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Financial Report: Johnson & Johnson 3Q08

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Johnson & Johnson

3Q Revenues: $15.9 billion (+3%)

3Q Earnings: $3.3 billion (+30%)

YTD Revenues: $48.6 billion (+8%)

YTD Earnings: $10.2 billion (+25%)

Comments: Worldwide Pharmaceutical sales were flat at $6.1 billion in the quarter, with an operational decline of 2.5% and a positive impact from currency of 2.7%. Domestic sales were down 6%, while international sales increased 10% (3% from operations and 7% from currency). Velcade, Remicade, Topamax and Risperdal Consta performed well in the quarter. Velcade sales were $190 million (+46%); Remicade sales were $978 million (+19%); Topamax sales were $728 million (+19%); Risperdal Consta sales were $338 million (+15%). Sales of Risperdal were down 63% to $320 million due to generic competition. Worldwide Consumer sales were $4.1 billion in the quarter (+13%). Worldwide Medical Devices and Diagnostics sales were $5.7 billion (+9%). 3Q07 included an after-tax restructuring charge of $528 million associated with a cost improvement program.

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