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Financial Report: Johnson & Johnson

FY Earnings hit by after-tax charges of $4.2 billion

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Johnson & Johnson

4Q Revenues: $16.3 billion (+4%)

4Q Earnings: $218 million (-89%)

FY Revenues: $65.0 billion (+6%)

FY Earnings: $9.7 million (-28%)

Comments: Worldwide Pharmaceutical sales were $24.4 billion for the year (+9%). Domestic sales declined 1%, while international sales were up 21%. Sales in the U.S. were negatively impacted by generic competition for Levaquin. Remicade sales for the year were $5.5 billion, up 19% in the wake of J&J’s new marketing agreement with Merck. Prezista sales were $1.2 billion, up 41%. Velcade sales for the year were $1.3 billion, up 18%. Worldwide Consumer sales were $14.9 billion for the year, up 2%. Domestic sales decreased 7% while international sales increased 7%. Earnings in the quarter and for the year reflect after-tax charges of $2.9 billion and $4.2 billion, respectively, which include product liability expenses, the impact of litigation settlements, costs associated with the DePuy ASR Hip recall program.

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