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Financial Reports: J&J 3Q12

Currency rates, device charges tamp down results

By: Gil Roth

President, Pharma & Biopharma Outsourcing Association

J&J

3Q Revenues: $17.1 billion (+7%)

3Q Earnings: $3.0 billion (-7%)

YTD Revenues: $50.0 billion (+2%)

YTD Earnings: $8.3 billion (-12%)

Comments: Pharma revenues were up 7% to $6.4 billion, including a 4% drop due to exchange rates. Domestic pharma sales rose 15% while international sales gains of 8% were wiped out by foreign currency rates. Consumer sales fell 4% to $3.6 billion, the result of a 5% currency fluctuation and flat domestic sales. J&J wrote off $679 million in in-process R&D and took several charges related to its device business. Remicade posted sales of $1.6 billion for 3Q12, up 13%, while Simponi posted $185 million (+43%) and Stelara grew 52% to $287 million.. Procrit/Eprex sales dropped 6% to $359 million. Prezista sales rose 15% to $364 million.

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