CORRECTING and REPLACING Johnson & Johnson Reports Q1 2024 Results
-
2024 First-Quarter reported sales growth of 2.3% to
$21.4 Billion with operational growth of 3.9%* and adjusted operational growth of 4.0%*- Adjusted operational growth excluding COVID-19 Vaccine of 7.7%*
-
2024 First-Quarter Earnings per share (EPS) increased to
$2.20 and adjusted EPS increased to$2.71 or 12.4%*
- Company increasing the midpoint for Full-Year 2024 operational sales5 and adjusted operational EPS guidance
The updated release reads:
Unless otherwise noted, the financial results and earnings guidance included below reflect the continuing operations of
Overall Financial Results
|
Q1 |
||
($ in Millions, except EPS) |
2024 |
2023 |
% Change |
Reported Sales |
|
|
2.3% |
Net Earnings/(Loss) |
|
( |
|
EPS (Diluted/Basic)6 |
|
( |
|
Q1 |
|||
Non-GAAP* ($ in Millions, except EPS) |
2024 |
2023 |
% Change |
Operational Sales1,2 |
|
|
3.9% |
Adjusted Operational Sales1,3 |
|
|
4.0% |
Adjusted Operational Sales ex. COVID-19 Vaccine1,3 |
|
|
7.7% |
Adjusted Net Earnings1,4 |
|
|
3.8% |
Adjusted EPS (Diluted)1,4 |
|
|
12.4% |
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 |
Excludes COVID-19 Vaccine |
|
6 |
Basic shares are used to calculate loss per share in the first quarter of 2023 as use of diluted shares when in a loss position would be anti-dilutive |
|
Note: Values may have been rounded |
Regional Sales Results
Q1 |
% Change |
|||||
($ in Millions) |
2024 |
2023 |
Reported |
Operational1,2 |
Currency |
Adjusted
|
|
|
|
7.8% |
7.8 |
- |
7.9 |
International |
9,763 |
10,112 |
(3.4) |
(0.3) |
(3.1) |
(0.3) |
Worldwide |
|
|
2.3% |
3.9 |
(1.6) |
4.0 |
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
Q1 |
% Change |
|
|
|||
($ in Millions) |
2024 |
2023 |
Reported |
Operational1,2 |
Currency |
Adjusted
|
Innovative Medicine |
|
|
1.1% |
2.5 |
(1.4) |
2.5 |
|
7,821 |
7,481 |
4.5 |
6.3 |
(1.8) |
6.5 |
Worldwide |
|
|
2.3% |
3.9 |
(1.6) |
4.0 |
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 |
|
Values may have been rounded |
First Quarter 2024 Segment Commentary:
Operational sales* reflected below excludes the impact of translational currency. Adjusted operational sales* reflected below excludes the net impact of acquisitions and divestitures and translational currency.
Innovative Medicine
Innovative Medicine worldwide operational sales, excluding the COVID-19 Vaccine, grew 8.3%*. Growth was driven by DARZALEX (daratumumab), ERLEADA (apalutamide), CARVYKTI (ciltacabtagene autoleucel), TECVAYLI (teclistamab-cqyv) and Other Oncology in Oncology, UPTRAVI (selexipag) and OPSUMIT (macitentan) in Pulmonary Hypertension, TREMFYA (guselkumab) in Immunology, and SPRAVATO (esketamine) in Neuroscience. Including the COVID-19 Vaccine, Innovative Medicine worldwide operational sales grew 2.5%*.
Notable New Announcements in the Quarter:
The information contained in this section should be read together with Johnson & Johnson’s other disclosures filed with the
Regulatory |
CARVYKTI is the First and Only BCMA-Targeted Treatment Approved by the |
|
Johnson & Johnson’s nipocalimab granted |
||
Biosense Webster Submits Application to |
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|
||
|
||
|
||
|
||
RYBREVANT (amivantamab-vmjw) in Combination With Chemotherapy Is the First FDA Approved Therapy for First-line Treatment of Patients With Non-Small Cell |
||
Janssen Receives Positive CHMP Opinion for CARVYKTI (ciltacabtagene autoleucel; cilta-cel) for Treatment in Earlier Lines of Relapsed and Refractory Multiple Myeloma |
||
TECVAYLI (teclistamab-cqyv) biweekly dosing approved by the |
||
Johnson & Johnson’s nipocalimab granted |
||
|
||
Data Release |
Unique molecular properties of nipocalimab enabling differentiated potential in treating generalized myasthenia gravis to be presented at |
|
|
||
RYBREVANT (amivantamab-vmjw) data at ELCC advance Johnson & Johnson’s ambition to transform the standard of care for patients with EGFR-mutated non-small cell lung cancer |
||
New data shows JNJ-2113, the first and only investigational targeted oral peptide, maintained skin clearance in moderate-to-severe plaque psoriasis through one year |
||
Investigational targeted oral peptide JNJ-2113 demonstrated positive results in moderate-to-severe plaque psoriasis in Phase 2b study published in |
||
|
||
Johnson & Johnson Highlights Ambition to Transform the Treatment of Prostate Cancer and Bladder Cancer through Data Presentations at ASCO GU |
||
Product Launch |
Biosense Webster Announces CE Mark approval in |
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Other |
|
|
Johnson & Johnson Completes Acquisition of |
1 Subsequent to the quarter |
Full-Year 2024 Guidance:
($ in Billions, except EPS) |
|
|
Adjusted Operational Sales1,2,5
|
5.5% – 6.0% / 5.8% |
5.0% – 6.0% / 5.5% |
Operational Sales2,5/ Mid-point
|
5.5% – 6.0% / 5.8% |
5.0% – 6.0% / 5.5% |
Estimated Reported Sales3,5/ Mid-point
|
4.7% – 5.2% / 5.0% |
4.5% – 5.5% / 5.0% |
|
|
|
Adjusted Operational EPS (Diluted)2,4/ Mid-point
Change vs. Prior Year / Mid-point |
6.9% – 8.4% / 7.7% |
6.4% – 8.4% / 7.4% |
Adjusted EPS (Diluted)3,4 / Mid-point
|
6.6% – 8.1% / 7.4% |
6.4% – 8.4% / 7.4% |
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: |
|
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:
About
At
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 Investor Relations 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
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, and market position and business strategy. 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
|
||||||||||||||
Supplementary Sales Data | ||||||||||||||
(Unaudited; Dollars in Millions) |
FIRST QUARTER |
|||||||||||||
|
|
|
|
Percent Change |
||||||||||
2024 |
|
2023 |
|
Total |
Operations |
|
Currency |
|||||||
Sales to customers by | ||||||||||||||
segment of business | ||||||||||||||
Innovative Medicine (1) | ||||||||||||||
|
|
7,612 |
7,023 |
8.4 |
|
8.4 |
|
- |
|
|||||
International |
|
5,950 |
6,390 |
(6.9 |
) |
(4.0 |
) |
(2.9 |
) |
|||||
|
13,562 |
13,413 |
1.1 |
|
2.5 |
|
(1.4 |
) |
||||||
Innovative Medicine excluding COVID-19 Vaccine (1) | ||||||||||||||
|
|
7,612 |
7,023 |
8.4 |
|
8.4 |
|
- |
|
|||||
International |
|
5,925 |
5,643 |
5.0 |
|
8.3 |
|
(3.3 |
) |
|||||
|
13,537 |
12,666 |
6.9 |
|
8.3 |
|
(1.4 |
) |
||||||
|
||||||||||||||
|
|
4,008 |
3,759 |
6.6 |
|
6.6 |
|
- |
|
|||||
International |
|
3,813 |
3,722 |
2.4 |
|
6.1 |
|
(3.7 |
) |
|||||
|
7,821 |
7,481 |
4.5 |
|
6.3 |
|
(1.8 |
) |
||||||
|
|
11,620 |
10,782 |
7.8 |
|
7.8 |
|
- |
|
|||||
International |
|
9,763 |
10,112 |
(3.4 |
) |
(0.3 |
) |
(3.1 |
) |
|||||
Worldwide |
|
21,383 |
20,894 |
2.3 |
|
3.9 |
|
(1.6 |
) |
|||||
|
|
11,620 |
10,782 |
7.8 |
|
7.8 |
|
- |
|
|||||
International |
|
9,738 |
9,365 |
4.0 |
|
7.4 |
|
(3.4 |
) |
|||||
Worldwide excluding COVID-19 Vaccine (1) |
$ |
21,358 |
20,147 |
6.0 |
% |
7.6 |
|
(1.6 |
) |
|||||
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. | ||||||||||||||
(1) Refer to supplemental sales information schedules |
|
||||||||||||||
Supplementary Sales Data | ||||||||||||||
(Unaudited; Dollars in Millions) | FIRST QUARTER | |||||||||||||
|
|
|
|
Percent Change |
||||||||||
2024 |
|
2023 |
|
Total |
|
Operations |
|
Currency |
||||||
Sales to customers by | ||||||||||||||
geographic area | ||||||||||||||
|
$ |
11,620 |
10,782 |
7.8 |
|
% |
7.8 |
|
- |
|
||||
|
|
5,163 |
5,590 |
(7.6 |
) |
(7.7 |
) |
0.1 |
|
|||||
Western Hemisphere excluding |
|
1,194 |
1,076 |
11.0 |
|
21.3 |
|
(10.3 |
) |
|||||
|
|
3,406 |
3,446 |
(1.1 |
) |
5.0 |
|
(6.1 |
) |
|||||
International |
|
9,763 |
10,112 |
(3.4 |
) |
(0.3 |
) |
(3.1 |
) |
|||||
Worldwide |
$ |
21,383 |
20,894 |
2.3 |
|
% |
3.9 |
|
(1.6 |
) |
||||
|
||||||||||||||
Supplementary Sales Data | ||||||||||||||
(Unaudited; Dollars in Millions) | FIRST QUARTER | |||||||||||||
|
|
|
|
Percent Change |
||||||||||
2024 |
|
2023 |
|
Total |
|
Operations |
|
Currency |
||||||
Sales to customers by | ||||||||||||||
geographic area (ex. COVID-19 Vaccine) | ||||||||||||||
|
$ |
11,620 |
10,782 |
7.8 |
|
% |
7.8 |
|
- |
|
||||
|
|
5,138 |
4,843 |
6.1 |
|
6.0 |
|
0.1 |
|
|||||
Western Hemisphere excluding |
|
1,194 |
1,076 |
11.0 |
|
21.3 |
|
(10.3 |
) |
|||||
|
|
3,406 |
3,446 |
(1.1 |
) |
5.0 |
|
(6.1 |
) |
|||||
International |
|
9,738 |
9,365 |
4.0 |
|
7.4 |
|
(3.4 |
) |
|||||
Worldwide |
$ |
21,358 |
20,147 |
6.0 |
|
% |
7.6 |
|
(1.6 |
) |
||||
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. | ||||||||||||||
(1) Refer to supplemental sales information schedules | ||||||||||||||
*No COVID-19 Vaccine sales |
|
||||||||||||||||
Condensed Consolidated Statement of Earnings | ||||||||||||||||
(Unaudited; in Millions Except Per Share Figures) | FIRST QUARTER | |||||||||||||||
2024 |
|
2023 |
|
Percent |
||||||||||||
|
|
Percent |
|
|
|
Percent |
|
Increase |
||||||||
Amount |
|
to Sales |
|
Amount |
|
to Sales |
|
(Decrease) |
||||||||
Sales to customers |
$ |
21,383 |
|
100.0 |
|
$ |
20,894 |
|
100.0 |
|
2.3 |
|
||||
Cost of products sold |
|
6,511 |
|
30.4 |
|
|
6,687 |
|
32.0 |
|
(2.6 |
) |
||||
Gross Profit |
|
14,872 |
|
69.6 |
|
|
14,207 |
|
68.0 |
|
4.7 |
|
||||
Selling, marketing and administrative expenses |
|
5,257 |
|
24.6 |
|
|
4,906 |
|
23.5 |
|
7.2 |
|
||||
Research and development expense |
|
3,542 |
|
16.6 |
|
|
3,455 |
|
16.6 |
|
2.5 |
|
||||
In-process research and development impairments |
|
- |
|
- |
|
|
49 |
|
0.2 |
|
||||||
Interest (income) expense, net |
|
(209 |
) |
(1.0 |
) |
|
14 |
|
0.1 |
|
||||||
Other (income) expense, net |
|
(322 |
) |
(1.5 |
) |
|
6,940 |
|
33.2 |
|
||||||
Restructuring |
|
164 |
|
0.8 |
|
|
130 |
|
0.6 |
|
||||||
Earnings/(loss) before provision for taxes on income |
|
6,440 |
|
30.1 |
|
|
(1,287 |
) |
(6.2 |
) |
||||||
Provision for/(Benefit from) taxes on income |
|
1,086 |
|
5.1 |
|
|
(796 |
) |
(3.9 |
) |
||||||
Net earnings/(loss) from Continuing Operations |
$ |
5,354 |
|
25.0 |
|
$ |
(491 |
) |
(2.3 |
) |
||||||
Net earnings from Discontinued Operations, net of tax |
|
- |
|
|
423 |
|
||||||||||
Net earnings/(loss) |
$ |
5,354 |
|
$ |
(68 |
) |
||||||||||
Net earnings (loss) per share (Diluted/Basic) from Continuing Operations |
$ |
2.20 |
|
$ |
(0.19 |
) |
||||||||||
Net earnings per share (Diluted) from Discontinued Operations |
$ |
- |
|
$ |
0.16 |
|
||||||||||
Average shares outstanding (Diluted/Basic) |
|
2,430.1 |
|
|
2,605.5 |
|
* | |||||||||
Effective tax rate from Continuing Operations |
|
16.9 |
|
% |
|
61.8 |
|
% |
||||||||
Adjusted earnings from Continuing Operations before provision for taxes and net earnings (1) | ||||||||||||||||
Earnings before provision for taxes on income from Continuing Operations |
$ |
7,877 |
|
36.8 |
|
$ |
7,536 |
|
36.1 |
|
4.5 |
|
||||
Net earnings from Continuing Operations |
$ |
6,580 |
|
30.8 |
|
$ |
6,340 |
|
30.3 |
|
3.8 |
|
||||
Net earnings per share (Diluted) from Continuing Operations |
$ |
2.71 |
|
$ |
2.41 |
|
12.4 |
|
||||||||
Average shares outstanding (Diluted) |
|
2,430.1 |
|
|
2,634.3 |
|
||||||||||
Effective tax rate from Continuing Operations |
|
16.5 |
|
% |
|
15.9 |
|
% |
||||||||
*Basic shares are used to calculate loss per share in the first quarter of 2023 as use of diluted shares when in a loss position would be anti-dilutive | ||||||||||||||||
(1) See Reconciliation of Non-GAAP Financial Measures. |
|
|||||||
Reconciliation of Non-GAAP Financial Measures | |||||||
First Quarter |
|||||||
(Dollars in Millions Except Per Share Data) |
2024 |
|
2023 |
||||
Net Earnings/(loss) from Continuing Operations, after tax- as reported |
|
|
( |
) |
|||
Pre-tax Adjustments | |||||||
Litigation related |
- |
|
6,900 |
|
|||
Intangible Asset Amortization expense |
1,078 |
|
1,122 |
|
|||
COVID-19 Vaccine related costs 1 |
9 |
|
444 |
|
|||
Restructuring related 2 |
171 |
|
130 |
|
|||
Medical Device Regulation 3 |
51 |
|
64 |
|
|||
Acquisition, integration and divestiture related |
148 |
|
42 |
|
|||
(Gains)/losses on securities |
(20 |
) |
72 |
|
|||
IPR&D impairments |
- |
|
49 |
|
|||
Tax Adjustments | |||||||
Tax impact on special item adjustments 4 |
(229 |
) |
(1,980 |
) |
|||
Tax legislation and other tax related |
18 |
|
(12 |
) |
|||
Adjusted Net Earnings from Continuing Operations, after tax |
|
|
|
|
|||
Average shares outstanding (Diluted) |
2,430.1 |
|
2,634.3 |
|
|||
Adjusted net earnings per share from Continuing Operations (Diluted) |
|
|
|
|
|||
Operational adjusted net earnings per share from Continuing Operations (Diluted) |
|
|
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 fiscal 2023, the company completed a prioritization of its research and development (R&D) investment within the Innovative Medicine segment to focus on the most promising medicines with the greatest benefit to patients. This resulted in the exit of certain programs within therapeutic areas. The R&D program exits are primarily in infectious diseases and vaccines including the discontinuation of its respiratory syncytial virus (RSV) adult vaccine program, hepatitis and HIV development. The restructuring expenses of |
||||||
In fiscal 2023, the company initiated a restructuring program of its Orthopaedics franchise within the |
|||||||
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 |
||||||
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. | ||||||
|
||||||
Reconciliation of Non-GAAP Financial Measure | ||||||
Adjusted Operational Sales Growth | ||||||
FIRST QUARTER 2024 ACTUAL vs. 2023 ACTUAL | ||||||
Segments | ||||||
Innovative Medicine |
|
|
|
Total |
||
|
|
|
|
|
||
WW As Reported |
1.1% |
|
4.5% |
|
2.3% |
|
|
8.4% |
|
6.6% |
|
7.8% |
|
International |
(6.9)% |
|
2.4% |
|
(3.4)% |
|
|
|
|
|
|
||
WW Currency |
(1.4) |
|
(1.8) |
|
(1.6) |
|
|
- |
|
- |
|
- |
|
International |
(2.9) |
|
(3.7) |
|
(3.1) |
|
|
|
|
|
|
||
WW Operational |
2.5% |
|
6.3% |
|
3.9% |
|
|
8.4% |
|
6.6% |
|
7.8% |
|
International |
(4.0)% |
|
6.1% |
|
(0.3)% |
|
|
|
|
|
|
||
All Other Acquisitions and Divestitures (A&D) |
0.0 |
|
0.2 |
|
0.1 |
|
|
0.0 |
|
0.2 |
|
0.1 |
|
International |
0.0 |
|
0.1 |
|
0.0 |
|
|
|
|
|
|
||
WW Adjusted Operational Ex A&D |
2.5% |
|
6.5% |
|
4.0% |
|
|
8.4% |
|
6.8% |
|
7.9% |
|
International |
(4.0)% |
|
6.2% |
|
(0.3)% |
|
|
|
|
|
|
||
COVID-19 Vaccine |
5.8 |
|
|
|
3.7 |
|
|
0.0 |
|
|
|
0.0 |
|
International |
12.3 |
|
|
|
7.7 |
|
|
|
|
|
|
||
WW Adjusted Operational Ex A&D & COVID-19 Vaccine |
8.3% |
|
6.5% |
|
7.7% |
|
|
8.4% |
|
6.8% |
|
7.9% |
|
International |
8.3% |
|
6.2% |
|
7.4% |
|
Note: Percentages are based on actual, non-rounded figures and may not sum |
REPORTED SALES vs. PRIOR PERIOD ($MM) |
|||||||||
FIRST QUARTER |
|||||||||
|
|
|
% Change |
||||||
INNOVATIVE MEDICINE SEGMENT (2) |
2024 |
|
2023 |
Reported |
Operational (1) |
Currency |
|||
IMMUNOLOGY | |||||||||
US |
$ |
2,453 |
|
2,448 |
0.2% |
0.2% |
- |
||
Intl |
|
1,794 |
|
1,664 |
7.9% |
11.0% |
-3.1% |
||
WW |
|
4,247 |
|
4,112 |
3.3% |
4.6% |
-1.3% |
||
REMICADE | |||||||||
US |
|
266 |
|
276 |
-3.9% |
-3.9% |
- |
||
US Exports (3) |
|
27 |
|
41 |
-32.7% |
-32.7% |
- |
||
Intl |
|
141 |
|
170 |
-17.2% |
-14.2% |
-3.0% |
||
WW |
|
434 |
|
487 |
-10.9% |
-9.9% |
-1.0% |
||
SIMPONI / SIMPONI ARIA | |||||||||
US |
|
254 |
|
271 |
-6.2% |
-6.2% |
- |
||
Intl |
|
299 |
|
266 |
12.4% |
20.0% |
-7.6% |
||
WW |
|
554 |
|
537 |
3.0% |
6.8% |
-3.8% |
||
STELARA | |||||||||
US |
|
1,396 |
|
1,451 |
-3.8% |
-3.8% |
- |
||
Intl |
|
1,055 |
|
993 |
6.2% |
8.2% |
-2.0% |
||
WW |
|
2,451 |
|
2,444 |
0.3% |
1.1% |
-0.8% |
||
TREMFYA | |||||||||
US |
|
509 |
|
406 |
25.4% |
25.4% |
- |
||
Intl |
|
299 |
|
234 |
27.9% |
31.5% |
-3.6% |
||
WW |
|
808 |
|
640 |
26.3% |
27.6% |
-1.3% |
||
OTHER IMMUNOLOGY | |||||||||
US |
|
0 |
|
3 |
* | * |
- |
||
Intl |
|
0 |
|
0 |
- |
- |
- |
||
WW |
|
0 |
|
3 |
* | * |
- |
||
INFECTIOUS DISEASES | |||||||||
US |
|
324 |
|
392 |
-17.4% |
-17.4% |
- |
||
Intl |
|
497 |
|
1,193 |
-58.4% |
-58.5% |
0.1% |
||
WW |
|
821 |
|
1,586 |
-48.3% |
-48.3% |
0.0% |
||
COVID-19 VACCINE | |||||||||
US |
|
0 |
|
0 |
- |
- |
- |
||
Intl |
|
25 |
|
747 |
-96.6% |
-96.7% |
0.1% |
||
WW |
|
25 |
|
747 |
-96.6% |
-96.7% |
0.1% |
||
EDURANT / rilpivirine | |||||||||
US |
|
8 |
|
9 |
-10.9% |
-10.9% |
- |
||
Intl |
|
315 |
|
271 |
16.6% |
15.7% |
0.9% |
||
WW |
|
323 |
|
280 |
15.7% |
14.8% |
0.9% |
||
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA | |||||||||
US |
|
314 |
|
378 |
-16.9% |
-16.9% |
- |
||
Intl |
|
104 |
|
99 |
5.5% |
5.5% |
0.0% |
||
WW |
|
418 |
|
477 |
-12.3% |
-12.3% |
0.0% |
||
OTHER INFECTIOUS DISEASES | |||||||||
US |
|
2 |
|
5 |
-68.8% |
-68.8% |
- |
||
Intl |
|
52 |
|
77 |
-32.8% |
-30.6% |
-2.2% |
||
WW |
|
53 |
|
82 |
-35.1% |
-33.1% |
-2.0% |
||
REPORTED SALES vs. PRIOR PERIOD ($MM) |
|||||||||
FIRST QUARTER |
|||||||||
|
|
|
|
% Change |
|||||
|
2024 |
|
2023 |
Reported |
Operational (1) |
Currency |
|||
NEUROSCIENCE | |||||||||
US |
|
1,054 |
|
978 |
7.8% |
7.8% |
- |
||
Intl |
|
749 |
|
826 |
-9.3% |
-4.4% |
-4.9% |
||
WW |
|
1,803 |
|
1,804 |
0.0% |
2.2% |
-2.2% |
||
CONCERTA / Methylphenidate | |||||||||
US |
|
41 |
|
70 |
-41.2% |
-41.2% |
- |
||
Intl |
|
136 |
|
136 |
-0.1% |
4.5% |
-4.6% |
||
WW |
|
177 |
|
206 |
-14.1% |
-11.1% |
-3.0% |
||
INVEGA SUSTENNA / XEPLION /
INVEGA TRINZA / TREVICTA |
|||||||||
US |
|
765 |
|
713 |
7.2% |
7.2% |
- |
||
Intl |
|
292 |
|
331 |
-11.8% |
-8.7% |
-3.1% |
||
WW |
|
1,056 |
|
1,044 |
1.2% |
2.2% |
-1.0% |
||
SPRAVATO | |||||||||
US |
|
191 |
|
111 |
71.5% |
71.5% |
- |
||
Intl |
|
34 |
|
20 |
76.1% |
74.8% |
1.3% |
||
WW |
|
225 |
|
131 |
72.2% |
72.0% |
0.2% |
||
OTHER NEUROSCIENCE | |||||||||
US |
|
58 |
|
84 |
-31.1% |
-31.1% |
- |
||
Intl |
|
287 |
|
339 |
-15.5% |
-8.4% |
-7.1% |
||
WW |
|
345 |
|
423 |
-18.5% |
-12.9% |
-5.6% |
||
ONCOLOGY | |||||||||
US |
|
2,383 |
|
1,889 |
26.2% |
26.2% |
- |
||
Intl |
|
2,430 |
|
2,223 |
9.3% |
12.6% |
-3.3% |
||
WW |
|
4,814 |
|
4,112 |
17.1% |
18.8% |
-1.7% |
||
CARVYKTI | |||||||||
US |
|
140 |
|
70 |
99.8% |
99.8% |
- |
||
Intl |
|
16 |
|
2 |
* | * | * | ||
WW |
|
157 |
|
72 |
* | * | * | ||
DARZALEX | |||||||||
US |
|
1,464 |
|
1,191 |
22.9% |
22.9% |
- |
||
Intl |
|
1,228 |
|
1,072 |
14.5% |
19.0% |
-4.5% |
||
WW |
|
2,692 |
|
2,264 |
18.9% |
21.0% |
-2.1% |
||
ERLEADA | |||||||||
US |
|
285 |
|
249 |
14.1% |
14.1% |
- |
||
Intl |
|
404 |
|
293 |
38.0% |
40.6% |
-2.6% |
||
WW |
|
689 |
|
542 |
27.0% |
28.4% |
-1.4% |
||
IMBRUVICA | |||||||||
US |
|
265 |
|
270 |
-1.5% |
-1.5% |
- |
||
Intl |
|
518 |
|
557 |
-7.0% |
-5.6% |
-1.4% |
||
WW |
|
784 |
|
827 |
-5.2% |
-4.3% |
-0.9% |
||
TECVAYLI(4) | |||||||||
US |
|
101 |
|
57 |
76.7% |
76.7% |
- |
||
Intl |
|
33 |
|
6 |
* | * | * | ||
WW |
|
133 |
|
63 |
* | * | * | ||
ZYTIGA / abiraterone acetate | |||||||||
US |
|
9 |
|
16 |
-41.3% |
-41.3% |
- |
||
Intl |
|
172 |
|
229 |
-24.8% |
-20.7% |
-4.1% |
||
WW |
|
181 |
|
245 |
-25.9% |
-22.1% |
-3.8% |
||
OTHER ONCOLOGY(4) | |||||||||
US |
|
119 |
|
35 |
* | * |
- |
||
Intl |
|
60 |
|
64 |
-6.1% |
-5.6% |
-0.5% |
||
WW |
|
178 |
|
99 |
80.2% |
80.5% |
-0.3% |
||
REPORTED SALES vs. PRIOR PERIOD ($MM) |
|||||||||
FIRST QUARTER |
|||||||||
|
|
|
|
% Change |
|||||
2024 |
|
2023 |
Reported |
Operational (1) |
Currency |
||||
PULMONARY HYPERTENSION | |||||||||
US |
|
766 |
|
600 |
27.5% |
27.5% |
- |
||
Intl |
|
283 |
|
272 |
4.1% |
10.9% |
-6.8% |
||
WW |
|
1,049 |
|
872 |
20.2% |
22.4% |
-2.2% |
||
OPSUMIT | |||||||||
US |
|
356 |
|
273 |
30.4% |
30.4% |
- |
||
Intl |
|
169 |
|
167 |
0.8% |
4.6% |
-3.8% |
||
WW |
|
524 |
|
440 |
19.1% |
20.6% |
-1.5% |
||
UPTRAVI | |||||||||
US |
|
392 |
|
304 |
29.0% |
29.0% |
- |
||
Intl |
|
76 |
|
58 |
30.7% |
38.6% |
-7.9% |
||
WW |
|
468 |
|
362 |
29.2% |
30.5% |
-1.3% |
||
OTHER PULMONARY HYPERTENSION | |||||||||
US |
|
18 |
|
23 |
-24.6% |
-24.6% |
- |
||
Intl |
|
39 |
|
47 |
-16.9% |
-1.0% |
-15.9% |
||
WW |
|
56 |
|
70 |
-19.5% |
-8.9% |
-10.6% |
||
CARDIOVASCULAR / METABOLISM / OTHER | |||||||||
US |
|
631 |
|
715 |
-11.7% |
-11.7% |
- |
||
Intl |
|
197 |
|
212 |
-7.0% |
-6.8% |
-0.2% |
||
WW |
|
829 |
|
927 |
-10.6% |
-10.5% |
-0.1% |
||
XARELTO | |||||||||
US |
|
518 |
|
578 |
-10.4% |
-10.4% |
- |
||
Intl |
|
- |
|
- |
- |
- |
- |
||
WW |
|
518 |
|
578 |
-10.4% |
-10.4% |
- |
||
OTHER | |||||||||
US |
|
114 |
|
137 |
-17.1% |
-17.1% |
- |
||
Intl |
|
197 |
|
212 |
-7.0% |
-6.8% |
-0.2% |
||
WW |
|
311 |
|
349 |
-11.0% |
-10.9% |
-0.1% |
||
TOTAL INNOVATIVE MEDICINE | |||||||||
US |
|
7,612 |
|
7,023 |
8.4% |
8.4% |
- |
||
Intl |
|
5,950 |
|
6,390 |
-6.9% |
-4.0% |
-2.9% |
||
WW |
$ |
13,562 |
|
13,413 |
1.1% |
2.5% |
-1.4% |
||
See footnotes at end of schedule | |||||||||
REPORTED SALES vs. PRIOR PERIOD ($MM) |
|||||||||
FIRST QUARTER |
|||||||||
|
|
|
|
% Change |
|||||
MEDTECH SEGMENT (2) |
2024 |
|
2023 |
Reported | Operational (1) | Currency | |||
CARDIOVASCULAR (5) | |||||||||
US |
$ |
1,025 |
|
863 |
18.8% |
18.8% |
- |
||
Intl |
|
781 |
|
640 |
22.1% |
27.6% |
-5.5% |
||
WW |
|
1,806 |
|
1,503 |
20.2% |
22.5% |
-2.3% |
||
ELECTROPHYSIOLOGY | |||||||||
US |
|
692 |
|
571 |
21.3% |
21.3% |
- |
||
Intl |
|
652 |
|
522 |
24.9% |
30.9% |
-6.0% |
||
WW |
|
1,344 |
|
1,092 |
23.0% |
25.9% |
-2.9% |
||
|
|||||||||
US |
|
303 |
|
264 |
15.0% |
15.0% |
- |
||
Intl |
|
67 |
|
60 |
12.4% |
14.7% |
-2.3% |
||
WW |
|
371 |
|
324 |
14.5% |
15.0% |
-0.5% |
||
OTHER CARDIOVASCULAR (5) | |||||||||
US |
|
30 |
|
28 |
3.3% |
3.3% |
- |
||
Intl |
|
62 |
|
58 |
6.9% |
11.5% |
-4.6% |
||
WW |
|
92 |
|
87 |
5.7% |
8.8% |
-3.1% |
||
ORTHOPAEDICS | |||||||||
US |
|
1,448 |
|
1,363 |
6.2% |
6.2% |
- |
||
Intl |
|
892 |
|
881 |
1.3% |
2.7% |
-1.4% |
||
WW |
|
2,340 |
|
2,245 |
4.3% |
4.8% |
-0.5% |
||
HIPS | |||||||||
US |
|
270 |
|
241 |
12.1% |
12.1% |
- |
||
Intl |
|
152 |
|
149 |
1.7% |
3.3% |
-1.6% |
||
WW |
|
422 |
|
390 |
8.1% |
8.7% |
-0.6% |
||
KNEES | |||||||||
US |
|
242 |
|
226 |
6.9% |
6.9% |
- |
||
Intl |
|
160 |
|
142 |
12.3% |
13.1% |
-0.8% |
||
WW |
|
401 |
|
368 |
9.0% |
9.3% |
-0.3% |
||
TRAUMA | |||||||||
US |
|
504 |
|
491 |
2.8% |
2.8% |
- |
||
Intl |
|
261 |
|
267 |
-2.3% |
-1.1% |
-1.2% |
||
WW |
|
765 |
|
757 |
1.0% |
1.4% |
-0.4% |
||
SPINE, SPORTS & OTHER | |||||||||
US |
|
432 |
|
406 |
6.5% |
6.5% |
- |
||
Intl |
|
320 |
|
323 |
-0.9% |
0.9% |
-1.8% |
||
WW |
|
752 |
|
729 |
3.2% |
4.0% |
-0.8% |
||
REPORTED SALES vs. PRIOR PERIOD ($MM) |
|||||||||
FIRST QUARTER | |||||||||
% Change | |||||||||
2024 |
2023 |
Reported | Operational (1) | Currency | |||||
SURGERY | |||||||||
US |
|
987 |
|
975 |
1.2% |
1.2% |
- |
||
Intl |
|
1,429 |
|
1,459 |
-2.0% |
2.3% |
-4.3% |
||
WW |
|
2,416 |
|
2,434 |
-0.7% |
1.9% |
-2.6% |
||
ADVANCED | |||||||||
US |
|
446 |
|
444 |
0.2% |
0.2% |
- |
||
Intl |
|
641 |
|
673 |
-4.7% |
-0.7% |
-4.0% |
||
WW |
|
1,087 |
|
1,118 |
-2.8% |
-0.3% |
-2.5% |
||
GENERAL | |||||||||
US |
|
542 |
|
531 |
2.1% |
2.1% |
- |
||
Intl |
|
788 |
|
785 |
0.3% |
4.8% |
-4.5% |
||
WW |
|
1,330 |
|
1,316 |
1.0% |
3.7% |
-2.7% |
||
VISION | |||||||||
US |
|
547 |
|
558 |
-1.8% |
-1.8% |
- |
||
Intl |
|
710 |
|
743 |
-4.4% |
-1.1% |
-3.3% |
||
WW |
|
1,258 |
|
1,300 |
-3.3% |
-1.4% |
-1.9% |
||
CONTACT LENSES / OTHER | |||||||||
US |
|
438 |
|
444 |
-1.4% |
-1.4% |
- |
||
Intl |
|
472 |
|
509 |
-7.4% |
-3.1% |
-4.3% |
||
WW |
|
910 |
|
953 |
-4.6% |
-2.3% |
-2.3% |
||
SURGICAL | |||||||||
US |
|
110 |
|
114 |
-3.7% |
-3.7% |
- |
||
Intl |
|
238 |
|
233 |
2.2% |
3.4% |
-1.2% |
||
WW |
|
348 |
|
347 |
0.3% |
1.1% |
-0.8% |
||
TOTAL |
|||||||||
US |
|
4,008 |
|
3,759 |
6.6% |
6.6% |
- |
||
Intl |
|
3,813 |
|
3,722 |
2.4% |
6.1% |
-3.7% |
||
WW |
$ |
7,821 |
$ |
7,481 |
4.5% |
6.3% |
-1.8% |
||
Note: Columns 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) Reported as |
(4) See Supplemental Sales Information Schedule |
(5) Previously referred to as Interventional Solutions |
Supplemental Sales Information (Unaudited) | ||||||||||||||||
(Dollars in Millions) | ||||||||||||||||
Schedule 1 | ||||||||||||||||
FIRST QUARTER |
||||||||||||||||
|
|
|
|
|
Percent Change |
|||||||||||
2024 |
|
|
2023 |
|
Total |
|
|
Operations |
|
Currency |
||||||
Innovative Medicine | ||||||||||||||||
|
$ |
7,612 |
7,023 |
8.4 |
|
% |
8.4 |
|
- |
|
||||||
International |
|
5,950 |
6,390 |
(6.9 |
) |
(4.0 |
) |
(2.9 |
) |
|||||||
Worldwide |
|
13,562 |
13,413 |
1.1 |
|
2.5 |
|
(1.4 |
) |
|||||||
COVID-19 Vaccine | ||||||||||||||||
|
|
- |
- |
- |
|
- |
|
- |
|
|||||||
International |
|
25 |
747 |
(96.6 |
) |
(96.7 |
) |
0.1 |
|
|||||||
Worldwide |
|
25 |
747 |
(96.6 |
) |
(96.7 |
) |
0.1 |
|
|||||||
Innovative Medicine excluding COVID-19 Vaccine | ||||||||||||||||
|
|
7,612 |
7,023 |
8.4 |
|
8.4 |
|
- |
|
|||||||
International |
|
5,925 |
5,643 |
5.0 |
|
8.3 |
|
(3.3 |
) |
|||||||
Worldwide |
|
13,537 |
12,666 |
6.9 |
|
8.3 |
|
(1.4 |
) |
|||||||
Worldwide | ||||||||||||||||
|
|
11,620 |
10,782 |
7.8 |
|
7.8 |
|
- |
|
|||||||
International |
|
9,763 |
10,112 |
(3.4 |
) |
(0.3 |
) |
(3.1 |
) |
|||||||
Worldwide |
|
21,383 |
20,894 |
2.3 |
|
3.9 |
|
(1.6 |
) |
|||||||
COVID-19 Vaccine | ||||||||||||||||
|
|
- |
- |
- |
|
- |
|
- |
|
|||||||
International |
|
25 |
747 |
(96.6 |
) |
(96.7 |
) |
0.1 |
|
|||||||
Worldwide |
|
25 |
747 |
(96.6 |
) |
(96.7 |
) |
0.1 |
|
|||||||
Worldwide | ||||||||||||||||
|
|
11,620 |
10,782 |
7.8 |
|
7.8 |
|
- |
|
|||||||
International |
|
9,738 |
9,365 |
4.0 |
|
7.4 |
|
(3.4 |
) |
|||||||
Worldwide excluding COVID-19 Vaccine |
$ |
21,358 |
20,147 |
6.0 |
|
% |
7.6 |
|
(1.6 |
) |
||||||
|
$ |
5,163 |
5,590 |
(7.6 |
) |
% |
(7.7 |
) |
0.1 |
|
||||||
Europe COVID-19 Vaccine Sales |
|
25 |
747 |
(96.6 |
) |
(96.7 |
) |
0.1 |
|
|||||||
|
$ |
5,138 |
4,843 |
6.1 |
|
% |
6.0 |
|
0.1 |
|
||||||
Schedule 2 | |||||||||||||||
2022 |
|
2023 |
|
2023 |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Full Year |
|
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Full Year |
||||||
INNOVATIVE MEDICINE SEGMENT (1) | |||||||||||||||
ONCOLOGY | |||||||||||||||
TECVAYLI | |||||||||||||||
US |
12 |
57 |
82 |
93 |
102 |
334 |
|||||||||
INTL |
3 |
6 |
12 |
19 |
24 |
61 |
|||||||||
WW |
15 |
63 |
94 |
112 |
126 |
395 |
|||||||||
OTHER ONCOLOGY | |||||||||||||||
US |
144 |
35 |
40 |
50 |
90 |
215 |
|||||||||
INTL |
280 |
64 |
80 |
67 |
58 |
269 |
|||||||||
WW |
423 |
99 |
120 |
117 |
148 |
484 |
|||||||||
Note: Columns and rows within tables may not add due to rounding | |||||||||||||||
(1) Unaudited |
|
|||||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures | |||||||||||||||||||||||||
Q1 YTD - Income Before Tax and Research & Development Expense by Segment* | |||||||||||||||||||||||||
Dollars in Millions | |||||||||||||||||||||||||
Innovative Medicine |
|
|
|
Unallocated |
|
|
Worldwide Total |
||||||||||||||||||
2024 |
2023 |
2024 |
2023 |
|
2024 |
2023 |
|
|
2024 |
2023 |
|||||||||||||||
Reported Income Before Tax by Segment From Continuing Operations | $ |
4,969 |
|
4,402 |
|
1,520 |
|
1,409 |
|
(49 |
) |
(7,098 |
) |
6,440 |
|
(1,287 |
) |
||||||||
% to Sales |
36.6 |
% |
32.8 |
% |
19.4 |
% |
18.8 |
% |
-0.2 |
% |
-34.0 |
% |
30.1 |
% |
-6.2 |
% |
|||||||||
Intangible asset amortization expense |
698 |
|
739 |
|
380 |
|
383 |
|
- |
|
- |
|
1,078 |
|
1,122 |
|
|||||||||
In-process research and development impairments |
- |
|
- |
|
- |
|
49 |
|
- |
|
- |
|
- |
|
49 |
|
|||||||||
Litigation related |
- |
|
- |
|
- |
|
- |
|
- |
|
6,900 |
|
- |
|
6,900 |
|
|||||||||
Loss/(gain) on securities |
(55 |
) |
38 |
|
22 |
|
34 |
|
13 |
|
- |
|
(20 |
) |
72 |
|
|||||||||
Restructuring related |
144 |
|
130 |
|
27 |
|
- |
|
- |
|
- |
|
171 |
|
130 |
|
|||||||||
Acquisition, integration and divestiture related |
47 |
|
- |
|
61 |
|
42 |
|
40 |
|
- |
|
148 |
|
42 |
|
|||||||||
Medical Device Regulation |
- |
|
- |
|
51 |
|
64 |
|
- |
|
- |
|
51 |
|
64 |
|
|||||||||
COVID-19 Vaccine related costs |
9 |
|
444 |
|
- |
|
- |
|
- |
|
- |
|
9 |
|
444 |
|
|||||||||
Adjusted Income Before Tax by Segment From Continuing Operations | $ |
5,812 |
|
5,753 |
|
2,061 |
|
1,981 |
|
4 |
|
(198 |
) |
7,877 |
|
7,536 |
|
||||||||
% to Sales |
42.9 |
% |
42.9 |
% |
26.4 |
% |
26.5 |
% |
0.0 |
% |
-0.9 |
% |
36.8 |
% |
36.1 |
% |
|||||||||
*Estimated as of 4/16/2024 | |||||||||||||||||||||||||
As Reported Research and development expense | $ |
2,896 |
|
2,778 |
|
646 |
|
677 |
|
3,542 |
|
3,455 |
|
||||||||||||
% to Sales |
21.4 |
% |
20.7 |
% |
8.3 |
% |
9.1 |
% |
16.6 |
% |
16.6 |
% |
|
||||||||||||||||||||||||||||||||||
GAAP to Non-GAAP Reconciliation | ||||||||||||||||||||||||||||||||||
$ in Millions | ||||||||||||||||||||||||||||||||||
Year to Date | ||||||||||||||||||||||||||||||||||
First Quarter March 31, 2024 GAAP |
Intangible asset amortization |
Litigation related |
In-process
research and development impairments |
Restructuring
|
Acquisition, integration and divestiture related |
(Loss)/gain on securities |
Medical Device
|
COVID-19 Vaccine Related Costs |
Tax legislation and other tax related |
First Quarter March 31, 2024 Non-GAAP |
||||||||||||||||||||||||
Cost of products sold |
$ |
6,511 |
|
(1,078 |
) |
(7 |
) |
(20 |
) |
(2 |
) |
- |
|
5,404 |
|
|||||||||||||||||||
Selling, marketing and admin expenses |
|
5,257 |
|
(4 |
) |
5,253 |
|
|||||||||||||||||||||||||||
Research and development expense |
|
3,542 |
|
(18 |
) |
(27 |
) |
(7 |
) |
3,490 |
|
|||||||||||||||||||||||
Other (Income) / Expense |
|
(322 |
) |
- |
|
- |
|
- |
|
(130 |
) |
20 |
|
- |
|
- |
|
(432 |
) |
|||||||||||||||
In-process research and development impairments |
|
- |
|
- |
|
- |
|
|||||||||||||||||||||||||||
Restructuring |
|
164 |
|
(164 |
) |
- |
|
|||||||||||||||||||||||||||
Provision for taxes on income |
|
1,086 |
|
148 |
|
- |
|
- |
|
39 |
|
38 |
|
(7 |
) |
9 |
|
2 |
|
(18 |
) |
1,297 |
|
|||||||||||
Net Earnings from Continuing Operations |
|
5,354 |
|
930 |
|
- |
|
- |
|
132 |
|
110 |
|
(13 |
) |
42 |
|
7 |
|
18 |
|
6,580 |
|
|||||||||||
First Quarter April 2, 2023 GAAP |
Intangible asset amortization |
Litigation related |
In-process research and development impairments |
Restructuring
|
Acquisition, integration and divestiture related |
(Loss)/gain on securities |
Medical Device
|
COVID-19 Vaccine Related Costs |
Tax legislation and other tax related |
First Quarter April 2, 2023 Non-GAAP |
||||||||||||||||||||||||
Cost of products sold |
$ |
6,687 |
|
(1,118 |
) |
- |
|
(23 |
) |
(206 |
) |
- |
|
5,340 |
|
|||||||||||||||||||
Selling, marketing and admin expenses |
|
4,906 |
|
(7 |
) |
4,899 |
|
|||||||||||||||||||||||||||
Research and development expense |
|
3,455 |
|
(16 |
) |
(34 |
) |
(16 |
) |
3,389 |
|
|||||||||||||||||||||||
Other (Income) / Expense |
|
6,940 |
|
(4 |
) |
(6,900 |
) |
- |
|
(26 |
) |
(72 |
) |
(222 |
) |
(284 |
) |
|||||||||||||||||
In-process research and development impairments |
|
49 |
|
(49 |
) |
- |
|
|||||||||||||||||||||||||||
Restructuring |
|
130 |
|
(130 |
) |
- |
|
|||||||||||||||||||||||||||
Provision for (Benefit from) taxes on income |
|
(796 |
) |
177 |
|
1,622 |
|
11 |
|
32 |
|
5 |
|
16 |
|
12 |
|
105 |
|
12 |
|
1,196 |
|
|||||||||||
Net Earnings (Loss) from Continuing Operations |
|
(491 |
) |
945 |
|
5,278 |
|
38 |
|
98 |
|
37 |
|
56 |
|
52 |
|
339 |
|
(12 |
) |
6,340 |
|
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