FOR IMMEDIATE RELEASE
- 2022 Fourth-Quarter reported sales decline of 4.4% to $23.7 Billion primarily driven by unfavorable foreign exchange and reduced COVID-19 Vaccine sales vs. prior year. Operational growth excluding COVID-19 Vaccine of 4.6%*
- 2022 Fourth-Quarter earnings per share (EPS) of $1.33 decreasing 24.9% and adjusted EPS of $2.35 increasing by 10.3%*
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- 2022 Full-Year reported sales growth of 1.3% to $94.9 Billion primarily driven by strong commercial execution partially offset by unfavorable foreign exchange. Operational growth of 6.1%*
- 2022 Full-Year earnings per share (EPS) of $6.73 decreasing 13.8% and adjusted EPS of $10.15 increasing by 3.6%*
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- Company guides 2023 adjusted operational sales growth excluding COVID-19 Vaccine of 4.0%* and adjusted operational EPS of $10.50, reflecting growth of 3.5%*
New Brunswick, N.J. (January 24, 2023) - Johnson & Johnson (NYSE: JNJ) today announced results for fourth- quarter and full year 2022. "Our full year 2022 results reflect the continued strength and stability of our three business segments, despite macroeconomic challenges," said Joaquin Duato, Chairman of the Board and Chief Executive Officer. "I am inspired by our employees who make a difference in the health and lives of people around the world every day. As we look ahead to 2023, Johnson & Johnson is well-positioned to drive near-term growth, while also investing strategically to deliver long-term value."
OVERALL FINANCIAL RESULTS
Q4 | ||||
($ in Millions, except EPS) | 2022 | 2021 | % Change | |
Reported Sales | $23,706 | $24,804 | (4.4)% | |
Net Earnings | $3,520 | $4,736 | (25.7)% | |
EPS (diluted) | $1.33 | $1.77 | (24.9)% | |
Full Year
2022 | 2021 | % Change |
$94,943 | $93,775 | 1.3% |
$17,941 | $20,878 | (14.1)% |
$6.73 | $7.81 | (13.8)% |
Q4 | ||||
Non-GAAP* ($ in Millions, except EPS) | 2022 | 2021 | % Change | |
Operational Sales1,2 | 0.9% | |||
Adjusted Operational Sales1,3 | 0.8% | |||
Adjusted Net Earnings1,4 | $6,218 | $5,678 | 9.5% | |
Adjusted EPS (diluted)1,4 | $2.35 | $2.13 | 10.3% |
Full Year
2022 | 2021 | % Change |
6.1% | ||
6.2% | ||
$27,038 | $26,195 | 3.2% |
$10.15 | $9.80 | 3.6% |
- Non-GAAPfinancial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
- Excludes the impact of translational currency
- Excludes the net impact of acquisitions and divestitures and translational currency
- Excludes intangible amortization expense and special items
Note: values may have been rounded
REGIONAL SALES RESULTS
Q4 | % Change | |||||||||||||||
($ in Millions) | 2022 | 2021 | Reported | Operational1,2 | Currency | Adjusted | ||||||||||
Operational1,3 | ||||||||||||||||
U.S. | $12,516 | $12,163 | 2.9% | 2.9 | - | 2.7 | ||||||||||
International | 11,190 | 12,641 | (11.5) | (1.1) | (10.4) | (1.0) | ||||||||||
Worldwide | $23,706 | $24,804 | (4.4)% | 0.9 | (5.3) | 0.8 | ||||||||||
Full Year | % Change | |||||||||||||||
($ in Millions) | 2022 | 2021 | Reported | Operational1,2 | Currency | Adjusted | ||||||||||
Operational1,3 | ||||||||||||||||
U.S. | $48,580 | $47,156 | 3.0% | 3.0 | - | 3.0 | ||||||||||
International | 46,363 | 46,619 | (0.6)% | 9.1 | (9.7) | 9.3 | ||||||||||
Worldwide | $94,943 | $93,775 | 1.3% | 6.1 | (4.8) | 6.2 | ||||||||||
- Non-GAAPfinancial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
- Excludes the impact of translational currency
- Excludes the net impact of acquisitions and divestitures and translational currency
Note: Values may have been rounded
SEGMENT SALES RESULTS
Q4 | % Change | ||||||||||||||||
($ in Millions) | 2022 | 2021 | Reported | Operational1,2 | Currency | Adjusted | |||||||||||
Operational1,3 | |||||||||||||||||
Consumer Health4 | $3,767 | $3,728 | 1.0% | 6.4 | (5.4) | 6.4 | |||||||||||
Pharmaceutical4 | 13,163 | 14,217 | (7.4) | (2.5) | (4.9) | (2.3) | |||||||||||
MedTech | 6,776 | 6,859 | (1.2) | 4.9 | (6.1) | 4.4 | |||||||||||
Worldwide | $23,706 | $24,804 | (4.4)% | 0.9 | (5.3) | 0.8 | |||||||||||
Full Year | % Change | ||||||||||||||||
($ in Millions) | 2022 | 2021 | Reported | Operational1,2 | Currency | Adjusted | |||||||||||
Operational1,3 | |||||||||||||||||
Consumer Health4 | $14,953 | $15,035 | (0.5)% | 3.6 | (4.1) | 3.9 | |||||||||||
Pharmaceutical4 | 52,563 | 51,680 | 1.7 | 6.7 | (5.0) | 6.8 | |||||||||||
MedTech | 27,427 | 27,060 | 1.4 | 6.2 | (4.8) | 6.1 | |||||||||||
Worldwide | $94,943 | $93,775 | 1.3% | 6.1 | (4.8) | 6.2 | |||||||||||
- Non-GAAPfinancial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
- Excludes the impact of translational currency
- Excludes the net impact of acquisitions and divestitures and translational currency
-
Certain international OTC products, primarily in China, were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes
Note: Values may have been rounded
FULL YEAR 2022 SEGMENT COMMENTARY:
Adjusted operational sales* reflected below excludes the net impact of acquisitions and divestitures and translational currency.
Consumer Health
Consumer Health worldwide adjusted operational sales increased 3.9%* predominately driven by over-the- counter (OTC) products. Major contributors to growth in OTC were TYLENOL and MOTRIN analgesics, as well as upper respiratory products and digestive health products in the international markets. Additionally, Skin Health/Beauty adjusted operational growth was primarily driven by NEUTROGENA outside the U.S. Growth was partially offset by Oral Care in the international markets.
Pharmaceutical
Pharmaceutical worldwide adjusted operational sales grew 6.8%*, driven by DARZALEX (daratumumab), a biologic for the treatment of multiple myeloma, STELARA (ustekinumab), a biologic for the treatment of a number of immune-mediated inflammatory diseases, ERLEADA (apalutamide), a next-generation androgen receptor inhibitor for the treatment of patients with prostate cancer, TREMFYA (guselkumab), a biologic for the treatment of adults living with moderate to severe plaque psoriasis, and for adults with active psoriatic arthritis, and INVEGA SUSTENNA/XEPLION and INVEGA TRINZA/TREVICTA (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults. This growth was partially offset by declines in sales of REMICADE (infliximab), a biologic approved for the treatment of several 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, and ZYTIGA (abiratone acetate), an oral, once daily
medication for use in combination with prednisone for the treatment of metastatic castration-resistant prostate cancer.
MedTech
MedTech worldwide adjusted operational sales grew 6.1%*, driven primarily by electrophysiology products in Interventional Solutions, contact lenses in Vision, and wound closure products in General Surgery.
NOTABLE NEW ANNOUNCEMENTS IN THE QUARTER:
The information contained in this section should be read in conjunction with Johnson & Johnson's other disclosures filed with the Securities and Exchange Commission, including its Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Copies of these filings are available online at www.sec.gov,www.jnj.comor on request from Johnson & Johnson. The reader is also encouraged to review all other news releases and information available in the Investors section of the company's website at news releases, as well as www.factsabouttalc.com,www.factsaboutourprescriptionopioids.com, and www.LTLManagementInformation.com.
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FULL-YEAR 2023 GUIDANCE:
Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson's results computed in accordance with GAAP.
($ in Billions, except EPS) | January 2023 |
Adjusted Operational Sales1,2,5 | 3.5% - 4.5% / 4.0% |
Change vs. Prior Year / Mid-point | |
Operational Sales2,5/ Mid-point2,5 | $96.9B - $97.9B / $97.4B |
Change vs. Prior Year / Mid-point | 4.5% - 5.5% / 5.0% |
Estimated Reported Sales3,5/ Mid-point3,5 | $96.9B - $97.9B / $97.4B |
Change vs. Prior Year / Mid-point | 4.5% - 5.5% / 5.0% |
Adjusted Operational EPS (Diluted)2,4/ Mid-point2,4 | $10.40 - $10.60 / $10.50 |
Change vs. Prior Year / Mid-point | 2.5% - 4.5% / 3.5% |
Adjusted EPS (Diluted)3,4 / Mid-point3,4 | $10.45 - $10.65 / $10.55 |
Change vs. Prior Year / Mid-point | 3.0% - 5.0% / 4.0% |
- Non-GAAPfinancial measure; excludes the net impact of acquisitions and divestitures
- Non-GAAPfinancial measure; excludes the impact of translational currency
- Calculated using Euro Average Rate: January 2023 = $1.08 (Illustrative purposes only)
-
Non-GAAPfinancial measure; excludes intangible amortization expense and special items 5 Excludes COVID-19 Vaccine
Note: percentages may have been rounded
Other modeling considerations will be provided on the webcast.
WEBCAST INFORMATION:
Johnson & Johnson will conduct a conference call with investors to discuss this earnings release today at 8:30 a.m., Eastern Time. A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Johnson & Johnson website. A replay and podcast will be available approximately two hours after the live webcast in the Investors section of the company's website at events-and-presentations.
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Johnson & Johnson published this content on 24 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 January 2023 11:56:01 UTC.