Monday, May 9, 2016

News: Johnson & Johnson Reports 2016 First-Quarter Results - Part - II

Ctd---
Johnson & Johnson and Subsidiaries









Condensed Consolidated Statement of Earnings 



















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











2016

2015

Percent



Percent



Percent

Increase

Amount

to Sales

Amount

to Sales

(Decrease)
Sales to customers
$  17,482

100.0

$  17,374

100.0

0.6
Cost of products sold
5,329

30.5

5,282

30.4

0.9
Selling, marketing and administrative expenses
4,688

26.8

4,847

27.9

(3.3)
Research and development expense
2,013

11.5

1,899

10.9

6.0
Interest (income) expense, net
77

0.4

119

0.7


Other (income) expense, net
(39)

(0.2)

(348)

(2.0)


Restructuring
120

0.7

-

-


Earnings before provision for taxes on income
5,294

30.3

5,575

32.1

(5.0)
Provision for taxes on income
1,002

5.7

1,255

7.2

(20.2)
Net earnings
4,292

24.6

4,320

24.9

(0.6)










Net earnings per share (Diluted)
$      1.54



$      1.53



0.7










Average shares outstanding (Diluted)
2,795.4



2,826.0














Effective tax rate
18.9
%


22.5
%













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









Earnings before provision for taxes on income
$    5,801

33.2

$    5,630

32.4

3.0
Net earnings
$    4,689

26.8

$    4,418

25.4

6.1
Net earnings per share (Diluted)
$      1.68



$      1.56



7.7
Effective tax rate
19.2
%


21.5
%













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











Johnson & Johnson and Subsidiaries






Reconciliation of Non-GAAP Financial Measures














First Quarter

% Incr. /

(Dollars in Millions Except Per Share Data)
2016

2015

(Decr.)








Earnings before provision for taxes on income - as reported
$    5,294

5,575

(5.0)
%







Intangible asset amortization expense
282

312










Restructuring (1)
137

-










Litigation expense/(gain), net
66

(402)










DePuy ASR™Hip program
-

139










Other
22

6










Earnings before provision for taxes on income - as adjusted
$    5,801

5,630

3.0
%







Net Earnings - as reported
$    4,292

4,320

(0.6)
%







Intangible asset amortization expense
205

226










Restructuring
120

-










Litigation expense/(gain), net
56

(253)










DePuy ASR™Hip program
-

122










Other
16

3










Net Earnings - as adjusted 
$    4,689

4,418

6.1
%







Diluted Net Earnings per share - as reported
$      1.54

1.53

0.7
%







Intangible asset amortization expense
0.07

0.08










Restructuring
0.04

-










Litigation expense/(gain), net
0.02

(0.09)










DePuy ASR™Hip program
-

0.04










Other
0.01

-










Diluted Net Earnings per share - as adjusted 
$      1.68

1.56

7.7
%







Operational Diluted Net Earnings per share - as adjusted* 
$      1.72

1.56

10.3
%







* Excludes the effect of translational currency













(1)Includes $17M recorded in cost of products sold








Johnson & Johnson and Subsidiaries








Reconciliation of Non-GAAP Financial Measure

















Operational Sales Growth Excluding Acquisitions, Divestitures and Hepatitis C Sales (1) (Underlying Sales Growth)
 FIRST QUARTER 2016 ACTUAL vs. 2015 ACTUAL 









 Segments 











 Consumer 

 Pharmaceutical 

 Medical Devices 

 Total 


Operational % (2)
 WW As Reported: 

(0.2)%

8.5%

0.5%

3.9%
 U.S. 

(0.1)%

12.9%

2.2%

7.2%
 International 

(0.3)%

2.6%

(1.0)%

0.6%









Wound Care/Other








SPLENDA ®

2.0





0.5
 U.S. 

4.1





0.7
 International 

0.7





0.2









Cardiovascular








Cordis





2.4

0.9
 U.S. 





1.1

0.4
 International 





3.5

1.3









Other Neuroscience








NUCYNTA ®



0.5



0.2
 U.S. 



1.0



0.5
 International 



0.0



0.0









All Other Acquisitions and Divestitures

0.1



0.1

0.1
 U.S. 

0.1



0.0

0.0
 International 

0.1



0.3

0.1









WW Ops excluding Acquisitions and Divestitures

1.9%

9.0%

3.0%

5.6%
 U.S. 

4.1%

13.9%

3.3%

8.8%
 International 

0.5%

2.6%

2.8%

2.2%









Hepatitis C



3.3



1.3
 U.S. 



2.3



1.0
 International 



4.5



1.6









WW Ops excluding Hepatitis C only



11.8%



5.2%
 U.S. 



15.2%



8.2%
 International 



7.1%



2.2%









WW Ops excluding Acquisitions, Divestitures and Hepatitis C

1.9%

12.3%

3.0%

6.9%
 U.S. 

4.1%

16.2%

3.3%

9.8%
 International 

0.5%

7.1%

2.8%

3.8%









(1)Hepatitis C products include OLYSIO ® /SOVRIAD ® and INCIVO ®








(2)Operational growth excludes the effect of translational currency











REPORTED SALES vs. PRIOR PERIOD ($MM)


FIRST QUARTER






% Change



2016

2015
Reported
Operational (1)
Currency

CONSUMER SEGMENT (2)








BABY CARE








US

$            95

111
-14.4%
-14.4%
-

Intl

356

400
-11.0%
0.1%
-11.1%

WW

451

511
-11.7%
-3.0%
-8.7%

ORAL CARE








US

170

158
7.6%
7.6%
-

Intl

215

245
-12.2%
-2.9%
-9.3%

WW

385

403
-4.5%
1.1%
-5.6%

OTC








US

461

405
13.8%
13.8%
-

Intl

558

588
-5.1%
2.8%
-7.9%

WW

1,019

993
2.6%
7.3%
-4.7%

SKIN CARE








US

488

492
-0.8%
-0.8%
-

Intl

374

411
-9.0%
-0.7%
-8.3%

WW

862

903
-4.5%
-0.7%
-3.8%

WOMEN'S HEALTH








US

6

6
0.0%
0.0%
-

Intl

245

281
-12.8%
-0.9%
-11.9%

WW

251

287
-12.5%
-0.9%
-11.6%

WOUND CARE / OTHER








US

138

187
-26.2%
-26.2%
-

Intl

89

106
-16.0%
-8.4%
-7.6%

WW

227

293
-22.5%
-19.7%
-2.8%










TOTAL CONSUMER








US

1,358

1,359
-0.1%
-0.1%
-

Intl

1,837

2,031
-9.6%
-0.3%
-9.3%

WW

$       3,195

3,390
-5.8%
-0.2%
-5.6%



















See footnotes at end of schedule


















REPORTED SALES vs. PRIOR PERIOD ($MM)


FIRST QUARTER






% Change



2016

2015
Reported
Operational (1)
Currency

PHARMACEUTICAL SEGMENT (2)








IMMUNOLOGY








US

$       2,171

1,755
23.7%
23.7%
-

Intl

739

708
4.4%
12.8%
-8.4%

WW

2,910

2,463
18.1%
20.5%
-2.4%

REMICADE








US 

1,211

1,055
14.8%
14.8%
-

US Exports (3)

233

181
28.7%
28.7%
-

Intl

335

364
-8.0%
1.8%
-9.8%

WW

1,779

1,600
11.2%
13.4%
-2.2%

SIMPONI / SIMPONI ARIA








US

216

155
39.4%
39.4%
-

Intl

174

145
20.0%
27.6%
-7.6%

WW

390

300
30.0%
33.7%
-3.7%

STELARA








US

511

364
40.4%
40.4%
-

Intl

224

185
21.1%
27.3%
-6.2%

WW

735

549
33.9%
36.0%
-2.1%

OTHER IMMUNOLOGY








US

-

-
-
-
-

Intl

6

14
-57.1%
-48.4%
-8.7%

WW

6

14
-57.1%
-48.4%
-8.7%

INFECTIOUS DISEASES








US

358

412
-13.1%
-13.1%
-

Intl

418

563
-25.8%
-22.1%
-3.7%

WW

776

975
-20.4%
-18.2%
-2.2%

EDURANT








US

11

9
22.2%
22.2%
-

Intl

108

82
31.7%
35.3%
-3.6%

WW

119

91
30.8%
34.1%
-3.3%

OLYSIO / SOVRIAD








US

16

98
-83.7%
-83.7%
-

Intl

16

136
-88.2%
-87.1%
-1.1%

WW

32

234
-86.3%
-85.7%
-0.6%

PREZISTA / PREZCOBIX / REZOLSTA








US

277

234
18.4%
18.4%
-

Intl

175

193
-9.3%
-4.6%
-4.7%

WW

452

427
5.9%
8.0%
-2.1%

OTHER INFECTIOUS DISEASES








US

54

71
-23.9%
-23.9%
-

Intl

119

152
-21.7%
-16.7%
-5.0%

WW

173

223
-22.4%
-19.0%
-3.4%




















REPORTED SALES vs. PRIOR PERIOD ($MM)


FIRST QUARTER






% Change



2016

2015
Reported
Operational (1)
Currency

NEUROSCIENCE








US

680

750
-9.3%
-9.3%
-

Intl

869

868
0.1%
5.4%
-5.3%

WW

1,549

1,618
-4.3%
-1.4%
-2.9%

CONCERTA / METHYLPHENIDATE








US

134

126
6.3%
6.3%
-

Intl

97

98
-1.0%
6.4%
-7.4%

WW

231

224
3.1%
6.3%
-3.2%

INVEGA / PALIPERIDONE








US

24

94
-74.5%
-74.5%
-

Intl

62

61
1.6%
5.3%
-3.7%

WW

86

155
-44.5%
-43.0%
-1.5%

INVEGA SUSTENNA / XEPLION /
INVEGA TRINZA








US

305

228
33.8%
33.8%
-

Intl

208

183
13.7%
19.3%
-5.6%

WW

513

411
24.8%
27.3%
-2.5%

RISPERDAL CONSTA








US

95

104
-8.7%
-8.7%
-

Intl

136

150
-9.3%
-4.9%
-4.4%

WW

231

254
-9.1%
-6.5%
-2.6%

OTHER NEUROSCIENCE








US

122

198
-38.4%
-38.4%
-

Intl

366

376
-2.7%
2.6%
-5.3%

WW

488

574
-15.0%
-11.5%
-3.5%

ONCOLOGY








US

549

334
64.4%
64.4%
-

Intl

805

774
4.0%
9.8%
-5.8%

WW

1,354

1,108
22.2%
26.3%
-4.1%

IMBRUVICA








US

132

66
100.0%
100.0%
-

Intl

129

50
*
*
**

WW

261

116
*
*
**

VELCADE








US

-

-
-
-
-

Intl

304

339
-10.3%
-5.4%
-4.9%

WW

304

339
-10.3%
-5.4%
-4.9%

ZYTIGA








US

272

253
7.5%
7.5%
-

Intl

286

303
-5.6%
-0.1%
-5.5%

WW

558

556
0.4%
3.4%
-3.0%

OTHER ONCOLOGY








US

145

15
*
*
-

Intl

86

82
4.9%
11.2%
-6.3%

WW

231

97
*
*
**











REPORTED SALES vs. PRIOR PERIOD ($MM)


FIRST QUARTER






% Change



2016

2015
Reported
Operational (1)
Currency

CARDIOVASCULAR / METABOLISM / OTHER








US

1,179

1,120
5.3%
5.3%
-

Intl

410

442
-7.2%
-0.4%
-6.8%

WW

1,589

1,562
1.7%
3.6%
-1.9%

XARELTO








US

567

441
28.6%
28.6%
-

Intl

-

-
-
-
-

WW

567

441
28.6%
28.6%
-

INVOKANA / INVOKAMET








US

297

266
11.7%
11.7%
-

Intl

28

12
*
*
**

WW

325

278
16.9%
17.8%
-0.9%

PROCRIT / EPREX








US

183

163
12.3%
12.3%
-

Intl

91

106
-14.2%
-8.7%
-5.5%

WW

274

269
1.9%
4.1%
-2.2%

OTHER








US

132

250
-47.2%
-47.2%
-

Intl

291

324
-10.2%
-3.5%
-6.7%

WW

423

574
-26.3%
-22.5%
-3.8%










TOTAL PHARMACEUTICAL








US

4,937

4,371
12.9%
12.9%
-

Intl

3,241

3,355
-3.4%
2.6%
-6.0%

WW

$       8,178

7,726
5.9%
8.5%
-2.6%




























See footnotes at end of schedule



























REPORTED SALES vs. PRIOR PERIOD ($MM)


FIRST QUARTER






% Change



2016

2015
Reported
Operational (1)
Currency

MEDICAL DEVICES (2) (4)








CARDIOVASCULAR








US

$          231

228
1.3%
1.3%
-

Intl

212

301
-29.6%
-26.3%
-3.3%

WW

443

529
-16.3%
-14.4%
-1.9%

DIABETES CARE








US

180

212
-15.1%
-15.1%
-

Intl

249

272
-8.5%
-2.8%
-5.7%

WW

429

484
-11.4%
-8.2%
-3.2%

DIAGNOSTICS








US

-

-
-
-
-

Intl

28

30
**
**
**

WW

28

30
**
**
**

ORTHOPAEDICS








US 

1,392

1,309
6.3%
6.3%
-

Intl

949

1,019
-6.9%
-1.4%
-5.5%

WW

2,341

2,328
0.6%
3.0%
-2.4%

HIPS








US

203

190
6.8%
6.8%
-

Intl

139

143
-2.8%
3.4%
-6.2%

WW

342

333
2.7%
5.4%
-2.7%

KNEES








US

244

226
8.0%
8.0%
-

Intl

145

150
-3.3%
2.1%
-5.4%

WW

389

376
3.5%
5.7%
-2.2%

TRAUMA








US

381

364
4.7%
4.7%
-

Intl

261

292
-10.6%
-4.9%
-5.7%

WW

642

656
-2.1%
0.4%
-2.5%

SPINE & OTHER








US

564

529
6.6%
6.6%
-

Intl

404

434
-6.9%
-1.8%
-5.1%

WW

968

963
0.5%
2.8%
-2.3%





























REPORTED SALES vs. PRIOR PERIOD ($MM)


FIRST QUARTER






% Change



2016

2015
Reported
Operational (1)
Currency

SURGERY








US

981

960
2.2%
2.2%
-

Intl

1,247

1,296
-3.8%
2.3%
-6.1%

WW

2,228

2,256
-1.2%
2.3%
-3.5%

ADVANCED








US

352

329
7.0%
7.0%
-

Intl

464

441
5.2%
11.7%
-6.5%

WW

816

770
6.0%
9.7%
-3.7%

GENERAL








US

419

422
-0.7%
-0.7%
-

Intl

651

711
-8.4%
-2.8%
-5.6%

WW

1,070

1,133
-5.6%
-2.1%
-3.5%

SPECIALTY








US

210

209
0.5%
0.5%
-

Intl

132

144
-8.3%
-1.0%
-7.3%

WW

342

353
-3.1%
-0.1%
-3.0%

VISION CARE








US

242

253
-4.3%
-4.3%
-

Intl

398

378
5.3%
9.8%
-4.5%

WW

640

631
1.4%
4.1%
-2.7%










TOTAL MEDICAL DEVICES








US

3,026

2,962
2.2%
2.2%
-

Intl

3,083

3,296
-6.5%
-1.0%
-5.5%

WW

$       6,109

6,258
-2.4%
0.5%
-2.9%










* Percentage greater than 100%








** Not meaningful








(1) Operational growth excludes the effect of translational currency





(2) Unaudited








(3) Reported as U.S. sales








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

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