%	19.8	%	-2.6	%
ABIOMED
US			254	-	*		*		-			790	-	*		*		-
Intl			57	-	*		*		-			176	-	*		*		-
WW			311	-	*		*		-			966	-	*		*		-
OTHER INTERVENTIONAL SOLUTIONS
US			26	27	-3.2	%	-3.2	%	-			81	77	5.9	%	5.9	%	-
Intl			61	60	1.0	%	3.7	%	-2.7	%		186	181	2.2	%	7.2	%	-5.0	%
WW			87	87	-0.3	%	1.6	%	-1.9	%		267	258	3.3	%	6.8	%	-3.5	%
ORTHOPAEDICS
US			1,349	1,309	3.1	%	3.1	%	-			4,100	3,936	4.2	%	4.2	%	-
Intl			815	785	3.9	%	1.7	%	2.2	%		2,574	2,504	2.8	%	4.9	%	-2.1	%
WW			2,164	2,095	3.4	%	2.6	%	0.8	%		6,674	6,440	3.6	%	4.5	%	-0.9	%
HIPS
US			239	228	4.9	%	4.9	%	-			730	693	5.4	%	5.4	%	-
Intl			136	124	9.3	%	7.3	%	2.0	%		432	437	-1.0	%	1.1	%	-2.1	%
WW			375	352	6.5	%	5.8	%	0.7	%		1,162	1,129	2.9	%	3.8	%	-0.9	%
KNEES
US			207	203	2.3	%	2.3	%	-			654	620	5.6	%	5.6	%	-
Intl			131	115	14.6	%	11.7	%	2.9	%		415	386	7.7	%	9.7	%	-2.0	%
WW			338	317	6.7	%	5.7	%	1.0	%		1,069	1,005	6.4	%	7.2	%	-0.8	%
TRAUMA
US			488	473	3.2	%	3.2	%	-			1,462	1,412	3.5	%	3.5	%	-
Intl			253	244	4.2	%	0.8	%	3.4	%		775	749	3.5	%	5.0	%	-1.5	%
WW			742	717	3.5	%	2.4	%	1.1	%		2,238	2,161	3.5	%	4.0	%	-0.5	%
SPINE, SPORTS & OTHER
US			415	406	2.3	%	2.3	%	-			1,254	1,211	3.5	%	3.5	%	-
Intl			295	303	-2.6	%	-3.6	%	1.0	%		952	933	2.0	%	4.7	%	-2.7	%
WW			710	708	0.2	%	-0.2	%	0.4	%		2,205	2,144	2.8	%	4.0	%	-1.2	%
	REPORTED SALES vs. PRIOR PERIOD ($MM)										REPORTED SALES vs. PRIOR PERIOD ($MM)
	THIRD QUARTER										NINE MONTHS
					% Change									% Change
		2023		2022	Reported		Operational ^(1)		Currency		2023		2022	Reported		Operational ^(1)		Currency
SURGERY
US			994	984	1.1	%	1.1	%	-			2,984	2,897	3.0	%	3.0	%	-
Intl			1,483	1,439	3.1	%	4.6	%	-1.5	%		4,522	4,410	2.6	%	6.7	%	-4.1	%
WW			2,479	2,422	2.3	%	3.2	%	-0.9	%		7,507	7,306	2.7	%	5.3	%	-2.6	%
ADVANCED
US			455	457	-0.4	%	-0.4	%	-			1,365	1,328	2.8	%	2.8	%	-
Intl			709	701	1.0	%	2.7	%	-1.7	%		2,139	2,132	0.3	%	4.5	%	-4.2	%
WW			1,164	1,158	0.5	%	1.5	%	-1.0	%		3,504	3,460	1.3	%	3.8	%	-2.5	%
GENERAL
US			540	527	2.4	%	2.4	%	-			1,619	1,569	3.2	%	3.2	%	-
Intl			775	737	5.1	%	6.5	%	-1.4	%		2,383	2,277	4.7	%	8.8	%	-4.1	%
WW			1,314	1,264	4.0	%	4.8	%	-0.8	%		4,002	3,846	4.1	%	6.5	%	-2.4	%
VISION
US			512	517	-1.0	%	-1.0	%	-			1,599	1,534	4.2	%	4.2	%	-
Intl			744	689	8.1	%	10.1	%	-2.0	%		2,265	2,170	4.4	%	8.3	%	-3.9	%
WW			1,256	1,206	4.2	%	5.4	%	-1.2	%		3,864	3,704	4.3	%	6.6	%	-2.3	%
CONTACT LENSES / OTHER
US			399	405	-1.2	%	-1.2	%	-			1,252	1,179	6.2	%	6.2	%	-
Intl			529	503	4.9	%	8.2	%	-3.3	%		1,568	1,533	2.3	%	7.0	%	-4.7	%
WW			928	908	2.2	%	4.0	%	-1.8	%		2,820	2,712	4.0	%	6.6	%	-2.6	%
SURGICAL
US			112	112	-0.1	%	-0.1	%	-			346	355	-2.5	%	-2.5	%	-
Intl			216	186	16.6	%	15.4	%	1.2	%		698	637	9.6	%	11.7	%	-2.1	%
WW			328	298	10.3	%	9.5	%	0.8	%		1,044	992	5.3	%	6.6	%	-1.3	%
TOTAL MEDTECH
US			3,747	3,356	11.6	%	11.6	%	-			11,345	9,932	14.2	%	14.2	%	-
Intl			3,711	3,426	8.3	%	9.2	%	-0.9	%		11,382	10,719	6.2	%	10.0	%	-3.8	%
WW		$	7,458	6,782	10.0	%	10.4	%	-0.4	%	$	22,727	20,651	10.0	%	12.0	%	-2.0	%

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

(4) Previously referred to as Pharmaceutical

(5) Reported as U.S. sales

Supplemental Sales Reconciliation (Unaudited)
(Dollars in Millions)
	THIRD QUARTER									NINE MONTHS
				Percent Change									Percent Change
	2023		2022	Total			Operations		Currency	2023		2022	Total			Operations		Currency
Innovative Medicine
U.S.	$	8,249	7,438	10.9		%	10.9		-	$	23,090	21,229	8.8		%	8.8		-
International		5,644	5,776	(2.3	)		(4.3	)	2.0		17,947	18,171	(1.2	)		0.8		(2.0	)
Worldwide		13,893	13,214	5.1			4.3		0.8		41,037	39,400	4.2			5.1		(0.9	)
COVID-19 Vaccine
U.S.		-	-	-			-		-		-	120	*			*		-
International		41	489	(91.5	)		(97.8	)	6.3		1,073	1,370	(21.6	)		(23.0	)	1.4
Worldwide		41	489	(91.5	)		(97.8	)	6.3		1,073	1,490	(27.9	)		(29.2	)	1.3
Innovative Medicine excluding COVID-19 Vaccine
U.S.		8,249	7,438	10.9			10.9		-		23,090	21,109	9.4			9.4		-
International		5,603	5,287	5.9			4.3		1.6		16,874	16,801	0.4			2.7		(2.3	)
Worldwide		13,852	12,725	8.9			8.2		0.7		39,964	37,910	5.4			6.4		(1.0	)
Worldwide
U.S.		11,996	10,794	11.1			11.1		-		34,435	31,161	10.5			10.5		-
International		9,355	9,202	1.6			0.7		0.9		29,329	28,890	1.5			4.2		(2.7	)
Worldwide		21,351	19,996	6.8			6.4		0.4		63,764	60,051	6.2			7.5		(1.3	)
COVID-19 Vaccine
U.S.		-	-	-			-		-		-	120	*			*		-
International		41	489	(91.5	)		(97.8	)	6.3		1,073	1,370	(21.6	)		(23.0	)	1.4
Worldwide		41	489	(91.5	)		(97.8	)	6.3		1,073	1,490	(27.9	)		(29.2	)	1.3
Worldwide
U.S.		11,996	10,794	11.1			11.1		-		34,435	31,041	10.9			10.9		-
International		9,314	8,713	6.9			6.3		0.6		28,256	27,520	2.7			5.5		(2.8	)
Worldwide excluding COVID-19 Vaccine	$	21,310	19,507	9.2		%	9.0		0.2	$	62,691	58,561	7.1		%	8.4		(1.3	)
Note: Columns and rows within tables may not add due to rounding
* Percentage greater than 100% or not meaningful

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Q3 QTD - Income Before Tax by Segment*
Dollars in Millions
		Innovative Medicine				MedTech				Unallocated				Worldwide Total
		2023		2022		2023		2022		2023		2022		2023		2022
Reported Income Before Tax by Segment From Continuing Operations	$	4,794		4,186		1,185		1,090		(762	)	(104	)	5,217		5,172
% to Sales		34.5	%	31.7	%	15.9	%	16.1	%	-3.6	%	-0.5	%	24.4	%	25.9	%
Intangible asset amortization expense		749		698		383		260		-		-		1,132		958
In-process research and development impairments		206		-		-		-		-		-		206		-
Litigation related		(32	)	7		(19	)	212		-		-		(51	)	219
Loss/(gain) on securities		398		177		(38	)	(13	)	645		-		1,005		164
Restructuring related		149		23		235		69		-		-		384		92
Acquisition, integration and divestiture related		-		-		22		-		-		-		22		-
Medical Device Regulation		-		-		74		78		-		-		74		78
COVID-19 Vaccine related costs		44		377		-		-		-		-		44		377
Adjusted Income Before Tax by Segment From Continuing Operations	$	6,308		5,468		1,842		1,696		(117	)	(104	)	8,033		7,060
% to Sales		45.4	%	41.4	%	24.7	%	25.0	%	-0.5	%	-0.5	%	37.6	%	35.3	%
*Estimated as of 10/17/2023

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Q3 YTD - Income Before Tax by Segment*
Dollars in Millions
		Innovative Medicine				MedTech				Unallocated				Worldwide Total
		2023		2022		2023		2022		2023		2022		2023		2022
Reported Income Before Tax by Segment From Continuing Operations	$	14,008		12,424		4,265		3,641		(8,037	)	(546	)	10,236		15,519
% to Sales		34.1	%	31.5	%	18.8	%	17.6	%	-12.6	%	-0.9	%	16.1	%	25.8	%
Intangible asset amortization expense		2,236		2,194		1,148		773		-		-		3,384		2,967
In-process research and development impairments		206		610		49		-		-		-		255		610
Litigation related		(125	)	28		41		476		7,070		100		6,986		604
Loss/(gain) on securities		474		673		(43	)	11		645		-		1,076		684
Restructuring related		424		32		235		221		-		-		659		253
Acquisition, integration and divestiture related		-		-		102		-		-		-		102		-
Medical Device Regulation		-		-		223		208		-		-		223		208
COVID-19 Vaccine related costs		653		653		-		-		-		-		653		653
Other		-		-		-		-		-		(7	)	-		(7	)
Adjusted Income Before Tax by Segment From Continuing Operations	$	17,876		16,614		6,020		5,330		(322	)	(453	)	23,574		21,491
% to Sales		43.6	%	42.2	%	26.5	%	25.8	%	-0.5	%	-0.8	%	37.0	%	35.8	%
*Estimated as of 10/17/2023

Johnson & Johnson and Subsidiaries
GAAP to Non-GAAP Reconciliation
$ in Millions
Quarter to Date
																				Consumer Health separation tax related costs
								In-process research and development impairments				Acquisition, integration and divestiture related		(Loss)/gain on securities				COVID-19 Vaccine Related Costs				Tax legislation and other tax related
	Third Quarter Oct. 1, 2023 GAAP			Intangible asset amortization		Litigation related				Restructuring related						Medical Device Regulation								Other		Third Quarter Oct. 1, 2023 Non-GAAP
Cost of products sold	$	6,606		(1,132	)					(226	)					(34	)	(9	)	-		-		-		5,205
Selling, marketing and admin expenses		5,400														(6	)									5,394
Research and development expense		3,447										-				(33	)	(36	)							3,378
Other (Income) / Expense		499		-		51				-		(22	)	(1,005	)			-		-				-		(477	)
In-process research and development impairments		206						(206	)																	-
Interest (Income)/Expense		(182	)																							(182	)
Restructuring		158								(158	)															-
Provision for taxes on income		908		178		(12	)	46		72		5		167		14		12		27		(161	)	-		1,256
Net Earnings from Continuing Operations		4,309		954		(39	)	160		312		17		838		59		33		(27	)	161		-		6,777
																				Consumer Health separation tax related costs
								In-process research and development impairments				Acquisition, integration and divestiture related		(Loss)/gain on securities				COVID-19 Vaccine Related Costs				Tax legislation and other tax related
	Third Quarter Oct. 2, 2022 GAAP			Intangible asset amortization		Litigation related				Restructuring related						Medical Device Regulation								Other		Third Quarter Oct. 2, 2022 Non-GAAP
Cost of products sold	$	6,172		(958	)					(9	)					(29	)	(102	)	-		-		-		5,074
Selling, marketing and admin expenses		4,975														(7	)									4,968
Research and development expense		3,485										-				(42	)	(80	)							3,363
Other (Income) / Expense		226		-		(219	)			(18	)	-		(164	)			(195	)	-				-		(370	)
In-process research and development impairments		-						-																		-
Restructuring		65								(65	)															-
Provision for taxes on income		862		146		(7	)	-		19		-		43		15		96		36		(88	)	-		1,122
Net Earnings from Continuing Operations		4,310		812		226		-		73		-		121		63		281		(36	)	88		-		5,938
Year to Date
																				Consumer Health separation tax related costs
								In-process research and development impairments				Acquisition, integration and divestiture related		(Loss)/gain on securities				COVID-19 Vaccine Related Costs				Tax legislation and other tax related
	Nine Months Oct. 1, 2023 GAAP			Intangible asset amortization		Litigation related				Restructuring related						Medical Device Regulation								Other		Nine Months Oct. 1, 2023 Non-GAAP
Cost of products sold	$	19,755		(3,380	)					(226	)					(91	)	(177	)							15,881
Selling, marketing and admin expenses		15,702														(21	)									15,681
Research and development expense		10,605										(16	)			(111	)	(98	)							10,380
Other (Income) / Expense		7,055		(4	)	(6,986	)			-		(86	)	(1,076	)			(378	)	-				-		(1,475	)
In-process research and development impairments		255						(255	)	-		-						-								-
Interest (Income)/Expense		(277	)																							(277	)
Restructuring		433								(433	)															-
Provision for taxes on income		1,042		532		1,639		57		141		22		182		41		155		33		(117	)	-		3,727
Net Earnings from Continuing Operations		9,194		2,852		5,347		198		518		80		894		182		498		(33	)	117		-		19,847
																				Consumer Health separation tax related costs
								In-process research and development impairments				Acquisition, integration and divestiture related		(Loss)/gain on securities				COVID-19 Vaccine Related Costs				Tax legislation and other tax related
	Nine Months Oct. 2, 2022 GAAP			Intangible asset amortization		Litigation related				Restructuring related						Medical Device Regulation								Other		Nine Months Oct. 2, 2022 Non-GAAP
Cost of products sold	$	18,512		(2,967	)					(37	)					(76	)	(296	)							15,136
Selling, marketing and admin expenses		14,907														(19	)									14,888
Research and development expense		10,425										-				(113	)	(190	)							10,122
Other (Income) / Expense		15		-		(604	)			(16	)	-		(684	)			(167	)	-				7		(1,449	)
In-process research and development impairments		610						(610	)																	-
Restructuring		200								(200	)															-
Provision for taxes on income		2,376		442		(89	)	138		47		-		164		39		161		(62	)	(87	)	(2	)	3,127
Net Earnings from Continuing Operations		13,143		2,525		693		472		206		-		520		169		492		62		87		(5	)	18,364