Johnson & Johnson Reports 2015 Third-Quarter Results:

Sales of $17.1 Billion Decreased 7.4% Versus 2014 Third Quarter

Third-Quarter EPS was $1.20

Adjusted 2015 Third-Quarter EPS of $1.49 Decreased 7.5%* Driven by Currency

Continued Solid Operational Sales Growth Excluding Hepatitis C Impact

$10 Billion Share Repurchase Program Announced Today

News provided by

Oct 13, 2015, 07:30 ET

NEW BRUNSWICK, N.J., Oct. 13, 2015 /PRNewswire/ -- Johnson & Johnson (NYSE: JNJ) today announced sales of $17.1 billion for the third quarter of 2015, a decrease of 7.4% as compared to the third quarter of 2014. Operational sales results increased 0.8% and the negative impact of currency was 8.2%. Domestic sales decreased 0.6%. International sales decreased 13.7%, reflecting operational growth of 2.1% and a negative currency impact of 15.8%. Excluding the net impact of acquisitions, divestitures and hepatitis C sales, on an operational basis, worldwide sales increased 5.6%, domestic sales increased 7.7% and international sales increased 3.8%.^* Earlier today, the Company also announced its Board of Directors has approved the repurchase of up to $10 billion of the company's common stock.

Net earnings and diluted earnings per share for the third quarter of 2015 were $3.4 billion and $1.20, respectively. Third quarter 2015 net earnings included after-tax intangible amortization expense of approximately $0.4 billion and a charge for after-tax special items of approximately $0.4 billion. Third quarter 2014 net earnings included after-tax intangible amortization expense of approximately $0.3 billion and a net gain for after-tax special items of approximately $0.4 billion. A reconciliation of non-GAAP financial measures is included as an accompanying schedule. Excluding after-tax intangible amortization expense and special items, adjusted net earnings for the current quarter were $4.2 billion and adjusted diluted earnings per share were $1.49, representing decreases of 9.4% and 7.5%, respectively, as compared to the same period in 2014.^* On an operational basis, adjusted diluted earnings per share increased 1.2%.^*

"New and core products drove solid underlying growth for Johnson & Johnson in the quarter," said Alex Gorsky, Chairman and Chief Executive Officer. "Consistent with the plans we've laid out for the year, we're focusing our portfolio and are advancing our innovation agenda to expand our leadership position in key categories while seeking new opportunities for growth. Our dedicated employees are committed to improving healthcare and making a difference in the lives of patients and consumers worldwide."

The Company increased its adjusted earnings guidance for full-year 2015 to $6.15 - $6.20 per share. The Company's guidance excludes the impact of after-tax intangible amortization expense and special items.

Worldwide Consumer sales of $3.3 billion for the third quarter represented a decrease of 7.7% versus the prior year, consisting of an operational increase of 3.1% and a negative impact from currency of 10.8%. Domestic sales increased 8.9%; international sales decreased 15.7%, which reflected an operational increase of 0.4% and a negative currency impact of 16.1%. Excluding the net impact of acquisitions and divestitures, on an operational basis, worldwide sales increased 4.0%, domestic sales increased 8.9% and international sales increased 1.5%.^*

Positive contributors to Consumer operational results were sales of over-the-counter products including TYLENOL^® and MOTRIN^® analgesics and ZYRTEC^® allergy medications; international feminine protection products; AVEENO^® and NEUTROGENA^® skin care products; and LISTERINE^® oral care products.

During the quarter, the divestiture of the SPLENDA^® low calorie sweetener brand to Heartland Food Products Group was completed. This completes the divestiture of products within the nutritionals business.

Worldwide Pharmaceutical sales of $7.7 billion for the third quarter represented a decrease of 7.4% versus the prior year with an operational decrease of 0.3% and a negative impact from currency of 7.1%. Domestic sales decreased 4.5%; international sales decreased 11.1%, which reflected an operational increase of 5.5% and a negative currency impact of 16.6%. Excluding the net impact of acquisitions, divestitures and hepatitis C sales, on an operational basis, worldwide sales increased 10.1%, domestic sales increased 11.5% and international sales increased 8.5%.^*

Worldwide operational sales growth was driven by new products and the strength of core products. New product sales growth was negatively impacted by lower sales of OLYSIO^®/SOVRIAD^®(simeprevir) due to competitive entrants. Strong growth in new products include INVOKANA^®/INVOKAMET^®(canagliflozin), for the treatment of adults with type 2 diabetes; IMBRUVICA^® (ibrutinib), an oral, once-daily therapy approved for use in treating certain B-cell malignancies, or blood cancers; XARELTO^® (rivaroxaban), an oral anticoagulant; and ZYTIGA^® (abiraterone acetate), an oral, once-daily medication for use in combination with prednisone for the treatment of metastatic, castration-resistant prostate cancer.

Additional contributors to operational sales growth were SIMPONI^®/SIMPONI ARIA^® (golimumab), biologics approved for the treatment of a number of immune-mediated inflammatory diseases; STELARA^® (ustekinumab), a biologic approved for the treatment of moderate to severe plaque psoriasis and psoriatic arthritis; INVEGA^®SUSTENNA^®/XEPLION^® (paliperidone palmitate), a once-monthly, long-acting, injectable atypical antipsychotic for the treatment of schizophrenia in adults; CONCERTA^®(methylphenidate HCI), for the treatment of attention deficit hyperactivity disorder; and PREZCOBIX^®/REZOLSTA^® (darunavir/cobicistat) for the treatment of human immunodeficiency virus (HIV-1).

During the quarter, the U.S. Food and Drug Administration (FDA) granted Priority Review for the Biologic License Application for daratumumab for the treatment of double refractory multiple myeloma. Additionally, the FDA approved EDURANT^® (rilpirivine), in combination with other anti-retroviral agents, for treatment-naïve adolescent patients aged 12 to 18 years with human immunodeficiency virus-1 (HIV-1) infection, as well as an update to the SIMPONI ARIA^® (golimumab for infusion) label to include improvement in both physical and emotional measures of health when treating moderately to severely active rheumatoid arthritis. In the U.S., a supplemental new drug application was submitted to the FDA for IMBRUVICA^® (ibrutinib) for use in treatment-naïve patients with chronic lymphocytic leukemia. In addition, Marketing Authorization Applications were submitted to the European Medicines Agency for paliperidone palmitate once-every-three-months formulation for the treatment of schizophrenia and daratumumab for the treatment of patients with relapsed and refractory multiple myeloma. The Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency has granted an accelerated assessment of the daratumumab Marketing Authorization Application.

Worldwide Medical Devices sales of $6.1 billion for the third quarter represented a decrease of 7.3% versus the prior year consisting of an operational increase of 0.9% and a negative currency impact of 8.2%. Domestic sales increased 2.0%; international sales decreased 14.8%, which reflected an operational increase of 0.1% and a negative currency impact of 14.9%. Excluding the net impact of acquisitions and divestitures, on an operational basis, worldwide sales increased 1.3%, domestic sales increased 2.0% and international sales increased 0.8%.^*

Primary contributors to operational growth were sales of ACUVUE^®contact lenses in the Vision Care business; endocutters in the Surgical Care business; sales of biosurgicals and international energy products in the Specialty Surgery business; and electrophysiology products in the Cardiovascular Care business.

In October, subsequent to the third quarter, the Company announced the completion of the divestiture of its Cordis business to Cardinal Health for an approximate value of $2 billion.

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 128,000 employees at more than 265 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 and hepatitis C sales, 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. 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 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 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

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 and uncertainties inherent in new product development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; the ability of the company to successfully execute strategic plans; impact of business combinations and divestitures; challenges to patents; the impact of patent expirations; market conditions and the possibility that the share repurchase program may be suspended or discontinued; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including 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 December 28, 2014, including 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 statements as a result of new information or future events or developments.

Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	THIRD QUARTER						NINE MONTHS
			Percent Change						Percent Change
	2015	2014	Total		Operations	Currency	2015	2014	Total		Operations	Currency
Sales to customers by
segment of business

Consumer
U.S.	$ 1,277	1,173	8.9	%	8.9	-	$ 3,991	3,802	5.0	%	5.0	-
International	2,037	2,416	(15.7)		0.4	(16.1)	6,196	7,088	(12.6)		1.9	(14.5)
	3,314	3,589	(7.7)		3.1	(10.8)	10,187	10,890	(6.5)		2.9	(9.4)

Pharmaceutical
U.S.	4,509	4,723	(4.5)		(4.5)	-	13,423	13,076	2.7		2.7	-
International	3,185	3,584	(11.1)		5.5	(16.6)	9,943	11,238	(11.5)		4.3	(15.8)
	7,694	8,307	(7.4)		(0.3)	(7.1)	23,366	24,314	(3.9)		3.4	(7.3)

Medical Devices
U.S.	3,005	2,946	2.0		2.0	-	8,980	9,300	(3.4)		(3.4)	-
International	3,089	3,625	(14.8)		0.1	(14.9)	9,730	11,573	(15.9)		(2.4)	(13.5)
	6,094	6,571	(7.3)		0.9	(8.2)	18,710	20,873	(10.4)		(2.9)	(7.5)

U.S.	8,791	8,842	(0.6)		(0.6)	-	26,394	26,178	0.8		0.8	-
International	8,311	9,625	(13.7)		2.1	(15.8)	25,869	29,899	(13.5)		1.1	(14.6)
Worldwide	$ 17,102	18,467	(7.4)	%	0.8	(8.2)	$ 52,263	56,077	(6.8)	%	1.0	(7.8)

Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	THIRD QUARTER						NINE MONTHS
			Percent Change						Percent Change
	2015	2014	Total		Operations	Currency	2015	2014	Total		Operations	Currency
Sales to customers by
geographic area

U.S.	$ 8,791	8,842	(0.6)	%	(0.6)	-	$ 26,394	26,178	0.8	%	0.8	-

Europe	3,802	4,446	(14.5)		2.7	(17.2)	11,993	14,387	(16.6)		1.3	(17.9)
Western Hemisphere excluding U.S.	1,463	1,820	(19.6)		2.7	(22.3)	4,603	5,378	(14.4)		2.6	(17.0)
Asia-Pacific, Africa	3,046	3,359	(9.3)		1.2	(10.5)	9,273	10,134	(8.5)		0.1	(8.6)
International	8,311	9,625	(13.7)		2.1	(15.8)	25,869	29,899	(13.5)		1.1	(14.6)

Worldwide	$ 17,102	18,467	(7.4)	%	0.8	(8.2)	$ 52,263	56,077	(6.8)	%	1.0	(7.8)

Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings

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

	2015			2014			Percent
			Percent			Percent	Increase
	Amount		to Sales	Amount		to Sales	(Decrease)
Sales to customers	$ 17,102		100.0	$ 18,467		100.0	(7.4)
Cost of products sold	5,224		30.5	5,399		29.2	(3.2)
Selling, marketing and administrative expenses	5,081		29.7	5,468		29.6	(7.1)
Research and development expense	2,154		12.6	2,023		11.0	6.5
In-process research and development	10		0.1	-		-
Interest (income) expense, net	91		0.5	112		0.6
Other (income) expense, net	420		2.5	(1,345)		(7.3)
Earnings before provision for taxes on income	4,122		24.1	6,810		36.9	(39.5)
Provision for taxes on income	764		4.5	2,061		11.2	(62.9)
Net earnings	$ 3,358		19.6	$ 4,749		25.7	(29.3)

Net earnings per share (Diluted)	$ 1.20			$ 1.66			(27.7)

Average shares outstanding (Diluted)	2,807.2			2,864.3

Effective tax rate	18.5	%		30.3	%

Adjusted earnings before provision for taxes and net earnings⁽¹⁾
Earnings before provision for taxes on income	$ 5,212		30.5	$ 6,077		32.9	(14.2)
Net earnings	$ 4,172		24.4	$ 4,605		24.9	(9.4)
Net earnings per share (Diluted)	$ 1.49			$ 1.61			(7.5)
Effective tax rate	20.0	%		24.2	%

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

Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings

(Unaudited; in Millions Except Per Share Figures)	NINE MONTHS

	2015			2014			Percent
			Percent			Percent	Increase
	Amount		to Sales	Amount		to Sales	(Decrease)
Sales to customers	$ 52,263		100.0	$ 56,077		100.0	(6.8)
Cost of products sold	15,863		30.4	16,893		30.1	(6.1)
Selling, marketing and administrative expenses	15,312		29.3	16,132		28.8	(5.1)
Research and development expense	6,182		11.8	5,859		10.5	5.5
In-process research and development	10		0.0	22		0.0
Interest (income) expense, net	317		0.6	344		0.6
Other (income) expense, net	(859)		(1.6)	(1,033)		(1.8)
Earnings before provision for taxes on income	15,438		29.5	17,860		31.8	(13.6)
Provision for taxes on income	3,244		6.2	4,058		7.2	(20.1)
Net earnings	$ 12,194		23.3	$ 13,802		24.6	(11.7)

Net earnings per share (Diluted)	$ 4.33			$ 4.81			(10.0)

Average shares outstanding (Diluted)	2,817.1			2,871.2

Effective tax rate	21.0	%		22.7	%

Adjusted earnings before provision for taxes and net earnings⁽¹⁾
Earnings before provision for taxes on income	$ 17,090		32.7	$ 18,529		33.0	(7.8)
Net earnings	$ 13,402		25.6	$ 14,431		25.7	(7.1)
Net earnings per share (Diluted)	$ 4.76			$ 5.02			(5.2)
Effective tax rate	21.6	%		22.1	%

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

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

	Third Quarter		% Incr. /		Nine Months YTD			% Incr. /
(Dollars in Millions Except Per Share Data)	2015	2014	(Decr.)		2015	2014		(Decr.)

Earnings before provision for taxes on income - as reported	$ 4,122	6,810	(39.5)	%	$ 15,438	17,860		(13.6)	%

Intangible asset amortization expense	639	417			1,269	1,259

Ortho-Clinical Diagnostics divestiture net gain	-	(1,948)			(29)	(1,948)

Litigation expense, net	409	285			141	561

Additional year of Branded Prescription Drug Fee	-	220			-	220

Synthes integration costs	32	167			113	429

In-process research and development	10	-			10	22

DePuy ASR^TMHip program	-	126			148	126

Earnings before provision for taxes on income - as adjusted	$ 5,212	6,077	(14.2)	%	$ 17,090	18,529		(7.8)	%

Net Earnings - as reported	$ 3,358	4,749	(29.3)	%	$ 12,194	13,802		(11.7)	%

Intangible asset amortization expense	437	313			893	938

Ortho-Clinical Diagnostics divestiture net gain	-	(1,149)			(24)	(1,149)

Litigation expense, net	348	231			118	573	(1)

Additional year of Branded Prescription Drug Fee	-	220			-	220

Synthes integration costs	23	130			85	318

In-process research and development	6	-			6	16

DePuy ASR^TMHip program	-	111			130	111

Tax benefit associated with Conor Medsystems	-	-			-	(398)

Net Earnings - as adjusted	$ 4,172	4,605	(9.4)	%	$ 13,402	14,431		(7.1)	%

Diluted Net Earnings per share - as reported	$ 1.20	1.66	(27.7)	%	$ 4.33	4.81		(10.0)	%

Intangible asset amortization expense	0.16	0.11			0.32	0.32

Ortho-Clinical Diagnostics divestiture net gain	-	(0.40)			(0.01)	(0.40)

Litigation expense, net	0.12	0.08			0.04	0.19

Additional year of Branded Prescription Drug Fee	-	0.08			-	0.08

Synthes integration costs	0.01	0.04			0.03	0.11

In-process research and development	-	-			-	0.01

DePuy ASR^TMHip program	-	0.04			0.05	0.04

Tax benefit associated with Conor Medsystems	-	-			-	(0.14)

Diluted Net Earnings per share - as adjusted	$ 1.49	1.61	(7.5)	%	$ 4.76	5.02		(5.2)	%

Operational Diluted Net Earnings per share - as adjusted*	$ 1.63	1.61	1.2	%	$ 5.22	5.02		4.0	%

*Excludes the effect of translational currency

⁽¹⁾Includes adjustment to deferred tax asset related to deductibility by tax jurisdiction

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

Operational Sales Growth Excluding Acquisitions, Divestitures and Hepatitis C Sales⁽¹⁾
THIRD QUARTER 2015 ACTUAL vs. 2014 ACTUAL

Segments

	Consumer	Pharmaceutical	Medical Devices	Total
	Operational % ⁽²⁾
WW As Reported:	3.1%	(0.3)%	0.9%	0.8%
U.S.	8.9%	(4.5)%	2.0%	(0.6)%
International	0.4%	5.5%	0.1%	2.1%

Wound Care / Other
*BENECOL ®*	0.8			0.1
U.S.	0.0			0.0
International	1.0			0.2

Diagnostics
*Ortho-Clinical Diagnostics*			0.3	0.1
U.S.			0.0	0.0
International			0.5	0.2

Other Neuroscience
*NUCYNTA ®*		0.4		0.2
U.S.		0.6		0.4
International		0.0		0.0

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

WW Ops excluding Acquisitions and Divestitures	4.0%	0.1%	1.3%	1.3%
U.S.	8.9%	(3.9)%	2.0%	(0.2)%
International	1.5%	5.5%	0.8%	2.6%

Hepatitis C		10.0		4.3
U.S.		15.4		7.9
International		3.0		1.2

WW Ops excluding Hepatitis C only		9.7%		5.1%
U.S.		10.9%		7.3%
International		8.5%		3.3%

WW Ops excluding Acquisitions, Divestitures and Hepatitis C	4.0%	10.1%	1.3%	5.6%
U.S.	8.9%	11.5%	2.0%	7.7%
International	1.5%	8.5%	0.8%	3.8%

⁽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 and Hepatitis C Sales⁽¹⁾
NINE MONTHS 2015 ACTUAL vs. 2014 ACTUAL

Segments

	Consumer	Pharmaceutical	Medical Devices	Total
	Operational % ⁽²⁾
WW As Reported:	2.9%	3.4%	(2.9)%	1.0%
U.S.	5.0%	2.7%	(3.4)%	0.8%
International	1.9%	4.3%	(2.4)%	1.1%

Women's Health
*K-Y ®*	0.3			0.1
U.S.	0.5			0.1
International	0.2			0.1

Wound Care / Other
*BENECOL ®*	0.8			0.1
U.S.	0.0			0.0
International	1.1			0.3

Diagnostics
*Ortho-Clinical Diagnostics*			4.2	1.6
U.S.			4.9	1.8
International			3.6	1.4

Other Neuroscience
*NUCYNTA ®*		0.3		0.1
U.S.		0.5		0.3
International		0.0		0.0

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

WW Ops excluding Acquisitions and Divestitures	3.9%	3.7%	1.4%	2.9%
U.S.	5.5%	3.2%	1.5%	3.0%
International	3.0%	4.3%	1.3%	2.9%

Hepatitis C		7.3		3.0
U.S.		13.9		6.5
International		0.2		0.0

WW Ops excluding Hepatitis C only		10.7%		4.0%
U.S.		16.6%		7.3%
International		4.5%		1.1%

WW Ops excluding Acquisitions, Divestitures and Hepatitis C	3.9%	11.0%	1.4%	5.9%
U.S.	5.5%	17.1%	1.5%	9.5%
International	3.0%	4.5%	1.3%	2.9%

⁽¹⁾Hepatitis C products include OLYSIO ® /SOVRIAD ® and INCIVO ® ⁽²⁾Operational growth excludes the effect of translational currency


	REPORTED SALES vs. PRIOR PERIOD ($MM)
	THIRD QUARTER						NINE MONTHS
					% Change					% Change
		2015	2014	Reported	Operational ⁽¹⁾	Currency		2015	2014	Reported	Operational ⁽¹⁾	Currency
CONSUMER SEGMENT ⁽²⁾
BABY CARE
US		$ 103	102	1.0%	1.0%	-		$ 318	311	2.3%	2.3%	-
Intl		403	461	-12.6%	2.1%	-14.7%		1,242	1,404	-11.5%	0.1%	-11.6%
WW		506	563	-10.1%	2.0%	-12.1%		1,560	1,715	-9.0%	0.5%	-9.5%
ORAL CARE
US		154	148	4.1%	4.1%	-		459	450	2.0%	2.0%	-
Intl		224	261	-14.2%	3.2%	-17.4%		713	783	-8.9%	5.7%	-14.6%
WW		378	409	-7.6%	3.5%	-11.1%		1,172	1,233	-4.9%	4.4%	-9.3%
OTC
US		383	313	22.4%	22.4%	-		1,154	995	16.0%	16.0%	-
Intl		580	706	-17.8%	-0.7%	-17.1%		1,776	2,038	-12.9%	4.1%	-17.0%
WW		963	1,019	-5.5%	6.3%	-11.8%		2,930	3,033	-3.4%	8.1%	-11.5%
SKIN CARE
US		435	400	8.8%	8.8%	-		1,418	1,363	4.0%	4.0%	-
Intl		428	520	-17.7%	-2.3%	-15.4%		1,242	1,439	-13.7%	0.1%	-13.8%
WW		863	920	-6.2%	2.5%	-8.7%		2,660	2,802	-5.1%	2.0%	-7.1%
WOMEN'S HEALTH
US		6	8	-25.0%	-25.0%	-		19	43	-55.8%	-55.8%	-
Intl		304	317	-4.1%	14.2%	-18.3%		898	951	-5.6%	10.4%	-16.0%
WW		310	325	-4.6%	13.3%	-17.9%		917	994	-7.7%	7.6%	-15.3%
WOUND CARE / OTHER
US		196	202	-3.0%	-3.0%	-		623	640	-2.7%	-2.7%	-
Intl		98	151	-35.1%	-23.9%	-11.2%		325	473	-31.3%	-20.8%	-10.5%
WW		294	353	-16.7%	-11.9%	-4.8%		948	1,113	-14.8%	-10.3%	-4.5%

TOTAL CONSUMER
US		1,277	1,173	8.9%	8.9%	-		3,991	3,802	5.0%	5.0%	-
Intl		2,037	2,416	-15.7%	0.4%	-16.1%		6,196	7,088	-12.6%	1.9%	-14.5%
WW		$ 3,314	3,589	-7.7%	3.1%	-10.8%		$ 10,187	10,890	-6.5%	2.9%	-9.4%



	REPORTED SALES vs. PRIOR PERIOD ($MM)
	THIRD QUARTER						NINE MONTHS
				% Change						% Change
		2015	2014	Reported	Operational ⁽¹⁾	Currency		2015	2014	Reported	Operational ⁽¹⁾	Currency
PHARMACEUTICAL SEGMENT ^{(2) (3)}
IMMUNOLOGY
US		$ 1,910	1,895	0.8%	0.8%	-		$ 5,541	5,295	4.6%	4.6%	-
Intl		704	746	-5.6%	13.5%	-19.1%		2,090	2,320	-9.9%	6.6%	-16.5%
WW		2,614	2,641	-1.0%	4.4%	-5.4%		7,631	7,615	0.2%	5.2%	-5.0%
REMICADE
US		1,117	1,085	2.9%	2.9%	-		3,260	3,103	5.1%	5.1%	-
US Exports ⁽⁴⁾		180	310	-41.9%	-41.9%	-		602	834	-27.8%	-27.8%	-
Intl		316	387	-18.3%	-1.6%	-16.7%		1,019	1,259	-19.1%	-5.0%	-14.1%
WW		1,613	1,782	-9.5%	-5.9%	-3.6%		4,881	5,196	-6.1%	-2.7%	-3.4%
SIMPONI / SIMPONI ARIA
US		199	144	38.2%	38.2%	-		526	380	38.4%	38.4%	-
Intl		181	156	16.0%	40.7%	-24.7%		462	461	0.2%	20.1%	-19.9%
WW		380	300	26.7%	39.6%	-12.9%		988	841	17.5%	28.4%	-10.9%
STELARA
US		414	356	16.3%	16.3%	-		1,153	978	17.9%	17.9%	-
Intl		199	187	6.4%	26.3%	-19.9%		579	549	5.5%	25.2%	-19.7%
WW		613	543	12.9%	19.7%	-6.8%		1,732	1,527	13.4%	20.5%	-7.1%
OTHER IMMUNOLOGY
US		-	-	-	-	-		-	-	-	-	-
Intl		8	16	-50.0%	-37.2%	-12.8%		30	51	-41.2%	-31.4%	-9.8%
WW		8	16	-50.0%	-37.2%	-12.8%		30	51	-41.2%	-31.4%	-9.8%
INFECTIOUS DISEASES
US		379	967	-60.8%	-60.8%	-		1,172	2,548	-54.0%	-54.0%	-
Intl		469	594	-21.0%	-5.7%	-15.3%		1,683	1,975	-14.8%	2.4%	-17.2%
WW		848	1,561	-45.7%	-39.9%	-5.8%		2,855	4,523	-36.9%	-29.4%	-7.5%
EDURANT
US		11	7	57.1%	57.1%	-		29	18	61.1%	61.1%	-
Intl		100	95	5.3%	25.4%	-20.1%		274	257	6.6%	29.1%	-22.5%
WW		111	102	8.8%	27.6%	-18.8%		303	275	10.2%	31.3%	-21.1%
OLYSIO / SOVRIAD
US		26	671	-96.1%	-96.1%	-		174	1,687	-89.7%	-89.7%	-
Intl		53	125	-57.6%	-49.5%	-8.1%		403	294	37.1%	66.0%	-28.9%
WW		79	796	-90.1%	-88.8%	-1.3%		577	1,981	-70.9%	-66.6%	-4.3%
PREZISTA / PREZCOBIX / REZOLSTA
US		285	234	21.8%	21.8%	-		777	687	13.1%	13.1%	-
Intl		183	212	-13.7%	4.3%	-18.0%		566	696	-18.7%	-2.0%	-16.7%
WW		468	446	4.9%	13.4%	-8.5%		1,343	1,383	-2.9%	5.5%	-8.4%
OTHER INFECTIOUS DISEASES
US		57	55	3.6%	3.6%	-		192	156	23.1%	23.1%	-
Intl		133	162	-17.9%	-3.4%	-14.5%		440	728	-39.6%	-28.6%	-11.0%
WW		190	217	-12.4%	-1.6%	-10.8%		632	884	-28.5%	-19.4%	-9.1%

See footnotes at end of schedule
	REPORTED SALES vs. PRIOR PERIOD ($MM)
	THIRD QUARTER						NINE MONTHS
				% Change						% Change
		2015	2014	Reported	Operational ⁽¹⁾	Currency		2015	2014	Reported	Operational ⁽¹⁾	Currency

NEUROSCIENCE
US		655	606	8.1%	8.1%	-		2,098	1,807	16.1%	16.1%	-
Intl		821	965	-14.9%	0.4%	-15.3%		2,560	3,029	-15.5%	-1.1%	-14.4%
WW		1,476	1,571	-6.0%	3.4%	-9.4%		4,658	4,836	-3.7%	5.3%	-9.0%
CONCERTA / METHYLPHENIDATE
US		89	34	*	*	-		317	97	*	*	-
Intl		89	101	-11.9%	3.9%	-15.8%		291	333	-12.6%	0.9%	-13.5%
WW		178	135	31.9%	43.7%	-11.8%		608	430	41.4%	51.9%	-10.5%
INVEGA / PALIPERIDONE
US		82	89	-7.9%	-7.9%	-		281	264	6.4%	6.4%	-
Intl		57	67	-14.9%	-0.4%	-14.5%		179	215	-16.7%	-2.1%	-14.6%
WW		139	156	-10.9%	-4.7%	-6.2%		460	479	-4.0%	2.6%	-6.6%
INVEGA SUSTENNA / XEPLION / INVEGA TRINZA
US		277	215	28.8%	28.8%	-		758	599	26.5%	26.5%	-
Intl		182	188	-3.2%	14.9%	-18.1%		548	571	-4.0%	14.0%	-18.0%
WW		459	403	13.9%	22.4%	-8.5%		1,306	1,170	11.6%	20.4%	-8.8%
RISPERDAL CONSTA
US		103	107	-3.7%	-3.7%	-		306	323	-5.3%	-5.3%	-
Intl		132	177	-25.4%	-10.6%	-14.8%		430	573	-25.0%	-10.2%	-14.8%
WW		235	284	-17.3%	-8.1%	-9.2%		736	896	-17.9%	-8.4%	-9.5%
OTHER NEUROSCIENCE
US		104	161	-35.4%	-35.4%	-		436	524	-16.8%	-16.8%	-
Intl		361	432	-16.4%	-2.0%	-14.4%		1,112	1,337	-16.8%	-3.9%	-12.9%
WW		465	593	-21.6%	-11.2%	-10.4%		1,548	1,861	-16.8%	-7.5%	-9.3%
ONCOLOGY
US		394	305	29.2%	29.2%	-		1,090	823	32.4%	32.4%	-
Intl		776	807	-3.8%	14.3%	-18.1%		2,332	2,422	-3.7%	14.2%	-17.9%
WW		1,170	1,112	5.2%	18.4%	-13.2%		3,422	3,245	5.5%	18.9%	-13.4%
IMBRUVICA
US		98	42	*	*	-		253	81	*	*	-
Intl		86	14	*	*	**		201	27	*	*	**
WW		184	56	*	*	**		454	108	*	*	**
VELCADE
US		-	-	-	-	-		-	-	-	-	-
Intl		329	389	-15.4%	0.1%	-15.5%		1,012	1,200	-15.7%	-1.0%	-14.7%
WW		329	389	-15.4%	0.1%	-15.5%		1,012	1,200	-15.7%	-1.0%	-14.7%
ZYTIGA
US		276	252	9.5%	9.5%	-		784	716	9.5%	9.5%	-
Intl		272	316	-13.9%	3.4%	-17.3%		866	926	-6.5%	12.2%	-18.7%
WW		548	568	-3.5%	6.1%	-9.6%		1,650	1,642	0.5%	11.0%	-10.5%
OTHER ONCOLOGY
US		20	11	81.8%	81.8%	-		53	26	*	*	-
Intl		89	88	1.1%	19.3%	-18.2%		253	269	-5.9%	11.5%	-17.4%
WW		109	99	10.1%	26.2%	-16.1%		306	295	3.7%	19.5%	-15.8%
CARDIOVASCULAR / METABOLISM / OTHER ⁽⁵⁾
US		1,171	950	23.3%	23.3%	-		3,522	2,603	35.3%	35.3%	-
Intl		415	472	-12.1%	1.8%	-13.9%		1,278	1,492	-14.3%	-1.9%	-12.4%
WW		1,586	1,422	11.5%	16.1%	-4.6%		4,800	4,095	17.2%	21.7%	-4.5%
XARELTO
US		461	414	11.4%	11.4%	-		1,374	1,094	25.6%	25.6%	-
Intl		-	-	-	-	-		-	-	-	-	-
WW		461	414	11.4%	11.4%	-		1,374	1,094	25.6%	25.6%	-
INVOKANA / INVOKAMET
US		322	169	90.5%	90.5%	-		890	376	*	*	-
Intl		18	5	*	*	**		46	9	*	*	**
WW		340	174	95.4%	97.3%	-1.9%		936	385	*	*	**
PROCRIT / EPREX
US		177	184	-3.8%	-3.8%	-		519	538	-3.5%	-3.5%	-
Intl		86	123	-30.1%	-17.1%	-13.0%		289	398	-27.4%	-14.4%	-13.0%
WW		263	307	-14.3%	-9.1%	-5.2%		808	936	-13.7%	-8.2%	-5.5%
OTHER
US		211	183	15.3%	15.3%	-		739	595	24.2%	24.2%	-
Intl		311	344	-9.6%	3.8%	-13.4%		943	1,085	-13.1%	-1.5%	-11.6%
WW		522	527	-0.9%	7.9%	-8.8%		1,682	1,680	0.1%	7.6%	-7.5%

TOTAL PHARMACEUTICAL
US		4,509	4,723	-4.5%	-4.5%	-		13,423	13,076	2.7%	2.7%	-
Intl		3,185	3,584	-11.1%	5.5%	-16.6%		9,943	11,238	-11.5%	4.3%	-15.8%
WW		$ 7,694	8,307	-7.4%	-0.3%	-7.1%		$ 23,366	24,314	-3.9%	3.4%	-7.3%



See footnotes at end of schedule


	REPORTED SALES vs. PRIOR PERIOD ($MM)
	THIRD QUARTER						NINE MONTHS
					% Change					% Change
		2015	2014	Reported	Operational ⁽¹⁾	Currency		2015	2014	Reported	Operational ⁽¹⁾	Currency
MEDICAL DEVICES ⁽²⁾
CARDIOVASCULAR CARE
US		$ 239	221	8.1%	8.1%	-		$ 702	640	9.7%	9.7%	-
Intl		285	321	-11.2%	3.1%	-14.3%		895	1,010	-11.4%	2.7%	-14.1%
WW		524	542	-3.3%	5.2%	-8.5%		1,597	1,650	-3.2%	5.4%	-8.6%
DIABETES CARE
US		205	244	-16.0%	-16.0%	-		631	658	-4.1%	-4.1%	-
Intl		265	314	-15.6%	1.1%	-16.7%		817	970	-15.8%	0.1%	-15.9%
WW		470	558	-15.8%	-6.4%	-9.4%		1,448	1,628	-11.1%	-1.6%	-9.5%
DIAGNOSTICS ⁽⁶⁾
US		-	-	-	-	-		-	456	**	**	-
Intl		16	44	-63.6%	-39.8%	-23.8%		62	492	-87.4%	-82.7%	-4.7%
WW		16	44	-63.6%	-39.8%	-23.8%		62	948	-93.5%	-91.0%	-2.5%
ORTHOPAEDICS
US		1,312	1,272	3.1%	3.1%	-		3,942	3,858	2.2%	2.2%	-
Intl		869	1,072	-18.9%	-5.0%	-13.9%		2,897	3,376	-14.2%	-0.8%	-13.4%
WW		2,181	2,344	-7.0%	-0.7%	-6.3%		6,839	7,234	-5.5%	0.8%	-6.3%
SPECIALTY SURGERY / OTHER
US		420	413	1.7%	1.7%	-		1,275	1,254	1.7%	1.7%	-
Intl		401	445	-9.9%	5.1%	-15.0%		1,258	1,383	-9.0%	4.8%	-13.8%
WW		821	858	-4.3%	3.5%	-7.8%		2,533	2,637	-3.9%	3.3%	-7.2%
SURGICAL CARE
US		567	564	0.5%	0.5%	-		1,672	1,654	1.1%	1.1%	-
Intl		832	957	-13.1%	1.1%	-14.2%		2,599	2,950	-11.9%	1.4%	-13.3%
WW		1,399	1,521	-8.0%	0.9%	-8.9%		4,271	4,604	-7.2%	1.3%	-8.5%
VISION CARE
US		262	232	12.9%	12.9%	-		758	780	-2.8%	-2.8%	-
Intl		421	472	-10.8%	5.8%	-16.6%		1,202	1,392	-13.6%	1.4%	-15.0%
WW		683	704	-3.0%	8.1%	-11.1%		1,960	2,172	-9.8%	-0.2%	-9.6%

TOTAL MEDICAL DEVICES
US		3,005	2,946	2.0%	2.0%	-		8,980	9,300	-3.4%	-3.4%	-
Intl		3,089	3,625	-14.8%	0.1%	-14.9%		9,730	11,573	-15.9%	-2.4%	-13.5%
WW		$ 6,094	6,571	-7.3%	0.9%	-8.2%		$ 18,710	20,873	-10.4%	-2.9%	-7.5%


* 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
(4) Reported as U.S. sales
(5) Previously referred to as Other
(6) Reflects Diagnostics divestiture June 30, 2014