FOR IMMEDIATE RELEASE
- Total sales growth of 10.7% to $23.3 Billion with operational growth of 9.9%* and adjusted operational growth of 10.6%*
- Earnings per share of $1.37 increasing 3.0% and adjusted earnings per share of $2.60 increasing 18.2%*
- Company increasing 2021 Full-Year Guidance
New Brunswick, N.J. (October 19, 2021) - Johnson & Johnson (NYSE: JNJ) today announced results for third- quarter 2021. "Our third-quarter results demonstrate solid performance across Johnson & Johnson, driven by robust above-market results in Pharmaceuticals, ongoing recovery in Medical Devices, and strong growth in Consumer Health," said Alex Gorsky, Chairman and Chief Executive Officer. "In the face of evolving marketplace dynamics resulting from the effects of COVID-19 and other global trends, we have continued to demonstrate the responsiveness and agility required to meet the needs of our stakeholders, while also successfully investing in a pipeline of innovation and key commercial platforms to drive our future growth. I am incredibly proud of our Company's transformative growth over the last decade. As I prepare to transition the role of CEO to Joaquin Duato in January, I want to extend my deepest gratitude to our colleagues around the globe who work tirelessly to deliver solutions to address the world's most urgent and unmet healthcare challenges."
OVERALL FINANCIAL RESULTS
Q3
($ in Millions, except EPS) | 2021 | 2020 | % Change | ||
Reported Sales | $ | 23,338 | $ | 21,082 | 10.7% |
Net Earnings | 3,667 | 3,554 | 3.2% | ||
EPS (diluted) | $ | 1.37 | $ | 1.33 | 3.0% |
Q3 | |||||
Non-GAAP* ($ in Millions, except EPS) | 2021 | 2020 | % Change | ||
Operational Sales1,2 | 9.9% | ||||
Adjusted Operational Sales1,3 | 10.6% | ||||
Adjusted Net Earnings1,4 | 6,968 | 5,868 | 18.7% | ||
Adjusted EPS (diluted)1,4 | $ | 2.60 | $ | 2.20 | 18.2% |
- 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
- Excludes intangible amortization expense and special items
REGIONAL SALES RESULTS
Q3 | % Change | ||||||||
Operational1,2 | Adjusted | ||||||||
($ in Millions) | 2021 | 2020 | Reported | Currency | Operational1,3 | ||||
U.S. | $ | 11,963 | $ | 11,086 | 7.9% | 7.9 | - | 8.0 | |
International | 11,375 | 9,996 | 13.8% | 12.1 | 1.7 | 13.5 | |||
Worldwide | $ | 23,338 | $ | 21,082 | 10.7% | 9.9 | 0.8 | 10.6 |
- 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 Note: values may have been rounded
SEGMENT SALES RESULTS
Q3 | % Change | |||||||
($ in Millions) | 2021 | 2020 | Reported | Operational1,2 | Currency | Adjusted | ||
Operational1,3 | ||||||||
Consumer Health | $ | 3,700 | $ | 3,514 | 5.3% | 4.1 | 1.2 | 5.7 |
Pharmaceutical | 12,994 | 11,418 | 13.8% | 13.2 | 0.6 | 13.8 | ||
Medical Devices | 6,644 | 6,150 | 8.0% | 7.0 | 1.0 | 7.6 | ||
Worldwide | $ | 23,338 | $ | 21,082 | 10.7% | 9.9 | 0.8 | 10.6 |
- 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 Note: values may have been rounded
THIRD QUARTER 2021 SEGMENT COMMENTARY:
Consumer Health
Consumer Health worldwide operational sales, excluding the net impact of acquisitions and divestitures, increased 5.7%* primarily driven by over-the-counter (OTC) products. Major contributors to growth were TYLENOL and MOTRIN analgesics, upper respiratory products, and digestive health in OTC, and AVEENO in Skin Health / Beauty.
Pharmaceutical
Pharmaceutical worldwide operational sales, excluding the net impact of acquisitions and divestitures, grew 13.8%* driven by DARZALEX (daratumumab), for the treatment of multiple myeloma, STELARA (ustekinumab), a biologic for the treatment of a number of immune-mediated inflammatory diseases, TREMFYA (guselkumab), a biologic for the treatment of adults living with moderate to severe plaque psoriasis, and for adults with active psoriatic arthritis, ERLEADA (apalutamide), a next-generation androgen receptor inhibitor for the treatment of patients with prostate cancer, INVEGA SUSTENNA/XEPLION/INVEGA TRINZA/TREVICTA (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults, and OPSUMIT (macitentan) an oral endothelin receptor antagonist indicated for the treatment of pulmonary arterial hypertension to delay disease progression. Also contributing to growth was sales of the not-for-profitCOVID-19 Vaccine (Ad26.COV2.S) for the treatment of the SARS- CoV-2 virus. This growth was partially offset by declines in U.S. sales of REMICADE (infliximab), a biologic approved for the treatment of a number of immune-mediated inflammatory diseases, and INVOKANA (canagliflozin) for the treatment of adults with type 2 diabetes.
Medical Devices
Medical Devices worldwide operational sales, excluding the net impact of acquisitions and divestitures, grew 7.6%*, driven by electrophysiology products in Interventional Solutions, wound closure products in General Surgery, surgical vision products and contact lenses in Vision, trauma, hips, and knees in Orthopaedics, and energy, endocutters, and biosurgicals in Advanced Surgery. Growth was partially offset by Spine, Sports & Other.
NOTABLE NEW ANNOUCEMENTS 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.com or on request from Johnson & Johnson. The reader is also encouraged to review all other news releases available online in the Investors section of the company's website at news releases.
INVEGA HAFYERA (paliperidone palmitate) Receives FDA Approval For First and Only | (press release) | |
Twice-Yearly Treatment for Adults with Schizophrenia | ||
Regulatory | XARELTO (rivaroxaban) Plus Aspirin Receives FDA Approval For Expanded Peripheral | |
Artery Disease (PAD) Indication to Include Patients After Lower-Extremity Revascularization | (press release) | |
Decisions | ||
(LER) | ||
UPTRAVI (selexipag) Receives FDA Approval For Intravenous Use in Adult Patients with | (press release) | |
Pulmonary Arterial Hypertension (PAH) | ||
Johnson & Johnson Announces Submission of Emergency Use Authorization Amendment to | (press release) | |
Regulatory | the U.S. FDA to Support Booster of its Single-ShotCOVID-19 Vaccine 1 | |
Submissions | ||
Janssen Submits Application Seeking U.S. FDA Approval of STELARA (ustekinumab) for the | (press release) | |
Treatment of Pediatric Patients With Juvenile Psoriatic Arthritis 1 | ||
Alex Gorsky to Transition Role of Chief Executive Officer of Johnson & Johnson to Joaquin | (press release) | |
Duato, Effective January 3, 2022 | ||
Dr. Paul Stoffels, Vice Chairman of the Executive Committee and Chief Scientific Officer of | (press release) | |
Johnson & Johnson to Retire, Effective December 31, 2021 1 | ||
Johnson & Johnson Announces Real-World Evidence and Phase 3 Data Confirming Strong | (press release) | |
and Long-Lasting Protection of Single-ShotCOVID-19 Vaccine in the U.S. | ||
Johnson & Johnson Issues Statement on Nationwide Opioid Settlement Agreement | (press release) | |
DePuy Synthes Announces Introduction of the INHANCE Shoulder System, a First-to-Market, | (press release) | |
Fully Integrated Shoulder Arthroplasty System | ||
Janssen Announces Start of Phase 3 Trial for Investigational Respiratory Syncytial Virus | (press release) | |
Other | (RSV) Vaccine in Older Adults | |
Janssen Receives Positive CHMP Opinion for BYANNLI (six-monthly paliperidone palmitate) | (press release) | |
for the Maintenance Treatment of Schizophrenia in Adults | ||
Ethicon Announces ECHELON CIRCULAR Powered Stapler Associated with Major | (press release) | |
Reduction in Serious Complications Following Colorectal Surgery | ||
Johnson & Johnson Takes Steps to Equitably Resolve All Current and Future Talc Claims 1 | (press release) | |
Janssen Receives Positive CHMP Opinion for RYBREVANT (amivantamab) for the | ||
Treatment of Patients with Advanced Non-Small Cell Lung Cancer with EGFR Exon 20 | (press release) | |
Insertion Mutations After Failure of Platinum-Based Therapy 1 | ||
Johnson & Johnson COVID-19 Vaccine Booster Shot Unanimously Recommended for | (press release) | |
Emergency Use Authorization by U.S. FDA Advisory Committee 1 | ||
1Subsequent to the quarter
FULL-YEAR 2021 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) | October 2021 | October 2021 | July 2021 | July 2021 | ||||
(Base Business) | (incl. COVID Vx) | (Base Business) | (incl. COVID Vx) | |||||
Adjusted Operational | ||||||||
Sales1,2 | 9.9% - 10.5% | 12.9% | - 13.5% | 9.5% - 10.5% | 12.5% | - 13.5% | ||
Change vs. Prior Year | ||||||||
Operational Sales2 | $90.3B - 90.8B | $92.8 - $93.3B | $90.0B - $90.8B | $92.5B | - $93.3B | |||
Change vs. Prior Year | 9.4% - 10.0% | 12.4% - 13.0% | 9.0% - 10.0% | 12.0% - 13.0% | ||||
Estimated Reported | $91.6B - $92.1B | $94.1B | - $94.6B | $91.3B - $92.1B | $93.8B | - $94.6B | ||
Sales3 | ||||||||
10.9% - 11.5% | 13.9% - 14.5% | 10.5% - 11.5% | 13.5% - 14.5% | |||||
Change vs. Prior Year | ||||||||
Adjusted Operational EPS | $9.65 | - $9.70 | $9.50 | - $9.60 | ||||
(Diluted)2,4 | ||||||||
20.2% | - 20.8% | 18.4% | - 19.6% | |||||
Change vs. Prior Year | ||||||||
Adjusted EPS (Diluted)3,4 | $9.77 | - $9.82 | $9.60 | - $9.70 | ||||
Change vs. Prior Year | 21.7% | - 22.3% | 19.6% | - 20.8% | ||||
- 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: July 2021 = $1.19 and October = $1.19 (Illustrative purposes only)
- Non-GAAPfinancial measure; excludes intangible amortization expense and special items
Note: % 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 19 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 October 2021 10:51:05 UTC.