2024 First-Quarter reported sales growth of 2.3% to $21.4 Billion with operational growth of 3.9%* and adjusted operational growth of 4.0%*
- Adjusted operational growth excluding COVID-19 Vaccine of 7.7%*

2024 First-Quarter Earnings per share (EPS) increased to $2.20 and adjusted EPS increased to $2.71 or 12.4%*
Company increasing the midpoint for Full-Year 2024 operational sales⁵ and adjusted operational EPS guidance

Johnson & Johnson (NYSE:JNJ) today announced results for first-quarter 2024. "Johnson & Johnson's solid first quarter performance reflects our sharpened focus and the progress in our portfolio and pipeline," said Joaquin Duato, Chairman and Chief Executive Officer. "Our impact across the full spectrum of healthcare is unique in our industry, and the milestones achieved this quarter reinforce our position as an innovation powerhouse."

Unless otherwise noted, the financial results and earnings guidance included below reflect the continuing operations of Johnson & Johnson.

Overall Financial Results

	Q1
($ in Millions, except EPS)	2024	2023	% Change
Reported Sales	$21,383	$20,894	2.3%
Net Earnings/(Loss)	$5,354	($491)
EPS (Diluted/Basic)⁶	$2.20	($0.19)

	Q1
*Non-GAAP ($ in Millions, except EPS)**	2024	2023	% Change
Operational Sales^1,2			3.9%
Adjusted Operational Sales^1,3			4.0%
Adjusted Operational Sales ex. COVID-19 Vaccine^1,3			7.7%
Adjusted Net Earnings^1,4	$6,580	$6,340	3.8%
Adjusted EPS (Diluted)^1,4	$2.71	$2.41	12.4%

¹		Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
²		Excludes the impact of translational currency
³		Excludes the net impact of acquisitions and divestitures and translational currency
⁴		Excludes intangible amortization expense and special items
⁵		Excludes COVID-19 Vaccine
⁶		Basic shares are used to calculate loss per share in the first quarter of 2023 as use of diluted shares when in a loss position would be anti-dilutive
		Note: Values may have been rounded

Regional Sales Results

Q1			% Change
($ in Millions)	2024	2023	Reported	Operational^1,2	Currency	Adjusted Operational^1,3
U.S.	$11,620	$10,782	7.8%	7.8	-	7.9
International	9,763	10,112	(3.4)	(0.3)	(3.1)	(0.3)
Worldwide	$21,383	$20,894	2.3%	3.9	(1.6)	4.0

¹		Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
²		Excludes the impact of translational currency
³		Excludes the net impact of acquisitions and divestitures and translational currency
		Note: Values may have been rounded

Segment Sales Results

Q1			% Change
($ in Millions)	2024	2023	Reported	Operational^1,2	Currency	Adjusted Operational^1,3
Innovative Medicine	$13,562	$13,413	1.1%	2.5	(1.4)	2.5
MedTech	7,821	7,481	4.5	6.3	(1.8)	6.5
Worldwide	$21,383	$20,894	2.3%	3.9	(1.6)	4.0

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
		Values may have been rounded

First Quarter 2024 Segment Commentary:

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

Innovative Medicine

Innovative Medicine worldwide operational sales, excluding the COVID-19 Vaccine, grew 8.3%*. Growth was driven by DARZALEX (daratumumab), ERLEADA (apalutamide), CARVYKTI (ciltacabtagene autoleucel), TECVAYLI (teclistamab-cqyv) and Other Oncology in Oncology, UPTRAVI (selexipag) and OPSUMIT (macitentan) in Pulmonary Hypertension, TREMFYA (guselkumab) in Immunology, and SPRAVATO (esketamine) in Neuroscience. Including the COVID-19 Vaccine, Innovative Medicine worldwide operational sales grew 2.5%*.

MedTech

MedTech worldwide operational sales grew 6.3%* driven primarily by electrophysiology products and Abiomed in Cardiovascular, previously referred to as Interventional Solutions, and wound closure products in General Surgery.

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 Innovative Medicine News Center, MedTech News & Events, www.factsabouttalc.com, and www.LLTManagementInformation.com.

Regulatory	CARVYKTI is the First and Only BCMA-Targeted Treatment Approved by the U.S. FDA for Patients with Relapsed or Refractory Multiple Myeloma Who Have Received At Least One Prior Line of Therapy¹	Press Release
	Johnson & Johnson's nipocalimab granted U.S. FDA Fast Track designation to reduce the risk of fetal neonatal alloimmune thrombocytopenia (FNAIT) in alloimmunized pregnant adults	Press Release
	Biosense Webster Submits Application to U.S. FDA Seeking Approval of the VARIPULSE Platform for the Treatment of Paroxysmal Atrial Fibrillation	Press Release
	U.S. FDA Approves OPSYNVI (macitentan and tadalafil) as the First and Only Once-Daily Single-Tablet Combination Therapy for Patients with Pulmonary Arterial Hypertension (PAH)	Press Release
	U.S. FDA Oncologic Drugs Advisory Committee recommends CARVYKTI (ciltacabtagene autoleucel) for the earlier treatment of patients with relapsed or refractory multiple myeloma	Press Release
	Johnson & Johnson submits supplemental Biologics License Application to U.S. FDA seeking approval of TREMFYA (guselkumab) for the treatment of adults with moderately to severely active ulcerative colitis	Press Release
	Johnson & Johnson submits application to the European Medicines Agency for DARZALEX (daratumumab)-based quadruplet therapy for the treatment of patients with transplant-eligible, newly diagnosed multiple myeloma	Press Release
	RYBREVANT (amivantamab-vmjw) in Combination With Chemotherapy Is the First FDA Approved Therapy for First-line Treatment of Patients With Non-Small Cell Lung Cancer with EGFR Exon 20 Insertion Mutations	Press Release
	Janssen Receives Positive CHMP Opinion for CARVYKTI (ciltacabtagene autoleucel; cilta-cel) for Treatment in Earlier Lines of Relapsed and Refractory Multiple Myeloma	Press Release
	TECVAYLI (teclistamab-cqyv) biweekly dosing approved by the U.S. FDA for the treatment of patients with relapsed or refractory multiple myeloma	Press Release
	Johnson & Johnson's nipocalimab granted U.S. FDA Breakthrough Therapy Designation for the treatment of individuals at high risk for severe hemolytic disease of the fetus and newborn (HDFN)	Press Release
	Johnson & Johnson submits supplemental Biologics License Application to U.S. FDA seeking approval of DARZALEX FASPRO (daratumumab and hyaluronidase-fihj) based regimen for the treatment of patients with transplant-eligible, newly diagnosed multiple myeloma	Press Release
Data Release	Unique molecular properties of nipocalimab enabling differentiated potential in treating generalized myasthenia gravis to be presented at American Academy of Neurology's 2024 Annual Meeting¹	Press Release
	Johnson & Johnson to Showcase its Broad Scientific Leadership and Latest Innovations to Combat Cardiovascular Disease at ACC.24¹	Press Release
	RYBREVANT (amivantamab-vmjw) data at ELCC advance Johnson & Johnson's ambition to transform the standard of care for patients with EGFR-mutated non-small cell lung cancer	Press Release
	New data shows JNJ-2113, the first and only investigational targeted oral peptide, maintained skin clearance in moderate-to-severe plaque psoriasis through one year	Press Release
	Investigational targeted oral peptide JNJ-2113 demonstrated positive results in moderate-to-severe plaque psoriasis in Phase 2b study published in New England Journal of Medicine	Press Release
	Johnson & Johnson reports positive topline results for Nipocalimab from a Phase 3 pivotal study in generalized myasthenia gravis (gMG) and a Phase 2 study in Sjögren's Disease (SjD)	Press Release
	Johnson & Johnson Highlights Ambition to Transform the Treatment of Prostate Cancer and Bladder Cancer through Data Presentations at ASCO GU	Press Release
Product Launch	Biosense Webster Announces CE Mark approval in Europe for VARIPULSE Pulsed Field Ablation (PFA) Platform	Press Release
Other	Johnson & Johnson to Acquire Shockwave Medical¹	Press Release
Other	Johnson & Johnson Completes Acquisition of Ambrx	Press Release

¹ Subsequent to the quarter

Full-Year 2024 Guidance:

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

*($ in Billions, except EPS)*	April 2024	January 2024
Adjusted Operational Sales^1,2,5Change vs. Prior Year / Mid-point	5.5% – 6.0% / 5.8%	5.0% – 6.0% / 5.5%
Operational Sales^2,5/ Mid-point Change vs. Prior Year / Mid-point	$88.7B – $89.1B / $88.0B 5.5% – 6.0% / 5.8%	$88.2B – $89.0B / $88.6B 5.0% – 6.0% / 5.5%
Estimated Reported Sales^3,5/ Mid-point Change vs. Prior Year / Mid-point	$88.0B – $88.4B / $88.2B 4.7% – 5.2% / 5.0%	$87.8B – $88.6B / $88.2B 4.5% – 5.5% / 5.0%

Adjusted Operational EPS (Diluted)^2,4/ Mid-point Change vs. Prior Year / Mid-point	$10.60 – $10.75 / $10.68 6.9% – 8.4% / 7.7%	$10.55 – $10.75 / $10.65 6.4% – 8.4% / 7.4%
Adjusted EPS (Diluted)^3,4/ Mid-point Change vs. Prior Year / Mid-point	$10.57 – $10.72 / $10.65 6.6% – 8.1% / 7.4%	$10.55 – $10.75 / $10.65 6.4% – 8.4% / 7.4%

¹		Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures
²		Non-GAAP financial measure; excludes the impact of translational currency
³		Calculated using Euro Average Rate: April 2024 = $1.08 and January 2024 = $1.09 (Illustrative purposes only)
⁴		Non-GAAP financial measure; excludes intangible amortization expense and special items
⁵		Excludes COVID-19 Vaccine
		Note: Percentages may have been rounded

Other modeling considerations will be provided on the webcast.

Webcast Information:

Johnson & Johnson will conduct a conference call with investors to discuss this earnings release today at 8:30 a.m., Eastern Time. A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Johnson & Johnson website. A replay and podcast will be available approximately two hours after the live webcast in the 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 Kenvue Inc; and Kenvue'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 December 31, 2023, including in the sections captioned "Cautionary Note Regarding Forward-Looking Statements" and "Item 1A. Risk Factors," and in Johnson & Johnson's subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.

Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	FIRST QUARTER
				Percent Change
	2024		2023	Total			Operations		Currency
Sales to customers by
segment of business

Innovative Medicine⁽¹⁾
U.S.		7,612	7,023	8.4			8.4		-
International		5,950	6,390	(6.9	)		(4.0	)	(2.9	)
		13,562	13,413	1.1			2.5		(1.4	)

Innovative Medicine excluding COVID-19 Vaccine⁽¹⁾
U.S.		7,612	7,023	8.4			8.4		-
International		5,925	5,643	5.0			8.3		(3.3	)
		13,537	12,666	6.9			8.3		(1.4	)

MedTech
U.S.		4,008	3,759	6.6			6.6		-
International		3,813	3,722	2.4			6.1		(3.7	)
		7,821	7,481	4.5			6.3		(1.8	)

U.S.		11,620	10,782	7.8			7.8		-
International		9,763	10,112	(3.4	)		(0.3	)	(3.1	)
Worldwide		21,383	20,894	2.3			3.9		(1.6	)

U.S.		11,620	10,782	7.8			7.8		-
International		9,738	9,365	4.0			7.4		(3.4	)
Worldwide excluding COVID-19 Vaccine ⁽¹⁾	$	21,358	20,147	6.0		%	7.6		(1.6	)

Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

⁽¹⁾ Refer to supplemental sales information schedules

Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	FIRST QUARTER
				Percent Change
	2024		2023	Total			Operations		Currency
Sales to customers by
geographic area

U.S.	$	11,620	10,782	7.8		%	7.8		-

Europe		5,163	5,590	(7.6	)		(7.7	)	0.1
Western Hemisphere excluding U.S.		1,194	1,076	11.0			21.3		(10.3	)
Asia-Pacific, Africa		3,406	3,446	(1.1	)		5.0		(6.1	)
International		9,763	10,112	(3.4	)		(0.3	)	(3.1	)

Worldwide	$	21,383	20,894	2.3		%	3.9		(1.6	)




Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	FIRST QUARTER
				Percent Change
	2024		2023	Total			Operations		Currency
Sales to customers by
geographic area (ex. COVID-19 Vaccine)

U.S.*	$	11,620	10,782	7.8		%	7.8		-

Europe⁽¹⁾		5,138	4,843	6.1			6.0		0.1
Western Hemisphere excluding U.S.*		1,194	1,076	11.0			21.3		(10.3	)
Asia-Pacific, Africa*		3,406	3,446	(1.1	)		5.0		(6.1	)
International		9,738	9,365	4.0			7.4		(3.4	)

Worldwide	$	21,358	20,147	6.0		%	7.6		(1.6	)

Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

⁽¹⁾ Refer to supplemental sales information schedules
*No COVID-19 Vaccine sales

Johnson & Johnson and Subsidiaries

Condensed Consolidated Statement of Earnings

(Unaudited; in Millions Except Per Share Figures)

FIRST QUARTER

2024

2023

Percent

Percent

Increase

Amount

to Sales

Amount

to Sales

(Decrease)

Sales to customers

21,383

100.0

20,894

100.0

2.3

Cost of products sold

6,511

30.4

6,687

32.0

(2.6

)

Gross Profit

14,872

69.6

14,207

68.0

4.7

Selling, marketing and administrative expenses

5,257

24.6

4,906

23.5

7.2

Research and development expense

3,542

16.6

3,455

16.6

2.5

In-process research and development impairments

0.2

Interest (income) expense, net

(209

)

(1.0

)

0.1

Other (income) expense, net

(322

)

(1.5

)

6,940

33.2

Restructuring

164

0.8

130

0.6

Earnings/(loss) before provision for taxes on income

6,440

30.1

(1,287

)

(6.2

)

Provision for/(Benefit from) taxes on income

1,086

5.1

(796

)

(3.9

)

Net earnings/(loss) from Continuing Operations

5,354

25.0

(491

)

(2.3

)

Net earnings from Discontinued Operations, net of tax

423

Net earnings/(loss)

5,354

(68

)

Net earnings (loss) per share (Diluted/Basic) from Continuing Operations

2.20

(0.19

)

Net earnings per share (Diluted) from Discontinued Operations

0.16

Average shares outstanding (Diluted/Basic)

2,430.1

2,605.5

Effective tax rate from Continuing Operations

16.9

61.8

Adjusted earnings from Continuing Operations before provision for taxes and net earnings (1)

Earnings before provision for taxes on income from Continuing Operations

7,877

36.8

7,536

36.1

4.5

Net earnings from Continuing Operations

6,580

30.8

6,340

30.3

3.8

Net earnings per share (Diluted) from Continuing Operations

2.71

2.41

12.4

Average shares outstanding (Diluted)

2,430.1

2,634.3

Effective tax rate from Continuing Operations

16.5

15.9

*Basic shares are used to calculate loss per share in the first quarter of 2023 as use of diluted shares when in a loss position would be anti-dilutive

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

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

		First Quarter
	(Dollars in Millions Except Per Share Data)	2024		2023
	Net Earnings/(loss) from Continuing Operations, after tax- as reported	$5,354		($491	)

	Pre-tax Adjustments
	Litigation related	-		6,900
	Intangible Asset Amortization expense	1,078		1,122
	COVID-19 Vaccine related costs ¹	9		444
	Restructuring related ²	171		130
	Medical Device Regulation ³	51		64
	Acquisition, integration and divestiture related	148		42
	(Gains)/losses on securities	(20	)	72
	IPR&D impairments	-		49

	Tax Adjustments
	Tax impact on special item adjustments ⁴	(229	)	(1,980	)
	Tax legislation and other tax related	18		(12	)
	Adjusted Net Earnings from Continuing Operations, after tax	$6,580		$6,340
	Average shares outstanding (Diluted)	2,430.1		2,634.3
	Adjusted net earnings per share from Continuing Operations (Diluted)	$2.71		$2.41
	Operational adjusted net earnings per share from Continuing Operations (Diluted)	$2.72

			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 $144 million in the fiscal first quarter of 2024 and $130 million in the fiscal first quarter of 2023 include the termination of partnered and non-partnered program costs and asset impairments.

			In fiscal 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 expenses of $27 million in the fiscal first quarter of 2024 primarily includes costs related to 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 will be completed during 2024.




	4		The tax impact related to special item adjustments reflects the current and deferred income taxes associated with the above pre-tax special items in arriving at adjusted earnings.

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

Adjusted Operational Sales Growth
FIRST QUARTER 2024 ACTUAL vs. 2023 ACTUAL

Segments

	Innovative Medicine	MedTech	Total

WW As Reported	1.1%	4.5%	2.3%
U.S.	8.4%	6.6%	7.8%
International	(6.9)%	2.4%	(3.4)%

WW Currency	(1.4)	(1.8)	(1.6)
U.S.	-	-	-
International	(2.9)	(3.7)	(3.1)

WW Operational	2.5%	6.3%	3.9%
U.S.	8.4%	6.6%	7.8%
International	(4.0)%	6.1%	(0.3)%

All Other Acquisitions and Divestitures (A&D)	0.0	0.2	0.1
U.S.	0.0	0.2	0.1
International	0.0	0.1	0.0

WW Adjusted Operational Ex A&D	2.5%	6.5%	4.0%
U.S.	8.4%	6.8%	7.9%
International	(4.0)%	6.2%	(0.3)%

COVID-19 Vaccine	5.8		3.7
U.S.	0.0		0.0
International	12.3		7.7

WW Adjusted Operational Ex A&D & COVID-19 Vaccine	8.3%	6.5%	7.7%
U.S.	8.4%	6.8%	7.9%
International	8.3%	6.2%	7.4%


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

	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
						% Change
INNOVATIVE MEDICINE SEGMENT ⁽²⁾		2024		2023		Reported	Operational ⁽¹⁾	Currency

IMMUNOLOGY
US		$	2,453		2,448	0.2%	0.2%	-
Intl			1,794		1,664	7.9%	11.0%	-3.1%
WW			4,247		4,112	3.3%	4.6%	-1.3%
REMICADE
US			266		276	-3.9%	-3.9%	-
US Exports ⁽³⁾			27		41	-32.7%	-32.7%	-
Intl			141		170	-17.2%	-14.2%	-3.0%
WW			434		487	-10.9%	-9.9%	-1.0%
SIMPONI / SIMPONI ARIA
US			254		271	-6.2%	-6.2%	-
Intl			299		266	12.4%	20.0%	-7.6%
WW			554		537	3.0%	6.8%	-3.8%
STELARA
US			1,396		1,451	-3.8%	-3.8%	-
Intl			1,055		993	6.2%	8.2%	-2.0%
WW			2,451		2,444	0.3%	1.1%	-0.8%
TREMFYA
US			509		406	25.4%	25.4%	-
Intl			299		234	27.9%	31.5%	-3.6%
WW			808		640	26.3%	27.6%	-1.3%
OTHER IMMUNOLOGY
US			0		3	*	*	-
Intl			0		0	-	-	-
WW			0		3	*	*	-
INFECTIOUS DISEASES
US			324		392	-17.4%	-17.4%	-
Intl			497		1,193	-58.4%	-58.5%	0.1%
WW			821		1,586	-48.3%	-48.3%	0.0%
COVID-19 VACCINE
US			0		0	-	-	-
Intl			25		747	-96.6%	-96.7%	0.1%
WW			25		747	-96.6%	-96.7%	0.1%
EDURANT / rilpivirine
US			8		9	-10.9%	-10.9%	-
Intl			315		271	16.6%	15.7%	0.9%
WW			323		280	15.7%	14.8%	0.9%
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US			314		378	-16.9%	-16.9%	-
Intl			104		99	5.5%	5.5%	0.0%
WW			418		477	-12.3%	-12.3%	0.0%
OTHER INFECTIOUS DISEASES
US			2		5	-68.8%	-68.8%	-
Intl			52		77	-32.8%	-30.6%	-2.2%
WW			53		82	-35.1%	-33.1%	-2.0%




	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
						% Change
		2024		2023		Reported	Operational ⁽¹⁾	Currency
NEUROSCIENCE
US			1,054		978	7.8%	7.8%	-
Intl			749		826	-9.3%	-4.4%	-4.9%
WW			1,803		1,804	0.0%	2.2%	-2.2%
CONCERTA / Methylphenidate
US			41		70	-41.2%	-41.2%	-
Intl			136		136	-0.1%	4.5%	-4.6%
WW			177		206	-14.1%	-11.1%	-3.0%
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
US			765		713	7.2%	7.2%	-
Intl			292		331	-11.8%	-8.7%	-3.1%
WW			1,056		1,044	1.2%	2.2%	-1.0%
SPRAVATO
US			191		111	71.5%	71.5%	-
Intl			34		20	76.1%	74.8%	1.3%
WW			225		131	72.2%	72.0%	0.2%
OTHER NEUROSCIENCE
US			58		84	-31.1%	-31.1%	-
Intl			287		339	-15.5%	-8.4%	-7.1%
WW			345		423	-18.5%	-12.9%	-5.6%
ONCOLOGY
US			2,383		1,889	26.2%	26.2%	-
Intl			2,430		2,223	9.3%	12.6%	-3.3%
WW			4,814		4,112	17.1%	18.8%	-1.7%
CARVYKTI
US			140		70	99.8%	99.8%	-
Intl			16		2	*	*	*
WW			157		72	*	*	*
DARZALEX
US			1,464		1,191	22.9%	22.9%	-
Intl			1,228		1,072	14.5%	19.0%	-4.5%
WW			2,692		2,264	18.9%	21.0%	-2.1%
ERLEADA
US			285		249	14.1%	14.1%	-
Intl			404		293	38.0%	40.6%	-2.6%
WW			689		542	27.0%	28.4%	-1.4%
IMBRUVICA
US			265		270	-1.5%	-1.5%	-
Intl			518		557	-7.0%	-5.6%	-1.4%
WW			784		827	-5.2%	-4.3%	-0.9%
TECVAYLI⁽⁴⁾
US			101		57	76.7%	76.7%	-
Intl			33		6	*	*	*
WW			133		63	*	*	*
ZYTIGA / abiraterone acetate
US			9		16	-41.3%	-41.3%	-
Intl			172		229	-24.8%	-20.7%	-4.1%
WW			181		245	-25.9%	-22.1%	-3.8%
OTHER ONCOLOGY⁽⁴⁾
US			119		35	*	*	-
Intl			60		64	-6.1%	-5.6%	-0.5%
WW			178		99	80.2%	80.5%	-0.3%




	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
						% Change
		2024		2023		Reported	Operational ⁽¹⁾	Currency
PULMONARY HYPERTENSION
US			766		600	27.5%	27.5%	-
Intl			283		272	4.1%	10.9%	-6.8%
WW			1,049		872	20.2%	22.4%	-2.2%
OPSUMIT
US			356		273	30.4%	30.4%	-
Intl			169		167	0.8%	4.6%	-3.8%
WW			524		440	19.1%	20.6%	-1.5%
UPTRAVI
US			392		304	29.0%	29.0%	-
Intl			76		58	30.7%	38.6%	-7.9%
WW			468		362	29.2%	30.5%	-1.3%
OTHER PULMONARY HYPERTENSION
US			18		23	-24.6%	-24.6%	-
Intl			39		47	-16.9%	-1.0%	-15.9%
WW			56		70	-19.5%	-8.9%	-10.6%
CARDIOVASCULAR / METABOLISM / OTHER
US			631		715	-11.7%	-11.7%	-
Intl			197		212	-7.0%	-6.8%	-0.2%
WW			829		927	-10.6%	-10.5%	-0.1%
XARELTO
US			518		578	-10.4%	-10.4%	-
Intl			-		-	-	-	-
WW			518		578	-10.4%	-10.4%	-
OTHER
US			114		137	-17.1%	-17.1%	-
Intl			197		212	-7.0%	-6.8%	-0.2%
WW			311		349	-11.0%	-10.9%	-0.1%

TOTAL INNOVATIVE MEDICINE
US			7,612		7,023	8.4%	8.4%	-
Intl			5,950		6,390	-6.9%	-4.0%	-2.9%
WW		$	13,562		13,413	1.1%	2.5%	-1.4%


See footnotes at end of schedule



	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
						% Change
MEDTECH SEGMENT ⁽²⁾		2024		2023		Reported	Operational ⁽¹⁾	Currency

CARDIOVASCULAR⁽⁵⁾
US		$	1,025		863	18.8%	18.8%	-
Intl			781		640	22.1%	27.6%	-5.5%
WW			1,806		1,503	20.2%	22.5%	-2.3%
ELECTROPHYSIOLOGY
US			692		571	21.3%	21.3%	-
Intl			652		522	24.9%	30.9%	-6.0%
WW			1,344		1,092	23.0%	25.9%	-2.9%
ABIOMED
US			303		264	15.0%	15.0%	-
Intl			67		60	12.4%	14.7%	-2.3%
WW			371		324	14.5%	15.0%	-0.5%
OTHER CARDIOVASCULAR ⁽⁵⁾
US			30		28	3.3%	3.3%	-
Intl			62		58	6.9%	11.5%	-4.6%
WW			92		87	5.7%	8.8%	-3.1%
ORTHOPAEDICS
US			1,448		1,363	6.2%	6.2%	-
Intl			892		881	1.3%	2.7%	-1.4%
WW			2,340		2,245	4.3%	4.8%	-0.5%
HIPS
US			270		241	12.1%	12.1%	-
Intl			152		149	1.7%	3.3%	-1.6%
WW			422		390	8.1%	8.7%	-0.6%
KNEES
US			242		226	6.9%	6.9%	-
Intl			160		142	12.3%	13.1%	-0.8%
WW			401		368	9.0%	9.3%	-0.3%
TRAUMA
US			504		491	2.8%	2.8%	-
Intl			261		267	-2.3%	-1.1%	-1.2%
WW			765		757	1.0%	1.4%	-0.4%
SPINE, SPORTS & OTHER
US			432		406	6.5%	6.5%	-
Intl			320		323	-0.9%	0.9%	-1.8%
WW			752		729	3.2%	4.0%	-0.8%




	REPORTED SALES vs. PRIOR PERIOD ($MM)
	FIRST QUARTER
						% Change
		2024		2023		Reported	Operational ⁽¹⁾	Currency
SURGERY
US			987		975	1.2%	1.2%	-
Intl			1,429		1,459	-2.0%	2.3%	-4.3%
WW			2,416		2,434	-0.7%	1.9%	-2.6%
ADVANCED
US			446		444	0.2%	0.2%	-
Intl			641		673	-4.7%	-0.7%	-4.0%
WW			1,087		1,118	-2.8%	-0.3%	-2.5%
GENERAL
US			542		531	2.1%	2.1%	-
Intl			788		785	0.3%	4.8%	-4.5%
WW			1,330		1,316	1.0%	3.7%	-2.7%
VISION
US			547		558	-1.8%	-1.8%	-
Intl			710		743	-4.4%	-1.1%	-3.3%
WW			1,258		1,300	-3.3%	-1.4%	-1.9%
CONTACT LENSES / OTHER
US			438		444	-1.4%	-1.4%	-
Intl			472		509	-7.4%	-3.1%	-4.3%
WW			910		953	-4.6%	-2.3%	-2.3%
SURGICAL
US			110		114	-3.7%	-3.7%	-
Intl			238		233	2.2%	3.4%	-1.2%
WW			348		347	0.3%	1.1%	-0.8%

TOTAL MEDTECH
US			4,008		3,759	6.6%	6.6%	-
Intl			3,813		3,722	2.4%	6.1%	-3.7%
WW		$	7,821	$	7,481	4.5%	6.3%	-1.8%

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) See Supplemental Sales Information Schedule

(5) Previously referred to as Interventional Solutions

Supplemental Sales Information (Unaudited)
(Dollars in Millions)
Schedule 1
	FIRST QUARTER
				Percent Change
	2024		2023	Total			Operations		Currency

Innovative Medicine
U.S.	$	7,612	7,023	8.4		%	8.4		-
International		5,950	6,390	(6.9	)		(4.0	)	(2.9	)
Worldwide		13,562	13,413	1.1			2.5		(1.4	)

COVID-19 Vaccine
U.S.		-	-	-			-		-
International		25	747	(96.6	)		(96.7	)	0.1
Worldwide		25	747	(96.6	)		(96.7	)	0.1

Innovative Medicine excluding COVID-19 Vaccine
U.S.		7,612	7,023	8.4			8.4		-
International		5,925	5,643	5.0			8.3		(3.3	)
Worldwide		13,537	12,666	6.9			8.3		(1.4	)

Worldwide
U.S.		11,620	10,782	7.8			7.8		-
International		9,763	10,112	(3.4	)		(0.3	)	(3.1	)
Worldwide		21,383	20,894	2.3			3.9		(1.6	)

COVID-19 Vaccine
U.S.		-	-	-			-		-
International		25	747	(96.6	)		(96.7	)	0.1
Worldwide		25	747	(96.6	)		(96.7	)	0.1

Worldwide
U.S.		11,620	10,782	7.8			7.8		-
International		9,738	9,365	4.0			7.4		(3.4	)
Worldwide excluding COVID-19 Vaccine	$	21,358	20,147	6.0		%	7.6		(1.6	)


Europe	$	5,163	5,590	(7.6	)	%	(7.7	)	0.1
Europe COVID-19 Vaccine Sales		25	747	(96.6	)		(96.7	)	0.1
Europe excluding COVID-19 Vaccine Sales	$	5,138	4,843	6.1		%	6.0		0.1

Schedule 2

2022

2023

Full Year

INNOVATIVE MEDICINE SEGMENT⁽¹⁾

ONCOLOGY

TECVAYLI

102

334

INTL

112

126

395

OTHER ONCOLOGY

144

215

INTL

280

269

423

120

117

148

484

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

⁽¹⁾Unaudited

Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Q1 YTD - Income Before Tax and Research & Development Expense by Segment*
Dollars in Millions

		Innovative Medicine				MedTech				Unallocated				Worldwide Total
		2024		2023		2024		2023		2024		2023		2024		2023

Reported Income Before Tax by Segment From Continuing Operations	$	4,969		4,402		1,520		1,409		(49	)	(7,098	)	6,440		(1,287	)
% to Sales		36.6	%	32.8	%	19.4	%	18.8	%	-0.2	%	-34.0	%	30.1	%	-6.2	%

Intangible asset amortization expense		698		739		380		383		-		-		1,078		1,122

In-process research and development impairments		-		-		-		49		-		-		-		49

Litigation related		-		-		-		-		-		6,900		-		6,900

Loss/(gain) on securities		(55	)	38		22		34		13		-		(20	)	72

Restructuring related		144		130		27		-		-		-		171		130

Acquisition, integration and divestiture related		47		-		61		42		40		-		148		42

Medical Device Regulation		-		-		51		64		-		-		51		64

COVID-19 Vaccine related costs		9		444		-		-		-		-		9		444

Adjusted Income Before Tax by Segment From Continuing Operations	$	5,812		5,753		2,061		1,981		4		(198	)	7,877		7,536
% to Sales		42.9	%	42.9	%	26.4	%	26.5	%	0.0	%	-0.9	%	36.8	%	36.1	%

*Estimated as of 4/16/2024
As Reported Research and development expense	$	2,896		2,778		646		677

Johnson & Johnson Reports Q1 2024 Results