Johnson & Johnson Reports 2014 Fourth-Quarter and Full-Year Results:

2014 Fourth-Quarter Sales of $18.3 Billion Decreased 0.6%; EPS was $0.89

2014 Full-Year Sales of $74.3 Billion Increased 4.2%; Full-Year EPS was $5.70

Excluding Special Items, 2014 Fourth-Quarter EPS was $1.27, an Increase of 2.4%*, and 2014 Full-Year EPS was $5.97, an Increase of 8.2%*

Jan 20, 2015, 07:45 ET from Johnson & Johnson

NEW BRUNSWICK, N.J., Jan. 20, 2015 /PRNewswire/ -- Johnson & Johnson (NYSE: JNJ) today announced sales of $18.3 billion for the fourth quarter of 2014, a decrease of 0.6% as compared to the fourth quarter of 2013. Operational results increased 3.9% and the negative impact of currency was 4.5%. Domestic sales increased 7.4%. International sales decreased 6.7%, reflecting operational growth of 1.2% and a negative currency impact of 7.9%. Excluding the net impact of acquisitions and divestitures, on an operational basis, worldwide sales increased 6.7%, domestic sales increased 10.7% and international sales increased 3.6%.*

Worldwide sales for the full-year 2014 were $74.3 billion, an increase of 4.2% versus 2013. Operational results increased 6.1% and the negative impact of currency was 1.9%. Domestic sales increased 9.0%. International sales increased 0.4%, reflecting operational growth of 3.7% and a negative currency impact of 3.3%. Excluding the net impact of acquisitions and divestitures, on an operational basis, worldwide sales increased 8.0%, domestic sales increased 11.6% and international sales increased 5.1%.* 

Net earnings and diluted earnings per share for the fourth quarter of 2014 were $2.5 billion and $0.89, respectively. Fourth-quarter 2014 net earnings included a charge for after-tax special items of approximately $1.1 billion, primarily related to an increase in the litigation accrual, integration costs related to the acquisition of Synthes, Inc., and an in-process research and development charge. Fourth-quarter 2013 net earnings included a net charge for after-tax special items of $42 million as shown in the accompanying reconciliation of non-GAAP financial measures. Excluding these special items, net earnings for the current quarter were $3.6 billion and diluted earnings per share were $1.27, representing increases of 1.4% and 2.4%, respectively, as compared to the same period in 2013.*

Net earnings and diluted earnings per share for the full-year 2014 were $16.3 billion and $5.70, respectively. Full-year net earnings included a net charge for after-tax special items of $0.8 billion in 2014 and $2.0 billion in 2013 as detailed in the accompanying reconciliation of non-GAAP financial measures. Excluding these special items in both periods, net earnings for the full-year of 2014 were $17.1 billion and diluted earnings per share were $5.97, representing increases of 7.7% and 8.2%, respectively, as compared with the full year of 2013.*

"2014 was a strong year for Johnson & Johnson, as we delivered solid financial results while continuing to make investments to accelerate growth for the long term. We have built significant momentum in our Pharmaceutical business, are realizing the benefits of innovation, scale and breadth in our Medical Devices business and are continuing our market leadership with iconic brands in our Consumer business," said Alex Gorsky, Chairman and Chief Executive Officer. "I am proud of our exceptional Johnson & Johnson colleagues who make our success possible with their commitment to advancing health and well-being for patients and consumers around the world."

The Company announced adjusted earnings guidance for full-year 2015 of $6.12 to $6.27 per share. Beginning in 2015, adjusted earnings excludes after-tax intangible amortization expense in addition to special items. After-tax intangible amortization expense for 2014 was approximately $0.42 per share and for 2015 is anticipated to be approximately $0.32 per share.

Worldwide Consumer sales of $14.5 billion for the full-year 2014 represented a decrease of 1.4% versus the prior year, consisting of an operational increase of 1.0% and a negative impact from currency of 2.4%. Domestic sales decreased 1.3%; international sales decreased 1.4%, which reflected an operational increase of 2.3% and a negative currency impact of 3.7%. Excluding the net impact of acquisitions and divestitures, on an operational basis, worldwide sales increased 2.8%, domestic sales increased 3.1% and international sales increased 2.6%.*  

Positive contributors to operational results were sales of TYLENOL® and MOTRIN® analgesics and ZYRTEC® allergy over-the-counter products; AVEENO® and NEUTROGENA® skin care products; and LISTERINE® oral care products.

Worldwide Pharmaceutical sales of $32.3 billion for the full-year 2014 represented an increase of 14.9% versus the prior year with operational growth of 16.5% and a negative impact from currency of 1.6%. Domestic sales increased 25.0%; international sales increased 5.0%, which reflected an operational increase of 8.3% and a negative currency impact of 3.3%.

The strong sales results were driven by new products and the strength of our core products. New products include OLYSIO®/SOVRIAD® (simeprevir), for combination treatment of chronic hepatitis C in adult patients; XARELTO® (rivaroxaban), an oral anticoagulant; ZYTIGA® (abiraterone acetate), an oral, once-daily medication for use in combination with prednisone for the treatment of metastatic, castration-resistant prostate cancer; INVOKANA® (canagliflozin), for the treatment of adults with type 2 diabetes; and IMBRUVICA® (ibrutinib), an oral, once-daily therapy approved for use in treating certain B-cell malignancies, or blood cancers.

Additional contributors to operational sales growth were STELARA® (ustekinumab), a biologic approved for the treatment of moderate to severe plaque psoriasis and psoriatic arthritis; INVEGA® SUSTENNA®/XEPLION® (paliperidone palmitate), a once-monthly, long-acting, injectable atypical antipsychotic for the treatment of schizophrenia in adults; SIMPONI®/SIMPONI ARIA® (golimumab) and REMICADE® (infliximab), biologics approved for the treatment of a number of immune-mediated inflammatory diseases.

During the quarter, the U.S. Food and Drug Administration (FDA) granted approval for the supplemental New Drug Applications (sNDAs) for INVEGA® SUSTENNA® (paliperidone palmitate) to treat schizoaffective disorder as either monotherapy or adjunctive therapy. The European Commission approved IMBRUVICA® (ibrutinib) for the treatment of adult patients with relapsed or refractory mantle cell lymphoma and adult patients with chronic lymphocytic leukemia who have received at least one prior therapy, or in first-line in the presence of 17p deletion or TP53 mutation in patients unsuitable for chemo-immunotherapy. The European Commission also approved REZOLSTA® (darunavir/cobicistat) in combination with other antiretroviral medicinal products for the treatment of human immunodeficiency virus-1 infection in adults aged 18 years or older. In addition, VELCADE® (bortezomib) received a positive opinion from the European Committee for Medicinal Products for use in combination with rituximab, cyclophosphamide, doxorubicin and prednisone, for the treatment of adult patients with previously untreated mantle cell lymphoma who are unsuitable for haematopoietic stem cell transplantation.

Two New Drug Applications (NDAs) were submitted to the FDA for regulatory approval during the quarter. These included an NDA for three-month atypical antipsychotic paliperidone palmitate as a treatment for schizophrenia in adults as well as an NDA for YONDELIS® (trabectedin) for the treatment of patients with advanced soft tissue sarcoma, including liposarcoma and leiomyosarcoma subtypes, who have received prior chemotherapy including an anthracycline. Also, a supplemental NDA was submitted to the FDA and a Type II variation application was submitted to the European Medicines Agency (EMA) for an additional indication of IMBRUVICA® (ibrutinib) for the treatment of patients with Waldenstrom's macroglobulinemia, a rare type of B-cell lymphoma.

In addition, the acquisition of Alios BioPharma, Inc., a privately-held clinical stage biopharmaceutical company focused on developing therapies for viral diseases, was completed. In January, a definitive agreement was announced to divest the U.S. license rights to NUCYNTA® (tapentadol), NUCYNTA® ER (tapentadol extended-release tablets), and NUCYNTA® (tapentadol) oral solution for approximately $1.05 billion. The transaction is expected to close in the second quarter, subject to customary closing conditions and completion of financing.

Worldwide Medical Devices sales of $27.5 billion for the full-year 2014 represented a decrease of 3.4% versus the prior year consisting of an operational decrease of 1.6% and a negative currency impact of 1.8%. Domestic sales decreased 4.3%; international sales decreased 2.7%, which reflected an operational increase of 0.5% and a negative currency impact of 3.2%. Excluding the net impact of acquisitions and divestitures, on an operational basis, worldwide sales increased 1.6%, domestic sales decreased 0.6% and international sales increased 3.5%.* The divestiture of the Ortho-Clinical Diagnostics business was completed in June.

Primary contributors to operational growth were our broad portfolio of Orthopaedic products; Biosense Webster's electrophysiology products in the Cardiovascular Care business; and biosurgicals and international sales of energy products in the Specialty Surgery business.     

During the quarter, the FDA approved the Animas® Vibe™ insulin pump and Continuous Glucose Monitoring system for the management of insulin-requiring diabetes in adults ages 18 and older.

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 126,500 employees at more than 265 Johnson & Johnson operating companies work with partners in health care to touch the lives of over a billion people every day, throughout the world.

* Operational sales growth excluding the net impact of acquisitions and divestitures as well as 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. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying financial schedules of the earnings release and the Investor Relations section of the Company's website at www.investor.jnj.com.

Johnson & Johnson will conduct a conference call with investors to discuss this news release today at 8:30 a.m., Eastern Time. A simultaneous webcast of the call 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, reconciliations of non-GAAP financial measures, and sales of key products/franchises. Additional information on Johnson & Johnson, including a pharmaceutical pipeline of selected compounds in late stage development and a copy of today's earnings call presentation can be found on the Company's website at www.investor.jnj.com.

NOTE TO INVESTORS

This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance. 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 known 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, economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; uncertainty of commercial success for new and existing products; impact of business combinations and divestitures; challenges inherent in new product development, including obtaining regulatory approvals; challenges to patents; the impact of patent expirations; significant adverse litigation or government action, including related to product liability claims; changes to laws and regulations, including domestic and foreign health care reforms; changes in behavior and spending patterns or financial distress of purchasers of health care products and services; trends toward health care cost containment; increased scrutiny of the health care industry by government agencies; financial instability of international economies and sovereign risk; manufacturing difficulties or delays, internally or within the supply chain; and product efficacy or safety concerns resulting in product recalls or regulatory action. A further list and description of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended December 29, 2013, including Exhibit 99 thereto, and the company's subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.investor.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. 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


2014


2013


Total


Operations


Currency


2014


2013


Total


Operations


Currency

Sales to customers by




















segment of business








































Consumer




















    U.S.

$   1,294


1,263


2.5

%

2.5


-


$   5,096


5,162


(1.3)

%

(1.3)


-

    International

2,312


2,490


(7.1)


0.1


(7.2)


9,400


9,535


(1.4)


2.3


(3.7)


3,606


3,753


(3.9)


0.9


(4.8)


14,496


14,697


(1.4)


1.0


(2.4)





















Pharmaceutical




















    U.S.

4,356


3,551


22.7


22.7


-


17,432


13,948


25.0


25.0


-

    International

3,643


3,745


(2.7)


5.8


(8.5)


14,881


14,177


5.0


8.3


(3.3)


7,999


7,296


9.6


13.9


(4.3)


32,313


28,125


14.9


16.5


(1.6)





















Medical Devices




















    U.S.

2,954


3,200


(7.7)


(7.7)


-


12,254


12,800


(4.3)


(4.3)


-

    International

3,695


4,106


(10.0)


(2.3)


(7.7)


15,268


15,690


(2.7)


0.5


(3.2)


6,649


7,306


(9.0)


(4.7)


(4.3)


27,522


28,490


(3.4)


(1.6)


(1.8)





















U.S.

8,604


8,014


7.4


7.4


-


34,782


31,910


9.0


9.0


-

International

9,650


10,341


(6.7)


1.2


(7.9)


39,549


39,402


0.4


3.7


(3.3)

Worldwide

$ 18,254


18,355


(0.6)

%

3.9


(4.5)


$ 74,331


71,312


4.2

%

6.1


(1.9)

 

Johnson & Johnson and Subsidiaries




















Supplementary Sales Data








































(Unaudited; Dollars in Millions)

FOURTH QUARTER


TWELVE MONTHS






Percent Change






Percent Change


2014


2013


Total


Operations


Currency


2014


2013


Total


Operations


Currency

Sales to customers by




















geographic area








































U.S.

$   8,604


8,014


7.4

%

7.4


-


$ 34,782


31,910


9.0

%

9.0


-





















Europe

4,560


4,968


(8.2)


0.6


(8.8)


18,947


18,599


1.9


2.6


(0.7)

Western Hemisphere excluding U.S.

1,782


1,891


(5.8)


3.9


(9.7)


7,160


7,421


(3.5)


5.2


(8.7)

Asia-Pacific, Africa

3,308


3,482


(5.0)


0.6


(5.6)


13,442


13,382


0.4


4.4


(4.0)

International

9,650


10,341


(6.7)


1.2


(7.9)


39,549


39,402


0.4


3.7


(3.3)





















Worldwide

$ 18,254


18,355


(0.6)

%

3.9


(4.5)


$ 74,331


71,312


4.2

%

6.1


(1.9)

 

Johnson & Johnson and Subsidiaries










Condensed Consolidated Statement of Earnings 




















(Unaudited; in Millions Except Per Share Figures)

FOURTH QUARTER












2014


2013


Percent




Percent




Percent


Increase


Amount


to Sales


Amount


to Sales


(Decrease)

Sales to customers

$  18,254


100.0


$  18,355


100.0


(0.6)

Cost of products sold

5,853


32.1


5,955


32.5


(1.7)

Selling, marketing and administrative expenses

5,822


31.9


5,917


32.2


(1.6)

Research and development expense

2,635


14.4


2,411


13.1


9.3

In-process research and development

156


0.8


338


1.9



Interest (income) expense, net

122


0.7


116


0.6



Other (income) expense, net

963


5.3


868


4.7



Earnings before provision for taxes on income

2,703


14.8


2,750


15.0


(1.7)

Provision for/(Benefit from) taxes on income

182


1.0


(769)


(4.2)



Net earnings

$    2,521


13.8


$    3,519


19.2


(28.4)











Net earnings per share (Diluted)

$      0.89




$      1.23




(27.6)











Average shares outstanding (Diluted)

2,845.3




2,872.0















Effective tax rate

6.7

%



(28.0)

%














Adjusted earnings before provision for taxes and net earnings(1)










Earnings before provision for taxes on income

$    3,925


21.5


$    3,909


21.3


0.4

Net earnings 

$    3,612


19.8


$    3,561


19.4


1.4

Net earnings per share (Diluted)

$      1.27




$      1.24




2.4

Effective tax rate

8.0

%



8.9

%














(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












2014


2013


Percent




Percent




Percent


Increase


Amount


to Sales


Amount


to Sales


(Decrease)

Sales to customers

$  74,331


100.0


$  71,312


100.0


4.2

Cost of products sold

22,746


30.6


22,342


31.3


1.8

Selling, marketing and administrative expenses

21,954


29.5


21,830


30.6


0.6

Research and development expense

8,494


11.4


8,183


11.5


3.8

In-process research and development

178


0.3


580


0.8



Interest (income) expense, net

466


0.6


408


0.6



Other (income) expense, net

(70)


(0.1)


2,498


3.5



Earnings before provision for taxes on income

20,563


27.7


15,471


21.7


32.9

Provision for taxes on income

4,240


5.7


1,640


2.3



Net earnings

$  16,323


22.0


$  13,831


19.4


18.0











Net earnings per share (Diluted)

$      5.70




$      4.81




18.5











Average shares outstanding (Diluted)

2,863.9




2,877.0















Effective tax rate

20.6

%



10.6

%














Adjusted earnings before provision for taxes and net earnings (1)










Earnings before provision for taxes on income

$  21,195


28.5


$  19,169


26.9


10.6

Net earnings 

$  17,105


23.0


$  15,876


22.3


7.7

Net earnings per share (Diluted)

$      5.97




$      5.52




8.2

Effective tax rate

19.3

%



17.2

%














(1) See Reconciliation of Non-GAAP Financial Measures.










 

Johnson & Johnson and Subsidiaries















Reconciliation of Non-GAAP Financial Measures



































Fourth Quarter


% Incr. /



Twelve Months 


% Incr. /


(Dollars in Millions Except Per Share Data)


2014


2013


(Decr.)



2014


2013


(Decr.)



















Earnings before provision for taxes on income - as reported

$    2,703


2,750


(1.7)

%


$ 20,563


15,471


32.9

%


















Ortho-Clinical Diagnostics divestiture net (gain)/expense

49


-





(1,899)


-





















Litigation expenses




692


506





1,253


2,282





















Synthes integration/transaction costs 


325


181





754


683





















Additional year of Branded Prescription Drug Fee

-


-





220


-





















In-process research and development



156


338





178


580





















DePuy ASRTMHip program




-


134





126


251





















Other




-


-





-


(98)





















Earnings before provision for taxes on income - as adjusted

$    3,925


3,909


0.4

%


$ 21,195


19,169


10.6

%


















Net Earnings - as reported




$    2,521


3,519


(28.4)

%


$ 16,323


13,831


18.0

%


















Ortho-Clinical Diagnostics divestiture net (gain)/expense

87


-





(1,062)


-





















Litigation expenses




652


227





1,225

(1)

1,646





















Synthes integration/transaction costs 


237


110





555


483





















Additional year of Branded Prescription Drug Fee

-


-





220


-





















In-process research and development



115


294





131


462





















DePuy ASRTMHip program




-


118





111


240





















Tax benefit associated with Conor Medsystems

-


-





(398)


-





















Scios tax benefit




-


(707)





-


(707)





















Other




-


-





-


(79)





















Net Earnings  - as adjusted 



$    3,612


3,561


1.4

%


$ 17,105


15,876


7.7

%


















Diluted Net Earnings per share  - as reported


$     0.89


1.23


(27.6)

%


$     5.70


4.81


18.5

%


















Ortho-Clinical Diagnostics divestiture net (gain)/expense

0.03


-





(0.37)


-





















Litigation expenses




0.23


0.08





0.43


0.57





















Synthes integration/transaction costs 


0.08


0.04





0.19


0.17





















Additional year of Branded Prescription Drug Fee

-


-





0.08


-





















In-process research and development



0.04


0.10





0.04


0.16





















DePuy ASRTMHip program




-


0.04





0.04


0.08





















Tax benefit associated with Conor Medsystems

-


-





(0.14)


-





















Scios Tax Benefit




-


(0.25)





-


(0.25)





















Other




-


-





-


(0.02)





















Diluted Net Earnings per share  - as adjusted 


$     1.27


1.24


2.4

%


$     5.97


5.52


8.2

%



































(1) Includes adjustment to deferred tax asset related to deductibility by tax jurisdiction













 

Johnson & Johnson and Subsidiaries







Reconciliation of Non-GAAP Financial Measure














Operational Sales Growth Excluding Acquisitions and Divestitures

 FOURTH QUARTER 2014 ACTUAL vs. 2013 ACTUAL 









 Segments 



Operational % (1)



 Consumer 

 Pharmaceutical 

 Medical Devices 


 Total  




 WW As Reported: 


0.9%

13.9%

(4.7)%


3.9%

 U.S. 


2.5%

22.7%

(7.7)%


7.4%

 International 


0.1%

5.8%

(2.3)%


1.2%








Women's Health







Sanitary Protection


0.5




0.1

 U.S. 


1.4




0.2

 International 


0.1




0.0








Women's Health







K-Y ®


0.5




0.2

 U.S. 


1.0




0.2

 International 


0.3




0.1








Diagnostics







Ortho-Clinical Diagnostics




6.2


2.5

 U.S. 




6.7


2.9

 International 




5.8


2.3








All Other Acquisitions and Divestitures


0.2




0.0

 U.S. 


0.0




0.0

 International 


0.2




0.0








WW Ops excluding Acquisitions and Divestitures


2.1%

13.9%

1.5%


6.7%

 U.S. 


4.9%

22.7%

(1.0)%


10.7%

 International 


0.7%

5.8%

3.5%


3.6%








(1)Operational growth excludes the effect of translational currency






 

Johnson & Johnson and Subsidiaries







Reconciliation of Non-GAAP Financial Measure














Operational Sales Growth Excluding Acquisitions and Divestitures

 TWELVE MONTHS 2014 ACTUAL vs. 2013 ACTUAL 









 Segments 



Operational % (1)



 Consumer 

 Pharmaceutical 

 Medical Devices 


 Total  




 WW As Reported: 


1.0%

16.5%

(1.6)%


6.1%

 U.S. 


(1.3)%

25.0%

(4.3)%


9.0%

 International 


2.3%

8.3%

0.5%


3.7%








Women's Health







Sanitary Protection


1.4




0.3

 U.S. 


3.8




0.6

 International 


0.1




0.0








Women's Health







K-Y ®


0.3




0.1

 U.S. 


0.6




0.1

 International 


0.1




0.0








Diagnostics







Ortho-Clinical Diagnostics




3.2


1.4

 U.S. 




3.7


1.8

 International 




3.0


1.2








All Other Acquisitions and Divestitures


0.1

0.1



0.1

 U.S. 


0.0

0.1



0.1

 International 


0.1

0.1



0.2








WW Ops excluding Acquisitions and Divestitures


2.8%

16.6%

1.6%


8.0%

 U.S. 


3.1%

25.1%

(0.6)%


11.6%

 International 


2.6%

8.4%

3.5%


5.1%








(1)Operational growth excludes the effect of translational currency







 



REPORTED SALES vs. PRIOR PERIOD ($MM)


FOURTH QUARTER


TWELVE MONTHS



% Change



% Change



2014


2013

Reported

Operational (1)

Currency


2014


2013

Reported

Operational (1)

Currency

CONSUMER SEGMENT (2)















BABY CARE















US


$            96


105

-8.6%

-8.6%

-


$              407


413

-1.5%

-1.5%

-

Intl


428


480

-10.8%

-4.8%

-6.0%


1,832


1,882

-2.7%

1.8%

-4.5%

WW


524


585

-10.4%

-5.5%

-4.9%


2,239


2,295

-2.4%

1.3%

-3.7%

ORAL CARE















US


150


153

-2.0%

-2.0%

-


600


602

-0.3%

-0.3%

-

Intl


264


265

-0.4%

6.1%

-6.5%


1,047


1,020

2.6%

5.9%

-3.3%

WW


414


418

-1.0%

3.1%

-4.1%


1,647


1,622

1.5%

3.6%

-2.1%

OTC















US


362


332

9.0%

9.0%

-


1,357


1,286

5.5%

5.5%

-

Intl


711


747

-4.8%

3.6%

-8.4%


2,749


2,742

0.3%

3.7%

-3.4%

WW


1,073


1,079

-0.6%

5.2%

-5.8%


4,106


4,028

1.9%

4.2%

-2.3%

SKIN CARE















US


471


432

9.0%

9.0%

-


1,834


1,752

4.7%

4.7%

-

Intl


485


538

-9.9%

-3.7%

-6.2%


1,924


1,952

-1.4%

1.2%

-2.6%

WW


956


970

-1.4%

2.0%

-3.4%


3,758


3,704

1.5%

2.9%

-1.4%

WOMEN'S HEALTH















US


7


38

-81.6%

-81.6%

-


50


280

-82.1%

-82.1%

-

Intl


301


310

-2.9%

6.0%

-8.9%


1,252


1,288

-2.8%

2.6%

-5.4%

WW


308


348

-11.5%

-3.6%

-7.9%


1,302


1,568

-17.0%

-12.6%

-4.4%

WOUND CARE/OTHER















US


208


203

2.5%

2.5%

-


848


829

2.3%

2.3%

-

Intl


123


150

-18.0%

-11.6%

-6.4%


596


651

-8.4%

-6.3%

-2.1%

WW


331


353

-6.2%

-3.5%

-2.7%


1,444


1,480

-2.4%

-1.5%

-0.9%
















TOTAL CONSUMER















US


1,294


1,263

2.5%

2.5%

-


5,096


5,162

-1.3%

-1.3%

-

Intl


2,312


2,490

-7.1%

0.1%

-7.2%


9,400


9,535

-1.4%

2.3%

-3.7%

WW


$       3,606


3,753

-3.9%

0.9%

-4.8%


$         14,496


14,697

-1.4%

1.0%

-2.4%































See footnotes at end of schedule
































REPORTED SALES vs. PRIOR PERIOD ($MM)


FOURTH QUARTER


TWELVE MONTHS






% Change





% Change



2014


2013

Reported

Operational (1)

Currency


2014


2013

Reported

Operational (1)

Currency

PHARMACEUTICAL SEGMENT (2) (3)















IMMUNOLOGY















US


$       1,816


1,726

5.2%

5.2%

-


$           7,111


6,591

7.9%

7.9%

-

Intl


762


676

12.7%

22.2%

-9.5%


3,082


2,599

18.6%

23.3%

-4.7%

WW


2,578


2,402

7.3%

10.0%

-2.7%


10,193


9,190

10.9%

12.2%

-1.3%

REMICADE















US 


$       1,052


982

7.1%

7.1%

-


4,155


3,891

6.8%

6.8%

-

US Exports (4)


244


367

-33.5%

-33.5%

-


1,078


1,339

-19.5%

-19.5%

-

Intl


376


363

3.6%

12.6%

-9.0%


1,635


1,443

13.3%

19.0%

-5.7%

WW


1,672


1,712

-2.3%

-0.4%

-1.9%


6,868


6,673

2.9%

4.1%

-1.2%

SIMPONI/SIMPONI ARIA















US


164


112

46.4%

46.4%

-


544


404

34.7%

34.7%

-

Intl


182


142

28.2%

39.0%

-10.8%


643


528

21.8%

26.4%

-4.6%

WW


346


254

36.2%

42.2%

-6.0%


1,187


932

27.4%

30.0%

-2.6%

STELARA















US


356


265

34.3%

34.3%

-


1,334


957

39.4%

39.4%

-

Intl


189


152

24.3%

34.3%

-10.0%


738


547

34.9%

37.3%

-2.4%

WW


545


417

30.7%

34.4%

-3.7%


2,072


1,504

37.8%

38.7%

-0.9%

OTHER IMMUNOLOGY















US


-


-

-

-

-


-


-

-

-

-

Intl


15


19

-21.1%

-15.9%

-5.2%


66


81

-18.5%

-14.3%

-4.2%

WW


15


19

-21.1%

-15.9%

-5.2%


66


81

-18.5%

-14.3%

-4.2%

INFECTIOUS DISEASES















US


564


302

86.8%

86.8%

-


3,112


1,077

*

*

-

Intl


512


642

-20.2%

-12.1%

-8.1%


2,487


2,473

0.6%

2.5%

-1.9%

WW


1,076


944

14.0%

19.5%

-5.5%


5,599


3,550

57.7%

58.6%

-0.9%

EDURANT















US


6


5

20.0%

20.0%

-


24


15

60.0%

60.0%

-

Intl


84


68

23.5%

33.8%

-10.3%


341


221

54.3%

54.3%

0.0%

WW


90


73

23.3%

32.9%

-9.6%


365


236

54.7%

54.7%

0.0%

INCIVO















US


-


-

-

-

-


-


-

-

-

-

Intl


5


107

-95.3%

-90.7%

-4.6%


226


517

-56.3%

-55.0%

-1.3%

WW


5


107

-95.3%

-90.7%

-4.6%


226


517

-56.3%

-55.0%

-1.3%

OLYSIO/SOVRIAD















US


256


13

*

*

-


1,943


13

*

*

-

Intl


65


10

*

*

-12.5%


359


10

*

*

-2.3%

WW


321


23

*

*

-2.5%


2,302


23

*

*

-0.4%

PREZISTA















US


243


229

6.1%

6.1%

-


930


807

15.2%

15.2%

-

Intl


205


232

-11.6%

-3.5%

-8.1%


901


866

4.0%

5.9%

-1.9%

WW


448


461

-2.8%

1.3%

-4.1%


1,831


1,673

9.4%

10.4%

-1.0%

OTHER INFECTIOUS DISEASES















US


59


55

7.3%

7.3%

-


215


242

-11.2%

-11.2%

-

Intl


153


225

-32.0%

-26.1%

-5.9%


660


859

-23.2%

-21.2%

-2.0%

WW


212


280

-24.3%

-19.6%

-4.7%


875


1,101

-20.5%

-18.9%

-1.6%
















































REPORTED SALES vs. PRIOR PERIOD ($MM)


FOURTH QUARTER


TWELVE MONTHS






% Change





% Change



2014


2013

Reported

Operational (1)

Currency


2014


2013

Reported

Operational (1)

Currency
















NEUROSCIENCE















US


645


611

5.6%

5.6%

-


2,452


2,584

-5.1%

-5.1%

-

Intl


1,006


1,040

-3.3%

5.1%

-8.4%


4,035


4,083

-1.2%

2.2%

-3.4%

WW


1,651


1,651

0.0%

5.3%

-5.3%


6,487


6,667

-2.7%

-0.6%

-2.1%

CONCERTA/METHYLPHENIDATE















US


55


46

19.6%

19.6%

-


152


308

-50.6%

-50.6%

-

Intl


114


123

-7.3%

0.5%

-7.8%


447


474

-5.7%

-1.6%

-4.1%

WW


169


169

0.0%

5.7%

-5.7%


599


782

-23.4%

-20.9%

-2.5%

INVEGA















US


96


87

10.3%

10.3%

-


360


316

13.9%

13.9%

-

Intl


65


67

-3.0%

7.0%

-10.0%


280


267

4.9%

8.7%

-3.8%

WW


161


154

4.5%

8.9%

-4.4%


640


583

9.8%

11.5%

-1.7%

INVEGA SUSTENNA/ XEPLION















US


226


188

20.2%

20.2%

-


825


690

19.6%

19.6%

-

Intl


192


162

18.5%

27.8%

-9.3%


763


558

36.7%

39.1%

-2.4%

WW


418


350

19.4%

23.7%

-4.3%


1,588


1,248

27.2%

28.3%

-1.1%

RISPERDAL CONSTA















US


104


113

-8.0%

-8.0%

-


427


440

-3.0%

-3.0%

-

Intl


190


208

-8.7%

-0.5%

-8.2%


763


878

-13.1%

-10.9%

-2.2%

WW


294


321

-8.4%

-3.1%

-5.3%


1,190


1,318

-9.7%

-8.2%

-1.5%

OTHER NEUROSCIENCE















US


164


177

-7.3%

-7.3%

-


688


830

-17.1%

-17.1%

-

Intl


445


480

-7.3%

0.8%

-8.1%


1,782


1,906

-6.5%

-2.4%

-4.1%

WW


609


657

-7.3%

-1.4%

-5.9%


2,470


2,736

-9.7%

-6.9%

-2.8%

ONCOLOGY















US


334


216

54.6%

54.6%

-


1,157


848

36.4%

36.4%

-

Intl


878


897

-2.1%

6.7%

-8.8%


3,300


2,925

12.8%

16.0%

-3.2%

WW


1,212


1,113

8.9%

16.0%

-7.1%


4,457


3,773

18.1%

20.6%

-2.5%

VELCADE















US


-


-

-

-

-


-


-

-

-

-

Intl


418


524

-20.2%

-12.1%

-8.1%


1,618


1,660

-2.5%

1.1%

-3.6%

WW


418


524

-20.2%

-12.1%

-8.1%


1,618


1,660

-2.5%

1.1%

-3.6%

ZYTIGA















US


255


211

20.9%

20.9%

-


971


750

29.5%

29.5%

-

Intl


340


284

19.7%

29.9%

-10.2%


1,266


948

33.5%

36.1%

-2.6%

WW


595


495

20.2%

26.0%

-5.8%


2,237


1,698

31.7%

33.1%

-1.4%

OTHER ONCOLOGY















US


79


5

 * 

 * 

-


186


98

89.8%

89.8%

-

Intl


120


89

34.8%

43.9%

-9.1%


416


317

31.2%

34.2%

-3.0%

WW


199


94

*

*

-8.6%


602


415

45.1%

47.4%

-2.3%
















































REPORTED SALES vs. PRIOR PERIOD ($MM)


FOURTH QUARTER


TWELVE MONTHS






% Change





% Change



2014


2013

Reported

Operational (1)

Currency


2014


2013

Reported

Operational (1)

Currency

TOTAL OTHER















US


997


696

43.2%

43.2%

-


3,600


2,848

26.4%

26.4%

-

Intl


485


490

-1.0%

6.0%

-7.0%


1,977


2,097

-5.7%

-3.4%

-2.3%

WW


1,482


1,186

25.0%

27.9%

-2.9%


5,577


4,945

12.8%

13.8%

-1.0%

PROCRIT/EPREX















US


177


168

5.4%

5.4%

-


715


795

-10.1%

-10.1%

-

Intl


125


139

-10.1%

-3.2%

-6.9%


523


569

-8.1%

-6.2%

-1.9%

WW


302


307

-1.6%

1.5%

-3.1%


1,238


1,364

-9.2%

-8.4%

-0.8%

XARELTO















US


428


271

57.9%

57.9%

-


1,522


864

76.2%

76.2%

-

Intl


-


-

-

-

-


-


-

-

-

-

WW


428


271

57.9%

57.9%

-


1,522


864

76.2%

76.2%

-

OTHER















US


392


257

52.5%

52.5%

-


1,363


1,189

14.6%

14.6%

-

Intl


360


351

2.6%

9.6%

-7.0%


1,454


1,528

-4.8%

-2.4%

-2.4%

WW


752


608

23.7%

27.7%

-4.0%


2,817


2,717

3.7%

5.0%

-1.3%
















TOTAL PHARMACEUTICAL















US


4,356


3,551

22.7%

22.7%

-


17,432


13,948

25.0%

25.0%

-

Intl


3,643


3,745

-2.7%

5.8%

-8.5%


14,881


14,177

5.0%

8.3%

-3.3%

WW


$       7,999


7,296

9.6%

13.9%

-4.3%


$         32,313


28,125

14.9%

16.5%

-1.6%































See footnotes at end of schedule
































REPORTED SALES vs. PRIOR PERIOD ($MM)


FOURTH QUARTER


TWELVE MONTHS






% Change





% Change



2014


2013

Reported

Operational (1)

Currency


2014


2013

Reported

Operational (1)

Currency

MEDICAL DEVICES (2) (3) (7)















CARDIOVASCULAR CARE















US


$          222


210

5.7%

5.7%

-


$              862


808

6.7%

6.7%

-

Intl


336


324

3.7%

12.4%

-8.7%


1,346


1,269

6.1%

9.4%

-3.3%

WW


558


534

4.5%

9.8%

-5.3%


2,208


2,077

6.3%

8.3%

-2.0%

DIABETES CARE















US


206


219

-5.9%

-5.9%

-


864


998

-13.4%

-13.4%

-

Intl


308


344

-10.5%

-1.5%

-9.0%


1,278


1,311

-2.5%

0.8%

-3.3%

WW


514


563

-8.7%

-3.2%

-5.5%


2,142


2,309

-7.2%

-5.3%

-1.9%

DIAGNOSTICS (5)















US


-


215

**

**

-


456


926

-50.8%

-50.8%

-

Intl


14


251

-94.4%

-90.5%

-3.9%


506


959

-47.2%

-44.9%

-2.3%

WW


14


466

-97.0%

-94.9%

-2.1%


962


1,885

-49.0%

-47.8%

-1.2%

ORTHOPAEDICS















US 


1,339


1,307

2.4%

2.4%

-


5,197


5,074

2.4%

2.4%

-

Intl


1,102


1,149

-4.1%

3.3%

-7.4%


4,478


4,435

1.0%

3.5%

-2.5%

WW


2,441


2,456

-0.6%

2.8%

-3.4%


9,675


9,509

1.7%

2.9%

-1.2%

SPECIALTY SURGERY/OTHER (6)















US


425


422

0.7%

0.7%

-


1,679


1,664

0.9%

0.9%

-

Intl


479


507

-5.5%

2.1%

-7.6%


1,862


1,840

1.2%

4.9%

-3.7%

WW


904


929

-2.7%

1.5%

-4.2%


3,541


3,504

1.1%

3.0%

-1.9%

SURGICAL CARE 















US


567


599

-5.3%

-5.3%

-


2,221


2,294

-3.2%

-3.2%

-

Intl


1,005


1,040

-3.4%

4.0%

-7.4%


3,955


3,975

-0.5%

2.6%

-3.1%

WW


1,572


1,639

-4.1%

0.6%

-4.7%


6,176


6,269

-1.5%

0.5%

-2.0%

VISION CARE















US


195


228

-14.5%

-14.5%

-


975


1,036

-5.9%

-5.9%

-

Intl


451


491

-8.1%

1.7%

-9.8%


1,843


1,901

-3.1%

1.7%

-4.8%

WW


646


719

-10.2%

-3.5%

-6.7%


2,818


2,937

-4.1%

-1.0%

-3.1%
















TOTAL MEDICAL DEVICES















US


2,954


3,200

-7.7%

-7.7%

-


12,254


12,800

-4.3%

-4.3%

-

Intl


3,695


4,106

-10.0%

-2.3%

-7.7%


15,268


15,690

-2.7%

0.5%

-3.2%

WW


$       6,649


7,306

-9.0%

-4.7%

-4.3%


$         27,522


28,490

-3.4%

-1.6%

-1.8%
















* Percentage greater than 100%















** Not meaningful















(1) Operational growth excludes the effect of translational currency












(2) Unaudited















(3) Prior year amounts have been reclassified to conform to current year product disclosure










(4) Reported as U.S. sales















(5) Reflects Diagnostics divestiture June 30, 2014














(6) Infection Prevention now reflected in Specialty Surgery/Other, previously reported independently









(7) Previously referred to as  Medical Devices and Diagnostics













 

 

SOURCE Johnson & Johnson



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