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 Johnson & Johnson Reports 2016 Fourth-Quarter Results:
   Tuesday, January 24, 2017 6:40:00 AM ET

Johnson & Johnson (JNJ ) today announced sales of $18.1 billion for the fourth quarter of 2016, an increase of 1.7% as compared to the fourth quarter of 2015. Operational sales results increased 2.3% and the negative impact of currency was 0.6%. Domestic sales increased 2.6%. International sales increased 0.6%, reflecting operational growth of 1.9% and a negative currency impact of 1.3%. As a reminder, there were additional shipping days in the fourth quarter of 2015 that negatively impacted the current quarter by 480 basis points. Excluding the net impact of acquisitions, divestitures, hepatitis C, Venezuela, and the additional shipping days in 2015, on an operational basis, worldwide sales increased 7.6%, domestic sales increased 9.5% and international sales increased 5.6%.*

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Worldwide sales for the full-year 2016 were $71.9 billion, an increase of 2.6% versus 2015. Operational results increased 3.9% and the negative impact of currency was 1.3%. Domestic sales increased 6.0%. International sales decreased 0.9%, reflecting operational growth of 1.8% and a negative currency impact of 2.7%. The additional shipping days in 2015 negatively impacted the current year by 130 basis points. Excluding the net impact of acquisitions, divestitures, hepatitis C, Venezuela, and the additional shipping days in 2015, on an operational basis, worldwide sales increased 7.4%, domestic sales increased 8.9% and international sales increased 5.7%.*

Net earnings and diluted earnings per share for the fourth quarter of 2016 were $3.8 billion and $1.38, respectively. Fourth-quarter 2016 net earnings included after-tax intangible amortization expense of approximately $0.3 billion and a net charge for after-tax special items of approximately $0.3 billion. Fourth-quarter 2015 net earnings included after-tax intangible amortization expense of approximately $0.2 billion and a net charge for after-tax special items of approximately $0.6 billion. Excluding after-tax intangible amortization expense and special items, adjusted net earnings for the current quarter were $4.4 billion and adjusted diluted earnings per share were $1.58, representing increases of 7.9% and 9.7%, respectively, as compared to the same period in 2015.* On an operational basis, adjusted diluted earnings per share also increased 10.4%.* A reconciliation of non-GAAP financial measures is included as an accompanying schedule.

Net earnings and diluted earnings per share for the full-year 2016 were $16.5 billion and $5.93, respectively. Full-year net earnings included after-tax intangible amortization expense of approximately $0.9 billion and a charge for after-tax special items of approximately $1.3 billion. Full-year 2015 net earnings included after-tax intangible amortization expense of approximately $1.1 billion and a charge for after-tax special items of approximately $0.9 billion. Excluding after-tax intangible amortization expense and special items, adjusted net earnings for the full-year of 2016 were $18.8 billion and adjusted diluted earnings per share were $6.73, representing increases of 7.6% and 8.5%, respectively, as compared to the same period in 2015.* On an operational basis, adjusted diluted earnings per share also increased 9.4%.* A reconciliation of non-GAAP financial measures is included as an accompanying schedule.

"We are pleased to report that we accelerated our adjusted growth for 2016 over the prior year, and delivered a strong total shareholder return of greater than 15 percent. The strong adjusted sales and EPS growth was driven by the impressive performance of our Pharmaceutical business and continued momentum in our Medical Device business and share gains while improving profitability in our Consumer business," said Alex Gorsky, Chairman and Chief Executive Officer. "Looking forward to 2017, we expect to continue driving sustainable, long-term growth through the new products, science and innovation that our talented colleagues and partners of Johnson & Johnson are advancing to positively impact human health."

The Company announced its 2017 full-year guidance for sales of $74.1 billion to $74.8 billion reflecting expected operational growth in the range of 4.0% to 5.0%. Excluding the impact of acquisitions and divestitures, operational sales growth is expected to be in the range of 3.0% to 3.5%.* Additionally, the Company announced adjusted earnings guidance for full-year 2017 of $6.93 to $7.08 per share reflecting expected operational growth in the range of 4.8% to 7.0%.* Adjusted earnings guidance excludes the impact of after-tax intangible amortization expense and special items.

Additionally, as part of the Company’s ongoing portfolio management, the Company is announcing it is engaging in a process to evaluate potential strategic options for the Johnson & Johnson Diabetes Care Companies, specifically LifeScan, Inc., Animas Corporation, and Calibra Medical, Inc. Strategic options may include the formation of operating partnerships, joint ventures or strategic alliances, a sale of the businesses, or other alternatives either separately or together. All options will be evaluated to determine the best opportunity to drive future growth and maximize shareholder value. There can be no assurance that this process will result in any transaction or other strategic alternative of any kind.

Worldwide Consumer sales of $13.3 billion for the full-year 2016 represented a decrease of 1.5% versus the prior year, consisting of an operational increase of 1.5% and a negative impact from currency of 3.0%. Domestic sales increased 3.8%; international sales decreased 4.8%, which reflected an operational increase of 0.1% and a negative currency impact of 4.9%. Excluding the net impact of acquisitions, divestitures, Venezuela, and the additional shipping days in 2015, on an operational basis, worldwide sales increased 4.3%, domestic sales increased 5.6% and international sales increased 3.4%*.

Worldwide operational results, excluding the net impact of acquisitions and divestitures, were driven by over-the-counter products, including TYLENOL? analgesics, digestive health products and anti-smoking aids; NEUTROGENA? and AVEENO? beauty products and LISTERINE? oral care products.

Worldwide Pharmaceutical sales of $33.5 billion for the full-year 2016 represented an increase of 6.5% versus the prior year with an operational increase of 7.4% and a negative impact from currency of 0.9%. Domestic sales increased 9.8%; international sales increased 1.8%, which reflected an operational increase of 4.0% and a negative currency impact of 2.2%. Excluding the net impact of acquisitions, divestitures, hepatitis C, Venezuela, and the additional shipping days in 2015, on an operational basis, worldwide sales increased 11.5%, domestic sales increased 13.8% and international sales increased 8.3%.*

Worldwide operational results, excluding the net impact of acquisitions, divestitures and hepatitis C sales, were driven by new products and the strength of core products. Strong growth in new products include IMBRUVICA? (ibrutinib), an oral, once-daily therapy approved for use in treating certain B-cell malignancies, a type of blood or lymph node cancer; DARZALEX? (daratumumab), for the treatment of patients with multiple myeloma; XARELTO? (rivaroxaban), an oral anticoagulant and INVOKANA?/INVOKAMET? (canagliflozin), for the treatment of adults with type 2 diabetes.

Additional contributors to operational sales growth included STELARA? (ustekinumab), REMICADE? (infliximab) and SIMPONI?/SIMPONI ARIA? (golimumab), biologics approved for the treatment of a number of immune-mediated inflammatory diseases; INVEGA? SUSTENNA?/XEPLION?/TRINZA? (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults and EDURANT? (rilpivirine) for the treatment of HIV.

Sales results were negatively impacted by generic entrants for ORTHO TRI-CYCLEN? LO (norgestimate/ethinyl estradiol) oral contraceptive and INVEGA? (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults.

During the quarter, the U.S. Food and Drug Administration (FDA) approved DARZALEX? (daratumumab) in combination with lenalidomide and dexamethasone, or bortezomib and dexamethasone, for the treatment of patients with multiple myeloma who have received at least one prior therapy. The European Commission approved STELARA? for the treatment of adults with moderately to severely active Crohn’s disease. Subsequent to the quarter, in January, the FDA approved IMBRUVICA? (ibrutinib) for the treatment of patients with marginal zone lymphoma who require systemic therapy and have received at least one prior anti-CD20- based therapy.

Additionally, regulatory applications for approval were submitted to the FDA and European Medicines Agency (EMA) for guselkumab for the treatment of adults living with moderate to severe plaque psoriasis. Regulatory applications for approval were also submitted to the FDA for SIMPONI ARIA? (golimumab) for the treatment of adults living with active psoriatic arthritis and the treatment of adults living with active ankylosing spondylitis and for STELARA? (ustekinumab) for the treatment of adolescents (12 to 17 years of age) with moderate to severe plaque psoriasis.

Worldwide Medical Devices sales of $25.1 billion for the full-year 2016 represented a decrease of 0.1% versus the prior year consisting of an operational increase of 0.9% and a negative currency impact of 1.0%. Domestic sales increased 1.1%; international sales decreased 1.2%, which reflected an operational increase of 0.7% and a negative currency impact of 1.9%. Excluding the net impact of acquisitions, divestitures, Venezuela and the additional shipping days in 2015, on an operational basis, worldwide sales increased 3.8%, domestic sales increased 2.9% and international sales increased 4.7%.*

Worldwide operational results, excluding the net impact of acquisitions and divestitures, were driven by electrophysiology products in the Cardiovascular business; endocutters, energy and biosurgicals in the Advanced Surgery business; ACUVUE? contact lenses in the Vision Care business; and joint reconstruction and trauma products in the Orthopaedics business.

During the quarter, the FDA approved OneTouch Vibe(TM) Plus Insulin Pump and Continuous Glucose Monitoring System for the treatment of patients age two and older living with diabetes.

Also during the quarter, the purchase of expandable cage technologies for spinal fusion was completed, and a development agreement was entered into, with Interventional Spine, Inc.

About Johnson & Johnson

Caring for the world, one person at a time, inspires and unites the people of Johnson & Johnson. We embrace research and science - bringing innovative ideas, products and services to advance the health and well-being of people. Our approximately 126,400 employees at more than 230 Johnson & Johnson operating companies work with partners in health care to touch the lives of over a billion people every day, throughout the world.

* Operational sales growth excluding the net impact of acquisitions, divestitures, hepatitis C, Venezuela and the additional shipping days in 2015, as well as adjusted net earnings, adjusted diluted earnings per share and operational adjusted diluted earnings per share excluding after-tax intangible amortization expense and special items, are non-GAAP financial measures and should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Except for guidance measures, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying financial schedules of the earnings release and the Investor Relations section of the company’s website at www.investor.jnj.com. Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson’s results computed in accordance with GAAP.

Johnson & Johnson will conduct a conference call with investors to discuss this news release today at 8:30 a.m., Eastern Time. A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Johnson & Johnson website at www.investor.jnj.com. A replay and podcast will be available approximately two hours after the live webcast by visiting www.investor.jnj.com.

Copies of the financial schedules accompanying this press release are available at www.investor.jnj.com/historical-sales.cfm. These schedules include supplementary sales data, a condensed consolidated statement of earnings, reconciliations of non-GAAP financial measures, and sales of key products/franchises. Additional information on Johnson & Johnson, including adjusted income before tax by segment, a pharmaceutical pipeline of selected compounds in late stage development and a copy of today’s earnings call presentation can be found on the company’s website at www.investor.jnj.com.

NOTE TO INVESTORS CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position and business strategy. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to, economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the company to successfully execute strategic plans, including business plans, transactions and restructuring plans; market conditions and the possibility that the on-going share repurchase program may be delayed, suspended or discontinued; the impact of business combinations and divestitures; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns or financial distress of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; increased scrutiny of the health care industry by government agencies; and the potential failure to meet obligations in compliance agreements with government bodies. A further list and description of these risks, uncertainties and other factors can be found in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended January 3, 2016, including in Exhibit 99 thereto, and the company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.investor.jnj.com, or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.

Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions) FOURTH QUARTER                                        TWELVE MONTHS
                                                         Percent Change                                   Percent Change
                                 2016          2015      Total    Operations Currency  2016       2015    Total    Operations Currency
Sales to customers by
segment of business
Consumer
U.S.                             $   1,387     1,231     12.7  %  12.7       -         $   5,420  5,222   3.8   %  3.8        -
International                    2,045         2,089     (2.1)    0.2        (2.3)     7,887      8,285   (4.8)    0.1        (4.9)
                                 3,432         3,320     3.4      4.9        (1.5)     13,307     13,507  (1.5)    1.5        (3.0)
Pharmaceutical
U.S.                             5,002         4,910     1.9      1.9        -         20,125     18,333  9.8      9.8        -
International                    3,230         3,154     2.4      3.7        (1.3)     13,339     13,097  1.8      4.0        (2.2)
                                 8,232         8,064     2.1      2.6        (0.5)     33,464     31,430  6.5      7.4        (0.9)
Medical Devices
U.S.                             3,148         3,152     (0.1)    (0.1)      -         12,266     12,132  1.1      1.1        -
International                    3,294         3,275     0.6      1.3        (0.7)     12,853     13,005  (1.2)    0.7        (1.9)
                                 6,442         6,427     0.2      0.6        (0.4)     25,119     25,137  (0.1)    0.9        (1.0)
U.S.                             9,537         9,293     2.6      2.6        -         37,811     35,687  6.0      6.0        -
International                    8,569         8,518     0.6      1.9        (1.3)     34,079     34,387  (0.9)    1.8        (2.7)
Worldwide                        $ 18,106      17,811    1.7   %  2.3        (0.6)     $ 71,890   70,074  2.6   %  3.9        (1.3)
Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)  FOURTH QUARTER                                           TWELVE MONTHS
                                                             Percent Change                                  Percent Change
                                  2016               2015    Total    Operations Currency  2016      2015    Total    Operations Currency
Sales to customers by
geographic area
U.S.                              $   9,537          9,293   2.6   %  2.6        -         $ 37,811  35,687  6.0   %  6.0        -
Europe                            4,001              4,002   0.0      3.9        (3.9)     15,770    15,995  (1.4)    1.4        (2.8)
Western Hemisphere excluding U.S. 1,465              1,442   1.6      2.4        (0.8)     5,734     6,045   (5.1)    4.0        (9.1)
Asia-Pacific, Africa              3,103              3,074   0.9      (0.9)      1.8       12,575    12,347  1.8      1.4        0.4
International                     8,569              8,518   0.6      1.9        (1.3)     34,079    34,387  (0.9)    1.8        (2.7)
Worldwide                         $ 18,106           17,811  1.7   %  2.3        (0.6)     $ 71,890  70,074  2.6   %  3.9        (1.3)
Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)                 FOURTH QUARTER
                                                                  2016                   2015                   Percent
                                                                               Percent                Percent   Increase
                                                                  Amount       to Sales  Amount       to Sales  (Decrease)
Sales to customers                                                $ 18,106     100.0     $ 17,811     100.0     1.7
Cost of products sold                                             5,534        30.5      5,673        31.8      (2.5)
Selling, marketing and administrative expenses                    5,309        29.3      5,891        33.1      (9.9)
Research and development expense                                  2,640        14.6      2,864        16.1      (7.8)
In-process research and development                               -            -         214          1.2
Interest (income) expense, net                                    84           0.5       107          0.6
Other (income) expense, net                                       20           0.1       (1,205)      (6.8)
Restructuring                                                     195          1.1       509          2.9
Earnings before provision for taxes on income                     4,324        23.9      3,758        21.1      15.1
Provision for taxes on income                                     510          2.8       543          3.0       (6.1)
Net earnings                                                      $   3,814    21.1      $   3,215    18.1      18.6
Net earnings per share (Diluted)                                  $     1.38             $     1.15             20.0
Average shares outstanding (Diluted)                              2,764.5                2,803.3
Effective tax rate                                                11.8       %           14.4       %
Adjusted earnings before provision for taxes and net earnings (1)
Earnings before provision for taxes on income                     $   5,103    28.2      $   4,913    27.6      3.9
Net earnings                                                      $   4,361    24.1      $   4,043    22.7      7.9
Net earnings per share (Diluted)                                  $     1.58             $     1.44             9.7
Effective tax rate                                                14.5       %           17.7       %
(1)See Reconciliation of Non-GAAP Financial Measures.
Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)                 TWELVE MONTHS
                                                                  2016                   2015                   Percent
                                                                               Percent                Percent   Increase
                                                                  Amount       to Sales  Amount       to Sales  (Decrease)
Sales to customers                                                $ 71,890     100.0     $ 70,074     100.0     2.6
Cost of products sold                                             21,685       30.2      21,536       30.7      0.7
Selling, marketing and administrative expenses                    19,945       27.7      21,203       30.3      (5.9)
Research and development expense                                  9,095        12.7      9,046        12.9      0.5
In-process research and development                               29           0.0       224          0.3
Interest (income) expense, net                                    358          0.5       424          0.6
Other (income) expense, net                                       484          0.7       (2,064)      (2.9)
Restructuring                                                     491          0.7       509          0.7
Earnings before provision for taxes on income                     19,803       27.5      19,196       27.4      3.2
Provision for taxes on income                                     3,263        4.5       3,787        5.4       (13.8)
Net earnings                                                      $ 16,540     23.0      $ 15,409     22.0      7.3
Net earnings per share (Diluted)                                  $     5.93             $     5.48             8.2
Average shares outstanding (Diluted)                              2,788.9                2,812.9
Effective tax rate                                                16.5       %           19.7       %
Adjusted earnings before provision for taxes and net earnings (1)
Earnings before provision for taxes on income                     $ 22,759     31.7      $ 22,003     31.4      3.4
Net earnings                                                      $ 18,764     26.1      $ 17,445     24.9      7.6
Net earnings per share (Diluted)                                  $     6.73             $     6.20             8.5
Effective tax rate                                                17.6       %           20.7       %
(1)See Reconciliation of Non-GAAP Financial Measures.
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
                                                                                                 Fourth Quarter      % Incr. /    Twelve Months         % Incr. /
(Dollars in Millions Except Per Share Data)                                                      2016      2015      (Decr.)      2016        2015      (Decr.)
Earnings before provision for taxes on income - as reported                                      $ 4,324   3,758     15.1      %  $ 19,803    19,196    3.2       %
Intangible asset amortization expense                                                            344       301                    1,271       1,570
Restructuring/Other(1)                                                                           298       590                    685         590
Litigation expense, net                                                                          96        -                      817         141
DePuy ASRTMHip program                                                                           9         -                      9           148
In-process research and development                                                              -         214                    29          224
Other                                                                                            32        50                     145         134
Earnings before provision for taxes on income - as adjusted                                      $ 5,103   4,913     3.9       %  $ 22,759    22,003    3.4       %
Net Earnings - as reported                                                                       $ 3,814   3,215     18.6      %  $ 16,540    15,409    7.3       %
Intangible asset amortization expense                                                            252       220                    931         1,113
Restructuring/Other                                                                              251       415                    544         415
Litigation expense, net                                                                          80        -                      675         118
DePuy ASR(TM) Hip program                                                                        7         -                      7           130
In-process research and development                                                              -         156                    23          162
Other                                                                                            (43)      37                     44          98
Net Earnings - as adjusted                                                                       $ 4,361   4,043     7.9       %  $ 18,764    17,445    7.6       %
Diluted Net Earnings per share - as reported                                                     $   1.38  1.15      20.0      %  $     5.93  5.48      8.2       %
Intangible asset amortization expense                                                            0.09      0.07                   0.33        0.39
Restructuring/Other                                                                              0.09      0.15                   0.20        0.15
Litigation expense, net                                                                          0.03      -                      0.24        0.04
DePuy ASRTMHip program                                                                           -         -                      -           0.05
In-process research and development                                                              -         0.06                   0.01        0.06
Other                                                                                            (0.01)    0.01                   0.02        0.03
Diluted Net Earnings per share - as adjusted                                                     $   1.58  1.44      9.7       %  $     6.73  6.20      8.5       %
Operational Diluted Net Earnings per share - as adjusted at 2014 foreign currency exchange rates           1.54                               6.76
Impact of currency at 2015 foreign currency exchange rates                                       0.01      (0.10)                 0.05        (0.56)
Operational Diluted Net Earnings per share - as adjusted at 2015 foreign currency exchange rates $   1.59  1.44      10.4      %  $     6.78  6.20      9.4       %
(1) Includes $18M recorded in cost of products sold and $85M recorded in other (income) expense for the fourth quarter 2016,
and $81M recorded in cost of products sold for the fourth quarter 2015.
Includes $45M recorded in cost of products sold and $149M recorded in other (income) expense for twelve months YTD 2016,
and $81M recorded in cost of products sold for twelve months YTD 2015.
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Operational Sales Growth Excluding Acquisitions, Divestitures,  Hepatitis C Sales(1), Venezuela and Additional 2015 Shipping Days
FOURTH QUARTER 2016 ACTUAL vs. 2015 ACTUAL
Segments
                                                                                     Consumer        Pharmaceutical  Medical Devices  Total
                                                                                     Operational %(2)
WW As Reported:                                                                      4.9%            2.6%            0.6%             2.3%
U.S.                                                                                 12.7%           1.9%            (0.1)%           2.6%
International                                                                        0.2%            3.7%            1.3%             1.9%
Wound Care/Other
SPLENDA?                                                                             0.5                                              0.1
U.S.                                                                                 0.0                                              0.0
International                                                                        0.8                                              0.2
Cardiovascular
Cordis                                                                                                               0.0              0.0
U.S.                                                                                                                 0.1              0.0
International                                                                                                        (0.1)            0.0
Beauty
Vogue                                                                                (2.7)                                            (0.5)
U.S.                                                                                 (5.7)                                            (0.8)
International                                                                        (1.0)                                            (0.3)
Other Neuroscience
Controlled Substance Raw Material and API Business                                                   1.2                              0.5
U.S.                                                                                                 1.4                              0.8
International                                                                                        0.8                              0.3
All Other Acquisitions and Divestitures                                              (0.1)           0.0             0.3              0.1
U.S.                                                                                 (0.3)           (0.1)           (0.4)            (0.2)
International                                                                        0.1             0.0             1.0              0.4
WW Ops excluding Acquisitions and Divestitures                                       2.6%            3.8%            0.9%             2.5%
U.S.                                                                                 6.7%            3.2%            (0.4)%           2.4%
International                                                                        0.1%            4.5%            2.2%             2.5%
Hepatitis C                                                                                          0.4                              0.2
U.S.                                                                                                 (0.1)                            0.0
International                                                                                        1.2                              0.5
Venezuela                                                                            0.4             0.0             0.1              0.1
U.S.                                                                                 0.0             0.0             0.0              0.0
International                                                                        0.7             0.2             0.2              0.3
Additional 2015 Shipping Days                                                        4.6             5.7             3.7              4.8
U.S.                                                                                 7.0             8.7             4.9              7.1
International                                                                        3.3             1.2             2.6              2.3
WW Ops excluding Acquisitions, Divestitures, Hepatitis C, Venezuela & Shipping Days  7.6%            9.9%            4.7%             7.6%
U.S.                                                                                 13.7%           11.8%           4.5%             9.5%
International                                                                        4.1%            7.1%            5.0%             5.6%
(1)Hepatitis C products include OLYSIO?/SOVRIAD?and INCIVO?
(2)Operational growth excludes the effect of translational currency
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Operational Sales Growth Excluding Acquisitions, Divestitures,  Hepatitis C Sales(1), Venezuela and Additional 2015 Shipping Days
TWELVE MONTHS 2016 ACTUAL vs. 2015 ACTUAL
Segments
                                                                                     Consumer        Pharmaceutical  Medical Devices  Total
                                                                                     Operational %(2)
WW As Reported:                                                                      1.5%            7.4%            0.9%             3.9%
U.S.                                                                                 3.8%            9.8%            1.1%             6.0%
International                                                                        0.1%            4.0%            0.7%             1.8%
Wound Care/Other
SPLENDA?                                                                             1.8                                              0.3
U.S.                                                                                 3.4                                              0.5
International                                                                        0.8                                              0.2
Cardiovascular
Cordis                                                                                                               1.7              0.7
U.S.                                                                                                                 0.8              0.3
International                                                                                                        2.6              1.0
Beauty                                                                               (1.2)
Vogue                                                                                (2.8)                                            (0.2)
U.S.                                                                                 (0.3)                                            (0.4)
International                                                                                                                         0.0
Other Neuroscience
Controlled Substance Raw Material and API Business                                                   0.5                              0.2
U.S.                                                                                                 0.7                              0.3
International                                                                                        0.2                              0.1
All Other Acquisitions and Divestitures                                              (0.1)           0.1             0.1              0.1
U.S.                                                                                 (0.3)           0.2             (0.2)            0.0
International                                                                        0.1             0.1             0.3              0.1
WW Ops excluding Acquisitions and Divestitures                                       2.0%            8.0%            2.7%             5.0%
U.S.                                                                                 4.1%            10.7%           1.7%             6.7%
International                                                                        0.7%            4.3%            3.6%             3.2%
Hepatitis C                                                                                          1.9                              0.8
U.S.                                                                                                 0.7                              0.4
International                                                                                        3.4                              1.2
Venezuela                                                                            1.2             0.1             0.2              0.3
U.S.                                                                                 0.0             0.0             0.0              0.0
International                                                                        1.9             0.3             0.4              0.7
Additional 2015 Shipping Days                                                        1.1             1.5             0.9              1.3
U.S.                                                                                 1.5             2.4             1.2              1.8
International                                                                        0.8             0.3             0.7              0.6
WW Ops excluding Acquisitions, Divestitures, Hepatitis C, Venezuela & Shipping Days  4.3%            11.5%           3.8%             7.4%
U.S.                                                                                 5.6%            13.8%           2.9%             8.9%
International                                                                        3.4%            8.3%            4.7%             5.7%
(1)Hepatitis C products include OLYSIO?/SOVRIAD?and INCIVO?
(2)Operational growth excludes the effect of translational currency
                                    REPORTED SALES vs. PRIOR PERIOD ($MM)
                                    FOURTH QUARTER                                             TWELVE MONTHS
                                                            % Change                                                      % Change
                                       2016           2015  Reported Operational (1) Currency     2016             2015   Reported Operational (1) Currency
CONSUMER SEGMENT (2) (3)
BABY CARE
US                                     $         123  126   -2.4%    -2.4%           -            $           488  514    -5.1%    -5.1%           -
Intl                                   370            387   -4.4%    -2.2%           -2.2%        1,513            1,643  -7.9%    -2.0%           -5.9%
WW                                     493            513   -3.9%    -2.3%           -1.6%        2,001            2,157  -7.2%    -2.7%           -4.5%
BEAUTY
US                                     580            442   31.2%    31.2%           -            2,135            1,861  14.7%    14.7%           -
Intl                                   483            461   4.8%     6.7%            -1.9%        1,762            1,772  -0.6%    3.7%            -4.3%
WW                                     1,063          903   17.7%    18.7%           -1.0%        3,897            3,633  7.3%     9.4%            -2.1%
ORAL CARE
US                                     163            170   -4.1%    -4.1%           -            648              629    3.0%     3.0%            -
Intl                                   234            238   -1.7%    0.2%            -1.9%        920              951    -3.3%    1.4%            -4.7%
WW                                     397            408   -2.7%    -1.6%           -1.1%        1,568            1,580  -0.8%    2.0%            -2.8%
OTC
US                                     418            386   8.3%     8.3%            -            1,675            1,565  7.0%     7.0%            -
Intl                                   621            632   -1.7%    1.5%            -3.2%        2,302            2,330  -1.2%    3.4%            -4.6%
WW                                     1,039          1,018 2.1%     4.1%            -2.0%        3,977            3,895  2.1%     4.8%            -2.7%
WOMEN’S HEALTH
US                                     3              7     -57.1%   -57.1%          -            19               26     -26.9%   -26.9%          -
Intl                                   261            276   -5.4%    -3.1%           -2.3%        1,048            1,174  -10.7%   -4.6%           -6.1%
WW                                     264            283   -6.7%    -4.4%           -2.3%        1,067            1,200  -11.1%   -5.1%           -6.0%
WOUND CARE / OTHER
US                                     100            100   0.0%     0.0%            -            455              627    -27.4%   -27.4%          -
Intl                                   76             95    -20.0%   -19.6%          -0.4%        342              415    -17.6%   -14.7%          -2.9%
WW                                     176            195   -9.7%    -9.5%           -0.2%        797              1,042  -23.5%   -22.3%          -1.2%
TOTAL CONSUMER
US                                     1,387          1,231 12.7%    12.7%           -            5,420            5,222  3.8%     3.8%            -
Intl                                   2,045          2,089 -2.1%    0.2%            -2.3%        7,887            8,285  -4.8%    0.1%            -4.9%
WW                                     $      3,432   3,320 3.4%     4.9%            -1.5%        $      13,307    13,507 -1.5%    1.5%            -3.0%
                                    REPORTED SALES vs. PRIOR PERIOD ($MM)
                                    FOURTH QUARTER                                             TWELVE MONTHS
                                                            % Change                                                      % Change
                                       2016           2015  Reported Operational (1) Currency     2016             2015   Reported Operational (1) Currency
PHARMACEUTICAL SEGMENT (2) (3)
IMMUNOLOGY
US                                     $      2,157   2,101 2.7%     2.7%            -            $        8,846   7,642  15.8%    15.8%           -
Intl                                   779            670   16.3%    16.9%           -0.6%        3,122            2,760  13.1%    15.9%           -2.8%
WW                                     2,936          2,771 6.0%     6.1%            -0.1%        11,968           10,402 15.1%    15.9%           -0.8%
REMICADE
US                                     1,173          1,193 -1.7%    -1.7%           -            4,842            4,453  8.7%     8.7%            -
US Exports (4)                         109            180   -39.4%   -39.4%          -            782              782    0.0%     0.0%            -
Intl                                   342            307   11.4%    11.9%           -0.5%        1,342            1,326  1.2%     5.4%            -4.2%
WW                                     1,624          1,680 -3.3%    -3.2%           -0.1%        6,966            6,561  6.2%     7.0%            -0.8%
SIMPONI / SIMPONI ARIA
US                                     243            204   19.1%    19.1%           -            959              730    31.4%    31.4%           -
Intl                                   183            136   34.6%    32.7%           1.9%         786              598    31.4%    31.6%           -0.2%
WW                                     426            340   25.3%    24.5%           0.8%         1,745            1,328  31.4%    31.5%           -0.1%
STELARA
US                                     632            524   20.6%    20.6%           -            2,263            1,677  34.9%    34.9%           -
Intl                                   247            218   13.3%    15.6%           -2.3%        969              797    21.6%    24.0%           -2.4%
WW                                     879            742   18.5%    19.2%           -0.7%        3,232            2,474  30.6%    31.4%           -0.8%
OTHER IMMUNOLOGY
US                                     -              -     -        -               -            -                -      -        -               -
Intl                                   7              9     -22.2%   -20.6%          -1.6%        25               39     -35.9%   -30.1%          -5.8%
WW                                     7              9     -22.2%   -20.6%          -1.6%        25               39     -35.9%   -30.1%          -5.8%
INFECTIOUS DISEASES
US                                     354            363   -2.5%    -2.5%           -            1,461            1,535  -4.8%    -4.8%           -
Intl                                   407            438   -7.1%    -5.0%           -2.1%        1,747            2,121  -17.6%   -15.7%          -1.9%
WW                                     761            801   -5.0%    -3.9%           -1.1%        3,208            3,656  -12.3%   -11.2%          -1.1%
EDURANT
US                                     14             12    16.7%    16.7%           -            52               41     26.8%    26.8%           -
Intl                                   151            95    58.9%    60.7%           -1.8%        521              369    41.2%    41.9%           -0.7%
WW                                     165            107   54.2%    55.8%           -1.6%        573              410    39.8%    40.4%           -0.6%
OLYSIO / SOVRIAD
US                                     5              (1)   **       **              -            55               173    -68.2%   -68.2%          -
Intl                                   5              45    -88.9%   -88.1%          -0.8%        51               448    -88.6%   -88.1%          -0.5%
WW                                     10             44    -77.3%   -76.5%          -0.8%        106              621    -82.9%   -82.6%          -0.3%
PREZISTA / PREZCOBIX / REZOLSTA
US                                     283            287   -1.4%    -1.4%           -            1,143            1,064  7.4%     7.4%            -
Intl                                   164            180   -8.9%    -6.0%           -2.9%        708              746    -5.1%    -2.3%           -2.8%
WW                                     447            467   -4.3%    -3.2%           -1.1%        1,851            1,810  2.3%     3.5%            -1.2%
OTHER INFECTIOUS DISEASES
US                                     52             65    -20.0%   -20.0%          -            211              257    -17.9%   -17.9%          -
Intl                                   87             118   -26.3%   -24.9%          -1.4%        467              558    -16.3%   -13.6%          -2.7%
WW                                     139            183   -24.0%   -23.1%          -0.9%        678              815    -16.8%   -15.0%          -1.8%
See footnotes at end of schedule
                                    REPORTED SALES vs. PRIOR PERIOD ($MM)
                                    FOURTH QUARTER                                             TWELVE MONTHS
                                                            % Change                                                      % Change
                                       2016           2015  Reported Operational (1) Currency     2016             2015   Reported Operational (1) Currency
NEUROSCIENCE
US                                     631            752   -16.1%   -16.1%          -            2,628            2,850  -7.8%    -7.8%           -
Intl                                   839            849   -1.2%    -1.2%           0.0%         3,457            3,409  1.4%     2.3%            -0.9%
WW                                     1,470          1,601 -8.2%    -8.2%           0.0%         6,085            6,259  -2.8%    -2.3%           -0.5%
CONCERTA / METHYLPHENIDATE
US                                     103            117   -12.0%   -12.0%          -            468              434    7.8%     7.8%            -
Intl                                   101            96    5.2%     5.8%            -0.6%        395              387    2.1%     4.8%            -2.7%
WW                                     204            213   -4.2%    -3.9%           -0.3%        863              821    5.1%     6.4%            -1.3%
INVEGA / PALIPERIDONE
US                                     -              58    **       **              -            70               339    -79.4%   -79.4%          -
Intl                                   56             55    1.8%     0.2%            1.6%         241              234    3.0%     2.1%            0.9%
WW                                     56             113   -50.4%   -51.1%          0.7%         311              573    -45.7%   -46.1%          0.4%
INVEGA SUSTENNA / XEPLION / TRINZA
US                                     360            327   10.1%    10.1%           -            1,343            1,085  23.8%    23.8%           -
Intl                                   225            197   14.2%    15.8%           -1.6%        871              745    16.9%    18.7%           -1.8%
WW                                     585            524   11.6%    12.2%           -0.6%        2,214            1,830  21.0%    21.7%           -0.7%
RISPERDAL CONSTA
US                                     92             103   -10.7%   -10.7%          -            381              409    -6.8%    -6.8%           -
Intl                                   118            131   -9.9%    -8.6%           -1.3%        512              561    -8.7%    -7.4%           -1.3%
WW                                     210            234   -10.3%   -9.5%           -0.8%        893              970    -7.9%    -7.1%           -0.8%
OTHER NEUROSCIENCE
US                                     76             147   -48.3%   -48.3%          -            366              583    -37.2%   -37.2%          -
Intl                                   339            370   -8.4%    -9.8%           1.4%         1,438            1,482  -3.0%    -2.9%           -0.1%
WW                                     415            517   -19.7%   -20.7%          1.0%         1,804            2,065  -12.6%   -12.5%          -0.1%
ONCOLOGY
US                                     595            457   30.2%    30.2%           -            2,335            1,547  50.9%    50.9%           -
Intl                                   867            816   6.3%     8.1%            -1.8%        3,472            3,148  10.3%    12.6%           -2.3%
WW                                     1,462          1,273 14.8%    15.9%           -1.1%        5,807            4,695  23.7%    25.2%           -1.5%
DARZALEX
US                                     151            20    *        *               -            471              20     *        *               -
Intl                                   49             -     *        *               0.0%         101              -      *        *               0.0%
WW                                     200            20    *        *               0.0%         572              20     *        *               0.0%
IMBRUVICA
US                                     158            122   29.5%    29.5%           -            613              375    63.5%    63.5%           -
Intl                                   188            113   66.4%    72.2%           -5.8%        638              314    *        *               -6.3%
WW                                     346            235   47.2%    50.0%           -2.8%        1,251            689    81.6%    84.5%           -2.9%
VELCADE
US                                     -              -     -        -               -            -                -      -        -               -
Intl                                   274            321   -14.6%   -12.6%          -2.0%        1,224            1,333  -8.2%    -5.9%           -2.3%
WW                                     274            321   -14.6%   -12.6%          -2.0%        1,224            1,333  -8.2%    -5.9%           -2.3%
ZYTIGA
US                                     249            286   -12.9%   -12.9%          -            1,089            1,070  1.8%     1.8%            -
Intl                                   270            295   -8.5%    -9.0%           0.5%         1,171            1,161  0.9%     1.8%            -0.9%
WW                                     519            581   -10.7%   -11.0%          0.3%         2,260            2,231  1.3%     1.8%            -0.5%
OTHER ONCOLOGY
US                                     37             29    27.6%    27.6%           -            162              82     97.6%    97.6%           -
Intl                                   86             87    -1.1%    1.3%            -2.4%        338              340    -0.6%    2.1%            -2.7%
WW                                     123            116   6.0%     7.8%            -1.8%        500              422    18.5%    20.6%           -2.1%
CARDIOVASCULAR / METABOLISM / OTHER
US                                     1,265          1,237 2.3%     2.3%            -            4,855            4,759  2.0%     2.0%            -
Intl                                   338            381   -11.3%   -7.8%           -3.5%        1,541            1,659  -7.1%    -2.9%           -4.2%
WW                                     1,603          1,618 -0.9%    -0.1%           -0.8%        6,396            6,418  -0.3%    0.8%            -1.1%
XARELTO
US                                     598            494   21.1%    21.1%           -            2,288            1,868  22.5%    22.5%           -
Intl                                   -              -     -        -               -            -                -      -        -               -
WW                                     598            494   21.1%    21.1%           -            2,288            1,868  22.5%    22.5%           -
INVOKANA / INVOKAMET
US                                     334            348   -4.0%    -4.0%           -            1,273            1,238  2.8%     2.8%            -
Intl                                   37             24    54.2%    60.3%           -6.1%        134              70     91.4%    *               -9.7%
WW                                     371            372   -0.3%    0.1%            -0.4%        1,407            1,308  7.6%     8.1%            -0.5%
PROCRIT / EPREX
US                                     186            173   7.5%     7.5%            -            767              692    10.8%    10.8%           -
Intl                                              73             87            -16.1%     -14.5%          -1.6%          338              376    -10.1%   -7.6%           -2.5%
WW                                                259            260           -0.4%      0.1%            -0.5%          1,105            1,068  3.5%     4.4%            -0.9%
OTHER
US                                                147            222           -33.8%     -33.8%          -              527              961    -45.2%   -45.2%          -
Intl                                              228            270           -15.6%     -11.7%          -3.9%          1,069            1,213  -11.9%   -7.5%           -4.4%
WW                                                375            492           -23.8%     -21.6%          -2.2%          1,596            2,174  -26.6%   -24.1%          -2.5%
TOTAL PHARMACEUTICAL
US                                                5,002          4,910         1.9%       1.9%            -              20,125           18,333 9.8%     9.8%            -
Intl                                              3,230          3,154         2.4%       3.7%            -1.3%          13,339           13,097 1.8%     4.0%            -2.2%
WW                                                $      8,232   8,064         2.1%       2.6%            -0.5%          $      33,464    31,430 6.5%     7.4%            -0.9%
See footnotes at end of schedule
                                    REPORTED SALES vs. PRIOR PERIOD ($MM)
                                    FOURTH QUARTER                                                                    TWELVE MONTHS
                                                                               % Change                                                          % Change
                                                  2016           2015          Reported   Operational (1) Currency       2016             2015   Reported Operational (1) Currency
MEDICAL DEVICES SEGMENT (2)
CARDIOVASCULAR
US                                                $         247  229           7.9%       7.9%            -              $           948  931    1.8%     1.8%            -
Intl                                              238            210           13.3%      12.4%           0.9%           901              1,105  -18.5%   -18.4%          -0.1%
WW                                                485            439           10.5%      10.1%           0.4%           1,849            2,036  -9.2%    -9.2%           0.0%
DIABETES CARE
US                                                191            202           -5.4%      -5.4%           -              739              833    -11.3%   -11.3%          -
Intl                                              271            278           -2.5%      -1.1%           -1.4%          1,050            1,095  -4.1%    -1.9%           -2.2%
WW                                                462            480           -3.8%      -3.0%           -0.8%          1,789            1,928  -7.2%    -5.9%           -1.3%
DIAGNOSTICS
US                                                -              -             -          -               -              -                -      -        -               -
Intl                                              -              24            **         **              **             66               86     -23.3%   -13.9%          -9.4%
WW                                                -              24            **         **              **             66               86     -23.3%   -13.9%          -9.4%
ORTHOPAEDICS
US                                                1,422          1,438         -1.1%      -1.1%           -              5,521            5,380  2.6%     2.6%            -
Intl                                              965            985           -2.0%      -0.6%           -1.4%          3,813            3,882  -1.8%    0.5%            -2.3%
WW                                                2,387          2,423         -1.5%      -0.9%           -0.6%          9,334            9,262  0.8%     1.8%            -1.0%
HIPS
US                                                208            213           -2.3%      -2.3%           -              798              781    2.2%     2.2%            -
Intl                                              142            141           0.7%       3.2%            -2.5%          563              551    2.2%     5.7%            -3.5%
WW                                                350            354           -1.1%      -0.1%           -1.0%          1,361            1,332  2.2%     3.6%            -1.4%
KNEES
US                                                247            254           -2.8%      -2.8%           -              943              916    2.9%     2.9%            -
Intl                                              148            151           -2.0%      0.9%            -2.9%          581              580    0.2%     3.5%            -3.3%
WW                                                395            405           -2.5%      -1.4%           -1.1%          1,524            1,496  1.9%     3.2%            -1.3%
TRAUMA
US                                                394            379           4.0%       4.0%            -              1,545            1,462  5.7%     5.7%            -
Intl                                              260            265           -1.9%      -1.2%           -0.7%          1,024            1,066  -3.9%    -1.9%           -2.0%
WW                                                654            644           1.6%       1.9%            -0.3%          2,569            2,528  1.6%     2.5%            -0.9%
SPINE & OTHER
US                                                573            592           -3.2%      -3.2%           -              2,235            2,221  0.6%     0.6%            -
Intl                                              415            428           -3.0%      -2.1%           -0.9%          1,645            1,685  -2.4%    -0.6%           -1.8%
WW                                                988            1,020         -3.1%      -2.7%           -0.4%          3,880            3,906  -0.7%    0.1%            -0.8%
SURGERY
US                                                1,023          1,044         -2.0%      -2.0%           -              4,026            3,991  0.9%     0.9%            -
Intl                                              1,364          1,369         -0.4%      0.8%            -1.2%          5,270            5,226  0.8%     3.3%            -2.5%
WW                                                2,387          2,413         -1.1%      -0.4%           -0.7%          9,296            9,217  0.9%     2.3%            -1.4%
ADVANCED
US                                                393            384           2.3%       2.3%            -              1,524            1,430  6.6%     6.6%            -
Intl                                              515            486           6.0%       7.4%            -1.4%          1,993            1,845  8.0%     10.7%           -2.7%
WW                                                908            870           4.4%       5.2%            -0.8%          3,517            3,275  7.4%     8.9%            -1.5%
GENERAL
US                                                415            430           -3.5%      -3.5%           -              1,669            1,702  -1.9%    -1.9%           -
Intl                                              687            717           -4.2%      -2.9%           -1.3%          2,693            2,780  -3.1%    -0.7%           -2.4%
WW                                                1,102          1,147         -3.9%      -3.1%           -0.8%          4,362            4,482  -2.7%    -1.2%           -1.5%
SPECIALTY
US                                                215            230           -6.5%      -6.5%           -              833              859    -3.0%    -3.0%           -
Intl                                              162            166           -2.4%      -2.5%           0.1%           584              601    -2.8%    -0.4%           -2.4%
WW                                                377            396           -4.8%      -4.8%           0.0%           1,417            1,460  -2.9%    -1.9%           -1.0%
VISION CARE
US                                                265            239           10.9%      10.9%           -              1,032            997    3.5%     3.5%            -
Intl                                              456            409           11.5%      9.9%            1.6%           1,753            1,611  8.8%     8.2%            0.6%
WW                                                721            648           11.3%      10.3%           1.0%           2,785            2,608  6.8%     6.4%            0.4%
TOTAL MEDICAL DEVICES
US                                                3,148          3,152         -0.1%      -0.1%           -              12,266           12,132 1.1%     1.1%            -
Intl                                              3,294          3,275         0.6%       1.3%            -0.7%          12,853           13,005 -1.2%    0.7%            -1.9%
WW                                                $      6,442   6,427         0.2%       0.6%            -0.4%          $      25,119    25,137 -0.1%    0.9%            -1.0%
* Percentage greater than 100%
** Not meaningful
(1) Operational growth excludes the effect of translational currency
(2) Unaudited
(3) Prior year amounts have been reclassified to conform to current year product disclosure
(see supplemental sales information for further detail)
(4) Reported as U.S. sales

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/johnson--johnson-reports-2016-fourth-quarter-results-300395484.html

SOURCE Johnson & Johnson

https://rt.prnewswire.com/rt.gif?NewsItemId=NY94748&Transmission_Id=201701240640PR_NEWS_USPR_____NY94748&DateId=20170124



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