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Johnson & Johnson – ‘8-K’ for 4/20/21 – ‘EX-99.2’

On:  Tuesday, 4/20/21, at 8:02am ET   ·   For:  4/20/21   ·   Accession #:  200406-21-24   ·   File #:  1-03215

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  As Of               Filer                 Filing    For·On·As Docs:Size

 4/20/21  Johnson & Johnson                 8-K:2,9     4/20/21   14:1.1M

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     31K 
 2: EX-99.1     Miscellaneous Exhibit                               HTML     37K 
 3: EX-99.2     Miscellaneous Exhibit                               HTML    231K 
10: R1          Cover                                               HTML     61K 
12: XML         IDEA XML File -- Filing Summary                      XML     13K 
 9: XML         XBRL Instance -- jnj-20210420_htm                    XML     40K 
11: EXCEL       IDEA Workbook of Financial Reports                  XLSX      6K 
 5: EX-101.CAL  XBRL Calculations -- jnj-20210420_cal                XML      7K 
 6: EX-101.DEF  XBRL Definitions -- jnj-20210420_def                 XML     45K 
 7: EX-101.LAB  XBRL Labels -- jnj-20210420_lab                      XML     97K 
 8: EX-101.PRE  XBRL Presentations -- jnj-20210420_pre               XML     46K 
 4: EX-101.SCH  XBRL Schema -- jnj-20210420                          XSD     15K 
13: JSON        XBRL Instance as JSON Data -- MetaLinks               15±    22K 
14: ZIP         XBRL Zipped Folder -- 0000200406-21-000024-xbrl      Zip     45K

‘EX-99.2’   —   Miscellaneous Exhibit

This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]

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Exhibit 99.2


Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)FIRST QUARTER
Percent Change
20212020TotalOperationsCurrency
Sales to customers by
geographic area
U.S. $11,111  10,699  3.9 % 3.9  -
Europe 5,414  4,827 12.1  4.7  7.4
Western Hemisphere excluding U.S. 1,424  1,502  (5.1)0.0  (5.1)
Asia-Pacific, Africa 4,372  3,663  19.4  13.7  5.7
International 11,210  9,992  12.2  7.3  4.9
      
Worldwide $22,321  20,691  7.9 % 5.5  2.4
        
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)FIRST QUARTER
 Percent Change
20212020TotalOperationsCurrency
Sales to customers by
segment of business
Consumer Health
    U.S.$1,611 1,740 (7.4)%(7.4)— 
    International1,932 1,885 2.5 0.5 2.0 
3,543    3,625 (2.3)(3.3)1.0 
Pharmaceutical
    U.S.6,446 6,061 6.4 6.4— 
    International5,753 5,073 13.4 7.95.5 
12,199    11,134 9.6 7.12.5 
Medical Devices
    U.S.3,054    2,898 5.4 5.4 — 
    International3,525 3,034 16.2 10.5 5.7 
 6,579    5,932 10.9 8.0 2.9 
U.S.11,111 10,699 3.9 3.9 — 
International11,210 9,992 12.2 7.3 4.9 
Worldwide$22,321 20,691 7.9 %5.5 2.4 
   
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.





Johnson & Johnson and Subsidiaries 
Condensed Consolidated Statement of Earnings  
(Unaudited; in Millions Except Per Share Figures)FIRST QUARTER
20212020Percent
PercentPercentIncrease
Amountto SalesAmountto Sales(Decrease)
Sales to customers$22,321 100.0$20,691 100.07.9 
Cost of products sold7,063 31.77,062 34.10.0
Gross Profit15,258 68.313,629 65.912.0 
Selling, marketing and administrative expenses5,432 24.35,203 25.14.4 
Research and development expense3,178 14.22,580 12.523.2 
Interest (income) expense, net48 0.2 (42)(0.2)
Other (income) expense, net(882)(3.9)(679)(3.3)
Restructuring53 0.258 0.3
Earnings before provision for taxes on income7,429 33.36,509 31.514.1 
Provision for taxes on income1,232 5.5713 3.5 72.8 
Net earnings$6,197 27.8$5,796 28.06.9 
Net earnings per share (Diluted)$2.32 $2.17 6.9 
Average shares outstanding (Diluted)2,672.7 2,671.0 
Effective tax rate16.6 %11.0 %
Adjusted earnings before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income$8,291 37.1$7,244 35.014.5 
Net earnings$6,924 31.0$6,154 29.712.5 
Net earnings per share (Diluted)$2.59 $2.30 12.6 
Effective tax rate16.5 %15.0 %
(1) See Reconciliation of Non-GAAP Financial Measures.
(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings before provision for taxes on income," "adjusted net earnings," "adjusted net earnings per share (diluted)," and "adjusted effective tax rate" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate on an adjusted basis because management believes that these measures provide useful information to investors. Among other things, these measures may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as intangible asset amortization expense, significant gains from divestitures, significant costs associated with acquisitions, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters). Special items may be highly variable, difficult to predict, and of a size that sometimes has substantial impact on the Company's reported results of operations for a period. Management uses these measures internally for planning, forecasting and evaluating the performances of the Company's businesses, including allocating resources and evaluating results relative to employee performance compensation targets. Unlike earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate prepared in accordance with GAAP, adjusted earnings before provision for taxes on income, adjusted net earnings, adjusted net earnings per share (diluted), and adjusted effective tax rate may not be comparable with the calculation of similar measures for other companies. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of the Company's results of operations without including all events during a period, such as intangible asset amortization expense, significant gains from divestitures, the effects of an acquisition, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters) and do not provide a comparable view of the Company's performance to other companies in the health care industry. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.










Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
First Quarter
(Dollars in Millions Except Per Share Data)20212020
Net Earnings, after tax- as reported$6,197$5,796
Pre-tax Adjustments
Intangible Asset Amortization expense1,215 1,118
Litigation expense - 120
Restructuring related104 118
Acquisition, integration and divestiture related 1
(538)(962)
Unrealized (gains)/losses on securities 35 327
Medical Device Regulation 46  14
Tax Adjustments
Tax impact on special item adjustments 2
(113)(267)
Tax legislation and other tax related(22) (110)
Adjusted Net Earnings, after tax$6,924$6,154
Average shares outstanding (Diluted)2,672.7 2,671.0
Adjusted net earnings per share (Diluted)$2.59$2.30
Operational adjusted net earnings per share (Diluted)$2.49 
Notes:
1
Acquisition, integration and divestiture related for the first quarter of 2021 primarily includes the gain on the divestiture of two Pharmaceutical brands outside of the U.S. The first quarter of 2020 primarily includes a $983M Contingent Consideration reversal related to the timing of certain developmental milestones associated with the Auris Health acquisition.
2
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 (A)
 FIRST QUARTER 2021 ACTUAL vs. 2020 ACTUAL
 Segments
Consumer Health Pharmaceutical  Medical Devices  Total
 WW As Reported (2.3)%9.6 %10.9 %7.9 %
 U.S. (7.4)%6.4 %5.4 %3.9 %
 International 2.5 %13.4 %16.2 %12.2 %
 WW Currency 1.02.52.92.4
 U.S. ————
 International 2.05.55.74.9
 WW Operational (3.3)%7.1 %8.0 %5.5 %
 U.S. (7.4)%6.4 %5.4 %3.9 %
 International 0.5 %7.9 %10.5 %7.3 %
General Surgery
Advanced Sterilization Products0.60.2
 U.S. 0.00.0
 International 1.20.4
All Other Acquisitions and Divestitures0.40.30.10.3
 U.S. 0.5(0.2)0.20.0
 International 0.40.90.00.5
WW Adjusted Operational(2.9)%7.4 %8.8 %6.0 %
 U.S. (6.9)%6.2 %5.6 %3.9 %
 International 0.9 %8.8 %11.8 %8.2 %
Note: Percentages are based on actual, non-rounded figures and may not sum
(A) NON-GAAP FINANCIAL MEASURE “Adjusted operational sales growth" excludes acquisitions, divestitures and translational currency and is a non-GAAP financial measure. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and divestitures, and the impact they may have on the analysis of underlying business performance and trends, management believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to permit investors to more fully understand how management assesses the performance of the Company, including for internal evaluation of the performance of the Company's businesses and planning and forecasting for future periods. The use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company's results of operations without including all events during a period and may not provide a comparable view of the Company's performance to that of other companies in the health care industry.
 










Johnson & Johnson
Segment Sales
(Dollars in Millions)
FIRST QUARTER
% Change
20212020Reported
Operational (1)
Currency
CONSUMER HEALTH SEGMENT (2)
OTC
US$599689(13.0)%(13.0)%— %
Intl575659(12.8)(16.6)3.8 
WW1,1751,348(12.9)(14.8)1.9 
SKIN HEALTH / BEAUTY
US634659(3.9)(3.9)— 
Intl52945815.7 12.3 3.4 
WW1,163 1,1174.1 2.8 1.3 
ORAL CARE
US163176(7.2)(7.2)— 
Intl25421916.0 13.9 2.1 
WW417 395 5.7 4.5 1.2 
BABY CARE
US96924.2 4.2 — 
Intl2932698.9 11.3 (2.4)
WW389 361 7.7 9.5 (1.8)
WOMEN'S HEALTH
US34(25.8)(25.8)— 
Intl219228(3.9)(2.2)(1.7)
WW222232(4.3)(2.6)(1.7)
WOUND CARE / OTHER
US115119(3.0)(3.0)— 
Intl615217.6 14.2 3.4 
WW1771713.3 2.2 1.1 
TOTAL CONSUMER HEALTH
US1,611 1,740 (7.4)(7.4)— 
Intl1,932 1,885 2.5 0.5 2.0 
WW$3,543 3,625 (2.3)%(3.3)%1.0 %
See footnotes at end of schedule





Johnson & Johnson
Segment Sales
(Dollars in Millions)
FIRST QUARTER
% Change
20212020Reported
Operational (1)
Currency
PHARMACEUTICAL SEGMENT (2) (3)
IMMUNOLOGY
US$2,4132,4100.1 %0.1 %— %
Intl1,5011,22822.3 15.9 6.4 
WW3,9143,6387.6 5.5 2.1 
     REMICADE
     US489625(21.7)(21.7)— 
     US Exports (4)
57110(48.4)(48.4)— 
     Intl232256(9.4)(12.1)2.7 
     WW777990(21.5)(22.2)0.7 
     SIMPONI / SIMPONI ARIA
     US255272(5.9)(5.9)— 
     Intl30725818.9 13.8 5.1 
     WW5625296.2 3.7 2.5 
     STELARA
     US1,3311,2179.4 9.4 — 
     Intl81760335.6 27.6 8.0 
     WW2,1481,81918.1 15.4 2.7 
     TREMFYA
     US274 187 46.3 46.3 — 
     Intl143 109 32.0 23.1 8.9 
     WW418 296 41.0 37.8 3.2 
     OTHER IMMUNOLOGY
     US7 — **— 
     Intl2 3 (38.4)(36.3)(2.1)
     WW8 3 ***
INFECTIOUS DISEASES
US51243617.4 17.4 — 
Intl4944832.3 (2.2)4.5 
WW1,0079209.5 7.1 2.4 
     COVID-19 VACCINE
     US100—**— 
     Intl——— — — 
     WW100—**— 
     EDURANT / rilpivirine
     US10 12 (12.3)(12.3)— 
     Intl233 212 9.8 0.9 8.9 
     WW243 224 8.6 0.2 8.4 
     PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
     US380396(3.8)(3.8)— 
     Intl166184(9.9)(10.4)0.5 
     WW546579(5.8)(5.9)0.1 
     OTHER INFECTIOUS DISEASES
     US2129(27.0)(27.0)— 
     Intl96879.7 7.4 2.3 
     WW1171160.6 (1.2)1.8 
See footnotes at end of schedule




Johnson & Johnson
Segment Sales
(Dollars in Millions)
FIRST QUARTER
% Change
20212020Reported
Operational (1)
Currency
PHARMACEUTICAL SEGMENT (2) (3) (Continued)
NEUROSCIENCE
US$7717483.2 %3.2 %— %
Intl9499104.3 0.4 3.9
WW1,7211,6583.8 1.6 2.2
     CONCERTA / methylphenidate
     US4752(9.6)(9.6)—
     Intl1231184.5(0.4)4.9
     WW1711710.2(3.2)3.4
     INVEGA SUSTENNA / XEPLION / INVEGA
     TRINZA / TREVICTA
     US5895448.3 8.3 —
     Intl376339 11.0 4.5 6.5
     WW9658839.4 6.9 2.5
     RISPERDAL CONSTA
     US6776(11.8)(11.8)—
     Intl8994(4.8)(8.8)4.0
     WW157170(7.9)(10.1)2.2
     OTHER NEUROSCIENCE
     US6775(9.8)(9.8)—
     Intl3613600.2 (0.9)1.1
     WW428435(1.5)(2.5)1.0
ONCOLOGY
US1,3771,17517.2 17.2 —
Intl2,193 1,839 19.3 12.9 6.4
WW3,5703,01318.5 14.6 3.9
     DARZALEX
     US691 463 49.2 49.2 —
     Intl674 474 42.2 35.3 6.9
     WW1,365 937 45.6 42.2 3.4
     ERLEADA
     US171 119 44.0 44.0 — 
     Intl90 24 ** *
     WW261 143 82.8 79.7 3.1 
     IMBRUVICA
     US444 432 2.8 2.8 —
     Intl680 599 13.5 7.6 5.9
     WW1,125 1,031 9.0 5.6 3.4
     ZYTIGA / abiraterone acetate
     US50139 (64.2)(64.2)—
     Intl5885526.6 0.06.6
     WW638690(7.6)(12.9)5.3
     OTHER ONCOLOGY (5)
     US21 22 (5.1)(5.1)—
     Intl161190(15.3)(19.3)4.0
     WW182212(14.2)(17.9)3.7
See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
FIRST QUARTER
% Change
20212020Reported
Operational (1)
Currency
PHARMACEUTICAL SEGMENT (2) (3) (Continued)
PULMONARY HYPERTENSION
US$573 486 18.0 %18.0 %— %
Intl288 260 10.8 5.6 5.2 
WW861 745 15.5 13.7 1.8 
     OPSUMIT
     US272 229 18.5 18.5 — 
     Intl179 160 11.5 6.3 5.2 
     WW450 389 15.6 13.5 2.1 
     UPTRAVI
     US259 212 21.9 21.9 — 
     Intl46 38 23.0 15.7 7.3 
     WW305 250 22.0 20.9 1.1 
     OTHER PULMONARY HYPERTENSION
     US42 44 (3.5)(3.5)— 
     Intl63 62 1.4 (2.1)3.5 
     WW105 106 (0.6)(2.7)2.1 
See footnotes at end of schedule




Johnson & Johnson
Segment Sales
(Dollars in Millions)
FIRST QUARTER
% Change
20212020Reported
Operational (1)
Currency
PHARMACEUTICAL SEGMENT (2) (3) Continued)
CARDIOVASCULAR / METABOLISM / OTHER
US$799806(0.9)%(0.9)%— %
Intl328354(7.2)(11.3)4.1 
WW1,1271,160(2.8)(4.1)1.3 
     XARELTO
     US589 527 11.7 11.7 — 
     Intl— — — — — 
     WW589 527 11.7 11.7 — 
     INVOKANA / INVOKAMET
     US87 117 (26.1)(26.1)— 
     Intl63 58 9.2 4.2 5.0 
     WW150 175 (14.4)(16.1)1.7 
     PROCRIT / EPREX
     US62 76 (18.3)(18.3)— 
     Intl64 79 (18.1)(22.2)4.1 
     WW127 155 (18.2)(20.3)2.1 
     OTHER
     US60 85 (28.8)(28.8)— 
     Intl201 217 (7.7)(11.5)3.8 
     WW261 302 (13.6)(16.4)2.8 
TOTAL PHARMACEUTICAL
US6,4466,0616.4 6.4 — 
Intl5,7535,07313.4 7.9 5.5 
WW$12,19911,1349.6 %7.1 %2.5 %
See footnotes at end of schedule




Johnson & Johnson
Segment Sales
(Dollars in Millions)
FIRST QUARTER
% Change
20212020Reported
Operational (1)
Currency
MEDICAL DEVICES SEGMENT (2)
INTERVENTIONAL SOLUTIONS
US$434 365 19.0 %19.0 %— %
Intl514 36242.0 34.0 8.0 
WW949 72730.4 26.4 4.0 
ORTHOPAEDICS
US1,249 1,250 (0.1)(0.1)— 
Intl864 788 9.7 3.1 6.6 
WW2,113 2,038 3.7 1.2 2.5 
     HIPS
     US210 206 2.4 2.4 — 
     Intl146 132 11.2 4.5 6.7 
     WW357 337 5.8 3.2 2.6 
     KNEES
     US185 214 (13.5)(13.5)— 
     Intl132 130 2.0 (4.1)6.1 
     WW317 343 (7.6)(9.9)2.3 
     TRAUMA
     US450 407 10.7 10.7 — 
     Intl282 247 14.4 7.7 6.7 
     WW733 654 12.1 9.5 2.6 
     SPINE, SPORTS & OTHER
     US403 423 (4.8)(4.8)— 
     Intl303 280 8.4 1.7 6.7 
     WW706 703 0.4 (2.2)2.6 
See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
FIRST QUARTER
% Change
20212020Reported
Operational (1)
Currency
MEDICAL DEVICES SEGMENT (2) (Continued)
SURGERY
US$898 844 6.5 %6.5 %— %
Intl1,474 1,257 17.3 11.7 5.6 
WW2,372 2,100 12.9 9.6 3.3 
     ADVANCED
US405 381 6.5 6.5 — 
Intl713 567 25.7 19.5 6.2 
WW1,118 948 18.0 14.3 3.7 
     GENERAL
US493 463 6.5 6.5 — 
Intl761 690 10.3 5.3 5.0 
WW1,254 1,153 8.8 5.8 3.0 
VISION
US472 439 7.4 7.4 — 
Intl673 628 7.3 3.9 3.4 
WW1,145 1,067 7.3 5.4 1.9 
     CONTACT LENSES / OTHER
US371 346 7.2 7.2 — 
Intl486 467 4.0 0.9 3.1 
WW857 814 5.3 3.5 1.8 
     SURGICAL
US101 93 8.2 8.2 — 
Intl187 160 17.0 12.9 4.1 
WW288 253 13.7 11.2 2.5 
TOTAL MEDICAL DEVICES
US3,054 2,898 5.4 5.4 — 
Intl3,525 3,034 16.2 10.5 5.7 
WW$6,579 5,932 10.9 %8.0 %2.9 %
Note: Column 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) Reported as U.S. sales
(5) Refer to supplemental schedule







Johnson & Johnson
Supplemental Sales Information
(Dollars in Millions)
Prior quarter amounts have been reclassified to
conform to current quarter products disclosure
201920202020
Full YearQ1Q2Q3Q4Full Year
PHARMACEUTICAL SEGMENT (1)
     OTHER ONCOLOGY (2)
US70 2220212083
Intl1,087 190185181183738
WW1,158 212204203202821
Note: Columns and rows within tables may not add due to rounding.
(1) Unaudited
(2) Other Oncology is inclusive of VELCADE, which was previously disclosed separately

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