News Releases
View printer-friendly version < < backNet earnings and diluted earnings per share for the third quarter of 2011 were
The Company updated its earnings guidance for full-year 2011 to
"Our solid results this quarter reflect the success of many of our recently launched products," said
Worldwide Consumer sales of
Sales in U.S. over-the-counter medicines were significantly impacted by the suspension of manufacturing at the
In September,
Worldwide Pharmaceutical sales of
Sales results in the U.S. were negatively impacted by generic competition for LEVAQUIN® (levofloxacin), a treatment for bacterial infections, partially offset by the strong performance of recently launched products.
The strong performance of recently launched products, include ZYTIGA® (abiraterone acetate), an oral, once-daily medication for use in combination with prednisone or prednisolone, for the treatment of men with metastatic, castration-resistant prostate cancer; 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.
Also contributing to operational sales growth were the incremental sales from the amended distribution agreement with Merck for sales of REMICADE® (infliximab), a biologic approved for the treatment of a number of immune mediated inflammatory diseases; recently acquired vaccines, proteins and antibodies from
During the quarter, the
In September, the Company announced that the
Worldwide Medical Devices and Diagnostics sales of
Primary contributors to operational growth included
During the quarter, the
In September,
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, and should be read together with, the most comparable GAAP financial measures. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is included in the financial schedules accompanying this press release and 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
Supplementary Sales Data | ||||||||||||||||||||
(Unaudited; Dollars in Millions) | THIRD QUARTER | NINE MONTHS | ||||||||||||||||||
Percent Change | Percent Change | |||||||||||||||||||
2011 | 2010 | Total | Operations | Currency | 2011 | 2010 | Total | Operations | Currency | |||||||||||
Sales to customers by | ||||||||||||||||||||
segment of business | ||||||||||||||||||||
Consumer | ||||||||||||||||||||
U.S. | $ 1,219 | 1,277 | (4.5) | % | (4.5) | - | $ 3,903 | 4,300 | (9.2) | % | (9.2) | - | ||||||||
International | 2,521 | 2,290 | 10.1 | 3.3 | 6.8 | 7,312 | 6,680 | 9.5 | 2.9 | 6.6 | ||||||||||
3,740 | 3,567 | 4.9 | 0.5 | 4.4 | 11,215 | 10,980 | 2.1 | (1.9) | 4.0 | |||||||||||
Pharmaceutical | ||||||||||||||||||||
U.S. | 2,869 | 3,054 | (6.1) | (6.1) | - | 9,499 | 9,370 | 1.4 | 1.4 | - | ||||||||||
International | 3,113 | 2,441 | 27.5 | 18.5 | 9.0 | 8,775 | 7,316 | 19.9 | 12.1 | 7.8 | ||||||||||
5,982 | 5,495 | 8.9 | 4.9 | 4.0 | 18,274 | 16,686 | 9.5 | 6.1 | 3.4 | |||||||||||
Med Devices & Diagnostics | ||||||||||||||||||||
U.S. | 2,780 | 2,800 | (0.7) | (0.7) | - | 8,521 | 8,551 | (0.4) | (0.4) | - | ||||||||||
International | 3,503 | 3,120 | 12.3 | 3.9 | 8.4 | 10,765 | 9,726 | 10.7 | 3.0 | 7.7 | ||||||||||
6,283 | 5,920 | 6.1 | 1.7 | 4.4 | 19,286 | 18,277 | 5.5 | 1.4 | 4.1 | |||||||||||
U.S. | 6,868 | 7,131 | (3.7) | (3.7) | - | 21,923 | 22,221 | (1.3) | (1.3) | - | ||||||||||
International | 9,137 | 7,851 | 16.4 | 8.3 | 8.1 | 26,852 | 23,722 | 13.2 | 5.8 | 7.4 | ||||||||||
Worldwide | 14,982 | 6.8 | % | 2.6 | 4.2 | 45,943 | 6.2 | % | 2.3 | 3.9 | ||||||||||
Supplementary Sales Data | ||||||||||||||||||||
(Unaudited; Dollars in Millions) | THIRD QUARTER | NINE MONTHS | ||||||||||||||||||
Percent Change | Percent Change | |||||||||||||||||||
2011 | 2010 | Total | Operations | Currency | 2011 | 2010 | Total | Operations | Currency | |||||||||||
Sales to customers by | ||||||||||||||||||||
geographic area | ||||||||||||||||||||
U.S. | $ 6,868 | 7,131 | (3.7) | % | (3.7) | - | 22,221 | (1.3) | % | (1.3) | - | |||||||||
4,124 | 3,629 | 13.6 | 4.9 | 8.7 | 12,850 | 11,563 | 11.1 | 4.0 | 7.1 | |||||||||||
Western Hemisphere excluding U.S. | 1,751 | 1,424 | 23.0 | 17.1 | 5.9 | 4,730 | 4,079 | 16.0 | 10.1 | 5.9 | ||||||||||
3,262 | 2,798 | 16.6 | 8.1 | 8.5 | 9,272 | 8,080 | 14.8 | 6.3 | 8.5 | |||||||||||
International | 9,137 | 7,851 | 16.4 | 8.3 | 8.1 | 26,852 | 23,722 | 13.2 | 5.8 | 7.4 | ||||||||||
Worldwide | 14,982 | 6.8 | % | 2.6 | 4.2 | 45,943 | 6.2 | % | 2.3 | 3.9 | ||||||||||
Condensed Consolidated Statement of Earnings | ||||||||||
(Unaudited; in Millions Except Per Share Figures) | THIRD QUARTER | |||||||||
2011 | 2010 | Percent | ||||||||
Percent | Percent | Increase | ||||||||
Amount | to Sales | Amount | to Sales | (Decrease) | ||||||
Sales to customers | 100.0 | 100.0 | 6.8 | |||||||
Cost of products sold | 5,072 | 31.7 | 4,594 | 30.7 | 10.4 | |||||
Selling, marketing and administrative expenses | 5,240 | 32.7 | 4,709 | 31.4 | 11.3 | |||||
Research and development expense | 1,773 | 11.1 | 1,657 | 11.1 | 7.0 | |||||
Interest (income)expense, net | 117 | 0.7 | 95 | 0.6 | ||||||
Other (income)expense, net | (308) | (1.9) | (292) | (2.0) | ||||||
Earnings before provision for taxes on income | 4,111 | 25.7 | 4,219 | 28.2 | (2.6) | |||||
Provision for taxes on income | 909 | 5.7 | 802 | 5.4 | 13.3 | |||||
Net earnings | $ 3,202 | 20.0 | $ 3,417 | 22.8 | (6.3) | |||||
Net earnings per share (Diluted) | $ 1.15 | $ 1.23 | (6.5) | |||||||
Average shares outstanding (Diluted) | 2,778.2 | 2,786.4 | ||||||||
Effective tax rate | 22.1 | % | 19.0 | % | ||||||
Adjusted earnings before provision for taxes and net earnings | ||||||||||
Earnings before provision for taxes on income | $ 4,427 | (1) | 27.7 | $ 4,219 | 28.2 | 4.9 | ||||
Net earnings | $ 3,443 | (1) | 21.5 | $ 3,417 | 22.8 | 0.8 | ||||
Net earnings per share (Diluted) | $ 1.24 | (1) | $ 1.23 | 0.8 | ||||||
Effective tax rate | 22.2% | 19.0% | ||||||||
(1) The | ||||||||||
Condensed Consolidated Statement of Earnings | ||||||||||
(Unaudited; in Millions Except Per Share Figures) | NINE MONTHS | |||||||||
2011 | 2010 | Percent | ||||||||
Percent | Percent | Increase | ||||||||
Amount | to Sales | Amount | to Sales | (Decrease) | ||||||
Sales to customers | 100.0 | 100.0 | 6.2 | |||||||
Cost of products sold | 15,022 | 30.8 | 13,752 | 29.9 | 9.2 | |||||
Selling, marketing and administrative expenses | 15,511 | 31.8 | 14,244 | 31.0 | 8.9 | |||||
Research and development expense | 5,393 | 11.0 | 4,862 | 10.6 | 10.9 | |||||
Interest (income)expense, net | 332 | 0.7 | 234 | 0.5 | ||||||
Other (income)expense, net | (115) | (0.2) | (1,868) | (4.0) | ||||||
Restructuring expense | 589 | 1.2 | - | - | ||||||
Earnings before provision for taxes on income | 12,043 | 24.7 | 14,719 | 32.0 | (18.2) | |||||
Provision for taxes on income | 2,589 | 5.3 | 3,327 | 7.2 | (22.2) | |||||
Net earnings | $ 9,454 | 19.4 | 24.8 | (17.0) | ||||||
Net earnings per share (Diluted) | $ 3.40 | $ 4.08 | (16.7) | |||||||
Average shares outstanding (Diluted) | 2,777.6 | 2,792.0 | ||||||||
Effective tax rate | 21.5 | % | 22.6 | % | ||||||
Adjusted earnings before provision for taxes and net earnings | ||||||||||
Earnings before provision for taxes on income | (1) | 28.1 | (2) | 29.1 | 2.4 | |||||
Net earnings | (1) | 22.0 | (2) | 22.7 | 3.1 | |||||
Net earnings per share (Diluted) | $ 3.87 | (1) | $ 3.73 | (2) | 3.8 | |||||
Effective tax rate | 21.6% | 22.2% | ||||||||
(1) The | ||||||||||
(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 | ||||||||||
REPORTED SALES vs. PRIOR PERIOD ($MM) | ||||||||||||
THIRD QUARTER | NINE MONTHS | |||||||||||
% Change | % Change | |||||||||||
2011 | 2010 | Reported | Operational (1) | Currency | 2011 | 2010 | Reported | Operational (1) | Currency | |||
CONSUMER SEGMENT (2) | ||||||||||||
US | 105 | 104 | 1.0% | 1.0% | - | 315 | 306 | 2.9% | 2.9% | - | ||
508 | 462 | 10.0% | 4.8% | 5.2% | 1,457 | 1,326 | 9.9% | 4.4% | 5.5% | |||
WW | 613 | 566 | 8.3% | 4.1% | 4.2% | 1,772 | 1,632 | 8.6% | 4.1% | 4.5% | ||
ORAL CARE | ||||||||||||
US | 162 | 164 | -1.2% | -1.2% | - | 483 | 486 | -0.6% | -0.6% | - | ||
260 | 220 | 18.2% | 11.1% | 7.1% | 729 | 651 | 12.0% | 4.8% | 7.2% | |||
WW | 422 | 384 | 9.9% | 5.8% | 4.1% | 1,212 | 1,137 | 6.6% | 2.5% | 4.1% | ||
OTC/NUTRITIONALS | ||||||||||||
US | 332 | 438 | -24.2% | -24.2% | - | 1,059 | 1,472 | -28.1% | -28.1% | - | ||
722 | 671 | 7.6% | 0.3% | 7.3% | 2,207 | 1,985 | 11.2% | 3.9% | 7.3% | |||
WW | 1,054 | 1,109 | -5.0% | -9.4% | 4.4% | 3,266 | 3,457 | -5.5% | -9.7% | 4.2% | ||
US | 376 | 311 | 20.9% | 20.9% | - | 1,251 | 1,185 | 5.6% | 5.6% | - | ||
567 | 489 | 16.0% | 8.4% | 7.6% | 1,520 | 1,378 | 10.3% | 3.7% | 6.6% | |||
WW | 943 | 800 | 17.9% | 13.2% | 4.7% | 2,771 | 2,563 | 8.1% | 4.5% | 3.6% | ||
WOMEN'S HEALTH | ||||||||||||
US | 104 | 121 | -14.0% | -14.0% | - | 350 | 404 | -13.4% | -13.4% | - | ||
354 | 338 | 4.7% | -1.6% | 6.3% | 1,044 | 990 | 5.5% | -0.5% | 6.0% | |||
WW | 458 | 459 | -0.2% | -4.8% | 4.6% | 1,394 | 1,394 | 0.0% | -4.3% | 4.3% | ||
WOUND CARE/OTHER | ||||||||||||
US | 140 | 139 | 0.7% | 0.7% | - | 445 | 447 | -0.4% | -0.4% | - | ||
110 | 110 | 0.0% | -8.2% | 8.2% | 355 | 350 | 1.4% | -5.5% | 6.9% | |||
WW | 250 | 249 | 0.4% | -2.8% | 3.2% | 800 | 797 | 0.4% | -2.7% | 3.1% | ||
TOTAL CONSUMER | ||||||||||||
US | 1,219 | 1,277 | -4.5% | -4.5% | - | 3,903 | 4,300 | -9.2% | -9.2% | - | ||
2,521 | 2,290 | 10.1% | 3.3% | 6.8% | 7,312 | 6,680 | 9.5% | 2.9% | 6.6% | |||
WW | 3,740 | 3,567 | 4.9% | 0.5% | 4.4% | 11,215 | 10,980 | 2.1% | -1.9% | 4.0% | ||
See footnotes at end of schedule | ||||||||||||
| ||||||||||||
REPORTED SALES vs. PRIOR PERIOD ($MM) | ||||||||||||
THIRD QUARTER | NINE MONTHS | |||||||||||
% Change | % Change | |||||||||||
2011 | 2010 | Reported | Operational (1) | Currency | 2011 | 2010 | Reported | Operational (1) | Currency | |||
PHARMACEUTICAL SEGMENT (2) (4) | ||||||||||||
ACIPHEX/PARIET | ||||||||||||
US | 94 | 116 | -19.0% | -19.0% | - | 304 | 356 | -14.6% | -14.6% | - | ||
141 | 124 | 13.7% | 3.9% | 9.8% | 417 | 398 | 4.8% | -2.8% | 7.6% | |||
WW | 235 | 240 | -2.1% | -7.2% | 5.1% | 721 | 754 | -4.4% | -8.4% | 4.0% | ||
CONCERTA/METHYLPHENIDATE | ||||||||||||
US | 179 | 214 | -16.4% | -16.4% | - | 667 | 668 | -0.1% | -0.1% | - | ||
104 | 85 | 22.4% | 13.7% | 8.7% | 327 | 283 | 15.5% | 7.5% | 8.0% | |||
WW | 283 | 299 | -5.4% | -7.9% | 2.5% | 994 | 951 | 4.5% | 2.1% | 2.4% | ||
DOXIL/CAELYX | ||||||||||||
US | 10 | 75 | -86.7% | -86.7% | - | 130 | 225 | -42.2% | -42.2% | - | ||
76 | 10 | * | * | 7.9% | 233 | 28 | * | * | 7.3% | |||
WW | 86 | 85 | 1.2% | -6.1% | 7.3% | 363 | 253 | 43.5% | 36.8% | 6.7% | ||
DURAGESIC/FENTANYL TRANSDERMAL | ||||||||||||
US | 31 | 42 | -26.2% | -26.2% | - | 69 | 117 | -41.0% | -41.0% | - | ||
124 | 142 | -12.7% | -20.1% | 7.4% | 380 | 435 | -12.6% | -19.5% | 6.9% | |||
WW | 155 | 184 | -15.8% | -21.5% | 5.7% | 449 | 552 | -18.7% | -24.2% | 5.5% | ||
LEVAQUIN/FLOXIN | ||||||||||||
US | 14 | 274 | -94.9% | -94.9% | - | 585 | 926 | -36.8% | -36.8% | - | ||
11 | 12 | -8.3% | -10.7% | 2.4% | 33 | 31 | 6.5% | 2.7% | 3.8% | |||
WW | 25 | 286 | -91.3% | -91.4% | 0.1% | 618 | 957 | -35.4% | -35.5% | 0.1% | ||
PREZISTA | ||||||||||||
US | 132 | 102 | 29.4% | 29.4% | - | 386 | 290 | 33.1% | 33.1% | - | ||
184 | 128 | 43.8% | 36.2% | 7.6% | 509 | 331 | 53.8% | 47.1% | 6.7% | |||
WW | 316 | 230 | 37.4% | 31.2% | 6.2% | 895 | 621 | 44.1% | 38.7% | 5.4% | ||
PROCRIT/EPREX | ||||||||||||
US | 176 | 204 | -13.7% | -13.7% | - | 623 | 800 | -22.1% | -22.1% | - | ||
207 | 202 | 2.5% | -5.4% | 7.9% | 632 | 655 | -3.5% | -9.8% | 6.3% | |||
WW | 383 | 406 | -5.7% | -9.6% | 3.9% | 1,255 | 1,455 | -13.7% | -16.5% | 2.8% | ||
REMICADE | ||||||||||||
US | 876 | 857 | 2.2% | 2.2% | - | 2,500 | 2,420 | 3.3% | 3.3% | - | ||
US Exports (3) | 343 | 365 | -6.0% | -6.0% | - | 1,360 | 1,106 | 23.0% | 23.0% | - | ||
189 | 7 | * | * | 6.3% | 204 | 19 | * | * | 6.9% | |||
WW | 1,408 | 1,229 | 14.6% | 13.6% | 1.0% | 4,064 | 3,545 | 14.6% | 14.2% | 0.4% | ||
RISPERDAL/RISPERIDONE | ||||||||||||
US | 8 | (2) | - | - | - | 27 | (14) | - | - | - | ||
120 | 123 | -2.4% | -9.7% | 7.3% | 367 | 390 | -5.9% | -12.9% | 7.0% | |||
WW | 128 | 121 | 5.8% | -1.7% | 7.5% | 394 | 376 | 4.8% | -2.5% | 7.3% | ||
RISPERDAL CONSTA | ||||||||||||
US | 111 | 108 | 2.8% | 2.8% | - | 335 | 340 | -1.5% | -1.5% | - | ||
279 | 270 | 3.3% | -4.8% | 8.1% | 863 | 772 | 11.8% | 4.1% | 7.7% | |||
WW | 390 | 378 | 3.2% | -2.6% | 5.8% | 1,198 | 1,112 | 7.7% | 2.4% | 5.3% | ||
TOPAMAX | ||||||||||||
US | 45 | 46 | -2.2% | -2.2% | - | 136 | 162 | -16.0% | -16.0% | - | ||
72 | 81 | -11.1% | -17.4% | 6.3% | 231 | 255 | -9.4% | -14.9% | 5.5% | |||
WW | 117 | 127 | -7.9% | -11.9% | 4.0% | 367 | 417 | -12.0% | -15.4% | 3.4% | ||
VELCADE | ||||||||||||
US | - | - | - | - | - | - | - | - | - | - | ||
295 | 246 | 19.9% | 11.5% | 8.4% | 922 | 793 | 16.3% | 9.1% | 7.2% | |||
WW | 295 | 246 | 19.9% | 11.5% | 8.4% | 922 | 793 | 16.3% | 9.1% | 7.2% | ||
OTHER | ||||||||||||
US | 850 | 653 | 30.2% | 30.2% | - | 2,377 | 1,974 | 20.4% | 20.4% | - | ||
1,311 | 1,011 | 29.7% | 21.3% | 8.4% | 3,657 | 2,926 | 25.0% | 17.4% | 7.6% | |||
WW | 2,161 | 1,664 | 29.9% | 24.8% | 5.1% | 6,034 | 4,900 | 23.1% | 18.5% | 4.6% | ||
TOTAL PHARMACEUTICAL | ||||||||||||
US | 2,869 | 3,054 | -6.1% | -6.1% | - | 9,499 | 9,370 | 1.4% | 1.4% | - | ||
3,113 | 2,441 | 27.5% | 18.5% | 9.0% | 8,775 | 7,316 | 19.9% | 12.1% | 7.8% | |||
WW | 5,982 | 5,495 | 8.9% | 4.9% | 4.0% | 18,274 | 16,686 | 9.5% | 6.1% | 3.4% | ||
See footnotes at end of schedule | ||||||||||||
REPORTED SALES vs. PRIOR PERIOD ($MM) | |||||||||||||
THIRD QUARTER | NINE MONTHS | ||||||||||||
Total | Total | ||||||||||||
MAJOR NEW PHARM PRODUCTS (4) | 2011 | 2010 | % Change | 2011 | 2010 | % Change | |||||||
(INCLUDED IN OTHER) | |||||||||||||
INTELENCE | |||||||||||||
US | 42 | 30 | 40.0% | 118 | 93 | 26.9% | |||||||
41 | 37 | 10.8% | 113 | 85 | 32.9% | ||||||||
WW | 83 | 67 | 23.9% | 231 | 178 | 29.8% | |||||||
INVEGA | |||||||||||||
US | 74 | 63 | 17.5% | 219 | 200 | 9.5% | |||||||
52 | 35 | 48.6% | 155 | 108 | 43.5% | ||||||||
WW | 126 | 98 | 28.6% | 374 | 308 | 21.4% | |||||||
SIMPONI | |||||||||||||
US | 59 | 51 | 15.7% | 173 | 137 | 26.3% | |||||||
70 | 9 | * | 118 | 24 | * | ||||||||
WW | 129 | 60 | * | 291 | 161 | 80.7% | |||||||
STELARA | |||||||||||||
US | 112 | 62 | 80.6% | 317 | 167 | 89.8% | |||||||
77 | 38 | * | 214 | 106 | * | ||||||||
WW | 189 | 100 | 89.0% | 531 | 273 | 94.5% | |||||||
See footnotes at end of schedule | |||||||||||||
REPORTED SALES vs. PRIOR PERIOD ($MM) | ||||||||||||
THIRD QUARTER | NINE MONTHS | |||||||||||
% Change | % Change | |||||||||||
2011 | 2010 | Reported | Operational (1) | Currency | 2011 | 2010 | Reported | Operational (1) | Currency | |||
MEDICAL DEVICES AND DIAGNOSTICS (2) | ||||||||||||
CARDIOVASCULAR CARE (5) | ||||||||||||
US | 198 | 246 | -19.5% | -19.5% | - | 650 | 762 | -14.7% | -14.7% | - | ||
328 | 350 | -6.3% | -13.5% | 7.2% | 1,098 | 1,161 | -5.4% | -11.9% | 6.5% | |||
WW | 526 | 596 | -11.7% | -15.9% | 4.2% | 1,748 | 1,923 | -9.1% | -13.1% | 4.0% | ||
DEPUY | ||||||||||||
US | 737 | 748 | -1.5% | -1.5% | - | 2,318 | 2,338 | -0.9% | -0.9% | - | ||
647 | 561 | 15.3% | 6.0% | 9.3% | 2,038 | 1,800 | 13.2% | 4.7% | 8.5% | |||
WW | 1,384 | 1,309 | 5.7% | 1.7% | 4.0% | 4,356 | 4,138 | 5.3% | 1.6% | 3.7% | ||
DIABETES CARE | ||||||||||||
US | 338 | 338 | 0.0% | 0.0% | - | 982 | 941 | 4.4% | 4.4% | - | ||
326 | 275 | 18.5% | 9.8% | 8.7% | 1,000 | 885 | 13.0% | 6.1% | 6.9% | |||
WW | 664 | 613 | 8.3% | 4.4% | 3.9% | 1,982 | 1,826 | 8.5% | 5.2% | 3.3% | ||
US | 519 | 480 | 8.1% | 8.1% | - | 1,575 | 1,499 | 5.1% | 5.1% | - | ||
668 | 592 | 12.8% | 5.0% | 7.8% | 2,062 | 1,852 | 11.3% | 4.1% | 7.2% | |||
WW | 1,187 | 1,072 | 10.7% | 6.4% | 4.3% | 3,637 | 3,351 | 8.5% | 4.5% | 4.0% | ||
US | 472 | 484 | -2.5% | -2.5% | - | 1,433 | 1,474 | -2.8% | -2.8% | - | ||
759 | 653 | 16.2% | 7.6% | 8.6% | 2,314 | 2,027 | 14.2% | 6.4% | 7.8% | |||
WW | 1,231 | 1,137 | 8.3% | 3.4% | 4.9% | 3,747 | 3,501 | 7.0% | 2.5% | 4.5% | ||
US | 265 | 263 | 0.8% | 0.8% | - | 811 | 815 | -0.5% | -0.5% | - | ||
274 | 235 | 16.6% | 8.7% | 7.9% | 799 | 702 | 13.8% | 6.4% | 7.4% | |||
WW | 539 | 498 | 8.2% | 4.5% | 3.7% | 1,610 | 1,517 | 6.1% | 2.7% | 3.4% | ||
VISION CARE | ||||||||||||
US | 251 | 241 | 4.1% | 4.1% | - | 752 | 722 | 4.2% | 4.2% | - | ||
501 | 454 | 10.4% | 1.7% | 8.7% | 1,454 | 1,299 | 11.9% | 3.1% | 8.8% | |||
WW | 752 | 695 | 8.2% | 2.5% | 5.7% | 2,206 | 2,021 | 9.2% | 3.6% | 5.6% | ||
TOTAL MEDICAL DEVICES AND DIAGNOSTICS | ||||||||||||
US | 2,780 | 2,800 | -0.7% | -0.7% | - | 8,521 | 8,551 | -0.4% | -0.4% | - | ||
3,503 | 3,120 | 12.3% | 3.9% | 8.4% | 10,765 | 9,726 | 10.7% | 3.0% | 7.7% | |||
WW | 6,283 | 5,920 | 6.1% | 1.7% | 4.4% | 19,286 | 18,277 | 5.5% | 1.4% | 4.1% | ||
* 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 | ||||||||||||
Reconciliation of Non-GAAP Measures | ||||||||||||||
Third Quarter | % Incr. / | Nine Months YTD | % Incr. / | |||||||||||
(Dollars in Millions Except Per Share Data) | 2011 | 2010 | (Decr.) | 2011 | 2010 | (Decr.) | ||||||||
Earnings before provision for taxes on income - as reported | 4,219 | (2.6) | % | 14,719 | (18.2) | % | ||||||||
Restructuring - Cordis | - | - | 676 | - | ||||||||||
Net Litigation Settlements Loss (Gain) & DePuy ASR™ Hip recall costs* | - | - | 763 | (1,340) | ||||||||||
Currency option adjustment and deal costs related to planned acquisition of Synthes | 316 | - | 214 | - | ||||||||||
Earnings before provision for taxes on income - as adjusted | 4,219 | 4.9 | % | 13,379 | 2.4 | % | ||||||||
Net Earnings - as reported | 3,417 | (6.3) | % | $ 9,454 | 11,392 | (17.0) | % | |||||||
Restructuring - Cordis | - | - | 549 | - | ||||||||||
Net Litigation Settlements Loss (Gain) & DePuy ASR™ Hip recall costs* | - | - | 596 | (977) | ||||||||||
Currency option adjustment and deal costs related to planned acquisition of Synthes | 241 | - | 139 | - | ||||||||||
Net Earnings - as adjusted | 3,417 | 0.8 | % | 10,415 | 3.1 | % | ||||||||
Diluted Net earnings per share - as reported | $ 1.15 | 1.23 | (6.5) | % | $ 3.40 | 4.08 | (16.7) | % | ||||||
Restructuring - Cordis | - | - | 0.20 | - | ||||||||||
Net Litigation Settlements Loss (Gain) & DePuy ASR™ Hip recall costs* | - | - | 0.22 | (0.35) | ||||||||||
Currency option adjustment and deal costs related to planned acquisition of Synthes | 0.09 | - | 0.05 | - | ||||||||||
Diluted Net earnings per share - as adjusted | $ 1.24 | 1.23 | 0.8 | % | $ 3.87 | 3.73 | 3.8 | % | ||||||
*DePuy ASR™ Hip recall costs are in 2011 only. | ||||||||||||||
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. | ||||||||||||||
SOURCE
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