Attached files
| file | filename |
|---|---|
| 8-K - JOHNSON & JOHNSON | firstquarter20118k.htm |
| EX-99.15 OTH FIN ST - JOHNSON & JOHNSON | exhibit99152011.htm |
Exhibit 99.2O
|
Johnson & Johnson and Subsidiaries
|
|||||||||
|
Condensed Consolidated Statement of Earnings
|
|||||||||
|
(Unaudited; in Millions Except Per Share Figures)
|
FIRST QUARTER
|
||||||||
|
2011 ACT
|
2010 ACT
|
Percent
|
|||||||
|
Percent
|
Percent
|
Increase
|
|||||||
|
Amount
|
to Sales
|
Amount
|
to Sales
|
(Decrease)
|
|||||
|
Sales to customers
|
$ 16,173
|
100.0
|
$ 15,631
|
100.0
|
3.5
|
||||
|
Cost of products sold
|
4,778
|
29.5
|
4,528
|
29.0
|
5.5
|
||||
|
Selling, marketing and administrative expenses
|
5,056
|
31.3
|
4,779
|
30.5
|
5.8
|
||||
|
Research and development expense
|
1,738
|
10.8
|
1,557
|
10.0
|
11.6
|
||||
|
Interest (income)expense, net
|
104
|
0.6
|
81
|
0.5
|
28.4
|
||||
|
Other (income)expense, net
|
(13)
|
(0.1)
|
(1,594)
|
(10.2)
|
|||||
|
Earnings before provision for taxes on income
|
4,510
|
27.9
|
6,280
|
40.2
|
(28.2)
|
||||
|
Provision for taxes on income
|
1,034
|
6.4
|
1,754
|
11.2
|
(41.0)
|
||||
|
Net earnings
|
$ 3,476
|
21.5
|
$ 4,526
|
29.0
|
(23.2)
|
||||
|
Net earnings per share (Diluted)
|
$ 1.25
|
$ 1.62
|
(22.8)
|
||||||
|
Average shares outstanding (Diluted)
|
2,772.7
|
2,797.3
|
|||||||
|
Effective tax rate
|
22.9
|
%
|
27.9
|
%
|
|||||
|
Adjusted earnings before provision for taxes and net earnings(A)
|
|||||||||
|
Earnings before provision for taxes on income
|
$ 4,856
|
(1)
|
30.0
|
$ 4,783
|
(2)
|
30.6
|
1.5
|
||
|
Net earnings
|
$ 3,747
|
(1)
|
23.2
|
$ 3,616
|
(2)
|
23.1
|
3.6
|
||
|
Net earnings per share (Diluted)
|
$ 1.35
|
(1)
|
$ 1.29
|
(2)
|
4.7
|
||||
|
Effective tax rate
|
22.8
|
%
|
24.4
|
%
|
|||||
|
(1) The difference between as reported earnings and as adjusted earnings before provision for taxes on income, net earnings and net earnings per share (diluted) is the exclusion of expense due to litigation ($291 million) and additional DePuy ASR™ Hip recall costs ($55 million) of $346 million, $271 million and $0.10 per share, respectively.
|
|||||||||
|
(2) The difference between as reported earnings and as adjusted earnings before provision for taxes on income, net earnings and net earnings per share (diluted) is the exclusion of income from net litigation of $1,497 million, $910 million and $0.33 per share, respectively.
|
|||||||||
(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, they may assist investors in evaluating the Company's results of operations period over period. In various periods, these measures may exclude such items as business development, strategic developments (including restructuring and product line changes), significant 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, merger-related or other restructuring charges, or amortization of purchased intangibles, 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
|
|||||||||
|
Supplementary Sales Data
|
|||||||||
|
(Unaudited; Dollars in Millions)
|
FIRST QUARTER
|
||||||||
|
Percent Change
|
|||||||||
|
2011
|
2010
|
Total
|
Operations
|
Currency
|
|||||
|
Sales to customers by
|
|||||||||
|
segment of business
|
|||||||||
|
Consumer
|
|||||||||
|
U.S.
|
$ 1,345
|
1,560
|
(13.8)
|
%
|
(13.8)
|
-
|
|||
|
International
|
2,337
|
2,206
|
5.9
|
2.6
|
3.3
|
||||
|
3,682
|
|
3,766
|
(2.2)
|
(4.1)
|
1.9
|
||||
|
Pharmaceutical
|
|||||||||
|
U.S.
|
3,391
|
3,206
|
5.8
|
5.8
|
-
|
||||
|
International
|
2,668
|
2,432
|
9.7
|
7.3
|
2.4
|
||||
|
6,059
|
|
5,638
|
7.5
|
6.4
|
1.1
|
||||
|
Med Devices & Diagnostics
|
|||||||||
|
U.S.
|
2,872
|
|
2,886
|
(0.5)
|
(0.5)
|
-
|
|||
|
International
|
3,560
|
3,341
|
6.6
|
3.0
|
3.6
|
||||
|
6,432
|
|
6,227
|
3.3
|
1.3
|
2.0
|
||||
|
U.S.
|
7,608
|
7,652
|
(0.6)
|
(0.6)
|
-
|
||||
|
International
|
8,565
|
7,979
|
7.3
|
4.1
|
3.2
|
||||
|
Worldwide
|
$ 16,173
|
15,631
|
3.5
|
%
|
1.8
|
1.7
|
|||
|
Johnson & Johnson and Subsidiaries
|
||||||||||
|
Supplementary Sales Data
|
||||||||||
|
(Unaudited; Dollars in Millions)
|
FIRST QUARTER
|
|||||||||
|
Percent Change
|
||||||||||
|
2011
|
2010
|
Total
|
Operations
|
Currency
|
||||||
|
Sales to customers by
|
||||||||||
|
geographic area
|
||||||||||
|
U.S.
|
$ 7,608
|
7,652
|
(0.6)
|
%
|
(0.6)
|
-
|
||||
|
Europe
|
4,183
|
4,102
|
2.0
|
1.9
|
0.1
|
|||||
|
Western Hemisphere excluding U.S.
|
1,436
|
1,280
|
12.2
|
7.3
|
4.9
|
|||||
|
Asia-Pacific, Africa
|
2,946
|
2,597
|
13.4
|
6.3
|
7.1
|
|||||
|
International
|
8,565
|
7,979
|
7.3
|
4.1
|
3.2
|
|||||
|
|
|
|
|
|
||||||
|
Worldwide
|
$ 16,173
|
15,631
|
3.5
|
%
|
1.8
|
1.7
|
||||
|
JOHNSON & JOHNSON AND SUBSIDIARIES
SEGMENT SALES
|
|||||||||
|
$MM
|
|
FIRST QUARTER
|
|||||||||||
|
% Change
|
|||||||||||
|
2011
|
2010
|
Reported
|
Operational (1)
|
Currency
|
|||||||
|
CONSUMER SEGMENT (2)
|
|||||||||||
|
BABY CARE
|
|||||||||||
|
US
|
105
|
103
|
1.9%
|
1.9%
|
-
|
||||||
|
Intl
|
456
|
426
|
7.0%
|
3.3%
|
3.7%
|
||||||
|
WW
|
561
|
529
|
6.0%
|
3.1%
|
2.9%
|
||||||
|
|
|
||||||||||
|
ORAL CARE
|
|||||||||||
|
US
|
163
|
174
|
(6.3%)
|
(6.3%)
|
-
|
||||||
|
Intl
|
228
|
207
|
10.1%
|
5.6%
|
4.5%
|
||||||
|
WW
|
391
|
381
|
2.6%
|
0.2%
|
2.4%
|
||||||
|
|
|
||||||||||
|
OTC/NUTRITIONALS
|
|||||||||||
|
US
|
397
|
542
|
(26.8%)
|
(26.8%)
|
-
|
||||||
|
Intl
|
732
|
665
|
10.1%
|
6.9%
|
3.2%
|
||||||
|
WW
|
1,129
|
1,207
|
(6.5%)
|
(8.2%)
|
1.7%
|
||||||
|
|
|
||||||||||
|
SKIN CARE
|
|||||||||||
|
US
|
426
|
452
|
(5.8%)
|
(5.8%)
|
-
|
||||||
|
Intl
|
473
|
468
|
1.1%
|
(1.7%)
|
2.8%
|
||||||
|
WW
|
899
|
920
|
(2.3%)
|
(3.7%)
|
1.4%
|
||||||
|
|
|
||||||||||
|
WOMEN'S HEALTH
|
|||||||||||
|
US
|
125
|
146
|
(14.4%)
|
(14.4%)
|
-
|
||||||
|
Intl
|
334
|
323
|
3.4%
|
0.7%
|
2.7%
|
||||||
|
WW
|
459
|
469
|
(2.1%)
|
(4.0%)
|
1.9%
|
||||||
|
|
|
||||||||||
|
WOUND CARE/OTHER
|
|||||||||||
|
US
|
129
|
143
|
(9.8%)
|
(9.8%)
|
-
|
||||||
|
Intl
|
114
|
117
|
(2.6%)
|
(6.9%)
|
4.3%
|
||||||
|
WW
|
243
|
260
|
(6.5%)
|
(8.4%)
|
1.9%
|
||||||
|
|
|
||||||||||
|
TOTAL CONSUMER
|
|||||||||||
|
US
|
1,345
|
1,560
|
(13.8%)
|
(13.8%)
|
-
|
||||||
|
Intl
|
2,337
|
2,206
|
5.9%
|
2.6%
|
3.3%
|
||||||
|
WW
|
3,682
|
3,766
|
(2.2%)
|
(4.1%)
|
1.9%
|
||||||
|
See footnotes at end of schedule
|
|||||||||||
|
JOHNSON & JOHNSON AND SUBSIDIARIES
SEGMENT SALES
|
|||||||||
|
$MM
|
|
FIRST QUARTER
|
|||||||||||
|
% Change
|
|||||||||||
|
2011
|
2010
|
Reported
|
Operational (1)
|
Currency
|
|||||||
|
PHARMACEUTICAL SEGMENT (2) (5)
|
||||||||||
|
ACIPHEX/PARIET
|
||||||||||
|
US
|
109
|
119
|
(8.4%)
|
(8.4%)
|
-
|
|||||
|
Intl
|
130
|
141
|
(7.8%)
|
(8.8%)
|
1.0%
|
|||||
|
WW
|
239
|
260
|
(8.1%)
|
(8.6%)
|
0.5%
|
|||||
|
|
|
|||||||||
|
CONCERTA
|
||||||||||
|
US
|
254
|
231
|
10.0%
|
10.0%
|
-
|
|||||
|
Intl
|
108
|
98
|
10.2%
|
6.3%
|
3.9%
|
|||||
|
WW
|
362
|
329
|
10.0%
|
8.8%
|
1.2%
|
|||||
|
|
|
|||||||||
|
DOXIL/CAELYX
|
||||||||||
|
US
|
64
|
72
|
(11.1%)
|
(11.1%)
|
-
|
|||||
|
Intl
|
75
|
8
|
*
|
*
|
20.2%
|
|||||
|
WW
|
139
|
80
|
73.8%
|
71.6%
|
2.2%
|
|||||
|
DURAGESIC/FENTANYL TRANSDERMAL
|
||||||||||
|
US
|
4
|
38
|
(89.5%)
|
(89.5%)
|
-
|
|||||
|
Intl
|
123
|
146
|
(15.8%)
|
(18.9%)
|
3.1%
|
|||||
|
WW
|
127
|
184
|
(31.0%)
|
(33.4%)
|
2.4%
|
|||||
|
|
|
|||||||||
|
LEVAQUIN/FLOXIN
|
||||||||||
|
US
|
422
|
363
|
16.3%
|
16.3%
|
-
|
|||||
|
Intl
|
12
|
8
|
50.0%
|
44.5%
|
5.5%
|
|||||
|
WW
|
434
|
371
|
17.0%
|
16.9%
|
0.1%
|
|||||
|
|
|
|||||||||
|
PREZISTA
|
||||||||||
|
US
|
126
|
89
|
41.6%
|
41.6%
|
-
|
|||||
|
Intl
|
140
|
98
|
42.9%
|
42.3%
|
0.6%
|
|||||
|
WW
|
266
|
187
|
42.2%
|
41.9%
|
0.3%
|
|||||
|
PROCRIT/EPREX
|
||||||||||
|
US
|
190
|
290
|
(34.5%)
|
(34.5%)
|
-
|
|||||
|
Intl
|
207
|
233
|
(11.2%)
|
(12.3%)
|
1.1%
|
|||||
|
WW
|
397
|
523
|
(24.1%)
|
(24.6%)
|
0.5%
|
|||||
|
|
|
|||||||||
|
REMICADE
|
||||||||||
|
US
|
788
|
780
|
1.0%
|
1.0%
|
-
|
|||||
|
US Exports (3)
|
490
|
400
|
22.5%
|
22.5%
|
-
|
|||||
|
Intl
|
7
|
6
|
16.7%
|
16.7%
|
0.0%
|
|||||
|
WW
|
1,285
|
1,186
|
8.3%
|
8.3%
|
0.0%
|
|||||
See footnotes at end of schedule
|
JOHNSON & JOHNSON AND SUBSIDIARIES
SEGMENT SALES
|
|||||||||
|
$MM
|
|
FIRST QUARTER
|
|||||||||||
|
% Change
|
|||||||||||
|
2011
|
2010
|
Reported
|
Operational (1)
|
Currency
|
|||||||
PHARMACEUTICAL SEGMENT (2) (5) (Continued)
|
RISPERDAL/RISPERIDONE
|
||||||||||
|
US
|
8
|
5
|
60.0%
|
60.0%
|
-
|
|||||
|
Intl
|
119
|
133
|
(10.5%)
|
(14.6%)
|
4.1%
|
|||||
|
WW
|
127
|
138
|
(8.0%)
|
(12.0%)
|
4.0%
|
|||||
|
|
|
|||||||||
|
RISPERDAL CONSTA
|
||||||||||
|
US
|
114
|
117
|
(2.6%)
|
(2.6%)
|
-
|
|||||
|
Intl
|
290
|
262
|
10.7%
|
9.1%
|
1.6%
|
|||||
|
WW
|
404
|
379
|
6.6%
|
5.5%
|
1.1%
|
|||||
|
|
|
|||||||||
|
TOPAMAX
|
||||||||||
|
US
|
50
|
57
|
(12.3%)
|
(12.3%)
|
-
|
|||||
|
Intl
|
79
|
91
|
(13.2%)
|
(14.4%)
|
1.2%
|
|||||
|
WW
|
129
|
148
|
(12.8%)
|
(13.5%)
|
0.7%
|
|||||
|
|
|
|||||||||
|
VELCADE
|
||||||||||
|
US
|
-
|
-
|
-
|
-
|
-
|
|||||
|
Intl
|
280
|
261
|
7.3%
|
5.6%
|
1.7%
|
|||||
|
WW
|
280
|
261
|
7.3%
|
5.6%
|
1.7%
|
|||||
|
|
|
|||||||||
|
OTHER
|
||||||||||
|
US
|
772
|
645
|
19.7%
|
19.7%
|
-
|
|||||
|
Intl
|
1,098
|
947
|
15.9%
|
12.7%
|
3.2%
|
|||||
|
WW
|
1,870
|
1,592
|
17.5%
|
15.6%
|
1.9%
|
|||||
|
|
|
|||||||||
|
TOTAL PHARMACEUTICAL
|
||||||||||
|
US
|
3,391
|
3,206
|
5.8%
|
5.8%
|
-
|
|||||
|
Intl
|
2,668
|
2,432
|
9.7%
|
7.3%
|
2.4%
|
|||||
|
WW
|
6,059
|
5,638
|
7.5%
|
6.4%
|
1.1%
|
|||||
|
MAJOR NEW PHARMACEUTICAL PRODUCTS (4)
|
||||||||||
|
INTELENCE
|
||||||||||
|
US
|
38
|
31
|
22.6%
|
22.6%
|
-
|
|||||
|
Intl
|
31
|
24
|
29.2%
|
28.3%
|
0.9%
|
|||||
|
WW
|
69
|
55
|
25.5%
|
25.1%
|
0.4%
|
|||||
|
INVEGA
|
||||||||||
|
US
|
69
|
69
|
0.0%
|
0.0%
|
-
|
|||||
|
Intl
|
51
|
39
|
30.8%
|
27.9%
|
2.9%
|
|||||
|
WW
|
120
|
108
|
11.1%
|
10.1%
|
1.0%
|
|||||
|
SIMPONI
|
||||||||||
|
US
|
53
|
39
|
35.9%
|
35.9%
|
-
|
|||||
|
Intl
|
42
|
3
|
*
|
*
|
-
|
|||||
|
WW
|
95
|
42
|
*
|
*
|
-
|
|||||
|
STELARA
|
||||||||||
|
US
|
105
|
56
|
87.5%
|
87.5%
|
-
|
|||||
|
Intl
|
61
|
31
|
96.8%
|
94.9%
|
1.9%
|
|||||
|
WW
|
166
|
87
|
90.8%
|
90.1%
|
0.7%
|
|||||
|
See footnotes at end of schedule
|
||||||||||
|
JOHNSON & JOHNSON AND SUBSIDIARIES
SEGMENT SALES
|
|||||||||
|
$MM
|
|
FIRST QUARTER
|
|||||||||||
|
% Change
|
|||||||||||
|
2011
|
2010
|
Reported
|
Operational (1)
|
Currency
|
|||||||
|
MEDICAL DEVICES AND DIAGNOSTICS (2)
|
||||||||||
|
CORDIS
|
||||||||||
|
US
|
242
|
251
|
(3.6%)
|
(3.6%)
|
-
|
|||||
|
Intl
|
393
|
421
|
(6.7%)
|
(9.9%)
|
3.2%
|
|||||
|
WW
|
635
|
672
|
(5.5%)
|
(7.5%)
|
2.0%
|
|||||
|
|
|
|||||||||
|
DEPUY
|
||||||||||
|
US
|
811
|
814
|
(0.4%)
|
(0.4%)
|
-
|
|||||
|
Intl
|
692
|
640
|
8.1%
|
4.2%
|
3.9%
|
|||||
|
WW
|
1,503
|
1,454
|
3.4%
|
1.7%
|
1.7%
|
|||||
|
DIABETES CARE
|
||||||||||
|
US
|
311
|
290
|
7.2%
|
7.2%
|
-
|
|||||
|
Intl
|
326
|
307
|
6.2%
|
4.9%
|
1.3%
|
|||||
|
WW
|
637
|
597
|
6.7%
|
6.0%
|
0.7%
|
|||||
|
|
|
|||||||||
|
ETHICON
|
||||||||||
|
US
|
516
|
510
|
1.2%
|
1.2%
|
-
|
|||||
|
Intl
|
677
|
637
|
6.3%
|
3.3%
|
3.0%
|
|||||
|
WW
|
1,193
|
1,147
|
4.0%
|
2.3%
|
1.7%
|
|||||
|
|
|
|||||||||
|
ETHICON ENDO-SURGERY
|
||||||||||
|
US
|
471
|
483
|
(2.5%)
|
(2.5%)
|
-
|
|||||
|
Intl
|
750
|
685
|
9.5%
|
6.0%
|
3.5%
|
|||||
|
WW
|
1,221
|
1,168
|
4.5%
|
2.4%
|
2.1%
|
|||||
|
|
|
|||||||||
|
ORTHO-CLINICAL DIAGNOSTICS
|
||||||||||
|
US
|
265
|
288
|
(8.0%)
|
(8.0%)
|
-
|
|||||
|
Intl
|
256
|
237
|
8.0%
|
4.1%
|
3.9%
|
|||||
|
WW
|
521
|
525
|
(0.8%)
|
(2.5%)
|
1.7%
|
|||||
|
|
|
|||||||||
|
VISION CARE
|
||||||||||
|
US
|
256
|
249
|
2.8%
|
2.8%
|
-
|
|||||
|
Intl
|
466
|
415
|
12.3%
|
5.9%
|
6.4%
|
|||||
|
WW
|
722
|
664
|
8.7%
|
4.7%
|
4.0%
|
|||||
|
|
|
|||||||||
|
TOTAL MEDICAL DEVICES AND DIAGNOSTICS
|
||||||||||
|
US
|
2,872
|
2,886
|
(0.5%)
|
(0.5%)
|
-
|
|||||
|
Intl
|
3,560
|
3,341
|
6.6%
|
3.0%
|
3.6%
|
|||||
|
WW
|
6,432
|
6,227
|
3.3%
|
1.3%
|
2.0%
|
|||||
|
* Percentage greater than 100%
|
||||||||||
|
(1) Operational growth excludes the effect of currency
|
||||||||||
|
(2) Select areas (unaudited)
|
|
|||||||||
|
(3) Reported in U.S. sales
|
||||||||||
|
(4) Included in Other
|
||||||||||
|
(5) Prior year amounts have been reclassified to conform to current presentation
|
||||||||||