JOHNSON & JOHNSON - FORM 8-K - EX-99.2O - EXHIBIT 99.2O

Attached files

file	filename
EX-99.15 - EXHIBIT 99.15 - JOHNSON & JOHNSON	a2016q28kexhibit9915.htm
8-K - 8-K - JOHNSON & JOHNSON	a2016q28kcover.htm

Exhibit 99.2O



Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings

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

	2016			2015			Percent
			Percent			Percent	Increase
	Amount		to Sales	Amount		to Sales	(Decrease)
Sales to customers	$ 18,482		100.0	$ 17,787		100.0	3.9
Cost of products sold	5,336		28.9	5,357		30.1	(0.4)
Selling, marketing and administrative expenses	5,176		28.0	5,384		30.3	(3.9)
Research and development expense	2,264		12.2	2,129		12.0	6.3
In-process research and development	29		0.2	—		—
Interest (income) expense, net	102		0.6	107		0.6
Other (income) expense, net	557		3.0	(931)		(5.3)
Restructuring	114		0.6	—		—
Earnings before provision for taxes on income	4,904		26.5	5,741		32.3	(14.6)
Provision for taxes on income	907		4.9	1,225		6.9	(26.0)
Net earnings	$ 3,997		21.6	$ 4,516		25.4	(11.5)

Net earnings per share (Diluted)	$ 1.43			$ 1.61			(11.2)

Average shares outstanding (Diluted)	2,794.2			2,812.0

Effective tax rate	18.5	%		21.3	%

Adjusted earnings before provision for taxes and net earnings^{(1) (A)}
Earnings before provision for taxes on income	$ 6,024		32.6	$ 6,248		35.1	(3.6)
Net earnings	$ 4,866		26.3	$ 4,812		27.1	1.1
Net earnings per share (Diluted)	$ 1.74			$ 1.71			1.8
Effective tax rate	19.2	%		23.0	%

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

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



Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings

(Unaudited; in Millions Except Per Share Figures)	SIX MONTHS

	2016			2015			Percent
			Percent			Percent	Increase
	Amount		to Sales	Amount		to Sales	(Decrease)
Sales to customers	$ 35,964		100.0	$ 35,161		100.0	2.3
Cost of products sold	10,665		29.6	10,639		30.2	0.2
Selling, marketing and administrative expenses	9,864		27.4	10,231		29.1	(3.6)
Research and development expense	4,277		11.9	4,028		11.5	6.2
In-process research and development	29		0.1	—		—
Interest (income) expense, net	179		0.5	226		0.6
Other (income) expense, net	518		1.4	(1,279)		(3.6)
Restructuring	234		0.7	—		—
Earnings before provision for taxes on income	10,198		28.4	11,316		32.2	(9.9)
Provision for taxes on income	1,744		4.9	2,480		7.1	(29.7)
Net earnings	$ 8,454		23.5	$ 8,836		25.1	(4.3)

Net earnings per share (Diluted)	$ 3.02			$ 3.13			(3.5)

Average shares outstanding (Diluted)	2,800.9			2,821.0

Effective tax rate	17.1	%		21.9	%

Adjusted earnings before provision for taxes and net earnings^{(1) (A)}
Earnings before provision for taxes on income	$ 11,825		32.9	$ 11,878		33.8	(0.4)
Net earnings	$ 9,720		27.0	$ 9,230		26.3	5.3
Net earnings per share (Diluted)	$ 3.47			$ 3.27			6.1
Effective tax rate	17.8	%		22.3	%

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

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



Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	SECOND QUARTER
			Percent Change
	2016	2015	Total		Operations	Currency
Sales to customers by
segment of business

Consumer
U.S.	$ 1,384	1,355	2.1	%	2.1	—
International	2,035	2,128	(4.4)		1.0	(5.4)
	3,419	3,483	(1.8)		1.5	(3.3)

Pharmaceutical
U.S.	5,144	4,543	13.2		13.2	—
International	3,510	3,403	3.1		4.9	(1.8)
	8,654	7,946	8.9		9.7	(0.8)

Medical Devices
U.S.	3,044	3,013	1.0		1.0	—
International	3,365	3,345	0.6		2.6	(2.0)
	6,409	6,358	0.8		1.8	(1.0)

U.S.	9,572	8,911	7.4		7.4	—
International	8,910	8,876	0.4		3.1	(2.7)
Worldwide	$ 18,482	17,787	3.9	%	5.3	(1.4)



Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	SIX MONTHS
			Percent Change
	2016	2015	Total		Operations	Currency
Sales to customers by
segment of business

Consumer
U.S.	$ 2,742	2,714	1.0	%	1.0	—
International	3,872	4,159	(6.9)		0.4	(7.3)
	6,614	6,873	(3.8)		0.6	(4.4)

Pharmaceutical
U.S.	10,081	8,914	13.1		13.1	—
International	6,751	6,758	(0.1)		3.8	(3.9)
	16,832	15,672	7.4		9.1	(1.7)

Medical Devices
U.S.	6,070	5,975	1.6		1.6	—
International	6,448	6,641	(2.9)		0.8	(3.7)
	12,518	12,616	(0.8)		1.2	(2.0)

U.S.	18,893	17,603	7.3		7.3	—
International	17,071	17,558	(2.8)		1.8	(4.6)
Worldwide	$ 35,964	35,161	2.3	%	4.6	(2.3)



Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	SECOND QUARTER
			Percent Change
	2016	2015	Total		Operations	Currency
Sales to customers by
geographic area

U.S.	$ 9,572	8,911	7.4	%	7.4	—

Europe	4,090	4,151	(1.5)		(0.6)	(0.9)
Western Hemisphere excluding U.S.	1,542	1,501	2.7		15.4	(12.7)
Asia-Pacific, Africa	3,278	3,224	1.7		2.1	(0.4)
International	8,910	8,876	0.4		3.1	(2.7)

Worldwide	$ 18,482	17,787	3.9	%	5.3	(1.4)



Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	SIX MONTHS
			Percent Change
	2016	2015	Total		Operations	Currency
Sales to customers by
geographic area

U.S.	$ 18,893	17,603	7.3	%	7.3	—

Europe	7,937	8,191	(3.1)		(0.6)	(2.5)
Western Hemisphere excluding U.S.	2,873	3,140	(8.5)		7.1	(15.6)
Asia-Pacific, Africa	6,261	6,227	0.5		2.5	(2.0)
International	17,071	17,558	(2.8)		1.8	(4.6)

Worldwide	$ 35,964	35,161	2.3	%	4.6	(2.3)



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

	Second Quarter			% Incr. /
(Dollars in Millions Except Per Share Data)	2016		2015	(Decr.)

Earnings before provision for taxes on income - as reported	$	4,904	5,741	(14.6)	%

Intangible asset amortization expense	326		318

Restructuring/Other⁽¹⁾	141		—

Litigation expense/(gain), net	600		134

DePuy ASR^TM Hip program	—		9

In-process research and development	29		—

Other	24		46

Earnings before provision for taxes on income - as adjusted	$	6,024	6,248	(3.6)	%

Net Earnings - as reported	$	3,997	4,516	(11.5)	%

Intangible asset amortization expense	238		230

Restructuring/Other	97		—

Litigation expense/(gain), net	493		23

DePuy ASR^TM Hip program	—		8

In-process research and development	23		—

Other	18		35

Net Earnings - as adjusted	$	4,866	4,812	1.1	%

Diluted Net Earnings per share - as reported	$	1.43	1.61	(11.2)	%

Intangible asset amortization expense	0.08		0.08

Restructuring/Other	0.03		—

Litigation expense/(gain), net	0.18		0.01

DePuy ASR^TM Hip program	—		—

In-process research and development	0.01		—

Other	0.01		0.01

Diluted Net Earnings per share - as adjusted	$	1.74	1.71	1.8	%

Operational Diluted Net Earnings per share - as adjusted at 2014 foreign currency exchange rates			1.90

Impact of currency at 2015 foreign currency exchange rates	$	—	(0.19)

Operational Diluted Net Earnings per share - as adjusted at 2015 foreign currency exchange rates	$	1.74	1.71	1.8	%

⁽¹⁾ Includes $7M recorded in cost of products sold and $20M recorded in other (income) expense for the second quarter.



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

	Six Months YTD			% Incr. /
(Dollars in Millions Except Per Share Data)	2016		2015	(Decr.)

Earnings before provision for taxes on income - as reported	$	10,198	11,316	(9.9)	%

Intangible asset amortization expense	608		630

Restructuring/Other ⁽¹⁾	278		—

Litigation expense/(gain), net	666		(268)

DePuy ASR^TM Hip program	—		148

In-process research and development	29		—

Other	46		52

Earnings before provision for taxes on income - as adjusted	$	11,825	11,878	(0.4)	%

Net Earnings - as reported	$	8,454	8,836	(4.3)	%

Intangible asset amortization expense	443		456

Restructuring/Other	217		—

Litigation expense/(gain), net	549		(230)

DePuy ASR^TM Hip program	—		130

In-process research and development	23		—

Other	34		38

Net Earnings - as adjusted	$	9,720	9,230	5.3	%

Diluted Net Earnings per share - as reported	$	3.02	3.13	(3.5)	%

Intangible asset amortization expense	0.16		0.16

Restructuring/Other	0.08		—

Litigation expense/(gain), net	0.19		(0.08)

DePuy ASR^TM Hip program	—		0.05

In-process research and development	0.01		—

Other	0.01		0.01

Diluted Net Earnings per share - as adjusted	$	3.47	3.27	6.1	%

Operational Diluted Net Earnings per share - as adjusted at 2014 foreign currency exchange rates			3.59

Impact of currency at 2015 foreign currency exchange rates	$	0.04	(0.32)

Operational Diluted Net Earnings per share - as adjusted at 2015 foreign currency exchange rates	$	3.51	3.27	7.3	%

⁽¹⁾ Includes $24M recorded in cost of products sold and $20M recorded in other (income) expense for six months YTD.



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

Operational Sales Growth Excluding Acquisitions, Divestitures and Hepatitis C Sales ⁽¹⁾ ^(A)
SECOND QUARTER 2016 ACTUAL vs. 2015 ACTUAL


Segments

	Consumer	Pharmaceutical	Medical Devices	Total
	Operational %⁽²⁾
WW As Reported:	1.5%	9.7%	1.8%	5.3%
U.S.	2.1%	13.2%	1.0%	7.4%
International	1.0%	4.9%	2.6%	3.1%

Wound Care/Other
SPLENDA^®	2.5			0.5
U.S.	4.9			0.7
International	1.0			0.2

Cardiovascular
Cordis			2.3	0.8
U.S.			1.1	0.4
International			3.5	1.3

All Other Acquisitions and Divestitures	(0.1)	(0.1)	(0.2)	(0.1)
U.S.	(0.2)	(0.1)	(0.2)	(0.1)
International	0.0	0.0	(0.3)	(0.1)

WW Ops excluding Acquisitions and Divestitures	3.9%	9.6%	3.9%	6.5%
U.S.	6.8%	13.1%	1.9%	8.4%
International	2.0%	4.9%	5.8%	4.5%

Hepatitis C		3.2		1.4
U.S.		0.8		0.4
International		6.3		2.4

WW Ops excluding Hepatitis C only		12.9%		6.7%
U.S.		14.0%		7.8%
International		11.2%		5.5%

WW Ops excluding Acquisitions, Divestitures and Hepatitis C	3.9%	12.8%	3.9%	7.9%
U.S.	6.8%	13.9%	1.9%	8.8%
International	2.0%	11.2%	5.8%	6.9%

⁽¹⁾ Hepatitis C products include OLYSIO ^® /SOVRIAD ^® and INCIVO ^®
⁽²⁾ Operational growth excludes the effect of translational currency

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



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

Operational Sales Growth Excluding Acquisitions, Divestitures and Hepatitis C Sales ⁽¹⁾ ^(A)
SIX MONTHS 2016 ACTUAL vs. 2015 ACTUAL


Segments

	Consumer	Pharmaceutical	Medical Devices	Total
	Operational %⁽²⁾
WW As Reported:	0.6%	9.1%	1.2%	4.6%
U.S.	1.0%	13.1%	1.6%	7.3%
International	0.4%	3.8%	0.8%	1.8%

Wound Care/Other
SPLENDA^®	2.3			0.4
U.S.	4.5			0.7
International	0.8			0.2

Cardiovascular
Cordis			2.3	0.9
U.S.			1.1	0.4
International			3.5	1.4

All Other Acquisitions and Divestitures	0.0	0.2	(0.1)	0.1
U.S.	(0.1)	0.4	(0.1)	0.2
International	0.1	0.0	0.0	0.0

WW Ops excluding Acquisitions and Divestitures	2.9%	9.3%	3.4%	6.0%
U.S.	5.4%	13.5%	2.6%	8.6%
International	1.3%	3.8%	4.3%	3.4%


Hepatitis C		3.2		1.4
U.S.		1.5		0.7
International		5.4		2.0

WW Ops excluding Hepatitis C only		12.3%		6.0%
U.S.		14.6%		8.0%
International		9.2%		3.8%

WW Ops excluding Acquisitions, Divestitures, and Hepatitis C	2.9%	12.5%	3.4%	7.4%
U.S.	5.4%	15.0%	2.6%	9.3%
International	1.3%	9.2%	4.3%	5.4%

⁽¹⁾Hepatitis C products include OLYSIO ^® /SOVRIAD ^® and INCIVO ^®
⁽²⁾Operational growth excludes the effect of translational currency

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



Johnson & Johnson
Segment Sales
(Dollars in Millions)
		SECOND QUARTER
				% Change
		2016	2015	Reported		Operational⁽¹⁾		Currency
CONSUMER SEGMENT⁽²⁾

BABY CARE
US	$	102	104	(1.9	)%	(1.9	)%	—	%
Intl		398	439	(9.3	)	(2.2	)	(7.1	)
WW		500	543	(7.9	)	(2.1	)	(5.8	)

ORAL CARE
US		159	147	8.2		8.2		—
Intl		244	244	0.0		5.6		(5.6	)
WW		403	391	3.1		6.6		(3.5	)

OTC
US		389	366	6.3		6.3		—
Intl		619	608	1.8		6.1		(4.3	)
WW		1,008	974	3.5		6.2		(2.7	)

SKIN CARE
US		555	491	13.0		13.0		—
Intl		398	403	(1.2	)	3.5		(4.7	)
WW		953	894	6.6		8.7		(2.1	)

WOMEN'S HEALTH
US		7	7	0.0		0.0		—
Intl		276	313	(11.8	)	(4.8	)	(7.0	)
WW		283	320	(11.6	)	(4.8	)	(6.8	)

WOUND CARE/OTHER
US		172	240	(28.3	)	(28.3	)	—
Intl		100	121	(17.4	)	(14.2	)	(3.2	)
WW		272	361	(24.7	)	(23.6	)	(1.1	)

TOTAL CONSUMER
US		1,384	1,355	2.1		2.1		—
Intl		2,035	2,128	(4.4	)	1.0		(5.4	)
WW	$	3,419	3,483	(1.8	)%	1.5	%	(3.3	)%

See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
		SECOND QUARTER
				% Change
		2016	2015	Reported		Operational⁽¹⁾		Currency
PHARMACEUTICAL SEGMENT⁽²⁾

IMMUNOLOGY
US	$	2,224	1,876	18.6	%	18.6	%	—	%
Intl		814	678	20.1		23.0		(2.9	)
WW		3,038	2,554	19.0		19.8		(0.8	)
REMICADE
US		1,236	1,088	13.6		13.6		—
US Exports⁽³⁾		185	241	(23.2	)	(23.2	)	—
Intl		359	339	5.9		11.1		(5.2	)
WW		1,780	1,668	6.7		7.7		(1.0	)
SIMPONI / SIMPONI ARIA
US		244	172	41.9		41.9		—
Intl		204	136	50.0		49.7		0.3
WW		448	308	45.5		45.4		0.1
STELARA
US		559	375	49.1		49.1		—
Intl		245	195	25.6		26.4		(0.8	)
WW		804	570	41.1		41.4		(0.3	)
OTHER IMMUNOLOGY
US		—	—	—		—		—
Intl		6	8	(25.0	)	(15.2	)	(9.8	)
WW		6	8	(25.0	)	(15.2	)	(9.8	)

INFECTIOUS DISEASES
US		362	381	(5.0	)	(5.0	)	—
Intl		467	651	(28.3	)	(27.3	)	(1.0	)
WW		829	1,032	(19.7	)	(19.1	)	(0.6	)
EDURANT
US		14	9	55.6		55.6		—
Intl		126	92	37.0		35.1		1.9
WW		140	101	38.6		36.9		1.7
OLYSIO / SOVRIAD
US		21	50	(58.0	)	(58.0	)	—
Intl		22	214	(89.7	)	(89.4	)	(0.3	)
WW		43	264	(83.7	)	(83.5	)	(0.2	)
PREZISTA / PREZCOBIX / REZOLSTA
US		273	258	5.8		5.8		—
Intl		186	190	(2.1	)	(0.6	)	(1.5	)
WW		459	448	2.5		3.1		(0.6	)
OTHER INFECTIOUS DISEASES
US		54	64	(15.6	)	(15.6	)	—
Intl		133	155	(14.2	)	(11.2	)	(3.0	)
WW		187	219	(14.6	)	(12.5	)	(2.1	)

See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
		SECOND QUARTER
				% Change
		2016	2015	Reported		Operational ⁽¹⁾		Currency
PHARMACEUTICAL SEGMENT^{(2) (Continued)}

NEUROSCIENCE
US	$	695	693	0.3	%	0.3	%	—	%
Intl		907	871	4.1		4.7		(0.6	)
WW		1,602	1,564	2.4		2.8		(0.4	)
CONCERTA / METHYLPHENIDATE
US		129	102	26.5		26.5		—
Intl		109	104	4.8		8.4		(3.6	)
WW		238	206	15.5		17.3		(1.8	)
INVEGA / PALIPERIDONE
US		18	105	(82.9	)	(82.9	)	—
Intl		64	61	4.9		3.4		1.5
WW		82	166	(50.6	)	(51.2	)	0.6
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA
US		339	253	34.0		34.0		—
Intl		221	183	20.8		21.2		(0.4	)
WW		560	436	28.4		28.6		(0.2	)
RISPERDAL CONSTA
US		100	99	1.0		1.0		—
Intl		130	148	(12.2	)	(11.9	)	(0.3	)
WW		230	247	(6.9	)	(6.7	)	(0.2	)
OTHER NEUROSCIENCE
US		109	134	(18.7	)	(18.7	)	—
Intl		383	375	2.1		2.6		(0.5	)
WW		492	509	(3.3	)	(3.0	)	(0.3	)

ONCOLOGY
US		569	362	57.2		57.2		—
Intl		905	782	15.7		17.1		(1.4	)
WW		1,474	1,144	28.8		29.8		(1.0	)
IMBRUVICA
US		144	89	61.8		61.8		—
Intl		151	65	*		*		**
WW		295	154	91.6		93.1		(1.5	)
VELCADE
US		—	—	—		—		—
Intl		342	344	(0.6	)	1.4		(2.0	)
WW		342	344	(0.6	)	1.4		(2.0	)
ZYTIGA
US		286	255	12.2		12.2		—
Intl		315	291	8.2		8.4		(0.2	)
WW		601	546	10.1		10.2		(0.1	)
OTHER ONCOLOGY
US		139	18	*		*		—
Intl		97	82	18.3		20.1		(1.8	)
WW		236	100	*		*		**
See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
		SECOND QUARTER
				% Change
		2016	2015	Reported		Operational ⁽¹⁾		Currency
PHARMACEUTICAL SEGMENT^{(2) (Continued)}

CARDIOVASCULAR / METABOLISM / OTHER
US	$	1,294	1,231	5.1	%	5.1	%	—	%
Intl		417	421	(1.0	)	3.2		(4.2	)
WW		1,711	1,652	3.6		4.7		(1.1	)
XARELTO
US		594	472	25.8		25.8		—
Intl		—	—	—		—		—
WW		594	472	25.8		25.8		—
INVOKANA / INVOKAMET
US		348	302	15.2		15.2		—
Intl		35	16	*		*		**
WW		383	318	20.4		21.0		(0.6	)
PROCRIT / EPREX
US		230	179	28.5		28.5		—
Intl		92	97	(5.2	)	(2.9	)	(2.3	)
WW		322	276	16.7		17.5		(0.8	)
OTHER
US		122	278	(56.1	)	(56.1	)	—
Intl		290	308	(5.8	)	(1.4	)	(4.4	)
WW		412	586	(29.7	)	(27.4	)	(2.3	)

TOTAL PHARMACEUTICAL
US		5,144	4,543	13.2		13.2		—
Intl		3,510	3,403	3.1		4.9		(1.8	)
WW	$	8,654	7,946	8.9	%	9.7	%	(0.8	)%

See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
		SECOND QUARTER
				% Change
		2016	2015	Reported		Operational ⁽¹⁾		Currency
MEDICAL DEVICES SEGMENT ^{(2) (4)}

CARDIOVASCULAR
US	$	235	235	0.0	%	0.0	%	—	%
Intl		235	309	(23.9	)	(23.8	)	(0.1	)
WW		470	544	(13.6	)	(13.6	)	0.0

DIABETES CARE
US		177	214	(17.3	)	(17.3	)	—
Intl		294	280	5.0		7.0		(2.0	)
WW		471	494	(4.7	)	(3.5	)	(1.2	)

DIAGNOSTICS
US		—	—	—		—		—
Intl		31	16	93.8		*		**
WW		31	16	93.8		*		**

ORTHOPAEDICS
US		1,364	1,321	3.3		3.3		—
Intl		991	1,009	(1.8	)	0.2		(2.0	)
WW		2,355	2,330	1.1		2.0		(0.9	)

HIPS
US		197	193	2.1		2.1		—
Intl		152	143	6.3		9.6		(3.3	)
WW		349	336	3.9		5.3		(1.4	)

KNEES
US		229	222	3.2		3.2		—
Intl		156	150	4.0		6.7		(2.7	)
WW		385	372	3.5		4.6		(1.1	)

TRAUMA
US		381	351	8.5		8.5		—
Intl		255	270	(5.6	)	(3.8	)	(1.8	)
WW		636	621	2.4		3.2		(0.8	)

SPINE & OTHER
US		557	555	0.4		0.4		—
Intl		428	446	(4.0	)	(2.5	)	(1.5	)
WW		985	1,001	(1.6	)	(0.9	)	(0.7	)

See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
		SECOND QUARTER
				% Change
		2016	2015	Reported		Operational ⁽¹⁾		Currency
MEDICAL DEVICES SEGMENT ^{(2) (4) (Continued)}

SURGERY
US	$	1,020	1,000	2.0	%	2.0	%	—
Intl		1,377	1,328	3.7		6.4		(2.7	)
WW		2,397	2,328	3.0		4.6		(1.6	)

ADVANCED
US		389	360	8.1		8.1		—
Intl		520	480	8.3		11.0		(2.7	)
WW		909	840	8.2		9.7		(1.5	)

GENERAL
US		421	423	(0.5	)	(0.5	)	—
Intl		706	696	1.4		3.9		(2.5	)
WW		1,127	1,119	0.7		2.3		(1.6	)

SPECIALTY
US		210	217	(3.2	)	(3.2	)	—
Intl		151	152	(0.7	)	2.8		(3.5	)
WW		361	369	(2.2	)	(0.7	)	(1.5	)

VISION CARE
US		248	243	2.1		2.1		—
Intl		437	403	8.4		8.1		0.3
WW		685	646	6.0		5.8		0.2

TOTAL MEDICAL DEVICES
US		3,044	3,013	1.0		1.0		—
Intl		3,365	3,345	0.6		2.6		(2.0	)
WW	$	6,409	6,358	0.8	%	1.8	%	(1.0	)%

See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
		SIX MONTHS
				% Change
		2016	2015	Reported		Operational⁽¹⁾		Currency
CONSUMER SEGMENT⁽²⁾

BABY CARE
US	$	197	215	(8.4	)%	(8.4	)%	—	%
Intl		754	839	(10.1	)	(1.1	)	(9.0	)
WW		951	1,054	(9.8	)	(2.6	)	(7.2	)

ORAL CARE
US		329	305	7.9		7.9		—
Intl		459	489	(6.1	)	1.3		(7.4	)
WW		788	794	(0.8	)	3.8		(4.6	)

OTC
US		850	771	10.2		10.2		—
Intl		1,177	1,196	(1.6	)	4.5		(6.1	)
WW		2,027	1,967	3.1		6.8		(3.7	)

SKIN CARE
US		1,043	983	6.1		6.1		—
Intl		772	814	(5.2	)	1.3		(6.5	)
WW		1,815	1,797	1.0		3.9		(2.9	)

WOMEN'S HEALTH
US		13	13	0.0		0.0		—
Intl		521	594	(12.3	)	(3.0	)	(9.3	)
WW		534	607	(12.0	)	(2.9	)	(9.1	)

WOUND CARE/OTHER
US		310	427	(27.4	)	(27.4	)	—
Intl		189	227	(16.7	)	(11.4	)	(5.3	)
WW		499	654	(23.7	)	(21.9	)	(1.8	)

TOTAL CONSUMER
US		2,742	2,714	1.0		1.0		—
Intl		3,872	4,159	(6.9	)	0.4		(7.3	)
WW	$	6,614	6,873	(3.8	)%	0.6	%	(4.4	)%

See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
		SIX MONTHS
				% Change
		2016	2015	Reported		Operational⁽¹⁾		Currency
PHARMACEUTICAL SEGMENT⁽²⁾

IMMUNOLOGY
US	$	4,395	3,631	21.0	%	21.0	%	—	%
Intl		1,553	1,386	12.0		17.7		(5.7	)
WW		5,948	5,017	18.6		20.2		(1.6	)
REMICADE
US		2,447	2,143	14.2		14.2		—
US Exports⁽³⁾		418	422	(0.9	)	(0.9	)	—
Intl		694	703	(1.3	)	6.2		(7.5	)
WW		3,559	3,268	8.9		10.5		(1.6	)
SIMPONI / SIMPONI ARIA
US		460	327	40.7		40.7		—
Intl		378	281	34.5		38.3		(3.8	)
WW		838	608	37.8		39.5		(1.7	)
STELARA
US		1,070	739	44.8		44.8		—
Intl		469	380	23.4		26.8		(3.4	)
WW		1,539	1,119	37.5		38.7		(1.2	)
OTHER IMMUNOLOGY
US		—	—	—		—		—
Intl		12	22	(45.5	)	(36.4	)	(9.1	)
WW		12	22	(45.5	)	(36.4	)	(9.1	)

INFECTIOUS DISEASES
US		720	793	(9.2	)	(9.2	)	—
Intl		885	1,214	(27.1	)	(24.8	)	(2.3	)
WW		1,605	2,007	(20.0	)	(18.6	)	(1.4	)
EDURANT
US		25	18	38.9		38.9		—
Intl		234	174	34.5		35.2		(0.7	)
WW		259	192	34.9		35.6		(0.7	)
OLYSIO / SOVRIAD
US		37	148	(75.0	)	(75.0	)	—
Intl		38	350	(89.1	)	(88.5	)	(0.6	)
WW		75	498	(84.9	)	(84.5	)	(0.4	)
PREZISTA / PREZCOBIX / REZOLSTA
US		550	492	11.8		11.8		—
Intl		361	383	(5.7	)	(2.6	)	(3.1	)
WW		911	875	4.1		5.5		(1.4	)
OTHER INFECTIOUS DISEASES
US		108	135	(20.0	)	(20.0	)	—
Intl		252	307	(17.9	)	(13.9	)	(4.0	)
WW		360	442	(18.6	)	(15.8	)	(2.8	)

See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
		SIX MONTHS
				% Change
		2016	2015	Reported		Operational ⁽¹⁾		Currency
PHARMACEUTICAL SEGMENT^{(2) (Continued)}

NEUROSCIENCE
US	$	1,375	1,443	(4.7	)%	(4.7	)%	—	%
Intl		1,776	1,739	2.1		5.1		(3.0	)
WW		3,151	3,182	(1.0	)	0.6		(1.6	)
CONCERTA / METHYLPHENIDATE
US		263	228	15.4		15.4		—
Intl		206	202	2.0		7.4		(5.4	)
WW		469	430	9.1		11.7		(2.6	)
INVEGA / PALIPERIDONE
US		42	199	(78.9	)	(78.9	)	—
Intl		126	122	3.3		4.4		(1.1	)
WW		168	321	(47.7	)	(47.3	)	(0.4	)
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA
US		644	481	33.9		33.9		—
Intl		429	366	17.2		20.2		(3.0	)
WW		1,073	847	26.7		28.0		(1.3	)
RISPERDAL CONSTA
US		195	203	(3.9	)	(3.9	)	—
Intl		266	298	(10.7	)	(8.4	)	(2.3	)
WW		461	501	(8.0	)	(6.6	)	(1.4	)
OTHER NEUROSCIENCE
US		231	332	(30.4	)	(30.4	)	—
Intl		749	751	(0.3	)	2.6		(2.9	)
WW		980	1,083	(9.5	)	(7.5	)	(2.0	)

ONCOLOGY
US		1,118	696	60.6		60.6		—
Intl		1,710	1,556	9.9		13.5		(3.6	)
WW		2,828	2,252	25.6		28.1		(2.5	)
IMBRUVICA
US		276	155	78.1		78.1		—
Intl		280	115	*		*		**
WW		556	270	*		*		**
VELCADE
US		—	—	—		—		—
Intl		646	683	(5.4	)	(2.0	)	(3.4	)
WW		646	683	(5.4	)	(2.0	)	(3.4	)
ZYTIGA
US		558	508	9.8		9.8		—
Intl		601	594	1.2		4.1		(2.9	)
WW		1,159	1,102	5.2		6.8		(1.6	)
OTHER ONCOLOGY
US		284	33	*		*		—
Intl		183	164	11.6		15.6		(4.0	)
WW		467	197	*		*		**
See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
		SIX MONTHS
				% Change
		2016	2015	Reported		Operational ⁽¹⁾		Currency
PHARMACEUTICAL SEGMENT^{(2) (Continued)}

CARDIOVASCULAR / METABOLISM / OTHER
US	$	2,473	2,351	5.2	%	5.2	%	—	%
Intl		827	863	(4.2	)	1.4		(5.6	)
WW		3,300	3,214	2.7		4.2		(1.5	)
XARELTO
US		1,161	913	27.2		27.2		—
Intl		—	—	—		—		—
WW		1,161	913	27.2		27.2		—
INVOKANA / INVOKAMET
US		645	568	13.6		13.6		—
Intl		63	28	*		*		**
WW		708	596	18.8		19.5		(0.7	)
PROCRIT / EPREX
US		413	342	20.8		20.8		—
Intl		183	203	(9.9	)	(5.9	)	(4.0	)
WW		596	545	9.4		10.9		(1.5	)
OTHER
US		254	528	(51.9	)	(51.9	)	—
Intl		581	632	(8.1	)	(2.5	)	(5.6	)
WW		835	1,160	(28.0	)	(25.0	)	(3.0	)

TOTAL PHARMACEUTICAL
US		10,081	8,914	13.1		13.1		—
Intl		6,751	6,758	(0.1	)	3.8		(3.9	)
WW	$	16,832	15,672	7.4	%	9.1	%	(1.7	)%

See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
		SIX MONTHS
				% Change
		2016	2015	Reported		Operational ⁽¹⁾		Currency
MEDICAL DEVICES SEGMENT ^{(2) (4)}

CARDIOVASCULAR
US	$	466	463	0.6	%	0.6	%	—	%
Intl		447	610	(26.7	)	(25.0	)	(1.7	)
WW		913	1,073	(14.9	)	(14.0	)	(0.9	)

DIABETES CARE
US		357	426	(16.2	)	(16.2	)	—
Intl		543	552	(1.6	)	2.2		(3.8	)
WW		900	978	(8.0	)	(5.8	)	(2.2	)

DIAGNOSTICS
US		—	—	—		—		—
Intl		59	46	28.3		47.8		(19.5	)
WW		59	46	28.3		47.8		(19.5	)

ORTHOPAEDICS
US		2,756	2,630	4.8		4.8		—
Intl		1,940	2,028	(4.3	)	(0.5	)	(3.8	)
WW		4,696	4,658	0.8		2.4		(1.6	)

HIPS
US		400	383	4.4		4.4		—
Intl		291	286	1.7		6.5		(4.8	)
WW		691	669	3.3		5.3		(2.0	)

KNEES
US		473	448	5.6		5.6		—
Intl		301	300	0.3		4.4		(4.1	)
WW		774	748	3.5		5.1		(1.6	)

TRAUMA
US		762	715	6.6		6.6		—
Intl		516	562	(8.2	)	(4.4	)	(3.8	)
WW		1,278	1,277	0.1		1.8		(1.7	)

SPINE & OTHER
US		1,121	1,084	3.4		3.4		—
Intl		832	880	(5.5	)	(2.2	)	(3.3	)
WW		1,953	1,964	(0.6	)	0.9		(1.5	)

See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
		SIX MONTHS
				% Change
		2016	2015	Reported		Operational ⁽¹⁾		Currency
MEDICAL DEVICES SEGMENT ^{(2) (4) (Continued)}

SURGERY
US	$	2,001	1,960	2.1	%	2.1	%	—	%
Intl		2,624	2,624	0.0		4.4		(4.4	)
WW		4,625	4,584	0.9		3.4		(2.5	)

ADVANCED
US		741	689	7.5		7.5		—
Intl		984	921	6.8		11.3		(4.5	)
WW		1,725	1,610	7.1		9.7		(2.6	)

GENERAL
US		840	845	(0.6	)	(0.6	)	—
Intl		1,357	1,407	(3.6	)	0.5		(4.1	)
WW		2,197	2,252	(2.4	)	0.2		(2.6	)

SPECIALTY
US		420	426	(1.4	)	(1.4	)	—
Intl		283	296	(4.4	)	1.0		(5.4	)
WW		703	722	(2.6	)	(0.4	)	(2.2	)

VISION CARE
US		490	496	(1.2	)	(1.2	)	—
Intl		835	781	6.9		8.9		(2.0	)
WW		1,325	1,277	3.8		5.0		(1.2	)

TOTAL MEDICAL DEVICES
US		6,070	5,975	1.6		1.6		—
Intl		6,448	6,641	(2.9	)	0.8		(3.7	)
WW	$	12,518	12,616	(0.8	)%	1.2	%	(2.0	)%

* Percentage greater than 100%
** Not meaningful
⁽¹⁾ Operational growth excludes the effect of translational currency
⁽²⁾ Unaudited
⁽³⁾ Reported as U.S. sales
⁽⁴⁾ Prior year amounts have been reclassified to conform to current year product disclosure

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JOHNSON & JOHNSON - FORM 8-K - EX-99.2O - EXHIBIT 99.2O - July 19, 2016

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