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Johnson & Johnson

Recalls, generics hurt revenues

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Johnson & Johnson 2Q10

2Q Revenues: $15.3 billion (+1%)

2Q Earnings: $3.4 billion (+7%)

YTD Revenues: $31.0 billion (+2%)

YTD Earnings: $8.0 billion (+19%)

Comments: Excluding the effects of currency fluctuation, revenues were virtually flat in 2Q10. U.S. pharma revenues dropped 2% to $3.1 billion, while international pharma sales rose 5% to $2.4 billion. Consumer products dropped 14% in the quarter to $1.5 billion, a result of product recalls at McNeil Consumer Healthcare. For YTD10, U.S. pharma sales dropped 8% to $6.3 billion, while international pharma revenues grew 10% (with 4.3% coming from currency changes) to $4.9 billion. Sales of Prezista in 2Q10 were up 46% to $204 million, not enough to offset Risperdal’s 51% drop to $117 million. Procrit/Eprex sales continued to slide, dropping 9% to $526 million in 2Q10 and falling 7% to $1.0 billion for the YTD. Remicade sales grew 3% in 2Q10 to $1.1 billion and 9% to $2.3 billion YTD. Topamax sales have dropped 63% to $290 million YTD.

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