Johnson & Johnson Reports Q3 2024 Results
-
2024 Third-Quarter reported sales growth of 5.2% to
$22.5 Billion with operational growth of 6.3%* and adjusted operational growth of 5.4%* -
2024 Third-Quarter Earnings per share (EPS) of
$1.11 decreasing by 34.3% due to a one-time special charge and acquired IPR&D. Adjusted EPS of$2.42 decreasing by 9.0%* with acquired IPR&D impacting results approximately 1,900 basis points - Significant pipeline progress including approvals of TREMFYA in ulcerative colitis, RYBREVANT + LAZCLUZE in non-small cell lung cancer, and submission of an investigational device exemption for our general surgery robotic system, OTTAVA
- Company increases Full-Year 2024 operational sales5 guidance
-
Company updates Full-Year 2024 adjusted operational EPS guidance to reflect improved performance and the acquisition of
V-Wave ; costs associated with the acquisition ofV-Wave more than offset the improvement
Unless otherwise noted, the financial results and earnings guidance included below reflect the continuing operations of
Overall financial results
Q3 |
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($ in Millions, except EPS) |
2024 |
2023 |
% Change |
Reported Sales |
|
|
5.2% |
Net Earnings/(Loss) |
|
|
-37.5% |
EPS (diluted) |
|
|
-34.3% |
|
|
|
|
Q3 |
|||
Non-GAAP* ($ in Millions, except EPS) |
2024 |
2023 |
% Change |
Operational Sales1,2 |
|
|
6.3% |
Adjusted Operational Sales1,3 |
|
|
5.4% |
Adjusted Operational Sales ex. COVID-19 Vaccine1,3 |
|
|
5.6% |
Adjusted Net Earnings1,4 |
|
|
-13.3% |
Adjusted EPS (diluted)1,4 |
|
|
-9.0% |
Free Cash Flow (YTD)6,7 |
|
|
|
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 |
Non-GAAP measure; defined as cash flow from operating activities, less additions to property, plant and equipment. Cash flow from operations, the most directly comparable GAAP financial measure, will be included in subsequent |
|
7 |
Q3 YTD 2024 is estimated as of |
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Note: values may have been rounded |
Regional sales results
Q3 |
|
% Change |
||||
($ in Millions) |
2024 |
2023 |
Reported |
Operational1,2 |
Currency |
Adjusted
|
|
|
|
7.6% |
7.6 |
- |
6.5 |
International |
9,562 |
9,355 |
2.2 |
4.6 |
-2.4 |
4.0 |
Worldwide |
|
|
5.2% |
6.3 |
-1.1 |
5.4 |
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 |
|
Note: values may have been rounded |
Segment sales results
Q3 |
|
% Change |
||||
($ in Millions) |
2024 |
2023 |
Reported |
Operational1,2 |
Currency |
Adjusted
|
Innovative Medicine |
|
|
4.9% |
6.3 |
(1.4) |
6.4 |
|
7,891 |
7,458 |
5.8% |
6.4 |
(0.6) |
3.7 |
Worldwide |
|
|
5.2% |
6.3 |
(1.1) |
5.4 |
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 |
|
Note: values may have been rounded |
Third Quarter 2024 segment commentary:
Operational sales* reflected below excludes the impact of translational currency.
Innovative Medicine
Innovative Medicine worldwide operational sales grew 6.3%. Growth was driven by DARZALEX (daratumumab), ERLEADA (apalutamide), Other Oncology, and CARVYKTI (ciltacabtagene autoleucel) in Oncology, TREMFYA (guselkumab) in Immunology, SPRAVATO (esketamine) in Neuroscience, and OPSUMIT (macitentan) in Pulmonary Hypertension. Growth was partially offset by STELARA (ustekinumab) and SIMPONI/SIMPONI ARIA (golimumab) in Immunology.
Full-year 2024 guidance:
Non-GAAP* |
2024 |
|
|
Improved performance outlook |
|
|
|
M&A impact ( |
( |
|
|
1 |
Non-GAAP financial measure; excludes the impact of translational currency |
|
2 |
Non-GAAP financial measure; excludes intangible amortization expense and special items |
|
Note: Adjusted operational EPS figures reflect midpoint of issued guidance |
($ in Billions, except EPS) |
|
|
Adjusted Operational Sales1,2,5 Change vs. Prior Year / Mid-point |
5.7% – 6.2% / 6.0% |
5.5% – 6.0% / 5.8% |
Operational Sales2,5/ Mid-point |
|
|
Change vs. Prior Year / Mid-point |
6.3% – 6.8% / 6.6% |
6.1% – 6.6% / 6.4% |
Estimated Reported Sales3,5/ Mid-point |
|
|
Change vs. Prior Year / Mid-point |
5.1% – 5.6% / 5.4% |
4.7% – 5.2% / 5.0% |
Adjusted Operational EPS (Diluted)2,4/ Mid-point |
|
|
Change vs. Prior Year / Mid-point |
(0.6)% – 0.4% / (0.1)% |
0.8% – 1.8% / 1.3% |
Adjusted EPS (Diluted)3,4 / Mid-point |
|
|
Change vs. Prior Year / Mid-point |
(0.4)% – 0.6% / 0.1% |
0.5% – 1.5% / 1.0% |
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: |
|
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.
Notable announcements in the quarter:
The information contained in this section should be read together with Johnson & Johnson’s other disclosures filed with the
Regulatory |
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|
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DARZALEX (daratumumab)-based quadruplet regimen receives positive CHMP opinion for transplant-eligible patients with newly diagnosed multiple myeloma |
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RYBREVANT (amivantamab-vmjw) plus standard of care approved in the |
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TREMFYA (guselkumab) receives |
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|
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|
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RYBREVANT (amivantamab-vmjw) plus LAZCLUZE (lazertinib) approved in the |
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DARZALEX FASPRO (daratumumab and hyaluronidase-fihj)-based quadruplet regimen approved in the |
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Data Releases |
TREMFYA (guselkumab) demonstrates impressive results across biologic-naïve and biologic-refractory patients in Crohn's disease and ulcerative colitis1 |
|
|
CARVYKTI is the first and only cell therapy to significantly extend overall survival versus standard therapies for patients with multiple myeloma as early as second line |
|
DARZALEX (daratumumab)-based maintenance regimens show clinically meaningful deep and durable responses in transplant-eligible patients with newly diagnosed multiple myeloma |
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Novel combination of TALVEY (talquetamab-tgvs) and TECVAYLI (teclistamab-cqyv) suggests high response rates and durable responses in triple-class refractory patients with relapsed or refractory multiple myeloma, including those with extramedullary disease |
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TALVEY (talquetamab-tgvs) and DARZALEX FASPRO (daratumumab and hyaluronidase-fihj) based combination shows deep and durable responses in patients with relapsed or refractory multiple myeloma |
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Groundbreaking nipocalimab study of pregnant individuals at high risk for early onset severe hemolytic disease of the fetus and newborn published in |
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Product Launch |
Johnson & Johnson MedTech Launches VOLT Plating System1 |
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Johnson & Johnson Rolls Out New TECNIS Odyssey Next-Generation Intraocular Lens Offering Cataract Patients Precise Vision at Every Distance in Any Lighting |
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Shockwave Medical Expands |
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DePuy Synthes Launches its First Active Spine Robotics and Navigation Platform |
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Other |
Johnson & Johnson Completes Acquisition of |
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Johnson & Johnson Announces that its Subsidiary, |
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Johnson & Johnson’s Executive Vice President, Chief Human Resources Officer |
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1 Subsequent to the quarter |
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
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Supplementary Sales Data | ||||||||||||||||||||||||
(Unaudited; Dollars in Millions) |
THIRD QUARTER |
|
NINE MONTHS |
|||||||||||||||||||||
|
|
|
|
Percent Change |
|
|
|
|
|
Percent Change |
||||||||||||||
2024 |
|
2023 |
|
Total |
|
Operations |
Currency |
|
2024 |
|
2023 |
|
Total |
|
Operations |
Currency |
||||||||
Sales to customers by | ||||||||||||||||||||||||
segment of business | ||||||||||||||||||||||||
Innovative Medicine (1) | ||||||||||||||||||||||||
|
$ |
8,871 |
8,249 |
7.5 |
% |
7.5 |
- |
|
$ |
24,993 |
23,090 |
8.2 |
|
% |
8.2 |
- |
|
|||||||
International |
|
5,709 |
5,644 |
1.2 |
4.4 |
(3.2 |
) |
|
17,639 |
17,947 |
(1.7 |
) |
2.1 |
(3.8 |
) |
|||||||||
|
14,580 |
13,893 |
4.9 |
6.3 |
(1.4 |
) |
|
42,632 |
41,037 |
3.9 |
|
5.5 |
(1.6 |
) |
||||||||||
Innovative Medicine excluding COVID-19 Vaccine (1) | ||||||||||||||||||||||||
|
|
8,871 |
8,249 |
7.5 |
7.5 |
- |
|
|
24,993 |
23,090 |
8.2 |
|
8.2 |
- |
|
|||||||||
International |
|
5,708 |
5,603 |
1.9 |
5.2 |
(3.3 |
) |
|
17,441 |
16,874 |
3.4 |
|
7.4 |
(4.0 |
) |
|||||||||
|
14,579 |
13,852 |
5.2 |
6.6 |
(1.4 |
) |
|
42,434 |
39,964 |
6.2 |
|
7.9 |
(1.7 |
) |
||||||||||
|
||||||||||||||||||||||||
|
|
4,038 |
3,747 |
7.8 |
7.8 |
- |
|
|
12,105 |
11,345 |
6.7 |
|
6.7 |
- |
|
|||||||||
International |
|
3,853 |
3,711 |
3.9 |
5.0 |
(1.1 |
) |
|
11,564 |
11,382 |
1.6 |
|
4.7 |
(3.1 |
) |
|||||||||
|
7,891 |
7,458 |
5.8 |
6.4 |
(0.6 |
) |
|
23,669 |
22,727 |
4.1 |
|
5.7 |
(1.6 |
) |
||||||||||
|
|
12,909 |
11,996 |
7.6 |
7.6 |
- |
|
|
37,098 |
34,435 |
7.7 |
|
7.7 |
- |
|
|||||||||
International |
|
9,562 |
9,355 |
2.2 |
4.6 |
(2.4 |
) |
|
29,203 |
29,329 |
(0.4 |
) |
3.1 |
(3.5 |
) |
|||||||||
Worldwide |
|
22,471 |
21,351 |
5.2 |
6.3 |
(1.1 |
) |
|
66,301 |
63,764 |
4.0 |
|
5.6 |
(1.6 |
) |
|||||||||
|
|
12,909 |
11,996 |
7.6 |
7.6 |
- |
|
|
37,098 |
34,435 |
7.7 |
|
7.7 |
- |
|
|||||||||
International |
|
9,561 |
9,314 |
2.7 |
5.1 |
(2.4 |
) |
|
29,005 |
28,256 |
2.7 |
|
6.3 |
(3.6 |
) |
|||||||||
Worldwide excluding COVID-19 Vaccine (1) |
$ |
22,470 |
21,310 |
5.4 |
% |
6.5 |
(1.1 |
) |
$ |
66,103 |
62,691 |
5.4 |
|
% |
7.1 |
(1.7 |
) |
|||||||
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) |
THIRD QUARTER |
|
NINE MONTHS |
||||||||||||||||||||||
|
|
|
|
Percent Change |
|
|
|
|
|
Percent Change |
|||||||||||||||
2024 |
|
2023 |
|
Total |
|
Operations |
Currency |
|
2024 |
|
2023 |
|
Total |
|
Operations |
Currency |
|||||||||
Sales to customers by | |||||||||||||||||||||||||
geographic area | |||||||||||||||||||||||||
|
$ |
12,909 |
11,996 |
7.6 |
% |
7.6 |
- |
|
$ |
37,098 |
34,435 |
7.7 |
|
% |
7.7 |
|
- |
|
|||||||
|
|
4,914 |
4,727 |
4.0 |
3.0 |
1.0 |
|
|
15,291 |
15,448 |
(1.0 |
) |
(0.7 |
) |
(0.3 |
) |
|||||||||
Western Hemisphere excluding |
|
1,173 |
1,171 |
0.3 |
20.3 |
(20.0 |
) |
|
3,579 |
3,383 |
5.8 |
|
21.4 |
|
(15.6 |
) |
|||||||||
|
|
3,475 |
3,457 |
0.5 |
1.5 |
(1.0 |
) |
|
10,333 |
10,498 |
(1.6 |
) |
2.8 |
|
(4.4 |
) |
|||||||||
International |
|
9,562 |
9,355 |
2.2 |
4.6 |
(2.4 |
) |
|
29,203 |
29,329 |
(0.4 |
) |
3.1 |
|
(3.5 |
) |
|||||||||
Worldwide |
$ |
22,471 |
21,351 |
5.2 |
% |
6.3 |
(1.1 |
) |
$ |
66,301 |
63,764 |
4.0 |
|
% |
5.6 |
|
(1.6 |
) |
|||||||
|
|||||||||||||||||||||||||
Supplementary Sales Data | |||||||||||||||||||||||||
(Unaudited; Dollars in Millions) |
THIRD QUARTER |
|
NINE MONTHS |
||||||||||||||||||||||
|
|
|
|
Percent Change |
|
|
|
|
|
Percent Change |
|||||||||||||||
2024 |
|
2023 |
|
Total |
|
Operations |
Currency |
|
2024 |
|
2023 |
|
Total |
|
Operations |
Currency |
|||||||||
Sales to customers by | |||||||||||||||||||||||||
geographic area (ex. COVID-19 Vaccine) | |||||||||||||||||||||||||
|
$ |
12,909 |
11,996 |
7.6 |
% |
7.6 |
- |
|
$ |
37,098 |
34,435 |
7.7 |
|
% |
7.7 |
|
- |
|
|||||||
|
|
4,913 |
4,686 |
4.8 |
3.8 |
1.0 |
|
|
15,093 |
14,375 |
5.0 |
|
5.3 |
|
(0.3 |
) |
|||||||||
Western Hemisphere excluding |
|
1,173 |
1,171 |
0.3 |
20.3 |
(20.0 |
) |
|
3,579 |
3,383 |
5.8 |
|
21.4 |
|
(15.6 |
) |
|||||||||
|
|
3,475 |
3,457 |
0.5 |
1.5 |
(1.0 |
) |
|
10,333 |
10,498 |
(1.6 |
) |
2.8 |
|
(4.4 |
) |
|||||||||
International |
|
9,561 |
9,314 |
2.7 |
5.1 |
(2.4 |
) |
|
29,005 |
28,256 |
2.7 |
|
6.3 |
|
(3.6 |
) |
|||||||||
Worldwide |
$ |
22,470 |
21,310 |
5.4 |
% |
6.5 |
(1.1 |
) |
$ |
66,103 |
62,691 |
5.4 |
|
% |
7.1 |
|
(1.7 |
) |
|||||||
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) | THIRD QUARTER | |||||||||||||||
2024 |
|
2023 |
|
Percent |
||||||||||||
|
|
Percent |
|
|
|
Percent |
|
Increase |
||||||||
Amount |
|
to Sales |
|
Amount |
|
to Sales |
|
(Decrease) |
||||||||
Sales to customers |
$ |
22,471 |
|
100.0 |
|
$ |
21,351 |
|
100.0 |
|
5.2 |
|
||||
Cost of products sold |
|
6,963 |
|
31.0 |
|
|
6,606 |
|
30.9 |
|
5.4 |
|
||||
Gross Profit |
|
15,508 |
|
69.0 |
|
|
14,745 |
|
69.1 |
|
5.2 |
|
||||
Selling, marketing and administrative expenses |
|
5,478 |
|
24.3 |
|
|
5,400 |
|
25.3 |
|
1.4 |
|
||||
Research and development expense |
|
4,952 |
|
22.0 |
|
|
3,447 |
|
16.2 |
|
43.7 |
|
||||
In-process research and development impairments |
|
- |
|
- |
|
|
206 |
|
1.0 |
|
||||||
Interest (income) expense, net |
|
(99 |
) |
(0.4 |
) |
|
(182 |
) |
(0.8 |
) |
||||||
Other (income) expense, net |
|
1,798 |
|
8.0 |
|
|
499 |
|
2.3 |
|
||||||
Restructuring |
|
41 |
|
0.2 |
|
|
158 |
|
0.7 |
|
||||||
Earnings before provision for taxes on income |
|
3,338 |
|
14.9 |
|
|
5,217 |
|
24.4 |
|
(36.0 |
) |
||||
Provision for taxes on income |
|
644 |
|
2.9 |
|
|
908 |
|
4.2 |
|
(29.1 |
) |
||||
Net earnings from Continuing Operations |
$ |
2,694 |
|
12.0 |
|
$ |
4,309 |
|
20.2 |
|
(37.5 |
) |
||||
Net earnings from Discontinued Operations, net of tax |
|
- |
|
|
21,719 |
|
||||||||||
Net earnings |
$ |
2,694 |
|
$ |
26,028 |
|
||||||||||
Net earnings per share (Diluted) from Continuing Operations |
$ |
1.11 |
|
$ |
1.69 |
|
(34.3 |
) |
||||||||
Net earnings per share (Diluted) from Discontinued Operations |
$ |
- |
|
$ |
8.52 |
|
||||||||||
Average shares outstanding (Diluted) |
|
2,427.9 |
|
|
2,549.7 |
|
||||||||||
Effective tax rate from Continuing Operations |
|
19.3 |
|
% |
|
17.4 |
|
% |
||||||||
Adjusted earnings from Continuing Operations before provision for taxes and net earnings (1) | ||||||||||||||||
Earnings before provision for taxes on income from Continuing Operations |
$ |
7,277 |
|
32.4 |
|
$ |
8,033 |
|
37.6 |
|
(9.4 |
) |
||||
Net earnings from Continuing Operations |
$ |
5,876 |
|
26.1 |
|
$ |
6,777 |
|
31.7 |
|
(13.3 |
) |
||||
Net earnings per share (Diluted) from Continuing Operations |
$ |
2.42 |
|
$ |
2.66 |
|
(9.0 |
) |
||||||||
Effective tax rate from Continuing Operations |
|
19.3 |
|
% |
|
15.6 |
|
% |
||||||||
(1) See Reconciliation of Non-GAAP Financial Measures. |
|
||||||||||||||||
Condensed Consolidated Statement of Earnings | ||||||||||||||||
(Unaudited; in Millions Except Per Share Figures) | NINE MONTHS | |||||||||||||||
2024 |
|
2023 |
|
Percent |
||||||||||||
|
|
Percent |
|
|
|
Percent |
|
Increase |
||||||||
Amount |
|
to Sales |
|
Amount |
|
to Sales |
|
(Decrease) |
||||||||
Sales to customers |
$ |
66,301 |
|
100.0 |
|
$ |
63,764 |
|
100.0 |
|
4.0 |
|
||||
Cost of products sold |
|
20,343 |
|
30.7 |
|
|
19,755 |
|
31.0 |
|
3.0 |
|
||||
Gross Profit |
|
45,958 |
|
69.3 |
|
|
44,009 |
|
69.0 |
|
4.4 |
|
||||
Selling, marketing and administrative expenses |
|
16,416 |
|
24.8 |
|
|
15,702 |
|
24.6 |
|
4.5 |
|
||||
Research and development expense |
|
11,934 |
|
18.0 |
|
|
10,605 |
|
16.6 |
|
12.5 |
|
||||
In-process research and development impairments |
|
194 |
|
0.3 |
|
|
255 |
|
0.4 |
|
||||||
Interest (income) expense, net |
|
(433 |
) |
(0.7 |
) |
|
(277 |
) |
(0.4 |
) |
||||||
Other (income) expense, net |
|
4,855 |
|
7.3 |
|
|
7,055 |
|
11.1 |
|
||||||
Restructuring |
|
192 |
|
0.3 |
|
|
433 |
|
0.6 |
|
||||||
Earnings before provision for taxes on income |
|
12,800 |
|
19.3 |
|
|
10,236 |
|
16.1 |
|
25.0 |
|
||||
Provision for taxes on income |
|
2,165 |
|
3.3 |
|
|
1,042 |
|
1.7 |
|
107.8 |
|
||||
Net earnings from Continuing Operations |
$ |
10,635 |
|
16.0 |
|
$ |
9,194 |
|
14.4 |
|
15.7 |
|
||||
Net earnings from Discontinued Operations, net of tax |
|
- |
|
|
21,910 |
|
||||||||||
Net earnings |
$ |
10,635 |
|
$ |
31,104 |
|
||||||||||
Net earnings per share (Diluted) from Continuing Operations |
$ |
4.38 |
|
$ |
3.53 |
|
24.1 |
|
||||||||
Net earnings per share (Diluted) from Discontinued Operations |
$ |
- |
|
$ |
8.42 |
|
||||||||||
Average shares outstanding (Diluted) |
|
2,429.5 |
|
|
2,603.4 |
|
||||||||||
Effective tax rate from Continuing Operations |
|
16.9 |
|
% |
|
10.2 |
|
% |
||||||||
Adjusted earnings from Continuing Operations before provision for taxes and net earnings (1) | ||||||||||||||||
Earnings before provision for taxes on income from Continuing Operations |
$ |
23,558 |
|
35.5 |
|
$ |
23,574 |
|
37.0 |
|
(0.1 |
) |
||||
Net earnings from Continuing Operations |
$ |
19,296 |
|
29.1 |
|
$ |
19,847 |
|
31.1 |
|
(2.8 |
) |
||||
Net earnings per share (Diluted) from Continuing Operations |
$ |
7.94 |
|
$ |
7.62 |
|
4.2 |
|
||||||||
Effective tax rate from Continuing Operations |
|
18.1 |
|
% |
|
15.8 |
|
% |
||||||||
(1) See Reconciliation of Non-GAAP Financial Measures. |
|
|||||||||||||||
Reconciliation of Non-GAAP Financial Measures | |||||||||||||||
Third Quarter |
|
Nine Months Ended |
|||||||||||||
(Dollars in Millions Except Per Share Data) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net Earnings from Continuing Operations, after tax- as reported |
$ |
2,694 |
|
$ |
4,309 |
|
$ |
10,635 |
|
$ |
9,194 |
|
|||
Pre-tax Adjustments | |||||||||||||||
Litigation related |
|
2,388 |
|
|
(51 |
) |
|
5,466 |
|
|
6,986 |
|
|||
Intangible Asset Amortization expense |
|
1,171 |
|
|
1,132 |
|
|
3,355 |
|
|
3,384 |
|
|||
COVID-19 Vaccine related costs 1 |
|
4 |
|
|
44 |
|
|
77 |
|
|
653 |
|
|||
Restructuring related 2 |
|
47 |
|
|
384 |
|
|
207 |
|
|
659 |
|
|||
Medical Device Regulation 3 |
|
38 |
|
|
74 |
|
|
157 |
|
|
223 |
|
|||
Acquisition, integration and divestiture related |
|
328 |
|
|
22 |
|
|
928 |
|
|
102 |
|
|||
(Gains)/losses on securities |
|
(37 |
) |
|
1,005 |
|
|
374 |
|
|
1,076 |
|
|||
IPR&D impairments |
|
- |
|
|
206 |
|
|
194 |
|
|
255 |
|
|||
Tax Adjustments | |||||||||||||||
Tax impact on special item adjustments 4 |
|
(762 |
) |
|
(482 |
) |
|
(2,055 |
) |
|
(2,769 |
) |
|||
Tax legislation and other tax related |
|
5 |
|
|
134 |
|
|
(42 |
) |
|
84 |
|
|||
Adjusted Net Earnings from Continuing Operations, after tax |
$ |
5,876 |
|
$ |
6,777 |
|
$ |
19,296 |
|
$ |
19,847 |
|
|||
Average shares outstanding (Diluted) |
|
2,427.9 |
|
|
2,549.7 |
|
|
2,429.5 |
|
|
2,603.4 |
|
|||
Adjusted net earnings per share from Continuing Operations (Diluted) |
$ |
2.42 |
|
$ |
2.66 |
|
$ |
7.94 |
|
$ |
7.62 |
|
|||
Operational adjusted net earnings per share from Continuing Operations (Diluted) |
$ |
2.41 |
|
$ |
7.94 |
|
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 expense 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 | ||||||
THIRD QUARTER 2024 ACTUAL vs. 2023 ACTUAL | ||||||
Segments | ||||||
Innovative Medicine |
|
|
|
Total |
||
|
|
|
|
|
||
WW As Reported |
4.9% |
|
5.8% |
|
5.2% |
|
|
7.5% |
|
7.8% |
|
7.6% |
|
International |
1.2% |
|
3.9% |
|
2.2% |
|
|
|
|
|
|
||
WW Currency |
(1.4) |
|
(0.6) |
|
(1.1) |
|
|
- |
|
- |
|
- |
|
International |
(3.2) |
|
(1.1) |
|
(2.4) |
|
|
|
|
|
|
||
WW Operational |
6.3% |
|
6.4% |
|
6.3% |
|
|
7.5% |
|
7.8% |
|
7.6% |
|
International |
4.4% |
|
5.0% |
|
4.6% |
|
|
|
|
|
|
||
Shockwave |
|
|
(3.1) |
|
(1.1) |
|
|
|
|
(4.4) |
|
(1.4) |
|
International |
|
|
(1.8) |
|
(0.7) |
|
|
|
|
|
|
||
All Other Acquisitions and Divestitures (A&D) |
0.1 |
|
0.4 |
|
0.2 |
|
|
0.1 |
|
0.8 |
|
0.3 |
|
International |
0.2 |
|
0.0 |
|
0.1 |
|
|
|
|
|
|
||
WW Adjusted Operational Ex A&D |
6.4% |
|
3.7% |
|
5.4% |
|
|
7.6% |
|
4.2% |
|
6.5% |
|
International |
4.6% |
|
3.2% |
|
4.0% |
|
|
|
|
|
|
||
COVID-19 Vaccine |
0.3 |
|
|
|
0.2 |
|
|
0.0 |
|
|
|
0.0 |
|
International |
0.8 |
|
|
|
0.5 |
|
|
|
|
|
|
||
WW Adjusted Operational Ex A&D & COVID-19 Vaccine |
6.7% |
|
3.7% |
|
5.6% |
|
|
7.6% |
|
4.2% |
|
6.5% |
|
International |
5.4% |
|
3.2% |
|
4.5% |
|
Note: Percentages are based on actual, non-rounded figures and may not sum |
|
||||||
Reconciliation of Non-GAAP Financial Measure | ||||||
Adjusted Operational Sales Growth | ||||||
NINE MONTHS 2024 ACTUAL vs. 2023 ACTUAL | ||||||
Segments | ||||||
Innovative Medicine |
|
|
|
Total |
||
|
|
|
|
|
||
WW As Reported |
3.9% |
|
4.1% |
|
4.0% |
|
|
8.2% |
|
6.7% |
|
7.7% |
|
International |
(1.7)% |
|
1.6% |
|
(0.4)% |
|
|
|
|
|
|
||
WW Currency |
(1.6) |
|
(1.6) |
|
(1.6) |
|
|
- |
|
- |
|
- |
|
International |
(3.8) |
|
(3.1) |
|
(3.5) |
|
|
|
|
|
|
||
WW Operational |
5.5% |
|
5.7% |
|
5.6% |
|
|
8.2% |
|
6.7% |
|
7.7% |
|
International |
2.1% |
|
4.7% |
|
3.1% |
|
|
|
|
|
|
||
Shockwave |
|
|
(1.3) |
|
(0.5) |
|
|
|
|
(2.1) |
|
(0.7) |
|
International |
|
|
(0.6) |
|
(0.2) |
|
|
|
|
|
|
||
All Other Acquisitions and Divestitures (A&D) |
0.1 |
|
0.3 |
|
0.2 |
|
|
0.1 |
|
0.7 |
|
0.3 |
|
International |
0.1 |
|
0.1 |
|
0.1 |
|
|
|
|
|
|
||
WW Adjusted Operational Ex A&D |
5.6% |
|
4.7% |
|
5.3% |
|
|
8.3% |
|
5.3% |
|
7.3% |
|
International |
2.2% |
|
4.2% |
|
3.0% |
|
|
|
|
|
|
||
COVID-19 Vaccine |
2.4 |
|
|
|
1.5 |
|
|
0.0 |
|
|
|
0.0 |
|
International |
5.3 |
|
|
|
3.2 |
|
|
|
|
|
|
||
WW Adjusted Operational Ex A&D & COVID-19 Vaccine |
8.0% |
|
4.7% |
|
6.8% |
|
|
8.3% |
|
5.3% |
|
7.3% |
|
International |
7.5% |
|
4.2% |
|
6.2% |
|
Note: Percentages are based on actual, non-rounded figures and may not sum |
REPORTED SALES vs. PRIOR PERIOD ($MM) |
REPORTED SALES vs. PRIOR PERIOD ($MM) |
|||||||||||||||||||||||
THIRD QUARTER |
|
NINE MONTHS |
||||||||||||||||||||||
|
|
|
|
% Change |
|
|
|
|
|
% Change |
||||||||||||||
INNOVATIVE MEDICINE SEGMENT (2) |
|
2024 |
2023 |
Reported |
Operational (1) |
Currency |
|
|
2024 |
2023 |
Reported |
Operational (1) |
Currency |
|||||||||||
IMMUNOLOGY | ||||||||||||||||||||||||
US |
$ |
3,068 |
|
3,193 |
-3.9 |
% |
-3.9 |
% |
- |
|
$ |
8,499 |
8,506 |
-0.1 |
% |
-0.1 |
% |
- |
|
|||||
Intl |
|
1,552 |
|
1,656 |
-6.2 |
% |
-2.1 |
% |
-4.1 |
% |
|
5,090 |
4,951 |
2.8 |
% |
7.3 |
% |
-4.5 |
% |
|||||
WW |
|
4,621 |
|
4,849 |
-4.7 |
% |
-3.3 |
% |
-1.4 |
% |
|
13,590 |
13,457 |
1.0 |
% |
2.6 |
% |
-1.6 |
% |
|||||
REMICADE | ||||||||||||||||||||||||
US |
|
281 |
|
296 |
-5.4 |
% |
-5.4 |
% |
- |
|
|
778 |
849 |
-8.5 |
% |
-8.5 |
% |
- |
|
|||||
US Exports (3) |
|
27 |
|
38 |
-28.9 |
% |
-28.9 |
% |
- |
|
|
89 |
112 |
-20.5 |
% |
-20.5 |
% |
- |
|
|||||
Intl |
|
112 |
|
127 |
-11.5 |
% |
-6.5 |
% |
-5.0 |
% |
|
380 |
449 |
-15.4 |
% |
-11.3 |
% |
-4.1 |
% |
|||||
WW |
|
419 |
|
461 |
-9.1 |
% |
-7.7 |
% |
-1.4 |
% |
|
1,246 |
1,410 |
-11.6 |
% |
-10.3 |
% |
-1.3 |
% |
|||||
SIMPONI / SIMPONI ARIA | ||||||||||||||||||||||||
US |
|
299 |
|
310 |
-3.7 |
% |
-3.7 |
% |
- |
|
|
820 |
866 |
-5.3 |
% |
-5.3 |
% |
- |
|
|||||
Intl |
|
218 |
|
319 |
-31.8 |
% |
-23.3 |
% |
-8.5 |
% |
|
787 |
829 |
-5.1 |
% |
4.1 |
% |
-9.2 |
% |
|||||
WW |
|
516 |
|
629 |
-18.0 |
% |
-13.6 |
% |
-4.4 |
% |
|
1,607 |
1,695 |
-5.2 |
% |
-0.7 |
% |
-4.5 |
% |
|||||
STELARA | ||||||||||||||||||||||||
US |
|
1,770 |
|
1,912 |
-7.5 |
% |
-7.5 |
% |
- |
|
|
5,021 |
5,180 |
-3.1 |
% |
-3.1 |
% |
- |
|
|||||
Intl |
|
906 |
|
951 |
-4.8 |
% |
-2.3 |
% |
-2.5 |
% |
|
2,991 |
2,925 |
2.2 |
% |
5.4 |
% |
-3.2 |
% |
|||||
WW |
|
2,676 |
|
2,864 |
-6.6 |
% |
-5.7 |
% |
-0.9 |
% |
|
8,012 |
8,105 |
-1.2 |
% |
0.0 |
% |
-1.2 |
% |
|||||
TREMFYA | ||||||||||||||||||||||||
US |
|
691 |
|
634 |
9.1 |
% |
9.1 |
% |
- |
|
|
1,789 |
1,490 |
20.1 |
% |
20.1 |
% |
- |
|
|||||
Intl |
|
316 |
|
258 |
22.6 |
% |
26.9 |
% |
-4.3 |
% |
|
932 |
747 |
24.7 |
% |
29.6 |
% |
-4.9 |
% |
|||||
WW |
|
1,007 |
|
891 |
13.0 |
% |
14.3 |
% |
-1.3 |
% |
|
2,721 |
2,237 |
21.6 |
% |
23.3 |
% |
-1.7 |
% |
|||||
OTHER IMMUNOLOGY | ||||||||||||||||||||||||
US |
|
1 |
|
2 |
-45.6 |
% |
-45.6 |
% |
- |
|
|
3 |
9 |
-66.8 |
% |
-66.8 |
% |
- |
|
|||||
Intl |
|
0 |
|
0 |
- |
|
- |
|
- |
|
|
0 |
0 |
- |
|
- |
|
- |
|
|||||
WW |
|
1 |
|
2 |
-45.6 |
% |
-45.6 |
% |
- |
|
|
3 |
9 |
-66.8 |
% |
-66.8 |
% |
- |
|
|||||
INFECTIOUS DISEASES | ||||||||||||||||||||||||
US |
|
365 |
|
360 |
1.5 |
% |
1.5 |
% |
- |
|
|
1,023 |
1,147 |
-10.8 |
% |
-10.8 |
% |
- |
|
|||||
Intl |
|
471 |
|
500 |
-5.7 |
% |
-5.1 |
% |
-0.6 |
% |
|
1,599 |
2,420 |
-33.9 |
% |
-33.4 |
% |
-0.5 |
% |
|||||
WW |
|
836 |
|
859 |
-2.7 |
% |
-2.4 |
% |
-0.3 |
% |
|
2,622 |
3,566 |
-26.5 |
% |
-26.1 |
% |
-0.4 |
% |
|||||
COVID-19 VACCINE | ||||||||||||||||||||||||
US |
|
0 |
|
0 |
- |
|
- |
|
- |
|
|
0 |
0 |
- |
|
- |
|
- |
|
|||||
Intl |
|
1 |
|
41 |
-97.7 |
% |
-98.9 |
% |
1.2 |
% |
|
198 |
1,073 |
-81.6 |
% |
-81.6 |
% |
0.0 |
% |
|||||
WW |
|
1 |
|
41 |
-97.7 |
% |
-98.9 |
% |
1.2 |
% |
|
198 |
1,073 |
-81.6 |
% |
-81.6 |
% |
0.0 |
% |
|||||
EDURANT / rilpivirine | ||||||||||||||||||||||||
US |
|
8 |
|
9 |
-15.8 |
% |
-15.8 |
% |
- |
|
|
24 |
26 |
-10.0 |
% |
-10.0 |
% |
- |
|
|||||
Intl |
|
323 |
|
287 |
12.3 |
% |
11.4 |
% |
0.9 |
% |
|
926 |
816 |
13.5 |
% |
13.3 |
% |
0.2 |
% |
|||||
WW |
|
330 |
|
297 |
11.5 |
% |
10.6 |
% |
0.9 |
% |
|
950 |
843 |
12.7 |
% |
12.6 |
% |
0.1 |
% |
|||||
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA | ||||||||||||||||||||||||
US |
|
355 |
|
345 |
2.8 |
% |
2.8 |
% |
- |
|
|
990 |
1,105 |
-10.5 |
% |
-10.5 |
% |
- |
|
|||||
Intl |
|
94 |
|
102 |
-6.9 |
% |
-3.0 |
% |
-3.9 |
% |
|
315 |
310 |
1.8 |
% |
4.3 |
% |
-2.5 |
% |
|||||
WW |
|
449 |
|
447 |
0.6 |
% |
1.5 |
% |
-0.9 |
% |
|
1,305 |
1,415 |
-7.8 |
% |
-7.2 |
% |
-0.6 |
% |
|||||
OTHER INFECTIOUS DISEASES | ||||||||||||||||||||||||
US |
|
3 |
|
5 |
-52.2 |
% |
-52.2 |
% |
- |
|
|
10 |
15 |
-37.7 |
% |
-37.7 |
% |
- |
|
|||||
Intl |
|
53 |
|
69 |
-23.2 |
% |
-20.5 |
% |
-2.7 |
% |
|
160 |
220 |
-27.4 |
% |
-24.2 |
% |
-3.2 |
% |
|||||
WW |
|
55 |
|
74 |
-25.4 |
% |
-22.9 |
% |
-2.5 |
% |
|
169 |
235 |
-28.0 |
% |
-25.1 |
% |
-2.9 |
% |
|||||
REPORTED SALES vs. PRIOR PERIOD ($MM) |
|
REPORTED SALES vs. PRIOR PERIOD ($MM) |
||||||||||||||||||||||
THIRD QUARTER |
|
NINE MONTHS |
||||||||||||||||||||||
|
|
|
|
% Change |
|
|
|
|
|
% Change |
||||||||||||||
|
2024 |
2023 |
Reported |
Operational (1) |
Currency |
|
|
2024 |
2023 |
Reported |
Operational (1) |
Currency |
||||||||||||
NEUROSCIENCE | ||||||||||||||||||||||||
US |
|
1,094 |
|
1,036 |
5.6 |
% |
5.6 |
% |
- |
|
|
3,250 |
3,043 |
6.8 |
% |
6.8 |
% |
- |
|
|||||
Intl |
|
662 |
|
706 |
-6.2 |
% |
-3.9 |
% |
-2.3 |
% |
|
2,090 |
2,296 |
-8.9 |
% |
-4.8 |
% |
-4.1 |
% |
|||||
WW |
|
1,755 |
|
1,742 |
0.8 |
% |
1.7 |
% |
-0.9 |
% |
|
5,340 |
5,339 |
0.0 |
% |
1.8 |
% |
-1.8 |
% |
|||||
CONCERTA / Methylphenidate | ||||||||||||||||||||||||
US |
|
26 |
|
57 |
-55.0 |
% |
-55.0 |
% |
- |
|
|
101 |
191 |
-47.5 |
% |
-47.5 |
% |
- |
|
|||||
Intl |
|
117 |
|
133 |
-11.9 |
% |
-8.5 |
% |
-3.4 |
% |
|
382 |
412 |
-7.3 |
% |
-2.9 |
% |
-4.4 |
% |
|||||
WW |
|
142 |
|
189 |
-24.8 |
% |
-22.5 |
% |
-2.3 |
% |
|
482 |
603 |
-20.0 |
% |
-17.0 |
% |
-3.0 |
% |
|||||
INVEGA SUSTENNA / XEPLION /
INVEGA TRINZA / TREVICTA |
||||||||||||||||||||||||
US |
|
780 |
|
730 |
6.8 |
% |
6.8 |
% |
- |
|
|
2,329 |
2,164 |
7.6 |
% |
7.6 |
% |
- |
|
|||||
Intl |
|
269 |
|
299 |
-10.1 |
% |
-8.3 |
% |
-1.8 |
% |
|
830 |
940 |
-11.7 |
% |
-8.7 |
% |
-3.0 |
% |
|||||
WW |
|
1,049 |
|
1,029 |
1.9 |
% |
2.4 |
% |
-0.5 |
% |
|
3,159 |
3,104 |
1.8 |
% |
2.7 |
% |
-0.9 |
% |
|||||
SPRAVATO | ||||||||||||||||||||||||
US |
|
243 |
|
154 |
56.8 |
% |
56.8 |
% |
- |
|
|
660 |
409 |
61.2 |
% |
61.2 |
% |
- |
|
|||||
Intl |
|
42 |
|
29 |
44.6 |
% |
47.4 |
% |
-2.8 |
% |
|
120 |
74 |
62.9 |
% |
65.0 |
% |
-2.1 |
% |
|||||
WW |
|
284 |
|
183 |
54.9 |
% |
55.3 |
% |
-0.4 |
% |
|
780 |
483 |
61.5 |
% |
61.8 |
% |
-0.3 |
% |
|||||
OTHER NEUROSCIENCE | ||||||||||||||||||||||||
US |
|
46 |
|
94 |
-51.4 |
% |
-51.4 |
% |
- |
|
|
161 |
278 |
-42.1 |
% |
-42.1 |
% |
- |
|
|||||
Intl |
|
235 |
|
245 |
-4.4 |
% |
-2.0 |
% |
-2.4 |
% |
|
759 |
870 |
-12.8 |
% |
-7.4 |
% |
-5.4 |
% |
|||||
WW |
|
281 |
|
340 |
-17.4 |
% |
-15.7 |
% |
-1.7 |
% |
|
920 |
1,149 |
-19.9 |
% |
-15.8 |
% |
-4.1 |
% |
|||||
ONCOLOGY | ||||||||||||||||||||||||
US |
|
2,816 |
|
2,219 |
26.9 |
% |
26.9 |
% |
- |
|
|
7,835 |
6,177 |
26.8 |
% |
26.8 |
% |
- |
|
|||||
Intl |
|
2,565 |
|
2,313 |
10.9 |
% |
14.3 |
% |
-3.4 |
% |
|
7,450 |
6,865 |
8.5 |
% |
12.6 |
% |
-4.1 |
% |
|||||
WW |
|
5,380 |
|
4,533 |
18.7 |
% |
20.5 |
% |
-1.8 |
% |
|
15,284 |
13,043 |
17.2 |
% |
19.3 |
% |
-2.1 |
% |
|||||
CARVYKTI | ||||||||||||||||||||||||
US |
|
258 |
|
140 |
84.9 |
% |
84.9 |
% |
- |
|
|
565 |
324 |
74.6 |
% |
74.6 |
% |
- |
|
|||||
Intl |
|
27 |
|
12 |
* |
* |
* |
|
63 |
17 |
* |
* |
* |
|||||||||||
WW |
|
286 |
|
152 |
87.7 |
% |
87.6 |
% |
0.1 |
% |
|
629 |
341 |
84.3 |
% |
84.2 |
% |
0.1 |
% |
|||||
DARZALEX | ||||||||||||||||||||||||
US |
|
1,684 |
|
1,369 |
23.0 |
% |
23.0 |
% |
- |
|
|
4,789 |
3,882 |
23.4 |
% |
23.4 |
% |
- |
|
|||||
Intl |
|
1,332 |
|
1,130 |
17.9 |
% |
22.8 |
% |
-4.9 |
% |
|
3,797 |
3,312 |
14.6 |
% |
19.9 |
% |
-5.3 |
% |
|||||
WW |
|
3,016 |
|
2,499 |
20.7 |
% |
22.9 |
% |
-2.2 |
% |
|
8,586 |
7,194 |
19.3 |
% |
21.8 |
% |
-2.5 |
% |
|||||
ERLEADA | ||||||||||||||||||||||||
US |
|
337 |
|
288 |
17.1 |
% |
17.1 |
% |
- |
|
|
940 |
778 |
20.8 |
% |
20.8 |
% |
- |
|
|||||
Intl |
|
453 |
|
342 |
32.4 |
% |
34.0 |
% |
-1.6 |
% |
|
1,275 |
961 |
32.6 |
% |
35.6 |
% |
-3.0 |
% |
|||||
WW |
|
790 |
|
631 |
25.4 |
% |
26.3 |
% |
-0.9 |
% |
|
2,215 |
1,740 |
27.3 |
% |
29.0 |
% |
-1.7 |
% |
|||||
IMBRUVICA | ||||||||||||||||||||||||
US |
|
259 |
|
264 |
-1.9 |
% |
-1.9 |
% |
- |
|
|
770 |
796 |
-3.2 |
% |
-3.2 |
% |
- |
|
|||||
Intl |
|
494 |
|
545 |
-9.2 |
% |
-7.2 |
% |
-2.0 |
% |
|
1,537 |
1,681 |
-8.5 |
% |
-6.1 |
% |
-2.4 |
% |
|||||
WW |
|
753 |
|
808 |
-6.8 |
% |
-5.5 |
% |
-1.3 |
% |
|
2,307 |
2,476 |
-6.8 |
% |
-5.2 |
% |
-1.6 |
% |
|||||
TECVAYLI | ||||||||||||||||||||||||
US |
|
105 |
|
93 |
13.5 |
% |
13.5 |
% |
- |
|
|
310 |
232 |
34.0 |
% |
34.0 |
% |
- |
|
|||||
Intl |
|
30 |
|
19 |
54.2 |
% |
59.4 |
% |
-5.2 |
% |
|
93 |
37 |
* |
|
* |
* |
|||||||
WW |
|
135 |
|
112 |
20.6 |
% |
21.4 |
% |
-0.8 |
% |
|
403 |
269 |
49.6 |
% |
50.0 |
% |
-0.4 |
% |
|||||
ZYTIGA / abiraterone acetate | ||||||||||||||||||||||||
US |
|
5 |
|
16 |
-66.0 |
% |
-66.0 |
% |
- |
|
|
25 |
41 |
-38.0 |
% |
-38.0 |
% |
- |
|
|||||
Intl |
|
144 |
|
199 |
-27.1 |
% |
-24.4 |
% |
-2.7 |
% |
|
470 |
646 |
-27.1 |
% |
-22.8 |
% |
-4.3 |
% |
|||||
WW |
|
150 |
|
214 |
-30.0 |
% |
-27.5 |
% |
-2.5 |
% |
|
496 |
686 |
-27.8 |
% |
-23.7 |
% |
-4.1 |
% |
|||||
OTHER ONCOLOGY | ||||||||||||||||||||||||
US |
|
168 |
|
50 |
* |
* |
- |
|
|
435 |
125 |
* |
* |
- |
|
|||||||||
Intl |
|
83 |
|
67 |
24.8 |
% |
27.6 |
% |
-2.8 |
% |
|
214 |
211 |
2.0 |
% |
4.8 |
% |
-2.8 |
% |
|||||
WW |
|
250 |
|
117 |
* |
* |
* |
|
649 |
336 |
93.4 |
% |
95.1 |
% |
-1.7 |
% |
||||||||
REPORTED SALES vs. PRIOR PERIOD ($MM) |
|
REPORTED SALES vs. PRIOR PERIOD ($MM) |
||||||||||||||||||||||
THIRD QUARTER |
|
NINE MONTHS |
||||||||||||||||||||||
|
|
|
|
% Change |
|
|
|
|
|
% Change |
||||||||||||||
|
2024 |
|
2023 |
Reported |
Operational (1) |
Currency |
|
|
2024 |
|
2023 |
Reported |
Operational (1) |
Currency |
||||||||||
PULMONARY HYPERTENSION | ||||||||||||||||||||||||
US |
|
815 |
|
680 |
20.0 |
% |
20.0 |
% |
- |
|
|
2,324 |
1,964 |
18.4 |
% |
18.4 |
% |
- |
|
|||||
Intl |
|
287 |
|
274 |
4.5 |
% |
9.7 |
% |
-5.2 |
% |
|
866 |
835 |
3.7 |
% |
10.6 |
% |
-6.9 |
% |
|||||
WW |
|
1,102 |
|
954 |
15.6 |
% |
17.0 |
% |
-1.4 |
% |
|
3,190 |
2,798 |
14.0 |
% |
16.1 |
% |
-2.1 |
% |
|||||
OPSUMIT | ||||||||||||||||||||||||
US |
|
406 |
|
323 |
25.4 |
% |
25.4 |
% |
- |
|
|
1,135 |
924 |
22.8 |
% |
22.8 |
% |
- |
|
|||||
Intl |
|
165 |
|
166 |
-0.2 |
% |
1.7 |
% |
-1.9 |
% |
|
504 |
512 |
-1.6 |
% |
2.2 |
% |
-3.8 |
% |
|||||
WW |
|
571 |
|
490 |
16.8 |
% |
17.4 |
% |
-0.6 |
% |
|
1,639 |
1,437 |
14.1 |
% |
15.4 |
% |
-1.3 |
% |
|||||
UPTRAVI | ||||||||||||||||||||||||
US |
|
379 |
|
336 |
12.7 |
% |
12.7 |
% |
- |
|
|
1,120 |
978 |
14.5 |
% |
14.5 |
% |
- |
|
|||||
Intl |
|
80 |
|
66 |
21.8 |
% |
28.2 |
% |
-6.4 |
% |
|
232 |
185 |
25.5 |
% |
33.5 |
% |
-8.0 |
% |
|||||
WW |
|
458 |
|
402 |
14.2 |
% |
15.2 |
% |
-1.0 |
% |
|
1,352 |
1,163 |
16.3 |
% |
17.5 |
% |
-1.2 |
% |
|||||
OTHER PULMONARY HYPERTENSION | ||||||||||||||||||||||||
US |
|
32 |
|
20 |
54.0 |
% |
54.0 |
% |
- |
|
|
70 |
61 |
14.0 |
% |
14.0 |
% |
- |
|
|||||
Intl |
|
40 |
|
42 |
-3.9 |
% |
12.4 |
% |
-16.3 |
% |
|
129 |
137 |
-5.8 |
% |
10.9 |
% |
-16.7 |
% |
|||||
WW |
|
72 |
|
63 |
15.0 |
% |
25.9 |
% |
-10.9 |
% |
|
199 |
199 |
0.3 |
% |
11.9 |
% |
-11.6 |
% |
|||||
CARDIOVASCULAR / METABOLISM / OTHER | ||||||||||||||||||||||||
US |
|
713 |
|
763 |
-6.5 |
% |
-6.5 |
% |
- |
|
|
2,061 |
2,254 |
-8.5 |
% |
-8.5 |
% |
- |
|
|||||
Intl |
|
170 |
|
194 |
-11.9 |
% |
-10.0 |
% |
-1.9 |
% |
|
543 |
580 |
-6.4 |
% |
-4.6 |
% |
-1.8 |
% |
|||||
WW |
|
884 |
|
957 |
-7.6 |
% |
-7.2 |
% |
-0.4 |
% |
|
2,605 |
2,834 |
-8.1 |
% |
-7.7 |
% |
-0.4 |
% |
|||||
XARELTO | ||||||||||||||||||||||||
US |
|
592 |
|
625 |
-5.2 |
% |
-5.2 |
% |
- |
|
|
1,697 |
1,840 |
-7.8 |
% |
-7.8 |
% |
- |
|
|||||
Intl |
|
- |
|
- |
- |
|
- |
|
- |
|
|
- |
- |
- |
|
- |
|
- |
|
|||||
WW |
|
592 |
|
625 |
-5.2 |
% |
-5.2 |
% |
- |
|
|
1,697 |
1,840 |
-7.8 |
% |
-7.8 |
% |
- |
|
|||||
OTHER | ||||||||||||||||||||||||
US |
|
121 |
|
139 |
-12.2 |
% |
-12.2 |
% |
- |
|
|
364 |
414 |
-11.9 |
% |
-11.9 |
% |
- |
|
|||||
Intl |
|
170 |
|
194 |
-11.9 |
% |
-10.0 |
% |
-1.9 |
% |
|
543 |
580 |
-6.4 |
% |
-4.6 |
% |
-1.8 |
% |
|||||
WW |
|
292 |
|
332 |
-12.0 |
% |
-10.9 |
% |
-1.1 |
% |
|
908 |
994 |
-8.7 |
% |
-7.7 |
% |
-1.0 |
% |
|||||
TOTAL INNOVATIVE MEDICINE | ||||||||||||||||||||||||
US |
|
8,871 |
|
8,249 |
7.5 |
% |
7.5 |
% |
- |
|
|
24,993 |
23,090 |
8.2 |
% |
8.2 |
% |
- |
|
|||||
Intl |
|
5,709 |
|
5,644 |
1.2 |
% |
4.4 |
% |
-3.2 |
% |
|
17,639 |
17,947 |
-1.7 |
% |
2.1 |
% |
-3.8 |
% |
|||||
WW |
$ |
14,580 |
$ |
13,893 |
4.9 |
% |
6.3 |
% |
-1.4 |
% |
$ |
42,632 |
41,037 |
3.9 |
% |
5.5 |
% |
-1.6 |
% |
|||||
See footnotes at end of schedule | ||||||||||||||||||||||||
REPORTED SALES vs. PRIOR PERIOD ($MM) |
|
REPORTED SALES vs. PRIOR PERIOD ($MM) |
||||||||||||||||||||||
THIRD QUARTER |
|
NINE MONTHS |
||||||||||||||||||||||
|
|
|
|
% Change |
|
|
|
|
|
% Change |
||||||||||||||
MEDTECH SEGMENT (2) |
|
2024 |
|
2023 |
Reported |
Operational (1) |
Currency |
|
|
2024 |
|
2023 |
Reported |
Operational (1) |
Currency |
|||||||||
CARDIOVASCULAR (4) | ||||||||||||||||||||||||
US |
$ |
1,148 |
|
891 |
28.6 |
% |
28.6 |
% |
- |
|
$ |
3,292 |
2,662 |
23.6 |
% |
23.6 |
% |
- |
|
|||||
Intl |
|
819 |
|
667 |
22.8 |
% |
23.7 |
% |
-0.9 |
% |
|
2,353 |
2,019 |
16.5 |
% |
20.5 |
% |
-4.0 |
% |
|||||
WW |
|
1,966 |
|
1,558 |
26.2 |
% |
26.5 |
% |
-0.3 |
% |
|
5,645 |
4,681 |
20.6 |
% |
22.3 |
% |
-1.7 |
% |
|||||
ELECTROPHYSIOLOGY | ||||||||||||||||||||||||
US |
|
660 |
|
611 |
7.9 |
% |
7.9 |
% |
- |
|
|
2,057 |
1,791 |
14.8 |
% |
14.8 |
% |
- |
|
|||||
Intl |
|
619 |
|
549 |
12.7 |
% |
13.8 |
% |
-1.1 |
% |
|
1,889 |
1,658 |
14.0 |
% |
18.2 |
% |
-4.2 |
% |
|||||
WW |
|
1,279 |
|
1,161 |
10.2 |
% |
10.7 |
% |
-0.5 |
% |
|
3,946 |
3,449 |
14.4 |
% |
16.5 |
% |
-2.1 |
% |
|||||
|
||||||||||||||||||||||||
US |
|
293 |
|
254 |
15.4 |
% |
15.4 |
% |
- |
|
|
905 |
790 |
14.5 |
% |
14.5 |
% |
- |
|
|||||
Intl |
|
68 |
|
57 |
20.1 |
% |
20.1 |
% |
0.0 |
% |
|
207 |
176 |
17.7 |
% |
20.0 |
% |
-2.3 |
% |
|||||
WW |
|
362 |
|
311 |
16.3 |
% |
16.3 |
% |
0.0 |
% |
|
1,112 |
966 |
15.1 |
% |
15.5 |
% |
-0.4 |
% |
|||||
SHOCKWAVE (5) | ||||||||||||||||||||||||
US |
|
163 |
|
- |
* |
* |
- |
|
|
240 |
- |
* |
* |
- |
|
|||||||||
Intl |
|
66 |
|
- |
* |
* |
- |
|
|
66 |
- |
* |
* |
- |
|
|||||||||
WW |
|
229 |
|
- |
* |
* |
- |
|
|
306 |
- |
* |
* |
- |
|
|||||||||
OTHER CARDIOVASCULAR (4) | ||||||||||||||||||||||||
US |
|
30 |
|
26 |
16.7 |
% |
16.7 |
% |
- |
|
|
89 |
81 |
10.6 |
% |
10.6 |
% |
- |
|
|||||
Intl |
|
66 |
|
61 |
7.7 |
% |
7.5 |
% |
0.2 |
% |
|
192 |
186 |
3.0 |
% |
5.7 |
% |
-2.7 |
% |
|||||
WW |
|
96 |
|
87 |
10.4 |
% |
10.2 |
% |
0.2 |
% |
|
281 |
267 |
5.3 |
% |
7.2 |
% |
-1.9 |
% |
|||||
ORTHOPAEDICS | ||||||||||||||||||||||||
US |
|
1,359 |
|
1,349 |
0.7 |
% |
0.7 |
% |
- |
|
|
4,229 |
4,100 |
3.2 |
% |
3.2 |
% |
- |
|
|||||
Intl |
|
832 |
|
815 |
2.0 |
% |
2.2 |
% |
-0.2 |
% |
|
2,614 |
2,574 |
1.5 |
% |
3.1 |
% |
-1.6 |
% |
|||||
WW |
|
2,191 |
|
2,164 |
1.2 |
% |
1.3 |
% |
-0.1 |
% |
|
6,843 |
6,674 |
2.5 |
% |
3.2 |
% |
-0.7 |
% |
|||||
HIPS | ||||||||||||||||||||||||
US |
|
250 |
|
239 |
4.8 |
% |
4.8 |
% |
- |
|
|
785 |
730 |
7.5 |
% |
7.5 |
% |
- |
|
|||||
Intl |
|
131 |
|
136 |
-3.6 |
% |
-3.2 |
% |
-0.4 |
% |
|
435 |
432 |
0.6 |
% |
2.4 |
% |
-1.8 |
% |
|||||
WW |
|
381 |
|
375 |
1.7 |
% |
1.9 |
% |
-0.2 |
% |
|
1,220 |
1,162 |
5.0 |
% |
5.6 |
% |
-0.6 |
% |
|||||
KNEES | ||||||||||||||||||||||||
US |
|
212 |
|
207 |
2.2 |
% |
2.2 |
% |
- |
|
|
684 |
654 |
4.5 |
% |
4.5 |
% |
- |
|
|||||
Intl |
|
140 |
|
131 |
6.9 |
% |
7.0 |
% |
-0.1 |
% |
|
463 |
415 |
11.5 |
% |
12.7 |
% |
-1.2 |
% |
|||||
WW |
|
352 |
|
338 |
4.0 |
% |
4.1 |
% |
-0.1 |
% |
|
1,147 |
1,069 |
7.2 |
% |
7.7 |
% |
-0.5 |
% |
|||||
TRAUMA | ||||||||||||||||||||||||
US |
|
497 |
|
488 |
1.8 |
% |
1.8 |
% |
- |
|
|
1,499 |
1,462 |
2.5 |
% |
2.5 |
% |
- |
|
|||||
Intl |
|
265 |
|
253 |
4.2 |
% |
4.8 |
% |
-0.6 |
% |
|
786 |
775 |
1.4 |
% |
3.0 |
% |
-1.6 |
% |
|||||
WW |
|
761 |
|
742 |
2.6 |
% |
2.8 |
% |
-0.2 |
% |
|
2,285 |
2,238 |
2.1 |
% |
2.7 |
% |
-0.6 |
% |
|||||
SPINE, SPORTS & OTHER | ||||||||||||||||||||||||
US |
|
400 |
|
415 |
-3.6 |
% |
-3.6 |
% |
- |
|
|
1,262 |
1,254 |
0.6 |
% |
0.6 |
% |
- |
|
|||||
Intl |
|
296 |
|
295 |
0.4 |
% |
0.4 |
% |
0.0 |
% |
|
930 |
952 |
-2.3 |
% |
-0.6 |
% |
-1.7 |
% |
|||||
WW |
|
696 |
|
710 |
-1.9 |
% |
-2.0 |
% |
0.1 |
% |
|
2,191 |
2,205 |
-0.6 |
% |
0.1 |
% |
-0.7 |
% |
|||||
REPORTED SALES vs. PRIOR PERIOD ($MM) |
|
REPORTED SALES vs. PRIOR PERIOD ($MM) |
||||||||||||||||||||||
THIRD QUARTER |
|
NINE MONTHS |
||||||||||||||||||||||
|
|
|
|
% Change |
|
|
|
|
|
% Change |
||||||||||||||
|
2024 |
|
2023 |
Reported |
Operational (1) |
Currency |
|
|
2024 |
|
2023 |
Reported |
Operational (1) |
Currency |
||||||||||
SURGERY | ||||||||||||||||||||||||
US |
|
983 |
|
994 |
-1.1 |
% |
-1.1 |
% |
- |
|
|
2,965 |
2,984 |
-0.6 |
% |
-0.6 |
% |
- |
|
|||||
Intl |
|
1,451 |
|
1,483 |
-2.2 |
% |
-0.3 |
% |
-1.9 |
% |
|
4,373 |
4,522 |
-3.3 |
% |
0.4 |
% |
-3.7 |
% |
|||||
WW |
|
2,434 |
|
2,479 |
-1.8 |
% |
-0.7 |
% |
-1.1 |
% |
|
7,338 |
7,507 |
-2.2 |
% |
0.0 |
% |
-2.2 |
% |
|||||
ADVANCED | ||||||||||||||||||||||||
US |
|
448 |
|
455 |
-1.4 |
% |
-1.4 |
% |
- |
|
|
1,360 |
1,365 |
-0.4 |
% |
-0.4 |
% |
- |
|
|||||
Intl |
|
661 |
|
709 |
-6.8 |
% |
-5.1 |
% |
-1.7 |
% |
|
1,977 |
2,139 |
-7.6 |
% |
-4.2 |
% |
-3.4 |
% |
|||||
WW |
|
1,109 |
|
1,164 |
-4.7 |
% |
-3.6 |
% |
-1.1 |
% |
|
3,337 |
3,504 |
-4.8 |
% |
-2.7 |
% |
-2.1 |
% |
|||||
GENERAL | ||||||||||||||||||||||||
US |
|
535 |
|
540 |
-0.9 |
% |
-0.9 |
% |
- |
|
|
1,605 |
1,619 |
-0.9 |
% |
-0.9 |
% |
- |
|
|||||
Intl |
|
791 |
|
775 |
2.1 |
% |
4.0 |
% |
-1.9 |
% |
|
2,397 |
2,383 |
0.6 |
% |
4.4 |
% |
-3.8 |
% |
|||||
WW |
|
1,325 |
|
1,314 |
0.8 |
% |
2.0 |
% |
-1.2 |
% |
|
4,001 |
4,002 |
0.0 |
% |
2.3 |
% |
-2.3 |
% |
|||||
VISION | ||||||||||||||||||||||||
US |
|
549 |
|
512 |
7.2 |
% |
7.2 |
% |
- |
|
|
1,619 |
1,599 |
1.3 |
% |
1.3 |
% |
- |
|
|||||
Intl |
|
751 |
|
744 |
0.9 |
% |
1.8 |
% |
-0.9 |
% |
|
2,224 |
2,265 |
-1.8 |
% |
1.0 |
% |
-2.8 |
% |
|||||
WW |
|
1,300 |
|
1,256 |
3.5 |
% |
4.0 |
% |
-0.5 |
% |
|
3,843 |
3,864 |
-0.5 |
% |
1.1 |
% |
-1.6 |
% |
|||||
CONTACT LENSES / OTHER | ||||||||||||||||||||||||
US |
|
441 |
|
399 |
10.2 |
% |
10.2 |
% |
- |
|
|
1,288 |
1,252 |
2.8 |
% |
2.8 |
% |
- |
|
|||||
Intl |
|
527 |
|
529 |
-0.3 |
% |
0.6 |
% |
-0.9 |
% |
|
1,508 |
1,568 |
-3.8 |
% |
-0.4 |
% |
-3.4 |
% |
|||||
WW |
|
968 |
|
928 |
4.2 |
% |
4.7 |
% |
-0.5 |
% |
|
2,796 |
2,820 |
-0.9 |
% |
1.0 |
% |
-1.9 |
% |
|||||
SURGICAL | ||||||||||||||||||||||||
US |
|
108 |
|
112 |
-3.6 |
% |
-3.6 |
% |
- |
|
|
331 |
346 |
-4.4 |
% |
-4.4 |
% |
- |
|
|||||
Intl |
|
225 |
|
216 |
3.9 |
% |
4.7 |
% |
-0.8 |
% |
|
717 |
698 |
2.7 |
% |
4.2 |
% |
-1.5 |
% |
|||||
WW |
|
333 |
|
328 |
1.3 |
% |
1.9 |
% |
-0.6 |
% |
|
1,048 |
1,044 |
0.3 |
% |
1.4 |
% |
-1.1 |
% |
|||||
TOTAL |
||||||||||||||||||||||||
US |
|
4,038 |
|
3,747 |
7.8 |
% |
7.8 |
% |
- |
|
|
12,105 |
11,345 |
6.7 |
% |
6.7 |
% |
- |
|
|||||
Intl |
|
3,853 |
|
3,711 |
3.9 |
% |
5.0 |
% |
-1.1 |
% |
|
11,564 |
11,382 |
1.6 |
% |
4.7 |
% |
-3.1 |
% |
|||||
WW |
$ |
7,891 |
$ |
7,458 |
5.8 |
% |
6.4 |
% |
-0.6 |
% |
$ |
23,669 |
22,727 |
4.1 |
% |
5.7 |
% |
-1.6 |
% |
|||||
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) Previously referred to as Interventional Solutions |
(5) Acquired on May 31, 2024 |
Supplemental Sales Information (Unaudited) | |||||||||||||||||||||||||
(Dollars in Millions) | |||||||||||||||||||||||||
THIRD QUARTER |
|
NINE MONTHS |
|||||||||||||||||||||||
|
|
|
|
Percent Change |
|
|
|
|
|
Percent Change |
|||||||||||||||
2024 |
|
2023 |
|
Total |
Operations |
Currency |
|
2024 |
|
2023 |
|
Total |
Operations |
Currency |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Innovative Medicine | |||||||||||||||||||||||||
|
$ |
8,871 |
8,249 |
7.5 |
|
7.5 |
|
- |
|
$ |
24,993 |
23,090 |
8.2 |
|
8.2 |
|
- |
|
|||||||
International |
|
5,709 |
5,644 |
1.2 |
|
4.4 |
|
(3.2 |
) |
|
17,639 |
17,947 |
(1.7 |
) |
2.1 |
|
(3.8 |
) |
|||||||
Worldwide |
|
14,580 |
13,893 |
4.9 |
|
6.3 |
|
(1.4 |
) |
|
42,632 |
41,037 |
3.9 |
|
5.5 |
|
(1.6 |
) |
|||||||
COVID-19 Vaccine | |||||||||||||||||||||||||
|
|
- |
- |
- |
|
- |
|
- |
|
- |
- |
- |
|
- |
|
- |
|
||||||||
International |
|
1 |
41 |
(97.7 |
) |
(98.9 |
) |
1.2 |
|
|
198 |
1,073 |
(81.6 |
) |
(81.6 |
) |
0.0 |
|
|||||||
Worldwide |
|
1 |
41 |
(97.7 |
) |
(98.9 |
) |
1.2 |
|
|
198 |
1,073 |
(81.6 |
) |
(81.6 |
) |
0.0 |
|
|||||||
Innovative Medicine excluding COVID-19 Vaccine | |||||||||||||||||||||||||
|
|
8,871 |
8,249 |
7.5 |
|
7.5 |
|
- |
|
|
24,993 |
23,090 |
8.2 |
|
8.2 |
|
- |
|
|||||||
International |
|
5,708 |
5,603 |
1.9 |
|
5.2 |
|
(3.3 |
) |
|
17,441 |
16,874 |
3.4 |
|
7.4 |
|
(4.0 |
) |
|||||||
Worldwide |
|
14,579 |
13,852 |
5.2 |
|
6.6 |
|
(1.4 |
) |
|
42,434 |
39,964 |
6.2 |
|
7.9 |
|
(1.7 |
) |
|||||||
Worldwide | |||||||||||||||||||||||||
|
|
12,909 |
11,996 |
7.6 |
|
7.6 |
|
- |
|
|
37,098 |
34,435 |
7.7 |
|
7.7 |
|
- |
|
|||||||
International |
|
9,562 |
9,355 |
2.2 |
|
4.6 |
|
(2.4 |
) |
|
29,203 |
29,329 |
(0.4 |
) |
3.1 |
|
(3.5 |
) |
|||||||
Worldwide |
|
22,471 |
21,351 |
5.2 |
|
6.3 |
|
(1.1 |
) |
|
66,301 |
63,764 |
4.0 |
|
5.6 |
|
(1.6 |
) |
|||||||
COVID-19 Vaccine | |||||||||||||||||||||||||
|
|
- |
- |
- |
|
- |
|
- |
|
- |
- |
- |
|
- |
|
- |
|
||||||||
International |
|
1 |
41 |
(97.7 |
) |
(98.9 |
) |
1.2 |
|
|
198 |
1,073 |
(81.6 |
) |
(81.6 |
) |
0.0 |
|
|||||||
Worldwide |
|
1 |
41 |
(97.7 |
) |
(98.9 |
) |
1.2 |
|
|
198 |
1,073 |
(81.6 |
) |
(81.6 |
) |
0.0 |
|
|||||||
Worldwide | |||||||||||||||||||||||||
|
|
12,909 |
11,996 |
7.6 |
|
7.6 |
|
- |
|
|
37,098 |
34,435 |
7.7 |
|
7.7 |
|
- |
|
|||||||
International |
|
9,561 |
9,314 |
2.7 |
|
5.1 |
|
(2.4 |
) |
|
29,005 |
28,256 |
2.7 |
|
6.3 |
|
(3.6 |
) |
|||||||
Worldwide excluding COVID-19 Vaccine |
$ |
22,470 |
21,310 |
5.4 |
|
6.5 |
|
(1.1 |
) |
$ |
66,103 |
62,691 |
5.4 |
|
7.1 |
|
(1.7 |
) |
|||||||
|
$ |
4,914 |
4,727 |
4.0 |
|
3.0 |
|
1.0 |
|
$ |
15,291 |
15,448 |
(1.0 |
) |
(0.7 |
) |
(0.3 |
) |
|||||||
Europe COVID-19 Vaccine Sales |
|
1 |
41 |
(97.7 |
) |
(98.9 |
) |
1.2 |
|
|
198 |
1,073 |
(81.6 |
) |
(81.6 |
) |
0.0 |
|
|||||||
|
$ |
4,913 |
4,686 |
4.8 |
|
3.8 |
|
1.0 |
|
$ |
15,093 |
14,375 |
5.0 |
|
5.3 |
|
(0.3 |
) |
|
||||||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||||||||
Q3 QTD - 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 | $ |
4,482 |
|
4,794 |
|
1,059 |
|
1,185 |
|
(2,203 |
) |
(762 |
) |
3,338 |
|
5,217 |
|
|||||||||
% to Sales |
30.7 |
% |
34.5 |
% |
13.4 |
% |
15.9 |
% |
-9.8 |
% |
-3.6 |
% |
14.9 |
% |
24.4 |
% |
||||||||||
Intangible asset amortization expense |
695 |
|
749 |
|
476 |
|
383 |
|
- |
|
- |
|
1,171 |
|
1,132 |
|
||||||||||
In-process research and development impairments |
- |
|
206 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
206 |
|
||||||||||
Litigation related |
356 |
|
(32 |
) |
19 |
|
(19 |
) |
2,013 |
|
- |
|
2,388 |
|
(51 |
) |
||||||||||
Loss/(gain) on securities |
(41 |
) |
398 |
|
4 |
|
(38 |
) |
- |
|
645 |
|
(37 |
) |
1,005 |
|
||||||||||
Restructuring related |
19 |
|
149 |
|
28 |
|
235 |
|
- |
|
- |
|
47 |
|
384 |
|
||||||||||
Acquisition, integration and divestiture related |
6 |
|
- |
|
277 |
|
22 |
|
45 |
|
- |
|
328 |
|
22 |
|
||||||||||
Medical Device Regulation |
- |
|
- |
|
38 |
|
74 |
|
- |
|
- |
|
38 |
|
74 |
|
||||||||||
COVID-19 Vaccine related costs |
4 |
|
44 |
|
- |
|
- |
|
- |
|
- |
|
4 |
|
44 |
|
||||||||||
Adjusted Income Before Tax by Segment From Continuing Operations | $ |
5,521 |
|
6,308 |
|
1,901 |
|
1,842 |
|
(145 |
) |
(117 |
) |
7,277 |
|
8,033 |
|
|||||||||
% to Sales |
37.9 |
% |
45.4 |
% |
24.1 |
% |
24.7 |
% |
-0.6 |
% |
-0.5 |
% |
32.4 |
% |
37.6 |
% |
||||||||||
Estimated as of 10/15/2024 | ||||||||||||||||||||||||||
As Reported Research and development expense* | $ |
4,213 |
|
2,778 |
|
739 |
|
669 |
|
4,952 |
|
3,447 |
|
|||||||||||||
% to Sales |
28.9 |
% |
20.0 |
% |
9.4 |
% |
9.0 |
% |
22.0 |
% |
16.2 |
% |
||||||||||||||
*Includes payment to secure the global rights for NM26 Bi-specific Antibody in Q3 2024 |
1,250 |
|
1,250 |
|
|
||||||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||||||||
Q3 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 | $ |
14,910 |
|
14,008 |
|
3,668 |
|
4,265 |
|
(5,778 |
) |
(8,037 |
) |
12,800 |
|
10,236 |
|
|||||||||
% to Sales |
35.0 |
% |
34.1 |
% |
15.5 |
% |
18.8 |
% |
-8.7 |
% |
-12.6 |
% |
19.3 |
% |
16.1 |
% |
||||||||||
Intangible asset amortization expense |
2,087 |
|
2,236 |
|
1,268 |
|
1,148 |
|
- |
|
- |
|
3,355 |
|
3,384 |
|
||||||||||
In-process research and development impairments |
194 |
|
206 |
|
- |
|
49 |
|
- |
|
- |
|
194 |
|
255 |
|
||||||||||
Litigation related |
399 |
|
(125 |
) |
15 |
|
41 |
|
5,052 |
|
7,070 |
|
5,466 |
|
6,986 |
|
||||||||||
Loss/(gain) on securities |
(26 |
) |
474 |
|
48 |
|
(43 |
) |
352 |
|
645 |
|
374 |
|
1,076 |
|
||||||||||
Restructuring related |
100 |
|
424 |
|
107 |
|
235 |
|
- |
|
- |
|
207 |
|
659 |
|
||||||||||
Acquisition, integration and divestiture related |
54 |
|
- |
|
747 |
|
102 |
|
127 |
|
- |
|
928 |
|
102 |
|
||||||||||
Medical Device Regulation |
- |
|
- |
|
157 |
|
223 |
|
- |
|
- |
|
157 |
|
223 |
|
||||||||||
COVID-19 Vaccine related costs |
77 |
|
653 |
|
- |
|
- |
|
- |
|
- |
|
77 |
|
653 |
|
||||||||||
Adjusted Income Before Tax by Segment From Continuing Operations | $ |
17,795 |
|
17,876 |
|
6,010 |
|
6,020 |
|
(247 |
) |
(322 |
) |
23,558 |
|
23,574 |
|
|||||||||
% to Sales |
41.7 |
% |
43.6 |
% |
25.4 |
% |
26.5 |
% |
-0.4 |
% |
-0.5 |
% |
35.5 |
% |
37.0 |
% |
||||||||||
Estimated as of 10/15/2024 | ||||||||||||||||||||||||||
As Reported Research and development expense* | $ |
9,831 |
|
8,604 |
|
2,103 |
|
2,001 |
|
11,934 |
|
10,605 |
|
|||||||||||||
% to Sales |
23.1 |
% |
21.0 |
% |
8.9 |
% |
8.8 |
% |
18.0 |
% |
16.6 |
% |
||||||||||||||
*Includes payment to secure the global rights for NM26 Bi-specific Antibody in Q3 2024 |
1,250 |
|
1,250 |
|
|
|||||||||||||||||||||||||||||||||
GAAP to Non-GAAP Reconciliation | |||||||||||||||||||||||||||||||||
$ in Millions | |||||||||||||||||||||||||||||||||
Quarter to Date | |||||||||||||||||||||||||||||||||
In-process research and development impairments |
Acquisition, integration and divestiture related |
(Loss)/gain on securities |
COVID-19 Vaccine Related Costs |
Tax legislation and other tax related |
|||||||||||||||||||||||||||||
Third Quarter Sept. 29, 2024 GAAP |
Intangible asset amortization |
Litigation related |
Restructuring related |
Medical Device Regulation |
Third Quarter Sept. 29, 2024 Non-GAAP |
||||||||||||||||||||||||||||
Cost of products sold |
$ |
6,963 |
(1,171 |
) |
(6 |
) |
(156 |
) |
(16 |
) |
(2 |
) |
- |
|
5,612 |
|
|||||||||||||||||
Selling, marketing and admin expenses |
|
5,478 |
(3 |
) |
5,475 |
|
|||||||||||||||||||||||||||
Research and development expense |
|
4,952 |
(36 |
) |
(19 |
) |
(2 |
) |
4,895 |
|
|||||||||||||||||||||||
Other (Income) / Expense |
|
1,798 |
- |
|
(2,388 |
) |
- |
|
(136 |
) |
37 |
|
- |
|
(689 |
) |
|||||||||||||||||
In-process research and development impairments |
|
- |
- |
|
- |
|
- |
|
|||||||||||||||||||||||||
Restructuring |
|
41 |
(41 |
) |
- |
|
|||||||||||||||||||||||||||
Provision for taxes on income |
|
644 |
169 |
|
527 |
|
- |
|
9 |
|
59 |
|
(9 |
) |
6 |
|
1 |
|
(5 |
) |
1,401 |
|
|||||||||||
Net Earnings from Continuing Operations |
|
2,694 |
1,002 |
|
1,861 |
|
- |
|
38 |
|
269 |
|
(28 |
) |
32 |
|
3 |
|
5 |
|
5,876 |
|
|||||||||||
In-process research and development impairments |
Acquisition, integration and divestiture related |
(Loss)/gain on securities |
COVID-19 Vaccine Related Costs |
Tax legislation and other tax related |
|||||||||||||||||||||||||||||
Third Quarter Oct. 1, 2023 GAAP |
Intangible asset amortization |
Litigation related |
Restructuring related |
Medical Device Regulation |
Third Quarter Oct. 1, 2023 Non-GAAP |
||||||||||||||||||||||||||||
Cost of products sold |
$ |
6,606 |
(1,132 |
) |
(226 |
) |
(34 |
) |
(9 |
) |
- |
|
5,205 |
|
|||||||||||||||||||
Selling, marketing and admin expenses |
|
5,400 |
(6 |
) |
5,394 |
|
|||||||||||||||||||||||||||
Research and development expense |
|
3,447 |
- |
|
(33 |
) |
(36 |
) |
3,378 |
|
|||||||||||||||||||||||
Other (Income) / Expense |
|
499 |
- |
|
51 |
|
- |
|
(22 |
) |
(1,005 |
) |
- |
|
(477 |
) |
|||||||||||||||||
In-process research and development impairments |
|
206 |
(206 |
) |
- |
|
|||||||||||||||||||||||||||
Restructuring |
|
158 |
(158 |
) |
- |
|
|||||||||||||||||||||||||||
Provision for taxes on income |
|
908 |
178 |
|
(12 |
) |
46 |
|
72 |
|
5 |
|
167 |
|
14 |
|
12 |
|
(134 |
) |
1,256 |
|
|||||||||||
Net Earnings from Continuing Operations |
|
4,309 |
954 |
|
(39 |
) |
160 |
|
312 |
|
17 |
|
838 |
|
59 |
|
33 |
|
134 |
|
6,777 |
|
|||||||||||
Year to Date | |||||||||||||||||||||||||||||||||
In-process research and development impairments |
Acquisition, integration and divestiture related |
(Loss)/gain on securities |
COVID-19 Vaccine Related Costs |
Tax legislation and other tax related |
|||||||||||||||||||||||||||||
Nine Months Sept. 29, 2024 GAAP |
Intangible asset amortization |
Litigation related |
Restructuring related |
Medical Device Regulation |
Nine Months Sept. 29, 2024 Non-GAAP |
||||||||||||||||||||||||||||
Cost of products sold |
$ |
20,343 |
(3,355 |
) |
(15 |
) |
(206 |
) |
(66 |
) |
(8 |
) |
16,693 |
|
|||||||||||||||||||
Selling, marketing and admin expenses |
|
16,416 |
(12 |
) |
- |
|
16,404 |
|
|||||||||||||||||||||||||
Research and development expense |
|
11,934 |
(69 |
) |
(79 |
) |
(19 |
) |
11,767 |
|
|||||||||||||||||||||||
Other (Income) / Expense |
|
4,855 |
- |
|
(5,466 |
) |
- |
|
(653 |
) |
(374 |
) |
(50 |
) |
(1,688 |
) |
|||||||||||||||||
In-process research and development impairments |
|
194 |
(194 |
) |
- |
|
- |
|
- |
|
- |
|
- |
|
|||||||||||||||||||
Restructuring |
|
192 |
(192 |
) |
- |
|
|||||||||||||||||||||||||||
Provision for taxes on income |
|
2,165 |
473 |
|
1,224 |
|
43 |
|
42 |
|
222 |
|
5 |
|
29 |
|
17 |
|
42 |
|
4,262 |
|
|||||||||||
Net Earnings from Continuing Operations |
|
10,635 |
2,882 |
|
4,242 |
|
151 |
|
165 |
|
706 |
|
369 |
|
128 |
|
60 |
|
(42 |
) |
19,296 |
|
|||||||||||
In-process research and development impairments |
Acquisition, integration and divestiture related |
(Loss)/gain on securities |
COVID-19 Vaccine Related Costs |
Tax legislation and other tax related |
|||||||||||||||||||||||||||||
Nine Months Oct. 1, 2023 GAAP |
Intangible asset amortization |
Litigation related |
Restructuring related |
Medical Device Regulation |
Nine Months Oct 1, 2023 Non-GAAP |
||||||||||||||||||||||||||||
Cost of products sold |
$ |
19,755 |
(3,380 |
) |
(226 |
) |
(91 |
) |
(177 |
) |
15,881 |
|
|||||||||||||||||||||
Selling, marketing and admin expenses |
|
15,702 |
(21 |
) |
15,681 |
|
|||||||||||||||||||||||||||
Research and development expense |
|
10,605 |
(16 |
) |
(111 |
) |
(98 |
) |
10,380 |
|
|||||||||||||||||||||||
Other (Income) / Expense |
|
7,055 |
(4 |
) |
(6,986 |
) |
- |
|
(86 |
) |
(1,076 |
) |
(378 |
) |
(1,475 |
) |
|||||||||||||||||
In-process research and development impairments |
|
255 |
(255 |
) |
- |
|
- |
|
|||||||||||||||||||||||||
Restructuring |
|
433 |
(433 |
) |
- |
|
|||||||||||||||||||||||||||
Provision for taxes on income |
|
1,042 |
532 |
|
1,639 |
|
57 |
|
141 |
|
22 |
|
182 |
|
41 |
|
155 |
|
(84 |
) |
3,727 |
|
|||||||||||
Net Earnings from Continuing Operations |
|
9,194 |
2,852 |
|
5,347 |
|
198 |
|
518 |
|
80 |
|
894 |
|
182 |
|
498 |
|
84 |
|
19,847 |
|
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