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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 |
for the quarterly period ended April 3, 2022
or
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Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
for the transition period
from to |
Commission file number 1-3215
Johnson & Johnson
(Exact name of registrant as specified in its charter)
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New Jersey
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22-1024240 |
(State or other jurisdiction of
incorporation or organization) |
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(I.R.S. Employer
Identification No.) |
One Johnson & Johnson Plaza
New Brunswick, New Jersey 08933
(Address of principal executive offices)
Registrant’s telephone number, including area code
(732) 524-0400
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
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Yes
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No
Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T during the
preceding 12 months (or for such shorter period that the
registrant was required to submit such files).
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Yes
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No
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, a
smaller reporting company, or an emerging growth company. See the
definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and "emerging growth company" in
Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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If an emerging growth company, indicated by check mark if the registrant has elected not to use the extended transition
period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act.
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Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).
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Yes
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No
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE
ACT
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Title of each class |
Trading Symbol |
Name of each exchange on which registered |
Common Stock, Par Value $1.00 |
JNJ |
New York Stock Exchange |
0.650% Notes Due May 2024 |
JNJ24C |
New York Stock Exchange |
5.50% Notes Due November 2024 |
JNJ24BP |
New York Stock Exchange |
1.150% Notes Due November 2028 |
JNJ28 |
New York Stock Exchange |
1.650% Notes Due May 2035 |
JNJ35 |
New York Stock Exchange |
Indicate the number of shares outstanding of each of the issuer’s
classes of common stock, as of the latest practicable
date.
On April 22, 2022, 2,631,401,804 shares of Common Stock, $1.00 par
value, were outstanding.
JOHNSON & JOHNSON AND SUBSIDIARIES
TABLE OF CONTENTS
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q
and Johnson & Johnson's other publicly available documents
contain
“forward-looking
statements”
within the meaning of the safe harbor provisions of the United
States Private Securities Litigation Reform Act of
1995. Management and representatives of Johnson & Johnson
and its subsidiaries (the Company) also may from time to time make
forward-looking statements.
Forward-looking statements do not relate strictly to historical or
current facts and reflect management’s assumptions, views, plans,
objectives and projections about the future. Forward-looking
statements may be identified by the use of words such as “plans,”
“expects,” “will,” “anticipates,” “estimates,” and other words of
similar meaning in conjunction with, among other things:
discussions of future operations, expected operating results,
financial performance; impact of planned acquisitions and
dispositions; impact and timing of restructuring initiatives
including associated cost savings and other benefits; the Company's
strategy for growth; product development activities; regulatory
approvals; market position and expenditures.
Because forward-looking statements are based on current beliefs,
expectations and assumptions regarding future events, they are
subject to uncertainties, risks and changes that are difficult to
predict and many of which are outside of the Company's control.
Investors should realize that if underlying assumptions prove
inaccurate, or known or unknown risks or uncertainties materialize,
the Company’s actual results and financial condition could vary
materially from expectations and projections expressed or implied
in its forward-looking statements. Investors are therefore
cautioned not to rely on these forward-looking statements. Risks
and uncertainties include, but are not limited to:
Risks Related to Product Development, Market Success and
Competition
•Challenges
and uncertainties inherent in innovation and development of new and
improved products and technologies on which the Company’s continued
growth and success depend, including uncertainty of clinical
outcomes, additional analysis of existing clinical data, obtaining
regulatory approvals, health plan coverage and customer access, and
initial and continued commercial success;
•Challenges
to the Company’s ability to obtain and protect adequate patent and
other intellectual property rights for new and existing products
and technologies in the United States and other important
markets;
•The
impact of patent expirations, typically followed by the
introduction of competing generic, biosimilar or other products and
resulting revenue and market share losses;
•Increasingly
aggressive and frequent challenges to the Company’s patents by
competitors and others seeking to launch competing generic,
biosimilar or other products and increased receptivity of courts,
the United States Patent and Trademark Office and other decision
makers to such challenges, potentially resulting in loss of market
exclusivity and rapid decline in sales for the relevant product
sooner than expected;
•Competition
in research and development of new and improved products, processes
and technologies, which can result in product and process
obsolescence;
•Competition
to reach agreement with third parties for collaboration, licensing,
development and marketing agreements for products and
technologies;
•Competition
based on cost-effectiveness, product performance, technological
advances and patents attained by competitors; and
•Allegations
that the Company’s products infringe the patents and other
intellectual property rights of third parties, which could
adversely affect the Company’s ability to sell the products in
question and require the payment of money damages and future
royalties.
Risks Related to Product Liability, Litigation and Regulatory
Activity
•Product
efficacy or safety concerns, whether or not based on scientific
evidence, potentially resulting in product withdrawals, recalls,
regulatory action on the part of the United States Food and Drug
Administration (or international counterparts), declining sales,
reputational damage, increased litigation expense and share price
impact;
•The
impact, including declining sales and reputational damage, of
significant litigation or government action adverse to the Company,
including product liability claims and allegations related to
pharmaceutical marketing practices and contracting
strategies;
•The
impact of an adverse judgment or settlement and the adequacy of
reserves related to legal proceedings, including patent litigation,
product liability, personal injury claims, securities class
actions, government investigations, employment and other legal
proceedings;
•Increased
scrutiny of the healthcare industry by government agencies and
state attorneys general resulting in investigations and
prosecutions, which carry the risk of significant civil and
criminal penalties, including, but not limited to, debarment from
government business;
•Failure
to meet compliance obligations in compliance agreements with
governments or government agencies, which could result in
significant sanctions;
•Potential
changes to applicable laws and regulations affecting United States
and international operations, including relating to: approval of
new products; licensing and patent rights; sales and promotion of
healthcare products; access to, and reimbursement and pricing for,
healthcare products and services; environmental protection; and
sourcing of raw materials;
•Compliance
with local regulations and laws that may restrict the Company’s
ability to manufacture or sell its products in relevant markets,
including requirements to comply with medical device reporting
regulations and other requirements such as the European Union’s
Medical Devices Regulation;
•Changes
in domestic and international tax laws and regulations, increasing
audit scrutiny by tax authorities around the world and exposures to
additional tax liabilities potentially in excess of existing
reserves; and
•The
issuance of new or revised accounting standards by the Financial
Accounting Standards Board and regulations by the Securities and
Exchange Commission.
Risks Related to the Company’s Strategic Initiatives, Healthcare
Market Trends and the Planned Separation of the Company’s Consumer
Health Business
•Pricing
pressures resulting from trends toward healthcare cost containment,
including the continued consolidation among healthcare providers
and other market participants, trends toward managed care, the
shift toward governments increasingly becoming the primary payers
of healthcare expenses, significant new entrants to the healthcare
markets seeking to reduce costs and government pressure on
companies to voluntarily reduce costs and price
increases;
•Restricted
spending patterns of individual, institutional and governmental
purchasers of healthcare products and services due to economic
hardship and budgetary constraints;
•Challenges
to the Company’s ability to realize its strategy for growth
including through externally sourced innovations, such as
development collaborations, strategic acquisitions, licensing and
marketing agreements, and the potential heightened costs of any
such external arrangements due to competitive
pressures;
•The
potential that the expected strategic benefits and opportunities
from any planned or completed acquisition or divestiture by the
Company may not be realized or may take longer to realize than
expected;
•The
potential that the expected benefits and opportunities related to
past and ongoing restructuring actions may not be realized or may
take longer to realize than expected;
•The
Company’s ability to consummate the planned separation of the
Company’s Consumer Health business on a timely basis or at
all;
•The
Company’s ability to successfully separate the Company’s Consumer
Health business and realize the anticipated benefits from the
planned separation; and
•The
New Consumer Health Company’s ability to succeed as a standalone
publicly traded company.
Risks Related to Economic Conditions, Financial Markets and
Operating Internationally
•The
risks associated with global operations on the Company and its
customers and suppliers, including foreign governments in countries
in which the Company operates;
•The
impact of inflation and fluctuations in interest rates and currency
exchange rates and the potential effect of such fluctuations on
revenues, expenses and resulting margins;
•Potential
changes in export/import and trade laws, regulations and policies
of the United States and other countries, including any increased
trade restrictions or tariffs and potential drug reimportation
legislation;
•The
impact on international operations from financial instability in
international economies, sovereign risk, possible imposition of
governmental controls and restrictive economic policies, and
unstable international governments and legal systems;
•The
impact of global public health crises and pandemics, including the
novel coronavirus (COVID-19) pandemic;
•Changes
to global climate, extreme weather and natural disasters that could
affect demand for the Company’s products and services, cause
disruptions in manufacturing and distribution networks, alter the
availability of goods and services within the supply chain, and
affect the overall design and integrity of the Company’s products
and operations; and
•The
impact of armed conflicts and terrorist attacks in the United
States and other parts of the world, including social and economic
disruptions and instability of financial and other
markets.
Risks Related to Supply Chain and Operations
•Difficulties
and delays in manufacturing, internally, through third-party
providers or otherwise within the supply chain, that may lead to
voluntary or involuntary business interruptions or shutdowns,
product shortages, withdrawals or suspensions of products from the
market, and potential regulatory action;
•Interruptions
and breaches of the Company’s information technology systems or
those of the Company’s vendors, which could result in reputational,
competitive, operational or other business harm as well as
financial costs and regulatory action;
•Reliance
on global supply chains and production and distribution processes
that are complex and subject to increasing regulatory requirements
that may adversely affect supply, sourcing and pricing of materials
used in the Company’s products; and
•The
potential that the expected benefits and opportunities related to
restructuring actions contemplated for the global supply chain may
not be realized or may take longer to realize than expected,
including due to any required approvals from applicable regulatory
authorities.
Investors also should carefully read the Risk Factors described in
Item 1A of the Company's Annual Report on Form 10-K for the fiscal
year ended January 2, 2022, for a description of certain risks
that could, among other things, cause the Company’s actual results
to differ materially from those expressed in its forward-looking
statements. Investors should understand that it is not possible to
predict or identify all such factors and should not consider the
risks described above to be a complete statement of all potential
risks and uncertainties. The Company does not undertake to publicly
update any forward-looking statement that may be made from time to
time, whether as a result of new information or future events or
developments.
Part I — FINANCIAL INFORMATION
Item 1 — FINANCIAL STATEMENTS
JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited; Dollars in Millions Except Share and Per Share
Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 3, 2022 |
|
January 2, 2022 |
ASSETS |
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
10,463 |
|
|
14,487 |
|
Marketable securities |
|
19,925 |
|
|
17,121 |
|
Accounts receivable, trade, less allowances for doubtful accounts
and credit losses $234 (2021, $230)
|
|
15,594 |
|
|
15,283 |
|
Inventories (Note 2) |
|
10,990 |
|
|
10,387 |
|
Prepaid expenses and other |
|
3,452 |
|
|
3,701 |
|
|
|
|
|
|
Total current assets |
|
60,424 |
|
|
60,979 |
|
Property, plant and equipment at cost |
|
47,702 |
|
|
47,679 |
|
Less: accumulated depreciation |
|
(29,001) |
|
|
(28,717) |
|
Property, plant and equipment, net |
|
18,701 |
|
|
18,962 |
|
Intangible assets, net (Note 3) |
|
44,420 |
|
|
46,392 |
|
Goodwill (Note 3) |
|
34,935 |
|
|
35,246 |
|
Deferred taxes on income (Note 5) |
|
9,936 |
|
|
10,223 |
|
Other assets |
|
9,939 |
|
|
10,216 |
|
Total assets |
|
$ |
178,355 |
|
|
182,018 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
Current liabilities: |
|
|
|
|
Loans and notes payable |
|
$ |
4,297 |
|
|
3,766 |
|
Accounts payable |
|
9,309 |
|
|
11,055 |
|
Accrued liabilities |
|
13,006 |
|
|
13,612 |
|
Accrued rebates, returns and promotions |
|
12,972 |
|
|
12,095 |
|
Accrued compensation and employee related obligations |
|
2,098 |
|
|
3,586 |
|
Accrued taxes on income (Note 5) |
|
1,708 |
|
|
1,112 |
|
Total current liabilities |
|
43,390 |
|
|
45,226 |
|
Long-term debt (Note 4) |
|
28,851 |
|
|
29,985 |
|
Deferred taxes on income (Note 5) |
|
6,424 |
|
|
7,487 |
|
Employee related obligations (Note 6) |
|
8,739 |
|
|
8,898 |
|
Long-term taxes payable (Note 5) |
|
5,745 |
|
|
5,713 |
|
Other liabilities |
|
10,497 |
|
|
10,686 |
|
Total liabilities |
|
$ |
103,646 |
|
|
107,995 |
|
Commitments and Contingencies (Note 11) |
|
|
|
|
Shareholders’ equity: |
|
|
|
|
Common stock — par value $1.00 per share (authorized 4,320,000,000
shares; issued 3,119,843,000 shares)
|
|
$ |
3,120 |
|
|
3,120 |
|
Accumulated other comprehensive income (loss) (Note 7) |
|
(13,757) |
|
|
(13,058) |
|
Retained earnings |
|
124,380 |
|
|
123,060 |
|
Less: common stock held in treasury, at cost (490,459,000 and
490,878,000 shares)
|
|
39,034 |
|
|
39,099 |
|
Total shareholders’ equity |
|
74,709 |
|
|
74,023 |
|
Total liabilities and shareholders' equity |
|
$ |
178,355 |
|
|
182,018 |
|
See Notes to Consolidated Financial Statements
JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited; Dollars & Shares in Millions Except Per Share
Amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal First Quarter Ended |
|
|
April 3,
2022 |
|
Percent
to Sales |
|
April 4,
2021 |
|
Percent
to Sales |
Sales to customers (Note 9) |
|
$ |
23,426 |
|
|
100.0 |
% |
|
$ |
22,321 |
|
|
100.0 |
% |
Cost of products sold |
|
7,598 |
|
|
32.4 |
|
|
7,063 |
|
|
31.7 |
|
Gross profit |
|
15,828 |
|
|
67.6 |
|
|
15,258 |
|
|
68.3 |
|
Selling, marketing and administrative expenses |
|
5,938 |
|
|
25.4 |
|
|
5,432 |
|
|
24.3 |
|
Research and development expense |
|
3,462 |
|
|
14.8 |
|
|
3,178 |
|
|
14.2 |
|
In-process research and development |
|
610 |
|
|
2.6 |
|
|
— |
|
|
— |
|
Interest income |
|
(22) |
|
|
(0.1) |
|
|
(15) |
|
|
(0.1) |
|
Interest expense, net of portion capitalized |
|
10 |
|
|
0.0 |
|
|
63 |
|
|
0.3 |
|
Other (income) expense, net |
|
(102) |
|
|
(0.4) |
|
|
(882) |
|
|
(3.9) |
|
Restructuring (Note 12) |
|
70 |
|
|
0.3 |
|
|
53 |
|
|
0.2 |
|
Earnings before provision for taxes on income |
|
5,862 |
|
|
25.0 |
|
|
7,429 |
|
|
33.3 |
|
Provision for taxes on income (Note 5) |
|
713 |
|
|
3.0 |
|
|
1,232 |
|
|
5.5 |
|
NET EARNINGS |
|
$ |
5,149 |
|
|
22.0 |
% |
|
$ |
6,197 |
|
|
27.8 |
% |
|
|
|
|
|
|
|
|
|
NET EARNINGS PER SHARE (Note 8) |
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.96 |
|
|
|
|
$ |
2.35 |
|
|
|
Diluted |
|
$ |
1.93 |
|
|
|
|
$ |
2.32 |
|
|
|
|
|
|
|
|
|
|
|
|
AVG. SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
Basic |
|
2,629.2 |
|
|
|
|
2,631.6 |
|
|
|
Diluted |
|
2,666.5 |
|
|
|
|
2,672.7 |
|
|
|
See Notes to Consolidated Financial Statements
JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited; Dollars in Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal First Quarter Ended |
|
|
|
April 3, 2022 |
|
April 4, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
$ |
5,149 |
|
|
6,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of tax |
|
|
|
|
|
|
|
Foreign currency translation |
(554) |
|
|
276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
Unrealized holding gain (loss) arising during
period |
(13) |
|
|
— |
|
|
|
|
|
Reclassifications to earnings |
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change |
(13) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee benefit plans: |
|
|
|
|
|
|
|
Prior service cost amortization during
period |
(53) |
|
|
(41) |
|
|
|
|
|
Gain (loss) amortization during period |
217 |
|
|
274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change |
164 |
|
|
233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives & hedges: |
|
|
|
|
|
|
|
Unrealized gain (loss) arising during
period |
(195) |
|
|
(522) |
|
|
|
|
|
Reclassifications to earnings |
(101) |
|
|
(73) |
|
|
|
|
|
Net change |
(296) |
|
|
(595) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
(699) |
|
|
(86) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income |
$ |
4,450 |
|
|
6,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Consolidated Financial Statements
|
|
|
The tax effects in other comprehensive income for the fiscal first
quarter were as follows for 2022 and 2021, respectively: Foreign
Currency Translation: $145 million and $319 million; Securities: $3
million in 2022; Employee Benefit Plans: $19 million and $66
million; Derivatives & Hedges: $78 million and $157
million.
|
|
|
JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited; Dollars in Millions)
Fiscal First Quarter Ended April 3, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
Retained
Earnings |
|
Accumulated
Other
Comprehensive
Income |
|
Common Stock
Issued Amount |
|
Treasury
Stock
Amount |
Balance, January 2, 2022 |
$ |
74,023 |
|
|
123,060 |
|
|
(13,058) |
|
|
3,120 |
|
|
(39,099) |
|
Net earnings |
5,149 |
|
|
5,149 |
|
|
— |
|
|
— |
|
|
— |
|
Cash dividends paid ($1.06 per share)
|
(2,787) |
|
|
(2,787) |
|
|
— |
|
|
— |
|
|
— |
|
Employee compensation and stock option plans |
600 |
|
|
(1,042) |
|
|
— |
|
|
— |
|
|
1,642 |
|
Repurchase of common stock |
(1,577) |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,577) |
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of tax |
(699) |
|
|
— |
|
|
(699) |
|
|
— |
|
|
— |
|
Balance, April 3, 2022 |
$ |
74,709 |
|
|
124,380 |
|
|
(13,757) |
|
|
3,120 |
|
|
(39,034) |
|
|
|
|
|
|
|
|
|
|
|
Fiscal First Quarter Ended April 4, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
Retained
Earnings |
|
Accumulated
Other
Comprehensive
Income |
|
Common Stock
Issued Amount |
|
Treasury
Stock
Amount |
Balance, January 3, 2021 |
$ |
63,278 |
|
|
113,890 |
|
|
(15,242) |
|
|
3,120 |
|
|
(38,490) |
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
6,197 |
|
|
6,197 |
|
|
— |
|
|
— |
|
|
— |
|
Cash dividends paid ($1.01 per share)
|
(2,659) |
|
|
(2,659) |
|
|
— |
|
|
— |
|
|
— |
|
Employee compensation and stock option plans |
542 |
|
|
(920) |
|
|
— |
|
|
— |
|
|
1,462 |
|
Repurchase of common stock |
(1,438) |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,438) |
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of tax |
(86) |
|
|
— |
|
|
(86) |
|
|
— |
|
|
— |
|
Balance, April 4, 2021 |
$ |
65,834 |
|
|
116,508 |
|
|
(15,328) |
|
|
3,120 |
|
|
(38,466) |
|
|
|
|
|
|
|
|
|
|
|
See Notes to Consolidated Financial Statements
JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; Dollars in Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Three Months Ended |
|
|
April 3,
2022 |
|
April 4,
2021 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
Net earnings |
|
$ |
5,149 |
|
|
6,197 |
|
Adjustments to reconcile net earnings to cash flows from operating
activities: |
|
|
|
|
Depreciation and amortization of property and
intangibles |
|
1,769 |
|
|
1,894 |
|
Stock based compensation |
|
278 |
|
|
307 |
|
|
|
|
|
|
|
|
|
|
|
Asset write-downs |
|
610 |
|
|
14 |
|
|
|
|
|
|
Net gain on sale of assets/businesses |
|
(168) |
|
|
(580) |
|
|
|
|
|
|
Deferred tax provision |
|
(926) |
|
|
(730) |
|
Credit losses and accounts receivable allowances |
|
6 |
|
|
(13) |
|
Changes in assets and liabilities, net of effects from acquisitions
and divestitures: |
|
|
|
|
Increase in accounts receivable |
|
(427) |
|
|
(1,604) |
|
Increase in inventories |
|
(600) |
|
|
(695) |
|
Decrease in accounts payable and accrued liabilities |
|
(2,817) |
|
|
(2,336) |
|
Decrease in other current and non-current assets |
|
995 |
|
|
2,522 |
|
Increase/(Decrease) in other current and non-current
liabilities |
|
110 |
|
|
(902) |
|
|
|
|
|
|
NET CASH FLOWS FROM OPERATING ACTIVITIES |
|
3,979 |
|
|
4,074 |
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
Additions to property, plant and equipment |
|
(607) |
|
|
(677) |
|
Proceeds from the disposal of assets/businesses, net (Note
10) |
|
248 |
|
|
603 |
|
Acquisitions, net of cash acquired (Note 10) |
|
(252) |
|
|
— |
|
Purchases of investments |
|
(9,018) |
|
|
(5,994) |
|
Sales of investments |
|
6,303 |
|
|
5,233 |
|
Credit support agreements activity, net |
|
(249) |
|
|
751 |
|
Other (primarily licenses and milestones) |
|
(59) |
|
|
(101) |
|
|
|
|
|
|
NET CASH USED BY INVESTING ACTIVITIES |
|
(3,634) |
|
|
(185) |
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
Dividends to shareholders |
|
(2,787) |
|
|
(2,659) |
|
Repurchase of common stock |
|
(1,577) |
|
|
(1,438) |
|
Proceeds from short-term debt |
|
3,019 |
|
|
23 |
|
Repayment of short-term debt |
|
(856) |
|
|
(475) |
|
Proceeds from long-term debt, net of issuance costs |
|
— |
|
|
1 |
|
Repayment of long-term debt |
|
(2,132) |
|
|
(1,001) |
|
Proceeds from the exercise of stock options/employee withholding
tax on stock awards, net |
|
321 |
|
|
236 |
|
Credit support agreements activity, net |
|
(235) |
|
|
212 |
|
Other |
|
(138) |
|
|
(24) |
|
|
|
|
|
|
NET CASH USED BY FINANCING ACTIVITIES |
|
(4,385) |
|
|
(5,125) |
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash
equivalents |
|
16 |
|
|
(78) |
|
Decrease in cash and cash equivalents |
|
(4,024) |
|
|
(1,314) |
|
Cash and Cash equivalents, beginning of period |
|
14,487 |
|
|
13,985 |
|
CASH AND CASH EQUIVALENTS, END OF PERIOD |
|
$ |
10,463 |
|
|
12,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions |
|
|
|
|
Fair value of assets acquired |
|
$ |
255 |
|
|
— |
|
Fair value of liabilities assumed and noncontrolling
interests |
|
(3) |
|
|
— |
|
Net cash paid for acquisitions |
|
$ |
252 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
See Notes to Consolidated Financial Statements
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 — The accompanying unaudited interim consolidated financial
statements and related notes should be read in conjunction with the
audited Consolidated Financial Statements of Johnson & Johnson
and its subsidiaries (the Company) and related notes as contained
in the Company’s Annual Report on Form 10-K for the fiscal year
ended January 2, 2022. The unaudited interim financial
statements include all adjustments (consisting only of normal
recurring adjustments) and accruals necessary in the judgment of
management for a fair statement of the results for the periods
presented.
Columns and rows within tables may not add due to rounding.
Percentages have been calculated using actual, non-rounded
figures.
Use of Estimates
The extent to which COVID-19 impacts the Company’s business and
financial results will depend on numerous evolving factors
including, but not limited to: the magnitude and duration of
COVID-19, the extent to which it will impact worldwide
macroeconomic conditions including interest rates, inflation,
employment rates and health insurance coverage, the speed of the
anticipated recovery, and governmental and business reactions to
the pandemic. The Company assessed certain accounting matters that
generally require consideration of forecasted financial information
in context with the information reasonably available to the Company
and the unknown future impacts COVID-19 as of April 3, 2022
and through the date of this report. The accounting matters
assessed included, but were not limited to, the Company’s allowance
for doubtful accounts and credit losses, inventory and related
reserves, accrued rebates and associated reserves, and the carrying
value of the goodwill and other long-lived assets along with the
Company’s on-going vaccine development and distribution efforts.
While there was not a material impact to the Company’s consolidated
financial statements as of and for the quarter ended April 3,
2022, the Company’s future assessment of the magnitude and duration
of COVID-19, as well as other factors, could result in material
impacts to the Company’s consolidated financial statements in
future reporting periods.
New Accounting Standards
The Company assesses the adoption impacts of recently issued
accounting standards by the Financial Accounting Standards Board on
the Company's financial statements as well as material updates to
previous assessments, if any, from the Company’s Annual Report on
Form 10-K for the fiscal year ended January 2, 2022. There
were no new material accounting standards issued in the fiscal
first quarter of 2022 that impacted the Company.
Recently Adopted Accounting Standards
There were no new material accounting standards adopted in the
fiscal first quarter of 2022.
Reclassification
Certain prior period amounts have been reclassified to conform to
current year presentation.
NOTE 2 — INVENTORIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Millions) |
|
April 3, 2022 |
|
January 2, 2022 |
Raw materials and supplies |
|
$ |
1,679 |
|
|
1,592 |
|
Goods in process |
|
2,629 |
|
|
2,287 |
|
Finished goods |
|
6,682 |
|
|
6,508 |
|
Total inventories |
|
$ |
10,990 |
|
|
10,387 |
|
NOTE 3 — INTANGIBLE ASSETS AND GOODWILL
Intangible assets that have finite useful lives are amortized over
their estimated useful lives. The latest annual impairment
assessment of goodwill and indefinite lived intangible assets was
completed in the fiscal fourth quarter of 2021. Future impairment
tests for goodwill and indefinite lived intangible assets will be
performed annually in the fiscal fourth quarter, or sooner, if
warranted.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Millions) |
|
April 3, 2022 |
|
January 2, 2022 |
Intangible assets with definite lives: |
|
|
|
|
Patents and trademarks — gross |
|
$ |
37,960 |
|
|
38,572 |
|
Less accumulated amortization |
|
(20,492) |
|
|
(20,088) |
|
Patents and trademarks — net |
|
17,468 |
|
|
18,484 |
|
Customer relationships and other intangibles — gross |
|
22,910 |
|
|
23,011 |
|
Less accumulated amortization |
|
(12,147) |
|
|
(11,925) |
|
Customer relationships and other intangibles —
net(1)
|
|
10,763 |
|
|
11,086 |
|
Intangible assets with indefinite lives: |
|
|
|
|
Trademarks |
|
6,947 |
|
|
6,985 |
|
Purchased in-process research and development(2)
|
|
9,242 |
|
|
9,837 |
|
Total intangible assets with indefinite lives |
|
16,189 |
|
|
16,822 |
|
Total intangible assets — net |
|
$ |
44,420 |
|
|
46,392 |
|
(1)The
majority is comprised of customer relationships
(2)In
the fiscal first quarter of 2022, the Company recorded an
intangible asset impairment charge of approximately
$0.6 billion related to an in-process research and development
asset, bermekimab (JnJ-77474462), an investigational drug for the
treatment of Atopic Dermatitis (AD) and Hidradenitis Suppurativa
(HS). Additional information regarding efficacy of the AD
indication became available which led the Company to the decision
to terminate the development of bermekimab for AD. The Company
acquired all rights to bermekimab from XBiotech, Inc.in the fiscal
year 2020.
Goodwill as of April 3, 2022 was allocated by segment of
business as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Millions) |
|
Consumer Health |
|
Pharmaceutical |
|
MedTech |
|
Total |
Goodwill at January 2, 2022 |
|
$ |
9,810 |
|
|
10,580 |
|
|
14,856 |
|
|
35,246 |
|
Goodwill, related to acquisitions |
|
— |
|
|
— |
|
|
73 |
|
|
73 |
|
|
|
|
|
|
|
|
|
|
Currency translation/Other |
|
(195) |
|
|
(170) |
|
|
(19) |
|
|
(384) |
|
Goodwill at April 3, 2022 |
|
$ |
9,615 |
|
|
10,410 |
|
|
14,910 |
|
|
34,935 |
|
The weighted average amortization period for patents and trademarks
is 12 years. The weighted average amortization period for customer
relationships and other intangible assets is 21 years. The
amortization expense of amortizable intangible assets included in
cost of products sold was $1.1 billion and $1.2 billion for
the fiscal first quarters ended April 3, 2022 and
April 4, 2021, respectively. Intangible asset write-downs are
included in Other (income) expense, net.
The estimated amortization expense for approved products, before
tax, for the five succeeding years is approximately:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Millions)
|
|
|
|
|
|
|
2022 |
|
2023 |
|
2024 |
|
2025 |
|
2026 |
$4,600 |
|
4,600 |
|
4,400 |
|
3,600 |
|
3,000 |
See Note 10 to the Consolidated Financial Statements for additional
details related to acquisitions and divestitures.
NOTE 4 — FAIR VALUE MEASUREMENTS
The Company uses forward foreign exchange contracts to manage its
exposure to the variability of cash flows, primarily related to the
foreign exchange rate changes of future intercompany product and
third-party purchases of materials denominated in a foreign
currency. The Company uses cross currency interest rate swaps to
manage currency risk primarily related to borrowings. Both types of
derivatives are designated as cash flow hedges.
Additionally, the Company uses interest rate swaps as an instrument
to manage interest rate risk related to fixed rate borrowings.
These derivatives are designated as fair value hedges. The Company
uses cross currency interest rate swaps and forward foreign
exchange contracts designated as net investment hedges.
Additionally, the Company uses forward foreign exchange contracts
to offset its exposure to certain foreign currency assets and
liabilities. These forward foreign exchange contracts are not
designated as hedges, and therefore, changes in the fair values of
these derivatives are recognized in earnings, thereby offsetting
the current earnings effect of the related foreign currency assets
and liabilities.
The Company does not enter into derivative financial instruments
for trading or speculative purposes, or that contain credit risk
related contingent features. The Company maintains credit support
agreements (CSA) with certain derivative counterparties
establishing collateral thresholds based on respective credit
ratings and netting agreements. As of April 3, 2022, the
cumulative amount of cash collateral paid by the Company under the
CSA amounted to $1.1 billion net, related to net investment and
cash flow hedges. On an ongoing basis, the Company monitors
counter-party credit ratings. The Company considers credit
non-performance risk to be low, because the Company primarily
enters into agreements with commercial institutions that have at
least an investment grade credit rating. Refer to the table on
significant financial assets and liabilities measured at fair value
contained in this footnote for receivables and payables with these
commercial institutions. As of April 3, 2022, the Company had
notional amounts outstanding for forward foreign exchange
contracts, cross currency interest rate swaps and interest rate
swaps of $42.5 billion, $37.4 billion and
$10.0 billion, respectively. As of January 2, 2022, the
Company had notional amounts outstanding for forward foreign
exchange contracts, cross currency interest rate swaps and interest
rate swaps of $45.8 billion, $37.4 billion and $10.0 billion
respectively.
All derivative instruments are recorded on the balance sheet at
fair value. Changes in the fair value of derivatives are recorded
each period in current earnings or other comprehensive income,
depending on whether the derivative is designated as part of a
hedge transaction, and if so, the type of hedge
transaction.
The designation as a cash flow hedge is made at the entrance date
of the derivative contract. At inception, all derivatives are
expected to be highly effective. Foreign exchange contracts
designated as cash flow hedges are accounted for under the forward
method and all gains/losses associated with these contracts will be
recognized in the income statement when the hedged item impacts
earnings. Changes in the fair value of these derivatives are
recorded in accumulated other comprehensive income until the
underlying transaction affects earnings and are then reclassified
to earnings in the same account as the hedged
transaction.
Gains and losses associated with interest rate swaps and changes in
fair value of hedged debt attributable to changes in interest rates
are recorded to interest expense in the period in which they occur.
Gains and losses on net investment hedges are accounted for through
the currency translation account within accumulated other
comprehensive income. The portion excluded from effectiveness
testing is recorded through interest (income) expense using the
spot method. On an ongoing basis, the Company assesses whether each
derivative continues to be highly effective in offsetting changes
of hedged items. If and when a derivative is no longer expected to
be highly effective, hedge accounting is discontinued.
The Company designated its Euro denominated notes issued in May
2016 with due dates ranging from 2022 to 2035 as a net investment
hedge of the Company's investments in certain of its international
subsidiaries that use the Euro as their functional currency in
order to reduce the volatility caused by changes in exchange
rates.
As of April 3, 2022, the balance of deferred net loss on
derivatives included in accumulated other comprehensive income was
$632 million after-tax. For additional information, see the
Consolidated Statements of Comprehensive Income and Note 7. The
Company expects that substantially all of the amounts related to
forward foreign exchange contracts will be reclassified into
earnings over the next 12 months as a result of transactions that
are expected to occur over that period. The maximum length of time
over which the Company is hedging transaction exposure is 18
months, excluding interest rate contracts and
net investment hedge
contracts. The amount ultimately realized in earnings may differ as
foreign exchange rates change. Realized gains and losses are
ultimately determined by actual exchange rates at maturity of the
derivative.
The following table is a summary of the activity related to
derivatives and hedges for the fiscal first quarters ended in 2022
and 2021, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 3, 2022 |
April 4, 2021 |
(Dollars in Millions) |
Sales |
Cost of Products Sold |
R&D Expense |
Interest (Income) Expense |
Other (Income) Expense |
Sales |
Cost of Products Sold |
R&D Expense |
Interest (Income) Expense |
Other (Income) Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The effects of fair value, net investment and cash flow
hedging: |
|
|
|
|
|
|
|
|
|
|
Gain (Loss) on fair value hedging relationship: |
|
|
|
|
|
|
|
|
|
|
Interest rate swaps contracts: |
|
|
|
|
|
|
|
|
|
|
Hedged items |
$ |
— |
|
— |
|
— |
|
(531) |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Derivatives designated as hedging
instruments |
— |
|
— |
|
— |
|
531 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Gain (Loss) on net investment hedging relationship: |
|
|
|
|
|
|
|
|
|
|
Cross currency interest rate swaps contracts: |
|
|
|
|
|
|
|
|
|
|
Amount of gain or (loss) recognized in income on
derivative amount excluded from effectiveness testing |
— |
|
— |
|
— |
|
45 |
|
— |
|
— |
|
— |
|
— |
|
40 |
|
— |
|
Amount of gain or (loss) recognized in
AOCI |
— |
|
— |
|
— |
|
45 |
|
— |
|
— |
|
— |
|
— |
|
40 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Gain (Loss) on cash flow hedging relationship: |
|
|
|
|
|
|
|
|
|
|
Forward foreign exchange contracts: |
|
|
|
|
|
|
|
|
|
|
Amount of gain or (loss) reclassified from AOCI
into income |
(17) |
|
(52) |
|
23 |
|
— |
|
(18) |
|
17 |
|
34 |
|
(113) |
|
— |
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of gain or (loss) recognized in
AOCI |
22 |
|
(94) |
|
33 |
|
— |
|
(73) |
|
(3) |
|
(193) |
|
(76) |
|
— |
|
17 |
|
|
|
|
|
|
|
|
|
|
|
|
Cross currency interest rate swaps contracts: |
|
|
|
|
|
|
|
|
|
|
Amount of gain or (loss) reclassified from AOCI
into income |
— |
|
— |
|
— |
|
120 |
|
— |
|
— |
|
|
— |
|
92 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Amount of gain or (loss) recognized in
AOCI |
$ |
— |
|
— |
|
— |
|
(128) |
|
— |
|
— |
|
— |
|
— |
|
(307) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
As of April 3, 2022, and January 2, 2022, the following
amounts were recorded on the Consolidated Balance Sheet related to
cumulative basis adjustment for fair value hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line item in the Consolidated Balance Sheet in which the hedged
item is included |
|
Carrying Amount of the Hedged Liability
|
|
Cumulative Amount of Fair Value Hedging Gain/ (Loss) Included in
the Carrying Amount of the Hedged Liability |
|
|
|
(Dollars in Millions) |
|
April 3, 2022 |
|
January 2, 2022 |
|
April 3, 2022 |
|
January 2, 2022 |
|
|
|
|
|
|
|
|
|
Long-term Debt |
|
9,313 |
|
|
9,793 |
|
|
(694) |
|
|
(142) |
|
|
|
|
|
|
|
|
|
|
The following table is the effect of derivatives not designated as
hedging instruments for the fiscal first quarters ended 2022 and
2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain/(Loss)
Recognized In
Income on Derivative |
|
|
(Dollars in Millions) |
|
Location of Gain /(Loss) Recognized in Income on
Derivative |
|
Fiscal First Quarter Ended |
|
|
Derivatives Not Designated as Hedging Instruments |
|
|
|
April 3, 2022 |
|
April 4, 2021 |
|
|
|
|
Foreign Exchange Contracts |
|
Other (income) expense |
|
$ |
29 |
|
|
(16) |
|
|
|
|
|
The following table is the effect of net investment hedges for the
fiscal first quarters ended in 2022 and 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain/(Loss)
Recognized In
Accumulated
OCI |
|
Location of Gain or (Loss) Reclassified from Accumulated Other
Comprehensive Income Into Income |
|
Gain/(Loss) Reclassified From
Accumulated OCI
Into Income |
(Dollars in Millions) |
|
April 3, 2022 |
|
April 4, 2021 |
|
|
|
April 3, 2022 |
|
April 4, 2021 |
Debt |
|
$ |
68 |
|
|
209 |
|
|
Interest (income) expense |
|
— |
|
|
— |
|
Cross Currency interest rate swaps |
|
$ |
560 |
|
|
361 |
|
|
Interest (income) expense |
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
The Company holds equity investments with readily determinable fair
values and equity investments without readily determinable fair
values. The Company has elected to measure equity investments that
do not have readily determinable fair
values at cost minus impairment, if any, plus or minus changes
resulting from observable price changes in orderly transactions for
the identical or a similar investment of the same
issuer.
The following table is a summary of the activity related to equity
investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Millions) |
|
January 2, 2022 |
|
|
|
|
|
April 3, 2022 |
|
|
|
|
Carrying Value |
|
Changes in Fair Value Reflected in Net Income
(1)
|
|
Sales/ Purchases/Other
(2)
|
|
Carrying Value |
|
Non Current Other Assets |
Equity Investments with readily determinable value |
|
$ |
1,884 |
|
|
(402) |
|
|
(30) |
|
|
1,452 |
|
|
1,452 |
|
|
|
|
|
|
|
|
|
|
|
|
Equity Investments without readily determinable value |
|
$ |
500 |
|
|
(5) |
|
|
10 |
|
|
505 |
|
|
505 |
|
(1)
Recorded in Other Income/Expense
(2)
Other includes impact of currency
For equity investments without readily determinable market values,
there was a decrease of $5 million in the fair value reflected in
net income as a result of impairments.
Fair value is the exit price that would be received to sell an
asset or paid to transfer a liability. Fair value is a market-based
measurement determined using assumptions that market participants
would use in pricing an asset or liability. In accordance with ASC
820, a three-level hierarchy was established to prioritize the
inputs used in measuring fair value. The levels within the
hierarchy are described below with Level 1 inputs having the
highest priority and Level 3 inputs having the lowest.
The fair value of a derivative financial instrument (i.e., forward
foreign exchange contracts, interest rate contracts) is the
aggregation by currency of all future cash flows discounted to its
present value at the prevailing market interest rates and
subsequently converted to the U.S. Dollar at the current spot
foreign exchange rate. The Company does not believe that fair
values of these derivative instruments materially differ from the
amounts that could be realized upon settlement or maturity, or that
the changes in fair value will have a material effect on the
Company’s results of operations, cash flows or financial position.
The Company also holds equity investments which are classified as
Level 1 and debt securities which are classified as Level 2. The
Company holds acquisition related contingent liabilities based upon
certain regulatory and commercial events, which are classified as
Level 3, whose values are determined using discounted cash flow
methodologies or similar techniques for which the determination of
fair value requires significant judgment or
estimations.
The following three levels of inputs are used to measure fair
value:
Level 1 — Quoted prices in active markets for identical assets and
liabilities.
Level 2 — Significant other observable inputs.
Level 3 — Significant unobservable inputs.
The Company’s significant financial assets and liabilities measured
at fair value as of April 3, 2022 and January 2, 2022
were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 3, 2022 |
|
|
|
January 2, 2022 |
(Dollars in Millions) |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
Total(1)
|
Derivatives designated as hedging instruments: |
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
Forward foreign exchange contracts |
|
$ |
— |
|
|
742 |
|
|
— |
|
|
742 |
|
|
540 |
|
Interest rate contracts
(2)
|
|
— |
|
|
975 |
|
|
— |
|
|
975 |
|
|
796 |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
— |
|
|
1,717 |
|
|
— |
|
|
1,717 |
|
|
1,336 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
Forward foreign exchange contracts |
|
— |
|
|
1,058 |
|
|
— |
|
|
1,058 |
|
|
881 |
|
Interest rate contracts
(2)
|
|
— |
|
|
1,652 |
|
|
— |
|
|
1,652 |
|
|
979 |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
— |
|
|
2,710 |
|
|
— |
|
|
2,710 |
|
|
1,860 |
|
Derivatives not designated as hedging instruments: |
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
Forward foreign exchange contracts |
|
— |
|
|
36 |
|
|
— |
|
|
36 |
|
|
24 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
Forward foreign exchange contracts |
|
— |
|
|
68 |
|
|
— |
|
|
68 |
|
|
28 |
|
Other Investments: |
|
|
|
|
|
|
|
|
|
|
Equity investments
(3)
|
|
1,452 |
|
|
— |
|
|
— |
|
|
1,452 |
|
|
1,884 |
|
Debt securities
(4)
|
|
— |
|
|
19,583 |
|
|
— |
|
|
19,583 |
|
|
19,727 |
|
Other Liabilities |
|
|
|
|
|
|
|
|
|
|
Contingent consideration
(5)
|
|
$ |
— |
|
|
— |
|
|
486 |
|
|
486 |
|
|
533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross to Net Derivative Reconciliation |
|
April 3, 2022 |
|
January 2, 2022 |
(Dollars in Millions) |
|
|
|
|
Total Gross Assets |
|
$ |
1,753 |
|
|
1,360 |
|
Credit Support Agreement (CSA) |
|
(1,655) |
|
|
(1,285) |
|
Total Net Asset |
|
98 |
|
|
75 |
|
|
|
|
|
|
Total Gross Liabilities |
|
2,778 |
|
|
1,888 |
|
Credit Support Agreement (CSA) |
|
(2,709) |
|
|
(1,855) |
|
Total Net Liabilities |
|
$ |
69 |
|
|
33 |
|
|
|
|
|
|
Summarized information about changes in liabilities for contingent
consideration is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 3, 2022 |
|
April 4, 2021 |
(Dollars in Millions) |
|
|
|
|
Beginning Balance |
|
$ |
533 |
|
|
$ |
633 |
|
Changes in estimated fair value
(6)
|
|
(47) |
|
|
15 |
|
Additions |
|
— |
|
|
— |
|
Payments |
|
— |
|
|
(48) |
|
Ending Balance |
|
$ |
486 |
|
|
$ |
600 |
|
(1)2021
assets and liabilities are all classified as Level 2 with the
exception of equity investments of $1,884 million, which are
classified as Level 1 and contingent consideration of $533 million,
classified as Level 3.
(2)
Includes cross currency interest rate swaps and interest rate
swaps.
(3) Classified
as non-current other assets.
(4) Classified
within cash equivalents and current marketable
securities.
(5) Includes
$469 million and $520 million, classified as non-current other
liabilities as of April 3, 2022 and January 2, 2022,
respectively. Includes $17 million and $13 million classified as
current liabilities as of April 3, 2022 and January 2,
2022, respectively.
(6)
Ongoing fair value adjustment amounts are primarily recorded in
Research and Development expense.
The Company's cash, cash equivalents and current marketable
securities as of April 3, 2022 comprised:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Millions) |
Carrying Amount |
|
|
|
Gain/( Loss) |
|
Estimated Fair Value |
|
Cash & Cash Equivalents |
|
Current Marketable Securities |
Cash |
$ |
3,128 |
|
|
|
|
— |
|
|
3,128 |
|
|
3,128 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-U.S. sovereign securities(1)
|
329 |
|
|
|
|
— |
|
|
329 |
|
|
— |
|
|
329 |
|
U.S. reverse repurchase agreements |
1,449 |
|
|
|
|
— |
|
|
1,449 |
|
|
1,449 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt securities(1)
|
3,557 |
|
|
|
|
(6) |
|
|
3,551 |
|
|
540 |
|
|
3,017 |
|
Money market funds |
1,579 |
|
|
|
|
— |
|
|
1,579 |
|
|
1,579 |
|
|
— |
|
Time deposits(1)
|
763 |
|
|
|
|
— |
|
|
763 |
|
|
763 |
|
|
— |
|
Subtotal |
10,805 |
|
|
|
|
(6) |
|
|
10,799 |
|
|
7,459 |
|
|
3,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized Loss |
|
|
|
|
|
|
U.S. Gov't securities |
19,354 |
|
|
|
|
(19) |
|
|
19,335 |
|
|
2,968 |
|
|
16,367 |
|
Other sovereign securities |
3 |
|
|
|
|
— |
|
|
3 |
|
|
— |
|
|
3 |
|
Corporate debt securities |
246 |
|
|
|
|
(1) |
|
|
245 |
|
|
36 |
|
|
209 |
|
Subtotal available for sale
debt(2)
|
$ |
19,603 |
|
|
|
|
(20) |
|
|
19,583 |
|
|
3,004 |
|
|
16,579 |
|
Total cash, cash equivalents and current marketable
securities |
$ |
30,408 |
|
|
|
|
(26) |
|
|
30,382 |
|
|
10,463 |
|
|
19,925 |
|
(1)
Held to maturity investments are reported at amortized cost and
gains or losses are reported in earnings.
(2)
Available for sale debt securities are reported at fair value with
unrealized gains and losses reported net of taxes in other
comprehensive income.
As of the fiscal year ended January 2, 2022 the carrying
amount was approximately the same as the estimated fair
value.
Fair value of government securities and obligations and corporate
debt securities was estimated using quoted broker prices and
significant other observable inputs.
The Company classifies all highly liquid investments with stated
maturities of three months or less from date of purchase as cash
equivalents and all highly liquid investments with stated
maturities of greater than three months from the date of purchase
as current marketable securities. Available for sale securities
with stated maturities of greater than one year from the date of
purchase are available to fund current operations and are
classified as cash equivalents and current marketable
securities.
The contractual maturities of the available for sale securities as
of April 3, 2022 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Millions) |
|
Cost Basis |
|
Fair Value |
Due within one year |
|
$ |
19,585 |
|
|
19,564 |
|
Due after one year through five years |
|
19 |
|
|
19 |
|
Due after five years through ten years |
|
— |
|
|
— |
|
Total debt securities |
|
$ |
19,604 |
|
|
19,583 |
|
Financial Instruments not measured at Fair Value:
The following financial liabilities are held at carrying amount on
the consolidated balance sheet as of April 3,
2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Millions) |
|
Carrying Amount |
|
Estimated Fair Value |
|
|
|
|
|
Financial Liabilities |
|
|
|
|
|
|
|
|
|
Current Debt |
|
$ |
4,297 |
|
|
4,298 |
|
|
|
|
|
|
Non-Current Debt |
|
|
|
|
6.73% Debentures due 2023
|
|
250 |
|
|
266 |
|
3.375% Notes due 2023
|
|
802 |
|
|
820 |
|
|
|
|
|
|
0.650% Notes due 2024 (750MM Euro 1.1311)
|
|
824 |
|
|
829 |
|
5.50% Notes due 2024 (500 MM GBP 1.3485)
|
|
654 |
|
|
713 |
|
2.625% Notes due 2025
|
|
749 |
|
|
762 |
|
|
|
|
|
|
0.55% Notes due 2025
|
|
950 |
|
|
886 |
|
2.45% Notes due 2026
|
|
1,995 |
|
|
1,981 |
|
2.95% Notes due 2027
|
|
930 |
|
|
934 |
|
|
|
|
|
|
0.95% Notes due 2027
|
|
1,436 |
|
|
1,307 |
|
2.90% Notes due 2028
|
|
1,496 |
|
|
1,489 |
|
1.150% Notes due 2028 (750MM Euro 1.1311)
|
|
826 |
|
|
829 |
|
6.95% Notes due 2029
|
|
298 |
|
|
379 |
|
|
|
|
|
|
1.30% Notes due 2030
|
|
1,672 |
|
|
1,486 |
|
4.95% Debentures due 2033
|
|
498 |
|
|
590 |
|
4.375% Notes due 2033
|
|
855 |
|
|
959 |
|
1.650% Notes due 2035 (1.5B Euro 1.1311)
|
|
1,654 |
|
|
1,687 |
|
3.55% Notes due 2036
|
|
917 |
|
|
947 |
|
5.95% Notes due 2037
|
|
993 |
|
|
1,288 |
|
3.625% Notes due 2037
|
|
1,416 |
|
|
1,463 |
|
3.40% Notes due 2038
|
|
992 |
|
|
999 |
|
5.85% Debentures due 2038
|
|
697 |
|
|
901 |
|
4.50% Debentures due 2040
|
|
540 |
|
|
617 |
|
|
|
|
|
|
2.10% Notes due 2040
|
|
914 |
|
|
777 |
|
4.85% Notes due 2041
|
|
297 |
|
|
342 |
|
4.50% Notes due 2043
|
|
496 |
|
|
565 |
|
3.70% Notes due 2046
|
|
1,975 |
|
|
2,097 |
|
3.75% Notes due 2047
|
|
906 |
|
|
969 |
|
3.50% Notes due 2048
|
|
743 |
|
|
766 |
|
2.25% Notes due 2050
|
|
914 |
|
|
759 |
|
2.45% Notes due 2060
|
|
1,155 |
|
|
942 |
|
Other |
|
7 |
|
|
7 |
|
Total Non-Current Debt |
|
$ |
28,851 |
|
|
29,356 |
|
The weighted average effective interest rate on non-current debt is
3.04%.
The excess of the estimated fair value over the carrying value of
debt was $3.2 billion at January 2, 2022.
The current debt balance as of April 3, 2022 includes
$3.8 billion of commercial paper which has a weighted average
interest rate of 0.37% and a weighted average maturity of
approximately three months.
Fair value of the non-current debt was estimated using market
prices, which were corroborated by quoted broker prices and
significant other observable inputs.
NOTE 5 — INCOME TAXES
The worldwide effective income tax rates for the fiscal first
quarters of 2022 and 2021 were 12.2% and 16.6%, respectively. This
decrease in the consolidated tax rate is primarily due to lower
income in higher tax jurisdictions, primarily in the U.S., compared
to the same period in the prior year. This lower income in the
first fiscal quarter of 2022 was caused by a mark to market
adjustment to the Company’s investment portfolio and the impairment
of the bermekimab AD IPR&D (for further information see Note 3
of the Consolidated Financial Statements), both at the U.S.
statutory rate. The impact of the income mix was partially offset
by incremental tax costs directly related to the planned separation
of the Company’s Consumer Health business.
The Company also had tax benefits received from stock-based
compensation that were either exercised or vested during each of
the fiscal first quarters. Additionally, the Company’s effective
tax rate benefited from the impact of certain provisions of the Tax
Cuts and Jobs Act of 2017 that became effective in fiscal year
2022.
As of April 3, 2022, the Company had approximately $3.3
billion of liabilities from unrecognized tax benefits. The Company
conducts business and files tax returns in numerous countries and
currently has tax audits in progress in a number of jurisdictions.
With respect to the United States, the IRS has completed its audit
for the tax years through 2012 and is currently auditing tax years
2013 through 2016. In other major jurisdictions where the Company
conducts business, the years that remain open to tax audit go back
to the year 2008. The Company believes it is possible that tax
audits may be completed over the next twelve months by taxing
authorities in some jurisdictions outside of the United States.
However, the Company is not able to provide a reasonably reliable
estimate of the timing of any other future tax payments relating to
uncertain tax positions.
NOTE 6 — PENSIONS AND OTHER BENEFIT PLANS
Components of Net Periodic Benefit Cost
Net periodic benefit costs for the Company’s defined benefit
retirement plans and other benefit plans include the following
components:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal First Quarter Ended |
|
|
|
|
Retirement Plans |
|
Other Benefit Plans |
|
|
|
|
(Dollars in Millions) |
|
April 3, 2022 |
|
April 4, 2021 |
|
April 3, 2022 |
|
April 4, 2021 |
|
|
|
|
|
|
|
|
Service cost |
|
$ |
321 |
|
|
353 |
|
|
80 |
|
|
77 |
|
|
|
|
|
|
|
|
|
Interest cost |
|
230 |
|
|
193 |
|
|
26 |
|
|
20 |
|
|
|
|
|
|
|
|
|
Expected return on plan assets |
|
(699) |
|
|
(680) |
|
|
(2) |
|
|
(2) |
|
|
|
|
|
|
|
|
|
Amortization of prior service cost/(credit) |
|
(46) |
|
|
(45) |
|
|
(1) |
|
|
(8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recognized actuarial losses |
|
162 |
|
|
314 |
|
|
30 |
|
|
38 |
|
|
|
|
|
|
|
|
|
Curtailments and settlements |
|
1 |
|
|
1 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
Net periodic benefit cost/(credit) |
|
$ |
(31) |
|
|
136 |
|
|
133 |
|
|
125 |
|
|
|
|
|
|
|
|
|
The service cost component of net periodic benefit cost is
presented in the same line items on the Consolidated Statement of
Earnings where other employee compensation costs are reported,
including Cost of products sold, Research and development expense,
and Selling, marketing and administrative expenses. All other
components of net periodic benefit cost are presented as part of
Other (income) expense, net on the Consolidated Statement of
Earnings.
Company Contributions
For the fiscal three months ended April 3, 2022, the Company
contributed $29 million and $5 million to its U.S. and
international retirement plans, respectively. The Company plans to
continue to fund its U.S. defined benefit plans to comply with the
Pension Protection Act of 2006. International plans are funded in
accordance with local regulations.
NOTE 7 — ACCUMULATED OTHER COMPREHENSIVE INCOME
Components of other comprehensive income (loss) consist of the
following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign |
|
Gain/(Loss) |
|
Employee |
|
Gain/(Loss) |
|
Total Accumulated |
|
|
Currency |
|
On |
|
Benefit |
|
On Derivatives |
|
Other Comprehensive |
(Dollars in Millions) |
|
Translation |
|
Securities |
|
Plans |
|
& Hedges |
|
Income (Loss) |
January 2, 2022 |
|
$ |
(10,017) |
|
|
(3) |
|
|
(2,702) |
|
|
(336) |
|
|
(13,058) |
|
Net change |
|
(554) |
|
|
(13) |
|
|
164 |
|
|
(296) |
|
|
(699) |
|
|
|
|
|
|
|
|
|
|
|
|
April 3, 2022 |
|
$ |
(10,571) |
|
|
(16) |
|
|
(2,538) |
|
|
(632) |
|
|
(13,757) |
|
Amounts in accumulated other comprehensive income are presented net
of the related tax impact. Foreign currency translation is not
adjusted for income taxes where it relates to permanent investments
in international subsidiaries. For additional details on
comprehensive income see the Consolidated Statements of
Comprehensive Income.
Details on reclassifications out of Accumulated Other Comprehensive
Income:
Gain/(Loss) On Securities - reclassifications released to Other
(income) expense, net.
Employee Benefit Plans - reclassifications are included in net
periodic benefit cost. See Note 6 for additional
details.
Gain/(Loss) On Derivatives & Hedges - reclassifications to
earnings are recorded in the same account as the underlying
transaction. See Note 4 for additional details.
NOTE 8 — EARNINGS PER SHARE
The following is a reconciliation of basic net earnings per share
to diluted net earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal First Quarter Ended |
|
|
(Shares in Millions) |
|
April 3, 2022 |
|
April 4, 2021 |
|
|
|
|
Basic net earnings per share |
|
$ |
1.96 |
|
|
2.35 |
|
|
|
|
|
Average shares outstanding — basic |
|
2,629.2 |
|
|
2,631.6 |
|
|
|
|
|
Potential shares exercisable under stock option plans |
|
140.1 |
|
|
128.4 |
|
|
|
|
|
Less: shares which could be repurchased under treasury stock
method |
|
(102.8) |
|
|
(87.3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares outstanding — diluted |
|
2,666.5 |
|
|
2,672.7 |
|
|
|
|
|
Diluted net earnings per share |
|
$ |
1.93 |
|
|
2.32 |
|
|
|
|
|
The diluted net earnings per share calculation for the fiscal first
quarter ended April 3, 2022 included all shares related to
stock options, as the exercise price of all options was less than
the average market value of the Company’s stock.
The diluted net earnings per share calculation for the fiscal first
quarter ended April 4, 2021 excluded 9 million shares
related to stock options, as the exercise price of these options
was greater than the average market value of the Company's
stock.
NOTE 9 — SEGMENTS OF BUSINESS AND GEOGRAPHIC AREAS
SALES BY SEGMENT OF BUSINESS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal First Quarter Ended |
|
|
(Dollars in Millions) |
|
April 3,
2022 |
|
April 4,
2021 |
|
Percent
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER HEALTH |
|
|
|
|
|
|
|
|
|
|
|
|
OTC(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
670 |
|
|
599 |
|
|
11.8 |
% |
|
|
|
|
|
|
International |
|
791 |
|
|
673 |
|
|
17.5 |
|
|
|
|
|
|
|
Worldwide |
|
1,461 |
|
|
1,273 |
|
|
14.8 |
|
|
|
|
|
|
|
Skin Health/Beauty |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
544 |
|
|
634 |
|
|
(14.2) |
|
|
|
|
|
|
|
International |
|
468 |
|
|
529 |
|
|
(11.6) |
|
|
|
|
|
|
|
Worldwide |
|
1,012 |
|
|
1,163 |
|
|
(13.0) |
|
|
|
|
|
|
|
Oral Care |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
143 |
|
|
163 |
|
|
(12.6) |
|
|
|
|
|
|
|
International |
|
223 |
|
|
254 |
|
|
(12.0) |
|
|
|
|
|
|
|
Worldwide |
|
366 |
|
|
417 |
|
|
(12.2) |
|
|
|
|
|
|
|
Baby Care |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
85 |
|
|
96 |
|
|
(11.5) |
|
|
|
|
|
|
|
International |
|
270 |
|
|
293 |
|
|
(7.7) |
|
|
|
|
|
|
|
Worldwide |
|
355 |
|
|
389 |
|
|
(8.6) |
|
|
|
|
|
|
|
Women's Health |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
3 |
|
|
3 |
|
|
7.2 |
|
|
|
|
|
|
|
International |
|
224 |
|
|
219 |
|
|
2.5 |
|
|
|
|
|
|
|
Worldwide |
|
228 |
|
|
222 |
|
|
2.6 |
|
|
|
|
|
|
|
Wound Care/Other |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
112 |
|
|
115 |
|
|
(3.3) |
|
|
|
|
|
|
|
International |
|
52 |
|
|
61 |
|
|
(15.3) |
|
|
|
|
|
|
|
Worldwide |
|
164 |
|
|
177 |
|
|
(7.4) |
|
|
|
|
|
|
|
TOTAL CONSUMER HEALTH |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
1,557 |
|
|
1,611 |
|
|
(3.4) |
|
|
|
|
|
|
|
International |
|
2,029 |
|
|
2,030 |
|
|
0.0 |
|
|
|
|
|
|
Worldwide |
|
3,586 |
|
|
3,641 |
|
|
(1.5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHARMACEUTICAL |
|
|
|
|
|
|
|
|
|
|
|
|
Immunology |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
2,501 |
|
|
2,413 |
|
|
3.7 |
|
|
|
|
|
|
|
International |
|
1,617 |
|
|
1,501 |
|
|
7.7 |
|
|
|
|
|
|
|
Worldwide |
|
4,119 |
|
|
3,914 |
|
|
5.2 |
|
|
|
|
|
|
|
REMICADE |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
358 |
|
|
489 |
|
|
(26.8) |
|
|
|
|
|
|
|
U.S. Exports |
|
80 |
|
|
57 |
|
|
40.5 |
|
|
|
|
|
|
|
International |
|
225 |
|
|
232 |
|
|
(2.6) |
|
|
|
|
|
|
|
Worldwide |
|
663 |
|
|
777 |
|
|
(14.7) |
|
|
|
|
|
|
|
SIMPONI
/ SIMPONI ARIA
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
287 |
|
|
255 |
|
|
12.5 |
|
|
|
|
|
|
|
International |
|
283 |
|
|
307 |
|
|
(7.6) |
|
|
|
|
|
|
|
Worldwide |
|
571 |
|
|
562 |
|
|
1.5 |
|
|
|
|
|
|
|
STELARA
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
1,379 |
|
|
1,331 |
|
|
3.6 |
|
|
|
|
|
|
|
International |
|
909 |
|
|
817 |
|
|
11.2 |
|
|
|
|
|
|
|
Worldwide |
|
2,288 |
|
|
2,148 |
|
|
6.5 |
|
|
|
|
|
|
|
TREMFYA
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
391 |
|
|
274 |
|
|
42.7 |
|
|
|
|
|
|
|
International |
|
199 |
|
|
143 |
|
|
38.8 |
|
|
|
|
|
|
|
Worldwide |
|
590 |
|
|
418 |
|
|
41.3 |
|
|
|
|
|
|
|
OTHER
IMMUNOLOGY
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
6 |
|
|
7 |
|
|
(3.2) |
|
|
|
|
|
|
|
International |
|
0 |
|
|
2 |
|
|
* |
|
|
|
|
|
|
Worldwide |
|
6 |
|
|
8 |
|
|
(22.0) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Infectious Diseases |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
461 |
|
|
512 |
|
|
(10.0) |
|
|
|
|
|
|
|
International |
|
836 |
|
|
485 |
|
|
72.3 |
|
|
|
|
|
|
|
Worldwide |
|
1,297 |
|
|
998 |
|
|
30.0 |
|
|
|
|
|
|
|
COVID-19
VACCINE
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
75 |
|
|
100 |
|
|
(24.9) |
|
|
|
|
|
|
|
International |
|
382 |
|
|
0 |
|
* |
|
|
|
|
|
|
Worldwide |
|
457 |
|
|
100 |
|
|
* |
|
|
|
|
|
|
EDURANT
/ rilpivirine
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
9 |
|
|
10 |
|
|
(12.6) |
|
|
|
|
|
|
|
International |
|
239 |
|
|
233 |
|
|
2.5 |
|
|
|
|
|
|
|
Worldwide |
|
248 |
|
|
243 |
|
|
1.8 |
|
|
|
|
|
|
|
PREZISTA
/ PREZCOBIX /
REZOLSTA / SYMTUZA
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
369 |
|
|
380 |
|
|
(3.1) |
|
|
|
|
|
|
|
International |
|
132 |
|
|
166 |
|
|
(20.3) |
|
|
|
|
|
|
|
Worldwide |
|
501 |
|
|
546 |
|
|
(8.3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INFECTIOUS DISEASES(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
8 |
|
|
21 |
|
|
(62.5) |
|
|
|
|
|
|
|
International |
|
83 |
|
|
87 |
|
|
(3.8) |
|
|
|
|
|
|
|
Worldwide |
|
91 |
|
|
108 |
|
|
(15.3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Neuroscience |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
843 |
|
|
771 |
|
|
9.3 |
|
|
|
|
|
|
|
International |
|
898 |
|
|
943 |
|
|
(4.8) |
|
|
|
|
|
|
|
Worldwide |
|
1,741 |
|
|
1,715 |
|
|
1.5 |
|
|
|
|
|
|
|
CONCERTA
/ methylphenidate
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
35 |
|
|
47 |
|
|
(26.5) |
|
|
|
|
|
|
|
International |
|
122 |
|
|
123 |
|
|
(1.3) |
|
|
|
|
|
|
|
Worldwide |
|
157 |
|
|
171 |
|
|
(8.3) |
|
|
|
|
|
|
|
INVEGA
SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
661 |
|
|
589 |
|
|
12.2 |
|
|
|
|
|
|
|
International |
|
387 |
|
|
376 |
|
|
3.0 |
|
|
|
|
|
|
|
Worldwide |
|
1,048 |
|
|
965 |
|
|
8.6 |
|
|
|
|
|
|
|
RISPERDAL
CONSTA
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
63 |
|
|
67 |
|
|
(6.4) |
|
|
|
|
|
|
|
International |
|
66 |
|
|
89 |
|
|
(26.1) |
|
|
|
|
|
|
|
Worldwide |
|
129 |
|
|
157 |
|
|
(17.6) |
|
|
|
|
|
|
|
OTHER
NEUROSCIENCE(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
84 |
|
|
67 |
|
|
25.5 |
|
|
|
|
|
|
|
International |
|
323 |
|
|
355 |
|
|
(8.9) |
|
|
|
|
|
|
|
Worldwide |
|
408 |
|
|
422 |
|
|
(3.5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oncology |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
1,582 |
|
|
1,377 |
|
|
14.9 |
|
|
|
|
|
|
|
International |
|
2,369 |
|
|
2,193 |
|
|
8.0 |
|
|
|
|
|
|
|
Worldwide |
|
3,950 |
|
|
3,570 |
|
|
10.6 |
|
|
|
|
|
|
|
DARZALEX
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
953 |
|
|
691 |
|
|
37.9 |
|
|
|
|
|
|
|
International |
|
903 |
|
|
674 |
|
|
34.0 |
|
|
|
|
|
|
|
Worldwide |
|
1,856 |
|
|
1,365 |
|
|
36.0 |
|
|
|
|
|
|
|
ERLEADA
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
206 |
|
|
171 |
|
|
20.3 |
|
|
|
|
|
|
|
International |
|
194 |
|
|
90 |
|
|
* |
|
|
|
|
|
|
Worldwide |
|
400 |
|
|
261 |
|
|
53.0 |
|
|
|
|
|
|
|
IMBRUVICA
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
370 |
|
|
444 |
|
|
(16.7) |
|
|
|
|
|
|
|
International |
|
668 |
|
|
680 |
|
|
(1.8) |
|
|
|
|
|
|
|
Worldwide |
|
1,038 |
|
|
1,125 |
|
|
(7.7) |
|
|
|
|
|
|
|
ZYTIGA
/
abiraterone acetate
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
19 |
|
|
50 |
|
|
(62.1) |
|
|
|
|
|
|
|
International |
|
520 |
|
|
588 |
|
|
(11.6) |
|
|
|
|
|
|
|
Worldwide |
|
539 |
|
|
638 |
|
|
(15.6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
ONCOLOGY
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
34 |
|
|
21 |
|
|
63.1 |
|
|
|
|
|
|
|
International |
|
84 |
|
|
161 |
|
|
(47.7) |
|
|
|
|
|
|
|
Worldwide |
|
118 |
|
|
182 |
|
|
(35.1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pulmonary Hypertension |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
572 |
|
|
573 |
|
|
(0.2) |
|
|
|
|
|
|
|
International |
|
279 |
|
|
288 |
|
|
(2.9) |
|
|
|
|
|
|
|
Worldwide |
|
852 |
|
|
861 |
|
|
(1.1) |
|
|
|
|
|
|
|
OPSUMIT
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
273 |
|
|
272 |
|
|
0.5 |
|
|
|
|
|
|
|
International |
|
170 |
|
|
179 |
|
|
(4.8) |
|
|
|
|
|
|
|
Worldwide |
|
443 |
|
|
450 |
|
|
(1.6) |
|
|
|
|
|
|
|
UPTRAVI
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
269 |
|
|
259 |
|
|
3.9 |
|
|
|
|
|
|
|
International |
|
56 |
|
|
46 |
|
|
20.9 |
|
|
|
|
|
|
|
Worldwide |
|
325 |
|
|
305 |
|
|
6.5 |
|
|
|
|
|
|
|
OTHER
PULMONARY HYPERTENSION
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
30 |
|
|
42 |
|
|
(29.0) |
|
|
|
|
|
|
|
International |
|
53 |
|
|
63 |
|
|
(15.2) |
|
|
|
|
|
|
|
Worldwide |
|
83 |
|
|
105 |
|
|
(20.8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cardiovascular / Metabolism / Other |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
672 |
|
|
799 |
|
|
(15.8) |
|
|
|
|
|
|
|
International |
|
238 |
|
|
245 |
|
|
(3.0) |
|
|
|
|
|
|
|
Worldwide |
|
910 |
|
|
1,044 |
|
|
(12.8) |
|
|
|
|
|
|
|
XARELTO
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
508 |
|
|
589 |
|
|
(13.8) |
|
|
|
|
|
|
|
International |
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
Worldwide |
|
508 |
|
|
589 |
|
|
(13.8) |
|
|
|
|
|
|
|
INVOKANA
/ INVOKAMET
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
60 |
|
|
87 |
|
|
(30.7) |
|
|
|
|
|
|
|
International |
|
68 |
|
|
63 |
|
|
7.5 |
|
|
|
|
|
|
|
Worldwide |
|
|