Financial

Johnson & Johnson Reports Q3 2021 Results

Total sales growth of 10.7% to $23.3 Billion with operational growth of 9.9%* and adjusted operational growth of 10.6%*

– Earnings per share of $1.37 increasing 3.0% and adjusted earnings per share of $2.60 increasing 18.2%*

– Company increasing 2021 Full-Year Guidance

NEW BRUNSWICK, N.J., Oct. 19, 2021 /PRNewswire/ — Johnson & Johnson (NYSE: JNJ) today announced results for third-quarter 2021. “Our third-quarter results demonstrate solid performance across Johnson & Johnson, driven by robust above-market results in Pharmaceuticals, ongoing recovery in Medical Devices, and strong growth in Consumer Health,” said Alex Gorsky, Chairman and Chief Executive Officer. “In the face of evolving marketplace dynamics resulting from the effects of COVID-19 and other global trends, we have continued to demonstrate the responsiveness and agility required to meet the needs of our stakeholders, while also successfully investing in a pipeline of innovation and key commercial platforms to drive our future growth. I am incredibly proud of our Company’s transformative growth over the last decade. As I prepare to transition the role of CEO to Joaquin Duato in January, I want to extend my deepest gratitude to our colleagues around the globe who work tirelessly to deliver solutions to address the world’s most urgent and unmet healthcare challenges.”

OVERALL FINANCIAL RESULTS
Q3
($ in Millions, except EPS)20212020%  Change
Reported Sales$23,338$21,08210.7%
Net Earnings3,6673,5543.2%
EPS (diluted)$1.37$1.333.0%
Q3
Non-GAAP*($ in Millions, except EPS)20212020%  Change
Operational Sales1,29.9%
Adjusted Operational Sales1,310.6%
Adjusted Net Earnings1,46,9685,86818.7%
Adjusted EPS (diluted)1,4$2.60$2.2018.2%
1Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules 
2Excludes the impact of translational currency
3Excludes the net impact of acquisitions and divestitures and translational currency
4Excludes intangible amortization expense and special items
REGIONAL SALES RESULTS
Q3%  Change
($ in Millions)20212020ReportedOperational1,2CurrencyAdjusted
Operational1,3
U.S.$11,963$11,0867.9%7.98.0
International11,3759,99613.8%12.11.713.5
Worldwide$23,338$21,08210.7%9.90.810.6
1Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2Excludes the impact of translational currency
3Excludes the net impact of acquisitions and divestitures and translational currency
Note: values may have been rounded
SEGMENT SALES RESULTS
Q3%  Change
($ in Millions)20212020ReportedOperational1,2CurrencyAdjusted
Operational1,3
Consumer Health$3,700$3,5145.3%4.11.25.7
Pharmaceutical12,99411,41813.8%13.20.613.8
Medical Devices6,6446,1508.0%7.01.07.6
Worldwide$23,338$21,08210.7%9.90.810.6
1Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2Excludes the impact of translational currency
3Excludes the net impact of acquisitions and divestitures and translational currency
Note: values may have been rounded

THIRD QUARTER 2021 SEGMENT COMMENTARY:

Consumer Health
Consumer Health worldwide operational sales, excluding the net impact of acquisitions and divestitures, increased 5.7%* primarily driven by over-the-counter (OTC) products. Major contributors to growth were TYLENOL and MOTRIN analgesics, upper respiratory products, and digestive health in OTC, and AVEENO in Skin Health / Beauty.

Pharmaceutical
Pharmaceutical worldwide operational sales, excluding the net impact of acquisitions and divestitures, grew 13.8%* driven by DARZALEX (daratumumab), for the treatment of multiple myeloma, STELARA (ustekinumab), a biologic for the treatment of a number of immune-mediated inflammatory diseases, TREMFYA (guselkumab), a biologic for the treatment of adults living with moderate to severe plaque psoriasis, and for adults with active psoriatic arthritis, ERLEADA (apalutamide), a next-generation androgen receptor inhibitor for the treatment of patients with prostate cancer, INVEGA SUSTENNA/XEPLION/INVEGA TRINZA/TREVICTA (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults, and OPSUMIT (macitentan) an oral endothelin receptor antagonist indicated for the treatment of pulmonary arterial hypertension to delay disease progression. Also contributing to growth was sales of the not-for-profit COVID-19 Vaccine (Ad26.COV2.S) for the treatment of the SARS-CoV-2 virus. This growth was partially offset by declines in U.S. sales of REMICADE (infliximab), a biologic approved for the treatment of a number of immune-mediated inflammatory diseases, and INVOKANA (canagliflozin) for the treatment of adults with type 2 diabetes.

Medical Devices
Medical Devices worldwide operational sales, excluding the net impact of acquisitions and divestitures, grew 7.6%*, driven by electrophysiology products in Interventional Solutions, wound closure products in General Surgery, surgical vision products and contact lenses in Vision, trauma, hips, and knees in Orthopaedics, and energy, endocutters, and biosurgicals in Advanced Surgery. Growth was partially offset by Spine, Sports & Other.

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Chris J. Stewart

Chris currently serves as President and CEO of Surgio Health. Chris has close to 20 years of healthcare management experience, with an infinity to improve healthcare delivery through the development and implementation of innovative solutions that result in improved efficiencies, reduction of unnecessary financial & clinical variation, and help achieve better patient outcomes. Previously, Chris was assistant vice president and business unit leader for HPG/HCA. He has presented at numerous healthcare forums on topics that include disruptive innovation, physician engagement, shifting reimbursement models, cost per clinical episode and the future of supply chain delivery.

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