Exhibit 99.2

Johnson & Johnson and Subsidiaries
 
 
 
 
 
 
 
 
 
Condensed Consolidated Statement of Earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Unaudited; in Millions Except Per Share Figures)
THIRD QUARTER
 
 
 
 
 
 
 
 
 
 
 
2019
 
2018
 
Percent
 
 
 
Percent
 
 
 
Percent
 
Increase
 
Amount
 
to Sales
 
Amount
 
to Sales
 
(Decrease)
Sales to customers
 $ 20,729

 
      100.0

 
 $ 20,348
 
      100.0
 
1.9
Cost of products sold
          6,867

 
        33.1

 
          6,589
 
        32.4
 
4.2
Gross Profit
        13,862

 
        66.9

 
        13,759
 
        67.6
 
0.7
Selling, marketing and administrative expenses
          5,374

 
        26.0

 
          5,543
 
        27.3
 
(3.0)
Research and development expense
          2,599

 
        12.5

 
          2,508
 
        12.3
 
3.6
In-process research and development

 

 
          1,126
 
          5.6
 
 
Interest (income) expense, net
             (41)

 
        (0.2)

 
               68
 
          0.3
 
 
Other (income) expense, net
          4,214

 
        20.3

 
                 3
 
          0.0
 
 
Restructuring
               69

 
          0.4

 
               88
 
          0.4
 
 
Earnings before provision for taxes on income
          1,647

 
          7.9

 
          4,423
 
        21.7
 
(62.8)
Provision for/(Benefit from) taxes on income
           (106)

 
        (0.6)

 
             489
 
          2.4
 
(121.7)
Net earnings
 $ 1,753

 
          8.5

 
 $ 3,934
 
        19.3
 
(55.4)
 
 
 
 
 
 
 
 
 
 
Net earnings per share (Diluted)
 $ 0.66

 
 
 
 $ 1.44
 
 
 
(54.2)
 
 
 
 
 
 
 
 
 
 
Average shares outstanding (Diluted)
2,669.9

 
 
 
2,727.6
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective tax rate
(6.4)

%
 
 
11.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted earnings before provision for taxes and net earnings (1) (A)
 
 
 
 
 
 
 
Earnings before provision for taxes on income
 $ 7,116

 
34.3

 
 $ 6,780
 
33.3
 
5.0
Net earnings
 $ 5,672

 
27.4

 
 $ 5,590
 
27.5
 
1.5
Net earnings per share (Diluted)
 $ 2.12

 
 
 
 $ 2.05
 
 
 
3.4
Effective tax rate
20.3

%
 
 
17.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) See Reconciliation of Non-GAAP Financial Measures.
 
 
 
 
 
 
 
 
 
 
(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings before provision for taxes on income," "adjusted net earnings," "adjusted net earnings per share (diluted)," and "adjusted effective tax rate" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate on an adjusted basis because management believes that these measures provide useful information to investors. Among other things, these measures may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as intangible asset amortization expense, significant costs associated with acquisitions, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters). Special items may be highly variable, difficult to predict, and of a size that sometimes has substantial impact on the Company's reported results of operations for a period. Management uses these measures internally for planning, forecasting and evaluating the performances of the Company's businesses, including allocating resources and evaluating results relative to employee performance compensation targets. Unlike earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate prepared in accordance with GAAP, adjusted earnings before provision for taxes on income, adjusted net earnings, adjusted net earnings per share (diluted), and adjusted effective tax rate may not be comparable with the calculation of similar measures for other companies. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of the Company's results of operations without including all events during a period, such as intangible asset amortization expense, the effects of an acquisition, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters) and do not provide a comparable view of the Company's performance to other companies in the health care industry. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.






The following information was filed by Johnson Johnson (JNJ) on Wednesday, October 23, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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