JNJ - Earnings call transcript Q1 2021

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Operator

Good morning, and welcome to Johnson & Johnson's First Quarter 2021 Earnings Conference Call. All participants will be in listen-only mode until the question-and-answer session of the conference. This call is being recorded. [Operator Instructions] I would now like to turn the conference call over to Johnson & Johnson.

You may begin.

Chris DelOrefice

morning. Good DelOrefice, Investor Chris & for President Johnson. Vice is Relations of Johnson This company's results of quarter to review Welcome our business updated outlook and financial for for XXXX. our first the

Executive uncertainties Executive Executive today's the the Vice the is Also on Board today's associated Joe cause and in Chief during call statement includes of we presentation myself forward-looking Q&A available Officer; best to note and Chief Gorsky, and further and of those statements. the find through COVID-XX A at will today's most on Executive XX-K, Chairman reconciliations GAAP SEC measures be presentation, also Johnson details. me via cautionary and Dr. Joining based the XXXX about today's be; our the relationships. website companies. means materially compounds and impact joining that Several financial available time Relations Joe results for of available Directors today's particular, acknowledges the are that in Wolk, additional partners presentation Alex actual Financial business the Please is risks, information and strategic which where to risks Vice Vice call are before Johnson of today's and along webcast, is from discussed Officer. license made the of any company's portion found of In results as in encourage the you COVID-XX uncertainty differ Joaquin can non-GAAP other products these other filings the description Officer. estimate, being including Of the contemplated included results This & to investor.jnj.com. factors today utilized pandemic. company's materials, measures Chairman This outlook President, Scientific can certain from on the the Stoffels, Chairman at comparable the at change Committee; with factors or Paul of date. investor.jnj.com, logistics discussion of duration A developed Committee This schedules. the including also is impact Chief accessible and there Duato, projected. those few into get review the that of section review and slide you contemplated being We Investor of our the with the identifies could may of collaboration Form at

I results the today's to cash to commentary, we'll sales three up outline webcast spend and Moving minutes. agenda, we'll on and anticipate for will updated will insights provide P&L The will allocation business and first questions. review segments. position, the corporation Joe our and quarter last guidance deployment capital time will some for be XXXX time qualitative XXXX. the available our We for your remaining XX about

impacting X.X%. had the outside X.X% In sales of to was the which of the move US, In first growth let's effect billion increased Operational reported points. impact with increased US X.X our a X.X% sales outside Operational growth was results positive to currency US, XX.X%. the reported growth X.X points. positively OUS by regions XXXX. our as translational of sales versus of results. quarter X.X% Worldwide $XX.X the quarter currency the sales the an increase first of excludes Now first quarter currency XXXX, were for

Excluding outside in X.X% X% sales X.X% growth the divestitures, and the worldwide, adjusted was impact operational of US. US and net the acquisitions

Turning earnings. now to

share versus share per the billion and diluted net earnings per year ago. $X.XX earnings was of For diluted a $X.X quarter, $X.XX earnings were

compared adjusted and increases to XX.X% quarter earnings $X.XX XX.X%, net earnings expense the and were representing for Excluding of special after-tax intangible billion the $X.X was per asset, items amortization diluted respectively periods and adjusted share the diluted for adjusted the earnings front first now quarter basis, you items and you. slide demand, stated, of to Beginning build prior quarter on increased of highlighting segment have US per an X.X%. otherwise performance first percentages Consumer that I exclude XXXX comment declines Unless upon year sales would share XXXX. in of business On with operational operational negative therefore both in increased COVID-XX loading impact outside modest declined of billion currency results and growth and due Worldwide with particularly translation. change US. Health X.X% quoted X.X% the totaled over-the-counter the sales of medicines. the to pantry of reflect Health in Consumer the Consumer comparison represent Health, $X.X and The X.X% of in sales comparisons

quarter. due resulting Health/Beauty COVID-XX including in driven declines X.X% US innovations franchise and comparisons, for offset US to related well PEPCID market removal COVID-XX by and by as contraction wipes. grew AVEENO impacted performance and and prior-year in were outside strength by product grew strong I partially in Consumers of Health comparison, focus Skin the new US. NEUTROGENA cold Globally by LISTERINE previously to partially in the continue impacts offsetting XX.X%. hygiene, Partially performance incidences. related makeup e-commerce. declined gains, Results growth prior-year excluding continued the and divestitures lower of offset Over-the-counter US segment growth results personal NICORETTE Consumer was with distancing of Worldwide share coupled X%. cough, products by continued due restrictions mentioned, the the outside the flu divestitures. ZYRTEC on care, TYLENOL, Excluding medicines negatively to category from mouthwash health approximately which low-single-digits in The social oral were growth X.X% to promotions strong and primarily strong as were grew

by America across baby Latin the coupled categories all in primarily Care US, outside Asia and result the strength growth with Additionally a grew in franchise globally. e-commerce AVEENO Johnson's X.X% of Pacific regions in Baby as

with the OUS increasing sales Janssen's authorization increasing US $XX.X Pharmaceutical and the strength in contribution Moving X.X% on COVID-XX in our X.X%. X.X% the vaccine, to emergency February. sales in segment. in its Worldwide included both quarter a from use Pharmaceutical small US, Sales billion by with grew by of following

products products in growth enable of adjusted capabilities with the growth continues to first deliver strong quarter. portfolio operational double-digit strong seven and at realizing to commercial levels above-market us Our key

immunology therapeutic X.X%, at declines a XX-points driven of STELARA by strength continued of was by comparison Our double-digit and STELARA offset show all REMICADE growing STELARA US by by in biosimilar share growth driven delivered continue and increased XX.X%, global increased ulcerative market to Disease points performance growth regions due strong competition. in nearly sales in TREMFYA, four to growth colitis. offset unfavorable partially share an to the roughly and gains. Crohn's longer in from QX, in by both grew OUS comparison and approved in prior XXXX. US, US unfavorable of the durations and period driven markets into XXXX, continued QX and COVID-XX sales gains global new continued X.X the into increase expansion the psoriatic TREMFYA US scrip with in that strong penetration an related points to double-digit in adjustment in and XX.X% in psoriasis Europe. in XXXX pricing arthritis was resulting share indication growth area

extend penetrate another by the of strong populations, of formulation delivered its by portfolio patient ERLEADA continued the and volume XX.X%, worldwide setting three the in growth metastatic the Line share posting grew EU. with duration with IMBRUVICA of aided and DARZALEX global recently strong increased especially points persistency as driven by driven therapy increased patients all globally in nearly to quarter. growing oncology quarter the in penetrate growth market-leading gains, of XX.X%. XX.X% subcutaneous growth that by our DARZALEX US new continues share and and penetration X.X% performance continued in quarter line lines US its increased across therapy. indication. with one market penetration extensions momentum Our approved share driven frontline in the the of share this growth growth of

due pandemic-related partially was durations by COVID-XX was on related starts. longer-term volume one-time also year. negatively and this of in including XXXX increased in of the to impacts QX patient Growth market new same to However, offset clinical the quarter higher scrip items the in levels restrictions temporary trial anticipation last of by demand contraction impacted

In market Excluding growth by X.X% increased and been growth our one-time X.X% starts global patient this declined to paliperidone share Cardiovascular/metabolism/other these would continued long-acting quarter due for events, strong the have IMBRUVICA grew persistency. of by driven in and prior impact portfolio double-digits. by of and new over continued in PROCRIT neuroscience, which growth half one-time XX.X% growth XARELTO by of and biosimilar pressures XARELTO's period demand pricing offset which INVOKANA quarter. favorable the contributed in current adjustment for competition was a partially driven quarter in competitive the driven

XX.X% our commercial by our Lastly, of from recovery was enhancing UPTRAVI COVID-XX of billion attention momentum OPSUMIT turn pulmonary market driven devices by several products sales to were competitiveness strong penetration by $X.X growing driven medical Worldwide year continued segment. XX.X% areas I'll medical launched growth driven growth market are total both XX.X% and now versus hypertension X%. with and devices that primarily gains. of new of along share Growth across growth your prior the portfolio and impacted our recently with procedures by initiatives the business. further achieved

positively days impacted by basis points. XXX worldwide growth selling Additionally,

the We expect XXXX will impact week impact of selling XXrd excluding days minimal. the full-year in the be from

six procedure vary growth platforms QX recovery of delivering our of priority continued While results worldwide across type global XX and with dynamics growth. delivering to our reflect momentum in continue nine geography, these double-digit with

quarter regional consider impacted the to last sales declines Pacific experienced region COVID-XX first was Asia most significant dynamics, you first As the by and the be in year.

year. China market this against sales strong from in Asia prior Pacific realized low recovery, the primarily base

with a in strong that to growth coupled in and China commercial X double-digit Tier region. in our efforts COVID-XX X dynamic this variable So in Tier into US. the expand resulted hospitals remains

X.X% deferrals. US. level there Sales be and market a procedure of Europe the to continues COVID-XX-related restrictions mobility of in America been resulting resilient Latin the has higher declined in continues and to However, growth in recover where and

X continue our reduced with versus quarter, as our another impacts new procedures. in strength product globally. of focus the Worldwide double-digit improved which this Mapping portfolio, more Headless fibrillation of and and execution by Electrophysiology an procedure in market of recovery the platforms. success the COVID-XX newer worldwide long-bone position approach the RIA Screw our quarter the new such in of hip technologies continued prior year Hips for our enabling market most on market declined position with deferrable leadership update our due commercial driven ablation X introduction comprehensive the procedures product solutions X.X% at during Stem ACTIS driven Cannulated of system the times in grew in trauma business for and softness PRIME delivered mapping globally, X.X% and primarily of other introductions delivered grew stemming coupled Looking increasing our Module such growth that support introductions strong and CARTO as Worldwide atrial growth XX.X% mix by to returned growth. support demand System broad-based enhanced to further these to addition trauma navigation. dynamics. and the and market recovery for X.X% the orthopedics These CARTO designed recovery. capabilities primarily from to our market reflecting our interior some of results market-leading products in system recovery on each continued slower grafts. by to the market Knees in Interventional position aided X.X% quarter Compression recovery

volatility X-Pac Solution market stocking the performance, declined consolidation distribution points will model, recovery related We Robotic-Assisted about XXX of a one-time growth. global basis total the believe combination launch a reflects about coupled Toric which launch the strength VELYS this offerings with are our market the this launch were strength COVID-XX outside barbed X.X%, track and surgical some and increases of in cataract recent Spine were on designed national multi-focal recover. and reflecting U.S. globally. U.S. COVID-XX recent procedures the support from and We both X.X% the Eyhance Attune as suture all growth continue of procedures on Digital platform our coverage recovery cementless for combination some VELYS U.S. our lens of growth family. as share with of the differentiated Solutions growth in Advanced to continued knee China commercial partially Japan, gains II to offset worth biosurgery in vision In to our as and portfolio growth portfolio in Tecnis continued Plus Tecnis well globalization resulting X.X% portfolio, grew basis including from as of along of as XX% energy, suture The XXX the surgery, launched due Asia execution continued to with closure, our clear to markets early product commercialization our OUS enhance support globally including reductions of contributed for due in in impact the Results Europe. U.S. the the XX.X% of this contact improve and including to Thrombin market-leading procedures of Conduit in The share globally markets. a a as, as, introductions, was vision by ACUVUE OUS. surgery launches, in continued strength and in XX.X% new in Oasys, reflects grew with in the products refractive Channel including Fibergraft such to XX.X% of STRATAFIX general our China. well of as to and new which the the Cage. Acuvue recently recovery and lenses decline offerings X.X% endocutters, slower product our by further recovery points commercial success versus momentum Growth grew in Surgiflo portfolio, the The the driven market-leading and expand at both prior such year well investments U.S, a primarily partnerships success product and and including of market the Symphony, driven driving double-digit wound improved enhance and of inventory robust biosurgery, our of Japan market launch as by distances. provide Expandable

of Now box direct for of first XXXX, your consolidated the please attention statement the earnings to regarding schedule. section our quarter of the

our see amortization to special will intangible items. expense exclude earnings and You we adjusted provided

X.X%. due an mix quarter business. in favorable XXXX to reported morning highlight The I'd and misstatement product now increase same the pharmaceutical the $X.XX sales improved favorable to items year. that mix reported a few and a adjusted devices as XX.X%, the medical and last sold to As noteworthy the cost of in like percent of versus of business, product of of this have volume a to changed operational our earnings EPS reflects compared increase

which in in Additionally, of of prior devices establishment from COVID-XX of impact. quarter medical repeat reserve business, COVID-XX the the included administrative from the medical and to due marketing inventory Selling, recovery sales improved negative XXXX. XXXX, resulting year's first devices margins the results not the did leveraging

to invest sales driven and levels quarter business. pharmaceutical than in at investing first this competitive of higher XX.X% quarter. the by research basis We by points, the in of development continue progression XXX was XXXX This portfolio

to showed related line of first quarter other in the of $XXX of income primarily The net million income integration first of higher income $XXX due expense XXXX, activity. quarter in million and net the acquisition, XXXX, compared to divestiture and

special are a gains reminder, earnings. a as these from excluded and However, we significant gains therefore as treat adjusted item

items Regarding taxes quarter XX% first XXXX repeat. of XXXX. driven that primarily quarter increased the in to effective of did in rate the the the quarter, is XX.X% by increase first from impact tax XXXX our in one-time in of This not

matters. year. XX.X% specific Excluding tax special I tax period on XX-Q last versus for same items further the encourage was effective in rate to XX% review our you details the

look income repeat Consumer XX of a main impact devices program. supply before from from current including change to and not by associated XXX basis which the margins driven margins quarter SKU improved research In pleased inventory first by highlights & in sales basis the XXX That the The first adjusted sales medical leveraging improved turn chain Wolk. and income tax segment. tax reserves of to improved sales for before segment. recorded XX% percentage efficiencies the favorable points devices benefit to expense points, our Pharmaceutical income now from margin development. by Joe at by increased overall adjusted by the product primarily over enterprise call rationalization resulting XXXX, by drivers driven in increased XXXX Johnson the did now primarily by in the by recovery. for partially of basis our I'm with offset investment P&L XXXX Johnson's concludes the quarter. XX.X%. quarter by as and points adjusted Let's COVID-XX, in mix driven the are to following Medical before the of health tax

Joe Wolk

forecasts When with effect best. everyone highest Good & were other this of perhaps industry. year, worldwide were had one company while joining spoke Chris. we cases for most Johnson pandemic other the with every long full-year in you, time and adapting every to COVID-XX XXXX lockdowns rise, level were at ways on today. No and of the you last working were Thank productivity. in Johnson our new thanks updated us how demand knew would faced much ever outlook we and morning maintaining ambiguous like last uncertainty the

our our that to what products likely unrelenting business, the was what and of the medicines and better the of customers to to lead crystal and our know would long-term develop an However, was deliver around globe resilience focus and did clear, future. position a lifesaving we financial patients strength

as the first-quarter stronger results performance XXXX before give us more confidence delivering future. pandemic compelling are the We in to ability even a continue our business in than and our

capital with position of of debt. of quarter with the allocation consisting billion cash Let our me approximately of and We XXXX ended priorities. marketable $XX begin of in billion approximately cash $X net debt, securities billion $XX and approximately first

enhance priorities of While on year allocation our investments intact, approach a our focus the innovation disciplined importance managing past for our for the and capital reinforced a the through long-term has business competitive to remain positioning. further

our this a the capitalize pipelines, Paying approved when In an year morning, dividend for the consecutive by of Board increase X%. remains the Directors we the quarterly part is per our key on of this is next financial which call. XXth illustrated dividend Johnson. Earlier annually The priority. a it increasing Johnson the that announced disproportionately last and opportunities capital addition details starting our dividend that increase fortifying deployment investing in appropriate acquisition future position evaluate to highlight and performance, over we to An & to and continue our in long-term. competitively in value business. confidence our the with on R&D create to pharmaceutical our future slide, of since strong developments $X.XX reflects per that recent indication quarter pipeline I'll have occurred foundation for our share few

received the we for positive year. EMEA sclerosis, in First, from multiple EU US a Ponvory this our the and first CHMP in approval opinion approval

BCMA In of we and filing myeloma Cilta-Cel, US this our for BLA addition, multiple treatment later a the for we anticipate completed approval Car-T year.

in focusing Despite to in the decided we on monoclonal for are innovation. medical years. the X FDA intraocular in Johnson approval the an Johnson phases in insufficient we initial on development anti-NKGXD Within trial. deliver in to also XX portfolio, technology know, concept lenses next-generation discontinue collaboration antibody Vision with a the you rigorous Eyhance, first differentiated proof study, lens. Menicon of of medical a in transformational of granted based of the efficacy for announced myopia represents As over significant This therapeutic phase children. Crohn's showing disease that innovation Tecnis devices monofocal our Tesnatilimab, progression the manage contact &

We under Acuvue XXXX product by commercialization approval. pending of expect the name, the this authority end Ability, of health the brand

growing accelerate this to important entry continue space excited myopia are our and We to while advance into pipeline. for patients, we our

we are first-quarter remainder As we about Chris the provide results. insights into how I'll pleased now XXXX. enterprise's earlier, are of to some commented the thinking by

start confident remain simply with, we in business. our So, let's

a operational Our growth. to year is above-market XXXX, XXth our we track consecutive pharmaceutical on deliver of and with expect segment in expectations

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progress full-year such as will the variables those influence remain as of the to recovery seek in care, in year. through dynamics, insurance and coverage, willingness with January. Despite market we outlook patient of rates along the we However, mobility restrictions easing confident had the we unemployment uncertain rate

COVID-XX Let related vaccine. a me say few words our to

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performance. range our our to reflect confidence increasing to and financials, for vaccine as constant range guidance our expect results here's adjusted to basis, X.X%. business qualitative Regarding ongoing sales commit guidance Starting providing sales, in actual operational a referenced, to we growth an a we factors that with and the operational business how to what growth on currency is we updates we the of know please adjusted full timely with basis, manage XXXX. This just tightening on I are consistent year X.X% the Considering the warranted. to

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in for Regarding maintaining which we other guidance items P&L, of the provide the offered all routinely the we guidance. for are balance January we

our our operational $X.XX the lower We by earnings range in guidance share midpoint constant resulting adjusted per adjusted basis. $X.XX. on Therefore, comfortable our are end of $X.XX the a raising by tightening currency to increasing new EPS however range is

models medical be a that While to you comfortable benefit what shared Accounting providing qualitative to movement, update adjusted find with mind impact us slide This as our year. the would highly should your impact negative similar from second have $X.XX value in rather experienced comparisons medical XXXX, to is $X.XX to the second the infer devices. some reflecting of full that, models. most of reported callout favorable It considerations your on the to COVID-XX some in in now not XXXX the currency for on predicting of the versus you EPS, for provide direction particularly that currency quarter keep in we of quarter but the fluctuations with in reasonable looks estimated $X.XX We noteworthy to adjusted being don't January do is quarterly XX.X% $X.XX ranging reported midpoint guidance, devices. we provide in EPS appreciate $X.XX a range of to but of XX.X%. or

they questions. thank Paul. meeting call But before you. employees joined been to last Q&A, of be our and accomplished around has Let behalf inspiring. all Chris overcome, more all credo me the prepared acknowledging Driven to begin XXX,XXX the I turn entire all to commitments our me over are remarks our the stakeholders address Joaquin have continue and we to the but dedication pleased world, team by your the by Johnson to colleagues let their & unrelenting to importantly Johnson and by year. Paul, over close On executive Alex the

Paul Stoffels

very more our today the taken which communities the From need the pleased I'm an transportable the and pandemic, worked a beginning, and people health three on of address help provide to everywhere to have million Joe our you, vaccine we easily Thank has efforts globally. single-shot in and deliver update of people develop ongoing lives vaccine reach and globally. to COVID-XX to COVID-XX than protect

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and and the continent where now vaccine of cases the availability limited the in ACIP with with reviewed XXX,XXX single-shot a an disorder in observed recommended look blood the Johnson countries Immunization US. individuals of the of proactively Europe or one reconvene African our Xb wide of frontline and with Sisonke vaccination protection collaborated forward vaccinations than following the rare study guidance COVID Johnson globally. the with wide COVID-XX our Medical there vaccine COVID-XX combination Johnson participants. updated African B.X.X.X.Xvariant healthcare product up in on appropriate in strongly Control & Last variant correct more the Prevention number extremely of protection been demonstrated and in phase open-label we've to extremely the involving we platelets rollout with has delay Practices XX% XX of The reports ACIP who vaccine of the where support vaccine -- of of while across professionals. FDA study, Tuesday, event caution, among their supportive review become Research CDC the of workers in of hospitalization countries in the is care this use number South and rare investigators Advisory and In we dominant trials, vaccine. This low of Out And vaccines. people makes addition, Disease pandemic, pause clots Africa, to is a variants, in this tool healthcare decision an the for use made given critical an Centers report the Committee treatment all or the their abundance Council Friday and priority. wellbeing of their fighting detected vaccine and expedited will particularly Johnson to and the global clinical has the US symptoms A different variants. by paused on meeting. more a and across we awareness signs small & safety the of outcome against diagnosis, South and of threat than implementation ensure and for be death COVID-XX-related of with can

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and of outcome Agency, its We on Risk ensure treatment working of are to this ready the meeting today's to extremely Johnson are Assessment of this rare awareness -- Committee, Johnson the and to and resume EMA as of the to forward appropriate looking with from diagnosis PRAC, forward of COVID-XX is vaccine Medicines stands event Europe. European condition. Pharmacovigilance & called looking guidance in it shipment

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April to BioSolution's of of vaccine our then, ongoing the facility. safety substance at and is government oversight manufacturing, on Emergent manufacturing paramount. inspection Bayview. drug with we announced FDA have we Emergent the we during increase closely worked On with Moving COVID-XX Since the X, our at FDA, including Bayview U.S. quality would the the and

findings. closely work to the Emergent will address any with FDA We inspection and

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to Now to over start the Chris I Q&A. turn it will

Chris DelOrefice

Great. Thank you, Paul.

line We move for you question? will a the Rob, the those Question-and-Answer a ask to portion on of provide instructions can Session to now Q&A please wishing webcast.

Operator

with [Operator Chris instructions] Morgan. your question Your first with comes Yes. question. Please from Schott JP proceed

Chris Schott

clear Is first all And physicians? risk that, as vaccine? just you do issue even are not seems that's a to the just to what public addressing one safety color be I'm where the linked be to populations this If tied business on I identify to dynamics given maybe fact well. you another two quick have much. of certain clotting here. I about resume. safety appreciate going addressed. make so perceptions, Or see, vaccines to appropriate think warning want an to side Thanks how this the way very slip just in I you vaccinations thinking effect around, vaccine be just I And once if centered in that on a questions, sort here might this to be going could being rare Great. some sure guess, there,

for in being guidance? that included updated that just vaccine is some guidance QX given of XXXX, the the are guidance? beyond Thanks not the there uncertainty much. so sales reflective Or On

Paul Stoffels

question. Okay. Yes, the me first take let

on be closely risk course out work very we'll question both working in implement in with, putting the your comes and are restore whether that well there globally. diagnostic PRAC, closely first as our therapeutic It's We vaccine. on CDC as hope clear also people and will can we that guidelines making well But FDA guidance. addressing event. and with the that We in week confidence as EMA to And the an the by if extremely restore in the confidence place vaccine. aware the rare of

Joe Wolk

is outlook And to financial in point our Chris that guidance, with this there time. with at respect in respect nothing to future

we're will updates. what experienced the -- quarter. first it's just question. provide Thanks to in when we commenting for now certainly your actually was Right So warranted

Chris DelOrefice

Thanks, Chris. Appreciate question please. the question. Rob, next

Operator

from Please Biegelsen Fargo. with comes with Larry question. question next Wells proceed Your your

Larry Biegelsen

for taking question. Thanks morning. Good the

bit And about device talk you than is Can quick full-year ones Joe, two quarterly to midpoint. EPS little guidance know XX%, XX% end recovery? regard the a can also the more phasing. you raise you with in XX% came the seeing for whereas Just you implies can a of sales our bit better EPS the that me. what about usually beat medical Why talk EPS QX the despite you markets expectations? about QX about using talk little is you're guidance secondly in EPS didn't EPS

guidance taking more? raise not guys. questions for the why So the Thanks

Alex Gorsky

give just really a who don't go patients doctors, but to recognition a world going ongoing agile the of COVID-XX, on especially your Thank way Larry. our and scientists, you Johnson consistently this look question, the very very the first to the room innovation heroes, and the all been consumers of on our work I to XX,XXX is Johnson minus Alex. manufacturing This I plus want who floor frontline questions. and to much floor, directly shop & for masks the Hey, special or shout-out approach their to very associates before enabling putting around on engineers on least, keep your and working dedicated worked I supply to to have Why of us in the respond but not we're to diligently special pandemic. track, very continue throughout period. who Two; a serve this our throughout to them. last and flexible associates have thankful all on not also our to And been only really portfolio

I and & than demonstrate in remains think ago. performer today fact a overall Johnson very that today were the we our lot year a in unpredictability even spite of results consistent stronger Johnson of variability, a

progress we If position look $XX on of at you its lot in pipeline, continued have whether at progress make our if other clearly market major all competitive a billion spite share look to our platforms, and development, of plus our of you dynamics.

seeing for In bit month-to-month XX% to look even although, specifically lagged XXX% UK, we say performance across to marketplace continued the where giving in on at COVID-XX. in If we couple quarter. medical return last XXXX. see to is, the were we're markets those than there's systems variability. in back across improvement the more to have of most through look of the of United have major markets. more If your progression -- or seeing So of Markets medical range, example, in we the question their weeks XXX% first device what would XX% somewhere States, the Italy, range and course, of March we major the outbreak you're other given a week-to-week of Europe, continued of

across vaccinations, all to would the device is year-on-year highlight in to our in almost Not And a the we pretty significant course that to change comparisons. we more what to platforms. way As of in comments, as medical of again, begin only see I'd alluded the second the expect but earlier was quarter. like strong performance

take but XX%, a business surgery our large biosurgery quite our our look at if business and up our Orthopedics cementless If energy, in joints, We take more well. feel VELYS a saw we we across lags as that are vision we at excited options fixed-bearing as procedures. slightly, about know XX%, the we're you was these look up well was particularly launch remain elective it competitive double-digits well EP surgery as you or up whether endomechanical.

improvement over EPS So we as for phasing. through the sector, performance in Joe, and medical hand to of on I'll head remain actually question the remainder for confident the our year. device our you quite optimistic ongoing we it

Joe Wolk

all Sure. you Thanks Thanks ready numbers usual for there. have Larry. at as the question. the And the

real think going we're grow I sales is growth, I story XX% So on got XX%. I the that would I think short them down. all But about earnings say, to

our today teams year, the given so segments we functions the we early leadership the our to our of each invest future. benefit of what And challenged across nature see and can and to

the at $X.XX of I'd after. really And hold So that's rather much $X.XX giving in year $X.XX back looking hopes today next how or or it. year we're

by million. opportunities As you the in hopefully, we -- year-over-year many -- we have P&L, R&D our investment and great $XXX noticed in increase

year trend those last look already We're going to the But was solidify if we we'll the term. of given this upward long fruition, thought started later the of to opportunities, that for now, certainly the see action to come on those don't year. course right best with revise happy be opportunities year You that some the to year. very full saw same strong expectations, guidance we to

Chris DelOrefice

Great. Thanks, Larry. please. Appreciate question, next the questions. Rob,

Operator

Joanne with comes your Your proceed Citi. Wuensch next with question Please question. from

Joanne Wuensch

focus I Good morning and question. two to areas. you thank for on taking want the

The a lagging. of one just through, Vision I of the second is which speaking, gain that much recover? is like first anticipate have And a the Do more to and/or elective easy pattern want And to the sort on and share one is you just trying broadly particularly, recovery Care. parse to loss comp recovery may in the procedures? is delivery throughout I'm when in how then put And year? sounds there view on orthopedics, you Thank segment it is, that you. table,

Alex Gorsky

very is performance our you this Alex. we overall, Vision question. Joanne, much Care your think solid. Thank for was Hey, in Look,

the course contact the We significantly impacted XXXX. seen of over the business lens in be surgery have business

good an in that through We contact will our position seen that our continue lens is gains for have to and lenses, innovation of due part out and seen, this out we Care, We new improvement We our back believe business think launches stronger the seeing multi-focal started And our share new improvement the very part whether we're improving surgery vision performance to that comments. or stable of contact and gradual comps, we've Chris to the earlier of end in our is in as lineup shape. that business anti-allergy were mentioned year last share but of also in part lens think and surgery year. and definitely, our Joe's the it's in in bear increasing. lenses, our we it think And Vision position business, being we first year.

example, our comments, our in in we the and the Regarding of the being in performance on back excess indicators expect noted into in saw, we good we knees, confidence that through And back patients Europe backlogs trauma as quarter, global, third which as are hip and to quarter some I course, based you. at as way We think that are, most quarters. vaccinations rollout delay, we performance, first see improve to Thank the as looks lagging move of hospitals elective our perhaps, through their though for trends. should well strong more systems being and quarter reports second the online that be and my business able would as as following in to we end in through And we come somewhat. in go our mentioned But planning business second the orthopedics, see expect of surgical the very and, for third gain work of X%. growing saw about comments, that upon of procedures terms we're we we as business, saw good of X.X%. especially

Chris DelOrefice

the Appreciate question. Thanks, please. Rob, question, next Joanne.

Operator

your from Your Hopkins next with Bob Bank comes America. proceed Please question of with question.

Bob Hopkins

but you -- just comment look was true I impact comment for if of reserve how exclude is XXXX be thinking your on And might I'd get topic the to well of on potentially potential potential about you wanted the a talk pandemic. of love just the exit shift guidance you it phase. underlying EPS model state sense I'll on Thank to a vaccine, wanted emergent maybe could a latest as of for morning. wanted to kind the very little spending wondering to we COVID my just and to get the that, for-profit the get you to shift realize good then early to to this latest your to on Okay. just much. more more your I the -- Thank -- shift to phase on thinking and business. the Joe, if you EPS release might the second post emergent as

Joe Wolk

find reviews. address in couple to respect of appears back heard scientific there that it was, to Paul, Bob. important all rigor path going days. solution make pandemic next we'll through the about vaccine we're sure forward the of overly because, the to that the Thanks we the With out into for in here questions, I'm can that the It for investing, a very say, it, gets impact the marketplace. And let's we of, about that not you global to the Yes. that are as quarter, I'd quarter. going $X.XX do COVID-XX concerned the $X.XX from call between and is

that assessment early. respect the in dynamics, it's probably to With we'll over let we Joaquin So, initial some we correct on bit to topic. thoughts and think you model. have that, to in not-for-profit me recover that pricing even that think you're give But it turn I your a

Joaquin Duato

the Thanks question. for

be focus make this And consequence we humanitarian access the that facilitate a with was this addressing not-for-profit beginning to to order model. crisis. to go a a in partner sure globally, as pandemic from in Our we decided in

in will remains an be in to addressing And globally today this to But pandemic and once discuss options. in Our partner pandemic stopping pandemic. focus time is is be address be able now a an COVID-XX. to making be participant this impact important different our this focus there over, to

Chris DelOrefice

questions. Rob, please. the question Thanks, next Bob. Appreciate

Operator

Josh your Please question next Cowen. with with question. Your from proceed comes Jennings

Josh Jennings

and P&L. the just Bob's question vaccine the follow-up expenses for and Thanks revenues how Good taking Hi. morning. questions. the to through on I just a had flow

check XXX of and I million XXX already to protected doses are the in for by model, model terms wanted just sure the wanted terms and that by expenses not-for-profit or of contracts? sanity million contracts just make sure to And million sit? where US. the forward in downside those of more make is mid-year your end guaranteed doses risk-sharing going instance, the XXX those XXXX, Just Europe, the in in incurred

Joe Wolk

Thanks follow-up Josh. Yes. the for

process guidance very more hope very But a but know is as is our concern learn that we're very the you guidance play there's give path the should fluid. to don't through cautiously should of may the comfortable You downside with see protect to investors likely investors let in hopeful any in that with this. Again, any as the lot forward. downside it be envisioned, today EPS We'll this feel regulators. out, imagine, analysts against days respect -- next about I that viable a or we're couple that although We'll at point. nothing there can

Chris DelOrefice

as well look impacted top-line your consumer. underlying And margin was when just add-on strong Josh well. to margins you in mean see question just right, Maybe mind above question it one did Yes. is pharm as a as less market. to keep which continue improvement relates you at And our performance Bob's there segment too. we in and improve I

bottom-line look from COVID impacts certainly the really there's on this year-over-year, results year. factored strength you the when I top-line underlying you that's So when at many both there's while and look underneath think

Joe Wolk

selectively year I you it what choppy the comps. point, year-on-year have we first to least respective XXXX And a as call, is businesses. at, let's we to you good And our normal quarter quarter a so if be of That's look look knew think at at a going this in Chris. at was back look just

X% up of -- have first consumer You is quarter versus about this quarter XXXX.

suggests simply that strong X% up procedures in have is XX.X% the a the didn't which Pharmaceuticals first when about in on elective procedures X% in and paused same that exist you delayed heard quarter strong or underlying marketplace comparison. our consider XXXX. you of commentary medical that's devices we business. again say approaching would as But still very a So is I many

healthy across three business So is business, think, a real the that parts strong. of all I our takeaway there there's and good

I couple that about with folks of to hope not levels, but future the would feel today at in performance performance horizon. You our we really the elevated good make continue investment just our on R&D

Chris DelOrefice

Thank Great. please. question Thanks, Rob, next you. Josh.

Operator

next Cantor proceed The Louise Please your Fitzgerald. comes with question. with from question Chen

Louise Chen

for Thanks questions. Hi. taking my

year. corporate thoughts So my have as this approval question do Cilta-Cel. first do time? on fit expect wider is pricing you any was, paradigm, And usage expecting over is to I tax Thank to increases on Did the potential it US then potential you're Where expect you the you. approved? question CAR-Ts you in into well it as second if treatment gain drug reform? know

Alex Gorsky

tax in race the either. XXXX to shared why address respect years I passed when one can tax upcoming I are we've example XX% that's lot race of preceding And questions. for I Great, the investment versus Louise. of fluid reform, Johnson as a four can. the industry Johnson for Thanks it and other to With reform questions. where over know turn Paul that's a will and to Joaquin four Then don't folks I & have increasing the tax the years. a in reform Obviously terms to you in by best give rhetoric over bottom. US situation. to a I'll your a anxious committed rates about our one top we in to was

four track over US about And that XX% We billion. invest actually are that's $XX than period. on to more in year the more

-- more before the terms does of in Johnson today XXXX mean, that did more what people act. I the than we jobs. means we Now US X,XXX the mean & Johnson employ economy? of passage It as

to developed now rates. middle in So, the to even even when the the you bottom with tax US raise at terms right and a to I country think sits the bit XX% respect you to of with of highest-rated competitiveness. include were where toward pack, respect from maybe skewing the states, look world rates If the OECD in become at tax countries, we little we we're

of just more that dialogue So, been a spirit we that in sure competitive, we've many US Joaquin, it successful that addressing that with fact-based And of have need COVID-XX times, seen the across you and all little has becomes the it's to innovation and stepped respect US-based the even past don't up. I over items. solutions many making me the innovation to source -- something the concerns on recent think floor companies a we we industries. and the remain in to competitive year turn let where other

Joaquin Duato

you. Thank

So, Louise. to your with the reforms question pricing regards US, in that was

as understood. So we reduce to will believe reconciliation pay-for be overall that by continue to reform to context, negotiations and value will in be society, innovation it's the for ACA infrastructure the could in could or potentially regard expect in And that legislation. our be to be COVID-XX, -- that that We collaborative do another package something bringing a highlighted the seen pressure that contributions out-of-pocket patient there costs. in as that again industry budget

we see way the that's it. So

plays look that that situation. that Now, to we reduction is we and will to out-of-pocket in that this we We and business & also I that the continue reform. in or that any of and price constructive believe also price the and portfolio very support well that context a thing in of in based net reform. Pharmaceutical have think regard. that out bill cost of setting a be an take should experience want the in be be sense growth pricing the that partner type reform of think our the in costs back at medicines, to Johnson price most on important I type patients patient sure any Johnson step

volume. on growth Our been based has

very invest price environment than In based in in declines. -- and portfolio that able that to $X differentiated allow is XXXX net an we sales and we on us consecutive broad-based this in the very times which have pipeline. And ready billion X.X%, products more two net and R&D-based declined a XX a Our fourth to are invested of in grow we with marketing. we price about R&D, what having model $X.X that have the billion, and in XXXX, is year

collaborative be & that business ability Johnson the volume growth drive context on and negotiations our is our So, and that based we on based believe Johnson very portfolio. that well-positioned broadly especially Pharmaceutical these could in diversified to in

was our first milestone important XXXX in CAR-T an we filed in pipeline. So, that about quarter that our of BCMA the

patients have Over therapies. indication, of we for initial progressing going multiple therapy. specifically with into available and Our be myeloma progressed BCMA see BCMA it's lines CAR-T that earlier on to our time, established CAR-T,

young a You could that fit to first-line see build and are have BCMA regimens a moment may in intent therapy CAR-T in which as patients curative. Paul? an

Paul Stoffels

high Yes. XXs very double on has its a lasting and that rates yield binding selected From based profile overall superior beginning, response rates CAR-T in the with we BCMA high as -- well and the as MRD-negativity effect.

half the positioned hope And in the so, very strongly approval in the of we year. market get think this to CAR-T is second and

Louise Chen

Great. Thank Paul. you,

Chris DelOrefice

question. next Appreciate Rob, Thanks, question the please? Louise.

Operator

proceed with Antalffy Leerink. Please Danielle from with comes question next SVB The your question.

Danielle Antalffy

to two to you there you was question. about But I good just QX. sense know, much QX you comparisons on And up of for everyone. impact XXXX. I'm still growth I you think guess as a when so morning, you trying shaped Thank know were COVID of a the really in to alluded And talking get how is business. to you One you -- this the to Joe be have Hi, the work might taking questions. the difficult have continue device I of sort the follow-up. in guess kind like I you things? vaccinations worst do? even out? behind of and feel what through variants And recovery in then see I But feel side Did answer. truly vaccine March you one strong us of how do do question regardless an this And a might month. and device is roll And ambiguous like

Alex Gorsky

his look some Alex. with this on quarter, But basis in a what arena. irregularity a question. a clear expect take expect that this we're improving are terms in We quarter expect we the to Thanks and at and overall the confidence If Joe earlier States seeing medical there surgical seeing based we improve March. the comments, underlying we the of just device Europe in we're plus would the is trends global do lot Danielle, January to that as and Hey, in what to second was to virus comps those alluded see overall, us volumes. And versus United it's We trends. there through of seeing for in given upon third first improving your returning year-on-year just procedure our scheduling, both year. February in hospitals and to would

Danielle Antalffy

worst-case the then in for things, side the is few volumes if relates on from And alternatives Emergent as to vaccine helpful. manufacturing to manufactured being what Okay. supposed of out That's able to next months? prevented be the Emergent, were are that a the it scenario produce of for and

Alex Gorsky

meets on have in Danielle. At our Emergent at it speculate as time, may deliveries. for time the facility. you, Authorization any discussions our we vaccine high-quality as COVID-XX the Thank drug is potential standards Look Use the same said, Bayview Paul goal Emergency on that drug for FDA, premature substance that our timing that our with this at ensuring of secure substance impact manufactured all and the our continue vaccine remains we to this

Emergent this inspection and to potential and address findings. happen work then the will at our close those -- the FDA, work timing. this to impact could be would So with inspection we will work any to expect But inspections to speculate premature to this that this this with it on this week we FDA time, delivery

Chris DelOrefice

surgical of is Great. It's Thanks. give well. just quarter. We're procedures imaging a surgical then at on as bit to you we almost in closely comment build maybe procedures to actually the outpacing little pre-pandemic. And obviously Diagnostics line quick procedures accelerated real color. where just Alex's looking through were with

grew procedures the year-over-year. although sequentially through of So many positive important colorectal course sign, improved then that's again a And situation quarter the remains as and such actually fluid.

So businesses again, you growing And we're seeing positive XX%. of that results our for signs think over surgery across. and advanced saw our pockets in example I

positive at but next we're there's trends Danielle. signs that fluid, The continuing on remains Thanks, the everything. to Rob, seeing. question situation look definitely please. we're So

Operator

Matt Next proceed with from question Suisse. Miksic your comes with question. Credit Please

Matt Miksic

Thanks much. so

if I utilization-related So and for I've on strategy. on of Alex, could then sort have one follow-up digital procedure got question trends I a

device to a couple here also up than bit being as a X.X%, Q&A surgery bit is expecting. The So Street deferrable. The stronger The is in question on which stronger a expected little first, than knees than more should you was expected it's and advanced in of up come maybe at within is slower your affecting mix mentioned the a follow-up Alex trajectory then one see the then times the digital. And we quarters? procedures bit next of we have read recent potentially in maybe a the And of rise how on shift over months higher mentioned, recovery these I acuity portfolio? this procedures hospitalizations I as as least through should and over

Alex Gorsky

in I across care wouldn't to we orthopedics earlier, significant much a mean, a elective our truly how have committed lot optimistic that as to and I are and and regarding unmet we defer portfolio, the timing. recent underlying just demand of our that shift Matt, remain are question. about a these our procedures some near-term Matt. alluded too the overall, terms they vision Sure, Thanks portfolio. into read your for ability impact Look there results overall on in very surgical may portfolio. But and portfolio our need

seeing overall, this compete. very about with we if the goal overall some markets at only have for we're we versus consistent see look at number long-term. over trends we the opportunity market our rates that this where or also one. We actually think two, been range So launches. of explicit That's grow our but than underlying faster to very And we've opportunities the excited about X% the in Number to look was growth at noted XXXX, not the market. has earlier what grow versus for XXXX, as we're we

major we in that if our as in up too EndoMech, as in great we will add-on real for us you We specifically is think, which device VELYS MICRO in course, The prospects opportunity the launches our long-term another And is have well in generate see knee progress. in of portfolio. And QDOT surgery our our I total, vision the we're as growing got to significant really this business of XX%. excess care area. our about bearing, innovations offer excited that EP throughout competitive as already look additional And than nice here in mentioned continued year. across energy medical we've well ATTUNE cementless business solid more very there our longer-term team XX a that area well. the digital lined has we fixed opportunity make business growth think add-on to that as

we opportunity of overall, lot a portfolio. now see So, our across device medical

Matt Miksic

maybe segue second about on to And just point there great. That's digital. your

knee robotic-assisted validation. You you artificial portfolio market else artificial clinicals what some what and on Ottava in track. are system's obviously lung applications through Where is, out technology, robotic mentioned white Monarch, robotic surgery sort the leading built digital? -- is spaces? do see and is and intelligence The in question the of else this -- investments within tracking you've

Alex Gorsky

rate Sure. global we I digital And of of it's we all, XX% percent of overall States. in about just couple at Matt. Well, -- the the very we're very, It's believe if United surgery, early first a of just look innings digital, penetration look a a in that basis. on

overall trends global the of technology And in you if take we can these procedures, a be so at think we footprint, there well be long-term. will positioned of utilized some you if in we the look think, consider our how

right just cancer unfortunately, we more on the we we -- than new, working any paradigm identify treatment we diagnostic that of outcomes. ago patients something this about through the that ways. continues an bronchoscopy about decades, about type just unique do lung a out far on continued kill immune-type we're to viruses think being in us and the and think from And surgery; fundamentally a now shifted example to could call know the we're nature this We too know, that in these with of As we innovative and way of progress. been to you robotics has device able very too of in this the diagnosed agents other we that help mentioned to got allows embarked the the optimistic we've a only And aspect, long-term that nodules, an unique where difference building pharma, team think also can not to we patients component make quarter. some the making we're the are And very medical as to for exemplifies next has locally. we're differentiated; make not only cancer that really we Johnson integrate all application. how but you I our mentioned very one by in platform two initiative. can And technologies we differences portfolio. in our team significant diverse that good & Johnson right beginning, building in this progress for now, for surgical years and other And often excited people process. combining We for just lung lung lung that about cancer cancer. agents, about that before, potentially late give are we're oncolytic can early quite think said also one truly the to application Several example also go procedure but ensure that's but truly three Monarch how the look And deliver digital not show

kind done, as of, different exemplifies, well eventually position capabilities much our excited more that to we've clinical discovery as about commercial So early And it think, prospects very be together. I work again, thus seen development, the far. we're bring still and regulatory these but some of to unique

Chris DelOrefice

Great. Matt. question. take we'll last Rob, Thanks, the now. our question Appreciate

Operator

the Goldman line Flynn come from Sachs. of Yes. Terence questions The of

Terence Flynn

been Thanks Good Hi. reported inhibitors. morning. for of several the for pushed FDA questions. dates the data there's some PDUFA new and JAK out taking Recently post-marketing Xeljanz the

IBD. latest one program? to COVID-XX a your follow-up inhibitor as pan-JAK vaccine your your profile development steps to are doses wanted Would Thank billion and that the a here And risk-benefit supply just for on next on just developing guys you. year. just track love in perspective then You the of this category you're confirm

Paul Stoffels

I of by strong on a had immunology. very So three thank Stelara Tremfya you for going Tremfya. Stelara inhibitors. oral JAK that pipeline tell the very not driven Look, have comment safety our the the immunology can and and in share strong indications existing to question continued Crohn's continue we it's in and Stelara, does both and robust you assets; we I'm What is Symfony, is and growth And first grow only and in the on ulcerative In in that Tremfya quarters and in to with share Tremfya both both close PSA XX% gain GI PSO XX% to disease in IL-XX Stelara. areas. and colitis. have to

oral Moving forward, with immunology we our excited agents. are possibilities about our in

mentioned in two we have you one, Phase As X.

with we of possibilities antibody a create broadly to that diseases pathways of One oral see also data. our in pan-JAK could we antibody-mediated is auto nipocalimab, important. rare FcRn are which about a product. in that them is pipeline are in that a excited think the be could have And We'll immunology, the very

growth too. to we remains continue immunology a core in very coming we believe beyond growth strong XXXX years, but us, of even and a for in focus drive So are position to the area and

Joe Wolk

on the strength Terence outlined pile Yes. our to to what pipeline. with Maybe Joaquin just there of

XXXX, indications specifically, filings looking XX be So and XXXX XX XX products in XXXX. new at or new in we're in in pharmaceuticals, could that

the the which by be are So you can your process I With off. R&D to want to regulators of investment incrementally question going respectful through. supply, paying see that regarding second respect

remediate. to We as and stand us commitments process are remediating play to will itself that what respectful of of our lend going think outcome We're out. let let's we be We do position contractual that and But the a put provide should positive a meet effort. in to and to need today. all they we all can that

you've our at some the heard in press of do on and have Emergent. know you -- as best we personnel As on-site the

couple we benefiting more our in of and days. from they're next expertise So know should the

Chris DelOrefice

Great. Thank you, Terence.

Chris DelOrefice

everyone and turn but closing interest reach needed. to out company. couldn't I'll to in to continued because investor thanks the some get time, to your hesitate for team remarks. as And Alex our those Apologies don't the brief of call we now back to just relations for questions to

Alex Gorsky

our Well interest where very Johnson updating call. Johnson XX/X, XX and last support period. insightful your working ongoing months began, been your all during forward for over great XXX,XXX of a associates let this I two and you next look appreciate have We to also at of by Thank at ongoing quarterly of and pandemic have your thanking you particularly, the end you and and our much thanking day. who me your first questions almost support; & by all, all

Operator

This Thank Johnson's you. conference call. & today’s Johnson XXXX quarter first concludes earnings

disconnect. now may You

Johnson & Johnson (JNJ) 20 Apr 212021 Q1 Earnings call transcript