Navigation Links
Johnson & Johnson Reports 2011 First-Quarter Results
Date:4/19/2011

NEW BRUNSWICK, N.J., April 19, 2011 /PRNewswire-FirstCall/ -- Johnson & Johnson (NYSE: JNJ) today announced sales of $16.2 billion for the first quarter of 2011, an increase of 3.5% as compared to the first quarter of 2010. Operational results increased 1.8% and the positive impact of currency was 1.7%. Domestic sales declined 0.6%, while international sales increased 7.3%, reflecting operational growth of 4.1% and a positive currency impact of 3.2%.

Net earnings and diluted earnings per share for the first quarter of 2011 were $3.5 billion and $1.25, respectively. First quarter 2011 net earnings included after-tax charges of $271 million representing expenses due to litigation and additional DePuy ASR™ Hip recall costs.  First quarter 2010 net earnings included an after-tax gain of $910 million representing the net impact of litigation matters. Excluding these special items, net earnings for the current quarter were $3.7 billion and diluted earnings per share were $1.35, representing increases of 3.6% and 4.7%, respectively, as compared to the same period in 2010.*  

The Company increased its earnings guidance for full-year 2011 to $4.90 - $5.00 per share, reflecting both currency exchange rate changes and recent developments in the business.  The Company's guidance excludes the impact of special items.

"Our pharmaceuticals business demonstrated strong growth this quarter led by the performance of recently launched products. We delivered solid earnings while making the investments necessary to advance the robust pipelines across our businesses," said William C. Weldon, Chairman and Chief Executive Officer.

"The innovations we are bringing to the market, the changes we are implementing in manufacturing and quality, and the dedication of the people of Johnson & Johnson, give us great confidence in the future growth prospects of our business," said Weldon.

Worldwide Consumer sales of $3.7 billion for the first quarter represented a decrease of 2.2% versus the prior year consisting of an operational decline of 4.1% and a positive impact from currency of 1.9%. Domestic sales decreased 13.8%; international sales increased 5.9%, which reflected an operational increase of 2.6% and a positive currency impact of 3.3%.

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 and nutritionals, baby care products, and international sales of oral care products.  

During the quarter, McNeil–PPC, Inc. signed a Consent Decree with the U.S. Food and Drug Administration (FDA), which will govern certain McNeil Consumer Healthcare division manufacturing operations. The Consent Decree allows McNeil to continue the work already initiated under a Comprehensive Action Plan, and identifies procedures that will help provide additional assurance of product quality to the FDA.

Worldwide Pharmaceutical sales of $6.1 billion for the first quarter represented an increase of 7.5% versus the prior year with operational growth of 6.4% and a positive impact from currency of 1.1%. Domestic sales increased 5.8%; international sales increased 9.7%, which reflected an operational increase of 7.3% and a positive currency impact of 2.4%.  

Sales results include the strong performance of recently launched products, including STELARA® (ustekinumab), a biologic approved for the treatment of moderate to severe plaque psoriasis; SIMPONI® (golimumab), a biologic approved to treat adults with moderate to severe rheumatoid arthritis, psoriatic arthritis, and ankylosing spondylitis; and INVEGA® SUSTENNA™ (paliperidone palmitate) a once-monthly, long-acting, injectable atypical antipsychotic for the acute and maintenance treatment of schizophrenia in adults.

Several other products also contributed to the operational sales growth including REMICADE® (infliximab), a biologic approved for the treatment of a number of immune mediated inflammatory diseases; PREZISTA® (darunavir), a treatment for HIV; CAELYX®  (pegylated liposomal doxorubicin hydrochloride), a treatment for certain types of cancer; LEVAQUIN®   (levofloxacin), a treatment for bacterial infections; and international sales of RISPERDAL® CONSTA® (risperidone), a long-acting injectable for the management of Bipolar I Disorder and schizophrenia.

During the quarter, the European Commission approved XEPLION® (paliperidone palmitate), a once monthly, long-acting injectable, antipsychotic, for the treatment of schizophrenia. In addition, the Company completed its tender offer for Crucell N.V., a global biopharmaceutical company focused on the research & development, production and marketing of vaccines and antibodies against infectious disease worldwide. Crucell now operates as the center for vaccines within the Johnson & Johnson pharmaceuticals group.

In April, the Company announced it had reached an agreement with Merck to amend the distribution rights to REMICADE® (infliximab) and SIMPONI® (golimumab), which treat chronic inflammatory diseases such as rheumatoid arthritis. The agreement concludes the arbitration proceeding initiated in 2009, requesting a ruling related to the distribution agreement following the announcement of the proposed merger between Merck and Schering-Plough.

Worldwide Medical Devices and Diagnostics sales of $6.4 billion for the first quarter represented an increase of 3.3% versus the prior year consisting of an operational increase of 1.3% and a positive currency impact of 2.0%. Domestic sales decreased 0.5%; international sales increased 6.6%, which reflected an operational increase of 3.0% and a positive currency impact of 3.6%.

Primary contributors to operational growth included Biosense Webster's electrophysiology business; LifeScan's blood glucose monitoring products; Vistakon's disposable contact lenses; Ethicon's surgical care products; Ethicon Endo-Surgery's advanced sterilization products and international sales of minimally invasive products; and DePuy's sports medicine and neurovascular business.  

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 115,000 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.

* Net earnings and diluted earnings per share excluding special items are non-GAAP financial measures and should not be considered replacements for GAAP results. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Investor Relations section of the Company's website at www.investor.jnj.com.

NOTE TO INVESTORS

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.  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 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 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 SubsidiariesSupplementary Sales Data(Unaudited; Dollars in Millions)

FIRST QUARTERPercent Change20112010TotalOperationsCurrencySales to customers bysegment of businessConsumerU.S.

$
,3451,560(13.8)

%

(13.8)-International

2,3372,2065.92.63.33,6823,766(2.2)(4.1)1.9PharmaceuticalU.S.

3,3913,2065.85.8-International

2,6682,4329.77.32.46,0595,6387.56.41.1Med Devices & DiagnosticsU.S.

2,8722,886(0.5)(0.5)-International

3,5603,3416.63.03.66,4326,2273.31.32.0U.S.

7,6087,652(0.6)(0.6)-International

8,5657,9797.34.13.2Worldwide

$
,17315,6313.5

%

1.81.7Johnson & Johnson and SubsidiariesSupplementary Sales Data(Unaudited; Dollars in Millions)FIRST QUARTERPercent Change20112010TotalOperationsCurrencySales to customers bygeographic areaU.S.$
7,6087,652(0.6)

%

(0.6)-Europe4,1834,1022.01.90.1Western Hemisphere excluding U.S.1,4361,28012.27.34.9Asia-Pacific, Africa2,9462,59713.46.37.1International8,5657,9797.34.13.2Worldwide$
,17315,6313.5

%

1.81.7Johnson & Johnson and SubsidiariesCondensed Consolidated Statement of Earnings (Unaudited; in Millions Except Per Share Figures)

FIRST QUARTER2011 ACT2010 ACTPercentPercentPercentIncreaseAmountto SalesAmountto Sales(Decrease)Sales to customers$ 16,173100.0$
5,631100.03.5Cost of products sold

4,77829.54,52829.05.5Selling, marketing and administrative expenses

5,05631.34,77930.55.8Research and development expense

1,73810.81,55710.011.6Interest (income)expense, net

1040.6810.528.4Other (income)expense, net

(13)(0.1)(1,594)(10.2)Earnings before provision for taxes on income

4,51027.96,28040.2(28.2)Provision for taxes on income

1,0346.41,75411.2(41.0)Net earnings$   3,47621.5$
4,52629.0(23.2)Net earnings per share  (Diluted)$
.25$
.62(22.8)Average shares outstanding  (Diluted)2,772.72,797.3Effective tax rate22.9%27.9 %Adjusted earnings before provision for taxes and net earningsEarnings before provision for taxes on income$   4,856(1)30.0$
4,783(2)30.61.5Net earnings$   3,747(1)23.2$
3,616(2)23.13.6Net earnings per share  (Diluted)$
.35(1)$
.29(2)4.7Effective tax rate22.8%24.4%(1) The difference between as reported earnings and as adjusted earnings before provision for taxes on income, net earnings and net earnings per share (diluted) is the exclusion of expense due to litigation ($291 million) and additional DePuy ASR™ Hip recall costs ($55 million) of $346 million, $271 million and $0.10 per share, respectively.(2) The difference between as reported earnings and as adjusted earnings before provision for taxes on income, net earnings and net earnings per share (diluted) is the exclusion of income from net litigation of $1,497 million, $910 million and $0.33 per share, respectively.REPORTED SALES vs. PRIOR PERIOD ($MM)FIRST QUARTER% Change20112010ReportedOperational
(1)CurrencyCONSUMER SEGMENT (2) BABY CAREUS

1051031.9%

1.9%

-Intl

4564267.0%

3.3%

3.7%WW

5615296.0%

3.1%

2.9%ORAL CAREUS

163174-6.3%

-6.3%

-Intl

22820710.1%

5.6%

4.5%WW

3913812.6%

0.2%

2.4%OTC/NUTRITIONALSUS

397542-26.8%

-26.8%

-Intl

73266510.1%

6.9%

3.2%WW

1,1291,207-6.5%

-8.2%

1.7%SKIN CAREUS

426452-5.8%

-5.8%

-Intl

4734681.1%

-1.7%

2.8%WW

899920-2.3%

-3.7%

1.4%WOMEN'S HEALTHUS

125146-14.4%

-14.4%

-Intl

3343233.4%

0.7%

2.7%WW

459469-2.1%

-4.0%

1.9%WOUND CARE/OTHERUS

129143-9.8%

-9.8%

-Intl

114117-2.6%

-6.9%

4.3%WW

243260-6.5%

-8.4%

1.9%TOTAL CONSUMERUS1,3451,560-13.8%-13.8%-Intl2,3372,2065.9%2.6%3.3%WW3,6823,766-2.2%-4.1%1.9%See footnotes on last pagePHARMACEUTICAL SEGMENT  (2) (5)ACIPHEX/PARIETUS

109119-8.4%

-8.4%

-Intl

130141-7.8%

-8.8%

1.0%WW

239260-8.1%

-8.6%

0.5%CONCERTAUS

25423110.0%

10.0%

-Intl

1089810.2%

6.3%

3.9%WW

36232910.0%

8.8%

1.2%DOXIL/CAELYXUS

6472-11.1%

-11.1%

-Intl

758*

*

20.2%WW

1398073.8%

71.6%

2.2%DURAGESIC/FENTANYL TRANSDERMALUS

438-89.5%

-89.5%

-Intl

123146-15.8%

-18.9%

3.1%WW

127184-31.0%

-33.4%

2.4%LEVAQUIN/FLOXINUS

42236316.3%

16.3%

-Intl

12850.0%

44.5%

5.5%WW

43437117.0%

16.9%

0.1%PREZISTAUS

1268941.6%

41.6%

-Intl

1409842.9%

42.3%

0.6%WW

26618742.2%

41.9%

0.3%PROCRIT/EPREXUS

190290-34.5%

-34.5%

-Intl

207233-11.2%

-12.3%

1.1%WW

397523-24.1%

-24.6%

0.5%REMICADEUS

7887801.0%

1.0%

-US Exports (3)

49040022.5%

22.5%

-Intl

7616.7%

16.7%

0.0%WW

1,2851,1868.3%

8.3%

0.0%RISPERDAL/RISPERIDONE US

8560.0%

60.0%

-Intl

119133-10.5%

-14.6%

4.1%WW

127138-8.0%

-12.0%

4.0%RISPERDAL CONSTAUS

114117-2.6%

-2.6%

-Intl

29026210.7%

9.1%

1.6%WW

4043796.6%

5.5%

1.1%TOPAMAXUS

5057-12.3%

-12.3%

-Intl

7991-13.2%

-14.4%

1.2%WW

129148-12.8%

-13.5%

0.7%VELCADEUS

-

-

-

-

-Intl

2802617.3%

5.6%

1.7%WW

2802617.3%

5.6%

1.7%OTHERUS

77264519.7%

19.7%

-Intl

1,09894715.9%

12.7%

3.2%WW

1,8701,59217.5%

15.6%

1.9%TOTAL PHARMACEUTICALUS3,3913,2065.8%5.8%-Intl2,6682,4329.7%7.3%2.4%WW6,0595,6387.5%6.4%1.1%MAJOR NEW PHARM PRODUCTS (4)INTELENCEUS

383122.6%

22.6%

-Intl

312429.2%

28.3%

0.9%WW

695525.5%

25.1%

0.4%INVEGAUS

69690.0%

0.0%

-Intl

513930.8%

27.9%

2.9%WW

12010811.1%

10.1%

1.0%SIMPONIUS

533935.9%

35.9%

-Intl

423*

*

-17.4%WW

9542*

*

-1.2%STELARAUS

1055687.5%

87.5%

-Intl

613196.8%

94.9%

1.9%WW

1668790.8%

90.1%

0.7%See footnotes on last pageMEDICAL DEVICES AND DIAGNOSTICS   (2)CORDISUS

242251-3.6%

-3.6%

-Intl

393421-6.7%

-9.9%

3.2%WW

635672-5.5%

-7.5%

2.0%DEPUYUS

811814-0.4%

-0.4%

-Intl

6926408.1%

4.2%

3.9%WW

1,5031,4543.4%

1.7%

1.7%DIABETES CAREUS

3112907.2%

7.2%

-Intl

3263076.2%

4.9%

1.3%WW

6375976.7%

6.0%

0.7%ETHICONUS

5165101.2%

1.2%

-Intl

6776376.3%

3.3%

3.0%WW

1,1931,1474.0%

2.3%

1.7%ETHICON ENDO-SURGERYUS

471483-2.5%

-2.5%

-Intl

7506859.5%

6.0%

3.5%WW

1,2211,1684.5%

2.4%

2.1%ORTHO-CLINICAL DIAGNOSTICSUS

265288-8.0%

-8.0%

-Intl

2562378.0%

4.1%

3.9%WW

521525-0.8%

-2.5%

1.7%VISION CAREUS

2562492.8%

2.8%

-Intl

46641512.3%

5.9%

6.4%WW

7226648.7%

4.7%

4.0%TOTAL MEDICAL DEVICES AND DIAGNOSTICSUS2,8722,886-0.5%-0.5%-Intl3,5603,3416.6%3.0%3.6%WW6,4326,2273.3%1.3%2.0%* Percentage greater than 100%(1) Operational growth excludes the effect of currency(2) Select areas (unaudited)  (3) Reported in U.S. sales(4) Included in Other (5) Prior year amounts have been reclassified to conform to current presentation
'/>"/>

SOURCE Johnson & Johnson
Copyright©2010 PR Newswire.
All rights reserved


Related medicine technology :

1. Johnson & Johnson to Provide Webcast Presentation of Tapentadol Phase 3 Clinical Data Presented at American Pain Societys Annual Meeting
2. Johnson & Johnson Pharmaceutical Research & Development, L.L.C. Announces FDA Filings for Paliperidone Palmitate and INVEGA(R)
3. Simbionix and Johnson & Johnson LLC Announce Distribution Agreement at Russia and the CIS Countries
4. Johnson & Johnson Announces Support for Kohl-Grassley Physician Payments Sunshine Act of 2009
5. Boston Scientific and Johnson & Johnson Announce Settlement of Patent Disputes
6. Palomar to Commercialize FDA Cleared Over-The-Counter Home Use Wrinkle Treatment Laser Device Without Johnson & Johnson
7. U.S. Files Suit Against Johnson & Johnson For Paying Kickbacks to Nations Largest Nursing Home Pharmacy
8. EF Johnson Technologies Announces Third Quarter Results
9. Emerging Agents from Theravance/Astellas, Johnson & Johnson/Basilea and Forest/Astrazeneca/Takeda Will Drive Modest Growth in the MRSA Drug Market Through 2018
10. Johnson & Johnson to Participate in the 30th Annual Cowen and Company Health Care Conference
11. Two Johnson & Johnson Subsidiaries to Pay Over $81 Million to Resolve Allegations of Off-Label Promotion of Topamax
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/4/2016)... In March, 2016, Rx-360 ... free workshops across Africa ... Good Distribution Practices (GDP). Good Distribution Practice is ... are consistently stored, transported and handled under suitable conditions as ... Only a few years ago, there were few ...
(Date:5/4/2016)... Research and Markets has ... Myeloma Market and Competitive Landscape Highlights - ...      (Logo: http://photos.prnewswire.com/prnh/20160330/349511LOGO ) , ... Highlights 2016, provides comprehensive insights into Multiple ... Myeloma market valuations and forecast, Multiple Myeloma ...
(Date:5/4/2016)... DUBLIN , May 4, 2016 /PRNewswire/ ... the addition of the  "Global Acute Myeloid ... 2016"  report to their offering.  ... ,Global Acute Myeloid Leukemia Market and Competitive ... Acute Myeloid Leukemia pipeline products, Acute Myeloid ...
Breaking Medicine Technology:
(Date:5/4/2016)... ... May 05, 2016 , ... The talus is the part ankle that ... or traffic accidents can cause the talus bone to be fractured, and a high ... a first-of-its-kind procedure using 3D printing technology, internationally renowned orthopedic surgeon Dr. Mark ...
(Date:5/4/2016)... (PRWEB) , ... May 04, 2016 , ... ... children has donated 100 of its innovative kicking trainers to St. Jude Children’s ... The SOCKIT is a durable, lightweight rubber band designed to teach children how ...
(Date:5/4/2016)... ... May 04, 2016 , ... ... Camas and Vancouver, WA, has announced the latest beneficiary of their ongoing ... Foundation and their Mammography Program, which provides free mammograms and diagnostic breast ...
(Date:5/4/2016)... ... May 04, 2016 , ... IsoComforter, ... the introduction of the innovative newly improved Iso-Hip Wrap. The newly designed ... plush design enhances comfort and enables the patient to enjoy the benefits of ...
(Date:5/4/2016)... ... May 04, 2016 , ... A new collaboration will ... The Duke Clinical Research Institute (DCRI) and analytics leader SAS will provide researchers worldwide ... collected by the Duke University Health System. , The DCRI and SAS share ...
Breaking Medicine News(10 mins):