News Releases
View printer-friendly version < < backNet earnings and diluted earnings per share for the first quarter of 2011 were
The Company increased its earnings guidance for full-year 2011 to
"Our pharmaceuticals business demonstrated strong growth this quarter led by the performance of recently launched products. We delivered solid earnings while making the investments necessary to advance the robust pipelines across our businesses," said
"The innovations we are bringing to the market, the changes we are implementing in manufacturing and quality, and the dedication of the people of
Worldwide Consumer sales of
Sales in U.S. over-the-counter medicines were significantly impacted by the suspension of manufacturing at the
During the quarter, McNeil—PPC, Inc. signed a Consent Decree with the
Worldwide Pharmaceutical sales of
Sales results include the strong performance of recently launched products, including STELARA® (ustekinumab), a biologic approved for the treatment of moderate to severe plaque psoriasis; SIMPONI® (golimumab), a biologic approved to treat adults with moderate to severe rheumatoid arthritis, psoriatic arthritis, and ankylosing spondylitis; and INVEGA® SUSTENNA™ (paliperidone palmitate) a once-monthly, long-acting, injectable atypical antipsychotic for the acute and maintenance treatment of schizophrenia in adults.
Several other products also contributed to the operational sales growth including REMICADE® (infliximab), a biologic approved for the treatment of a number of immune mediated inflammatory diseases; PREZISTA® (darunavir), a treatment for HIV; CAELYX® (pegylated liposomal doxorubicin hydrochloride), a treatment for certain types of cancer; LEVAQUIN® (levofloxacin), a treatment for bacterial infections; and international sales of RISPERDAL® CONSTA® (risperidone), a long-acting injectable for the management of Bipolar I Disorder and schizophrenia.
During the quarter, the
In April, the Company announced it had reached an agreement with Merck to amend the distribution rights to REMICADE® (infliximab) and SIMPONI® (golimumab), which treat chronic inflammatory diseases such as rheumatoid arthritis. The agreement concludes the arbitration proceeding initiated in 2009, requesting a ruling related to the distribution agreement following the announcement of the proposed merger between Merck and Schering-Plough.
Worldwide Medical Devices and Diagnostics sales of
Primary contributors to operational growth included Biosense Webster's electrophysiology business; LifeScan's blood glucose monitoring products;
About
Caring for the world, one person at a time…inspires and unites the people of
* Net earnings and diluted earnings per share excluding special items are non-GAAP financial measures and should not be considered replacements for GAAP results. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Investor Relations section of the Company's website at www.investor.jnj.com.
NOTE TO INVESTORS
Copies of the financial schedules accompanying this press release are available at www.investor.jnj.com/historical-sales.cfm. These schedules include supplementary sales data, a condensed consolidated statement of earnings, and sales of key products/franchises. Additional information on
(This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to, general industry conditions and competition; economic factors, such as interest rate and currency exchange rate fluctuations; technological advances and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approvals; domestic and foreign health care reforms and governmental laws and regulations; trends toward health care cost containment; and increased scrutiny of the healthcare industry by
government agencies. A further list and description of these risks, uncertainties and other factors can be found in Exhibit 99 of
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 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 | ||||||||||
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 $0.33 per share, respectively. | ||||||||||
REPORTED SALES vs. PRIOR PERIOD ($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 on last page | ||||||
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% | |
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 PHARM 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 | * | * | -17.4% | |
WW | 95 | 42 | * | * | -1.2% | |
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 on last page | ||||||
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 | ||||||
SOURCE
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