JNJ
$130.31
Johnson & Johnson
($1.76)
(1.33%)
Earnings Details
2nd Quarter June 2019
Tuesday, July 16, 2019 6:40:00 AM
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Summary

Johnson & Johnson Beats

Johnson & Johnson (JNJ) reported 2nd Quarter June 2019 earnings of $2.58 per share on revenue of $20.6 billion. The consensus earnings estimate was $2.42 per share on revenue of $20.3 billion. The Earnings Whisper number was $2.44 per share. Revenue fell 1.3% compared to the same quarter a year ago.

The company said it continues to expect 2019 earnings of $8.53 to $8.63 per share but now expects revenue of $80.80 billion to $81.60 billion. The company's previous guidance was revenue of $80.40 billion to $81.20 billion and the current consensus earnings estimate is $8.60 per share on revenue of $81.20 billion for the year ending December 31, 2019.

Johnson & Johnson is a holding company, which is engaged in the research and development, manufacture and sale of products in the health care field within its Consumer, Pharmaceutical and Medical Devices, and Diagnostics business segments.

Results
Reported Earnings
$2.58
Earnings Whisper
$2.44
Consensus Estimate
$2.42
Reported Revenue
$20.56 Bil
Revenue Estimate
$20.32 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Johnson & Johnson Reports 2019 Second-Quarter Results

NEW BRUNSWICK, N.J., July 16, 2019 /PRNewswire/ -- Johnson & Johnson (NYSE: JNJ) today announced results for second-quarter 2019. "We delivered solid second-quarter underlying sales growth and strong earnings growth that enables us to make investments in innovation to accelerate performance in each of our businesses," said Alex Gorsky, Chairman and Chief Executive Officer. "Our pipelines continue to progress with the launch of new products and several regulatory submissions and approvals, which positions us well to deliver the next wave of transformational products and solutions. I am proud of our talented colleagues across Johnson & Johnson who continue to deliver significant healthcare advances to improve the lives of patients and consumers around the world."

OVERALL FINANCIAL RESULTS:


SECOND QUARTER


($ in Millions, except EPS)

2019

2018

%  Change

Reported Sales

$       20,562

$       20,830

(1.3)%

Net Earnings

5,607

3,954

41.8%

EPS (diluted)

$           2.08

$           1.45

43.4%





Non-GAAP*

SECOND QUARTER


($ in Millions, except EPS)

2019

2018

%  Change

Operational Sales1,2

N/A

N/A

01.6%

Adjusted Operational Sales1,3

N/A

N/A

03.7%

Adjusted Net Earnings1,4

6,950

5,718

21.5%

Adjusted EPS (diluted)1,4

$           2.58

$           2.10

22.9%

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

4 Excludes intangible amortization expense and special items

REGIONAL SALES RESULTS: 


SECOND QUARTER

%  Change

($ in Millions) 1

20192

20182

Reported2

Operational1,2

Currency2

Adjusted Operational1,3

U.S.

$       10,403

$       10,640

(2.2)%

(2.2)

-

0.0

International

10,159

10,190

(0.3)%

5.5

(5.8)

7.6

Worldwide

$       20,562

$       20,830

(1.3)%

1.6

(2.9)

3.7

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

($ in Millions) 1

20191

20181

Reported2

Operational1,2

Currency1

Adjusted Operational1,3

Consumer

$         3,544

$         3,504

1.2%

4.6

(3.4)

2.3

Pharmaceuticals

10,529

10,354

1.7%

4.4

(2.7)

4.4

Medical Devices

6,489

6,972

(6.9)%

(4.1)

(2.8)

3.2

Worldwide

$       20,562

$       20,830

(1.3)%

1.6

(2.9)

3.7

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

2 Excludes the impact of translational currency

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

Note: values may have been rounded

SEGMENT COMMENTARY:

Consumer
Consumer worldwide operational sales, excluding the net impact of acquisitions and divestitures, grew 2.3%* driven by NEUTROGENA, AVEENO and OGX beauty products, over-the-counter products including ZYRTEC upper respiratory and MOTRIN analgesic products, international LISTERINE mouthwash in Oral Care products and U.S. Baby Care products.

Pharmaceutical
Pharmaceutical worldwide operational sales, excluding the net impact of acquisitions and divestitures grew 4.4%* driven by DARZALEX (daratumumab), for the treatment of multiple myeloma, STELARA (ustekinumab), a biologic for the treatment of  a number of immune-mediated inflammatory diseases, IMBRUVICA (ibrutinib), an oral, once-daily therapy approved for use in treating certain B-cell malignancies, a type of blood or lymph node cancer, INVEGA SUSTENNA/XEPLION/INVEGA TRINZA/TREVICTA (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults, TREMFYA (guselkumab),  a biologic for the treatment of adults living with moderate to severe plaque psoriasis, OPSUMIT (macitentan), an oral endothelin receptor antagonist indicated for the treatment of pulmonary arterial hypertension to delay disease progression, ERLEADA (apalutamide), a next-generation androgen receptor inhibitor for the treatment of patients with non-metastatic castration-resistant prostate cancer and  PREZISTA/PREZCOBIX/REZOLSTA/ SYMTUZA (D/C/F/TAF) for the treatment of human immunodeficiency virus type 1 (HIV-1) infection, partially offset by declines in REMICADE (infliximab), a biologic approved for the treatment of a number of immune-mediated inflammatory diseases, and U.S. ZYTIGA (abiraterone acetate), an oral, once-daily medication for use in combination with prednisone for the treatment of metastatic, castration-resistant prostate cancer due to biosimilar and generic entrants.

Medical Devices
Worldwide Medical Devices operational sales, excluding the net impact of acquisitions and divestitures grew 3.2%* driven by the growth of electrophysiology products in the Interventional Solutions business, endocutters and international energy products in the Advanced Surgery business. As previously disclosed, the divestiture of the ASP business was completed, resulting in an approximate $2.0 billion pretax gain in the quarter.

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.

Pipeline Updates

Regulatory Approvals

IMBRUVICA (ibrutinib) – CHMP Positive Opinions in combination with obinutuzumab in CLL and in combination with rituximab in WM

(press release)

DARZALEX (daratumumab) – Newly diagnosed patients with Multiple Myeloma in combination with Lenalidomide and Dexamethasone (U.S.)

(press release)

Regulatory Submissions

DARZALEX (daratumumab) – Subcutaneous formulation in multiple myeloma (U.S.)1

(press release)

ERLEADA (apalutamide) - Metastatic Hormone-Sensitive Prostate Cancer (EU)

(press release)

ERLEADA (apalutamide) – Metastatic Castration - Sensitive Prostate Cancer (U.S)

(press release)

Rilpivirine and Cabotegravir - Monthly, Injectable, Two-Drug Regimen for Treatment of HIV

(press release)

1 Subsequent to the quarter

FULL YEAR 2019 GUIDANCE:

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


July 2019

April 2019

($ in Billions, except EPS)



Adjusted Operational Sales1,2

Change vs. Prior Year

3.2% - 3.7%

2.5% - 3.5%

Operational Sales2

Change vs. Prior Year

$82.4 to $83.2

1.0% - 2.0%

$82.0 to $82.8

0.5% - 1.5%

Estimated Reported Sales3

Change vs. Prior Year

$80.8 to $81.6

(1.0%) - 0.0%

$80.4 to $81.2

(1.5%) - (0.5%)




Adjusted Operational EPS (Diluted)2,4

Change vs. Prior Year

$8.73 to $8.83

6.7% - 7.9%

$8.73 to $8.83

6.7% - 7.9%

Adjusted EPS (Diluted)3,4

Change vs. Prior Year

$8.53 to $8.63

4.3% - 5.5%

$8.53 to $8.63

4.3% - 5.5%

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 2019 = $1.12; Euro Average Rate: April 2019 = $1.12 (Illustrative purposes only)

4 Non-GAAP financial measure; excludes intangible amortization expense and special items

Other modeling considerations will be provided on the webcast.

WEBCAST INFORMATION:
Johnson & Johnson will conduct a conference call with investors to discuss this earnings release today at 8:30 a.m., Eastern Time. A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Johnson & Johnson website. A replay and podcast will be available approximately two hours after the live webcast in the Investors section of the company's website at events-and-presentations

ABOUT JOHNSON & JOHNSON:
At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That's why for more than 130 years, we have aimed to keep people well at every age and every stage of life. Today, as the world's largest and most broadly-based health care company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity. 

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

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

NOTE TO INVESTORS CONCERNING FORWARD-LOOKING STATEMENTS:
This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: future operating and financial performance, product development, market position and business strategy. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the company to successfully execute strategic plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended December 30, 2018, including in the sections captioned "Cautionary Note Regarding Forward-Looking Statements" and "Item 1A. Risk Factors," 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


2019


2018


Total


Operations


Currency


2019


2018


Total


Operations


Currency

Sales to customers by




















segment of business








































Consumer




















    U.S.

$   1,537


1,476


4.1

%

4.1


-


$   2,975


2,912


2.2

%

2.2


-

    International

2,007


2,028


(1.0)


4.9


(5.9)


3,887


3,990


(2.6)


4.3


(6.9)


3,544


3,504


1.2


4.6


(3.4)


6,862


6,902


(0.6)


3.4


(4.0)





















Pharmaceutical




















    U.S.

5,783


5,899


(2.0)


(2.0)


-


11,365


11,253


1.0


1.0


-

    International

4,746


4,455


6.5


12.9


(6.4)


9,408


8,945


5.2


12.5


(7.3)


10,529


10,354


1.7


4.4


(2.7)


20,773


20,198


2.8


6.1


(3.3)





















Medical Devices




















    U.S.

3,083


3,265


(5.6)


(5.6)


-


6,192


6,426


(3.6)


(3.6)


-

    International

3,406


3,707


(8.1)


(2.9)


(5.2)


6,756


7,313


(7.6)


(1.6)


(6.0)


6,489


6,972


(6.9)


(4.1)


(2.8)


12,948


13,739


(5.7)


(2.6)


(3.1)





















U.S.

10,403


10,640


(2.2)


(2.2)


-


20,532


20,591


(0.3)


(0.3)


-

International

10,159


10,190


(0.3)


5.5


(5.8)


20,051


20,248


(1.0)


5.8


(6.8)

Worldwide

$ 20,562


20,830


(1.3)

%

1.6


(2.9)


$ 40,583


40,839


(0.6)

%

2.7


(3.3)





















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


2019


2018


Total


Operations


Currency


2019


2018


Total


Operations


Currency

Sales to customers by




















geographic area








































U.S.

$ 10,403


10,640


(2.2)

%

(2.2)


-


$ 20,532


20,591


(0.3)

%

(0.3)


-





















Europe

4,733


4,810


(1.6)


4.7


(6.3)


9,342


9,607


(2.8)


4.6


(7.4)

Western Hemisphere excluding U.S.

1,455


1,540


(5.5)


4.2


(9.7)


2,958


3,107


(4.8)


6.5


(11.3)

Asia-Pacific, Africa

3,971


3,840


3.4


7.2


(3.8)


7,751


7,534


2.9


7.0


(4.1)

International

10,159


10,190


(0.3)


5.5


(5.8)


20,051


20,248


(1.0)


5.8


(6.8)





















Worldwide

$ 20,562


20,830


(1.3)

%

1.6


(2.9)


$ 40,583


40,839


(0.6)

%

2.7


(3.3)





















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)

SECOND QUARTER












2019


2018


Percent




Percent




Percent


Increase


Amount


to Sales


Amount


to Sales


(Decrease)

Sales to customers

$    20,562


100.0


$    20,830


100.0


(1.3)

Cost of products sold

6,940


33.8


6,927


33.3


0.2

Gross Profit

13,622


66.2


13,903


66.7


(2.0)

Selling, marketing and administrative expenses

5,546


27.0


5,743


27.5


(3.4)

Research and development expense

2,666


13.0


2,639


12.7


1.0

Interest (income) expense, net

(5)


0.0


127


0.6



Other (income) expense, net

(1,683)


(8.2)


364


1.7



Restructuring

57


0.2


57


0.3



Earnings before provision for taxes on income

7,041


34.2


4,973


23.9


41.6

Provision for taxes on income

1,434


6.9


1,019


4.9


40.7

Net earnings

$      5,607


27.3


$      3,954


19.0


41.8











Net earnings per share (Diluted)

$        2.08




$        1.45




43.4











Average shares outstanding (Diluted)

2,691.7




2,721.3















Effective tax rate

20.4

%



20.5

%














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










Earnings before provision for taxes on income

$      8,614


41.9


$      7,014


33.7


22.8

Net earnings

$      6,950


33.8


$      5,718


27.5


21.5

Net earnings per share (Diluted)

$        2.58




$        2.10




22.9

Effective tax rate

19.3

%



18.5

%














(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












2019


2018


Percent




Percent




Percent


Increase


Amount


to Sales


Amount


to Sales


(Decrease)

Sales to customers

$    40,583


100.0


$    40,839


100.0


(0.6)

Cost of products sold

13,555


33.4


13,541


33.2


0.1

Gross Profit

27,028


66.6


27,298


66.8


(1.0)

Selling, marketing and administrative expenses

10,765


26.5


11,006


27.0


(2.2)

Research and development expense

5,524


13.6


5,043


12.3


9.5

In-process research and development

890


2.2


-


-



Interest (income) expense, net

(2)


0.0


272


0.7



Other (income) expense, net

(1,705)


(4.2)


424


1.0



Restructuring

93


0.3


99


0.2



Earnings before provision for taxes on income

11,463


28.2


10,454


25.6


9.7

Provision for taxes on income

2,107


5.1


2,133


5.2


(1.2)

Net earnings

$      9,356


23.1


$      8,321


20.4


12.4











Net earnings per share (Diluted)

$        3.47




$        3.05




13.8











Average shares outstanding (Diluted)

2,697.0




2,728.5















Effective tax rate

18.4

%



20.4

%














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










Earnings before provision for taxes on income

$    15,481


38.1


$    13,872


34.0


11.6

Net earnings

$    12,611


31.1


$    11,353


27.8


11.1

Net earnings per share (Diluted)

$        4.68




$        4.16




12.5

Effective tax rate

18.5

%



18.2

%














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










 

Johnson & Johnson and Subsidiaries
















Reconciliation of Non-GAAP Financial Measures



















Second Quarter


% Incr. /



Six Months YTD


% Incr. /


(Dollars in Millions Except Per Share Data)



2019


2018


(Decr.)



2019


2018


(Decr.)


















Earnings before provision for taxes on income - as reported



$      7,041


4,973


41.6

%


$    11,463


10,454


9.7

%

Intangible asset amortization expense



1,118


1,084





2,248


2,199




In-process research and development



-


-





890


-




Litigation expense, net



409


703





832


703




Restructuring/Other (1)



142


176





232


283




Actelion acquisition related cost



51


64





90


160




AMO acquisition related cost



13


25





41


46




Auris Health acquisition related



(9)


-





(9)


-




Unrealized loss/(gain) on securities



(148)


(39)





(306)


(12)




Diabetes asset impairment



-


4





-


4




Other



(3)


24





-


35




Earnings before provision for taxes on income - as adjusted



$      8,614


7,014


22.8

%


$    15,481


13,872


11.6

%

















Net Earnings - as reported



$      5,607


3,954


41.8

%


$      9,356


8,321


12.4

%

Intangible asset amortization expense



979


967





1,825


1,963




In-process research and development



-


-





703


-




Litigation expense, net



342


609





684


609




Restructuring/Other



116


152





191


233




Actelion acquisition related cost



47


64





84


156




AMO acquisition related cost



10


22





33


39




Auris Health acquisition related



(7)


-





(7)


-




Unrealized loss/(gain) on securities



(117)


(31)





(242)


(10)




Diabetes asset impairment



-


3





-


3




Impact of tax legislation (2)



-


(40)





-


12




Other



(27)


18





(16)


27




Net Earnings - as adjusted 



$      6,950


5,718


21.5

%


$    12,611


11,353


11.1

%

















Diluted Net Earnings per share - as reported



$        2.08


1.45


43.4

%


$        3.47


3.05


13.8

%

Intangible asset amortization expense



0.36


0.36





0.68


0.72




In-process research and development



-


-





0.26


-




Litigation expense, net



0.13


0.22





0.26


0.22




Restructuring/Other



0.04


0.06





0.07


0.09




Actelion acquisition related cost



0.02


0.02





0.03


0.05




AMO acquisition related cost



-


0.01





0.01


0.01




Auris Health acquisition related



-


-





-


-




Unrealized loss/(gain) on securities



(0.04)


(0.01)





(0.09)


-




Diabetes asset impairment



-


-





-


-




Impact of tax legislation



-


(0.02)





-


0.01




Other



(0.01)


0.01





(0.01)


0.01




Diluted Net Earnings per share - as adjusted 



$        2.58


2.10


22.9

%


$        4.68


4.16


12.5

%

















Operational Diluted Net Earnings per share - as adjusted 
















at 2017 foreign currency exchange rates





2.04







3.97




















Impact of currency at 2018 foreign currency exchange rates



0.05


0.06





0.13


0.19




















Operational Diluted Net Earnings per share - as adjusted 
















at 2018 foreign currency exchange rates



$        2.63


2.10


25.2

%


$        4.81


4.16


15.6

%

















(1)Includes $38M recorded in cost of products sold and $47M recorded in other (income) expense for the second quarter 2019. Includes $61M recorded in cost of products sold

and $78M recorded in other (income) expense for six months 2019 YTD.  Includes $44M recorded in cost of products sold and $75M recorded in other (income) expense for the 

second quarter 2018.  Includes $50M recorded in cost of products sold and $134M recorded in other (income) expense for six months 2018 YTD.

















(2)Includes foreign currency translation
















 

Johnson & Johnson and Subsidiaries









Reconciliation of Non-GAAP Financial Measure


















Adjusted Operational Sales Growth

 SECOND QUARTER 2019 ACTUAL vs. 2018 ACTUAL 











 Segments 












 Consumer 


 Pharmaceutical 


 Medical Devices 


 Total 

 WW As Reported 


1.2%


1.7%


(6.9)%


(1.3)%

 U.S. 


4.1%


(2.0)%


(5.6)%


(2.2)%

 International 


(1.0)%


6.5%


(8.1)%


(0.3)%










 WW Currency 


(3.4)


(2.7)


(2.8)


(2.9)

 U.S. 


-


-


-


-

 International 


(5.9)


(6.4)


(5.2)


(5.8)










 WW Operational 


4.6%


4.4%


(4.1)%


1.6%

 U.S. 


4.1%


(2.0)%


(5.6)%


(2.2)%

 International 


4.9%


12.9%


(2.9)%


5.5%










Beauty









Nizoral


0.6






0.1

 U.S. 


0.3






0.0

 International 


0.7






0.1










OTC









Zarbees


(0.6)






(0.1)

 U.S. 


(1.4)






(0.2)

 International 


0.0






0.0










Diabetes Care









LifeScan






5.1


1.7

 U.S. 






4.0


1.2

 International 






6.2


2.3










Beauty









RoC


0.7






0.1

 U.S. 


1.3






0.2

 International 


0.3






0.1










Beauty









Dr. Ci Labo - Japan


(3.0)






(0.5)

 U.S. 


0.0






0.0

 International 


(5.2)






(1.0)










Specialty Surgery









Advanced Sterilization Products






2.0


0.7

 U.S. 






3.0


0.9

 International 






1.2


0.5










All Other Acquisitions and Divestitures


0.0


0.0


0.1


0.0

 U.S. 


0.0


0.0


0.1


0.0

 International 


0.1


0.0


0.1


0.0










WW Adjusted Operational


2.3%


4.4%


3.2%


3.7%

 U.S. 


4.4%


(2.0)%


1.6%


0.0%

 International 


0.7%


12.9%


4.7%


7.6%










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 2019 ACTUAL vs. 2018 ACTUAL 











 Segments 












 Consumer 


 Pharmaceutical 


 Medical Devices 


 Total 

 WW As Reported 


(0.6)%


2.8%


(5.7)%


(0.6)%

 U.S. 


2.2%


1.0%


(3.6)%


(0.3)%

 International 


(2.6)%


5.2%


(7.6)%


(1.0)%










 WW Currency 


(4.0)


(3.3)


(3.1)


(3.3)

 U.S. 


-


-


-


-

 International 


(6.9)


(7.3)


(6.0)


(6.8)










 WW Operational 


3.4%


6.1%


(2.6)%


2.7%

 U.S. 


2.2%


1.0%


(3.6)%


(0.3)%

 International 


4.3%


12.5%


(1.6)%


5.8%










Beauty









Nizoral


0.5






0.1

 U.S. 


0.3






0.0

 International 


0.6






0.1










OTC









Zarbees


(0.7)






(0.1)

 U.S. 


(1.7)






(0.2)

 International 


0.0






0.0










Diabetes Care









LifeScan






5.1


1.7

 U.S. 






3.9


1.2

 International 






6.1


2.3










Beauty









RoC


0.8






0.1

 U.S. 


1.4






0.2

 International 


0.3






0.1










Beauty









Dr. Ci Labo - Japan


(2.6)






(0.4)

 U.S. 


0.0






0.0

 International 


(4.4)






(0.9)










Specialty Surgery









Advanced Sterilization Products






1.1


0.4

 U.S. 






1.5


0.5

 International 






0.6


0.2










All Other Acquisitions and Divestitures


0.1


0.0


0.1


0.1

 U.S. 


0.0


0.0


0.2


0.1

 International 


0.2


0.0


0.1


0.1










WW Adjusted Operational


1.5%


6.1%


3.8%


4.6%

 U.S. 


2.2%


1.0%


2.1%


1.5%

 International 


1.0%


12.5%


5.3%


7.7%










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



 


REPORTED SALES vs. PRIOR PERIOD ($MM)


SECOND QUARTER


SIX MONTHS






% Change






% Change



2019


2018

Reported

Operational (1)

Currency



2019


2018

Reported

Operational (1)

Currency

CONSUMER SEGMENT (2) 
















BABY CARE
















US


$            99


89

11.5%

11.5%

-



$          186


186

-0.2%

-0.2%

-

Intl


344


367

-6.3%

0.0%

-6.3%



651


727

-10.5%

-3.2%

-7.3%

WW


443


456

-2.8%

2.2%

-5.0%



837


913

-8.4%

-2.6%

-5.8%

BEAUTY
















US


663


637

4.1%

4.1%

-



1,251


1,248

0.3%

0.3%

-

Intl


539


472

14.1%

19.5%

-5.4%



1,041


945

10.1%

16.3%

-6.2%

WW


1,202


1,109

8.4%

10.7%

-2.3%



2,292


2,193

4.5%

7.2%

-2.7%

ORAL CARE
















US


155


157

-1.6%

-1.6%

-



306


314

-2.5%

-2.5%

-

Intl


234


236

-0.7%

5.3%

-6.0%



450


458

-1.7%

4.9%

-6.6%

WW


389


393

-1.1%

2.5%

-3.6%



756


772

-2.0%

1.9%

-3.9%

OTC
















US


484


454

6.6%

6.6%

-



991


919

7.8%

7.8%

-

Intl


580


612

-5.1%

0.0%

-5.1%



1,160


1,219

-4.9%

1.4%

-6.3%

WW


1,064


1,066

-0.1%

2.8%

-2.9%



2,151


2,138

0.6%

4.2%

-3.6%

WOMEN'S HEALTH
















US


3


4

-10.3%

-10.3%

-



6


7

-3.7%

-3.7%

-

Intl


250


276

-9.5%

-1.3%

-8.2%



472


516

-8.6%

1.3%

-9.9%

WW


253


280

-9.5%

-1.4%

-8.1%



478


523

-8.5%

1.2%

-9.7%

WOUND CARE / OTHER
















US


132


135

-1.9%

-1.9%

-



234


238

-1.5%

-1.5%

-

Intl


61


65

-6.4%

-2.0%

-4.4%



114


125

-8.9%

-3.9%

-5.0%

WW


193


200

-3.4%

-1.9%

-1.5%



348


363

-4.0%

-2.3%

-1.7%

















TOTAL CONSUMER
















US


1,537


1,476

4.1%

4.1%

-



2,975


2,912

2.2%

2.2%

-

Intl


2,007


2,028

-1.0%

4.9%

-5.9%



3,887


3,990

-2.6%

4.3%

-6.9%

WW


$       3,544


3,504

1.2%

4.6%

-3.4%



$       6,862


6,902

-0.6%

3.4%

-4.0%

































See footnotes at end of schedule
















 


REPORTED SALES vs. PRIOR PERIOD ($MM)


SECOND QUARTER


SIX MONTHS






% Change






% Change



2019


2018

Reported

Operational (1)

Currency



2019


2018

Reported

Operational (1)

Currency

PHARMACEUTICAL SEGMENT (2)(4)
















IMMUNOLOGY
















US


$       2,379


2,317

2.7%

2.7%

-



$       4,542


4,317

5.2%

5.2%

-

Intl


1,087


1,021

6.3%

12.5%

-6.2%



2,175


2,063

5.4%

12.5%

-7.1%

WW


3,466


3,338

3.8%

5.7%

-1.9%



6,717


6,380

5.3%

7.6%

-2.3%

REMICADE
















US 


801


918

-12.7%

-12.7%

-



1,575


1,834

-14.1%

-14.1%

-

US Exports (3)


62


104

-40.3%

-40.3%

-



138


246

-43.9%

-43.9%

-

Intl


244


298

-18.5%

-13.5%

-5.0%



496


629

-21.2%

-15.5%

-5.7%

WW


1,107


1,320

-16.2%

-15.1%

-1.1%



2,209


2,709

-18.5%

-17.1%

-1.3%

SIMPONI / SIMPONI ARIA
















US


281


274

2.7%

2.7%

-



544


498

9.1%

9.1%

-

Intl


282


274

2.7%

8.5%

-5.8%



543


568

-4.4%

2.2%

-6.6%

WW


563


548

2.7%

5.6%

-2.9%



1,087


1,066

1.9%

5.4%

-3.5%

STELARA
















US


1,058


919

15.2%

15.2%

-



1,940


1,571

23.5%

23.5%

-

Intl


499


422

18.1%

25.0%

-6.9%



1,022


831

23.0%

31.0%

-8.0%

WW


1,558


1,341

16.1%

18.3%

-2.2%



2,963


2,402

23.3%

26.1%

-2.8%

TREMFYA
















US


176


102

72.3%

72.3%

-



344


168

*

*

-

Intl


59


24

*

*

*



108


30

*

*

*

WW


235


126

86.5%

88.9%

-2.4%



452


198

*

*

*

OTHER IMMUNOLOGY(4)
















US


-


-

-

-

-



-


-

-

-

-

Intl


3


3

27.7%

27.0%

0.7%



6


5

23.6%

24.0%

-0.4%

WW


3


3

27.7%

27.0%

0.7%



6


5

23.6%

24.0%

-0.4%

INFECTIOUS DISEASES
















US


387


328

17.8%

17.8%

-



744


661

12.5%

12.5%

-

Intl


475


521

-8.7%

-2.5%

-6.2%



964


1,018

-5.3%

2.5%

-7.8%

WW


862


849

1.5%

5.4%

-3.9%



1,708


1,679

1.7%

6.5%

-4.8%

EDURANT / rilpivirine
















US


12


15

-15.8%

-15.8%

-



24


29

-17.3%

-17.3%

-

Intl


198


196

0.5%

6.6%

-6.1%



397


392

1.4%

8.6%

-7.2%

WW


210


211

-0.6%

5.0%

-5.6%



421


421

0.1%

6.8%

-6.7%

PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
















US


344


277

24.2%

24.2%

-



659


550

19.9%

19.9%

-

Intl


191


215

-11.1%

-4.6%

-6.5%



399


420

-5.0%

3.4%

-8.4%

WW


535


492

8.7%

11.6%

-2.9%



1,058


970

9.1%

12.7%

-3.6%

OTHER INFECTIOUS DISEASES
















US


31


36

-16.6%

-16.6%

-



61


82

-26.0%

-26.0%

-

Intl


86


110

-20.8%

-14.6%

-6.2%



168


206

-18.6%

-10.7%

-7.9%

WW


117


146

-19.7%

-15.1%

-4.6%



229


288

-20.7%

-15.1%

-5.6%

















See footnotes at end of schedule
















 


REPORTED SALES vs. PRIOR PERIOD ($MM)


SECOND QUARTER


SIX MONTHS






% Change






% Change



2019


2018

Reported

Operational (1)

Currency



2019


2018

Reported

Operational (1)

Currency

NEUROSCIENCE
















US


664


639

3.8%

3.8%

-



1,387


1,263

9.8%

9.8%

-

Intl


875


889

-1.6%

3.9%

-5.5%



1,780


1,824

-2.4%

4.1%

-6.5%

WW


1,538


1,528

0.6%

3.9%

-3.3%



3,167


3,087

2.6%

6.4%

-3.8%

CONCERTA / methlyphenidate
















US


15


68

-78.6%

-78.6%

-



112


134

-16.4%

-16.4%

-

Intl


123


115

6.2%

12.1%

-5.9%



239


222

7.3%

13.9%

-6.6%

WW


137


183

-25.2%

-21.5%

-3.7%



351


356

-1.6%

2.5%

-4.1%

INVEGA SUSTENNA / XEPLION /
INVEGA TRINZA / TREVICTA
















US


506


438

15.6%

15.6%

-



989


838

18.1%

18.1%

-

Intl


312


282

10.4%

17.2%

-6.8%



619


578

7.0%

14.7%

-7.7%

WW


818


720

13.6%

16.3%

-2.7%



1,608


1,416

13.6%

16.7%

-3.1%

RISPERDAL CONSTA
















US


81


80

0.8%

0.8%

-



158


162

-3.0%

-3.0%

-

Intl


101


108

-6.5%

-0.1%

-6.4%



203


222

-8.4%

-1.3%

-7.1%

WW


182


188

-3.4%

0.3%

-3.7%



361


384

-6.2%

-2.0%

-4.2%

OTHER NEUROSCIENCE
















US


62


53

16.1%

16.1%

-



128


129

-0.4%

-0.4%

-

Intl


340


384

-11.5%

-7.3%

-4.2%



719


802

-10.3%

-4.8%

-5.5%

WW


401


437

-8.1%

-4.4%

-3.7%



847


931

-8.9%

-4.1%

-4.8%

ONCOLOGY
















US


1,013


1,085

-6.6%

-6.6%

-



1,975


2,018

-2.1%

-2.1%

-

Intl


1,684


1,371

22.8%

30.5%

-7.7%



3,240


2,749

17.9%

26.3%

-8.4%

WW


2,697


2,456

9.8%

14.1%

-4.3%



5,215


4,767

9.4%

14.3%

-4.9%

DARZALEX
















US


369


298

24.4%

24.4%

-



721


562

28.5%

28.5%

-

Intl


405


213

89.5%

*

-13.6%



682


381

78.7%

93.0%

-14.3%

WW


774


511

51.6%

57.3%

-5.7%



1,403


943

48.8%

54.6%

-5.8%

IMBRUVICA
















US


367


250

47.0%

47.0%

-



716


477

50.2%

50.2%

-

Intl


463


370

25.3%

33.9%

-8.6%



898


730

23.1%

33.0%

-9.9%

WW


831


620

34.1%

39.2%

-5.1%



1,615


1,207

33.8%

39.8%

-6.0%

VELCADE
















US


-


-

-

-

-



-


-

-

-

-

Intl


224


280

-20.1%

-16.1%

-4.0%



487


593

-17.9%

-12.9%

-5.0%

WW


224


280

-20.1%

-16.1%

-4.0%



487


593

-17.9%

-12.9%

-5.0%

ZYTIGA / abiraterone acetate
















US


198


486

-59.4%

-59.4%

-



383


893

-57.1%

-57.1%

-

Intl


500


423

18.0%

24.5%

-6.5%



994


861

15.4%

22.6%

-7.2%

WW


698


909

-23.3%

-20.3%

-3.0%



1,377


1,754

-21.5%

-18.0%

-3.5%

OTHER ONCOLOGY
















US


78


51

50.5%

50.5%

-



154


86

77.7%

77.7%

-

Intl


92


85

8.8%

16.2%

-7.4%



179


184

-2.5%

5.3%

-7.8%

WW


170


136

24.7%

29.3%

-4.6%



333


270

23.2%

28.6%

-5.4%

PULMONARY HYPERTENSION
















US


439


429

2.2%

2.2%

-



869


790

10.0%

10.0%

-

Intl


251


236

6.7%

12.7%

-6.0%



477


460

3.7%

10.7%

-7.0%

WW


690


665

3.8%

6.0%

-2.2%



1,346


1,250

7.7%

10.2%

-2.5%

OPSUMIT
















US


203


180

12.8%

12.8%

-



375


329

14.2%

14.2%

-

Intl


146


131

11.5%

18.1%

-6.6%



279


253

10.3%

18.0%

-7.7%

WW


348


311

12.3%

15.0%

-2.7%



654


582

12.5%

15.8%

-3.3%

TRACLEER
















US


41


71

-41.8%

-41.8%

-



102


139

-26.3%

-26.3%

-

Intl


62


72

-14.5%

-10.9%

-3.6%



118


144

-18.7%

-14.6%

-4.1%

WW


103


143

-28.0%

-26.2%

-1.8%



220


283

-22.4%

-20.3%

-2.1%

UPTRAVI
















US


175


155

13.4%

13.4%

-



351


279

25.9%

25.9%

-

Intl


28


16

62.5%

71.6%

-9.1%



50


32

53.1%

63.0%

-9.9%

WW


203


171

18.2%

19.1%

-0.9%



401


311

28.7%

29.7%

-1.0%

OTHER
















US


20


23

-18.2%

-18.2%

-



41


43

-8.4%

-8.4%

-

Intl


16


17

3.7%

13.3%

-9.6%



31


31

4.1%

15.1%

-11.0%

WW


37


40

-9.6%

-5.8%

-3.8%



72


74

-3.4%

1.0%

-4.4%

CARDIOVASCULAR / METABOLISM / OTHER
















US


902


1,101

-18.1%

-18.1%

-



1,849


2,204

-16.1%

-16.1%

-

Intl


373


417

-10.5%

-5.7%

-4.8%



771


831

-7.2%

-1.5%

-5.7%

WW


1,275


1,518

-16.0%

-14.7%

-1.3%



2,620


3,035

-13.7%

-12.1%

-1.6%

XARELTO
















US


549


679

-19.2%

-19.2%

-



1,091


1,257

-13.2%

-13.2%

-

Intl


-


-

-

-

-



-


-

-

-

-

WW


549


679

-19.2%

-19.2%

-



1,091


1,257

-13.2%

-13.2%

-

INVOKANA / INVOKAMET
















US


132


169

-21.2%

-21.2%

-



286


373

-23.2%

-23.2%

-

Intl


43


46

-6.0%

-1.5%

-4.5%



92


90

2.6%

8.9%

-6.3%

WW


177


215

-17.9%

-16.9%

-1.0%



379


463

-18.2%

-16.9%

-1.3%

PROCRIT / EPREX
















US


113


156

-27.5%

-27.5%

-



261


345

-24.3%

-24.3%

-

Intl


70


80

-13.4%

-9.6%

-3.8%



148


167

-11.7%

-7.3%

-4.4%

WW


183


236

-22.7%

-21.4%

-1.3%



409


512

-20.2%

-18.7%

-1.5%

OTHER
















US


107


97

9.3%

9.3%

-



211


229

-8.2%

-8.2%

-

Intl


260


291

-10.5%

-5.2%

-5.3%



531


574

-7.5%

-1.4%

-6.1%

WW


368


388

-5.5%

-1.5%

-4.0%



742


803

-7.7%

-3.4%

-4.3%

TOTAL PHARMACEUTICAL
















US


5,783


5,899

-2.0%

-2.0%

-



11,365


11,253

1.0%

1.0%

-

Intl


4,746


4,455

6.5%

12.9%

-6.4%



9,408


8,945

5.2%

12.5%

-7.3%

WW


$     10,529


10,354

1.7%

4.4%

-2.7%



$     20,773


20,198

2.8%

6.1%

-3.3%

















See footnotes at end of schedule
















 


REPORTED SALES vs. PRIOR PERIOD ($MM)


SECOND QUARTER


SIX MONTHS






% Change






% Change



2019


2018

Reported

Operational (1)

Currency



2019


2018

Reported

Operational (1)

Currency

MEDICAL DEVICES SEGMENT (2)(5)
















DIABETES CARE(5)
















US


$               -


129

*

*

-



$               -


246

*

*

-

Intl


-


226

*

*

*



-


448

*

*

*

WW


-


355

*

*

*



-


694

*

*

*

INTERVENTIONAL SOLUTIONS
















US


366


323

13.7%

13.7%

-



709


627

13.2%

13.2%

-

Intl


385


344

11.6%

17.3%

-5.7%



774


680

13.7%

20.0%

-6.3%

WW


750


667

12.6%

15.6%

-3.0%



1,482


1,307

13.4%

16.7%

-3.3%

ORTHOPAEDICS
















US 


1,331


1,332

-0.1%

-0.1%

-



2,649


2,639

0.4%

0.4%

-

Intl


894


930

-3.8%

1.5%

-5.3%



1,779


1,873

-5.0%

1.1%

-6.1%

WW


2,224


2,262

-1.6%

0.6%

-2.2%



4,428


4,512

-1.9%

0.7%

-2.6%

HIPS
















US


216


211

2.1%

2.1%

-



429


420

2.1%

2.1%

-

Intl


147


149

-0.7%

5.0%

-5.7%



295


303

-2.3%

4.2%

-6.5%

WW


364


360

0.9%

3.3%

-2.4%



725


723

0.3%

3.0%

-2.7%

KNEES
















US


218


229

-4.8%

-4.8%

-



441


457

-3.5%

-3.5%

-

Intl


153


153

0.4%

5.4%

-5.0%



299


312

-4.0%

1.9%

-5.9%

WW


372


382

-2.8%

-0.7%

-2.1%



741


769

-3.7%

-1.3%

-2.4%

TRAUMA
















US


407


394

3.3%

3.3%

-



824


801

2.9%

2.9%

-

Intl


265


281

-5.9%

-0.6%

-5.3%



533


570

-6.5%

-0.5%

-6.0%

WW


672


675

-0.6%

1.7%

-2.3%



1,357


1,371

-1.0%

1.5%

-2.5%

SPINE & OTHER
















US


490


498

-1.5%

-1.5%

-



955


961

-0.6%

-0.6%

-

Intl


328


347

-5.3%

0.0%

-5.3%



651


688

-5.4%

0.6%

-6.0%

WW


818


845

-3.1%

-0.9%

-2.2%



1,606


1,649

-2.6%

-0.1%

-2.5%

SURGERY
















US


926


1,022

-9.5%

-9.5%

-



1,927


2,015

-4.4%

-4.4%

-

Intl


1,427


1,493

-4.4%

1.5%

-5.9%



2,821


2,923

-3.5%

3.0%

-6.5%

WW


2,353


2,515

-6.5%

-3.0%

-3.5%



4,748


4,938

-3.9%

0.0%

-3.9%

ADVANCED
















US


396


402

-1.7%

-1.7%

-



800


795

0.6%

0.6%

-

Intl


633


603

5.0%

11.2%

-6.2%



1,209


1,176

2.8%

9.5%

-6.7%

WW


1,029


1,005

2.3%

6.1%

-3.8%



2,009


1,971

1.9%

5.9%

-4.0%

GENERAL
















US


443


436

1.6%

1.6%

-



868


859

1.0%

1.0%

-

Intl


674


733

-7.9%

-2.4%

-5.5%



1,339


1,437

-6.8%

-0.4%

-6.4%

WW


1,119


1,169

-4.3%

-0.9%

-3.4%



2,208


2,296

-3.9%

0.1%

-4.0%

SPECIALTY
















US


87


184

-53.1%

-53.1%

-



259


361

-28.3%

-28.3%

-

Intl


120


157

-23.7%

-18.2%

-5.5%



273


310

-12.1%

-5.4%

-6.7%

WW


206


341

-39.6%

-37.1%

-2.5%



531


671

-20.8%

-17.8%

-3.0%

VISION
















US


461


459

0.4%

0.4%

-



907


899

1.0%

1.0%

-

Intl


701


714

-2.0%

2.2%

-4.2%



1,383


1,389

-0.5%

4.7%

-5.2%

WW


1,161


1,173

-1.0%

1.5%

-2.5%



2,290


2,288

0.1%

3.2%

-3.1%

CONTACT LENSES / OTHER
















US


333


320

3.9%

3.9%

-



654


629

4.0%

4.0%

-

Intl


509


524

-2.9%

1.5%

-4.4%



1,011


1,022

-1.0%

4.4%

-5.4%

WW


842


844

-0.3%

2.4%

-2.7%



1,666


1,651

0.9%

4.2%

-3.3%

SURGICAL
















US


128


139

-7.7%

-7.7%

-



253


270

-6.1%

-6.1%

-

Intl


191


190

0.7%

4.2%

-3.5%



371


367

1.0%

5.5%

-4.5%

WW


319


329

-2.8%

-0.8%

-2.0%



624


637

-2.0%

0.6%

-2.6%

















TOTAL MEDICAL DEVICES
















US


3,083


3,265

-5.6%

-5.6%

-



6,192


6,426

-3.6%

-3.6%

-

Intl


3,406


3,707

-8.1%

-2.9%

-5.2%



6,756


7,313

-7.6%

-1.6%

-6.0%

WW


$       6,489


6,972

-6.9%

-4.1%

-2.8%



$     12,948


13,739

-5.7%

-2.6%

-3.1%

































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



















* Percentage greater than 100% or not meaningful














(1) Operational growth excludes the effect of translational currency













(2) Unaudited
















(3) Reported as U.S. sales
















(4) Prior year amounts have been reclassified to conform to current year product disclosure 











(5) Reflects LifeScan divestiture October 2, 2018













 

(PRNewsfoto/Johnson & Johnson)

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/johnson--johnson-reports-2019-second-quarter-results-300885535.html

SOURCE Johnson & Johnson