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J&J

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By: Tim Wright

Editor-in-Chief, Contract Pharma

J&J

4Q Revenues: $16.0 billion (+17%)

4Q Earnings: $2.4 billion (+10%)

FY Revenues: $61.1 billion (+15%)

FY Earnings: $10.6 billion (-4%)

Comments: Worldwide pharmaceutical sales were up 7% to $24.9 billion for the year. Sales growth was driven by Risperdal, Consta, the launch of Invega, Topamax, Remicade, Velcade, Concerta and Levaquin. Growth was negatively impacted by lower Procrit sales. R&D expenses for the year were $7.7 billion, up 8%. 4Q and FY domestic sales were up 9% and international sales increased 26% and 22% respectively, reflecting operational growth of 15% in the quarter and 12% FY. There was a 4Q after-tax, non-cash charge of $441 million for assets related to Natrecor, and a tax gain of $267 million associated with the restructuring of international subsidiaries. FY earnings included after-tax charges of  $807 million for in-process R&D writeoffs; $528 million for restructuring; an after-tax, non-cash charge of $441 million for assets related to Natrecor; and a gain of $267 million for international tax restructuring.

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