NEW BRUNSWICK, N.J.–(BUSINESS WIRE)–Johnson & Johnson (NYSE: JNJ) today announced results for fourth-quarter and full year 2023. “Johnson & Johnson’s full year 2023 results reflect the breadth and competitiveness of our business and our relentless focus on delivering for patients,” said Joaquin Duato, Chairman and Chief Executive Officer. “We have entered 2024 from a position of strength, and I am confident in our ability to lead the next wave of health innovation.”
Unless otherwise noted, the financial results and earnings guidance included below reflect the continuing operations of Johnson & Johnson.
Overall Financial Results
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Q4 |
Full Year |
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($ in Millions, except EPS) |
2023 |
2022 |
% Change |
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2023 |
2022 |
% Change |
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Reported Sales |
$21,395 |
$19,939 |
7.3% |
|
$85,159 |
$79,990 |
6.5% |
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Net Earnings |
$4,132 |
$3,227 |
28.0% |
|
$13,326 |
$16,370 |
(18.6)% |
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EPS (diluted) |
$1.70 |
$1.22 |
39.3% |
|
$5.20 |
$6.14 |
(15.3)% |
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Q4 |
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Full Year |
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Non-GAAP* ($ in Millions, except EPS) |
2023 |
2022 |
% Change |
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2023 |
2022 |
% Change |
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Operational Sales1,2 |
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7.2% |
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|
7.4% |
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Adjusted Operational Sales1,3 |
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5.7% |
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5.9% |
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Adjusted Net Earnings1,4 |
$5,562 |
$5,432 |
2.4% |
|
$25,409 |
$23,796 |
6.8% |
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Adjusted EPS (diluted)1,4 |
$2.29 |
$2.05 |
11.7% |
|
$9.92 |
$8.93 |
11.1% |
| 1 |
Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules |
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| 2 |
Excludes the impact of translational currency |
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| 3 |
Excludes the net impact of acquisitions and divestitures and translational currency |
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| 4 |
Excludes intangible amortization expense and special items |
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| 5 |
Excludes COVID-19 Vaccine |
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Note: Values may have been rounded |
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Regional Sales Results
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Q4 |
% Change |
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($ in Millions) |
2023 |
2022 |
Reported |
Operational1,2 |
Currency |
Adjusted |
|
U.S. |
$12,009 |
$10,820 |
11.0% |
11.0 |
– |
8.8 |
|
International |
9,386 |
9,119 |
2.9 |
2.7 |
0.2 |
2.1 |
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Worldwide |
$21,395 |
$19,939 |
7.3% |
7.2 |
0.1 |
5.7 |
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Full Year |
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% Change |
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($ in Millions) |
2023 |
2022 |
Reported |
Operational1,2 |
Currency |
Adjusted |
|
U.S. |
$46,444 |
$41,981 |
10.6% |
10.6 |
– |
8.2 |
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International |
38,715 |
38,009 |
1.9 |
3.8 |
(1.9) |
3.4 |
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Worldwide |
$85,159 |
$79,990 |
6.5% |
7.4 |
(0.9) |
5.9 |
| 1 |
Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules |
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| 2 |
Excludes the impact of translational currency |
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| 3 |
Excludes the net impact of acquisitions and divestitures and translational currency |
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Note: Values may have been rounded |
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Segment Sales Results
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Q4 |
% Change |
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($ in Millions) |
2023 |
2022 |
Reported |
Operational1,2 |
Currency |
Adjusted Operational1,3 |
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Innovative Medicine |
$13,722 |
$13,163 |
4.2% |
4.0 |
0.2 |
4.0 |
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MedTech |
7,673 |
6,776 |
13.3 |
13.4 |
(0.1) |
9.1 |
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Worldwide |
$21,395 |
$19,939 |
7.3% |
7.2 |
0.1 |
5.7 |
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Full Year |
% Change |
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($ in Millions) |
2023 |
2022 |
Reported |
Operational1,2 |
Currency |
Adjusted Operational1,3 |
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Innovative Medicine |
$54,759 |
$52,563 |
4.2% |
4.8 |
(0.6) |
4.9 |
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MedTech |
30,400 |
27,427 |
10.8 |
12.4 |
(1.6) |
7.8 |
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Worldwide |
$85,159 |
$79,990 |
6.5% |
7.4 |
(0.9) |
5.9 |
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| 1 |
Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules |
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| 2 |
Excludes the impact of translational currency |
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| 3 |
Excludes the net impact of acquisitions and divestitures and translational currency |
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Note: The Innovative Medicine segment was previously referred to as the Pharmaceutical segment |
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Values may have been rounded |
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Full Year 2023 Segment Commentary:
Operational sales* reflected below excludes the impact of translational currency. Adjusted operational sales* reflected below excludes the net impact of acquisitions and divestitures and translational currency.
Innovative Medicine
Innovative Medicine worldwide operational sales, excluding the COVID-19 Vaccine, grew 7.2%*. Growth was driven by DARZALEX (daratumumab), ERLEADA (apalutamide), TECVAYLI (teclistamab-cqyv) in Other Oncology, and CARVYKTI (ciltacabtagene autoleucel) in Oncology, STELARA (ustekinumab) and TREMFYA (guselkumab) in Immunology, and SPRAVATO (esketamine) in Neuroscience. Growth was partially offset by ZYTIGA (abiraterone acetate) and IMBRUVICA (ibrutinib) in Oncology, and REMICADE (infliximab) in Immunology. Including the COVID-19 Vaccine, Innovative Medicine worldwide operational sales grew 4.8%*.
MedTech
MedTech worldwide operational sales grew 12.4%*, with the acquisition of Abiomed contributing 4.7%. MedTech worldwide adjusted operational sales grew 7.8%*, driven primarily by electrophysiology products in Interventional Solutions, contact lenses in Vision, wound closure products in General Surgery, and biosurgery in Advanced Surgery.
Notable New Announcements in the Quarter:
The information contained in this section should be read together with Johnson & Johnson’s other disclosures filed with the Securities and Exchange Commission, including its Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. The reader is also encouraged to review all other news releases and information available in the Investor Relations section of the company’s website at News Releases, as well as Innovative Medicine, MedTech, www.factsabouttalc.com, www.factsaboutourprescriptionopioids.com, and www.LLTManagementInformation.com.
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Regulatory |
U.S. Food and Drug Administration Grants Full Approval for BALVERSA to Treat Locally Advanced or Metastatic Bladder Cancer with Select Genetic Alterations1 |
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Biosense Webster Announces Regulatory Approval of VARIPULSE Pulsed Field Ablation (PFA) Platform in Japan1 |
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Janssen Submits Marketing Authorisation Application to the European Medicines Agency Seeking Approval of Lazertinib, in combination with RYBREVANT (amivantamab), for the First-Line Treatment of Patients with EGFR-Mutated Non-Small Cell Lung Cancer |
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Johnson & Johnson Submits Supplemental Biologics License Application and New Drug Application to U.S. FDA Seeking Approval of RYBREVANT (amivantamab-vmjw) Plus Lazertinib for the Treatment of Patients with EGFR-Mutated Non-Small Cell Lung Cancer (NSCLC) |
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Johnson & Johnson’s Investigational TAR-200 Granted U.S. FDA Breakthrough Therapy Designation for the Treatment of High-Risk Non-Muscle-Invasive Bladder Cancer |
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Janssen Submits Application to the European Medicines Agency for RYBREVANT (amivantamab) in Combination with Chemotherapy for the Treatment of Adult Patients with Advanced EGFR-Mutated Non-Small Cell Lung Cancer After Failure of Prior Therapy |
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Janssen Submits Supplemental Biologics License Application to U.S. FDA Seeking Approval of RYBREVANT (amivantamab-vmjw) Plus Chemotherapy for the Treatment of Patients with EGFR-Mutated Non-Small Cell Lung Cancer Who Progressed on or after Osimertinib |
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MONARCH Platform for Bronchoscopy Receives Regulatory License for China |
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Data Release |
Johnson & Johnson highlights its preeminent leadership in hematology through differentiated blood cancer portfolio and pipeline with new clinical and real-world data at ASH |
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New Real-World Data Show TREMFYA (guselkumab) Was Associated With Clinically Meaningful Improvements in Patient-Reported Outcomes for Adults Living With Active Psoriatic Arthritis |
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Phase 2 Nipocalimab Data Establish Proof of Mechanism in Adults Living with Moderate to Severe Rheumatoid Arthritis, Supporting its Progression into a Combination Study |
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New Biosense Webster QDOT MICRO Catheter Data Demonstrate Very High-Power, Short-Duration Ablations Improved Quality of Life and Reduced Healthcare Utilization for AFib Patients |
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New Phase 3 TREMFYA (guselkumab) Results in Ulcerative Colitis Show a 77 Percent Overall Clinical Response Rate and Early Symptom Improvement |
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Janssen Aims to Define New Standards of Care in the Treatment of Solid Tumor Cancers with Transformative Data Planned for Presentation at ESMO |
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Product Launch |
Ethicon Introduces ETHIZIA Hemostatic Sealing Patch, Clinically Proven to Stop Disruptive Bleeding |
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Other |
Johnson & Johnson to Acquire Ambrx, Advancing Next Generation Antibody Drug Conjugates to Transform the Treatment of Cancer1 |
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Johnson & Johnson Announces Key Drivers for Long-Term Competitive Growth at Enterprise Business Review |
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Johnson & Johnson Names Eugene A. Woods, Chief Executive Officer of Advocate Health, to its Board of Directors |
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Johnson & Johnson MedTech Acquires Laminar, Inc. |
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Johnson & Johnson MedTech Provides Details and Timeline for General Surgery Robot |
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Johnson & Johnson Announces Departure of Ashley McEvoy, Tim Schmid Named Executive Vice President, Worldwide Chairman of MedTech |
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1 Subsequent to the quarter |
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Full-Year 2024 Guidance:
Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses, and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson’s results computed in accordance with GAAP.
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($ in Billions, except EPS) |
January 2024 |
December 2023 |
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Adjusted Operational Sales1,2,5 Change vs. Prior Year / Mid-point |
5.0% – 6.0% / 5.5% |
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Operational Sales2,5/ Mid-point Change vs. Prior Year / Mid-point |
$88.2B – $89.0B / $88.6B 5.0% – 6.0% / 5.5% |
5.0% – 6.0% / 5.5% |
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Estimated Reported Sales3,5/ Mid-point Change vs. Prior Year / Mid-point |
$87.8B – $88.6B / $88.2B 4.5% – 5.5% / 5.0% |
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Adjusted Operational EPS (Diluted)2,4/ Mid-point Change vs. Prior Year / Mid-point |
$10.55 – $10.75 / $10.65 6.4% – 8.4% / 7.4% |
$10.55 – $10.75 / $10.65 7.3% Mid-point |
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Adjusted EPS (Diluted)3,4 / Mid-point Change vs. Prior Year / Mid-point |
$10.55 – $10.75 / $10.65 6.4% – 8.4% / 7.4% |
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Average Shares Outstanding (Diluted)6 |
~2,435 million |
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| 1 |
Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures |
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| 2 |
Non-GAAP financial measure; excludes the impact of translational currency |
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| 3 |
Calculated using Euro Average Rate: January 2024 = $1.09 and December 2023 = $1.09 (Illustrative purposes only) |
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| 4 |
Non-GAAP financial measure; excludes intangible amortization expense and special items |
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| 5 |
Excludes COVID-19 Vaccine |
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| 6 |
Full Year 2024 Projected Average Shares Outstanding (Diluted) reflects impact from the Kenvue exchange offer |
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Note: Percentages may have been rounded |
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Other modeling considerations will be provided on the webcast.
About Johnson & Johnson:
At Johnson & Johnson, we believe health is everything. Our strength in healthcare innovation empowers us to build a world where complex diseases are prevented, treated, and cured, where treatments are smarter and less invasive, and solutions are personal. Through our expertise in Innovative Medicine and MedTech, we are uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow, and profoundly impact health for humanity. Learn more at https://www.jnj.com/.
