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Financial Report: Johnson & Johnson

$13.6 billion charge related to U.S. tax overhaul results in rare quarterly loss

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By: Kristin Brooks

Managing Editor, Contract Pharma

Johnson & Johnson
4Q Revenues: $20.2 billion (+12%)
4Q Loss: $10.7 billion (earnings were $3.8 billion 4Q16)
FY Revenues: $76.5 billion (+6%)
FY Earnings: $1.3 billion (-92%)
Comments: Worldwide Pharmaceutical sales were $36.3 billion for the year, up 8%. Domestic sales increased 7% and international sales increased 11%. Growth in new products include DARZALEX for the treatment of multiple myeloma, with $1.2 billion in sales, IMBRUVICA, to treat certain B-cell malignancies, with $1.9 billion, up 51%, and TREMFYA, for the treatment of adults living with moderate to severe plaque psoriasis. Additional contributors to sales growth included STELARA ($4.0 billion, up 24%), INVEGA SUSTENNA/XEPLION/TRINZA ($2.6 billion, +16%), ZYTIGA ($2.5 billion, +11%), and XARELTO ($2.5 billion, +10%), partially offset by declines in REMICADE (-10% to $6.3 billion) due to biosimilar entrants. Earnings included after-tax amortization expense of approximately $2.5 billion and a charge for after-tax special items of approximately $16.2 billion related to the recent U.S. tax overhaul.   

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