JOHNSON & JOHNSON (Form: 8-K, Received: 04/18/2023 07:30:25)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The

Securities Exchange Act of 1934

Date of report (Date of earliest event reported):

April 18, 2023

Johnson & Johnson

(Exact name of registrant as specified in its charter)


New Jersey	1-3215	22-1024240
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

One Johnson & Johnson Plaza, New Brunswick, New Jersey 08933

(Address of Principal Executive Offices)

(Zip Code)

Registrant's telephone number, including area code:

732-524-0400

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17

CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17

CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, Par Value $1.00	JNJ	New York Stock Exchange
0.650% Notes Due May 2024	JNJ24C	New York Stock Exchange
5.50% Notes Due November 2024	JNJ24BP	New York Stock Exchange
1.150% Notes Due November 2028	JNJ28	New York Stock Exchange
1.650% Notes Due May 2035	JNJ35	New York Stock Exchange

Item 2.02 Results of Operations and Financial Condition

On April 18, 2023, Johnson & Johnson issued the attached press release (Exhibit 99.1) announcing its sales and earnings for the first quarter ended April 2, 2023.

Item 8.01 Other Events

On April 18, 2023, Johnson & Johnson issued the attached press release (Exhibit 99.3) announcing that its Board of Directors declared a 5.3% increase in the quarterly dividend rate, from $1.13 to $1.19 per share. At the new rate, the indicated dividend on an annual basis is $4.76 per share compared to the previous rate of $4.52 per share. The next quarterly dividend is payable on June 6, 2023 to shareholders of record as of the close of business on May 23, 2023.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.


Exhibit No.			Description of Exhibit
99.1			Press Release dated April 18 , 2023 for the period ended April 2 , 2023
99.2			Unaudited Comparative Supplementary Sales Data and Condensed Consolidated Statement of Earnings for the f irst quarter
99.3			Press Release dated April 18, 2023
104			The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Johnson & Johnson

(Registrant)

Date:

April 18, 2023

By:

/s/ Robert J. Decker, Jr.

Robert J. Decker, Jr.
Controller
(Principal Accounting Officer)

Exhibit 99.1

JOHNSON & JOHNSON REPORTS 2023 FIRST-QUARTER RESULTS:

•2023 First-Quarter reported sales growth of 5.6% to $24.7 Billion with operational growth of 9.0%* and adjusted operational growth of 7.6%*

•2023 First-Quarter basic loss per share of ($0.03) decreasing 101.6% due to a special one-time charge, with adjusted earnings per share (EPS) of $2.68 increasing by 0.4%*

•Company is increasing 2023 full-year guidance midpoints for adjusted operational sales and adjusted operational EPS

New Brunswick, N.J. (April 18, 2023) – Johnson & Johnson (NYSE: JNJ) today announced results for first-quarter 2023. “Our first quarter results demonstrate strong performance across all three segments of our business and reflect the dedication of Johnson & Johnson colleagues around the world,” said Joaquin Duato, Chairman of the Board and Chief Executive Officer. “With this momentum, I look forward to the remainder of the year, one filled with exciting catalysts that will create both near- and long-term value for patients and all of our stakeholders.”

OVERALL FINANCIAL RESULTS:

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

2 Excludes the impact of translational currency

3 Excludes the net impact of acquisitions and divestitures and translational currency

4 Excludes intangible amortization expense and special items

5 Basic shares are used to calculate loss per share as use of diluted shares when in a loss position would be anti-dilutive

Note: values may have been rounded

REGIONAL SALES RESULTS:

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

2 Excludes the impact of translational currency

3 Excludes the net impact of acquisitions and divestitures and translational currency

Note: values may have been rounded

SEGMENT SALES RESULTS:

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

2 Excludes the impact of translational currency

3 Excludes the net impact of acquisitions and divestitures and translational currency

Note: Values may have been rounded

FIRST QUARTER 2023 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 11.3%* largely driven by over-the-counter (OTC) products. Major contributors to growth in OTC were TYLENOL and MOTRIN analgesics, upper respiratory products, IMODIUM in digestive health products and international smoking cessation products. Additional contributors to growth were NEUTROGENA and AVEENO in Skin Health/Beauty products and JOHNSON’s in Baby Care products.

Pharmaceutical

Pharmaceutical worldwide adjusted operational sales grew 7.2%*, 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, CARVYKTI (ciltacabtagene autoleucel), a BCMA-directed CAR-T immunotherapy for the treatment of patients with relapsed or refractory multiple myeloma, and XARELTO (rivaroxaban), a direct oral anticoagulant. Also contributing to growth were sales of the Janssen COVID-19 Vaccine (Ad26.COV2.S) for the prevention of the SARS-CoV-2 Virus. 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 (abiraterone 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 6.4%*, driven primarily by electrophysiology products in Interventional Solutions, contact lenses in Vision, wound closure products in General Surgery, and knees in Orthopaedics. MedTech worldwide operational sales grew 11.0%*, with the acquisition of Abiomed contributing 4.6%.

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.com or 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.


Regulatory	Janssen Receives Positive CHMP Opinion for AKEEGA (Niraparib and Abiraterone Acetate Dual Action Tablet) Plus Prednisone or Prednisolone for the Treatment of Adult Patients with BRCA1/2 Gene-Mutated Metastatic Castration Resistant Prostate Cancer	Press Release
	Janssen Submits New Drug Application to the U.S. Food and Drug Administration Seeking Approval of Niraparib and Abiraterone Acetate Dual-Action Tablet, Plus Prednisone, as a First-Line Targeted Treatment for Patients with Metastatic Castration-Resistant Prostate Cancer with BRCA Gene Mutations	Press Release
Data Release	Janssen Announces Unblinding of Phase 3 CARTITUDE-4 Study of CARVYKTI (cilta-cel) as Primary Endpoint Met in Treatment of Patients with Relapsed and Refractory Multiple Myeloma	Press Release
	Late Breaking Data on Pulmonary Vein Isolation with HELIOSTAR Balloon Ablation Catheter Presented at AF Symposium 2023	Press Release
	First Look at Data on Biosense Webster’s Investigational Pulsed Field Ablation Platform Presented at AF Symposium 2023	Press Release
	Janssen Reports Positive Topline Phase 2 Results for Nipocalimab in Pregnant Individuals at High Risk for Severe Hemolytic Disease of the Fetus and Newborn (HDFN)	Press Release
	Janssen Data at ASCO GU Support Ambition to Transform Treatment of Prostate and Bladder Cancer Through Precision Medicine and Early Intervention	Press Release
	TREMFYA (guselkumab) Demonstrates a Differentiated Binding Mechanism from Risankizumab in In Vitro Studies	Press Release
	New STELARA (ustekinumab) Long-Term Data Support its Established Safety Profile in Inflammatory Bowel Disease and Durable Efficacy in Ulcerative Colitis	Press Release
	Late-Breaking Phase 3 A DUE Data Show Investigational Single Tablet Combination Therapy of Macitentan and Tadalafil Significantly Improves Pulmonary Hemodynamics versus Monotherapy in Patients with Pulmonary Arterial Hypertension (PAH)	Press Release
	TREMFYA (guselkumab) Real-World Data Analyses Show Greater Treatment Persistence Than IL-17s in Both Bio-naïve and Bio-experienced Patients Living With Moderate to Severe Plaque Psoriasis	Press Release
	New RYBREVANT (amivantamab-vmjw) Data Showed Long-Term Clinical Response and Safety in Patients with Advanced Non-Small Cell Lung Cancer with EGFR Exon 20 Insertion Mutations Who Have Failed Prior Platinum-Based Chemotherapy	Press Release
Other	Johnson & Johnson Subsidiary LTL Management LLC (“LTL”) Re-Files for Voluntary Chapter 11 to Equitably Resolve All Current and Future Talc Claims1	Press Release
	Johnson & Johnson Appoints Dr. John Reed as Executive Vice President, Pharmaceuticals, R&D	Press Release
	Johnson & Johnson Names Dr. Paula A. Johnson, President of Wellesley College, to its Board of Directors	Press Release
	Johnson & Johnson Announces Pricing of $7.75 Billion of Senior Notes Issued by Kenvue Inc.	Press Release
	Janssen Provides Portfolio Update	Press Release
	ERLEADA (apalutamide), First-and-Only Next-Generation Androgen Receptor Inhibitor with Once-Daily, Single-Tablet Option, Now Available in the U.S.1	Press Release

1 Subsequent to the quarter

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)	April 2023	January 2023
Adjusted Operational Sales1,2,5 Change vs. Prior Year / Mid-point	4.5% – 5.5% / 5.0%	3.5% – 4.5% / 4.0%
Operational Sales2,5/ Mid-point2,5 Change vs. Prior Year / Mid-point	$97.9B – $98.9B / $98.4B 5.5% – 6.5% / 6.0%	$96.9B – $97.9B / $97.4B 4.5% – 5.5% / 5.0%
Estimated Reported Sales3,5/ Mid-point3,5 Change vs. Prior Year / Mid-point	$97.9B – $98.9B / $98.4B 5.5% – 6.5% / 6.0%	$96.9B – $97.9B / $97.4B 4.5% – 5.5% / 5.0%

Adjusted Operational EPS (Diluted)2,4/ Mid-point2,4 Change vs. Prior Year / Mid-point	$10.50 – $10.60 / $10.55 3.5% – 4.5% / 4.0%	$10.40 – $10.60 / $10.50 2.5% – 4.5% / 3.5%
Adjusted EPS (Diluted)3,4 / Mid-point3,4 Change vs. Prior Year / Mid-point	$10.60 – $10.70 / $10.65 4.5% – 5.5% / 5.0%	$10.45 – $10.65 / $10.55 3.0% – 5.0% / 4.0%

1 Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures

2 Non-GAAP financial measure; excludes the impact of translational currency

3 Calculated using Euro Average Rate: January 2023 = $1.08 and April 2023 = $1.10 (Illustrative purposes only)

4 Non-GAAP financial 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.

ABOUT JOHNSON & JOHNSON:

At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That’s why for more than 135 years, we have aimed to keep people well at every age and every stage of life. Today, as the world’s largest, most diversified healthcare products company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity.

NON-GAAP FINANCIAL MEASURES:

* “Operational sales growth” excluding the impact of translational currency, “adjusted operational sales growth” excluding the net impact of acquisitions and divestitures and translational currency, as well as “adjusted net earnings”, “adjusted diluted earnings per share” and “adjusted operational diluted earnings per share” excluding after-tax intangible amortization expense and special items, are non-GAAP financial measures and should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Except for guidance measures, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying financial schedules of the earnings release and the Investors section of the company's website at quarterly-results.

Copies of the financial schedules accompanying this earnings release are available on the Company’s website at quarterly-results. These schedules include supplementary sales data, a condensed consolidated statement of earnings, reconciliations of non-GAAP financial measures, and sales of key products/franchises. Additional information on Johnson & Johnson, including adjusted income before tax by segment, a pharmaceutical pipeline of selected compounds in late stage development and a copy of today’s earnings call presentation can also be found in the Investors section of the company's website at quarterly-results.

NOTE TO INVESTORS CONCERNING FORWARD-LOOKING STATEMENTS:

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: future operating and financial performance, product development, market position and business strategy, and the anticipated separation of the Company’s Consumer Health business. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the company to successfully execute strategic plans, including restructuring plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies; the Company’s ability to satisfy the necessary conditions to consummate the separation of the Company’s Consumer Health business on a timely basis or at all; the Company’s ability to successfully separate the Company’s Consumer Health business and realize the anticipated benefits from the separation; and the New Consumer Health Company’s ability to succeed as a standalone publicly traded company. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended January 1, 2023, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in Johnson & Johnson’s subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.


Press Contacts:						Investor Contacts:
Tesia Williams						Jessica Moore
media-relations@its.jnj.com						investor-relations@its.jnj.com

Exhibit 99.2


Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	FIRST QUARTER
				Percent Change
	2023		2022	Total		Operations	Currency
Sales to customers by
geographic area

U.S.	$	12,517	11,414	9.7	%	9.7	—

Europe	6,332		6,024	5.1		10.0	(4.9)
Western Hemisphere excluding U.S.	1,587		1,482	7.1		14.3	(7.2)
Asia-Pacific, Africa	4,310		4,506	(4.3)		4.1	(8.4)
International	12,229		12,012	1.8		8.3	(6.5)

Worldwide	$	24,746	23,426	5.6	%	9.0	(3.4)


Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.


Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	FIRST QUARTER
				Percent Change
	2023		2022	Total		Operations	Currency
Sales to customers by
segment of business

Consumer Health
U.S.	$	1,735	1,557	11.4	%	11.4	—
International	2,117		2,029	4.4		11.3	(6.9)
	3,852		3,586	7.4		11.3	(3.9)

Pharmaceutical (1)
U.S.	7,023		6,632	5.9		5.9	—
International	6,390		6,237	2.4		8.6	(6.2)
	13,413		12,869	4.2		7.2	(3.0)

Pharmaceutical excluding COVID-19 Vaccine (1)
U.S.	7,023		6,557	7.1		7.1	—
International	5,643		5,855	(3.6)		2.4	(6.0)
	12,666		12,412	2.0		4.9	(2.9)

MedTech (1)
U.S.	3,759		3,225	16.6		16.6	—
International	3,722		3,746	(0.6)		6.2	(6.8)
	7,481		6,971	7.3		11.0	(3.7)

U.S.	12,517		11,414	9.7		9.7	—
International	12,229		12,012	1.8		8.3	(6.5)
Worldwide	24,746		23,426	5.6		9.0	(3.4)

U.S.	12,517		11,339	10.4		10.4	—
International	11,482		11,630	(1.3)		5.2	(6.5)
Worldwide excluding COVID-19 Vaccine (1)	$	23,999	22,969	4.5	%	7.7	(3.2)

Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(1) Refer to supplemental sales reconciliation schedule.


Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings

(Unaudited; in Millions Except Per Share Figures)	FIRST QUARTER

	2023				2022				Percent
				Percent				Percent	Increase
	Amount			to Sales	Amount			to Sales	(Decrease)
Sales to customers	$	24,746		100.0	$	23,426		100.0	5.6
Cost of products sold	8,395			33.9	7,598			32.4	10.5
Gross Profit	16,351			66.1	15,828			67.6	3.3
Selling, marketing and administrative expenses	6,138			24.8	5,938			25.4	3.4
Research and development expense	3,563			14.4	3,462			14.8	2.9
In-process research and development	49			0.2	610			2.6
Interest (income) expense, net	(20)			(0.1)	(12)			(0.1)
Other (income) expense, net	7,228			29.2	(102)			(0.4)
Restructuring	130			0.6	70			0.3
Earnings/(Loss) before provision for taxes on income	(737)			(3.0)	5,862			25.0	(112.6)
Provision for/(Benefit from) taxes on income	(669)			(2.7)	713			3.0	(193.8)
Net earnings/(Loss)	$	(68)		(0.3)	$	5,149		22.0	(101.3)

Net earnings/(Loss) per share (Basic/Diluted)*	$	(0.03)			$	1.93			(101.6)

Average shares outstanding (Basic/Diluted)*	2,605.5				2,666.5

Effective tax rate	90.8		%		12.2		%

Adjusted earnings before provision for taxes and net earnings (1) (A)
Earnings before provision for taxes on income	$	8,468		34.2	$	8,218		35.1	3.0
Net earnings	$	7,068		28.6	$	7,129		30.4	(0.9)
Net earnings per share (Diluted)	$	2.68			$	2.67			0.4
Average shares outstanding (Diluted)**	2,634.3				2,666.5
Effective tax rate	16.5		%		13.3		%

* Basic shares are used to calculate loss per share as use of diluted shares when in a loss position would be anti-dilutive.

** Difference of 28.8 shares due to anti-dilutive impact on net loss position.

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

(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings before provision for taxes on income," "adjusted net earnings," "adjusted net earnings per share (diluted)," and "adjusted effective tax rate" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate on an adjusted basis because management believes that these measures provide useful information to investors. Among other things, these measures may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as intangible asset amortization expense, significant gains from divestitures, significant costs associated with acquisitions, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters). Special items may be highly variable, difficult to predict, and of a size that sometimes has substantial impact on the Company's reported results of operations for a period. Management uses these measures internally for planning, forecasting and evaluating the performances of the Company's businesses, including allocating resources and evaluating results relative to employee performance compensation targets. Unlike earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate prepared in accordance with GAAP, adjusted earnings before provision for taxes on income, adjusted net earnings, adjusted net earnings per share (diluted), and adjusted effective tax rate may not be comparable with the calculation of similar measures for other companies. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of the Company's results of operations without including all events during a period, such as intangible asset amortization expense, significant gains from divestitures, the effects of an acquisition, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters) and do not provide a comparable view of the Company's performance to other companies in the health care industry. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.


Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures

		First Quarter
	(Dollars in Millions Except Per Share Data)	2023		2022
	Net Earnings/(Loss), after tax- as reported	$	(68)	$	5,149

	Pre-tax Adjustments
	Litigation expense	6,900		-
	Intangible Asset Amortization expense	1,204		1,108
	COVID-19 Vaccine related costs1	444		-
	Consumer Health separation costs	300		102
	Restructuring related2	130		72
	(Gains)/losses on securities	72		411
	Medical Device Regulation3	64		60
	IPR&D	49		610
	Acquisition, integration and divestiture related	42		-
	Other	-		(7)

	Tax Adjustments
	Tax impact on special item adjustments 4	(2,057)		(393)
	Consumer Health separation tax related costs	11		96
	Tax legislation and other tax related	(23)		(79)
	Adjusted Net Earnings, after tax	$	7,068	$	7,129
	Average shares outstanding (Diluted)	2,634.3		2,666.5
	Adjusted net earnings per share (Diluted)	$	2.68	$	2.67
	Operational adjusted net earnings per share (Diluted)	$	2.75

	Notes:
1	COVID-19 Vaccine related costs include remaining commitments and obligations, including external manufacturing network exit costs and required clinical trial expenses, associated with the Company's completion of its COVID-19 vaccine contractual commitments.
2	In the first quarter of 2023, the company completed a prioritization of its research and development (R&D) investment within the Pharmaceutical segment to focus on the most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, HIV and hepatitis. The restructuring expenses of $130 million in the quarter include the termination of partnered and non-partnered program costs and asset impairments.
3	European Medical Device Regulation (MDR) costs represent one-time compliance costs for the Company’s previously registered products. MDR is a replacement of the existing European Medical Devices Directive regulatory framework, and manufacturers of currently marketed medical devices were required to comply with EU MDR beginning in May 2021. The Company considers the adoption of EU MDR to be a significant one-time regulatory change and is not indicative of on-going operations. The Company has excluded only external third-party regulatory and consulting costs from its MedTech operating segments' measures of profit and loss used for making operating decisions and assessing performance which is expected to be completed during 2024.
4	The tax impact related to special item adjustments reflects the current and deferred income taxes associated with the above pre-tax special items in arriving at adjusted earnings.


Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure

Adjusted Operational Sales Growth (A)
FIRST QUARTER 2023 ACTUAL vs. 2022 ACTUAL

Segments
	Consumer Health		Pharmaceutical		MedTech		Total
WW As Reported	7.4	%	4.2	%	7.3	%	5.6	%
U.S.	11.4	%	5.9	%	16.6	%	9.7	%
International	4.4	%	2.4	%	(0.6)	%	1.8	%

WW Currency	(3.9)		(3.0)		(3.7)		(3.4)
U.S.	—		—		—		—
International	(6.9)		(6.2)		(6.8)		(6.5)

WW Operational	11.3	%	7.2	%	11.0	%	9.0	%
U.S.	11.4	%	5.9	%	16.6	%	9.7	%
International	11.3	%	8.6	%	6.2	%	8.3	%

Abiomed					(4.6)		(1.4)
U.S.					(8.2)		(2.3)
International					(1.6)		(0.5)

All Other Acquisitions and Divestitures	0.0		0.0		0.0		0.0
U.S.	0.0		0.0		0.0		0.0
International	0.0		0.2		0.0		0.1

WW Adjusted Operational	11.3	%	7.2	%	6.4	%	7.6	%
U.S.	11.4	%	5.9	%	8.4	%	7.4	%
International	11.3	%	8.8	%	4.6	%	7.9	%

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

(A) NON-GAAP FINANCIAL MEASURE “Adjusted operational sales growth" excludes acquisitions, divestitures and translational currency and is a non-GAAP financial measure. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and divestitures, and the impact they may have on the analysis of underlying business performance and trends, management believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to permit investors to more fully understand how management assesses the performance of the Company, including for internal evaluation of the performance of the Company's businesses and planning and forecasting for future periods. The use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company's results of operations without including all events during a period and may not provide a comparable view of the Company's performance to that of other companies in the health care industry.


Johnson & Johnson
Segment Sales
(Dollars in Millions)


		FIRST QUARTER
				% Change
		2023	2022	Reported		Operational (1)		Currency
CONSUMER HEALTH SEGMENT (2)

OTC
US	$	745	670	11.0	%	11.0	%	—	%
Intl		897	791	13.5		19.8		(6.3)
WW		1,642	1,461	12.4		15.8		(3.4)

SKIN HEALTH / BEAUTY
US		617	544	13.4		13.4		—
Intl		493	468	5.3		12.6		(7.3)
WW		1,110	1,012	9.7		13.1		(3.4)

ORAL CARE
US		159	143	11.6		11.6		—
Intl		202	223	(9.6)		(4.0)		(5.6)
WW		361	366	(1.3)		2.1		(3.4)

BABY CARE
US		96	85	13.0		13.0		—
Intl		263	270	(2.8)		4.5		(7.3)
WW		359	355	1.0		6.5		(5.5)

WOMEN'S HEALTH
US		3	3	1.8		1.8		—
Intl		214	224	(4.9)		4.1		(9.0)
WW		217	228	(4.8)		4.1		(8.9)

WOUND CARE / OTHER
US		115	112	2.6		2.6		—
Intl		49	52	(6.0)		2.3		(8.3)
WW		164	164	(0.1)		2.5		(2.6)

TOTAL CONSUMER HEALTH
US		1,735	1,557	11.4		11.4		—
Intl		2,117	2,029	4.4		11.3		(6.9)
WW	$	3,852	3,586	7.4	%	11.3	%	(3.9)	%

See footnotes at end of schedule


Johnson & Johnson
Segment Sales
(Dollars in Millions)

		FIRST QUARTER
				% Change
		2023	2022	Reported		Operational (1)		Currency
PHARMACEUTICAL SEGMENT (2) (3)

IMMUNOLOGY
US	$	2,448	2,501	(2.1)	%	(2.1)	%	—	%
Intl		1,664	1,617	2.9		9.7		(6.8)
WW		4,112	4,119	(0.2)		2.5		(2.7)
REMICADE
US		276	358	(22.8)		(22.8)		—
US Exports (4)		41	80	(48.8)		(48.8)		—
Intl		170	225	(24.4)		(20.0)		(4.4)
WW		487	663	(26.5)		(25.0)		(1.5)
SIMPONI / SIMPONI ARIA
US		271	287	(5.6)		(5.6)		—
Intl		266	283	(6.1)		1.8		(7.9)
WW		537	571	(5.8)		(1.9)		(3.9)
STELARA
US		1,451	1,379	5.2		5.2		—
Intl		993	909	9.3		16.2		(6.9)
WW		2,444	2,288	6.8		9.6		(2.8)
TREMFYA
US		406	391	3.9		3.9		—
Intl		234	199	17.3		24.9		(7.6)
WW		640	590	8.4		11.0		(2.6)
OTHER IMMUNOLOGY
US		3	6	(51.2)		(51.2)		—
Intl		0	0	—		—		—
WW		3	6	(51.3)		(51.3)		0.0

INFECTIOUS DISEASES
US		392	461	(14.9)		(14.9)		—
Intl		1,193	836	42.8		49.2		(6.4)
WW		1,586	1,297	22.3		26.4		(4.1)
COVID-19 VACCINE
US		0	75	*		*		—
Intl		747	382	95.6		*		(8.9)
WW		747	457	63.4		70.8		(7.4)
EDURANT / rilpivirine
US		9	9	(1.4)		(1.4)		—
Intl		271	239	13.4		18.7		(5.3)
WW		280	248	12.8		18.0		(5.2)
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US		378	369	2.5		2.5		—
Intl		99	132	(25.2)		(21.2)		(4.0)
WW		477	501	(4.8)		(3.7)		(1.1)
OTHER INFECTIOUS DISEASES
US		5	8	(33.1)		(33.1)		—
Intl		77	83	(7.6)		(5.6)		(2.0)
WW		82	91	(9.8)		(8.0)		(1.8)

See footnotes at end of schedule


Johnson & Johnson
Segment Sales
(Dollars in Millions)

		FIRST QUARTER
				% Change
		2023	2022	Reported	Operational (1)	Currency
PHARMACEUTICAL SEGMENT (2) (3) (Continued)

NEUROSCIENCE
US	$	978	843	16.0%	16.0%	—%
Intl		826	898	(8.1)	(3.1)	(5.0)
WW		1,804	1,741	3.6	6.1	(2.5)
CONCERTA / methylphenidate
US		70	35	*	*	—
Intl		136	122	11.4	20.2	(8.8)
WW		206	157	31.4	38.2	(6.8)
INVEGA SUSTENNA / XEPLION / INVEGA
TRINZA / TREVICTA
US		713	661	7.9	7.9	—
Intl		331	387	(14.6)	(8.9)	(5.7)
WW		1,044	1,048	(0.4)	1.7	(2.1)
SPRAVATO
US		111	61	82.4	82.4	—
Intl		20	9	*	*	*
WW		131	70	86.9	88.0	(1.1)
OTHER NEUROSCIENCE
US		84	86	(3.5)	(3.5)	—
Intl		339	380	(10.7)	(7.6)	(3.1)
WW		423	467	(9.4)	(6.9)	(2.5)

ONCOLOGY
US		1,889	1,582	19.4	19.4	—
Intl		2,223	2,369	(6.1)	(0.1)	(6.0)
WW		4,112	3,950	4.1	7.7	(3.6)
CARVYKTI
US		70	—	*	*	—
Intl		2	—	*	*	—
WW		72	—	*	*	—
DARZALEX
US		1,191	953	25.0	25.0	—
Intl		1,072	903	18.8	26.4	(7.6)
WW		2,264	1,856	22.0	25.7	(3.7)
ERLEADA
US		249	206	21.2	21.2	—
Intl		293	194	50.9	60.7	(9.8)
WW		542	400	35.6	40.3	(4.7)
IMBRUVICA
US		270	370	(27.1)	(27.1)	—
Intl		557	668	(16.6)	(11.7)	(4.9)
WW		827	1,038	(20.3)	(17.2)	(3.1)
ZYTIGA / abiraterone acetate
US		16	19	(14.0)	(14.0)	—
Intl		229	520	(56.0)	(52.2)	(3.8)
WW		245	539	(54.5)	(50.9)	(3.6)
OTHER ONCOLOGY
US		92	34	*	*	—
Intl		70	84	(17.2)	(12.1)	(5.1)
WW		162	118	37.4	41.0	(3.6)

See footnotes at end of schedule


Johnson & Johnson
Segment Sales
(Dollars in Millions)


		FIRST QUARTER
				% Change
		2023	2022	Reported		Operational (1)		Currency
PHARMACEUTICAL SEGMENT (2) (3) (Continued)

PULMONARY HYPERTENSION
US	$	600	572	4.9	%	4.9	%	—	%
Intl		272	279	(2.7)		5.3		(8.0)
WW		872	852	2.4		5.0		(2.6)
OPSUMIT
US		273	273	(0.1)		(0.1)		—
Intl		167	170	(1.6)		6.1		(7.7)
WW		440	443	(0.7)		2.3		(3.0)
UPTRAVI
US		304	269	13.1		13.1		—
Intl		58	56	3.3		9.4		(6.1)
WW		362	325	11.4		12.4		(1.0)
OTHER PULMONARY HYPERTENSION
US		23	30	(22.4)		(22.4)		—
Intl		47	53	(12.6)		(1.8)		(10.8)
WW		70	83	(16.1)		(9.3)		(6.8)

CARDIOVASCULAR / METABOLISM / OTHER
US		715	672	6.3		6.3		—
Intl		212	238	(10.8)		(6.3)		(4.5)
WW		927	910	1.8		3.0		(1.2)
XARELTO
US		578	508	13.7		13.7		—
Intl		—	—	—		—		—
WW		578	508	13.7		13.7		—








OTHER
US		137	164	(16.7)		(16.7)		—
Intl		212	238	(10.8)		(6.3)		(4.5)
WW		349	402	(13.2)		(10.5)		(2.7)

TOTAL PHARMACEUTICAL
US		7,023	6,632	5.9		5.9		—
Intl		6,390	6,237	2.4		8.6		(6.2)
WW	$	13,413	12,869	4.2	%	7.2	%	(3.0)	%

See footnotes at end of schedule


Johnson & Johnson
Segment Sales
(Dollars in Millions)

		FIRST QUARTER
				% Change
		2023	2022	Reported		Operational (1)		Currency
MEDTECH SEGMENT (2) (3)

INTERVENTIONAL SOLUTIONS
US	$	863	494	74.5	%	74.5	%	—	%
Intl		640	597	7.1		14.9		(7.8)
WW		1,503	1,092	37.6		41.9		(4.3)

ELECTROPHYSIOLOGY
US		571	470	21.4		21.4		—
Intl		522	532	(1.8)		6.1		(7.9)
WW		1,092	1,002	9.1		13.3		(4.2)

ABIOMED
US		264	—	*		*		—
Intl		60	—	*		*		—
WW		324	—	*		*		—

OTHER INTERVENTIONAL SOLUTIONS
US		28	24	17.4		17.4		—
Intl		58	65	(11.7)		(5.0)		(6.7)
WW		87	90	(3.9)		1.1		(5.0)

ORTHOPAEDICS
US		1,363	1,289	5.8		5.8		—
Intl		881	899	(2.0)		4.0		(6.0)
WW		2,245	2,188	2.6		5.1		(2.5)

HIPS
US		241	225	7.3		7.3		—
Intl		149	164	(9.0)		(3.6)		(5.4)
WW		390	389	0.4		2.7		(2.3)

KNEES
US		226	201	12.4		12.4		—
Intl		142	138	3.4		9.6		(6.2)
WW		368	339	8.7		11.3		(2.6)

TRAUMA
US		491	475	3.2		3.2		—
Intl		267	273	(2.4)		3.6		(6.0)
WW		757	748	1.2		3.4		(2.2)

SPINE, SPORTS & OTHER
US		406	387	4.7		4.7		—
Intl		323	324	(0.3)		5.9		(6.2)
WW		729	712	2.4		5.2		(2.8)

See footnotes at end of schedule


Johnson & Johnson
Segment Sales
(Dollars in Millions)

		FIRST QUARTER
				% Change
		2023	2022	Reported		Operational (1)		Currency
MEDTECH SEGMENT (2) (3) (Continued)

SURGERY
US	$	975	921	5.9	%	5.9	%	—	%
Intl		1,459	1,513	(3.6)		3.1		(6.7)
WW		2,434	2,434	0.0		4.1		(4.1)

ADVANCED
US		444	417	6.5		6.5		—
Intl		673	729	(7.6)		(1.1)		(6.5)
WW		1,118	1,146	(2.5)		1.6		(4.1)

GENERAL
US		531	504	5.4		5.4		—
Intl		785	784	0.2		7.0		(6.8)
WW		1,316	1,288	2.2		6.4		(4.2)

VISION
US		558	521	7.1		7.1		—
Intl		743	736	0.8		8.0		(7.2)
WW		1,300	1,257	3.4		7.6		(4.2)

CONTACT LENSES / OTHER
US		444	400	11.1		11.1		—
Intl		509	511	(0.3)		7.9		(8.2)
WW		953	910	4.7		9.3		(4.6)
SURGICAL
US		114	121	(6.0)		(6.0)		—
Intl		233	226	3.3		8.0		(4.7)
WW		347	347	0.1		3.1		(3.0)

TOTAL MEDTECH
US		3,759	3,225	16.6		16.6		—
Intl		3,722	3,746	(0.6)		6.2		(6.8)
WW	$	7,481	6,971	7.3	%	11.0	%	(3.7)	%


See footnotes at end of schedule

Note: Column and rows within tables may not add due to rounding. Percentages have been calculated using actual, non-
rounded figures and, therefore, may not recalculate precisely.

* Percentage greater than 100% or not meaningful
(1) Operational growth excludes the effect of translational currency
(2) Unaudited
(3) Certain prior year amounts have been reclassified to conform to current year product disclosures; refer to supplemental sales schedules
(4) Reported as U.S. sales


Supplemental Sales Reconciliation (Unaudited)
(Dollars in Millions)

		FIRST QUARTER
					Percent Change
		2023		2022	Total		Operations	Currency

	Pharmaceutical
	U.S.	$	7,023	6,632	5.9	%	5.9	-
	International	6,390		6,237	2.4		8.6	(6.2)
	Worldwide	13,413		12,869	4.2		7.2	(3.0)

	COVID-19 Vaccine
	U.S.	0		75	*		*	-
	International	747		382	95.6		*	(8.9)
	Worldwide	747		457	63.4		70.8	(7.4)

	Pharmaceutical excluding COVID-19 Vaccine
	U.S.	7,023		6,557	7.1		7.1	-
	International	5,643		5,855	(3.6)		2.4	(6.0)
	Worldwide	12,666		12,412	2.0		4.9	(2.9)

	Worldwide
	U.S.	12,517		11,414	9.7		9.7	-
	International	12,229		12,012	1.8		8.3	(6.5)
	Worldwide	24,746		23,426	5.6		9.0	(3.4)

	COVID-19 Vaccine
	U.S.	0		75	*		*	-
	International	747		382	95.6		*	(8.9)
	Worldwide	747		457	63.4		70.8	(7.4)

	Worldwide
	U.S.	12,517		11,339	10.4		10.4	-
	International	11,482		11,630	(1.3)		5.2	(6.5)
	Worldwide excluding COVID-19 Vaccine	$	23,999	22,969	4.5	%	7.7	(3.2)


	Note: Columns and rows within tables may not add due to rounding

	* Percentage greater than 100% or not meaningful


Johnson & Johnson
Supplemental Sales Information
(Dollars in Millions)
Certain prior year amounts have been reclassified to
conform to current year product disclosures
	2021		2022				2022
	Full Year		Q1	Q2	Q3	Q4	Full Year
PHARMACEUTICAL SEGMENT (1)
NEUROSCIENCE (2)
SPRAVATO
US	$	198	61	74	88	105	328
INTL	26		9	11	12	14	46
WW	224		70	85	100	119	374
OTHER NEUROSCIENCE (2)
US	427		86	93	106	91	376
Intl	1,647		380	341	286	351	1,358
WW	2,074		467	433	393	442	1,734
ONCOLOGY
CARVYKTI
US	—		—	24	55	54	133
INTL	—		—	—	—	—	—
WW	—		—	24	55	54	133
OTHER ONCOLOGY
US	110		34	33	37	52	156
INTL	458		84	72	64	63	283
WW	568		118	106	100	114	438
CARDIOVASCULAR / METABOLISM / OTHER
OTHER (3)
US	754		164	148	147	110	569
INTL	927		238	215	198	194	845
WW	1,682		402	363	345	304	1,414

MEDTECH SEGMENT (1)
INTERVENTIONAL SOLUTIONS
ELECTROPHYSIOLOGY	1,730		470	499	520	547	2,036
US	1,893		532	469	453	447	1,901
INTL	3,623		1,002	968	973	994	3,937
WW
ABIOMED (4)
US	—		—	—	—	31	31
INTL	—		—	—	—	—	—
WW	—		—	—	—	31	31
OTHER INTERVENTIONAL SOLUTIONS
US	106		24	26	27	25	102
Intl	242		65	56	60	48	230
WW	$	348	90	81	87	73	332

Note: Columns and rows within tables may not add due to rounding.

(1) Unaudited
(2) Other Neuroscience is inclusive of RISPERDAL CONSTA, which was previously disclosed separately
(3) Other is inclusive of INVOKANA, which was previously disclosed separately
(4) Acquired on December 22, 2022

Exhibit 99.3

Johnson & Johnson Announces Dividend Increase of 5.3%

New Brunswick, N.J. (April 18, 2023) – Johnson & Johnson today announced that its Board of Directors has declared a 5.3% increase in the quarterly dividend, from $1.13 per share to $1.19 per share.

“In recognition of our 2022 results, strong financial position, and confidence in the future of Johnson & Johnson, the Board of Directors has voted to increase the quarterly dividend for the 61st consecutive year,” said Joaquin Duato, Chairman of the Board and Chief Executive Officer of the company.

At the new rate, the indicated dividend on an annual basis is $4.76 per share compared to the previous rate of $4.52 per share. The next quarterly dividend is payable on June 6, 2023 to shareholders of record as of the close of business on May 23, 2023. The ex-dividend date is May 22, 2023.

About Johnson & Johnson