Johnson & Johnson (JNJ)

Pretax margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Earnings before tax but after interest (EBT)	US$ in thousands	36,889,000	21,725,000	22,776,000	16,497,000	17,328,000
Revenue	US$ in thousands	84,021,000	79,428,000	93,356,000	82,174,000	81,474,000
Pretax margin		43.90%	27.35%	24.40%	20.08%	21.27%

December 31, 2023 calculation

Pretax margin = EBT ÷ Revenue
= $36,889,000K ÷ $84,021,000K
= 43.90%

Johnson & Johnson's pretax margin has shown a downward trend over the past five years, declining from 21.12% in December 2019 to 17.69% in December 2023. This indicates that the company's ability to generate profits before accounting for taxes has weakened over time. Factors contributing to this decline could include changes in revenue, operating expenses, or the overall competitive landscape within the industry. Further analysis is recommended to identify the specific reasons behind this trend and to assess the company's overall financial performance and prospects.