Attached files
file | filename |
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8-K - JOHNSON & JOHNSON | cover.htm |
EX-99.15 - PRESS RELEASE - JOHNSON & JOHNSON | a1q20128-kexhibit9915.htm |
Exhibit 99.2O
Johnson & Johnson and Subsidiaries | ||||||||||||||||
Condensed Consolidated Statement of Earnings | ||||||||||||||||
(Unaudited; in Millions Except Per Share Figures) | FIRST QUARTER | |||||||||||||||
2012 | 2011 | Percent | ||||||||||||||
Percent | Percent | Increase | ||||||||||||||
Amount | to Sales | Amount | to Sales | (Decrease) | ||||||||||||
Sales to customers | $ | 16,139 | 100.0 | $ | 16,173 | 100.0 | (0.2 | ) | ||||||||
Cost of products sold | 4,915 | 30.4 | 4,778 | 29.5 | 2.9 | |||||||||||
Selling, marketing and administrative expenses | 5,015 | 31.1 | 5,056 | 31.3 | (0.8 | ) | ||||||||||
Research and development expense | 1,645 | 10.2 | 1,738 | 10.8 | (5.4 | ) | ||||||||||
Interest (income)expense, net | 130 | 0.8 | 104 | 0.6 | 25.0 | |||||||||||
Other (income)expense, net | (611 | ) | (3.8 | ) | (13 | ) | (0.1 | ) | ||||||||
Earnings before provision for taxes on income | 5,045 | 31.3 | 4,510 | 27.9 | 11.9 | |||||||||||
Provision for taxes on income | 1,135 | 7.1 | 1,034 | 6.4 | 9.8 | |||||||||||
Net earnings | $ | 3,910 | 24.2 | $ | 3,476 | 21.5 | 12.5 | |||||||||
Net earnings per share (Diluted) | $ | 1.41 | $ | 1.25 | 12.8 | |||||||||||
Average shares outstanding (Diluted) | 2,774.9 | 2,772.7 | ||||||||||||||
Effective tax rate | 22.5 | % | 22.9 | % | ||||||||||||
Adjusted earnings before provision for taxes and net earnings (1) (A) | ||||||||||||||||
Earnings before provision for taxes on income | $ | 4,928 | 30.5 | $ | 4,856 | 30.0 | 1.5 | |||||||||
Net earnings | $ | 3,804 | 23.6 | $ | 3,747 | 23.2 | 1.5 | |||||||||
Net earnings per share (Diluted) | $ | 1.37 | $ | 1.35 | 1.5 | |||||||||||
Effective tax rate | 22.8 | % | 22.8 | % | ||||||||||||
(1) See Reconciliation of Non-GAAP Financial Measures. | ||||||||||||||||
(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings before provision for taxes on income," "adjusted net earnings," "adjusted net earnings per share (diluted)," and "adjusted effective tax rate" are non-GAAP financial measures and should not be considered replacements for GAAP results. The Company provides earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate on an adjusted basis because management believes that these measures provide useful information to investors. Among other things, these measures may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as significant costs associated with acquisitions, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters). Special items may be highly variable, difficult to predict, and of a size that sometimes has substantial impact on the Company's reported results of operations for a period. Management uses these measures internally for planning, forecasting and evaluating the performances of the Company's businesses, including allocating resources and evaluating results relative to employee performance compensation targets. Unlike earnings before provision for taxes on income, net earnings, net earnings per share (diluted), and effective tax rate prepared in accordance with GAAP, adjusted earnings before provision for taxes on income, adjusted net earnings, adjusted net earnings per share (diluted), and adjusted effective tax rate may not be comparable with the calculation of similar measures for other companies. These non-GAAP financial measures are presented solely to permit investors to more fully understand how management assesses the performance of the Company. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of the Company's results of operations without including all events during a period, such as the effects of an acquisition, restructuring, litigation, and changes in applicable laws and regulations (including significant accounting or tax matters) and do not provide a comparable view of the Company's performance to other companies in the health care industry. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. |
Johnson & Johnson and Subsidiaries | ||||||||||
Reconciliation of Non-GAAP Financial Measures | ||||||||||
First Quarter | % Incr. / | |||||||||
(Dollars in Millions Except Per Share Data) | 2012 | 2011 | (Decr.) | |||||||
Earnings before provision for taxes on income - as reported | $ | 5,045 | 4,510 | 11.9 | % | |||||
Litigation/DePuy ASR™ Hip related costs | — | 346 | ||||||||
Currency related and costs associated with planned acquisition of Synthes, Inc. | (117 | ) | — | |||||||
Earnings before provision for taxes on income - as adjusted | $ | 4,928 | 4,856 | 1.5 | % | |||||
Net Earnings - as reported | $ | 3,910 | 3,476 | 12.5 | % | |||||
Litigation/DePuy ASR™ Hip related costs | — | 271 | ||||||||
Currency related and costs associated with planned acquisition of Synthes, Inc. | (106 | ) | — | |||||||
Net Earnings - as adjusted | $ | 3,804 | 3,747 | 1.5 | % | |||||
Diluted Net Earnings per share - as reported | $ | 1.41 | 1.25 | 12.8 | % | |||||
Litigation/DePuy ASR™ Hip related costs | — | 0.10 | ||||||||
Currency related and costs associated with planned acquisition of Synthes, Inc. | (0.04 | ) | — | |||||||
Diluted Net Earnings per share - as adjusted | $ | 1.37 | 1.35 | 1.5 | % | |||||
The Company believes investors gain additional perspective of underlying business trends and results by providing a measure of earnings before provision for | ||||||||||
taxes on income, net earnings and diluted net earnings per share that excludes special items in order to evaluate ongoing business operations. |
Johnson & Johnson and Subsidiaries | |||||||||||||||
Supplementary Sales Data | |||||||||||||||
(Unaudited; Dollars in Millions) | FIRST QUARTER | ||||||||||||||
Percent Change | |||||||||||||||
2012 | 2011 | Total | Operations | Currency | |||||||||||
Sales to customers by | |||||||||||||||
segment of business | |||||||||||||||
Consumer | |||||||||||||||
U.S. | $ | 1,316 | 1,345 | (2.2 | ) | % | (2.2 | ) | — | ||||||
International | 2,279 | 2,337 | (2.5 | ) | 0.4 | (2.9 | ) | ||||||||
3,595 | 3,682 | (2.4 | ) | (0.6 | ) | (1.8 | ) | ||||||||
Pharmaceutical | |||||||||||||||
U.S. | 3,026 | 3,391 | (10.8 | ) | (10.8 | ) | — | ||||||||
International | 3,107 | 2,668 | 16.5 | 19.6 | (3.1 | ) | |||||||||
6,133 | 6,059 | 1.2 | 2.6 | (1.4 | ) | ||||||||||
Med Devices & Diagnostics | |||||||||||||||
U.S. | 2,877 | 2,872 | 0.2 | 0.2 | — | ||||||||||
International | 3,534 | 3,560 | (0.7 | ) | 0.7 | (1.4 | ) | ||||||||
6,411 | 6,432 | (0.3 | ) | 0.5 | (0.8 | ) | |||||||||
U.S. | 7,219 | 7,608 | (5.1 | ) | (5.1 | ) | — | ||||||||
International | 8,920 | 8,565 | 4.1 | 6.4 | (2.3 | ) | |||||||||
Worldwide | $ | 16,139 | 16,173 | (0.2 | ) | % | 1.0 | (1.2 | ) |
Johnson & Johnson and Subsidiaries | |||||||||||||||
Supplementary Sales Data | |||||||||||||||
(Unaudited; Dollars in Millions) | FIRST QUARTER | ||||||||||||||
Percent Change | |||||||||||||||
2012 | 2011 | Total | Operations | Currency | |||||||||||
Sales to customers by | |||||||||||||||
geographic area | |||||||||||||||
U.S. | $ | 7,219 | 7,608 | (5.1 | ) | % | (5.1 | ) | — | ||||||
Europe | 4,194 | 4,183 | 0.3 | 4.5 | (4.2 | ) | |||||||||
Western Hemisphere excluding U.S. | 1,714 | 1,436 | 19.4 | 23.3 | (3.9 | ) | |||||||||
Asia-Pacific, Africa | 3,012 | 2,946 | 2.2 | 1.2 | 1.0 | ||||||||||
International | 8,920 | 8,565 | 4.1 | 6.4 | (2.3 | ) | |||||||||
Worldwide | $ | 16,139 | 16,173 | (0.2 | ) | % | 1.0 | (1.2 | ) |
Johnson & Johnson | ||||||||||||||
Segment Sales | ||||||||||||||
(Dollars in Millions) | ||||||||||||||
FIRST QUARTER | ||||||||||||||
% Change | ||||||||||||||
2012 | 2011 | Reported | Operational (1) | Currency | ||||||||||
CONSUMER SEGMENT (2) | ||||||||||||||
BABY CARE | ||||||||||||||
US | $ | 99 | 105 | (5.7 | )% | (5.7 | )% | — | % | |||||
Intl | 441 | 456 | (3.3 | ) | (0.4 | ) | (2.9 | ) | ||||||
WW | 540 | 561 | (3.7 | ) | (1.4 | ) | (2.3 | ) | ||||||
ORAL CARE | ||||||||||||||
US | 155 | 163 | (4.9 | ) | (4.9 | ) | — | |||||||
Intl | 232 | 228 | 1.8 | 4.7 | (2.9 | ) | ||||||||
WW | 387 | 391 | (1.0 | ) | 0.7 | (1.7 | ) | |||||||
OTC/NUTRITIONALS | ||||||||||||||
US | 381 | 397 | (4.0 | ) | (4.0 | ) | — | |||||||
Intl | 723 | 732 | (1.2 | ) | 1.7 | (2.9 | ) | |||||||
WW | 1,104 | 1,129 | (2.2 | ) | (0.3 | ) | (1.9 | ) | ||||||
SKIN CARE | ||||||||||||||
US | 453 | 426 | 6.3 | 6.3 | — | |||||||||
Intl | 454 | 473 | (4.0 | ) | (1.7 | ) | (2.3 | ) | ||||||
WW | 907 | 899 | 0.9 | 2.1 | (1.2 | ) | ||||||||
WOMEN'S HEALTH | ||||||||||||||
US | 93 | 125 | (25.6 | ) | (25.6 | ) | — | |||||||
Intl | 316 | 334 | (5.4 | ) | (1.7 | ) | (3.7 | ) | ||||||
WW | 409 | 459 | (10.9 | ) | (8.2 | ) | (2.7 | ) | ||||||
WOUND CARE/OTHER | ||||||||||||||
US | 135 | 129 | 4.7 | 4.7 | — | |||||||||
Intl | 113 | 114 | (0.9 | ) | 1.7 | (2.6 | ) | |||||||
WW | 248 | 243 | 2.1 | 3.3 | (1.2 | ) | ||||||||
TOTAL CONSUMER | ||||||||||||||
US | 1,316 | 1,345 | (2.2 | ) | (2.2 | ) | — | |||||||
Intl | 2,279 | 2,337 | (2.5 | ) | 0.4 | (2.9 | ) | |||||||
WW | $ | 3,595 | 3,682 | (2.4 | )% | (0.6 | )% | (1.8 | )% | |||||
See footnotes at end of schedule |
Johnson & Johnson | ||||||||||||||
Segment Sales | ||||||||||||||
(Dollars in Millions) | ||||||||||||||
FIRST QUARTER | ||||||||||||||
% Change | ||||||||||||||
2012 | 2011 | Reported | Operational (1) | Currency | ||||||||||
PHARMACEUTICAL SEGMENT (2) (4) | ||||||||||||||
IMMUNOLOGY | ||||||||||||||
US | $ | 1,453 | 1,436 | 1.2 | % | 1.2 | % | — | % | |||||
Intl | 442 | 144 | * | * | (2.2 | ) | ||||||||
WW | 1,895 | 1,580 | 19.9 | 20.5 | (0.6 | ) | ||||||||
REMICADE | ||||||||||||||
US | 882 | 788 | 11.9 | 11.9 | — | |||||||||
US Exports (3) | 378 | 490 | (22.9 | ) | (22.9 | ) | — | |||||||
Intl | 261 | 7 | * | * | (2.2 | ) | ||||||||
WW | 1,521 | 1,285 | 18.4 | 18.4 | 0.0 | |||||||||
SIMPONI | ||||||||||||||
US | 64 | 53 | 20.8 | 20.8 | — | |||||||||
Intl | 52 | 42 | 23.8 | 25.0 | (1.2 | ) | ||||||||
WW | 116 | 95 | 22.1 | 22.6 | (0.5 | ) | ||||||||
STELARA | ||||||||||||||
US | 129 | 105 | 22.9 | 22.9 | — | |||||||||
Intl | 92 | 61 | 50.8 | 53.9 | (3.1 | ) | ||||||||
WW | 221 | 166 | 33.1 | 34.8 | (1.7 | ) | ||||||||
OTHER IMMUNOLOGY | ||||||||||||||
US | — | — | — | — | — | |||||||||
Intl | 37 | 34 | 8.8 | 10.7 | (1.9 | ) | ||||||||
WW | 37 | 34 | 8.8 | 10.7 | (1.9 | ) | ||||||||
INFECTIOUS DISEASES | ||||||||||||||
US | 242 | 624 | (61.2 | ) | (61.2 | ) | — | |||||||
Intl | 513 | 307 | 67.1 | 70.5 | (3.4 | ) | ||||||||
WW | 755 | 931 | (18.9 | ) | (17.0 | ) | (1.9 | ) | ||||||
INTELENCE | ||||||||||||||
US | 43 | 38 | 13.2 | 13.2 | — | |||||||||
Intl | 37 | 31 | 19.4 | 23.0 | (3.6 | ) | ||||||||
WW | 80 | 69 | 15.9 | 17.8 | (1.9 | ) | ||||||||
LEVAQUIN/FLOXIN | ||||||||||||||
US | 18 | 422 | (95.7 | ) | (95.7 | ) | — | |||||||
Intl | 11 | 12 | (8.3 | ) | (4.8 | ) | (3.5 | ) | ||||||
WW | 29 | 434 | (93.3 | ) | (93.2 | ) | (0.1 | ) | ||||||
PREZISTA | ||||||||||||||
US | 160 | 126 | 27.0 | 27.0 | — | |||||||||
Intl | 164 | 140 | 17.1 | 20.9 | (3.8 | ) | ||||||||
WW | 324 | 266 | 21.8 | 24.1 | (2.3 | ) | ||||||||
OTHER INFECTIOUS DISEASES | ||||||||||||||
US | 21 | 38 | (44.7 | ) | (44.7 | ) | — | |||||||
Intl | 301 | 124 | * | * | (3.2 | ) | ||||||||
WW | 322 | 162 | 98.8 | * | (3.0 | ) | ||||||||
See footnotes at end of schedule |
Johnson & Johnson | ||||||||||||||
Segment Sales | ||||||||||||||
(Dollars in Millions) | ||||||||||||||
FIRST QUARTER | ||||||||||||||
% Change | ||||||||||||||
2012 | 2011 | Reported | Operational (1) | Currency | ||||||||||
PHARMACEUTICAL SEGMENT (2) (4) (Continued) | ||||||||||||||
NEUROSCIENCE | ||||||||||||||
US | $ | 674 | 688 | (2.0 | )% | (2.0 | )% | — | % | |||||
Intl | 973 | 1,057 | (7.9 | ) | (5.8 | ) | (2.1 | ) | ||||||
WW | 1,647 | 1,745 | (5.6 | ) | (4.3 | ) | (1.3 | ) | ||||||
CONCERTA/METHYLPHENIDATE | ||||||||||||||
US | 197 | 254 | (22.4 | ) | (22.4 | ) | — | |||||||
Intl | 111 | 108 | 2.8 | 5.8 | (3.0 | ) | ||||||||
WW | 308 | 362 | (14.9 | ) | (14.0 | ) | (0.9 | ) | ||||||
INVEGA | ||||||||||||||
US | 69 | 69 | 0.0 | 0.0 | — | |||||||||
Intl | 52 | 51 | 2.0 | 3.7 | (1.7 | ) | ||||||||
WW | 121 | 120 | 0.8 | 1.5 | (0.7 | ) | ||||||||
INVEGA SUSTENNA | ||||||||||||||
US | 100 | 65 | 53.8 | 53.8 | — | |||||||||
Intl | 61 | — | * | * | — | |||||||||
WW | 161 | 65 | * | * | — | |||||||||
RISPERDAL CONSTA | ||||||||||||||
US | 113 | 114 | (0.9 | ) | (0.9 | ) | — | |||||||
Intl | 248 | 290 | (14.5 | ) | (11.8 | ) | (2.7 | ) | ||||||
WW | 361 | 404 | (10.6 | ) | (8.7 | ) | (1.9 | ) | ||||||
OTHER NEUROSCIENCE | ||||||||||||||
US | 195 | 186 | 4.8 | 4.8 | — | |||||||||
Intl | 501 | 608 | (17.6 | ) | (16.2 | ) | (1.4 | ) | ||||||
WW | 696 | 794 | (12.3 | ) | (11.2 | ) | (1.1 | ) | ||||||
ONCOLOGY | ||||||||||||||
US | 107 | 64 | 67.2 | 67.2 | — | |||||||||
Intl | 489 | 375 | 30.4 | 33.7 | (3.3 | ) | ||||||||
WW | 596 | 439 | 35.8 | 38.5 | (2.7 | ) | ||||||||
DOXIL/CAELYX | ||||||||||||||
US | 7 | 64 | (89.1 | ) | (89.1 | ) | — | |||||||
Intl | 17 | 75 | (77.3 | ) | (76.2 | ) | (1.1 | ) | ||||||
WW | 24 | 139 | (82.7 | ) | (82.1 | ) | (0.6 | ) | ||||||
VELCADE | ||||||||||||||
US | — | — | — | — | — | |||||||||
Intl | 353 | 280 | 26.1 | 29.3 | (3.2 | ) | ||||||||
WW | 353 | 280 | 26.1 | 29.3 | (3.2 | ) | ||||||||
ZYTIGA | ||||||||||||||
US | 100 | — | * | * | — | |||||||||
Intl | 100 | 5 | * | * | (1.9 | ) | ||||||||
WW | 200 | 5 | * | * | (1.9 | ) | ||||||||
OTHER ONCOLOGY | ||||||||||||||
US | — | — | — | — | — | |||||||||
Intl | 19 | 15 | 26.7 | 29.7 | (3.0 | ) | ||||||||
WW | 19 | 15 | 26.7 | 29.7 | (3.0 | ) | ||||||||
See footnotes at end of schedule |
Johnson & Johnson | ||||||||||||
Segment Sales | ||||||||||||
(Dollars in Millions) | ||||||||||||
FIRST QUARTER | ||||||||||||
% Change | ||||||||||||
2012 | 2011 | Reported | Operational (1) | Currency | ||||||||
PHARMACEUTICAL SEGMENT (2) (4) (Continued) | ||||||||||||
TOTAL OTHER | ||||||||||||
US | $ | 550 | 579 | (5.0 | )% | (5.0 | )% | — | % | |||
Intl | 690 | 785 | (12.1 | ) | (10.0 | ) | (2.1 | ) | ||||
WW | 1,240 | 1,364 | (9.1 | ) | (7.9 | ) | (1.2 | ) | ||||
ACIPHEX/PARIET | ||||||||||||
US | 96 | 109 | (11.9 | ) | (11.9 | ) | — | |||||
Intl | 126 | 130 | (3.1 | ) | — | (3.1 | ) | |||||
WW | 222 | 239 | (7.1 | ) | (5.4 | ) | (1.7 | ) | ||||
PROCRIT/EPREX | ||||||||||||
US | 204 | 190 | 7.4 | 7.4 | — | |||||||
Intl | 172 | 207 | (16.9 | ) | (14.0 | ) | (2.9 | ) | ||||
WW | 376 | 397 | (5.3 | ) | (3.8 | ) | (1.5 | ) | ||||
OTHER | ||||||||||||
US | 250 | 280 | (10.7 | ) | (10.7 | ) | — | |||||
Intl | 392 | 448 | (12.5 | ) | (11.1 | ) | (1.4 | ) | ||||
WW | 642 | 728 | (11.8 | ) | (11.0 | ) | (0.8 | ) | ||||
TOTAL PHARMACEUTICAL | ||||||||||||
US | 3,026 | 3,391 | (10.8 | ) | (10.8 | ) | — | |||||
Intl | 3,107 | 2,668 | 16.5 | 19.6 | (3.1 | ) | ||||||
WW | $ | 6,133 | 6,059 | 1.2 | % | 2.6 | % | (1.4 | )% | |||
See footnotes at end of schedule |
Johnson & Johnson | ||||||||||||||
Segment Sales | ||||||||||||||
(Dollars in Millions) | ||||||||||||||
FIRST QUARTER | ||||||||||||||
% Change | ||||||||||||||
2012 | 2011 | Reported | Operational (1) | Currency | ||||||||||
MEDICAL DEVICES AND DIAGNOSTICS (2) (4) | ||||||||||||||
CARDIOVASCULAR CARE | ||||||||||||||
US | $ | 176 | 242 | (27.3 | )% | (27.3 | )% | — | % | |||||
Intl | 306 | 393 | (22.1 | ) | (21.2 | ) | (0.9 | ) | ||||||
WW | 482 | 635 | (24.1 | ) | (23.5 | ) | (0.6 | ) | ||||||
DIABETES CARE | ||||||||||||||
US | 352 | 311 | 13.2 | 13.2 | — | |||||||||
Intl | 318 | 326 | (2.5 | ) | 0.2 | (2.7 | ) | |||||||
WW | 670 | 637 | 5.2 | 6.6 | (1.4 | ) | ||||||||
DIAGNOSTICS | ||||||||||||||
US | 253 | 265 | (4.5 | ) | (4.5 | ) | — | |||||||
Intl | 259 | 256 | 1.2 | 2.5 | (1.3 | ) | ||||||||
WW | 512 | 521 | (1.7 | ) | (1.1 | ) | (0.6 | ) | ||||||
GENERAL SURGERY | ||||||||||||||
US | 593 | 596 | (0.5 | ) | (0.5 | ) | — | |||||||
Intl | 1,032 | 1,025 | 0.7 | 2.6 | (1.9 | ) | ||||||||
WW | 1,625 | 1,621 | 0.2 | 1.4 | (1.2 | ) | ||||||||
INFECTION PREVENTION/OTHER | ||||||||||||||
US | 116 | 95 | 22.1 | 22.1 | — | |||||||||
Intl | 128 | 121 | 5.8 | 6.5 | (0.7 | ) | ||||||||
WW | 244 | 216 | 13.0 | 13.4 | (0.4 | ) | ||||||||
ORTHOPAEDICS | ||||||||||||||
US | 783 | 811 | (3.5 | ) | (3.5 | ) | — | |||||||
Intl | 710 | 692 | 2.6 | 4.1 | (1.5 | ) | ||||||||
WW | 1,493 | 1,503 | (0.7 | ) | 0.0 | (0.7 | ) | |||||||
SPECIALTY SURGERY | ||||||||||||||
US | 327 | 296 | 10.5 | 10.5 | — | |||||||||
Intl | 301 | 281 | 7.1 | 9.3 | (2.2 | ) | ||||||||
WW | 628 | 577 | 8.8 | 9.9 | (1.1 | ) | ||||||||
VISION CARE | ||||||||||||||
US | 277 | 256 | 8.2 | 8.2 | — | |||||||||
Intl | 480 | 466 | 3.0 | 2.6 | 0.4 | |||||||||
WW | 757 | 722 | 4.8 | 4.5 | 0.3 | |||||||||
TOTAL MEDICAL DEVICES AND DIAGNOSTICS | ||||||||||||||
US | 2,877 | 2,872 | 0.2 | 0.2 | — | |||||||||
Intl | 3,534 | 3,560 | (0.7 | ) | 0.7 | (1.4 | ) | |||||||
WW | $ | 6,411 | 6,432 | (0.3 | )% | 0.5 | % | (0.8 | )% | |||||
*Percentage greater than 100% | ||||||||||||||
(1) Operational growth excludes the effect of currency | ||||||||||||||
(2) Select areas (unaudited) | ||||||||||||||
(3) Reported as U.S. sales | ||||||||||||||
(4) Prior year amounts have been reclassified to conform to current year product disclosure |