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Financial Reports: J&J 2Q11

Favorable currency changes boost revenues, but earning suffer with Cordis charges

By: Gil Roth

President, Pharma & Biopharma Outsourcing Association

J&J 2Q11

2Q Revenues: $16.6 billion (+8%)

2Q Earnings: $2.8 billion (-20%)

YTD Revenues: $32.8 billion (+6%)

YTD Earnings: $6.3 billion (-33%)

Comments: A huge currency swing improved J&J’s results. U.S. pharma revenues were up 4% to $3.2 billion for the quarter, and 5% for YTD to $6.6 billion. International pharma sales were up 23% in 2Q to $3.0 billion, but more than half of that gain came from currency rates. For YTD, international pharma revenues were up 16%, with slightly less than half coming from favorable exchange rates, to $5.6 billion. Sales of Stelara more than doubled in 2Q to $176 million. Remicade revenues were up 21% in 2Q to $1.4 billion. U.S. consumer product revenues dropped 9% to $1.3 billion, and are down 11% YTD to $2.7 billion. Net earnings for the quarter were impacted by a $549 charge related to the exiting of its Cordis stent business.

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