J&J(US:JNJ)2024-05-01 11:00Financial Performance - Sales to customers for Q1 2024 reached $21,383 million, a 2.3% increase from $20,894 million in Q1 2023[1] - Gross profit for Q1 2024 was $14,872 million, representing a gross margin of 69.6%, up from 68.0% in Q1 2023[1] - Net earnings from continuing operations for Q1 2024 were $3,255 million, compared to a loss of $491 million in Q1 2023[1] - Adjusted net earnings from continuing operations after tax for Q1 2024 were $6,580 million, an increase from $6,340 million in Q1 2023[3] - Net earnings per share (diluted) from continuing operations for Q1 2024 was $2.71, up 12.4% from $2.41 in Q1 2023[3] Expenses - Research and development expenses for Q1 2024 totaled $3,542 million, a 2.5% increase from $3,455 million in Q1 2023[1] - Selling, marketing, and administrative expenses increased to $5,257 million in Q1 2024, up 7.2% from $4,906 million in Q1 2023[1] - Restructuring expenses for Q1 2024 were $164 million, compared to $130 million in Q1 2023[1] - Selling, marketing, and administrative expenses for Q1 2024 were $5,257 million, slightly down from $5,340 million in Q1 2023[6] - The company reported a litigation-related expense of $2,726 million in Q1 2024, consistent with the $6,900 million reported in Q1 2023[8] Taxation - The effective tax rate from continuing operations for Q1 2024 was 12.4%, significantly lower than 61.8% in Q1 2023[1] - The provision for taxes on income in Q1 2024 was $459 million, compared to a benefit of $796 million in Q1 2023[6] Restructuring - The company initiated a restructuring program in its Orthopaedics franchise to streamline operations, resulting in $27 million in restructuring expenses in Q1 2024[4] - The company incurred restructuring costs of $164 million in Q1 2024, compared to $130 million in Q1 2023[6] Research and Development - The adjusted research and development expense as a percentage of sales for Q1 2024 was 21.4%, compared to 16.6% in Q1 2023[8] - Research and development expenses for Q1 2024 totaled $3,542 million, representing an increase from $3,455 million in Q1 2023[6] Profitability Metrics - Adjusted income before tax from continuing operations for Q1 2024 was $5,812 million, up from $5,753 million in Q1 2023, reflecting a growth of 1.0%[8] - The percentage of income before tax from continuing operations to sales for Q1 2024 was 36.6%, compared to 32.8% in Q1 2023[8] - The cost of products sold in Q1 2024 was $6,511 million, down from $6,687 million in Q1 2023, indicating a decrease of approximately 2.6%[6]