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Dynamic quotes 
OFFON

JOHNSON & JOHNSON

(JNJ)
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JOHNSON & JOHNSON : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)

07/29/2021 | 04:19pm EDT

RESULTS OF OPERATIONS

Sales to Customers


Analysis of Consolidated Sales
For the first fiscal six months of 2021, worldwide sales were $45.6 billion, a
total increase of 16.9%, including an operational increase of 13.7% as compared
to 2020 first fiscal six months sales of $39.0 billion. Currency fluctuations
had a positive impact of 3.2% for the first fiscal six months of 2021. In the
first fiscal six months of 2021, the net impact of acquisitions and divestitures
on worldwide operational sales growth was a negative 0.7%.

Sales by U.S. companies were $23.0 billion in the first fiscal six months of
2021, which represented an increase of 13.8% as compared to the prior year. In
the first fiscal six months of 2021, the net impact of acquisitions and
divestitures on the U.S. operational sales growth was a negative 0.1%. Sales by
international companies were $22.6 billion, an increase of 20.3%, including an
operational increase of 13.7%, and a positive currency impact of 6.6% as
compared to the first fiscal six months sales of 2020. In the first fiscal six
months of 2021, the net impact of acquisitions and divestitures on the
international operational sales growth was a negative 1.1%.

In the first fiscal six months of 2021, sales by companies in Europe achieved
growth of 24.7%, which included an operational increase of 15.6% and a positive
currency impact of 9.1%. Sales by companies in the Western Hemisphere, excluding
the U.S., achieved growth of 5.9%, which included an operational increase of
5.4%, and a positive currency impact of 0.5%. Sales by companies in the
Asia-Pacific, Africa region achieved growth of 20.2%, including an operational
increase of 14.2% and a positive currency impact of 6.0%.




  [[Image Removed: jnj-20210704_g1.jpg]][[Image Removed: jnj-20210704_g2.jpg]]


                       Note: values may have been rounded





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For the fiscal second quarter of 2021, worldwide sales were $23.3 billion, a
total increase of 27.1%, which included operational growth of 23.0% and a
positive currency impact of 4.1% as compared to 2020 fiscal second quarter sales
of $18.3 billion. In the fiscal second quarter of 2021, the net impact of
acquisitions and divestitures on worldwide operational sales growth was a
negative 0.8%.

Sales by U.S. companies were $11.9 billion in the fiscal second quarter of 2021,
which represented an increase of 24.9% as compared to the prior year. In the
fiscal second quarter of 2021, the net impact of acquisitions and divestitures
on the U.S. operational sales growth was a negative 0.2%. Sales by international
companies were $11.4 billion, a total increase of 29.5%, which included
operational growth of 20.9% and a positive currency impact of 8.6%. In the
fiscal second quarter of 2021, the net impact of acquisitions and divestitures
on the international operational sales growth was a negative 1.5%.

In the fiscal second quarter of 2021, sales by companies in Europe achieved
growth of 39.5%, which included operational growth of 28.6% and a positive
currency impact of 10.9%. Sales by companies in the Western Hemisphere,
excluding the U.S., achieved growth of 20.6%, including operational growth of
12.7% and a positive currency impact of 7.9%. Sales by companies in the
Asia-Pacific, Africa region achieved growth 21.0%, including operational growth
of 14.8% and a positive currency impact of 6.2%.



  [[Image Removed: jnj-20210704_g3.jpg]][[Image Removed: jnj-20210704_g4.jpg]]


                       Note: values may have been rounded



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Table of Content

Analysis of Sales by Business Segments


Consumer Health
Consumer Health segment sales in the first fiscal six months of 2021 were $7.3
billion, an increase of 5.2% as compared to the same period a year ago,
including operational growth of 2.7% and a positive currency impact of 2.5%.
U.S. Consumer Health segment sales increased by 2.0%. International Consumer
Health segment sales increased by 8.1%, including operational growth of 3.3% and
a positive currency impact of 4.8%. In the first fiscal six months of 2021, the
net impact of acquisitions and divestitures on the Consumer Health segment
operational sales growth was a negative 0.6%.

Major Consumer Health Franchise Sales - Fiscal Six Months Ended

                                                                         Total       Operations      Currency
(Dollars in Millions)             July 4, 2021       June 28, 2020       Change        Change         Change
OTC                              $       2,482      $        2,497       (0.6) %         (3.9) %        3.3  %
Skin Health/Beauty                       2,333               2,124        9.8             7.6           2.2
Oral Care                                  843                 792        6.3             3.5           2.8
Baby Care                                  776                 717        8.1             7.3           0.8
Women's Health                             452                 434        4.2             2.8           1.4
Wound Care/Other                           393                 356       10.2             8.0           2.2

Total Consumer Health Sales $ 7,278 $ 6,921 5.2 % 2.7 % 2.5 %





Consumer Health segment sales in the fiscal second quarter of 2021 were $3.7
billion, an increase of 13.3% as compared to the same period a year ago,
including operational growth of 9.2% and a positive currency impact of 4.1%.
U.S. Consumer Health segment sales increased by 12.4%. International Consumer
Health segment sales increased by 14.1% including operational growth of 6.3% and
a positive currency impact of 7.8%. In the fiscal second quarter of 2021, the
net impact of acquisitions and divestitures on the Consumer Health segment
operational sales growth was a negative 0.8%.

Subsequent to the quarter, the Company voluntarily recalled all lots of five
NEUTROGENA® and AVEENO® aerosol sunscreen product lines due to low levels of
benzene in some samples of the products. This recall did not have a material
impact on the fiscal second quarter 2021 financial results and is not expected
to have a material impact on the Company's overall results for the remainder of
the year.

Major Consumer Health Franchise Sales - Fiscal Second Quarter Ended

                                                                         Total       Operations      Currency
(Dollars in Millions)             July 4, 2021       June 28, 2020       Change        Change         Change
OTC                              $       1,307      $        1,149       13.8  %          8.9  %        4.9  %
Skin Health/Beauty                       1,170               1,007       16.2            12.9           3.3
Oral Care                                  426                 397        7.0             2.5           4.5
Baby Care                                  387                 356        8.6             5.0           3.6
Women's Health                             230                 202       13.9             9.0           4.9
Wound Care/Other                           216                 185       16.6            13.4           3.2

Total Consumer Health Sales $ 3,735 $ 3,296 13.3 % 9.2 % 4.1 %




The OTC franchise achieved operational growth of 8.9% as compared to the prior
year fiscal second quarter. Growth was driven by U.S. Allergy Care seasonal
incidence and ZYRTEC® promotional campaigns, MOTRIN® recovery in China, and
Digestive Health driven by PEPCID® and COVID-19 related health care professional
recommendations for the hydration benefit offering (ORSL) in the Asia Pacific
region.

The Skin Health/Beauty franchise achieved operational growth of 12.9% as
compared to the prior year fiscal second quarter. Growth was primarily
attributable to worldwide COVID-19 recovery in key markets and lapping of prior
year low
stocking levels at U.S. retailers as well as new product stocking primarily in
NEUTROGENA® and AVEENO®. The growth was partially offset by competitive
pressures. Growth outside the U.S. was partially offset by divestitures.

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The Oral Care franchise achieved operational growth of 2.5% as compared to the
prior year fiscal second quarter primarily due to sales of LISTERINE® mouthwash
outside the U.S. related to an accelerating category and an increase in demand
from continued successful promotional campaigns partially offset by
divestitures.

The Baby Care franchise achieved operational growth of 5.0% as compared to the
prior year fiscal second quarter. Growth outside the U.S. was primarily driven
by strength in Asia Pacific eCommerce and successful promotional activities for
JOHNSON'S® and AVEENO® baby products as compared to the prior year negative
COVID-19 impacts. Growth in the U.S. was partially offset by comparisons to
prior year COVID-19 demand surge.

The Women's Health franchise achieved operational growth of 9.0% as compared to
the prior year fiscal second quarter primarily driven innovation launches and
comparisons to prior year negative COVID-19 impact.
The Wound Care/Other franchise achieved operational growth of 13.4% as compared
to the prior year fiscal second quarter. Growth was driven by category wide U.S.
market growth with increased consumer behavior focus on preparedness and
infection prevention, seasonal inventory builds and impacts from prior year
de-stocking.
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Pharmaceutical

Pharmaceutical segment sales in the first fiscal six months of 2021 were $24.8
billion, an increase of 13.3% as compared to the same period a year ago, with an
operational increase of 10.3% and a positive currency impact of 3.0%. U.S.
Pharmaceutical sales increased 9.3% as compared to the same period a year ago.
International Pharmaceutical sales increased by 18.3%, including operational
growth of 11.4% and a positive currency impact of 6.9%. In the first fiscal six
months of 2021, the net impact of acquisitions and divestitures on the
Pharmaceutical segment operational sales growth was a negative 0.4%.

Major Pharmaceutical Therapeutic Area Sales** - Fiscal Six Months Ended

                                                                                                              Total               Operations              Currency
(Dollars in Millions)                                        July 4, 2021           June 28, 2020             Change                Change                 Change
Immunology                                                 $       8,145          $        7,161                 13.7  %                 11.1  %               2.6  %
   REMICADE®                                                       1,665                   1,925                (13.5)                  (15.1)                 1.6
   SIMPONI®/ SIMPONI ARIA®                                         1,146                   1,075                  6.6                     3.8                  2.8
   STELARA®                                                        4,422                   3,516                 25.8                    22.7                  3.1
   TREMFYA®                                                          897                     638                 40.6                    37.3                  3.3
   Other Immunology                                                   15                       6                *                      *                     *
Infectious Diseases                                                2,035                   1,798                 13.2                     9.9                  3.3
   COVID-19 vaccine                                                  264                       -                *                      *                         -
   EDURANT®/rilpivirine                                              505                     480                  5.2                    (2.1)                 7.3
   PREZISTA®/ PREZCOBIX®/ REZOLSTA®/ SYMTUZA®                      1,051                   1,089                 (3.5)                   (5.0)                 1.5
   Other Infectious Diseases                                         215                     229                 (6.1)                   (9.7)                 3.6
Neuroscience                                                       3,529                   3,245                  8.7                     6.0                  2.7
   CONCERTA®/methylphenidate                                         332                     320                  3.9                    (0.3)                 4.2
   INVEGA SUSTENNA®/ XEPLION®/ INVEGA TRINZA®/
TREVICTA®                                                          1,989                   1,762                 12.9                    10.1                  2.8
   RISPERDAL CONSTA®                                                 312                     323                 (3.3)                   (6.0)                 2.7
   Other Neuroscience                                                896                     841                  6.5                     4.5                  2.0
Oncology                                                           7,105                   5,804                 22.4                    17.9                  4.5
   DARZALEX®                                                       2,798                   1,838                 52.2                    47.9                  4.3
   ERLEADA®                                                             563                     313              80.0                    76.4                  3.6
   IMBRUVICA®                                                      2,241                   1,980                 13.2                     8.9                  4.3

   ZYTIGA®/ abiraterone acetate                                    1,201                   1,258                 (4.5)                  (10.3)                 5.8
   Other Oncology(1)                                                 302                     416                (27.3)                  (30.2)                 2.9
Pulmonary Hypertension                                             1,731                   1,534                 12.9                    11.1                  1.8
   OPSUMIT®                                                          913                     795                 14.8                    12.7                  2.1
   UPTRAVI®                                                          618                     532                 16.2                    15.0                  1.2
   Other Pulmonary Hypertension                                      200                     207                 (3.3)                   (5.0)          

1.7

Cardiovascular / Metabolism / Other                                2,253                   2,344                 (3.9)                   (5.7)                 1.8
   XARELTO®                                                        1,158                   1,086                  6.6                     6.6                    -
   INVOKANA®/ INVOKAMET®                                             310                     354                (12.6)                  (15.0)                 2.4
   PROCRIT®/EPREX®                                                   254                     291                (12.8)                  (15.7)                 2.9
   Other                                                             532                     614                (13.3)                  (17.4)                 4.1
Total Pharmaceutical Sales                                 $      24,798          $       21,886                 13.3  %                 10.3  %       

3.0 %



* Percentage greater than 100% or not meaningful
**Certain prior year amounts have been reclassified to conform to current year
presentation
(1) Inclusive of VELCADE® which was previously disclosed separately



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Pharmaceutical segment sales in the fiscal second quarter of 2021 were $12.6
billion, an increase of 17.2% as compared to the same period a year ago,
including an operational increase of 13.6% and a positive currency impact of
3.6%. U.S. Pharmaceutical sales increased 12.2% as compared to the same period a
year ago. International Pharmaceutical sales increased by 23.7%, including
operational growth of 15.4% and a positive currency impact of 8.3%. In the
fiscal second quarter of 2021, the net impact of acquisitions and divestitures
on the Pharmaceutical segment operational sales growth was a negative 0.5%.
Adjustments to previous reserve estimates were approximately $0.1 billion in
both fiscal second quarters of 2021 and 2020.

Major Pharmaceutical Therapeutic Area Sales** - Fiscal Second Quarter Ended

                                                                                                            Total              Operations              Currency
(Dollars in Millions)                                      July 4, 2021           June 28, 2020            Change                Change                 Change
Immunology                                               $       4,231          $        3,523                20.1  %                 17.0  %               3.1  %
   REMICADE®                                                       888                     935                (5.1)                   (7.6)                 2.5
   SIMPONI®/ SIMPONI ARIA®                                         584                     546                 6.9                     4.0                  2.9
   STELARA®                                                      2,274                   1,697                34.0                    30.5                  3.5
   TREMFYA®                                                        479                     342                40.2                    36.8                  3.4
   Other Immunology                                                  7                       3                *                     *                     *
 Infectious Diseases                                             1,028                     878                17.1                    12.8                  4.3
   COVID-19 vaccine                                                164                       -                *                     *                         -
   EDURANT®/rilpivirine                                            262                     256                 2.3                    (4.2)                 6.5
   PREZISTA®/ PREZCOBIX®/ REZOLSTA®/ SYMTUZA®                      505                     510                (1.0)                   (3.9)                 2.9
   Other Infectious Diseases                                        98                     113               (13.0)                  (18.5)                 5.5
 Neuroscience                                                    1,808                   1,587                13.9                    10.6                  3.3
   CONCERTA®/ methylphenidate                                      161                     149                 8.1                     3.0                  5.1
   INVEGA SUSTENNA®/ XEPLION®/ INVEGA TRINZA®/
TREVICTA®                                                        1,024                     879                16.4                    13.3                  3.1
   RISPERDAL CONSTA®                                               155                     153                 1.9                    (1.3)                 3.2
   Other Neuroscience                                              468                     406                15.1                    12.0                  3.1
 Oncology                                                        3,535                   2,791                26.7                    21.5                  5.2
   DARZALEX®                                                     1,433                     901                59.2                    53.8                  5.4
   ERLEADA®                                                        302                     170                77.6                    73.7                  3.9
   IMBRUVICA®                                                    1,116                     949                17.7                    12.5                  5.2
   ZYTIGA®/ abiraterone acetate                                    563                     568                (0.8)                   (7.1)                 6.3
   Other Oncology(1)                                               120                     204               (40.9)                  (43.0)                 2.1
 Pulmonary Hypertension                                            870                     789                10.4                     8.7                  1.7
   OPSUMIT®                                                        463                     406                14.1                    11.9                  2.2
   UPTRAVI®                                                        313                     282                11.0                     9.8                  1.2
   Other Pulmonary Hypertension                                     95                     101                (6.1)                   (7.5)             

1.4

 Cardiovascular / Metabolism / Other                             1,126                   1,184                (5.0)                   (7.3)                 2.3
   XARELTO®                                                        569                     559                 1.8                     1.8                    -
   INVOKANA®/ INVOKAMET®                                           160                     179               (10.9)                  (14.0)                 3.1
   PROCRIT®/ EPREX®                                                127                     136                (6.6)                  (10.6)                 4.0
   Other                                                           271                     312               (13.0)                  (18.4)                 5.4
Total Pharmaceutical Sales                               $      12,599          $       10,752                17.2  %                 13.6  %               3.6  %


* Percentage greater than 100% or not meaningful
**Certain prior year amounts have been reclassified to conform to current year
presentation
(1) Inclusive of VELCADE® which was previously disclosed separately




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Immunology products achieved operational growth of 17.0% as compared to the same
period a year ago driven by continued strong uptake of STELARA® (ustekinumab) in
Crohn's disease and Ulcerative Colitis, strength of TREMFYA® (guselkumab) in
Psoriasis and uptake in Psoriatic Arthritis and market and share gains in
SIMPONI ARIA®. This was partially offset by lower sales of REMICADE®
(infliximab) due to biosimilar competition.

Biosimilar versions of REMICADE® have been introduced in the United States and
certain markets outside the United States and additional competitors continue to
enter the market. Continued infliximab biosimilar competition will result in a
further reduction in sales of REMICADE®.

Infectious disease products achieved operational growth of 12.8% as compared to
the same period a year ago. Growth was primarily driven by the contribution of
the COVID-19 vaccine in the U.S and European Union. This was partially offset by
lower sales of PREZISTA® and PREZCOBIX®/REZOLSTA® (darunavir/cobicistat) due to
increased competition and loss of exclusivity of PREZISTA® in certain countries
outside the U.S.

Neuroscience products achieved operational sales growth of 10.6% as compared to
the same period a year ago. Growth of Paliperidone long-acting injectables
INVEGA SUSTENNA®/XEPLION® (paliperidone palmitate) and INVEGA TRINZA®/TREVICTA®
was due to increased new patient starts and persistence of treatment.
Oncology products achieved operational sales growth of 21.5% as compared to the
same period a year ago. Contributors to the growth were strong sales of
DARZALEX® (daratumumab) driven by continued strong market growth, share gains in
all regions and solid uptake of the subcutaneous formulation launched in 2020;
the continued global launch uptake of ERLEADA® (apalutamide) and IMBRUVICA®
(ibrutinib) growth primarily driven by market and continued share leadership.
The growth was partially offset by COVID-19 related market dynamics including
delays in new patient starts as well as competitive pressures from novel oral
agents.

Pulmonary Hypertension achieved operational sales growth of 8.7% as compared to
the same period a year ago. Sales growth of OPSUMIT® (macitentan) and UPTRAVI®
(selexipag) were due to continued share gains and market growth.

Cardiovascular / Metabolism / Other products experienced an operational decline
of 7.3% as compared to the same period a year ago. The decline was primarily
attributable to lower sales of INVOKANA®/INVOKAMET® (canagliflozin) due to
competitive pressures and PROCRIT®/ EPREX® (epoetin alfa) due to biosimilar
competition. Additionally, the growth of XARELTO® (rivaroxaban) was driven by
demand partially offset by higher commercial access cost.



























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Medical Devices
The Medical Devices segment sales in the first fiscal six months of 2021 were
$13.6 billion, an increase of 32.7% as compared to the same period a year ago,
with an operational increase of 28.7% and a positive currency impact of 4.0%.
U.S. Medical Devices sales increased 33.5%. International Medical Devices sales
increased by 31.9%, including an operational increase of 24.5% and a positive
currency impact of 7.4%. In the first fiscal six months of 2021, the net impact
of acquisitions and divestitures on the Medical Devices segment operational
sales growth was a negative 1.0% primarily due to the divestiture of the
Advanced Sterilization Products (ASP) business.

Major Medical Devices Franchise Sales - Fiscal Six Months Ended

                                                                         Total       Operations      Currency
(Dollars in Millions)             July 4, 2021       June 28, 2020       Change        Change         Change
Surgery                          $       4,894      $        3,651       34.0  %         29.3  %        4.7  %
   Advanced                              2,286               1,723       32.6            27.8           4.8
   General                               2,608               1,928       35.3            30.7           4.6
Orthopaedics                             4,340               3,489       24.4            20.9           3.5
   Hips                                    749                 563       33.0            29.2           3.8
   Knees                                   667                 517       28.9            25.2           3.7
   Trauma                                1,443               1,207       19.6            16.5           3.1
   Spine, Sports & Other                 1,482               1,202       23.2            19.6           3.6
Vision                                   2,328               1,762       32.1            29.3           2.8
   Contact Lenses/Other                  1,725               1,368       26.1            23.7           2.4
   Surgical                                602                 394       52.8            48.6           4.2
Interventional Solutions                 1,995               1,317       51.5            46.5           5.0
Total Medical Devices Sales      $      13,557      $       10,220       32.7  %         28.7  %        4.0  %




The Medical Devices segment sales in the fiscal second quarter of 2021 were $7.0
billion, an increase of 62.7% as compared to the same period a year ago, which
included operational growth of 57.2% and a positive currency impact of 5.5%.
U.S. Medical Devices sales increased 77.2%. International Medical Devices sales
increased by 51.6%, including operational growth of 41.9% and a positive
currency impact of 9.7%. In the fiscal second quarter of 2021, the net impact of
acquisitions and divestitures on the Medical Devices segment operational sales
growth was a negative 1.5% primarily due to the divestiture of the ASP business.

The Company has seen a general recovery in global procedural volumes in the Medical Devices segment as compared to the prior year which had significant negative impacts from COVID-19. This procedural volume recovery is the primary driver of sales and earnings growth in the current quarter.



















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Major Medical Devices Franchise Sales - Fiscal Second Quarter Ended
                                                                          Total       Operations      Currency
 (Dollars in Millions)             July 4, 2021       June 28, 2020       Change        Change         Change
 Surgery                          $       2,522      $        1,551       62.6  %         56.0  %        6.6  %
    Advanced                              1,168                 775       50.5            44.3           6.2
    General                               1,354                 775       74.7            67.8           6.9
 Orthopaedics                             2,227               1,451       53.4            48.6           4.8
    Hips                                    392                 226       73.7            68.1           5.6
    Knees                                   350                 174         *             94.6           6.4
    Trauma                                  710                 553       28.4            24.8           3.6
    Spine, Sports & Other                   776                 499       55.3            50.2           5.1
 Vision                                   1,183                 695       70.1            66.0           4.1
    Contact Lenses/Other                    868                 554       56.7            53.4           3.3
    Surgical                                314                 141         *             *              *
 Interventional Solutions                 1,046                 590       77.4            71.3           6.1

Total Medical Devices Sales $ 6,978 $ 4,288 62.7 % 57.2 % 5.5 %



* Percentage greater than 100% or not meaningful
The Surgery franchise achieved operational sales growth of 56.0% as compared to
the prior year fiscal second quarter. The operational growth in Advanced Surgery
was primarily driven by market recovery, market expansion and the success of new
products offsetting competitive pressures in the U.S. The operational growth in
General Surgery was primarily driven by market recovery from the initial onset
of COVID-19 in the prior year and continued strength of the Suture portfolio,
changes in U.S. inventory levels in Wound Closure and a prior year unfavorable
one-time price adjustment in the U.S. partially offset by the impact of the ASP
divestiture in the prior year.

The Orthopaedics franchise achieved operational sales growth of 48.6% as
compared to the prior year fiscal second quarter. The operational growth in hips
reflects the market recovery combined with continued strength of the portfolio
including the ACTIS® stem and enabling technologies - KINCISE™ and VELYS™ Hip
Navigation. The operational growth in knees was primarily driven by procedure
recovery. The operational growth in Trauma was driven by global market recovery
and uptake of new products. The operational growth in Spine, Sports & Other was
driven by market recovery and uptake of new products.

The Vision franchise achieved operational sales growth of 66.0% as compared to
the prior year fiscal second quarter. The Contact Lenses/Other operational
growth was due to market recovery, new products and channel inventory changes in
the U.S. The Surgical operational growth was primarily due to market recovery
and uptake of recently launched products.

The Interventional Solutions franchise achieved operational sales growth of 71.3% as compared to the prior year fiscal second quarter driven by the market recovery and success of new products and commercial strategies.

ANALYSIS OF CONSOLIDATED EARNINGS BEFORE PROVISION FOR TAXES ON INCOME


Consolidated earnings before provision for taxes on income for the first fiscal
six months of 2021 was $14.1 billion representing 30.9% of sales as compared to
$10.4 billion in the first fiscal six months of 2020, representing 26.8% of
sales.

Consolidated earnings before provision for taxes on income for the fiscal second
quarter of 2021 was $6.7 billion representing 28.6% of sales as compared to $3.9
billion in the fiscal second quarter of 2020, representing 21.5% of sales.










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Cost of Products Sold

[[Image Removed: jnj-20210704_g5.jpg]][[Image Removed: jnj-20210704_g6.jpg]]

(Dollars in billions. Percentages in chart are as a percent to total sales)


Fiscal Six months Q2 2021 versus Fiscal Six months Q2 2020
Cost of products sold decreased as a percent to sales driven by:
•Non-recurring prior year COVID-19 production related slow downs and related
inventory impacts
•Fixed cost deleveraging in the Medical Devices business in the fiscal 2020
partially offset by:
•Segment mix with a higher percentage of sales coming from the Medical Devices
business in the current year.

The intangible asset amortization expense included in cost of products sold for
the first fiscal six months of 2021 and 2020 was $2.4 billion and $2.2 billion,
respectively.

Q2 2021 versus Q2 2020
Cost of products decreased as a percent to sales driven by:
•Non-recurring prior year COVID-19 production related slow-downs and related
inventory impacts
•Fixed cost deleveraging in the Medical Devices business in the fiscal 2020
partially offset by:
•Segment mix with a higher percentage of sales coming from the Medical Devices
business in the current year

The intangible asset amortization expense included in cost of products sold for
the fiscal second quarters of 2021 and 2020 was $1.2 billion and $1.1 billion,
respectively.

Selling, Marketing and Administrative Expenses

[[Image Removed: jnj-20210704_g7.jpg]][[Image Removed: jnj-20210704_g8.jpg]]

(Dollars in billions. Percentages in chart are as a percent to total sales)



Fiscal Six months Q2 2021 versus Fiscal Six months Q2 2020
Selling, Marketing and Administrative Expenses decreased as a percent to sales
driven by:
•Leveraging in the Medical Devices business resulting from the recovery of sales
from the prior years impact of COVID-19
partially offset by:
•Segment mix with a higher percentage of sales coming from the Medical Devices
business in the current year


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Q2 2021 versus Q2 2020
Selling, Marketing and Administrative Expenses decreased as a percent to sales
driven by:
•Leveraging in the Medical Devices business resulting from the recovery of sales
from the prior years impact of COVID-19
partially offset by:
•Segment mix with a higher percentage of sales coming from the Medical Devices
business in the current year

Research and Development Expense

[[Image Removed: jnj-20210704_g9.jpg]][[Image Removed: jnj-20210704_g10.jpg]]

(Dollars in billions. Percentages in chart are as a percent to total sales)


Fiscal Six months Q2 2021 versus Fiscal Six months Q2 2020
Research and Development increased as a percent to sales driven by:
•COVID-19 vaccine expenses, net of governmental reimbursements
•Portfolio progression in the Pharmaceutical business
partially offset by:
•Recovery of Medical Devices sales from the prior year's negative COVID-19
impact

Q2 2021 versus Q2 2020
Research and Development slightly decreased as a percent to sales driven by:
•Recovery of Medical Devices sales from the prior year's negative COVID-19
impact
partially offset by:
•COVID-19 vaccine expenses, net of governmental reimbursements
•Portfolio progression in the Pharmaceutical business

Interest (Income) Expense


Interest (Income) Expense in the first fiscal six months of 2021 was a net
interest expense of $76 million as compared to income of $16 million in the same
period a year ago. Interest (Income) Expense in the fiscal second quarter of
2021 was a net interest expense of $28 million as compared to $26 million in the
same period a year ago. In both the fiscal six months and fiscal second quarter
the higher interest expense was primarily due to reduced interest income
resulting from lower rates of interest earned on cash balances and a higher
average debt balance. The balance of cash, cash equivalents and current
marketable securities was $25.3 billion at the end of the fiscal second quarter
of 2021 as compared to $19.1 billion at the end of the fiscal second quarter of
2020. The Company's debt position was $33.5 billion as of July 4, 2021 as
compared to $30.4 billion the same period a year ago.


Other (Income) Expense, Net*

Fiscal Six months Q2 2021 versus Fiscal Six months Q2 2020 Other (income) expense, net for the first fiscal six months of 2020 was favorable by $0.7 billion as compared to the prior year primarily due to the following:

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Fiscal Six Months

     (Dollars in Billions)(Income)/Expense                      2021      

2020 Change

Acquisition, Integration and Divestiture Related(1) $ (0.5) (0.9) 0.4

     Unrealized (gains)/losses on securities                    (0.2)      (0.2)       0.0
     Litigation related                                          0.0        0.7       (0.7)
     Restructuring related                                       0.1        0.1        0.0
     Employee benefit plan related                              (0.3)     

(0.2) (0.1)

     Other                                                      (0.5)     

(0.2) (0.3)

     Total Other (Income) Expense, Net                        $ (1.4)     
(0.7)      (0.7)



Q2 2021 versus Q2 2020
Other (income) expense, net for the fiscal second quarter of 2021 was favorable
by $0.5 billion as compared to the prior year primarily due to the following:
           Fiscal Second Quarter
           (Dollars in Billions)(Income)/Expense          2021       2020       Change
           Unrealized (gains)/losses on securities      $ (0.2)      (0.5)       0.3
           Litigation related                              0.0        0.6       (0.6)
           Employee benefit plan related                  (0.1)      (0.1)       0.0
           Other                                          (0.2)       0.0       (0.2)

           Total Other (Income) Expense, Net            $ (0.5)       0.0       (0.5)


(1) Primarily related to divestiture gains of two pharmaceutical brands outside
the U.S. in the fiscal six months of 2021. Primarily related to a contingent
consideration reversal related to the timing of certain developmental milestones
associated with the Auris Health acquisition in the fiscal six months of 2020.

*Other (income) expense, net is the account where the Company records gains and
losses related to the sale and write-down of certain investments in equity
securities held by Johnson & Johnson Innovation - JJDC, Inc. (JJDC), unrealized
gains and losses on investments, gains and losses on divestitures, certain
transactional currency gains and losses, acquisition-related costs, litigation
accruals and settlements, investment (income)/loss related to employee benefit
plans, as well as royalty income.
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EARNINGS BEFORE PROVISION FOR TAXES BY SEGMENT


Income before tax by segment of business for the fiscal six months ended were as
follows:
                                                        Income Before Tax                                Segment Sales                          Percent of Segment Sales
(Dollars in Millions)                          July 4, 2021           June 28, 2020           July 4, 2021           June 28, 2020          July 4, 2021        June 28, 2020
Consumer Health                              $       1,592          $          802          $       7,278          $        6,921                 21.9  %              11.6  %
Pharmaceutical                                       9,579                   8,348                 24,798                  21,886                 38.6                 38.1
Medical Devices                                      3,375                   1,671                 13,557                  10,220                 24.9                 16.4
Segment earnings before tax                         14,546                  10,821                 45,633                  39,027                 31.9                 27.7
Less: Expenses not allocated to
segments(1)                                            455                     372
Worldwide income before tax                  $      14,091          $       10,449          $      45,633          $       39,027                 30.9  %              26.8  %

(1) Amounts not allocated to segments include interest (income) expense and general corporate (income) expense


The Consumer Health segment income before tax as a percent of sales in the first
fiscal six months of 2021 was 21.9% versus 11.6% for the same period a year ago.
The increase in the income before tax as a percent of sales in the first fiscal
six months of 2021 as compared to the prior year was primarily driven by the
following:
•Lower litigation expense
•Supply chain efficiencies
  partially offset by:
•Increased brand marketing expense

The Pharmaceutical segment income before tax as a percent of sales in the first
fiscal six months of 2021 was 38.6% versus 38.1% for the same period a year ago.
The increase in the income before tax as a percent of sales for the first fiscal
six months of 2021 as compared to the prior year was primarily driven by the
following:
•Divestiture gains of $0.6 billion related to two pharmaceutical brands outside
the U.S. in the fiscal six months of 2021
partially offset by:
•Research & Development investment in the COVID-19 vaccine net of governmental
reimbursements and general portfolio progression
The Medical Devices segment income before tax as a percent of sales in the first
fiscal six months of 2021 was 24.9% versus 16.4% for the same period a year ago.
The increase in the income before tax as a percent of sales for the first fiscal
six months of 2021 was primarily driven by the following:
•Recovery of prior year COVID-19 production related slow downs and related
inventory impacts
•Overall expense leveraging resulting from the medical devices sales recovery
partially offset by:
•A contingent consideration reversal of approximately $1.0 billion in the fiscal
six months of 2020 related to the timing of certain developmental milestones
associated with the Auris Health acquisition
Income before tax by segment of business for the fiscal second quarters were as
follows:
                                                    Income Before Tax                             Segment Sales                          Percent of Segment Sales
                                                                    June 28,
(Dollars in Millions)                         July 4, 2021            2020             July 4, 2021           June 28, 2020          July 4, 2021        June 28, 2020
Consumer Health                             $         804          $     32          $       3,735          $        3,296                 21.5  %               1.0  %
Pharmaceutical                                      4,356             4,514                 12,599                  10,752                 34.6                 42.0
Medical Devices                                     1,746              (354)                 6,978                   4,288                 25.0                 (8.3)
Segment earnings before tax                         6,906             4,192                 23,312                  18,336                 29.6         

22.9

Less: Expenses not allocated to
segments (1)                                          244               252
Worldwide income before tax                 $       6,662          $  3,940          $      23,312          $       18,336                 28.6  %              21.5  %

(1) Amounts not allocated to segments include interest (income) expense and general corporate (income) expense.

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Consumer Health Segment


The Consumer Health segment income before tax as a percent of sales in the
fiscal second quarter of 2021 was 21.5% versus 1.0% for the same period a year
ago. The increase in the income before tax as a percent of sales in the fiscal
second quarter of 2021 as compared to the prior year was primarily driven by the
following:
•Lower litigation expense
•Supply chain efficiencies
  partially offset by:
•Increased brand marketing expense

Pharmaceutical Segment


The Pharmaceutical segment income before tax as a percent of sales in the fiscal
second quarter of 2021 was 34.6% versus 42.0% for the same period a year ago.
The decrease in the income before tax as a percent of sales for the fiscal
second quarter of 2021 as compared to the prior year was primarily driven by the
following:
•Lower unrealized gains on securities ($0.2 billion in 2021 vs. $0.5 billion in
2020)
•Research & Development investment in the COVID-19 vaccine net of governmental
reimbursements and general portfolio progression
Medical Devices Segment

The Medical Devices segment income before tax as a percent of sales in the
fiscal second quarter of 2021 was 25.0% versus a negative 8.3% for the same
period a year ago. The increase in the income before tax as a percent of sales
for the fiscal second quarter was primarily driven by the following:
•Recovery of prior year COVID-19 production related slow downs and related
inventory impacts
•Overall expense leveraging resulting from the medical devices sales recovery
Restructuring

In the fiscal second quarter of 2018, the Company announced plans to implement
actions across its Global Supply Chain that are intended to enable the Company
to focus resources and increase investments in critical capabilities,
technologies and solutions necessary to manufacture and supply its product
portfolio of the future, enhance agility and drive growth. The Company expects
these supply chain actions will include expanding its use of strategic
collaborations, and bolstering its initiatives to reduce complexity, improving
cost-competitiveness, enhancing capabilities and optimizing its
network. Discussions regarding specific future actions are ongoing and are
subject to all relevant consultation requirements before they are finalized. In
total, the Company expects these actions to generate approximately $0.6 to $0.8
billion in annual pre-tax cost savings that will be substantially delivered by
2022. The Company expects to record pre-tax restructuring charges of
approximately $1.9 to $2.3 billion. In the fiscal second quarter of 2021, the
Company recorded a pre-tax charge of $108 million, which is included on the
following lines of the Consolidated Statement of Earnings, $56 million in
restructuring, $20 million in cost of products sold and $32 million in other
(income) expense, net. In the fiscal second quarter of 2020, the Company
recorded a pre-tax charge of $115 million, which is included on the following
lines of the Consolidated Statement of Earnings, $61 million in restructuring,
$22 million in cost of products sold and $32 million in other (income) expense,
net. In the first fiscal six months of 2021, the Company recorded a pre-tax
charge of $212 million, which is included on the following lines of the
Consolidated Statement of Earnings, $109 million in restructuring, $47 million
in cost of products sold and $56 million in other (income) expense, net. In the
first fiscal six months of 2020, the Company recorded a pre-tax charge of $233
million, which is included on the following lines of the Consolidated Statement
of Earnings, $119 million in restructuring, $37 million in cost of products sold
and $77 million in other (income) expense, net. Restructuring charges of
approximately $1.5 billion have been recorded since the restructuring was
announced.

See Note 12 to the Consolidated Financial Statements for additional details related to the restructuring.








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Provision for Taxes on Income

For discussion related to the first fiscal six months of 2021 provision for taxes refer to Note 5 to the Consolidated Financial Statements.


In the fiscal second quarter of 2021, the Company reorganized the ownership
structure of certain wholly-owned international subsidiaries. As part of this
reorganization, the Company increased the tax basis of certain assets to fair
value in accordance with applicable local regulations. Accordingly, the Company
recorded a local deferred tax benefit of approximately $2.3 billion, which was
partially offset by a related increase in the U.S. GILTI deferred tax liability
of approximately $1.7 billion. The net impact of this restructuring was
approximately $0.6 billion net benefit or a 4.4% decrease to the 2021
year-to-date effective tax rate. This restructuring is not expected to have
material impact to the Company's future effective tax rate.

LIQUIDITY AND CAPITAL RESOURCES

[[Image Removed: jnj-20210704_g11.jpg]] [[Image Removed: jnj-20210704_g12.jpg]]

                    [[Image Removed: jnj-20210704_g13.jpg]]


Cash Flows

Cash and cash equivalents were $14.3 billion at the end of the fiscal second
quarter of 2021 as compared with $14.0 billion at the end of fiscal year 2020.
The primary sources and uses of cash that contributed to the $0.3 billion
increase were:
        (Dollars In Billions)
        $                 14.0   Q4 2020 Cash and cash equivalents balance
                           9.4   cash generated from operating activities
                          (0.6)  net cash used by investing activities
                          (8.4)  net cash used by financing activities
                          (0.1)  effect of exchange rate and rounding
        $                 14.3   Q2 2021 Cash and cash equivalents balance



In addition, the Company had $11.0 billion in marketable securities at the end
of the fiscal second quarter of 2021 and $11.2 billion at the end of fiscal year
2020.

Cash flow from operations of $9.4 billion was the result of:

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(Dollars In Billions)
$                 12.5    Net Earnings
                          non-cash expenses and other adjustments primarily for depreciation and
                          amortization, stock-based compensation, asset

write-downs partially offset

                          by the deferred tax provision, net gain on sale 

of assets/businesses and

                   3.1    credit losses and accounts receivable allowances
                          a decrease in accounts payable and accrued 

liabilities and other current

                  (5.2)   and non-current liabilities
                  (2.4)   an increase in accounts receivable and inventories

                   1.4    a decrease other current and non-current assets
$                  9.4    Cash Flow from operations


Investing activities use of $0.6 billion of cash was primarily used for:

  (Dollars In Billions)
  $                 (1.5)  additions to property, plant and equipment
                     0.7   proceeds from the disposal of assets/businesses, net
                     0.2   net sales of investments

                     0.4   credit support agreements activity, net
                    (0.4)  Other (primarily licenses and milestones)
  $                 (0.6)  Net cash used for investing activities


Financing activities use of $8.4 billion of cash was primarily used for: (Dollars In Billions) $

                 (5.5)   dividends to shareholders
                  (2.1)   repurchase of common stock
                  (1.6)   net repayment of short and long term debt
                          proceeds from stock options exercised/employee 

withholding tax on stock

                   0.5    awards, net
                   0.1    credit support agreements activity, net
                   0.2    other and rounding
$                 (8.4)   Net cash used for financing activities



The Company has access to substantial sources of funds at numerous banks
worldwide. In September 2020, the Company secured a new 364-day Credit Facility.
Total credit available to the Company approximates $10 billion, which expires on
September 9, 2021. Interest charged on borrowings under the credit line
agreement is based on either bids provided by banks, the prime rate, London
Interbank Offered Rates (LIBOR), Secured Overnight Financing Rate (SOFR) Swap
Curve or other applicable market rates as allowed under the terms of the
agreement, plus applicable margins. Commitment fees under the agreement are not
material.

In the fiscal second quarter of 2021, the Company's notes payable and long-term
debt was in excess of cash, cash equivalents and marketable securities. As of
July 4, 2021, the net debt position was $8.2 billion as compared to the prior
year of $11.3 billion. Considering recent market conditions and the on-going
COVID-19 crisis, the Company has re-evaluated its operating cash flows and
liquidity profile and does not foresee any significant incremental risk. The
Company anticipates that operating cash flows, the ability to raise funds from
external sources, borrowing capacity from existing committed credit facilities
and access to the commercial paper markets will continue to provide sufficient
resources to fund operating needs, including the Company's approximate $1.3
billion in contractual supply commitments associated with its development of the
COVID-19 vaccine and the agreement to settle opioid litigation. In the fiscal
second quarter of 2021, the Company paid $2.5 billion including interest which
related to talc litigation. In addition, the Company monitors the global capital
markets on an ongoing basis and from time to time may raise capital when market
conditions are favorable. Additionally, as a result of the Tax Cuts and Jobs Act
(TCJA), the Company has access to its cash outside the U.S. at a significantly
reduced cost.
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In the fiscal second quarter of 2021, the Company paid approximately $1.5
billion to the U.S. Treasury which included $0.8 billion related to the current
installment due on foreign undistributed earnings as part of the TCJA (see Note
1 to the Consolidated Financial Statements in the Company's Annual Report on
Form 10-K for the fiscal year ended January 3, 2021) and $0.7 billion primarily
related to the normal estimated payment for the fiscal first and second quarters
of 2021.

Dividends

On April 20, 2021, the Board of Directors declared a regular cash dividend of
$1.06 per share, payable on June 8, 2021 to shareholders of record as of May 25,
2021.

On July 19, 2021, the Board of Directors declared a regular cash dividend of
$1.06 per share, payable on September 7, 2021 to shareholders of record as of
August 24, 2021. The Company expects to continue the practice of paying regular
quarterly cash dividends.

OTHER INFORMATION

New Accounting Pronouncements

Refer to Note 1 to the Consolidated Financial Statements for new accounting pronouncements.

Economic and Market Factors


COVID-19 considerations and business continuity
The Company has considered various internal and external factors in assessing
the potential impact of COVID-19 on its business and financial results based
upon information available at this time, as follows:
•Operating Model: The Company has a diversified business model across the
healthcare industry with flexibility designed into its manufacturing, research
and development clinical operations and commercial capabilities.
•Supply Chain: The Company continues to leverage its global manufacturing
footprint and dual-source capabilities while closely monitoring and maintaining
critical inventory at major distribution centers away from high-risk areas to
ensure adequate and effective distribution.
•Business Continuity: The robust, active business continuity plans across the
Company's network have been instrumental in preparing the Company for events
like COVID-19 and the ability to meet the majority of patient and consumer needs
remains uninterrupted.
•Workforce: The Company has put procedures in place to protect its essential
workforce in manufacturing, distribution, commercial and research operations
while ensuring appropriate remote working protocols have been established for
other employees.
•Liquidity: The Company's high-quality credit rating allows the Company superior
access to the financial capital markets for the foreseeable future.
•Domestic and Foreign Legislation: The Company will continue to assess and
evaluate the on-going global legislative efforts to combat the COVID-19 impact
on economies and the sectors in which it participates. Currently, the recent
legislative acts put in place are not expected to have a material impact on the
Company's operations.
In fiscal 2020 and 2021, the Company entered into a series of contract
manufacturing arrangements for vaccine production with third party contract
manufacturing organizations. These arrangements provide the Company with future
supplemental commercial capacity for vaccine production and potentially
transferable rights to such production if capacity is not required. Amounts paid
and contractually obligated to be paid to these contract manufacturing
organizations of approximately $1.3 billion are reflected in the prepaid
expenses and other, other assets, accrued liabilities and other liabilities
accounts in the Company's consolidated balance sheet upon execution of each
agreement. Additionally, the Company has entered into certain vaccine
development cost sharing arrangements with government related organizations.

The Company continues to evaluate and monitor both its internal and external
supply arrangements, including its contract with Emergent BioSolutions and
related production activities at its Bayview, Maryland facility. The Company has
established a global vaccine supply network, where, in addition to its internal
manufacturing site in Leiden, the Netherlands, ten other manufacturing sites
will be involved in the production of vaccine across different countries and
continents. The Company does not believe that a disruption at a vaccine
manufacturing site, or the resulting delay would have a material financial
impact on the Company's consolidated financial statements or results.


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The Company operates in certain countries where the economic conditions continue
to present significant challenges. The Company continues to monitor these
situations and take appropriate actions. Inflation rates and currency exchange
rates continue to have an effect on worldwide economies and, consequently, on
the way the Company operates. The Company has accounted for operations in
Venezuela and Argentina as highly inflationary, as the prior three-year
cumulative inflation rate surpassed 100%. This did not have a material impact on
the Company's results in the period. In the face of increasing costs, the
Company strives to maintain its profit margins through cost reduction programs,
productivity improvements and periodic price increases.

In June 2016, the United Kingdom (U.K.) held a referendum in which voters
approved an exit from the European Union (E.U.), commonly referred to as
"Brexit". The U.K. officially exited the E.U. on January 31, 2020, however,
there was a transition period to allow time to agree the terms of a new trade
deal. On December 30, 2020, the U.K., E.U. and the European Atomic Energy
Community (Euratom) signed the EU-UK Trade and Cooperation Agreement (TCA). Over
the last few years, Brexit has created global political and economic uncertainty
and has led to volatility in exchange rates and interest rates, additional cost
containment by third-party payors and changes in regulations. While the UK and
EU have now agreed on a future trade and cooperation agreement, it is still
unclear what the ultimate financial, trade, regulatory and legal implications
the withdrawal of the U.K. from the E.U. will have. However, the Company
currently does not believe that these and other related effects will have a
material impact on the Company's consolidated financial position or operating
results. As of July 4, 2021, and for the first fiscal six months, the business
of the Company's U.K. subsidiaries represented less than 6% of the Company's
consolidated assets and less than 3% of the first fiscal six months revenues.

Governments around the world consider various proposals to make changes to tax
laws and regulations, which may include increasing or decreasing existing
statutory tax rates. A change in statutory tax rate in any country would result
in the revaluation of the Company's deferred tax assets and liabilities related
to that particular jurisdiction in the period in which the new tax law is
enacted.  This change would result in an expense or benefit recorded to the
Company's Consolidated Statement of Earnings.  The Company closely monitors
these proposals as they arise in the countries where it operates. Changes to the
statutory tax rate may occur at any time, and any related expense or benefit
recorded may be material to the fiscal quarter and year in which the law change
is enacted.

The Company faces various worldwide health care changes that may continue to
result in pricing pressures that include health care cost containment and
government legislation relating to sales, promotions and reimbursement of health
care products.

Changes in the behavior and spending patterns of purchasers of health care products and services, including delaying medical procedures, rationing prescription medications, reducing the frequency of physician visits and foregoing health care insurance coverage, may continue to impact the Company's businesses.


The Company also operates in an environment increasingly hostile to intellectual
property rights. Firms have filed Abbreviated New Drug Applications or
Biosimilar Biological Product Applications with the FDA or otherwise challenged
the coverage and/or validity of the Company's patents, seeking to market generic
or biosimilar forms of many of the Company's key pharmaceutical products prior
to expiration of the applicable patents covering those products. In the event
the Company is not successful in defending the patent claims challenged in the
resulting lawsuits, generic or biosimilar versions of the products at issue will
be introduced to the market, resulting in the potential for substantial market
share and revenue losses for those products, and which may result in a non-cash
impairment charge in any associated intangible asset. There is also a risk that
one or more competitors could launch a generic or biosimilar version of the
product at issue following regulatory approval even though one or more valid
patents are in place.

© Edgar Online, source Glimpses

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