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Johnson & Johnson Reports 2009 First-Quarter Results:
Date:4/14/2009

Sales of $15.0 Billion Decreased 7.2% Versus 2008 First Quarter;

EPS was $1.26, Equal to a Year Ago

NEW BRUNSWICK, N.J., April 14 /PRNewswire-FirstCall/ -- Johnson & Johnson (NYSE: JNJ) today announced sales of $15.0 billion for the first quarter of 2009, a decrease of 7.2% as compared to the first quarter of 2008. Operational results declined 1.2% and the negative impact of currency was 6.0%. Domestic sales declined 5.0%, while international sales declined 9.6%, reflecting operational growth of 3.0% and a negative currency impact of 12.6%.

Net earnings for the first quarter of 2009 were $3.5 billion, representing a decrease of 2.5%, as compared to the same period in 2008. Diluted earnings per share for the first quarter of 2009 was $1.26, the same versus a year ago. The Company confirmed its earnings guidance for full-year 2009 of $4.45 - $4.55 per share, which excludes the impact of special items.

"Despite challenging economic and near term business pressures, we continue to deliver solid financial results," said William C. Weldon, Chairman and Chief Executive Officer. "We are continuing to make strategic investments in order to bring important new products to market, positioning us well for long-term growth."

Worldwide Consumer sales of $3.7 billion for the first quarter represented a decrease of 8.7% versus the prior year with a decline of 1.0% operationally and a negative impact from currency of 7.7%. Domestic sales decreased 5.1%, while international sales decreased 11.6%; which reflected an operational increase of 2.4% and a negative currency impact of 14.0%.

LISTERINE antiseptic mouthrinse and the skin care lines of NEUTROGENA and AVEENO had strong sales performance during the quarter. Also contributing were sales from the recently completed acquisition of DABAO, the leading moisturizer in China. Sales comparisons were negatively impacted due to the initial build of inventory by the trade related to the 2008 launch of ZYRTEC.

Worldwide Pharmaceutical sales of $5.8 billion for the first quarter represented a decrease versus the prior year of 10.1% with an operational decline of 5.1% and a negative impact from currency of 5.0%. Domestic sales decreased 9.7%, while international sales decreased 10.7%; which reflected an operational increase of 2.8% and a negative currency impact of 13.5%.

CONCERTA, a treatment for attention deficit hyperactivity disorder; REMICADE in the U.S., a biologic approved for the treatment of a number of immune mediated inflammatory diseases; INVEGA and RISPERDAL CONSTA, both antipsychotic medications; and VELCADE, a treatment for multiple myeloma, had strong sales performance during the quarter. Sales results of RISPERDAL, an antipsychotic medication, were negatively impacted by generic competition and sales of PROCRIT, a product for the treatment of anemia, were lower due to a decline in the market.

During the quarter, the European Commission approved STELARA for the treatment of moderate to severe plaque psoriasis in adults. Both the European Commission and Health Canada approved a label expansion for PREZISTA, a protease inhibitor, for use in treatment-naive adults dosed once daily in combination with other antiretroviral agents. In addition, PRILIGY received marketing authorization in several European countries for the on-demand treatment of premature ejaculation in men 18-64 years of age.

The Company also submitted two supplemental new drug applications to the U.S. Food and Drug Administration (FDA) requesting approval for the use of INVEGA tablets for the treatment of schizoaffective disorder as monotherapy and for the treatment of schizoaffective disorder in combination with antidepressants and/or mood stabilizers.

Worldwide Medical Devices and Diagnostics sales of $5.5 billion for the first quarter represented a decrease of 2.9% versus the prior year with an operational increase of 3.1% and a negative currency impact of 6.0%. Domestic sales increased 2.5%, while international sales decreased 7.4%; which reflected an operational increase of 3.6% and a negative currency impact of 11.0%.

Primary contributors to the operational growth included Ortho-Clinical Diagnostics' professional products; Ethicon's surgical care products; Ethicon Endo-Surgery's minimally invasive products; and DePuy's orthopaedic joint reconstruction, spine, sports medicine and trauma businesses. Also contributing to growth were sales of products acquired as part of the completed acquisition of Mentor Corporation, a leading supplier of medical products for the global aesthetic market. This growth was partially offset by lower sales in the Cordis franchise, reflecting new competitive entries in the drug-eluting stent market as well as the recent divestiture of the Professional Wound Care products.

During the quarter, the Company announced that the FDA granted marketing approval for the NAVISTAR THERMOCOOL Catheter for the treatment of drug refractory recurrent symptomatic paroxysmal atrial fibrillation when used with compatible three-dimensional electroanatomic mapping systems. The FDA also approved the THERAKOS CELLEX Photopheresis System for the palliative treatment of the skin manifestations of cutaneous T-cell lymphoma that are unresponsive to other forms of treatment.

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 approximately 119,000 employees at more than 250 Johnson & Johnson companies work with partners in health care to touch the lives of over a billion people every day, throughout the world.

NOTE TO INVESTORS

Johnson & Johnson will conduct a conference call with financial analysts 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. The schedules include supplementary sales data, a condensed consolidated statement of earnings, and sales of key products/franchises. Additional information on Johnson & Johnson can be found on the Company's website at www.jnj.com.

(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 Johnson & Johnson's expectations and projections. Risks and uncertainties include general industry conditions and competition; economic conditions, 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; and trends toward health care cost containment. A further list and description of these risks, uncertainties and other factors can be found in Exhibit 99 of the Company's Annual Report on Form 10-K for the fiscal year ended December 28, 2008. 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)            FIRST QUARTER
    --------------------------------            -------------
                                                         Percent Change
                                                         --------------
                                 2009   2008      Total  Operations  Currency
    ---------------------        ----   ----      -----  ----------  --------
    Sales to customers by
    segment of business

    Consumer
        U.S.                   $1,726  1,819       (5.1)%    (5.1)        -
        International           1,985  2,245      (11.6)      2.4     (14.0)
    -----------------           -----  -----      -----       ---     -----
                                3,711  4,064       (8.7)     (1.0)     (7.7)
                                -----  -----       ----      ----      ----

    Pharmaceutical
        U.S.                    3,674  4,070       (9.7)     (9.7)        -
        International           2,106  2,359      (10.7)      2.8     (13.5)
    -----------------           -----  -----      -----       ---     -----
                                5,780  6,429      (10.1)     (5.1)     (5.0)
                                -----  -----      -----      ----      ----

    Med Devices & Diagnostics
        U.S.                    2,652  2,588        2.5       2.5         -
        International           2,883  3,113       (7.4)      3.6     (11.0)
    -----------------           -----  -----       ----       ---     -----
                                5,535  5,701       (2.9)      3.1      (6.0)
                                -----  -----       ----       ---      ----

    U.S.                        8,052  8,477       (5.0)     (5.0)        -
    International               6,974  7,717       (9.6)      3.0     (12.6)
    -------------               -----  -----       ----       ---     -----
    Worldwide                 $15,026 16,194       (7.2)%    (1.2)     (6.0)
    ---------                 ------- ------       ----      ----      ----



    Johnson & Johnson and Subsidiaries
    ----------------------------------
    Supplementary Sales Data

    (Unaudited; Dollars in Millions)         FIRST QUARTER
    --------------------------------         -------------
                                                        Percent Change
                                                        --------------
                             2009   2008        Total   Operations  Currency
                             ----   ----        -----   ----------  --------
    Sales to customers by
    geographic area
    U.S.                   $8,052  8,477         (5.0)%    (5.0)         -
    ----                   ------  -----         ----      ----        ---

    Europe                  3,671  4,308        (14.8)     (0.2)     (14.6)
    Western Hemisphere
     excluding U.S.         1,062  1,245        (14.7)      4.5      (19.2)
    Asia-Pacific, Africa    2,241  2,164          3.6       8.5       (4.9)
    --------------------    -----  -----          ---       ---       ----
    International           6,974  7,717         (9.6)      3.0      (12.6)
    -------------           -----  -----         ----       ---      -----

    Worldwide             $15,026 16,194         (7.2)%    (1.2)      (6.0)
    ---------             ------- ------         ----      ----       ----



    Johnson & Johnson and Subsidiaries
    ----------------------------------
    Condensed Consolidated Statement of Earnings

    (Unaudited; in Millions Except
     Per Share Figures)                        FIRST QUARTER
    ------------------------------             -------------

                               2009                2008
                         ----------------    -----------------       Percent
                                  Percent              Percent      Increase
                         Amount  to Sales     Amount  to Sales     (Decrease)
    ------------------   ------  --------     ------  --------     ---------
    Sales to customers  $15,026     100.0    $16,194     100.0          (7.2)
    ------------------  -------     -----    -------     -----          ----
    Cost of products
     sold                 4,251      28.3      4,614      28.5          (7.9)
    Selling, marketing
     and administrative
     expenses             4,608      30.7      5,123      31.6         (10.1)
    Research expense      1,518      10.1      1,712      10.6         (11.3)
    Interest (income)
     expense, net            81       0.5         16       0.1
    Other (income)
     expense, net           (75)     (0.5)       (18)     (0.1)
    -----------------       ---      ----        ---      ----          ----
    Earnings before
     provision for
     taxes on income      4,643      30.9      4,747      29.3          (2.2)
    Provision for taxes
     on income            1,136       7.6      1,149       7.1          (1.1)
    -------------------   -----       ---      -----       ---          ----
    Net earnings         $3,507      23.3     $3,598      22.2          (2.5)
    ------------         ------      ----     ------      ----          ----


    Net earnings per
     share (Diluted)      $1.26                $1.26

    Average shares
     outstanding
     (Diluted)          2,789.8              2,866.3

    Effective tax rate     24.5%                24.2%



                              REPORTED SALES vs. PRIOR PERIOD ($MM)
                              -------------------------------------
                                         FIRST QUARTER
                                          -------------
                                                       % Change
                                           -----------------------------------
                           2009   2008     Reported  Operational (1)  Currency
                           ----   ----     --------  ---------------  --------
    CONSUMER SEGMENT (2)
    ---------------------

    SKIN CARE
    ---------
    US                      423    382         10.7%       10.7%          -
    Intl                    419    458         -8.5%        5.4%      -13.9%
    WW                      842    840          0.2%        7.8%       -7.6%

    BABY CARE
    ---------
    US                      102    115        -11.3%      -11.3%          -
    Intl                    387    418         -7.4%        4.3%      -11.7%
    WW                      489    533         -8.3%        0.9%       -9.2%

    ORAL CARE
    ---------
    US                      188    199         -5.5%       -5.5%          -
    Intl                    177    187         -5.3%       11.6%      -16.9%
    WW                      365    386         -5.4%        2.8%       -8.2%

    OTC/NUTRITIONALS
    ----------------
    US                      726    842        -13.8%      -13.8%          -
    Intl                    622    752        -17.3%       -2.4%      -14.9%
    WW                    1,348  1,594        -15.4%       -8.4%       -7.0%

    WOMEN'S HEALTH
    --------------
    US                      149    148          0.7%        0.7%          -
    Intl                    274    313        -12.5%        0.5%      -13.0%
    WW                      423    461         -8.2%        0.7%       -8.9%

    WOUND CARE / OTHER
    ------------------
    US                      138    133          3.8%        3.8%          -
    Intl                    106    117         -9.4%        4.2%      -13.6%
    WW                      244    250         -2.4%        4.0%       -6.4%

    TOTAL CONSUMER
    --------------
    US                    1,726  1,819         -5.1%       -5.1%          -
    Intl                  1,985  2,245        -11.6%        2.4%      -14.0%
    WW                    3,711  4,064         -8.7%       -1.0%       -7.7%


    * See footnotes below


    PHARMACEUTICAL SEGMENT  (2)
    ---------------------------

    ACIPHEX/PARIET
    --------------
    US                      138    116         19.0%       19.0%          -
    Intl                    125    161        -22.4%       -8.4%      -14.0%
    WW                      263    277         -5.1%        3.0%       -8.1%

    CONCERTA
    --------
    US                      269    224         20.1%       20.1%          -
    Intl                     75     66         13.6%       37.0%      -23.4%
    WW                      344    290         18.6%       23.9%       -5.3%

    DURAGESIC/FENTANYL TRANSDERMAL
    ------------------------------
    US                       75     75          0.0%        0.0%          -
    Intl                    156    158         -1.3%       12.6%      -13.9%
    WW                      231    233         -0.9%        8.5%       -9.4%

    LEVAQUIN/FLOXIN
    ---------------
    US                      408    474        -13.9%      -13.9%          -
    Intl                     17     22        -22.7%       -3.1%      -19.6%
    WW                      425    496        -14.3%      -13.4%       -0.9%

    PROCRIT/EXPREX
    --------------
    US                      321    334         -3.9%       -3.9%          -
    Intl                    229    295        -22.4%      -10.0%      -12.4%
    WW                      550    629        -12.6%       -6.8%       -5.8%

    RAZADYNE/REMINYL
    ----------------
    US                       13     50        -74.0%      -74.0%          -
    Intl                     88     99        -11.1%        5.1%      -16.2%
    WW                      101    149        -32.2%      -21.5%      -10.7%

    REMICADE
    --------
    US                      737    676          9.0%        9.0%          -
    US Exports (4)          286    320        -10.6%      -10.6%          -
    Intl                      5      2        150.0%      139.3%       10.7%
    WW                    1,028    998          3.0%        3.0%          -

    RISPERDAL/RISPERIDONE
    ----------------------
    US                      118    582        -79.7%      -79.7%          -
    Intl                    157    227        -30.8%      -24.6%       -6.2%
    WW                      275    809        -66.0%      -64.2%       -1.8%

    RISPERDAL CONSTA
    ----------------
    US                      126    101         24.8%       24.8%          -
    Intl                    199    208         -4.3%       13.9%      -18.2%
    WW                      325    309          5.2%       17.5%      -12.3%

    TOPAMAX
    -------
    US                      495    520         -4.8%       -4.8%          -
    Intl                    107    126        -15.1%        0.1%      -15.2%
    WW                      602    646         -6.8%       -3.8%       -3.0%

    VELCADE
    -------
    US                        -      2       -100.0%     -100.0%          -
    Intl                    192    182          5.5%       21.8%      -16.3%
    WW                      192    184          4.3%       20.5%      -16.2%

    OTHER
    -----
    US                      688    596         15.4%       15.4%          -
    Intl                    756    813         -7.0%        9.1%      -16.1%
    WW                    1,444  1,409          2.5%       11.8%       -9.3%

    TOTAL PHARMACEUTICAL
    --------------------
    US                    3,674  4,070         -9.7%       -9.7%          -
    Intl                  2,106  2,359        -10.7%        2.8%      -13.5%
    WW                    5,780  6,429        -10.1%       -5.1%       -5.0%


    MAJOR NEW PHARMACEUTICAL PRODUCTS (5)
    -------------------------------------

    PREZISTA
    --------
    US                       72     32        125.0%      125.0%          -
    Intl                     50     42         19.0%       41.1%      -22.1%
    WW                      122     74         64.9%       77.3%      -12.4%

    INVEGA
    ------
    US                       66     57         15.8%       15.8%          -
    Intl                     25      9        177.8%      221.8%      -44.0%
    WW                       91     66         37.9%       43.8%       -5.9%

    * See footnotes below


    MEDICAL DEVICES AND DIAGNOSTICS   (2) (3)
    -----------------------------------------

    CORDIS (6)
    ----------
    US                      246    342        -28.1%      -28.1%          -
    Intl                    422    459         -8.1%       -1.7%       -6.4%
    WW                      668    801        -16.6%      -12.9%       -3.7%

    DEPUY
    -----
    US                      766    709          8.0%        8.0%          -
    Intl                    526    578         -9.0%        6.4%      -15.4%
    WW                    1,292  1,287          0.4%        7.3%       -6.9%

    DIABETES CARE
    -------------
    US                      270    303        -10.9%      -10.9%          -
    Intl                    271    312        -13.1%       -1.3%      -11.8%
    WW                      541    615        -12.0%       -6.0%       -6.0%

    ETHICON
    -------
    US                      405    341         18.8%       18.8%          -
    Intl                    548    604         -9.3%        3.7%      -13.0%
    WW                      953    945          0.8%        9.1%       -8.3%

    ETHICON ENDO-SURGERY
    --------------------
    US                      454    429          5.8%        5.8%          -
    Intl                    561    574         -2.3%       11.4%      -13.7%
    WW                    1,015  1,003          1.2%        8.6%       -7.4%

    ORTHO-CLINICAL DIAGNOSTICS
    --------------------------
    US                      277    238         16.4%       16.4%          -
    Intl                    190    205         -7.3%        3.2%      -10.5%
    WW                      467    443          5.4%       10.3%       -4.9%

    VISION CARE
    -----------
    US                      234    226          3.5%        3.5%          -
    Intl                    365    381         -4.2%       -1.1%       -3.1%
    WW                      599    607         -1.3%        0.6%       -1.9%

    TOTAL MEDICAL DEVICES AND DIAGNOSTICS
    -------------------------------------
    US                    2,652  2,588          2.5%        2.5%          -
    Intl                  2,883  3,113         -7.4%        3.6%      -11.0%
    WW                    5,535  5,701         -2.9%        3.1%       -6.0%


    (1) Operational growth excludes the effect of currency
    (2) Select areas (unaudited)
    (3) Prior year amounts have been reclassified to conform with current
        presentation
    (4) For external purposes, reported as U.S. sales
    (5) Included in Other
    (6) Includes sales of Drug-Eluting Stents for Q1 2009 of $68, $184 and
        $252 million Domestic, International and Worldwide respectively
        Includes sales of Drug-Eluting Stents for Q1 2008 of $169, $231 and
        $400 million Domestic, International and Worldwide respectively


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