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Johnson & Johnson (JNJ) Q4 2022 Earnings Call Transcript


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Johnson & Johnson (JNJ)
Q4 2022 Earnings Call
Jan 24, 2023, 8:30 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good morning and welcome to Johnson Johnson’s fourth-quarter 2022 earnings conference call. All participants will be in a listen-only mode until the question-and-answer session of the conference. This call is being recorded. If anyone has any objections, you may disconnect at this time.

[Operator instructions] I would now like to turn the conference call over to Johnson & Johnson. You may begin.

Jessica MooreVice President, Investor Relations

Good morning. This is Jessica Moore, vice president of investor relations for Johnson & Johnson. Welcome to our company’s review of business results for the fourth quarter and full year of 2022 and our financial outlook for 2023. Joining me on today’s call are Joaquin Duato, chairman of the board and chief executive officer, and Joe Wolk, executive vice president, chief financial officer.

A few logistics before we get into the details. As a reminder, you can find additional material, including today’s presentation and associated schedules on the Investor Relations section of the Johnson & Johnson website at investor.jnj.com. Please note that today’s meeting may include forward-looking statements related to, among other things, the company’s future financial performance, product development, market position, and business strategy, and the anticipated separation of the company’s consumer health business. You’re cautioned not to rely on these statements which are based on current expectations of future events using the information available as of today’s date and are subject to certain risks and uncertainties that may cause the company’s actual results to differ materially from those projected.

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In particular, there is significant uncertainty about the duration and contemplated impact of the COVID-19 pandemic. A further description of these risks, uncertainties, and other factors can be found in our SEC filings, including our 2021 Form 10-K, which is available at investor.jnj.com and on the SEC’s website. Additionally, several of the products and compounds discussed today are being developed in collaboration with strategic partners or licensed from other companies. This slide acknowledges those relationships.

Moving to today’s agenda, Joaquin will open with a few comments highlighting his first year as CEO and his priorities for 2023. I will then review the fourth-quarter sales and P&L results for the corporation and highlights related to the three segments, as well as full-year 2022 results for the enterprise. Joe will then close with additional business commentary before sharing an overview of our cash position, our capital allocation priorities, and our guidance for 2023. The remaining time will be available for your questions.

We anticipate the webcast will last approximately 75 minutes. I am now pleased to turn the call over to Joaquin.

Joaquin DuatoChief Executive Officer

Thanks, Jess. Good morning, everyone. I’m pleased to be here today to review our 2022 results and highlight my priorities for the business. I’m excited for the future of Johnson & Johnson.

For over 135 years, people have counted on Johnson & Johnson to be at the forefront of healthcare innovation. This remains as true today as the day we were founded. And I’m honored to continue this legacy. In 2022, despite macroeconomic challenges, we delivered full-year operational growth of over 6%.

This is the result of the dedication and focus of our employees around the world, as well as the breadth and diversification of our business. There were many business achievements last year. Let me share some highlights. Our pharmaceutical team achieved its 11th consecutive year of above market adjusted operational sales growth, excluding the COVID-19 vaccine, delivering nearly 7% growth as we continue to advance our innovation pipeline.

I’m particularly excited about the progress made across our multiple myeloma portfolio. This includes the launches of Carvykti, our first cell therapy, and Tecvayli, our BCMA CD3 bispecific antibody, along with the recent filing of talquetamab, our GPRC5D/CD3 bispecific. In…



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