BUSINESS: Financial Johnson & Johnson Reports Sales Increased 1.9 Percent to $23.8 Billion in the Third Quarter as U.S. Vision Care Shows 8.6 Percent Growth By Staff Wednesday, October 19, 2022 12:18 AM NEW BRUNSWICK, N.J.—Johnson & Johnson (NYSE: JNJ) reported Tuesday that its sales in the third quarter increased 1.9 percent to $23.8 billion, with operational growth of 8.1 percent and adjusted operational growth of 8.2 percent. Net earnings increased 21.6 percent to $4.5 billion in the quarter, compared with the year-ago net earnings of roughly $3.7 billion. In the MedTech segment, which includes vision care and contact lenses, J&J said worldwide adjusted operational sales grew 8.1 percent to $6.8 billion versus year ago sales of $6.6 billion, driven primarily by contact lenses in the vision care franchise, and electrophysiology products in the interventional solutions business. In the vision care market, operational growth rose to $1.206 billion, up 8.6 percent from year-ago. In the contact lenses/other category, growth was driven by market recovery, price actions, commercial execution, and new products (Oasys Multifocal, Define Fresh) as well as the benefit of stocking in the U.S. related to new product launches. In the vision surgical category, growth was primarily driven by success of new products (Tecnis Eyhance and Tecnis Synergy) mostly offset by global supply challenges, high prior year refractive comparison and reduction in prior quarter ASPAC stocking. “Our third quarter performance demonstrates our continued strength and resilience across all three of our businesses,” said Joaquin Duato, chief executive officer. “Through the ongoing efforts of our teams around the world, we continue to navigate the dynamic macroeconomic environment and remain focused on delivering transformative health care solutions. Looking ahead, I remain confident in our business and ability to continue advancing our innovative portfolio and pipeline.” The company’s pharmaceutical segment was the sales leader in the second quarter, with pharmaceutical worldwide adjusted operational sales rising 9.2 percent versus year-ago. The gain was driven by several of J&J’s key biologic drugs, according to the announcement. Sales in the consumer health segment saw an operational sales increase of 4.8 percent worldwide compared with third-quarter 2021. The major contributors to growth included upper respiratory and analgesic products in the over-the-counter franchise as well as Neutrogena and Aveeno in skin health/beauty and women’s health products outside the U.S. In addition, J&J said it is maintaining 2022 full-year guidance midpoints for adjusted operational sales and reported adjusted EPS and is increasing adjusted operational EPS performance offsetting continued unfavorable currency impacts.