Johnson & Johnson Reports 2019 First-Quarter Results:

NEW BRUNSWICK, N.J., April 16, 2019 /PRNewswire/ -- Johnson & Johnson (NYSE: JNJ) today announced results for first-quarter 2019. "Our strong first-quarter results reflect continued underlying operational sales and adjusted EPS growth," said Alex Gorsky, Chairman and Chief Executive Officer. "At the same time, we remain focused on investing in innovative technologies and platforms that will make a meaningful difference in the lives of patients around the world. I am proud of our global colleagues' collective efforts to deliver on our long-term goals and our ability to create value for all of our stakeholders."

OVERALL FINANCIAL RESULTS:


                                                                     FIRST QUARTER



       ($ in Millions, except EPS)                   2019         2018            %  Change

    ---                                                                                ---


       
              Reported Sales                  $20,021      $20,009                 0.1%

    ---


       
              Net Earnings                      3,749        4,367               (14.2)

    ---                                                                                ---


       
              EPS (diluted)                     $1.39        $1.60              (13.1)%

    ---




       
              Non-GAAP*                                         FIRST QUARTER



       ($ in Millions, except EPS)                   2019         2018            %  Change

    ---                                                                                ---


       
              Operational Sales                   N/A         N/A                3.9%

    ---


       
              Adjusted Operational Sales          N/A         N/A                 5.5

    ---


       
              Adjusted Net Earnings             5,661        5,635                  0.5

    ---                                                                                ---


       
              Adjusted EPS (diluted)            $2.10        $2.06                 1.9%

    ---

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

REGIONAL SALES RESULTS:


                                                              FIRST QUARTER          
              
                %  Change



        ($ in Millions)                         2019              2018                                           Reported                       Operational
                                                                                                                                                     1,2    Currency   Adjusted Operational1,3

    ---                                                                                                                                                                                   ---

                     U.S.                    $10,129            $9,951                                               1.8%                               1.8                                  3.1

    ---

                     International             9,892            10,058                                              (1.7)                               6.0      (7.7)                       7.9

    ---                                                                                                                                                                                   ---

                     Worldwide               $20,021           $20,009                                               0.1%                               3.9      (3.8)                       5.5

    ---


       
                (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:


                                                                    FIRST QUARTER          
              
                %  Change




       ($ in Millions)                               2019              2018                                           Reported                 Operational
                                                                                                                                                     1,2     Currency    Adjusted Operational1,3

    ---                                                                                                                                                                                     ---

                     Consumer                       $3,318            $3,398                                             (2.4)%                         2.2       (4.6)                        0.7

    ---

                     Pharmaceuticals                10,244             9,844                                                4.1                          7.9       (3.8)                        7.9

    ---                                                                                                                                                                                     ---

                     Medical Devices                 6,459             6,767                                              (4.6)                       (1.0)      (3.6)                        4.3

    ---                                                                                                                                                                                     ---

                     Worldwide                     $20,021           $20,009                                               0.1%                         3.9       (3.8)                        5.5

    ---


       
                (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 0.7%* driven by over-the-counter products including TYLENOL analgesics, digestive health products and international anti-smoking aids; and NEUTROGENA beauty products, primarily offset by lower sales of baby care products.

Pharmaceutical
Pharmaceutical worldwide operational sales, excluding the net impact of acquisitions and divestitures grew 7.9%* driven by 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, DARZALEX (daratumumab), for the treatment of multiple myeloma, TREMFYA (guselkumab), a biologic for the treatment of adults living with moderate to severe plaque psoriasis, INVEGA SUSTENNA/XEPLION/INVEGA TRINZA/TREVICTA (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults, PREZISTA/PREZCOBIX/REZOLSTA/SYMTUZA (D/C/F/TAF) for the treatment of human immunodeficiency virus type 1 (HIV-1) infection, UPTRAVI (selexipag), an oral prostacyclin receptor agonist used to treat pulmonary arterial hypertension and reduce hospitalization, and ERLEADA (apalutamide), a next-generation androgen receptor inhibitor for the treatment of patients with non-metastatic castration-resistant prostate cancer 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 4.3%* driven by the growth of electrophysiology products in the Interventional Solutions business; ACUVUE contact lenses in the Vision business; biosurgicals in the Advanced Surgery business; and wound closure products in the General Surgery business.

NOTABLE NEW ANNOUNCEMENTS IN THE QUARTER:

Acquisitions/Divestitures/Licenses

    --  Completed the divestiture of Advanced Sterilization Products(1) (press
        release)
    --  Completed the acquisition of Auris Health, Inc.(1) commercially
        available robotic platform technology (press release)
    --  Entered into an exclusive worldwide collaboration and license agreement
        with MeiraGTx to develop gene therapy programs for inherited retinal
        diseases (press release)


       
                
                  Pipeline Updates

    ---


       Regulatory Approvals                             BALVERSA (erdafitinib) -Locally
                                                          advanced or metastatic urothelial
                                                          cancer (U.S.)(1)                      
     
     (press release)

    ---                                                                                                             ---

        SPRAVATO (esketamine) -
          Treatment-resistant
          depression (U.S.)                          
       
                (press release)

    ---                                              ---

        TREMFYA (guselkumab) -
         One-press patient-
         controlled injector
         (U.S.)                                      
       
                (press release)

    ---                                              ---

        DARZALEX (daratumumab)
         Split-dosing regimen
         (U.S.)                                      
       
                (press release)

    ---                                              ---

        IMBRUVICA (ibrutinib)
         plus obinutuzumab -
         Chronic lymphocytic
         leukemia (U.S.)                             
       
                (press release)

    ---                                              ---


       Regulatory Submissions                           INVOKANA (canagliflozin) -Chronic
                                                          kidney disease in patients with Type
                                                          2 diabetes (U.S.)                     
     
     (press release)

    ---                                                                                                             ---

        DARZALEX (daratumumab)
         -Combination therapy
         for transplant
         eligible multiple
         myeloma patients
         (U.S.,EU)                                   
       
                (press release - U.S.)

                                                     
       
                (press release - EU)

    ---                                              ---

        DARZALEX (daratumumab)
         -Combination therapy
         for transplant
         ineligible multiple
         myeloma patients
         (U.S.,EU)                                   
       
                (press release - U.S.)

                                                     
       
                (press release - EU)

    ---                                              ---


       Other                                            Antihistamine-releasing contact lens
                                                          demonstrates positive Phase 3 results 
     
     (press release)

    ---                                                                                                             ---

        ACUVUE OASYS with
         TRANSITIONS LIGHT
         INTELLIGENT TECHNOLOGY
         availability (U.S)                          
       
                (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.


                                                                      April 2019                 January 2019

                                                                                  ---

        ($ in Billions, except EPS)


        Adjusted
         Operational
         Sales1,2                                                    2.5% - 3.5%                 2.0% - 3.0%


       Change vs. Prior Year

    ---                                                                                                   ---

        Operational
         Sales(2)                                      
              $82.0 to $82.8    
              $81.6 to $82.4

        Change vs.
         Prior Year                                                  0.5% - 1.5%                 0.0% - 1.0%

    ---                                                                                                   ---

        Estimated
         Reported
         Sales(3)                                      
              $80.4 to $81.2    
              $80.4 to $81.2

        Change vs.
         Prior Year                                   (1.5%) -(0.5%)             (1.5%) -(0.5%)

    ---                                                                                                   ---



        Adjusted
         Operational
         EPS
         (Diluted)2,4                                  
              $8.73 to $8.83    
              $8.65 to $8.80

        Change vs.
         Prior Year                                                  6.7% - 7.9%                 5.7% - 7.6%

    ---                                                                                                   ---

        Adjusted EPS
         (Diluted)3,4                                  
              $8.53 to $8.63    
              $8.50 to $8.65

        Change vs.
         Prior Year                                                  4.3% - 5.5%                 3.9% - 5.8%

    ---                                                                                                   ---



                     (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 2019 = $1.12;
                      Euro Average Rate: Jan 2019 = $1.14 (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," 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)                                                              
              
                FIRST QUARTER

    ---                                                                                  ---

                                                                                                                                                 
      Percent Change


                                                                                               2019                    2018                
     Total                 
     Operations      
     Currency

                                                                                                                                                                                             ---


       
                Sales to customers by



       
                segment of business





       Consumer



           U.S.                                                                             $1,438                   1,436                     0.2

                                                                                                                                                %                             0.2               -



           International                                                                     1,880                   1,962                   (4.2)                             3.7           (7.9)


                                                                                              3,318                   3,398                   (2.4)                             2.2           (4.6)

                                                                                                                                                                                             ---




       Pharmaceutical



           U.S.                                                                              5,582                   5,354                     4.3                              4.3



           International                                                                     4,662                   4,490                     3.9                             12.2           (8.3)


                                                                                             10,244                   9,844                     4.1                              7.9           (3.8)

                                                                                                                                                                                             ---




       Medical Devices



           U.S.                                                                              3,109                   3,161                   (1.6)                           (1.6)



           International                                                                     3,350                   3,606                   (7.1)                           (0.3)          (6.8)


                                                                                              6,459                   6,767                   (4.6)                           (1.0)          (3.6)

                                                                                                                                                                                             ---




       U.S.                                                                                 10,129                   9,951                     1.8                              1.8



       International                                                                         9,892                  10,058                   (1.7)                             6.0           (7.7)



       Worldwide                                                                           $20,021                  20,009                     0.1

                                                                                                                                                %                             3.9           (3.8)

    ---                                                                                                                                                                                      ---




       
                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


                                                                                               2019                    2018                
     Total                 
     Operations      
     Currency

                                                                                                                                                                                             ---


       
                Sales to customers by



       
                geographic area





       U.S.                                                                                $10,129                   9,951                     1.8

                                                                                                                                                %                             1.8

    ---                                                                                                                                                                                      ---




       Europe                                                                                4,609                   4,797                   (3.9)                             4.5           (8.4)



       Western Hemisphere excluding U.S.                                                     1,503                   1,567                   (4.1)                             8.7          (12.8)



       Asia-Pacific, Africa                                                                  3,780                   3,694                     2.3                              6.9           (4.6)



       International                                                                         9,892                  10,058                   (1.7)                             6.0           (7.7)

    ---                                                                                                                                                                                      ---




       Worldwide                                                                           $20,021                  20,009                     0.1

                                                                                                                                                %                             3.9           (3.8)

    ---                                                                                                                                                                                      ---






       
                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

    ---                                                                                               ---



                                                                                 2019                     2018 
      Percent



                                                                                                     Percent              Percent       
       Increase


                                                                               Amount                to Sales    Amount   to Sales    
       (Decrease)



       
     Sales to customers                                                  $20,021                    100.0    $20,009       100.0                0.1



       
     Cost of products sold                                                 6,615                     33.0      6,614        33.1                0.0

    ---


       
     Gross Profit                                                         13,406                     67.0     13,395        66.9                0.1

    ---


       
     Selling, marketing and administrative expenses                        5,219                     26.1      5,263        26.3              (0.8)



       
     Research and development expense                                      2,858                     14.3      2,404        12.0               18.9



       
     In-process research and development                                     890                      4.4



       
     Interest (income) expense, net                                            3                      0.0        145         0.7



       
     Other (income) expense, net                                            (22)                   (0.1)        60         0.3



       
     Restructuring                                                            36                      0.2         42         0.2

    ---


       
     Earnings before provision for taxes on income                         4,422                     22.1      5,481        27.4             (19.3)



       
     Provision for taxes on income                                           673                      3.4      1,114         5.6             (39.6)




       
     Net earnings                                                          3,749                     18.7      4,367        21.8             (14.2)

    ---




       
     Net earnings per share (Diluted)                                      $1.39                              $1.60                        (13.1)





       
     Average shares outstanding (Diluted)                                2,698.8                            2,731.9





       
     Effective tax rate                                                     15.2                               20.3

                                                                                    %                                 %





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



       
     Earnings before provision for taxes on income                        $6,867                     34.3     $6,858        34.3                0.1



       
     Net earnings                                                         $5,661                     28.3     $5,635        28.2                0.5



       
     Net earnings per share (Diluted)                                      $2.10                              $2.06                           1.9



       
     Effective tax rate                                                     17.6                               17.8

                                                                                    %                                 %

    ---




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



              
                Johnson & Johnson and Subsidiaries



              
                Reconciliation of Non-GAAP Financial Measures




                                                                                                                                                                                                 
     First Quarter      
     % Incr. /




              
                (Dollars in Millions Except Per Share Data)                                                                                                                                          2019          2018 
     (Decr.)

    ---




              Earnings before provision for taxes on income - as reported                                                                                                                                     $4,422         5,481         (19.3)
                                                                                                                                                                                                                                               %



              Intangible asset amortization expense                                                                                                                                                            1,130         1,115



              In-process research and development                                                                                                                                                                890



              Litigation expense                                                                                                                                                                                 423



              Unrealized (gain)/loss on securities                                                                                                                                                             (158)           27



              Restructuring/Other (1)                                                                                                                                                                             90           107



              Actelion acquisition related cost                                                                                                                                                                   39            96



              AMO acquisition related cost                                                                                                                                                                        28            21



              Other                                                                                                                                                                                                3            11



              Earnings before provision for taxes on income - as adjusted                                                                                                                                     $6,867         6,858            0.1
                                                                                                                                                                                                                                               %






              Net Earnings - as reported                                                                                                                                                                      $3,749         4,367         (14.2)
                                                                                                                                                                                                                                               %



              Intangible asset amortization expense                                                                                                                                                              846           996



              In-process research and development                                                                                                                                                                703



              Litigation expense                                                                                                                                                                                 342



              Unrealized (gain)/loss on securities                                                                                                                                                             (125)           21



              Restructuring/Other                                                                                                                                                                                 75            81



              Actelion acquisition related cost                                                                                                                                                                   37            92



              AMO acquisition related cost                                                                                                                                                                        23            17



              Impact of tax legislation (2)                                                                                                                                                                                    52



              Other                                                                                                                                                                                               11             9



              Net Earnings - as adjusted                                                                                                                                                                      $5,661         5,635            0.5
                                                                                                                                                                                                                                               %






              Diluted Net Earnings per share - as reported                                                                                                                                                     $1.39          1.60         (13.1)
                                                                                                                                                                                                                                               %



              Intangible asset amortization expense                                                                                                                                                             0.31          0.36



              In-process research and development                                                                                                                                                               0.26



              Litigation expense                                                                                                                                                                                0.13



              Unrealized (gain)/loss on securities                                                                                                                                                            (0.05)         0.01



              Restructuring/Other                                                                                                                                                                               0.03          0.03



              Actelion acquisition related cost                                                                                                                                                                 0.01          0.03



              AMO acquisition related cost                                                                                                                                                                      0.01          0.01



              Impact of tax legislation                                                                                                                                                                                      0.02



              Other                                                                                                                                                                                             0.01



              Diluted Net Earnings per share - as adjusted                                                                                                                                                     $2.10          2.06            1.9
                                                                                                                                                                                                                                               %






              Operational Diluted Net Earnings per share - as adjusted at 2017 foreign                                                                                                                                       1.93
    currency exchange rates





              Impact of currency at 2018 foreign currency exchange rates                                                                                                                                        0.08          0.13





              Operational Diluted Net Earnings per share - as adjusted at 2018 foreign                                                                                                                         $2.18          2.06            5.8
                                                                                                                                                                                                                                               %
    currency exchange rates








              
                (1) Includes $23M recorded in cost of products sold and $31M recorded in other (income) expense in the first quarter 2019, and $6M recorded in cost of products sold



                   and $59M recorded in other (income) expense in the first quarter 2018





              
                (2) Includes foreign currency translation



       
                Johnson & Johnson and Subsidiaries



       
                Reconciliation of Non-GAAP Financial Measure




                                                                                                
       
         
                Adjusted Operational Sales Growth

                                                                                                                  ---

                                                                                                  
       
         FIRST QUARTER 2019 ACTUAL vs. 2018 ACTUAL




                                                                                                        
         
                 Segments

                                                                                                                  ---



                                                                                                              Consumer                   
              
        Pharmaceutical   
     
     Medical Devices      Total




       
                 WW As Reported                                                                            (2.4)%                                              4.1%                 (4.6)%     0.1%

    ---


        U.S.                                                                                                     0.2%                                              4.3%                 (1.6)%     1.8%



        International                                                                                          (4.2)%                                              3.9%                 (7.1)%   (1.7)%





       
                 WW Currency                                                                                (4.6)                                             (3.8)                  (3.6)    (3.8)



        U.S.



        International                                                                                           (7.9)                                             (8.3)                  (6.8)    (7.7)





       
                 WW Operational                                                                              2.2%                                              7.9%                 (1.0)%     3.9%

    ---


        U.S.                                                                                                     0.2%                                              4.3%                 (1.6)%     1.8%



        International                                                                                            3.7%                                             12.2%                 (0.3)%     6.0%





       
                Beauty



       
                
                  Nizoral                                                                        0.4                                                                                0.1



        U.S.                                                                                                      0.3                                                                                0.0



        International                                                                                             0.5                                                                                0.1





       
                OTC



       
                
                  Zarbees                                                                      (0.8)                                                                             (0.1)



        U.S.                                                                                                    (2.0)                                                                             (0.3)



        International                                                                                             0.0                                                                                0.0





       
                Diabetes Care



       
                
                  LifeScan                                                                                                                                                5.1       1.7



        U.S.                                                                                                                                                                               3.8       1.2



        International                                                                                                                                                                      6.2       2.3





       
                Beauty



       
                
                  RoC                                                                            0.8                                                                                0.1



        U.S.                                                                                                      1.5                                                                                0.2



        International                                                                                             0.3                                                                                0.1





       
                Beauty



       
                
                  Dr. Ci Labo - Japan                                                          (2.1)                                                                             (0.4)



        U.S.                                                                                                      0.0                                                                                0.0



        International                                                                                           (3.6)                                                                             (0.7)





       
                All Other Acquisitions and Divestitures                                                       0.2                                                0.0                     0.2       0.1



        U.S.                                                                                                      0.0                                                0.0                     0.3       0.1



        International                                                                                             0.4                                                0.0                     0.0       0.1





       
                WW Adjusted Operational                                                                      0.7%                                              7.9%                   4.3%     5.5%

    ===


        U.S.                                                                                                     0.0%                                              4.3%                   2.5%     3.1%



        International                                                                                            1.3%                                             12.2%                   5.9%     7.9%





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




                                                                                                                                                                                                REPORTED SALES vs. PRIOR PERIOD ($MM)



                                                                                                                                                                             
              
                FIRST QUARTER



                                                                                                                                                                                                                                                  
     
        % Change



                                                                                                                                                                        2019                             2018                            Reported               Operational (1)    Currency




              
                
                  CONSUMER SEGMENT (2)

    ---


              
                BABY CARE

    ---


              US                                                                                                                                                        $87                              $97                              -10.9%                        -10.9%



              Intl                                                                                                                                                      307                              360                              -14.8%                         -6.4%       -8.4%




              WW                                                                                                                                                        394                              457                              -14.0%                         -7.4%       -6.6%



              
                BEAUTY

    ---


              US                                                                                                                                                        588                              611                               -3.8%                         -3.8%



              Intl                                                                                                                                                      502                              473                                6.2%                         13.1%       -6.9%




              WW                                                                                                                                                      1,090                            1,084                                0.6%                          3.6%       -3.0%



              
                ORAL CARE

    ---


              US                                                                                                                                                        151                              157                               -3.5%                         -3.5%



              Intl                                                                                                                                                      216                              222                               -2.8%                          4.6%       -7.4%




              WW                                                                                                                                                        367                              379                               -3.1%                          1.2%       -4.3%



              
                OTC

    ---


              US                                                                                                                                                        507                              465                                9.1%                          9.1%



              Intl                                                                                                                                                      580                              607                               -4.6%                          2.8%       -7.4%




              WW                                                                                                                                                      1,087                            1,072                                1.3%                          5.5%       -4.2%



              
                WOMEN'S HEALTH

    ---


              US                                                                                                                                                          3                                3                                4.2%                          4.2%



              Intl                                                                                                                                                      222                              240                               -7.5%                          4.3%      -11.8%




              WW                                                                                                                                                        225                              243                               -7.3%                          4.3%      -11.6%



              
                WOUND CARE / OTHER

    ---


              US                                                                                                                                                        102                              103                               -0.9%                         -0.9%



              Intl                                                                                                                                                       53                               60                              -11.6%                         -6.0%       -5.6%




              WW                                                                                                                                                        155                              163                               -4.8%                         -2.7%       -2.1%





              
                
                  TOTAL CONSUMER

    ---


              
                US                                                                                                                                         1,438                            1,436                                0.2%                          0.2%



              
                Intl                                                                                                                                       1,880                            1,962                               -4.2%                          3.7%       -7.9%




              
                WW                                                                                                                                        $3,318                           $3,398                               -2.4%                          2.2%       -4.6%








              See footnotes at end of schedule










                                                                                                                                                                                                REPORTED SALES vs. PRIOR PERIOD ($MM)



                                                                                                                                                                             
              
                FIRST QUARTER



                                                                                                                                                                                                                                                  
     
        % Change



                                                                                                                                                                        2019                             2018                            Reported               Operational (1)    Currency




              
                
                  PHARMACEUTICAL SEGMENT (2)(4)

    ---


              
                
                  IMMUNOLOGY

    ---


              US                                                                                                                                                     $2,163                           $2,000                                8.1%                          8.1%



              Intl                                                                                                                                                    1,088                            1,042                                4.5%                         12.6%       -8.1%




              WW                                                                                                                                                      3,251                            3,042                                6.9%                          9.6%       -2.7%



              
                REMICADE

    ---


              US                                                                                                                                                        774                              916                              -15.5%                        -15.5%



              US Exports (3)                                                                                                                                             76                              142                              -46.4%                        -46.4%



              Intl                                                                                                                                                      252                              331                              -23.6%                        -17.2%       -6.4%




              WW                                                                                                                                                      1,102                            1,389                              -20.6%                        -19.1%       -1.5%



              
                SIMPONI / SIMPONI ARIA

    ---


              US                                                                                                                                                        263                              224                               17.0%                         17.0%



              Intl                                                                                                                                                      261                              294                              -11.1%                         -3.8%       -7.3%




              WW                                                                                                                                                        524                              518                                1.0%                          5.2%       -4.2%



              
                STELARA

    ---


              US                                                                                                                                                        882                              652                               35.2%                         35.2%



              Intl                                                                                                                                                      523                              409                               27.9%                         37.2%       -9.3%




              WW                                                                                                                                                      1,405                            1,061                               32.4%                         36.0%       -3.6%



              
                TREMFYA

    ---


              US                                                                                                                                                        168                               66                      
       *               
      *



              Intl                                                                                                                                                       49                                6                      
       *               
      *                      
            *




              WW                                                                                                                                                        217                               72                      
       *               
      *                      
            *



              
                OTHER IMMUNOLOGY(4)

    ---


              US



              Intl                                                                                                                                                        3                                2                               19.5%                         21.0%       -1.5%




              WW                                                                                                                                                          3                                2                               19.5%                         21.0%       -1.5%



              
                
                  INFECTIOUS DISEASES

    ---


              US                                                                                                                                                        357                              333                                7.3%                          7.3%



              Intl                                                                                                                                                      489                              497                               -1.7%                          7.8%       -9.5%




              WW                                                                                                                                                        846                              830                                1.9%                          7.6%       -5.7%



              
                EDURANT / rilpivirine

    ---


              US                                                                                                                                                         12                               14                              -18.8%                        -18.8%



              Intl                                                                                                                                                      199                              196                                2.2%                         10.6%       -8.4%




              WW                                                                                                                                                        211                              210                                0.8%                          8.6%       -7.8%



              
                PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA

    ---


              US                                                                                                                                                        315                              273                               15.5%                         15.5%



              Intl                                                                                                                                                      208                              205                                1.5%                         11.9%      -10.4%




              WW                                                                                                                                                        523                              478                                9.5%                         13.9%       -4.4%



              
                OTHER INFECTIOUS DISEASES

    ---


              US                                                                                                                                                         30                               46                              -33.8%                        -33.8%



              Intl                                                                                                                                                       82                               96                              -16.0%                         -6.3%       -9.7%




              WW                                                                                                                                                        112                              142                              -21.7%                        -15.1%       -6.6%




              
                See footnotes at end of schedule








                                                                                                                                                                                                REPORTED SALES vs. PRIOR PERIOD ($MM)



                                                                                                                                                                             
              
                FIRST QUARTER



                                                                                                                                                                                                                                                  
     
        % Change



                                                                                                                                                                        2019                             2018                            Reported               Operational (1)    Currency




              
                
                  NEUROSCIENCE

    ---


              US                                                                                                                                                        723                              624                               16.0%                         16.0%



              Intl                                                                                                                                                      905                              935                               -3.2%                          4.3%       -7.5%




              WW                                                                                                                                                      1,629                            1,559                                4.5%                          9.0%       -4.5%



              
                CONCERTA / methlyphenidate

    ---


              US                                                                                                                                                         97                               66                               47.7%                         47.7%



              Intl                                                                                                                                                      116                              107                                8.5%                         15.8%       -7.3%




              WW                                                                                                                                                        214                              173                               23.4%                         28.0%       -4.6%



              
                INVEGA SUSTENNA / XEPLION /
    INVEGA TRINZA / TREVICTA

    ---


              US                                                                                                                                                        483                              400                               20.7%                         20.7%



              Intl                                                                                                                                                      307                              296                                3.8%                         12.3%       -8.5%




              WW                                                                                                                                                        790                              696                               13.5%                         17.1%       -3.6%



              
                RISPERDAL CONSTA

    ---


              US                                                                                                                                                         77                               82                               -6.8%                         -6.8%



              Intl                                                                                                                                                      102                              114                              -10.3%                         -2.4%       -7.9%




              WW                                                                                                                                                        179                              196                               -8.8%                         -4.3%       -4.5%



              
                OTHER NEUROSCIENCE

    ---


              US                                                                                                                                                         66                               76                              -12.0%                        -12.0%



              Intl                                                                                                                                                      379                              418                               -9.2%                         -2.5%       -6.7%




              WW                                                                                                                                                        446                              494                               -9.6%                         -3.9%       -5.7%



              
                
                  ONCOLOGY

    ---


              US                                                                                                                                                        962                              933                                3.1%                          3.1%



              Intl                                                                                                                                                    1,556                            1,378                               13.0%                         22.2%       -9.2%




              WW                                                                                                                                                      2,518                            2,311                                9.0%                         14.5%       -5.5%



              
                DARZALEX

    ---


              US                                                                                                                                                        352                              264                               33.0%                         33.0%



              Intl                                                                                                                                                      277                              168                               65.1%                         80.1%      -15.0%




              WW                                                                                                                                                        629                              432                               45.5%                         51.3%       -5.8%



              
                IMBRUVICA

    ---


              US                                                                                                                                                        349                              227                               53.7%                         53.7%



              Intl                                                                                                                                                      435                              360                               20.8%                         32.0%      -11.2%




              WW                                                                                                                                                        784                              587                               33.5%                         40.4%       -6.9%



              
                VELCADE

    ---


              US



              Intl                                                                                                                                                      263                              313                              -16.0%                        -10.1%       -5.9%




              WW                                                                                                                                                        263                              313                              -16.0%                        -10.1%       -5.9%



              
                ZYTIGA / Abiraterone Acetate

    ---


              US                                                                                                                                                        185                              407                              -54.5%                        -54.5%



              Intl                                                                                                                                                      494                              438                               12.9%                         20.9%       -8.0%




              WW                                                                                                                                                        679                              845                              -19.6%                        -15.4%       -4.2%



              
                OTHER ONCOLOGY

    ---


              US                                                                                                                                                         76                               35                      
       *               
      *



              Intl                                                                                                                                                       87                               99                              -12.2%                         -3.9%       -8.3%




              WW                                                                                                                                                        163                              134                               21.7%                         27.8%       -6.1%











                                                                                                                                                                                                REPORTED SALES vs. PRIOR PERIOD ($MM)



                                                                                                                                                                             
              
                FIRST QUARTER



                                                                                                                                                                                                                                                  
     
        % Change



                                                                                                                                                                        2019                             2018                            Reported               Operational (1)    Currency




              
                
                  PULMONARY HYPERTENSION

    ---


              US                                                                                                                                                        430                              361                               19.2%                         19.2%



              Intl                                                                                                                                                      226                              224                                0.7%                          8.6%       -7.9%




              WW                                                                                                                                                        656                              585                               12.1%                         15.1%       -3.0%



              
                OPSUMIT

    ---


              US                                                                                                                                                        172                              149                               15.9%                         15.9%



              Intl                                                                                                                                                      133                              122                                8.9%                         17.8%       -8.9%




              WW                                                                                                                                                        306                              271                               12.7%                         16.8%       -4.1%



              
                TRACLEER

    ---


              US                                                                                                                                                         61                               68                              -10.1%                        -10.1%



              Intl                                                                                                                                                       56                               72                              -22.9%                        -18.3%       -4.6%




              WW                                                                                                                                                        117                              140                              -16.7%                        -14.4%       -2.3%



              
                UPTRAVI

    ---


              US                                                                                                                                                        176                              124                               41.4%                         41.4%



              Intl                                                                                                                                                       22                               16                               42.8%                         53.6%      -10.8%




              WW                                                                                                                                                        198                              140                               41.6%                         42.8%       -1.2%



              
                OTHER

    ---


              US                                                                                                                                                         21                               20                                3.6%                          3.6%



              Intl                                                                                                                                                       15                               14                                4.6%                         17.1%      -12.5%




              WW                                                                                                                                                         35                               34                                4.0%                          9.2%       -5.2%



              
                
                  CARDIOVASCULAR / METABOLISM / OTHER

    ---


              US                                                                                                                                                        947                            1,103                              -14.1%                        -14.1%



              Intl                                                                                                                                                      398                              414                               -3.9%                          2.7%       -6.6%




              WW                                                                                                                                                      1,345                            1,517                              -11.3%                         -9.5%       -1.8%



              
                XARELTO

    ---


              US                                                                                                                                                        542                              578                               -6.3%                         -6.3%



              Intl




              WW                                                                                                                                                        542                              578                               -6.3%                         -6.3%



              
                INVOKANA / INVOKAMET

    ---


              US                                                                                                                                                        154                              204                              -24.8%                        -24.8%



              Intl                                                                                                                                                       49                               44                               11.6%                         20.0%       -8.4%




              WW                                                                                                                                                        202                              248                              -18.4%                        -16.9%       -1.5%



              
                PROCRIT / EPREX

    ---


              US                                                                                                                                                        148                              189                              -21.6%                        -21.6%



              Intl                                                                                                                                                       78                               87                              -10.2%                         -5.2%       -5.0%




              WW                                                                                                                                                        226                              276                              -18.0%                        -16.4%       -1.6%



              
                OTHER

    ---


              US                                                                                                                                                        104                              132                              -21.3%                        -21.3%



              Intl                                                                                                                                                      271                              283                               -4.4%                          2.5%       -6.9%




              WW                                                                                                                                                        374                              415                               -9.7%                         -5.1%       -4.6%





              
                
                  TOTAL PHARMACEUTICAL

    ---


              
                US                                                                                                                                         5,582                            5,354                                4.3%                          4.3%



              
                Intl                                                                                                                                       4,662                            4,490                                3.9%                         12.2%       -8.3%




              
                WW                                                                                                                                       $10,244                           $9,844                                4.1%                          7.9%       -3.8%










              See footnotes at end of schedule






                                                                                                                                                                                                REPORTED SALES vs. PRIOR PERIOD ($MM)



                                                                                                                                                                             
              
                FIRST QUARTER



                                                                                                                                                                                                                                                  
     
        % Change



                                                                                                                                                                        2019                             2018                            Reported               Operational (1)    Currency




              
                
                  MEDICAL DEVICES SEGMENT (2)(5)

    ---


              
                DIABETES CARE(5)

    ---


              US                                                                                                                    
              
                $             -                            $117                      
       *               
      *



              Intl                                                                                                                                                                                      222                      
       *               
      *                      
            *




              WW                                                                                                                                                                                        339                      
       *               
      *                      
            *



              
                INTERVENTIONAL SOLUTIONS

    ---


              US                                                                                                                                                        343                              304                               12.6%                         12.6%



              Intl                                                                                                                                                      389                              336                               15.8%                         22.7%       -6.9%




              WW                                                                                                                                                        732                              640                               14.3%                         17.9%       -3.6%



              
                
                  ORTHOPAEDICS

    ---


              US                                                                                                                                                      1,318                            1,307                                0.9%                          0.9%



              Intl                                                                                                                                                      885                              943                               -6.2%                          0.7%       -6.9%




              WW                                                                                                                                                      2,204                            2,250                               -2.1%                          0.8%       -2.9%



              
                HIPS

    ---


              US                                                                                                                                                        213                              209                                2.1%                          2.1%



              Intl                                                                                                                                                      148                              154                               -3.8%                          3.5%       -7.3%




              WW                                                                                                                                                        361                              363                               -0.4%                          2.7%       -3.1%



              
                KNEES

    ---


              US                                                                                                                                                        223                              228                               -2.2%                         -2.2%



              Intl                                                                                                                                                      146                              159                               -8.2%                         -1.5%       -6.7%




              WW                                                                                                                                                        369                              387                               -4.7%                         -1.9%       -2.8%



              
                TRAUMA

    ---


              US                                                                                                                                                        417                              407                                2.5%                          2.5%



              Intl                                                                                                                                                      268                              289                               -7.0%                         -0.3%       -6.7%




              WW                                                                                                                                                        685                              696                               -1.4%                          1.3%       -2.7%



              
                SPINE & OTHER

    ---


              US                                                                                                                                                        465                              463                                0.3%                          0.3%



              Intl                                                                                                                                                      323                              341                               -5.5%                          1.3%       -6.8%




              WW                                                                                                                                                        788                              804                               -2.2%                          0.7%       -2.9%













                                                                                                                                                                                                REPORTED SALES vs. PRIOR PERIOD ($MM)



                                                                                                                                                                             
              
                FIRST QUARTER



                                                                                                                                                                                                                                                  
     
        % Change



                                                                                                                                                                        2019                             2018                            Reported               Operational (1)    Currency




              
                
                  SURGERY

    ---


              US                                                                                                                                                      1,001                              993                                0.8%                          0.8%



              Intl                                                                                                                                                    1,394                            1,430                               -2.6%                          4.7%       -7.3%




              WW                                                                                                                                                      2,395                            2,423                               -1.2%                          3.1%       -4.3%



              
                ADVANCED

    ---


              US                                                                                                                                                        404                              393                                2.9%                          2.9%



              Intl                                                                                                                                                      576                              573                                0.5%                          7.7%       -7.2%




              WW                                                                                                                                                        980                              966                                1.5%                          5.8%       -4.3%



              
                GENERAL

    ---


              US                                                                                                                                                        425                              423                                0.3%                          0.3%



              Intl                                                                                                                                                      665                              704                               -5.6%                          1.6%       -7.2%




              WW                                                                                                                                                      1,089                            1,127                               -3.4%                          1.1%       -4.5%



              
                SPECIALTY

    ---


              US                                                                                                                                                        172                              177                               -2.5%                         -2.5%



              Intl                                                                                                                                                      153                              153                               -0.2%                          7.6%       -7.8%




              WW                                                                                                                                                        325                              330                               -1.4%                          2.2%       -3.6%



              
                
                  VISION

    ---


              US                                                                                                                                                        446                              440                                1.5%                          1.5%



              Intl                                                                                                                                                      682                              675                                1.1%                          7.2%       -6.1%




              WW                                                                                                                                                      1,129                            1,115                                1.2%                          5.0%       -3.8%



              
                CONTACT LENSES / OTHER

    ---


              US                                                                                                                                                        321                              309                                4.1%                          4.1%



              Intl                                                                                                                                                      502                              498                                1.0%                          7.4%       -6.4%




              WW                                                                                                                                                        824                              807                                2.1%                          6.1%       -4.0%



              
                SURGICAL

    ---


              US                                                                                                                                                        125                              131                               -4.5%                         -4.5%



              Intl                                                                                                                                                      180                              177                                1.3%                          6.8%       -5.5%




              WW                                                                                                                                                        305                              308                               -1.1%                          2.0%       -3.1%





              
                
                  TOTAL MEDICAL DEVICES

    ---


              
                US                                                                                                                                         3,109                            3,161                               -1.6%                         -1.6%



              
                Intl                                                                                                                                       3,350                            3,606                               -7.1%                         -0.3%       -6.8%




              
                WW                                                                                                                                        $6,459                           $6,767                               -4.6%                         -1.0%       -3.6%








              
                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

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SOURCE Johnson & Johnson