JOHNSON & JOHNSON - FORM 8-K - EX-99.2O - FINANCIALS

Attached files

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8-K - JOHNSON & JOHNSON	a4q20118-k.htm
EX-99.15 - PRESS RELEASE - JOHNSON & JOHNSON	a4q20118-kexhibit9915.htm

Exhibit 99.2O



Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings


(Unaudited; in Millions Except Per Share Figures)	FOURTH QUARTER
	2011						2010					Percent
					Percent						Percent	Increase
	Amount				to Sales		Amount				to Sales	(Decrease)
Sales to customers	$	16,255			100.0		$	15,644			100.0	3.9
Cost of products sold	5,338				32.8		5,040				32.2	5.9
Selling, marketing and administrative expenses	5,458				33.6		5,180				33.1	5.4
Research and development expense	2,155				13.3		1,982				12.7	8.7
Interest (income)expense, net	148				0.9		114				0.7
Other (income)expense, net	2,858				17.6		1,100				7.1
Restructuring (income)expense, net	(20		)		(0.1	)	—				—
Earnings before provision for taxes on income	318				1.9		2,228				14.2	(85.7	)
Provision for taxes on income	100				0.6		286				1.8	(65.0	)
Net earnings	$	218			1.3		$	1,942			12.4	(88.8	)


Net earnings per share (Diluted)	$	0.08					$	0.70				(88.6	)

Average shares outstanding (Diluted)	2,768.9						2,781.6

Effective tax rate	31.4		%				12.8		%

Adjusted earnings before provision for taxes and net earnings^(A)
Earnings before provision for taxes on income	$	3,657		(1)	22.5		$	3,451		(1)	22.1	6.0
Net earnings	$	3,129		(1)	19.2		$	2,864		(1)	18.3	9.3
Net earnings per share (Diluted)	$	1.13		(1)			$	1.03		(1)		9.7
Effective tax rate	14.4		%				17.0		%

(1) See Reconciliation of Non-GAAP Financial Measures.



Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings


(Unaudited; in Millions Except Per Share Figures)	TWELVE MONTHS
	2011					2010						Percent
					Percent					Percent		Increase
	Amount				to Sales	Amount				to Sales		(Decrease)
Sales to customers	$	65,030			100.0	$	61,587			100.0		5.6
Cost of products sold	20,360				31.3	18,792				30.5		8.3
Selling, marketing and administrative expenses	20,969				32.3	19,424				31.5		8.0
Research and development expense	7,548				11.6	6,844				11.1		10.3
Interest (income)expense, net	480				0.7	348				0.6
Other (income)expense, net	2,743				4.2	(768		)		(1.2	)
Restructuring (income)expense, net	569				0.9	—				—
Earnings before provision for taxes on income	12,361				19.0	16,947				27.5		(27.1	)
Provision for taxes on income	2,689				4.1	3,613				5.8		(25.6	)
Net earnings	$	9,672			14.9	$	13,334			21.7		(27.5	)


Net earnings per share (Diluted)	$	3.49				$	4.78					(27.0	)

Average shares outstanding (Diluted)	2,775.3					2,788.8

Effective tax rate	21.8		%			21.3		%

Adjusted earnings before provision for taxes and net earnings^(A)
Earnings before provision for taxes on income	$	17,353		(1)	26.7	$	16,830		(1)	27.3		3.1
Net earnings	$	13,867		(1)	21.3	$	13,279		(1)	21.6		4.4
Net earnings per share (Diluted)	$	5.00		(1)		$	4.76		(1)			5.0
Effective tax rate	20.1		%			21.1		%

(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, 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, 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. See Reconciliation of Non-GAAP Measures.



Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	FOURTH QUARTER
				Percent Change
	2011		2010	Total			Operations		Currency
Sales to customers by
segment of business

Consumer
U.S.	$	1,248	1,219	2.4		%	2.4		—
International	2,420		2,391	1.2			2.8		(1.6	)
	3,668		3,610	1.6			2.7		(1.1	)

Pharmaceutical
U.S.	2,887		3,149	(8.3	)		(8.3	)	—
International	3,207		2,561	25.2			25.0		0.2
	6,094		5,710	6.7			6.6		0.1

Med Devices & Diagnostics
U.S.	2,850		2,861	(0.4	)		(0.4	)	—
International	3,643		3,463	5.2			4.6		0.6
	6,493		6,324	2.7			2.4		0.3

U.S.	6,985		7,229	(3.4	)		(3.4	)	—
International	9,270		8,415	10.2			10.4		(0.2	)
Worldwide	$	16,255	15,644	3.9		%	4.0		(0.1	)



Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	TWELVE MONTHS
				Percent Change
	2011		2010	Total			Operations		Currency
Sales to customers by
segment of business

Consumer
U.S.	$	5,151	5,519	(6.7	)	%	(6.7	)	—
International	9,732		9,071	7.3			2.9		4.4
	14,883		14,590	2.0			(0.7	)	2.7

Pharmaceutical
U.S.	12,386		12,519	(1.1	)		(1.1	)	—
International	11,982		9,877	21.3			15.5		5.8
	24,368		22,396	8.8			6.2		2.6

Med Devices & Diagnostics
U.S.	11,371		11,412	(0.4	)		(0.4	)	—
International	14,408		13,189	9.2			3.4		5.8
	25,779		24,601	4.8			1.7		3.1

U.S.	28,908		29,450	(1.8	)		(1.8	)	—
International	36,122		32,137	12.4			7.0		5.4
Worldwide	$	65,030	61,587	5.6		%	2.8		2.8



Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	FOURTH QUARTER
				Percent Change
	2011		2010	Total			Operations		Currency
Sales to customers by
geographic area

U.S.	$	6,985	7,229	(3.4	)	%	(3.4	)	—

Europe	4,279		3,947	8.4			9.4		(1.0	)
Western Hemisphere excluding U.S.	1,688		1,471	14.8			17.8		(3.0	)
Asia-Pacific, Africa	3,303		2,997	10.2			7.9		2.3
International	9,270		8,415	10.2			10.4		(0.2	)

Worldwide	$	16,255	15,644	3.9		%	4.0		(0.1	)



Johnson & Johnson and Subsidiaries
Supplementary Sales Data

(Unaudited; Dollars in Millions)	TWELVE MONTHS
				Percent Change
	2011		2010	Total			Operations		Currency
Sales to customers by
geographic area

U.S.	$	28,908	29,450	(1.8	)	%	(1.8	)	—

Europe	17,129		15,510	10.4			5.3		5.1
Western Hemisphere excluding U.S.	6,418		5,550	15.6			12.2		3.4
Asia-Pacific, Africa	12,575		11,077	13.5			6.6		6.9
International	36,122		32,137	12.4			7.0		5.4

Worldwide	$	65,030	61,587	5.6		%	2.8		2.8



Johnson & Johnson
Segment Sales
(Dollars in Millions)

		FOURTH QUARTER
				% Change
		2011	2010	Reported		Operational⁽¹⁾		Currency
CONSUMER SEGMENT⁽²⁾

BABY CARE
US	$	103	103	0.0	%	0.0	%	—
Intl		465	474	(1.9	)	0.7		(2.6	)
WW		568	577	(1.6	)	0.6		(2.2	)

ORAL CARE
US		173	149	16.1		16.1		—
Intl		239	240	(0.4	)	1.4		(1.8	)
WW		412	389	5.9		7.0		(1.1	)

OTC/NUTRITIONALS
US		370	381	(2.9	)	(2.9	)	—
Intl		766	711	7.7		8.7		(1.0	)
WW		1,136	1,092	4.0		4.6		(0.6	)

SKIN CARE
US		403	352	14.5		14.5		—
Intl		541	537	0.7		1.3		(0.6	)
WW		944	889	6.2		6.6		(0.4	)

WOMEN'S HEALTH
US		89	118	(24.6	)	(24.6	)	—
Intl		309	332	(6.9	)	(4.0	)	(2.9	)
WW		398	450	(11.6	)	(9.5	)	(2.1	)

WOUND CARE/OTHER
US		110	116	(5.2	)	(5.2	)	—
Intl		100	97	3.1		6.2		(3.1	)
WW		210	213	(1.4	)	(0.5	)	(0.9	)

TOTAL CONSUMER
US		1,248	1,219	2.4		2.4		—
Intl		2,420	2,391	1.2		2.8		(1.6	)
WW	$	3,668	3,610	1.6	%	2.7	%	(1.1	)%

See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)

		FOURTH QUARTER
					% Change
		2011		2010	Reported		Operational⁽¹⁾		Currency
PHARMACEUTICAL SEGMENT^{(2) (4)}

ACIPHEX/PARIET
US	$	110		119	(7.6	)%	(7.6	)%	—
Intl		144		133	8.3		8.7		(0.4	)
WW		254		252	0.8		1.0		(0.2	)

CONCERTA/METHYLPHENIDATE
US		155		261	(40.6	)	(40.6	)	—
Intl		119		107	11.2		11.6		(0.4	)
WW		274		368	(25.5	)	(25.4	)	(0.1	)

DOXIL/CAELYX
US		10		55	(81.8	)	(81.8	)	—
Intl		29		12	*		*		(10.3	)
WW		39		67	(41.8	)	(34.1	)	(7.7	)

DURAGESIC/FENTANYL TRANSDERMAL
US		21		45	(53.3	)	(53.3	)	—
Intl		119		151	(21.2	)	(21.9	)	0.7
WW		140		196	(28.6	)	(29.1	)	0.5

LEVAQUIN/FLOXIN
US		(6	)	386	*		*		—
Intl		11		14	(21.4	)	(17.7	)	(3.7	)
WW		5		400	(98.8	)	(98.7	)	(0.1	)

PREZISTA
US		143		111	28.8		28.8		—
Intl		173		125	38.4		39.0		(0.6	)
WW		316		236	33.9		34.2		(0.3	)

PROCRIT/EPREX
US		191		270	(29.3	)	(29.3	)	—
Intl		177		209	(15.3	)	(13.7	)	(1.6	)
WW		368		479	(23.2	)	(22.6	)	(0.6	)

REMICADE
US		776		679	14.3		14.3		—
US Exports ⁽³⁾		437		381	14.7		14.7		—
Intl		215		5	*		*		2.3
WW		1,428		1,065	34.1		33.6		0.5

See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)

		FOURTH QUARTER
				% Change
		2011	2010	Reported		Operational ⁽¹⁾		Currency
PHARMACEUTICAL SEGMENT^{(2) (4) (Continued)}

RISPERDAL/RISPERIDONE
US	$	7	2	*		*		—
Intl		141	149	(5.4	)	(7.9	)	2.5
WW		148	151	(2.0	)	(4.4	)	2.4

RISPERDAL CONSTA
US		108	105	2.9		2.9		—
Intl		277	283	(2.1	)	(1.3	)	(0.8	)
WW		385	388	(0.8	)	(0.2	)	(0.6	)

TOPAMAX
US		40	37	8.1		8.1		—
Intl		81	84	(3.6	)	(2.6	)	(1.0	)
WW		121	121	0.0		0.7		(0.7	)

VELCADE
US		—	—	—		—		—
Intl		352	287	22.6		22.4		0.2
WW		352	287	22.6		22.4		0.2

OTHER
US		895	698	28.2		28.2		—
Intl		1,369	1,002	36.6		36.0		0.6
WW		2,264	1,700	33.2		32.8		0.4

TOTAL PHARMACEUTICAL
US		2,887	3,149	(8.3	)	(8.3	)	—
Intl		3,207	2,561	25.2		25.0		0.2
WW	$	6,094	5,710	6.7	%	6.6	%	0.1	%


See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)

	Fourth Quarter
				Total
	2011		2010	% Change

MAJOR NEW PHARMACEUTICAL PRODUCTS
(Included in Other)

INTELENCE
US	$	45	34	32.4	%
Intl	38		31	22.6
WW	83		65	27.7

INVEGA
US	66		70	(5.7	)
Intl	59		46	28.3
WW	125		116	7.8

SIMPONI
US	62		56	10.7
Intl	57		9	*
WW	119		65	83.1

STELARA
US	126		73	72.6
Intl	81		47	72.3
WW	$	207	120	72.5	%

See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)

		FOURTH QUARTER
				% Change
		2011	2010	Reported		Operational ⁽¹⁾		Currency
MEDICAL DEVICES AND DIAGNOSTICS ⁽²⁾

CARDIOVASCULAR CARE ⁽⁵⁾
US	$	191	246	(22.4	)%	(22.4	)%	—
Intl		349	383	(8.9	)	(9.6	)	0.7
WW		540	629	(14.1	)	(14.5	)	0.4

DEPUY
US		775	807	(4.0	)	(4.0	)	—
Intl		678	640	5.9		5.7		0.2
WW		1,453	1,447	0.4		0.3		0.1

DIABETES CARE
US		330	318	3.8		3.8		—
Intl		340	326	4.3		4.4		(0.1	)
WW		670	644	4.0		4.1		(0.1	)

ETHICON
US		536	501	7.0		7.0		—
Intl		697	651	7.1		7.6		(0.5	)
WW		1,233	1,152	7.0		7.3		(0.3	)

ETHICON ENDO-SURGERY
US		524	501	4.6		4.6		—
Intl		809	756	7.0		6.3		0.7
WW		1,333	1,257	6.0		5.6		0.4

ORTHO-CLINICAL DIAGNOSTICS
US		280	276	1.4		1.4		—
Intl		274	260	5.4		4.8		0.6
WW		554	536	3.4		3.1		0.3

VISION CARE
US		214	212	0.9		0.9		—
Intl		496	447	11.0		8.2		2.8
WW		710	659	7.7		5.8		1.9

TOTAL MEDICAL DEVICES AND DIAGNOSTICS
US		2,850	2,861	(0.4	)	(0.4	)	—
Intl		3,643	3,463	5.2		4.6		0.6
WW	$	6,493	6,324	2.7	%	2.4	%	0.3	%

See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)

		TWELVE MONTHS
				% Change
		2011	2010	Reported		Operational ⁽¹⁾		Currency
CONSUMER SEGMENT ⁽²⁾

BABY CARE
US	$	418	409	2.2	%	2.2	%	—
Intl		1,922	1,800	6.8		3.4		3.4
WW		2,340	2,209	5.9		3.2		2.7

ORAL CARE
US		656	635	3.3		3.3		—
Intl		968	891	8.6		3.9		4.7
WW		1,624	1,526	6.4		3.6		2.8

OTC/NUTRITIONALS
US		1,429	1,853	(22.9	)	(22.9	)	—
Intl		2,973	2,696	10.3		5.2		5.1
WW		4,402	4,549	(3.2	)	(6.2	)	3.0

SKIN CARE
US		1,654	1,537	7.6		7.6		—
Intl		2,061	1,915	7.6		3.0		4.6
WW		3,715	3,452	7.6		5.0		2.6

WOMEN'S HEALTH
US		439	522	(15.9	)	(15.9	)	—
Intl		1,353	1,322	2.3		(1.5	)	3.8
WW		1,792	1,844	(2.8	)	(5.5	)	2.7

WOUND CARE/OTHER
US		555	563	(1.4	)	(1.4	)	—
Intl		455	447	1.8		(3.3	)	5.1
WW		1,010	1,010	0.0		(2.3	)	2.3

TOTAL CONSUMER
US		5,151	5,519	(6.7	)	(6.7	)	—
Intl		9,732	9,071	7.3		2.9		4.4
WW	$	14,883	14,590	2.0	%	(0.7	)%	2.7	%


See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)

		TWELVE MONTHS
				% Change
		2011	2010	Reported		Operational ⁽¹⁾		Currency
PHARMACEUTICAL SEGMENT ^{(2) (4)}

ACIPHEX/PARIET
US	$	414	475	(12.8	)%	(12.8	)%	—
Intl		561	531	5.6		0.0		5.6
WW		975	1,006	(3.1	)	(6.1	)	3.0

CONCERTA/METHYLPHENIDATE
US		822	929	(11.5	)	(11.5	)	—
Intl		446	390	14.4		8.7		5.7
WW		1,268	1,319	(3.9	)	(5.6	)	1.7

DOXIL/CAELYX
US		140	280	(50.0	)	(50.0	)	—
Intl		262	40	*		*		5.3
WW		402	320	25.6		22.1		3.5

DURAGESIC/FENTANYL TRANSDERMAL
US		90	162	(44.4	)	(44.4	)	—
Intl		499	586	(14.8	)	(20.1	)	5.3
WW		589	748	(21.3	)	(25.5	)	4.2

LEVAQUIN/FLOXIN
US		579	1,312	(55.9	)	(55.9	)	—
Intl		44	45	(2.2	)	(3.7	)	1.5
WW		623	1,357	(54.1	)	(54.2	)	0.1

PREZISTA
US		529	401	31.9		31.9		—
Intl		682	456	49.6		44.8		4.8
WW		1,211	857	41.3		38.6		2.7

PROCRIT/EPREX
US		814	1,070	(23.9	)	(23.9	)	—
Intl		809	864	(6.4	)	(10.8	)	4.4
WW		1,623	1,934	(16.1	)	(18.0	)	1.9

REMICADE
US		3,276	3,099	5.7		5.7		—
US Exports ⁽³⁾		1,797	1,487	20.8		20.8		—
Intl		419	24	*		*		4.8
WW		5,492	4,610	19.1		18.7		0.4

See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)

		TWELVE MONTHS
					% Change
		2011	2010		Reported		Operational ⁽¹⁾		Currency

PHARMACEUTICAL SEGMENT ^{(2) (4) (Continued)}

RISPERDAL/RISPERIDONE
US	$	34	(12	)	*		*		—
Intl		508	539		(5.8	)	(11.6	)	5.8
WW		542	527		2.8		(3.1	)	5.9

RISPERDAL CONSTA
US		443	445		(0.4	)	(0.4	)	—
Intl		1,140	1,055		8.1		2.7		5.4
WW		1,583	1,500		5.5		1.7		3.8

TOPAMAX
US		176	199		(11.6	)	(11.6	)	—
Intl		312	339		(8.0	)	(11.9	)	3.9
WW		488	538		(9.3	)	(11.8	)	2.5

VELCADE
US		—	—		—		—		—
Intl		1,274	1,080		18.0		12.7		5.3
WW		1,274	1,080		18.0		12.7		5.3

OTHER
US		3,272	2,672		22.5		22.5		—
Intl		5,026	3,928		28.0		22.2		5.8
WW		8,298	6,600		25.7		22.2		3.5

TOTAL PHARMACEUTICAL
US		12,386	12,519		(1.1	)	(1.1	)	—
Intl		11,982	9,877		21.3		15.5		5.8
WW	$	24,368	22,396		8.8	%	6.2	%	2.6	%


See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)


	TWELVE MONTHS
				Total
	2011		2010	% Change
MAJOR NEW PHARMACEUTICAL PRODUCTS
(Included in Other)

INTELENCE
US	$	163	127	28.3	%
Intl	151		116	30.2
WW	314		243	29.2

INVEGA
US	285		270	5.6
Intl	214		154	39.0
WW	499		424	17.7

SIMPONI
US	235		193	21.8
Intl	175		33	*
WW	410		226	81.4

STELARA
US	443		240	84.6
Intl	295		153	92.8
WW	$	738	393	87.8	%

See footnotes at end of schedule



Johnson & Johnson
Segment Sales
(Dollars in Millions)

		TWELVE MONTHS
				% Change
		2011	2010	Reported		Operational ⁽¹⁾		Currency

MEDICAL DEVICES AND DIAGNOSTICS ⁽²⁾

CARDIOVASCULAR CARE ⁽⁵⁾
US	$	841	1,008	(16.6	)%	(16.6	)%	—
Intl		1,447	1,544	(6.3	)	(11.4	)	5.1
WW		2,288	2,552	(10.3	)	(13.4	)	3.1

DEPUY
US		3,093	3,145	(1.7	)	(1.7	)	—
Intl		2,716	2,440	11.3		5.0		6.3
WW		5,809	5,585	4.0		1.2		2.8

DIABETES CARE
US		1,312	1,259	4.2		4.2		—
Intl		1,340	1,211	10.7		5.7		5.0
WW		2,652	2,470	7.4		5.0		2.4

ETHICON
US		2,111	2,000	5.6		5.6		—
Intl		2,759	2,503	10.2		5.0		5.2
WW		4,870	4,503	8.2		5.3		2.9

ETHICON ENDO-SURGERY
US		1,957	1,975	(0.9	)	(0.9	)	—
Intl		3,123	2,783	12.2		6.3		5.9
WW		5,080	4,758	6.8		3.4		3.4

ORTHO-CLINICAL DIAGNOSTICS
US		1,091	1,091	0.0		0.0		—
Intl		1,073	962	11.5		5.9		5.6
WW		2,164	2,053	5.4		2.8		2.6

VISION CARE
US		966	934	3.4		3.4		—
Intl		1,950	1,746	11.7		4.5		7.2
WW		2,916	2,680	8.8		4.1		4.7

TOTAL MEDICAL DEVICES AND DIAGNOSTICS
US		11,371	11,412	(0.4	)	(0.4	)	—
Intl		14,408	13,189	9.2		3.4		5.8
WW	$	25,779	24,601	4.8	%	1.7	%	3.1	%

* Percentage greater than 100%
⁽¹⁾ Operational growth excludes the effect of currency
⁽²⁾ Select areas (unaudited)
⁽³⁾ Reported in U.S. sales
⁽⁴⁾ Prior year amounts have been reclassified to conform to current year product disclosure
⁽⁵⁾ Previously Cordis



Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures

	Fourth Quarter				% Incr. /			Twelve Months				% Incr. /
(Dollars in Millions Except Per Share Data)	2011			2010	(Decr.)			2011		2010		(Decr.)

Earnings before provision for taxes on income - as reported	$	318		2,228	(85.7	)	%	$	12,361	16,947		(27.1	)	%

Net litigation settlements loss (gain)	1,134			374				1,710		(966	)

Product liability expenses	1,522			569				1,600		569

Restructuring	(20		)	—				656		—

DePuy ASR^TM Hip recall program	412			280				521		280

Currency option adjustment and costs related to planned acquisition of Synthes	277			—				491		—

In-process research and development	14			—				14		—

Earnings before provision for taxes on income - as adjusted	$	3,657		3,451	6.0		%	$	17,353	16,830		3.1		%

Net Earnings - as reported	$	218		1,942	(88.8	)	%	$	9,672	13,334		(27.5	)	%

Net litigation settlements loss (gain)	1,022			279				1,466		(698	)

Product liability expenses	1,217			404				1,279		404

Restructuring	(13		)	—				536		—

DePuy ASR^TM Hip recall program	336			239				426		239

Currency option adjustment and costs related to planned acquisition of Synthes	338			—				477		—

In-process research and development	11			—				11		—

Net Earnings - as adjusted	$	3,129		2,864	9.3		%	$	13,867	13,279		4.4		%

Diluted Net Earnings per share - as reported	$	0.08		0.70	(88.6	)	%	$	3.49	4.78		(27.0	)	%

Net litigation settlements loss (gain)	0.37			0.10				0.53		(0.25	)

Product liability expenses	0.44			0.14				0.46		0.14

Restructuring	—			—				0.19		—

DePuy ASR^TMHip recall program	0.12			0.09				0.16		0.09

Currency option adjustment and costs related to planned acquisition of Synthes	0.12			—				0.17		—

In-process research and development	—			—				—		—

Diluted Net Earnings per share - as adjusted	$	1.13		1.03	9.7		%	$	5.00	4.76		5.0		%


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.

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