Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Johnson & Johnson, consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 29, 2019
Sales to customers	85,159)	94,943)	93,775)	82,584)	82,059)
Cost of products sold	(26,553)	(31,089)	(29,855)	(28,427)	(27,556)
Gross profit	58,606)	63,854)	63,920)	54,157)	54,503)
Selling, marketing and administrative expenses	(21,512)	(24,765)	(24,659)	(22,084)	(22,178)
Research and development expense	(15,085)	(14,603)	(14,714)	(12,159)	(11,355)
In-process research and development impairments	(313)	(783)	(900)	(181)	(890)
Restructuring	(489)	(321)	(252)	(247)	(266)
Operating earnings	21,207)	23,382)	23,395)	19,486)	19,814)
Interest income	1,261)	490)	53)	111)	357)
Interest expense, net of portion capitalized	(772)	(276)	(183)	(201)	(318)
Other income (expense), net	(6,634)	(1,871)	(489)	(2,899)	(2,525)
Earnings before provision for taxes on income	15,062)	21,725)	22,776)	16,497)	17,328)
Provision for taxes on income	(1,736)	(3,784)	(1,898)	(1,783)	(2,209)
Net earnings from continuing operations	13,326)	17,941)	20,878)	14,714)	15,119)
Net earnings from discontinued operations, net of tax	21,827)	—)	—)	—)	—)
Net earnings	35,153)	17,941)	20,878)	14,714)	15,119)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-29).

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Income statement item	Description	The company
Sales to customers	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Johnson & Johnson sales to customers increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Operating earnings	The net result for the period of deducting operating expenses from operating revenues.	Johnson & Johnson operating earnings decreased from 2021 to 2022 and from 2022 to 2023.
Earnings before provision for taxes on income	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Johnson & Johnson earnings before provision for taxes on income decreased from 2021 to 2022 and from 2022 to 2023.
Net earnings	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Johnson & Johnson net earnings decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Johnson & Johnson (NYSE:JNJ)

Income Statement