JOHNSON & JOHNSON 
By NEW BRUNSWICK, N.J., Jan. 24, 2012 /PRNewswire-FirstCall/ -- Johnson & Johnson today announced sales of $16.3 billion for the fourth quarter of 2011, an increase of 3.9% as compared to the fourth quarter of 2010. Operational sales increased 4.0% and the negative impact of currency was 0.1%. Domestic sales declined 3.4%, while international sales increased 10.2%, reflecting an operational increase of 10.4% and a negative currency impact of 0.2%. Worldwide sales for the full-year 2011 were $65.0 billion, an increase of 5.6% versus 2010. Operational sales increased 2.8% and the positive impact of currency was 2.8%. Domestic sales declined 1.8%, while international sales increased 12.4%, reflecting operational growth of 7.0% and a positive currency impact of 5.4%.
Net earnings and diluted earnings per share for the fourth quarter of 2011 were $0.2 billion and $0.08, respectively. Fourth-quarter 2011 net earnings reflect after-tax charges of $2.9 billion, which include product liability expenses, the net impact of litigation settlements, costs associated with the DePuy ASR(TM) Hip recall program, and an adjustment to the value of a currency option and costs related to the planned acquisition of Synthes, Inc. Fourth-quarter 2010 net earnings included after-tax charges of $922 million representing product liability expenses, the net impact of litigation settlements, and costs associated with the DePuy ASR(TM) Hip recall program. Excluding these special items for both periods, net earnings for the current quarter were $3.1 billion and diluted earnings per share were $1.13, representing increases of 9.3% and 9.7%, respectively, as compared to the same period in 2010.*
Net earnings and diluted earnings per share for the full-year 2011 were $9.7 billion and $3.49, respectively. Full-year 2011 net earnings reflect after-tax charges of $4.2 billion, which include product liability expenses, the net impact of litigation settlements, a previously announced restructuring charge by Cordis Corporation, costs associated with the DePuy ASR(TM) Hip recall program, and an adjustment to the value of a currency option and costs related to the planned acquisition of Synthes, Inc. Full-year 2010 net earnings included a net after-tax gain of $55 million representing product liability expenses, the net impact of litigation settlements, and costs associated with the DePuy ASR(TM)( )Hip recall program. Excluding these special items in both periods, net earnings for the full-year 2011 were $13.9 billion and diluted earnings per share were $5.00, representing increases of 4.4% and 5.0%, respectively, as compared with the full year of 2010.*
The Company announced earnings guidance for full-year 2012 of $5.05 to $5.15 per share, which excludes the impact of special items. This guidance reflects operational growth of approximately 3.5% to 5.5% partially offset by an estimated negative impact of currency of approximately 2.5%.
"We delivered solid results for 2011, built on the strong growth of our recently launched pharmaceutical products, and continued the steady momentum of new product approvals across all our businesses," said William C. Weldon, Chairman and Chief Executive Officer. "Our talented people are focused on bringing meaningful innovations to patients and customers to address significant unmet needs, positioning us well to deliver sustainable leadership and profitable growth in health care."
Worldwide Consumer sales of $14.9 billion for the full-year 2011 represented an increase of 2.0% over the prior year, consisting of an operational decline of 0.7% and a positive impact from currency of 2.7%. Domestic sales decreased 6.7%; international sales increased 7.3%, which reflected an operational increase of 2.9% and a positive currency impact of 4.4%.
Sales in U.S. over-the-counter medicines were significantly impacted by the suspension of manufacturing at the McNeil Consumer Healthcare facility in Fort Washington, Pa., as well as the impact on production volumes related to ongoing efforts to enhance quality and manufacturing systems. Positive contributors to operational results were international sales of over-the-counter medicines; NEUTROGENA® skin care products; baby care products; and LISTERINE® antiseptic mouthrinse.
Worldwide Pharmaceutical sales of $24.4 billion for the full-year 2011 represented an increase of 8.8% versus the prior year with an operational increase of 6.2% and a positive impact from currency of 2.6%. Domestic sales decreased 1.1%; international sales increased 21.3%, which reflected an operational increase of 15.5% and a positive currency impact of 5.8%.
Sales results in the U.S. were negatively impacted by generic competition for LEVAQUIN® (levofloxacin), a treatment for bacterial infections, which was offset by the strong performance of recently launched products.
The strong performance of recently launched products include STELARA® (ustekinumab), a biologic approved for the treatment of moderate to severe plaque psoriasis; 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; INVEGA® SUSTENNA® (paliperidone palmitate) a once-monthly, long-acting, injectable atypical antipsychotic for the acute and maintenance treatment of schizophrenia in adults; and SIMPONI®( )(golimumab), a biologic approved to treat adults with moderate to severe rheumatoid arthritis, psoriatic arthritis, and ankylosing spondylitis.
Also contributing to operational sales growth were strong results for REMICADE® (infliximab), a biologic approved for the treatment of a number of immune-mediated, inflammatory diseases, including incremental sales from the amended distribution agreement with Merck; recently acquired vaccines, proteins and antibodies from Crucell that prevent and/or treat infectious diseases; PREZISTA® (darunavir), a treatment for HIV; and VELCADE® (bortezomib), a treatment for multiple myeloma.
During the quarter, the U.S. Food and Drug Administration (FDA) approved an additional indication for XARELTO® (rivaroxaban) to reduce the risk of stroke and systemic embolism in patients with nonvalvular atrial fibrillation. In addition, the European Commission granted marketing authorization for EDURANT® (rilpivirine) as a once daily treatment, in combination with other antiretroviral agents (ARVs), for the treatment of human immunodeficiency virus type 1 (HIV-1) infection in ARV treatment-naive adult patients with a viral load < 100,000 HIV-1 RNA copies/mL.
Also during the quarter, supplemental New Drug Applications were submitted to the FDA seeking approval for the use of XARELTO® (rivaroxaban), an oral anticoagulant, to reduce the risk of thrombotic cardiovascular events in patients with Acute Coronary Syndrome, and for NUCYNTA® ER (tapentadol) extended-release tablets, an oral analgesic, for the management of neuropathic pain associated with diabetic peripheral neuropathy in adults. The Company also announced an agreement with Pharmacyclics, Inc. to jointly develop and market the BTK Inhibitor, PCI-32765, for the treatment of cancer.
Worldwide Medical Devices and Diagnostics sales of $25.8 billion for the full-year 2011 represented an increase of 4.8% versus the prior year with an operational increase of 1.7% and a positive impact from currency of 3.1%. Domestic sales decreased 0.4%; international sales increased 9.2%, which reflected an operational increase of 3.4% and a positive currency impact of 5.8%.
Primary contributors to operational growth included Ethicon's surgical care products; Ethicon Endo-Surgery's Advanced Sterilization Products and international sales of minimally invasive products; Diabetes Care's blood glucose monitoring and insulin delivery products; Biosense Webster's electrophysiology business; and Vistakon's disposable contact lenses. This growth was partially offset by lower sales in the Cardiovascular Care business, reflecting continued market and competitive pressures. As the Company previously announced, we have now exited the drug eluting stent market.
During the quarter, the FDA approved the new ThermoCool® SF irrigated ablation catheter for use in atrial fibrillation and cleared the ENSEAL® G2 Curved and Straight Tissue Sealers to expand surgeons' options for achieving strong vessel seals in both open and minimally invasive surgery. Ethicon Endo-Surgery, Inc. also completed its acquisition of SterilMed, Inc., a leader in the reprocessing and remanufacturing of single-use medical devices in the United States.
About Johnson & Johnson
Caring for the world, one person at a time...inspires and unites the people of Johnson & Johnson. We embrace research and science - bringing innovative ideas, products and services to advance the health and well-being of people. Our 118,000 employees at more than 250 Johnson & Johnson operating companies work with partners in health care to touch the lives of over a billion people every day, throughout the world.
* 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
Johnson & Johnson will conduct a meeting with members of the investment community to discuss this news release today at 8:30 a.m., Eastern Time. A simultaneous webcast of the meeting for investors and other interested parties may be accessed by visiting the Johnson & Johnson website at www.investor.jnj.com. A replay and podcast will be available approximately two hours after the live webcast by visiting www.investor.jnj.com.
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 Johnson & Johnson, including a pharmaceutical pipeline of selected compounds in late stage development and medical devices and diagnostics pipeline of selected products, can be found on the Company's investor website at www.jnj.com
(This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned not to rely on these forward-looking statements. 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's Annual Report on Form 10-K for the fiscal year ended January 2, 2011. Copies of this Form 10-K, as well as subsequent filings, are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Johnson & Johnson does not undertake to update any forward-looking statements as a result of new information or future events or developments.)
Johnson & Johnson and Subsidiaries
----------------------------------
Supplementary Sales Data
(Unaudited; Dollars in
Millions) FOURTH QUARTER TWELVE 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. $1,248 1,219 2.4% 2.4 - $5,151 5,519 (6.7)% (6.7) -
International 2,420 2,391 1.2 2.8 (1.6) 9,732 9,071 7.3 2.9 4.4
3,668 3,610 1.6 2.7 (1.1) 14,883 14,590 2.0 (0.7) 2.7
----- ----- --- --- ---- ------ ------ --- ---- ---
Pharmaceutical
U.S. 2,887 3,149 (8.3) (8.3) - 12,386 12,519 (1.1) (1.1) -
International 3,207 2,561 25.2 25.0 0.2 11,982 9,877 21.3 15.5 5.8
6,094 5,710 6.7 6.6 0.1 24,368 22,396 8.8 6.2 2.6
----- ----- --- --- --- ------ ------ --- --- ---
Med Devices &
Diagnostics
U.S. 2,850 2,861 (0.4) (0.4) - 11,371 11,412 (0.4) (0.4) -
International 3,643 3,463 5.2 4.6 0.6 14,408 13,189 9.2 3.4 5.8
6,493 6,324 2.7 2.4 0.3 25,779 24,601 4.8 1.7 3.1
----- ----- --- --- --- ------ ------ --- --- ---
U.S. 6,985 7,229 (3.4) (3.4) - 28,908 29,450 (1.8) (1.8) -
International 9,270 8,415 10.2 10.4 (0.2) 36,122 32,137 12.4 7.0 5.4
Worldwide $16,255 15,644 3.9% 4.0 (0.1) $65,030 61,587 5.6% 2.8 2.8
--------- ------- ------ --- --- ---- ------- ------ --- --- ---
Johnson & Johnson and Subsidiaries
----------------------------------
Supplementary Sales Data
(Unaudited;
Dollars in
Millions) FOURTH QUARTER TWELVE MONTHS
----------- -------------- -------------
Percent Change Percent Change
2011 2010 Total Operations Currency 2011 2010 Total Operations Currency
---- ---- ----- ---------- -------- ---- ---- ----- ---------- --------
Sales to
customers by
geographic area
U.S. $6,985 7,229 (3.4)% (3.4) - $28,908 29,450 (1.8)% (1.8) -
---- ------ ----- ----- ---- --- ------- ------ ----- ---- ---
Europe 4,279 3,947 8.4 9.4 (1.0) 17,129 15,510 10.4 5.3 5.1
Western
Hemisphere
excluding U.S. 1,688 1,471 14.8 17.8 (3.0) 6,418 5,550 15.6 12.2 3.4
Asia-Pacific,
Africa 3,303 2,997 10.2 7.9 2.3 12,575 11,077 13.5 6.6 6.9
International 9,270 8,415 10.2 10.4 (0.2) 36,122 32,137 12.4 7.0 5.4
------------- ----- ----- ---- ---- ---- ------ ------ ---- --- ---
Worldwide $16,255 15,644 3.9% 4.0 (0.1) $65,030 61,587 5.6% 2.8 2.8
--------- ------- ------ --- --- ---- ------- ------ --- --- ---
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
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
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) $4.76 (1) 5.0
Effective tax rate 20.1% 21.1%
------------------ ---- ----
(1) See Reconciliation of Non-GAAP Financial Measures.
REPORTED SALES vs. PRIOR PERIOD ($MM)
------------------------------------
FOURTH QUARTER TWELVE MONTHS
-------------- -------------
% Change % Change
-------- --------
2011 2010 Reported Operational (1) Currency 2011 2010 Reported Operational (1) Currency
---- ---- -------- -------------- -------- ---- ---- -------- -------------- --------
CONSUMER SEGMENT (2)
-------------------
BABY CARE
---------
US 103 103 0.0% 0.0% - 418 409 2.2% 2.2% -
Intl 465 474 -1.9% 0.7% -2.6% 1,922 1,800 6.8% 3.4% 3.4%
WW 568 577 -1.6% 0.6% -2.2% 2,340 2,209 5.9% 3.2% 2.7%
ORAL CARE
---------
US 173 149 16.1% 16.1% - 656 635 3.3% 3.3% -
Intl 239 240 -0.4% 1.4% -1.8% 968 891 8.6% 3.9% 4.7%
WW 412 389 5.9% 7.0% -1.1% 1,624 1,526 6.4% 3.6% 2.8%
OTC/NUTRITIONALS
----------------
US 370 381 -2.9% -2.9% - 1,429 1,853 -22.9% -22.9% -
Intl 766 711 7.7% 8.7% -1.0% 2,973 2,696 10.3% 5.2% 5.1%
WW 1,136 1,092 4.0% 4.6% -0.6% 4,402 4,549 -3.2% -6.2% 3.0%
SKIN CARE
---------
US 403 352 14.5% 14.5% - 1,654 1,537 7.6% 7.6% -
Intl 541 537 0.7% 1.3% -0.6% 2,061 1,915 7.6% 3.0% 4.6%
WW 944 889 6.2% 6.6% -0.4% 3,715 3,452 7.6% 5.0% 2.6%
WOMEN'S HEALTH
--------------
US 89 118 -24.6% -24.6% - 439 522 -15.9% -15.9% -
Intl 309 332 -6.9% -4.0% -2.9% 1,353 1,322 2.3% -1.5% 3.8%
WW 398 450 -11.6% -9.5% -2.1% 1,792 1,844 -2.8% -5.5% 2.7%
WOUND CARE/OTHER
----------------
US 110 116 -5.2% -5.2% - 555 563 -1.4% -1.4% -
Intl 100 97 3.1% 6.2% -3.1% 455 447 1.8% -3.3% 5.1%
WW 210 213 -1.4% -0.5% -0.9% 1,010 1,010 0.0% -2.3% 2.3%
TOTAL CONSUMER
--------------
US 1,248 1,219 2.4% 2.4% - 5,151 5,519 -6.7% -6.7% -
Intl 2,420 2,391 1.2% 2.8% -1.6% 9,732 9,071 7.3% 2.9% 4.4%
WW 3,668 3,610 1.6% 2.7% -1.1% 14,883 14,590 2.0% -0.7% 2.7%
See footnotes at end of schedule
REPORTED SALES vs. PRIOR PERIOD ($MM)
------------------------------------
FOURTH QUARTER TWELVE MONTHS
-------------- -------------
% Change % Change
-------- --------
2011 2010 Reported Operational (1) Currency 2011 2010 Reported Operational (1) Currency
---- ---- -------- -------------- -------- ---- ---- -------- -------------- --------
PHARMACEUTICAL SEGMENT (2) (4)
------------------------------
ACIPHEX/PARIET
--------------
US 110 119 -7.6% -7.6% - 414 475 -12.8% -12.8% -
Intl 144 133 8.3% 8.7% -0.4% 561 531 5.6% 0.0% 5.6%
WW 254 252 0.8% 1.0% -0.2% 975 1,006 -3.1% -6.1% 3.0%
CONCERTA/METHYLPHENIDATE
------------------------
US 155 261 -40.6% -40.6% - 822 929 -11.5% -11.5% -
Intl 119 107 11.2% 11.6% -0.4% 446 390 14.4% 8.7% 5.7%
WW 274 368 -25.5% -25.4% -0.1% 1,268 1,319 -3.9% -5.6% 1.7%
DOXIL/CAELYX
------------
US 10 55 -81.8% -81.8% - 140 280 -50.0% -50.0% -
Intl 29 12 * * -10.3% 262 40 * * 5.3%
WW 39 67 -41.8% -34.1% -7.7% 402 320 25.6% 22.1% 3.5%
DURAGESIC/FENTANYL TRANSDERMAL
------------------------------
US 21 45 -53.3% -53.3% - 90 162 -44.4% -44.4% -
Intl 119 151 -21.2% -21.9% 0.7% 499 586 -14.8% -20.1% 5.3%
WW 140 196 -28.6% -29.1% 0.5% 589 748 -21.3% -25.5% 4.2%
LEVAQUIN/FLOXIN
---------------
US (6) 386 * * - 579 1,312 -55.9% -55.9% -
Intl 11 14 -21.4% -17.7% -3.7% 44 45 -2.2% -3.7% 1.5%
WW 5 400 -98.8% -98.7% -0.1% 623 1,357 -54.1% -54.2% 0.1%
PREZISTA
--------
US 143 111 28.8% 28.8% - 529 401 31.9% 31.9% -
Intl 173 125 38.4% 39.0% -0.6% 682 456 49.6% 44.8% 4.8%
WW 316 236 33.9% 34.2% -0.3% 1,211 857 41.3% 38.6% 2.7%
PROCRIT/EPREX
-------------
US 191 270 -29.3% -29.3% - 814 1,070 -23.9% -23.9% -
Intl 177 209 -15.3% -13.7% -1.6% 809 864 -6.4% -10.8% 4.4%
WW 368 479 -23.2% -22.6% -0.6% 1,623 1,934 -16.1% -18.0% 1.9%
REMICADE
--------
US 776 679 14.3% 14.3% - 3,276 3,099 5.7% 5.7% -
US Exports (3) 437 381 14.7% 14.7% - 1,797 1,487 20.8% 20.8% -
Intl 215 5 * * 2.3% 419 24 * * 4.8%
WW 1,428 1,065 34.1% 33.6% 0.5% 5,492 4,610 19.1% 18.7% 0.4%
RISPERDAL/RISPERIDONE
---------------------
US 7 2 * * - 34 (12) * * -
Intl 141 149 -5.4% -7.9% 2.5% 508 539 -5.8% -11.6% 5.8%
WW 148 151 -2.0% -4.4% 2.4% 542 527 2.8% -3.1% 5.9%
RISPERDAL CONSTA
----------------
US 108 105 2.9% 2.9% - 443 445 -0.4% -0.4% -
Intl 277 283 -2.1% -1.3% -0.8% 1,140 1,055 8.1% 2.7% 5.4%
WW 385 388 -0.8% -0.2% -0.6% 1,583 1,500 5.5% 1.7% 3.8%
TOPAMAX
-------
US 40 37 8.1% 8.1% - 176 199 -11.6% -11.6% -
Intl 81 84 -3.6% -2.6% -1.0% 312 339 -8.0% -11.9% 3.9%
WW 121 121 0.0% 0.7% -0.7% 488 538 -9.3% -11.8% 2.5%
VELCADE
-------
US - - - - - - - - - -
Intl 352 287 22.6% 22.4% 0.2% 1,274 1,080 18.0% 12.7% 5.3%
WW 352 287 22.6% 22.4% 0.2% 1,274 1,080 18.0% 12.7% 5.3%
OTHER
-----
US 895 698 28.2% 28.2% - 3,272 2,672 22.5% 22.5% -
Intl 1,369 1,002 36.6% 36.0% 0.6% 5,026 3,928 28.0% 22.2% 5.8%
WW 2,264 1,700 33.2% 32.8% 0.4% 8,298 6,600 25.7% 22.2% 3.5%
TOTAL PHARMACEUTICAL
--------------------
US 2,887 3,149 -8.3% -8.3% - 12,386 12,519 -1.1% -1.1% -
Intl 3,207 2,561 25.2% 25.0% 0.2% 11,982 9,877 21.3% 15.5% 5.8%
WW 6,094 5,710 6.7% 6.6% 0.1% 24,368 22,396 8.8% 6.2% 2.6%
----- ---- --- --- ------ ---- --- ---
See footnotes at end of schedule
REPORTED SALES vs. PRIOR PERIOD ($MM)
------------------------------------
FOURTH QUARTER TWELVE MONTHS
-------------- -------------
Total Total
MAJOR NEW PHARM PRODUCTS(4) 2011 2010 % Change 2011 2010 % Change
-------------------------- ---- ---- -------- ---- ---- --------
(INCLUDED IN OTHER)
INTELENCE
---------
US 45 34 32.4% 163 127 28.3%
Intl 38 31 22.6% 151 116 30.2%
WW 83 65 27.7% 314 243 29.2%
INVEGA
------
US 66 70 -5.7% 285 270 5.6%
Intl 59 46 28.3% 214 154 39.0%
WW 125 116 7.8% 499 424 17.7%
SIMPONI
-------
US 62 56 10.7% 235 193 21.8%
Intl 57 9 * 175 33 *
WW 119 65 83.1% 410 226 81.4%
STELARA
-------
US 126 73 72.6% 443 240 84.6%
Intl 81 47 72.3% 295 153 92.8%
WW 207 120 72.5% 738 393 87.8%
See footnotes at end of schedule
REPORTED SALES vs. PRIOR PERIOD ($MM)
------------------------------------
FOURTH QUARTER TWELVE MONTHS
-------------- -------------
% Change % Change
-------- --------
2011 2010 Reported Operational (1) Currency 2011 2010 Reported Operational (1) Currency
---- ---- -------- -------------- -------- ---- ---- -------- -------------- --------
MEDICAL DEVICES AND DIAGNOSTICS (2)
------------------------------------
CARDIOVASCULAR CARE (5)
----------------------
US 191 246 -22.4% -22.4% - 841 1,008 -16.6% -16.6% -
Intl 349 383 -8.9% -9.6% 0.7% 1,447 1,544 -6.3% -11.4% 5.1%
WW 540 629 -14.1% -14.5% 0.4% 2,288 2,552 -10.3% -13.4% 3.1%
DEPUY
-----
US 775 807 -4.0% -4.0% - 3,093 3,145 -1.7% -1.7% -
Intl 678 640 5.9% 5.7% 0.2% 2,716 2,440 11.3% 5.0% 6.3%
WW 1,453 1,447 0.4% 0.3% 0.1% 5,809 5,585 4.0% 1.2% 2.8%
DIABETES CARE
-------------
US 330 318 3.8% 3.8% - 1,312 1,259 4.2% 4.2% -
Intl 340 326 4.3% 4.4% -0.1% 1,340 1,211 10.7% 5.7% 5.0%
WW 670 644 4.0% 4.1% -0.1% 2,652 2,470 7.4% 5.0% 2.4%
ETHICON
-------
US 536 501 7.0% 7.0% - 2,111 2,000 5.6% 5.6% -
Intl 697 651 7.1% 7.6% -0.5% 2,759 2,503 10.2% 5.0% 5.2%
WW 1,233 1,152 7.0% 7.3% -0.3% 4,870 4,503 8.2% 5.3% 2.9%
ETHICON ENDO-SURGERY
--------------------
US 524 501 4.6% 4.6% - 1,957 1,975 -0.9% -0.9% -
Intl 809 756 7.0% 6.3% 0.7% 3,123 2,783 12.2% 6.3% 5.9%
WW 1,333 1,257 6.0% 5.6% 0.4% 5,080 4,758 6.8% 3.4% 3.4%
ORTHO-CLINICAL DIAGNOSTICS
--------------------------
US 280 276 1.4% 1.4% - 1,091 1,091 0.0% 0.0% -
Intl 274 260 5.4% 4.8% 0.6% 1,073 962 11.5% 5.9% 5.6%
WW 554 536 3.4% 3.1% 0.3% 2,164 2,053 5.4% 2.8% 2.6%
VISION CARE
-----------
US 214 212 0.9% 0.9% - 966 934 3.4% 3.4% -
Intl 496 447 11.0% 8.2% 2.8% 1,950 1,746 11.7% 4.5% 7.2%
WW 710 659 7.7% 5.8% 1.9% 2,916 2,680 8.8% 4.1% 4.7%
TOTAL MEDICAL DEVICES AND DIAGNOSTICS
-------------------------------------
US 2,850 2,861 -0.4% -0.4% - 11,371 11,412 -0.4% -0.4% -
Intl 3,643 3,463 5.2% 4.6% 0.6% 14,408 13,189 9.2% 3.4% 5.8%
WW 6,493 6,324 2.7% 2.4% 0.3% 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(TM)Hip 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.
SOURCE Johnson & Johnson
