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

Attached files

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EX-99.15 - EXHIBIT 99.15 - JOHNSON & JOHNSON	a8k2018q3exhibit9915.htm
8-K - 8-K - JOHNSON & JOHNSON	a8-k2018q3.htm

Exhibit 99.2O



Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings

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

	2018			2017*			Percent
			Percent			Percent	Increase
	Amount		to Sales	Amount		to Sales	(Decrease)
Sales to customers	$ 20,348		100.0	$ 19,650		100.0	3.6
Cost of products sold	6,589		32.4	6,925		35.2	(4.9)
Gross Profit	13,759		67.6	12,725		64.8	8.1
Selling, marketing and administrative expenses	5,543		27.3	5,423		27.6	2.2
Research and development expense	2,508		12.3	2,585		13.2	(3.0)
In-process research and development	1,126		5.6	—		—
Interest (income) expense, net	68		0.3	155		0.8
Other (income) expense, net	3		0.0	(297)		(1.5)
Restructuring	88		0.4	69		0.3
Earnings before provision for taxes on income	4,423		21.7	4,790		24.4	(7.7)
Provision for taxes on income	489		2.4	1,026		5.2	(52.3)
Net earnings	$ 3,934		19.3	$ 3,764		19.2	4.5

Net earnings per share (Diluted)	$ 1.44			$ 1.37			5.1

Average shares outstanding (Diluted)	2,727.6			2,737.7

Effective tax rate	11.1	%		21.4	%

Adjusted earnings before provision for taxes and net earnings^{(1) (A)}
Earnings before provision for taxes on income	$ 6,780		33.3	$ 6,573		33.5	3.1
Net earnings	$ 5,590		27.5	$ 5,208		26.5	7.3
Net earnings per share (Diluted)	$ 2.05			$ 1.90			7.9
Effective tax rate	17.6	%		20.8	%

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

*2017 Statement of Earnings line items have been restated to reflect impact of ASU 2017-07

^(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, 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)	NINE MONTHS

	2018			2017*			Percent
			Percent			Percent	Increase
	Amount		to Sales	Amount		to Sales	(Decrease)
Sales to customers	$ 61,187		100.0	$ 56,255		100.0	8.8
Cost of products sold	20,130		32.9	18,180		32.3	10.7
Gross Profit	41,057		67.1	38,075		67.7	7.8
Selling, marketing and administrative expenses	16,549		27.1	15,475		27.5	6.9
Research and development expense	7,551		12.3	6,951		12.4	8.6
In-process research and development	1,126		1.8	—		—
Interest (income) expense, net	340		0.6	360		0.6
Other (income) expense, net	427		0.7	11		0.0
Restructuring	187		0.3	165		0.3
Earnings before provision for taxes on income	14,877		24.3	15,113		26.9	(1.6)
Provision for taxes on income	2,622		4.3	3,100		5.5	(15.4)
Net earnings	$ 12,255		20.0	$ 12,013		21.4	2.0

Net earnings per share (Diluted)	$ 4.49			$ 4.37			2.7

Average shares outstanding (Diluted)	2,729.6			2,746.4

Effective tax rate	17.6	%		20.5	%

Adjusted earnings before provision for taxes and net earnings^{(1) (A)}
Earnings before provision for taxes on income	$ 20,652		33.8	$ 18,961		33.7	8.9
Net earnings	$ 16,943		27.7	$ 15,263		27.1	11.0
Net earnings per share (Diluted)	$ 6.21			$ 5.56			11.7
Effective tax rate	18.0	%		19.5	%

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

*2017 Statement of Earnings line items have been restated to reflect impact of ASU 2017-07

^(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, 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)	THIRD QUARTER
			Percent Change
	2018	2017	Total		Operations	Currency
Sales to customers by
segment of business

Consumer
U.S.	$ 1,370	1,285	6.6	%	6.6	—
International	2,045	2,071	(1.3)		3.7	(5.0)
	3,415	3,356	1.8		4.9	(3.1)

Pharmaceutical
U.S.	6,097	5,816	4.8		4.8	—
International	4,249	3,879	9.5		13.2	(3.7)
	10,346	9,695	6.7		8.2	(1.5)

Medical Devices
U.S.	3,197	3,189	0.3		0.3	—
International	3,390	3,410	(0.6)		3.0	(3.6)
	6,587	6,599	(0.2)		1.7	(1.9)

U.S.	10,664	10,290	3.6		3.6	—
International	9,684	9,360	3.5		7.5	(4.0)
Worldwide	$ 20,348	19,650	3.6	%	5.5	(1.9)



Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	NINE MONTHS
			Percent Change
	2018	2017	Total		Operations	Currency
Sales to customers by
segment of business

Consumer
U.S.	$ 4,282	4,186	2.3	%	2.3	—
International	6,035	5,876	2.7		1.6	1.1
	10,317	10,062	2.5		1.9	0.6

Pharmaceutical
U.S.	17,350	15,698	10.5		10.5	—
International	13,194	10,877	21.3		17.5	3.8
	30,544	26,575	14.9		13.4	1.5

Medical Devices
U.S.	9,623	9,510	1.2		1.2	—
International	10,703	10,108	5.9		3.2	2.7
	20,326	19,618	3.6		2.2	1.4

U.S.	31,255	29,394	6.3		6.3	—
International	29,932	26,861	11.4		8.6	2.8
Worldwide	$ 61,187	56,255	8.8	%	7.5	1.3



Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	THIRD QUARTER
			Percent Change
	2018	2017	Total		Operations	Currency
Sales to customers by
geographic area

U.S.	$ 10,664	10,290	3.6	%	3.6	—

Europe	4,416	4,308	2.5		5.1	(2.6)
Western Hemisphere excluding U.S.	1,550	1,569	(1.2)		11.2	(12.4)
Asia-Pacific, Africa	3,718	3,483	6.7		8.6	(1.9)
International	9,684	9,360	3.5		7.5	(4.0)

Worldwide	$ 20,348	19,650	3.6	%	5.5	(1.9)



Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	NINE MONTHS
			Percent Change
	2018	2017	Total		Operations	Currency
Sales to customers by
geographic area

U.S.	$ 31,255	29,394	6.3	%	6.3	—

Europe	14,023	12,398	13.1		7.1	6.0
Western Hemisphere excluding U.S.	4,657	4,522	3.0		8.4	(5.4)
Asia-Pacific, Africa	11,252	9,941	13.2		10.8	2.4
International	29,932	26,861	11.4		8.6	2.8

Worldwide	$ 61,187	56,255	8.8	%	7.5	1.3



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

	Third Quarter		% Incr. /
(Dollars in Millions Except Per Share Data)	2018	2017	(Decr.)

Earnings before provision for taxes on income - as reported	$ 4,423	4,790	(7.7)	%
Intangible asset amortization expense	1,085	1,077
In-process research and development	1,126	—
Litigation expense, net	—	118
Restructuring/Other⁽¹⁾	190	187
Actelion acquisition related cost	40	367
Contingent liability reversal	(184)	—
AMO acquisition related cost	36	36
Diabetes asset impairment	—	(2)
Unrealized loss/(gain) on securities	9	—
Other	55	—

Earnings before provision for taxes on income - as adjusted	$ 6,780	6,573	3.1	%

Net Earnings - as reported	$ 3,934	3,764	4.5	%
Intangible asset amortization expense	968	933
In-process research and development	859	—
Litigation expense, net	—	97
Restructuring/Other	162	136
Actelion acquisition related cost	37	255
Contingent liability reversal	(184)	—
AMO acquisition related cost	29	28
Diabetes asset impairment	—	(5)
Unrealized loss/(gain) on securities	8	—
Impact of tax legislation⁽²⁾	(265)	—
Other	42	—

Net Earnings - as adjusted	$ 5,590	5,208	7.3	%

Diluted Net Earnings per share - as reported	$ 1.44	1.37	5.1	%
Intangible asset amortization expense	0.35	0.34
In-process research and development	0.32	—
Litigation expense, net	—	0.04
Restructuring/Other	0.06	0.05
Actelion acquisition related cost	0.02	0.09
Contingent liability reversal	(0.07)	—
AMO acquisition related cost	0.01	0.01
Diabetes asset impairment	—	—
Unrealized loss/(gain) on securities	—	—
Impact of tax legislation	(0.10)	—
Other	0.02	—

Diluted Net Earnings per share - as adjusted	$ 2.05	1.90	7.9	%

Operational Diluted Net Earnings per share - as adjusted
at 2016 foreign currency exchange rates		1.85

Impact of currency at 2017 foreign currency exchange rates	0.03	0.05

Operational Diluted Net Earnings per share - as adjusted
at 2017 foreign currency exchange rates	$ 2.08	1.90	9.5	%

⁽¹⁾ Includes $23M recorded in cost of products sold and $79M recorded in other (income) expense for the third quarter 2018. Includes $29M recorded in cost of products sold and $89M recorded in other (income) expense for the third quarter 2017.

⁽²⁾ Includes foreign currency translation



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

	Nine Months YTD		% Incr. /
(Dollars in Millions Except Per Share Data)	2018	2017	(Decr.)

Earnings before provision for taxes on income - as reported	$ 14,877	15,113	(1.6)	%
Intangible asset amortization expense	3,284	1,886
In-process research and development	1,126	—
Litigation expense, net	703	611
Restructuring/Other⁽¹⁾	473	476
Actelion acquisition related cost	200	580
Contingent liability reversal	(184)	—
AMO acquisition related cost	82	115
Diabetes asset impairment	4	180
Unrealized loss/(gain) on securities	(3)	—
Other	90	—

Earnings before provision for taxes on income - as adjusted	$ 20,652	18,961	8.9	%

Net Earnings - as reported	$ 12,255	12,013	2.0	%
Intangible asset amortization expense	2,931	1,555
In-process research and development	859	—
Litigation expense, net	609	449
Restructuring/Other	395	358
Actelion acquisition related cost	193	454
Contingent liability reversal	(184)	—
AMO acquisition related cost	68	314
Diabetes asset impairment	3	120
Unrealized loss/(gain) on securities	(2)	—
Impact of tax legislation⁽²⁾	(253)	—
Other	69	—

Net Earnings - as adjusted	$ 16,943	15,263	11.0	%

Diluted Net Earnings per share - as reported	$ 4.49	4.37	2.7	%
Intangible asset amortization expense	1.07	0.57
In-process research and development	0.32	—
Litigation expense, net	0.22	0.16
Restructuring/Other	0.15	0.14
Actelion acquisition related cost	0.07	0.16
Contingent liability reversal	(0.07)	—
AMO acquisition related cost	0.02	0.11
Diabetes asset impairment	—	0.05
Unrealized loss/(gain) on securities	—	—
Impact of tax legislation	(0.09)	—
Other	0.03	—

Diluted Net Earnings per share - as adjusted	$ 6.21	5.56	11.7	%

Operational Diluted Net Earnings per share - as adjusted
at 2016 foreign currency exchange rates		5.57

Impact of currency at 2017 foreign currency exchange rates	(0.17)	(0.01)

Operational Diluted Net Earnings per share - as adjusted
at 2017 foreign currency exchange rates	$ 6.04	5.56	8.6	%

⁽¹⁾ Includes $73M recorded in cost of products sold and $213M recorded in other (income) expense for nine months 2018 YTD. Includes $46M recorded in cost of products sold and $265M recorded in other (income) expense for nine months 2017 YTD.

⁽²⁾ Includes foreign currency translation



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

Operational Sales Growth Excluding Acquisitions and Divestitures ^(A)
THIRD QUARTER 2018 ACTUAL vs. 2017 ACTUAL


Segments
	Consumer	Pharmaceutical	Medical Devices	Total
	Operational %⁽¹⁾
WW As Reported:	4.9%	8.2%	1.7%	5.5%
U.S.	6.6%	4.8%	0.3%	3.6%
International	3.7%	13.2%	3.0%	7.5%


Spine & Other
Codman Neuroscience			1.0	0.4
U.S.			0.6	0.2
International			1.4	0.5

Wound Care / Other
Compeed	0.8			0.1
U.S.	0.0			0.0
International	1.3			0.3

Beauty
Nizoral	0.5			0.1
U.S.	0.3			0.0
International	0.7			0.1

All Other Acquisitions and Divestitures	(0.1)	0.0	0.2	0.0
U.S.	(0.5)	0.0	0.3	0.1
International	0.2	0.0	0.0	0.1

WW Ops excluding Acquisitions and Divestitures	6.1%	8.2%	2.9%	6.1%
U.S.	6.4%	4.8%	1.2%	3.9%
International	5.9%	13.2%	4.4%	8.5%

⁽¹⁾ Operational growth excludes the effect of translational currency

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



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

Operational Sales Growth Excluding Acquisitions and Divestitures ^(A)
NINE MONTHS 2018 ACTUAL vs. 2017 ACTUAL

Segments
	Consumer	Pharmaceutical	Medical Devices	Total
	Operational % ⁽¹⁾
WW As Reported:	1.9%	13.4%	2.2%	7.5%
U.S.	2.3%	10.5%	1.2%	6.3%
International	1.6%	17.5%	3.2%	8.6%

Pulmonary Hypertension
Actelion		(4.3)		(2.0)
U.S.		(4.7)		(2.5)
International		(3.8)		(1.6)

Cardiovascular / Metabolism / Other
Actelion		(0.2)		(0.1)
U.S.		(0.1)		(0.1)
International		(0.3)		(0.1)

Spine & Other
Codman Neuroscience			1.0	0.4
U.S.			0.6	0.3
International			1.4	0.6

Wound Care / Other
Compeed	0.9			0.2
U.S.	0.0			0.0
International	1.5			0.3

Vision
Vision Surgical & Eye Health Business			(1.0)	(0.4)
U.S.			(0.9)	(0.3)
International			(1.1)	(0.4)

Beauty
Nizoral	0.2			0.0
U.S.	0.1			0.0
International	0.3			0.1

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

WW Ops excluding Acquisitions and Divestitures	3.0%	8.9%	2.3%	5.6%
U.S.	2.3%	5.7%	0.9%	3.7%
International	3.6%	13.4%	3.7%	7.6%

⁽¹⁾ Operational growth excludes the effect of translational currency

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



Johnson & Johnson
Segment Sales
(Dollars in Millions)
		THIRD QUARTER
				% Change
		2018	2017	Reported		Operational⁽¹⁾		Currency
CONSUMER SEGMENT⁽²⁾

BABY CARE
US	$	120	100	20.0	%	20.0	%	—	%
Intl		352	377	(6.6	)	0.1		(6.7	)
WW		472	477	(1.0	)	4.3		(5.3	)

BEAUTY
US		543	523	3.8		3.8		—
Intl		535	510	4.9		9.2		(4.3	)
WW		1,078	1,033	4.4		6.5		(2.1	)

ORAL CARE
US		158	154	2.6		2.6		—
Intl		226	228	(0.9	)	3.6		(4.5	)
WW		384	382	0.5		3.2		(2.7	)

OTC
US		440	401	9.7		9.7		—
Intl		608	601	1.2		4.8		(3.6	)
WW		1,048	1,002	4.6		6.8		(2.2	)

WOMEN'S HEALTH
US		3	3	0.0		0.0		—
Intl		266	267	(0.4	)	8.0		(8.4	)
WW		269	270	(0.4	)	7.9		(8.3	)

WOUND CARE / OTHER
US		106	104	1.9		1.9		—
Intl		58	88	(34.1	)	(31.3	)	(2.8	)
WW		164	192	(14.6	)	(13.3	)	(1.3	)

TOTAL CONSUMER
US		1,370	1,285	6.6		6.6		—
Intl		2,045	2,071	(1.3	)	3.7		(5.0	)
WW	$	3,415	3,356	1.8	%	4.9	%	(3.1	)%

See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)

		THIRD QUARTER
				% Change
		2018	2017	Reported		Operational⁽¹⁾		Currency
PHARMACEUTICAL SEGMENT^{(2) (5)}

IMMUNOLOGY
US	$	2,400	2,420	(0.8	)%	(0.8	)%	—	%
Intl		998	849	17.6		21.7		(4.1	)
WW		3,398	3,269	3.9		5.0		(1.1	)
REMICADE
US		987	1,206	(18.2	)	(18.2	)	—
US Exports⁽³⁾		100	156	(35.9	)	(35.9	)	—
Intl		292	285	2.5		8.2		(5.7	)
WW		1,379	1,647	(16.3	)	(15.3	)	(1.0	)
SIMPONI / SIMPONI ARIA
US		281	242	16.1		16.1		—
Intl		255	234	9.0		13.5		(4.5	)
WW		536	476	12.6		14.8		(2.2	)
STELARA
US		889	800	11.1		11.1		—
Intl		421	324	29.9		33.0		(3.1	)
WW		1,310	1,124	16.5		17.4		(0.9	)
OTHER IMMUNOLOGY
US		143	16	*		*		—
Intl		30	6	*		*		*
WW		173	22	*		*		*

INFECTIOUS DISEASES
US		345	353	(2.3	)	(2.3	)	—
Intl		478	460	3.9		7.4		(3.5	)
WW		823	813	1.2		3.2		(2.0	)
EDURANT / rilpivirine
US		13	15	(13.3	)	(13.3	)	—
Intl		189	179	5.6		6.8		(1.2	)
WW		202	194	4.1		5.2		(1.1	)
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US		297	287	3.5		3.5		—
Intl		193	180	7.2		12.4		(5.2	)
WW		490	467	4.9		6.9		(2.0	)
OTHER INFECTIOUS DISEASES
US		35	51	(31.4	)	(31.4	)	—
Intl		96	101	(5.0	)	(0.3	)	(4.7	)
WW		131	152	(13.8	)	(10.7	)	(3.1	)

See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)

		THIRD QUARTER
				% Change
		2018	2017	Reported		Operational ⁽¹⁾		Currency
PHARMACEUTICAL SEGMENT^{(2) (5) (Continued)}

NEUROSCIENCE
US	$	651	647	0.6	%	0.6	%	—	%
Intl		839	851	(1.4	)	2.1		(3.5	)
WW		1,490	1,498	(0.5	)	1.5		(2.0	)
CONCERTA / methylphenidate
US		57	100	(43.0	)	(43.0	)	—
Intl		100	98	2.0		7.3		(5.3	)
WW		157	198	(20.7	)	(18.1	)	(2.6	)
INVEGA SUSTENNA / XEPLION / TRINZA / TREVICTA
US		468	395	18.5		18.5		—
Intl		281	248	13.3		16.6		(3.3	)
WW		749	643	16.5		17.8		(1.3	)
RISPERDAL CONSTA
US		76	87	(12.6	)	(12.6	)	—
Intl		99	107	(7.5	)	(4.0	)	(3.5	)
WW		175	194	(9.8	)	(7.9	)	(1.9	)
OTHER NEUROSCIENCE
US		50	65	(23.1	)	(23.1	)	—
Intl		359	398	(9.8	)	(6.6	)	(3.2	)
WW		409	463	(11.7	)	(9.0	)	(2.7	)

ONCOLOGY
US		1,250	846	47.8		47.8		—
Intl		1,338	1,052	27.2		31.2		(4.0	)
WW		2,588	1,898	36.4		38.6		(2.2	)
DARZALEX
US		318	230	38.3		38.3		—
Intl		180	87	*		*		*
WW		498	317	57.1		60.0		(2.9	)
IMBRUVICA
US		334	230	45.2		45.2		—
Intl		371	282	31.6		36.6		(5.0	)
WW		705	512	37.7		40.4		(2.7	)
VELCADE
US		—	—	—		—		—
Intl		271	273	(0.7	)	1.8		(2.5	)
WW		271	273	(0.7	)	1.8		(2.5	)
ZYTIGA
US		527	352	49.7		49.7		—
Intl		431	317	36.0		38.8		(2.8	)
WW		958	669	43.2		44.5		(1.3	)
OTHER ONCOLOGY
US		71	34	*		*		—
Intl		85	93	(8.6	)	(4.7	)	(3.9	)
WW		156	127	22.8		25.6		(2.8	)
See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
		THIRD QUARTER
				% Change
		2018	2017	Reported		Operational ⁽¹⁾		Currency
PHARMACEUTICAL SEGMENT^{(2) (5) (Continued)}

PULMONARY HYPERTENSION ⁽⁴⁾
US	$	425	371	14.6	%	14.6	%	—	%
Intl		231	261	(11.5	)	(8.9	)	(2.6	)
WW		656	632	3.8		4.9		(1.1	)
OPSUMIT
US		182	150	21.3		21.3		—
Intl		128	109	17.4		20.9		(3.5	)
WW		310	259	19.7		21.2		(1.5	)
TRACLEER
US		69	83	(16.9	)	(16.9	)	—
Intl		70	127	(44.9	)	(43.6	)	(1.3	)
WW		139	210	(33.8	)	(33.0	)	(0.8	)
UPTRAVI
US		154	113	36.3		36.3		—
Intl		17	11	54.5		57.3		(2.8	)
WW		171	124	37.9		38.1		(0.2	)
OTHER
US		20	25	(20.0	)	(20.0	)	—
Intl		16	14	14.3		21.2		(6.9	)
WW		36	39	(7.7	)	(5.2	)	(2.5	)


See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
		THIRD QUARTER
				% Change
		2018	2017	Reported		Operational ⁽¹⁾		Currency
PHARMACEUTICAL SEGMENT^{(2) (5) (Continued)}

CARDIOVASCULAR / METABOLISM / OTHER
US	$	1,026	1,179	(13.0	)%	(13.0	)%	—	%
Intl		365	406	(10.1	)	(6.5	)	(3.6	)
WW		1,391	1,585	(12.2	)	(11.3	)	(0.9	)
XARELTO
US		612	635	(3.6	)	(3.6	)	—
Intl		—	—	—		—		—
WW		612	635	(3.6	)	(3.6	)	—
INVOKANA / INVOKAMET
US		150	220	(31.8	)	(31.8	)	—
Intl		40	45	(11.1	)	(6.7	)	(4.4	)
WW		190	265	(28.3	)	(27.6	)	(0.7	)
PROCRIT / EPREX
US		178	168	6.0		6.0		—
Intl		77	70	10.0		12.8		(2.8	)
WW		255	238	7.1		7.9		(0.8	)
OTHER
US		86	156	(44.9	)	(44.9	)	—
Intl		248	291	(14.8	)	(11.1	)	(3.7	)
WW		334	447	(25.3	)	(22.9	)	(2.4	)

TOTAL PHARMACEUTICAL
US		6,097	5,816	4.8		4.8		—
Intl		4,249	3,879	9.5		13.2		(3.7	)
WW	$	10,346	9,695	6.7	%	8.2	%	(1.5	)%

See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)

		THIRD QUARTER
				% Change
		2018	2017	Reported		Operational ⁽¹⁾		Currency
MEDICAL DEVICES SEGMENT ^{(2) (5)}

DIABETES CARE
US	$	125	168	(25.6	)%	(25.6	)%	—	%
Intl		190	237	(19.8	)	(16.0	)	(3.8	)
WW		315	405	(22.2	)	(20.0	)	(2.2	)

INTERVENTIONAL SOLUTIONS
US		320	279	14.7		14.7		—
Intl		333	274	21.5		24.1		(2.6	)
WW		653	553	18.1		19.4		(1.3	)

ORTHOPAEDICS
US		1,284	1,308	(1.8	)	(1.8	)	—
Intl		827	896	(7.7	)	(4.4	)	(3.3	)
WW		2,111	2,204	(4.2	)	(2.9	)	(1.3	)

HIPS
US		201	195	3.1		3.1		—
Intl		129	133	(3.0	)	1.0		(4.0	)
WW		330	328	0.6		2.2		(1.6	)

KNEES
US		215	220	(2.3	)	(2.3	)	—
Intl		126	123	2.4		6.8		(4.4	)
WW		341	343	(0.6	)	1.0		(1.6	)

TRAUMA
US		395	398	(0.8	)	(0.8	)	—
Intl		259	264	(1.9	)	1.0		(2.9	)
WW		654	662	(1.2	)	0.0		(1.2	)

SPINE & OTHER
US		473	495	(4.4	)	(4.4	)	—
Intl		313	376	(16.8	)	(13.9	)	(2.9	)
WW		786	871	(9.8	)	(8.6	)	(1.2	)

See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)

		THIRD QUARTER
				% Change
		2018	2017	Reported		Operational ⁽¹⁾		Currency
MEDICAL DEVICES SEGMENT ^{(2) (5) (Continued)}

SURGERY
US	$	1,016	1,002	1.4	%	1.4	%	—	%
Intl		1,360	1,344	1.2		5.6		(4.4	)
WW		2,376	2,346	1.3		3.8		(2.5	)

ADVANCED
US		421	398	5.8		5.8		—
Intl		555	525	5.7		10.0		(4.3	)
WW		976	923	5.7		8.1		(2.4	)

GENERAL
US		423	430	(1.6	)	(1.6	)	—
Intl		657	675	(2.7	)	1.6		(4.3	)
WW		1,080	1,105	(2.3	)	0.3		(2.6	)

SPECIALTY
US		172	174	(1.1	)	(1.1	)	—
Intl		148	144	2.8		7.9		(5.1	)
WW		320	318	0.6		2.9		(2.3	)

VISION
US		452	432	4.6		4.6		—
Intl		680	659	3.2		6.2		(3.0	)
WW		1,132	1,091	3.8		5.6		(1.8	)

CONTACT LENSES / OTHER
US		319	302	5.6		5.6		—
Intl		516	498	3.6		6.4		(2.8	)
WW		835	800	4.4		6.2		(1.8	)
SURGICAL
US		133	130	2.3		2.3		—
Intl		164	161	1.9		5.5		(3.6	)
WW		297	291	2.1		4.1		(2.0	)

TOTAL MEDICAL DEVICES
US		3,197	3,189	0.3		0.3		—
Intl		3,390	3,410	(0.6	)	3.0		(3.6	)
WW	$	6,587	6,599	(0.2	)%	1.7	%	(1.9	)%

See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
		NINE MONTHS
				% Change
		2018	2017	Reported		Operational⁽¹⁾		Currency
CONSUMER SEGMENT⁽²⁾

BABY CARE
US	$	306	326	(6.1	)%	(6.1	)%	—	%
Intl		1,079	1,100	(1.9	)	(0.5	)	(1.4	)
WW		1,385	1,426	(2.9	)	(1.8	)	(1.1	)

BEAUTY
US		1,791	1,739	3.0		3.0		—
Intl		1,480	1,351	9.5		7.7		1.8
WW		3,271	3,090	5.9		5.1		0.8

ORAL CARE
US		472	460	2.6		2.6		—
Intl		684	678	0.9		(0.5	)	1.4
WW		1,156	1,138	1.6		0.7		0.9

OTC
US		1,359	1,310	3.7		3.7		—
Intl		1,827	1,711	6.8		3.8		3.0
WW		3,186	3,021	5.5		3.8		1.7

WOMEN'S HEALTH
US		10	9	11.1		11.1		—
Intl		782	779	0.4		2.0		(1.6	)
WW		792	788	0.5		2.1		(1.6	)

WOUND CARE / OTHER
US		344	342	0.6		0.6		—
Intl		183	257	(28.8	)	(30.0	)	1.2
WW		527	599	(12.0	)	(12.5	)	0.5

TOTAL CONSUMER
US		4,282	4,186	2.3		2.3		—
Intl		6,035	5,876	2.7		1.6		1.1
WW	$	10,317	10,062	2.5	%	1.9	%	0.6	%

See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)

		NINE MONTHS
				% Change
		2018	2017	Reported		Operational⁽¹⁾		Currency
PHARMACEUTICAL SEGMENT^{(2) (5)}

IMMUNOLOGY
US	$	6,717	6,644	1.1	%	1.1	%	—	%
Intl		3,061	2,514	21.8		18.6		3.2
WW		9,778	9,158	6.8		5.9		0.9
REMICADE
US		2,821	3,452	(18.3	)	(18.3	)	—
US Exports⁽³⁾		346	448	(22.8	)	(22.8	)	—
Intl		921	949	(3.0	)	(3.9	)	0.9
WW		4,088	4,849	(15.7	)	(15.9	)	0.2
SIMPONI / SIMPONI ARIA
US		779	701	11.1		11.1		—
Intl		823	642	28.2		25.3		2.9
WW		1,602	1,343	19.3		17.9		1.4
STELARA
US		2,460	2,027	21.4		21.4		—
Intl		1,252	903	38.6		32.9		5.7
WW		3,712	2,930	26.7		24.9		1.8
OTHER IMMUNOLOGY
US		311	16	*		*		—
Intl		65	20	*		*		*
WW		376	36	*		*		*

INFECTIOUS DISEASES
US		1,006	1,020	(1.4	)	(1.4	)	—
Intl		1,496	1,334	12.1		8.1		4.0
WW		2,502	2,354	6.3		4.0		2.3
EDURANT / rilpivirine
US		42	44	(4.5	)	(4.5	)	—
Intl		581	478	21.5		14.2		7.3
WW		623	522	19.3		12.6		6.7
PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA
US		847	824	2.8		2.8		—
Intl		613	527	16.3		13.5		2.8
WW		1,460	1,351	8.1		7.0		1.1
OTHER INFECTIOUS DISEASES
US		117	152	(23.0	)	(23.0	)	—
Intl		302	329	(8.2	)	(9.3	)	1.1
WW		419	481	(12.9	)	(13.7	)	0.8

See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)

		NINE MONTHS
				% Change
		2018	2017	Reported		Operational ⁽¹⁾		Currency
PHARMACEUTICAL SEGMENT^{(2) (5) (Continued)}

NEUROSCIENCE
US	$	1,914	1,931	(0.9	)%	(0.9	)%	—	%
Intl		2,663	2,531	5.2		2.3		2.9
WW		4,577	4,462	2.6		0.9		1.7
CONCERTA / methylphenidate
US		191	284	(32.7	)	(32.7	)	—
Intl		322	304	5.9		4.4		1.5
WW		513	588	(12.8	)	(13.6	)	0.8
INVEGA SUSTENNA / XEPLION / TRINZA / TREVICTA
US		1,306	1,154	13.2		13.2		—
Intl		859	722	19.0		14.2		4.8
WW		2,165	1,876	15.4		13.5		1.9
RISPERDAL CONSTA
US		238	273	(12.8	)	(12.8	)	—
Intl		321	335	(4.2	)	(7.3	)	3.1
WW		559	608	(8.1	)	(9.8	)	1.7
OTHER NEUROSCIENCE
US		179	220	(18.6	)	(18.6	)	—
Intl		1,161	1,170	(0.8	)	(2.9	)	2.1
WW		1,340	1,390	(3.6	)	(5.4	)	1.8

ONCOLOGY
US		3,268	2,207	48.1		48.1		—
Intl		4,087	3,012	35.7		30.9		4.8
WW		7,355	5,219	40.9		38.1		2.8
DARZALEX
US		880	643	36.9		36.9		—
Intl		561	228	*		*		*
WW		1,441	871	65.4		63.6		1.8
IMBRUVICA
US		811	622	30.4		30.4		—
Intl		1,101	749	47.0		42.2		4.8
WW		1,912	1,371	39.5		36.9		2.6
VELCADE
US		—	—	—		—		—
Intl		864	843	2.5		(1.7	)	4.2
WW		864	843	2.5		(1.7	)	4.2
ZYTIGA
US		1,420	826	71.9		71.9		—
Intl		1,292	924	39.8		34.2		5.6
WW		2,712	1,750	55.0		52.0		3.0
OTHER ONCOLOGY
US		157	116	35.3		35.3		—
Intl		269	268	0.4		(2.5	)	2.9
WW		426	384	10.9		8.9		2.0
See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
		NINE MONTHS
				% Change
		2018	2017	Reported	Operational ⁽¹⁾	Currency
PHARMACEUTICAL SEGMENT^{(2) (5) (Continued)}

PULMONARY HYPERTENSION ⁽⁴⁾
US	$	1,215	408	*	*	—	%
Intl		691	309	*	*	*
WW		1,906	717	*	*	*
OPSUMIT
US		511	174	*	*	—
Intl		381	130	*	*	*
WW		892	304	*	*	*
TRACLEER
US		208	85	*	*	—
Intl		214	151	41.7	37.5	4.2
WW		422	236	78.8	76.1	2.7
UPTRAVI
US		433	121	*	*	—
Intl		49	12	*	*	*
WW		482	133	*	*	*
OTHER
US		63	28	*	*	—
Intl		47	16	*	*	*
WW		110	44	*	*	*


See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)
		NINE MONTHS
				% Change
		2018	2017	Reported		Operational ⁽¹⁾		Currency
PHARMACEUTICAL SEGMENT^{(2) (5) (Continued)}

CARDIOVASCULAR / METABOLISM / OTHER
US	$	3,230	3,488	(7.4	)%	(7.4	)%	—	%
Intl		1,196	1,177	1.6		(1.1	)	2.7
WW		4,426	4,665	(5.1	)	(5.8	)	0.7
XARELTO
US		1,869	1,790	4.4		4.4		—
Intl		—	—	—		—		—
WW		1,869	1,790	4.4		4.4		—
INVOKANA / INVOKAMET
US		523	723	(27.7	)	(27.7	)	—
Intl		130	121	7.4		4.8		2.6
WW		653	844	(22.6	)	(23.0	)	0.4
PROCRIT / EPREX
US		523	511	2.3		2.3		—
Intl		244	229	6.6		2.9		3.7
WW		767	740	3.6		2.4		1.2
OTHER
US		315	464	(32.1	)	(32.1	)	—
Intl		822	827	(0.6	)	(3.1	)	2.5
WW		1,137	1,291	(11.9	)	(13.5	)	1.6

TOTAL PHARMACEUTICAL
US		17,350	15,698	10.5		10.5		—
Intl		13,194	10,877	21.3		17.5		3.8
WW	$	30,544	26,575	14.9	%	13.4	%	1.5	%

See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)

		NINE MONTHS
				% Change
		2018	2017	Reported		Operational ⁽¹⁾		Currency
MEDICAL DEVICES SEGMENT ^{(2) (5)}

DIABETES CARE
US	$	371	482	(23.0	)%	(23.0	)%	—	%
Intl		638	743	(14.1	)	(16.3	)	2.2
WW		1,009	1,225	(17.6	)	(19.0	)	1.4

DIAGNOSTICS
US		—	—	—		—		—
Intl		—	1	*		*		*
WW		—	1	*		*		*

INTERVENTIONAL SOLUTIONS
US		947	843	12.3		12.3		—
Intl		1,013	832	21.8		17.5		4.3
WW		1,960	1,675	17.0		14.9		2.1

ORTHOPAEDICS
US		3,923	4,034	(2.8	)	(2.8	)	—
Intl		2,700	2,738	(1.4	)	(4.6	)	3.2
WW		6,623	6,772	(2.2	)	(3.5	)	1.3

HIPS
US		621	612	1.5		1.5		—
Intl		432	418	3.3		0.1		3.2
WW		1,053	1,030	2.2		0.9		1.3

KNEES
US		672	702	(4.3	)	(4.3	)	—
Intl		438	424	3.3		0.2		3.1
WW		1,110	1,126	(1.4	)	(2.6	)	1.2

TRAUMA
US		1,196	1,179	1.4		1.4		—
Intl		829	768	7.9		4.4		3.5
WW		2,025	1,947	4.0		2.6		1.4

SPINE & OTHER
US		1,434	1,541	(6.9	)	(6.9	)	—
Intl		1,001	1,128	(11.3	)	(14.3	)	3.0
WW		2,435	2,669	(8.8	)	(10.1	)	1.3

See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)

		NINE MONTHS
				% Change
		2018	2017	Reported		Operational ⁽¹⁾		Currency
MEDICAL DEVICES SEGMENT ^{(2) (5) (Continued)}

SURGERY
US	$	3,031	3,009	0.7	%	0.7	%	—	%
Intl		4,283	3,992	7.3		5.0		2.3
WW		7,314	7,001	4.5		3.2		1.3

ADVANCED
US		1,216	1,190	2.2		2.2		—
Intl		1,731	1,543	12.2		9.5		2.7
WW		2,947	2,733	7.8		6.3		1.5

GENERAL
US		1,282	1,276	0.5		0.5		—
Intl		2,094	2,017	3.8		1.5		2.3
WW		3,376	3,293	2.5		1.1		1.4

SPECIALTY
US		533	543	(1.8	)	(1.8	)	—
Intl		458	432	6.0		4.9		1.1
WW		991	975	1.6		1.1		0.5

VISION
US		1,351	1,142	18.3		18.3		—
Intl		2,069	1,802	14.8		12.6		2.2
WW		3,420	2,944	16.2		14.9		1.3

CONTACT LENSES / OTHER
US		948	832	13.9		13.9		—
Intl		1,538	1,404	9.5		7.4		2.1
WW		2,486	2,236	11.2		9.9		1.3
SURGICAL
US		403	310	30.0		30.0		—
Intl		531	398	33.4		31.0		2.4
WW		934	708	31.9		30.5		1.4

TOTAL MEDICAL DEVICES
US		9,623	9,510	1.2		1.2		—
Intl		10,703	10,108	5.9		3.2		2.7
WW	$	20,326	19,618	3.6	%	2.2	%	1.4	%

*Percentage greater than 100% or not meaningful
⁽¹⁾Operational growth excludes the effect of translational currency
⁽²⁾ Unaudited
⁽³⁾ Reported as U.S. sales
⁽⁴⁾ Products acquired from Actelion acquisition on June 16, 2017
⁽⁵⁾ 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 - October 16, 2018

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