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Financial Report: Johnson & Johnson

Earnings drop 49% in the quarter

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Johnson & Johnson
 
2Q Revenues: $16.5 billion (-1%)

2Q Earnings: $1.4 billion (-49%)

YTD Revenues: $32.6 billion (flat)

YTD Earnings: $5.3 billion (-15%)

Comments: Worldwide Pharmaceutical sales were $6.3 billion (+1%) in the quarter with a negative impact from currency of 4.2%. Domestic sales were down 5%. International sales increased 7%. Remicade sales were $1.5 billion, up 11% in the quarter. Levaquin sales were down 90% to $16 million due to generic competition. Worldwide Consumer sales were $3.6 billion in the quarter, down 5%. Worldwide Medical Devices and Diagnostics sales were flat at $6.6 billion. Earnings include after-tax items of $2.2 billion, consisting of charges for in-process R&D and intangible assets related to the Crucell vaccines business, an increase in potential settlement charges for civil litigation matters, and costs related to the acquisition of Synthes, Inc.

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