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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
 
 
 
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended March 29, 2020

or
 
 
 
 
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the transition period from            to
Commission file number 1-3215
Johnson & Johnson
(Exact name of registrant as specified in its charter)
New Jersey
 
22-1024240
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)

One Johnson & Johnson Plaza
New Brunswick , New Jersey 08933
(Address of principal executive offices)
Registrant’s telephone number, including area code ( 732 524-0400
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
Accelerated filer
 
Non-accelerated filer
Smaller reporting company
 
Emerging growth company
 
 

If an emerging growth company, indicated by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No






SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, Par Value $1.00
JNJ
New York Stock Exchange
0.250% Notes Due January 2022
JNJ
New York Stock Exchange
0.650% Notes Due May 2024
JNJ
New York Stock Exchange
5.50% Notes Due November 2024
JNJ
New York Stock Exchange
1.150% Notes Due November 2028
JNJ
New York Stock Exchange
1.650% Notes Due May 2035
JNJ
New York Stock Exchange
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
On April 22, 2020, 2,634,594,535 shares of Common Stock, $1.00 par value, were outstanding.





JOHNSON & JOHNSON AND SUBSIDIARIES
TABLE OF CONTENTS
 
 
Page
 
 
No.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q and Johnson & Johnson's other publicly available documents contain forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Management and representatives of Johnson & Johnson and its subsidiaries (the Company) also may from time to time make forward-looking statements. Forward-looking statements do not relate strictly to historical or current facts and reflect management’s assumptions, views, plans, objectives and projections about the future. Forward-looking statements may be identified by the use of words such as “plans,” “expects,” “will,” “anticipates,” “estimates,” and other words of similar meaning in conjunction with, among other things: discussions of future operations, expected operating results, financial performance; impact of planned acquisitions and dispositions; impact and timing of restructuring initiatives including associated cost savings and other benefits; the Company's strategy for growth; product development activities; regulatory approvals; market position and expenditures.
Because forward-looking statements are based on current beliefs, expectations and assumptions regarding future events, they are subject to uncertainties, risks and changes that are difficult to predict and many of which are outside of the Company's control. Investors should realize that if underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, the Company’s actual results and financial condition could vary materially from expectations and projections expressed or implied in its forward-looking statements. Investors are therefore cautioned not to rely on these forward-looking statements. Risks and uncertainties include, but are not limited to:
Risks Related to Product Development, Market Success and Competition
Challenges and uncertainties inherent in innovation and development of new and improved products and technologies on which the Company’s continued growth and success depend, including uncertainty of clinical outcomes, additional analysis of existing clinical data, obtaining regulatory approvals, health plan coverage and customer access, and initial and continued commercial success;
Challenges to the Company’s ability to obtain and protect adequate patent and other intellectual property rights for new and existing products and technologies in the United States and other important markets;
The impact of patent expirations, typically followed by the introduction of competing biosimilars and generics and resulting revenue and market share losses;
Increasingly aggressive and frequent challenges to the Company’s patents by competitors and others seeking to launch competing generic, biosimilar or other products and increased receptivity of courts, the United States Patent and Trademark Office and other decision makers to such challenges, potentially resulting in loss of market exclusivity and rapid decline in sales for the relevant product sooner than expected;
Competition in research and development of new and improved products, processes and technologies, which can result in product and process obsolescence;
Competition to reach agreement with third parties for collaboration, licensing, development and marketing agreements for products and technologies;
Competition based on cost-effectiveness, product performance, technological advances and patents attained by competitors; and
Allegations that the Company’s products infringe the patents and other intellectual property rights of third parties, which could adversely affect the Company’s ability to sell the products in question and require the payment of money damages and future royalties.
Risks Related to Product Liability, Litigation and Regulatory Activity
Product efficacy or safety concerns, whether or not based on scientific evidence, potentially resulting in product withdrawals, recalls, regulatory action on the part of the United States Food and Drug Administration (or international counterparts), declining sales, reputational damage, increased litigation expense and share price impact;
Impact, including declining sales and reputational damage, of significant litigation or government action adverse to the Company, including product liability claims and allegations related to pharmaceutical marketing practices and contracting strategies;
Impact of an adverse judgment or settlement and the adequacy of reserves related to legal proceedings, including patent litigation, product liability, personal injury claims, securities class actions, government investigations, employment and other legal proceedings;



Increased scrutiny of the health care industry by government agencies and state attorneys general resulting in investigations and prosecutions, which carry the risk of significant civil and criminal penalties, including, but not limited to, debarment from government business;
Failure to meet compliance obligations in the McNEIL-PPC, Inc. Consent Decree or any other compliance agreements with governments or government agencies, which could result in significant sanctions;
Potential changes to applicable laws and regulations affecting United States and international operations, including relating to: approval of new products; licensing and patent rights; sales and promotion of health care products; access to, and reimbursement and pricing for, health care products and services; environmental protection and sourcing of raw materials;
Compliance with local regulations and laws that may restrict the Company’s ability to manufacture or sell its products in relevant markets including, requirements to comply with medical device reporting regulations and other requirements such as the European Union's Medical Devices Regulation;
Changes in domestic and international tax laws and regulations, including changes related to The Tax Cuts and Jobs Act in the United States, the Federal Act on Tax Reform and AHV Financing in Switzerland, increasing audit scrutiny by tax authorities around the world and exposures to additional tax liabilities potentially in excess of existing reserves; and
Issuance of new or revised accounting standards by the Financial Accounting Standards Board and regulations by the Securities and Exchange Commission.
Risks Related to the Company’s Strategic Initiatives and Healthcare Market Trends
Pricing pressures resulting from trends toward health care cost containment, including the continued consolidation among health care providers and other market participants, trends toward managed care, the shift toward governments increasingly becoming the primary payers of health care expenses, significant new entrants to the health care markets seeking to reduce costs and government pressure on companies to voluntarily reduce costs and price increases;
Restricted spending patterns of individual, institutional and governmental purchasers of health care products and services due to economic hardship and budgetary constraints;
Challenges to the Company’s ability to realize its strategy for growth including through externally sourced innovations, such as development collaborations, strategic acquisitions, licensing and marketing agreements, and the potential heightened costs of any such external arrangements due to competitive pressures;
The potential that the expected strategic benefits and opportunities from any planned or completed acquisition or divestiture by the Company may not be realized or may take longer to realize than expected; and
The potential that the expected benefits and opportunities related to past and ongoing restructuring actions may not be realized or may take longer to realize than expected.
Risks Related to Economic Conditions, Financial Markets and Operating Internationally
The risks associated with global operations, including the impact of global public health crises and pandemics, such as the outbreak of the novel coronavirus (COVID-19), on the Company and its customers and suppliers, including foreign governments in countries in which the Company operates.
Impact of inflation and fluctuations in interest rates and currency exchange rates and the potential effect of such fluctuations on revenues, expenses and resulting margins;
Potential changes in export/import and trade laws, regulations and policies of the United States and other countries, including any increased trade restrictions or tariffs and potential drug reimportation legislation;
The impact on international operations from financial instability in international economies, sovereign risk, possible imposition of governmental controls and restrictive economic policies, and unstable international governments and legal systems;
Changes to global climate, extreme weather and natural disasters that could affect demand for the Company's products and services, cause disruptions in manufacturing and distribution networks, alter the availability of goods and services within the supply chain, and affect the overall design and integrity of the Company's products and operations;
The impact of armed conflicts and terrorist attacks in the United States and other parts of the world including social and economic disruptions and instability of financial and other markets; and




Risks Related to Supply Chain and Operations
Difficulties and delays in manufacturing, internally through third party providers or otherwise within the supply chain, that may lead to voluntary or involuntary business interruptions or shutdowns, product shortages, withdrawals or suspensions of products from the market, and potential regulatory action;
Interruptions and breaches of the Company's information technology systems or those of the Company's vendors which, could result in reputational, competitive, operational or other business harm as well as financial costs and regulatory action;
Reliance on global supply chains and production and distribution processes that are complex and subject to increasing regulatory requirements that may adversely affect supply, sourcing and pricing of materials used in the Company’s products; and
The potential that the expected benefits and opportunities related to restructuring actions contemplated for the global supply chain, including the Company's transaction with Jabil Inc., may not be realized or may take longer to realize than expected, including due to any required approvals from applicable regulatory authorities. Disruptions associated with the announced global supply chain actions may adversely affect supply and sourcing of materials used in the Company's products.
Investors also should carefully read the Risk Factors described in Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended December 29, 2019, for a description of certain risks that could, among other things, cause the Company’s actual results to differ materially from those expressed in its forward-looking statements. Investors should understand that it is not possible to predict or identify all such factors and should not consider the risks described above to be a complete statement of all potential risks and uncertainties. The Company does not undertake to publicly update any forward-looking statement that may be made from time to time, whether as a result of new information or future events or developments.




Part I — FINANCIAL INFORMATION

Item 1 — FINANCIAL STATEMENTS

JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited; Dollars in Millions Except Share and Per Share Data)
 
 
March 29, 2020
 
December 29, 2019
ASSETS
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
15,530

 
17,305

Marketable securities
 
2,494

 
1,982

Accounts receivable, trade, less allowances for doubtful accounts and credit losses $234 (2019, $226)
 
14,874

 
14,481

Inventories (Note 2)
 
8,868

 
9,020

Prepaid expenses and other
 
2,358

 
2,392

Assets held for sale (Note 10)
 
102

 
94

Total current assets
 
44,226

 
45,274

Property, plant and equipment at cost
 
43,247

 
43,332

Less: accumulated depreciation
 
( 25,846
)
 
( 25,674
)
Property, plant and equipment, net
 
17,401

 
17,658

Intangible assets, net (Note 3)
 
47,338

 
47,643

Goodwill (Note 3)
 
33,471

 
33,639

Deferred taxes on income (Note 5)
 
7,539

 
7,819

Other assets
 
5,042

 
5,695

Total assets
 
$
155,017

 
157,728

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
 
 
 
 
Loans and notes payable
 
$
2,190

 
1,202

Accounts payable
 
7,411

 
8,544

Accrued liabilities
 
8,384

 
9,715

Accrued rebates, returns and promotions
 
11,608

 
10,883

Accrued compensation and employee related obligations
 
2,166

 
3,354

Accrued taxes on income (Note 5)
 
1,930

 
2,266

Total current liabilities
 
33,689

 
35,964

Long-term debt (Note 4)
 
25,393

 
26,494

Deferred taxes on income (Note 5)
 
5,766

 
5,958

Employee related obligations (Note 6)
 
10,529

 
10,663

Long-term taxes payable (Note 5)
 
7,402

 
7,444

Other liabilities
 
10,944

 
11,734

Total liabilities
 
93,723

 
98,257

Commitments and Contingencies (Note 11)
 


 


Shareholders’ equity:
 
 
 
 
Common stock — par value $1.00 per share (authorized 4,320,000,000 shares; issued 3,119,843,000 shares)
 
$
3,120

 
3,120

Accumulated other comprehensive income (loss) (Note 7)
 
( 16,243
)
 
( 15,891
)
Retained earnings
 
112,901

 
110,659

Less: common stock held in treasury, at cost (487,451,000   and 487,336,000 shares)
 
38,484

 
38,417

Total shareholders’ equity
 
61,294

 
59,471

Total liabilities and shareholders' equity
 
$
155,017

 
157,728

See Notes to Consolidated Financial Statements

1


JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited; Dollars & Shares in Millions Except Per Share Amounts)
 
 
Fiscal First Quarter Ended
 
 
March 29,
2020
 
Percent
to Sales
 
March 31,
2019
 
Percent
to Sales
Sales to customers (Note 9)
 
$
20,691

 
100.0
 %
 
$
20,021

 
100.0
 %
Cost of products sold
 
7,062

 
34.1

 
6,615

 
33.0

Gross profit
 
13,629

 
65.9

 
13,406

 
67.0

Selling, marketing and administrative expenses
 
5,203

 
25.1

 
5,219

 
26.1

Research and development expense
 
2,580

 
12.5

 
2,858

 
14.3

In-process research and development
 

 

 
890

 
4.4

Interest income
 
( 67
)
 
( 0.3
)
 
( 99
)
 
( 0.5
)
Interest expense, net of portion capitalized
 
25

 
0.1

 
102

 
0.5

Other (income) expense, net
 
( 679
)
 
( 3.3
)
 
( 22
)
 
( 0.1
)
Restructuring (Note 12)
 
58

 
0.3

 
36

 
0.2

Earnings before provision for taxes on income
 
6,509

 
31.5

 
4,422

 
22.1

Provision for taxes on income (Note 5)
 
713

 
3.5

 
673

 
3.4

NET EARNINGS
 
$
5,796

 
28.0
 %
 
$
3,749

 
18.7
 %
 
 
 
 
 
 
 
 
 
NET EARNINGS PER SHARE (Note 8)
 
 
 
 
 
 
 
 
Basic
 
$
2.20

 
 
 
$
1.41

 
 
Diluted
 
$
2.17

 
 
 
$
1.39

 
 
 
 
 
 
 
 
 
 
 
AVG. SHARES OUTSTANDING
 
 
 
 
 
 
 
 
Basic
 
2,633.7

 
 
 
2,660.8

 
 
Diluted
 
2,671.0

 
 
 
2,698.8

 
 


See Notes to Consolidated Financial Statements



 
 
 
 
 
 
 
 
 



2


JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited; Dollars in Millions)

 
Fiscal First Quarter Ended
 
 
March 29, 2020
 
March 31, 2019
 
Net earnings
$
5,796

 
3,749

 
 
 
 
 
 
Other comprehensive income (loss), net of tax
 
 
 
 
Foreign currency translation
( 1,519
)
 
( 258
)
 
 
 
 
 
 
Securities:
 
 
 
 
  Unrealized holding gain (loss) arising during period
2

 

 
  Reclassifications to earnings

 

 
  Net change
2

 

 
 
 
 
 
 
Employee benefit plans:
 
 
 
 
  Prior service cost amortization during period
( 6
)
 
( 7
)
 
  Gain (loss) amortization during period
201

 
176

 
  Net change
195

 
169

 
 
 
 
 
 
Derivatives & hedges:
 
 
 
 
  Unrealized gain (loss) arising during period
832

 
( 302
)
 
  Reclassifications to earnings
138

 
96

 
  Net change
970

 
( 206
)
 
 
 
 
 
 
Other comprehensive income (loss)
( 352
)
 
( 295
)
 
 
 
 
 
 
Comprehensive income
$
5,444

 
3,454

 
 
 
 
 
 
See Notes to Consolidated Financial Statements

The tax effects in other comprehensive income for the fiscal first quarter were as follows for 2020 and 2019, respectively: Foreign Currency Translation: $46 million and $61 million; Securities: $1 million in 2020, Employee Benefit Plans: $56 million and $1 million; Derivatives & Hedges: $256 million and $55 million.
 
 

3


JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited; Dollars in Millions)



Fiscal First Quarter Ended March 29, 2020

 
Total
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income
 
Common Stock
Issued Amount
 
Treasury
Stock
Amount
Balance, December 29, 2019
$
59,471

 
110,659

 
( 15,891
)
 
3,120

 
( 38,417
)
Net earnings
5,796

 
5,796

 

 

 

Cash dividends paid ($0.95 per share)
( 2,505
)
 
( 2,505
)
 

 

 

Employee compensation and stock option plans
595

 
( 1,049
)
 

 

 
1,644

Repurchase of common stock
( 1,711
)
 

 

 

 
( 1,711
)
Other comprehensive income (loss), net of tax