JOHNSON & JOHNSON NEW BRUNSWICK, N.J., Jan. 26, 2016 /PRNewswire/ -- Johnson & Johnson (NYSE: JNJ) today announced sales of $17.8 billion for the fourth quarter of 2015, a decrease of 2.4% as compared to the fourth quarter of 2014. Operational sales results increased 4.4% and the negative impact of currency was 6.8%. Domestic sales increased 8.0%. International sales decreased 11.7%, reflecting operational growth of 1.2% and a negative currency impact of 12.9%. Excluding the net impact of acquisitions, divestitures and hepatitis C sales, on an operational basis, worldwide sales increased 7.8%, domestic sales increased 13.4% and international sales increased 2.9%.*
Worldwide sales for the full-year 2015 were $70.1 billion, a decrease of 5.7% versus 2014. Operational results increased 1.8% and the negative impact of currency was 7.5%. Domestic sales increased 2.6%. International sales decreased 13.1%, reflecting operational growth of 1.1% and a negative currency impact of 14.2%. Excluding the net impact of acquisitions, divestitures and hepatitis C sales, on an operational basis, worldwide sales increased 6.5%, domestic sales increased 10.6% and international sales increased 3.0%.*
Net earnings and diluted earnings per share for the fourth quarter of 2015 were $3.2 billion and $1.15, respectively. Fourth-quarter 2015 net earnings included after-tax intangible amortization expense of approximately $0.2 billion and a charge for after-tax special items of approximately $0.6 billion. Fourth-quarter 2014 net earnings included after-tax intangible amortization expense of approximately $0.3 billion and a charge for after-tax special items of approximately $1.1 billion. A reconciliation of non-GAAP financial measures is included as an accompanying schedule. Excluding after-tax intangible amortization expense and special items, adjusted net earnings for the current quarter were $4.0 billion and adjusted diluted earnings per share were $1.44, representing increases of 4.0% and 5.1%, respectively, as compared to the same period in 2014.* On an operational basis, adjusted diluted earnings per share increased 12.4%.*
Net earnings and diluted earnings per share for the full-year 2015 were $15.4 billion and $5.48, respectively. Full-year net earnings included after-tax intangible amortization expense of approximately $1.1 billion and a net charge for after-tax special items of approximately $0.9 billion. Full-year 2014 net earnings included after-tax intangible amortization expense of approximately $1.2 billion and a net charge for after-tax special items of approximately $0.8 billion. A reconciliation of non-GAAP financial measures is included as an accompanying schedule. Excluding after-tax intangible amortization expense and special items, adjusted net earnings for the full-year of 2015 were $17.4 billion and adjusted diluted earnings per share were $6.20, representing decreases of 4.8% and 3.0%, respectively, as compared to the full year of 2014.* On an operational basis, adjusted diluted earnings per share increased 5.8%.*
"Johnson & Johnson delivered strong underlying growth in 2015, driven by the performance of our Pharmaceutical business and iconic Consumer brands," said Alex Gorsky, Chairman and Chief Executive Officer. "As we enter 2016, our core business is very healthy, and the recent decisive actions we've taken in support of each of our businesses position us well to drive sustainable long-term growth, faster than the markets we compete in."
Mr. Gorsky continued, "I want to thank all of our colleagues for contributing to these results through their commitment and dedication to the people around the world who rely on our products."
The company announced its 2016 full-year guidance for sales of $70.8 billion to $71.5 billion reflecting expected operational growth in the range of 2.5% to 3.5%. Excluding the impact of acquisitions, divestitures and hepatitis C sales, operational sales growth is expected to be in the range of 4.5% to 6.0%.* Additionally, the company announced adjusted earnings guidance for full-year 2016 of $6.43 to $6.58 per share reflecting expected operational growth in the range of 5.3% to 7.7%.* Adjusted earnings guidance excludes the impact of after-tax intangible amortization expense and special items.
Worldwide Consumer sales of $13.5 billion for the full-year 2015 represented a decrease of 6.8% versus the prior year, consisting of an operational increase of 2.7% and a negative impact from currency of 9.5%. Domestic sales increased 2.5%; international sales decreased 11.9%, which reflected an operational increase of 2.7% and a negative currency impact of 14.6%. Excluding the net impact of acquisitions and divestitures, on an operational basis, worldwide sales increased 4.1%, domestic sales increased 4.6% and international sales increased 3.8%.*
Positive contributors to Consumer operational results were sales of over-the-counter products including TYLENOL(®) and MOTRIN(®) analgesics, upper respiratory products including ZYRTEC(®) allergy medications, and digestive health products; international feminine protection products; LISTERINE(®) oral care products; and NEUTROGENA(®) skin care products.
Worldwide Pharmaceutical sales of $31.4 billion for the full-year 2015 represented a decrease of 2.7% versus the prior year with an operational increase of 4.2% and a negative impact from currency of 6.9%. Domestic sales increased 5.2%; international sales decreased 12.0%, which reflected an operational increase of 3.0% and a negative currency impact of 15.0%. Excluding the net impact of acquisitions, divestitures and hepatitis C sales, on an operational basis, worldwide sales increased 11.0%, domestic sales increased 18.1% and international sales increased 3.3%.*
Worldwide operational sales growth was driven by new products and the strength of core products. New product sales growth was negatively impacted by lower sales of OLYSIO(®)/SOVRIAD(® )(simeprevir) due to competitive entrants. Strong growth in new products include INVOKANA(®)/INVOKAMET(® )(canagliflozin), for the treatment of adults with type 2 diabetes; IMBRUVICA(®) (ibrutinib), an oral, once-daily therapy approved for use in treating certain B-cell malignancies, or blood cancers; XARELTO(®) (rivaroxaban), an oral anticoagulant; and ZYTIGA(®) (abiraterone acetate), an oral, once-daily medication for use in combination with prednisone for the treatment of metastatic, castration-resistant prostate cancer.
Additional contributors to operational sales growth were STELARA(®) (ustekinumab), a biologic approved for the treatment of moderate to severe plaque psoriasis and psoriatic arthritis; INVEGA(® )SUSTENNA(®)/XEPLION(®)/TRINZA(®) (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults; CONCERTA(® )(methylphenidate HCI), for the treatment of attention deficit hyperactivity disorder; and SIMPONI(®)/SIMPONI ARIA(®) (golimumab), biologics approved for the treatment of a number of immune-mediated inflammatory diseases.
During the quarter, the U.S. Food and Drug Administration (FDA) approved DARZALEX(TM) (daratumumab) for the treatment of double refractory multiple myeloma. Additionally, the FDA approved YONDELIS(®) (trabectedin) for the treatment of patients with unresectable or metastatic liposarcoma or leiomyosarcoma. The European Commission approved EDURANT(®) (rilpiravine) in combination with other anti-retroviral agents, for treatment-naïve adolescent patients aged 12 to 18 years with human immunodeficiency virus-1 (HIV-1) infection.
In the U.S., a New Drug Application (NDA) was submitted for INVOKAMET(®) XR, a once-daily therapy combining fixed doses of canagliflozin and metformin hydrochloride extended release for the treatment of adults with type 2 diabetes. Additionally, regulatory applications were submitted for STELARA(®) (ustekinumab) for the treatment of adult patients with moderately to severely active Crohn's disease to the FDA and the European Medicines Agency (EMA). Several regulatory submissions were completed for additional indications of IMBRUVICA(®) (ibrutinib) including for patients with relapsed or refractory chronic lymphocytic leukemia (CLL) or small lymphocytic lymphoma in combination with bendamustine and rituximab in both the U.S. and the European Union (EU) as well as for use in treatment-naïve patients with CLL and relapsed/refractory patients with mantle cell lymphoma in the EU.
Also in the quarter, the acquisition of Novira Therapeutics, Inc., a privately held clinical-stage biopharmaceutical company developing innovative therapies for curative treatment of chronic hepatitis B virus infection, was completed.
Worldwide Medical Devices sales of $25.1 billion for the full-year represented a decrease of 8.7% versus the prior year consisting of an operational decrease of 1.4% and a negative currency impact of 7.3%. Domestic sales decreased 1.0%; international sales decreased 14.8%, which reflected an operational decrease of 1.7% and a negative currency impact of 13.1%. Excluding the net impact of acquisitions and divestitures, on an operational basis, worldwide sales increased 2.5%, domestic sales increased 3.3% and international sales increased 2.0%.(*)
Primary contributors to operational growth were sales of endocutters and biosurgical products in the Advanced Surgery business; electrophysiology products in the Cardiovascular business; joint reconstruction products in the Orthopaedics business; and insulin pump products in the Diabetes Care business.
During the quarter, the pediatric indication for the Animas(®) Vibe(®) insulin pump was approved by the FDA. Also in the quarter, the acquisition of Coherex Medical, Inc., a privately held medical device company focused on the development of the Coherex WaveCrest(®) left atrial appendage occlusion system, was completed.
Subsequent to the quarter, the company announced on January 19(th), a restructuring of certain Medical Devices businesses. The company's Consumer Medical Devices businesses, Vision Care and Diabetes Care, are not impacted by these actions. The restructuring is being undertaken to accelerate the pace of innovation, address unmet patient needs and drive growth. The actions are expected to result in ongoing annualized, pre-tax cost savings of $0.8 billion to $1.0 billion, the majority of which is expected to be realized by the end of 2018, including approximately $200 million in 2016.
About Johnson & Johnson
Caring for the world, one person at a time, inspires and unites the people of Johnson & Johnson. We embrace research and science - bringing innovative ideas, products and services to advance the health and well-being of people. Our approximately 127,000 employees at more than 250 Johnson & Johnson operating companies work with partners in health care to touch the lives of over a billion people every day, throughout the world.
* Operational sales growth excluding the net impact of acquisitions, divestitures and hepatitis C sales, as well as adjusted net earnings, adjusted diluted earnings per share and operational adjusted diluted earnings per share excluding after-tax intangible amortization expense and special items, are non-GAAP financial measures and should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Except for guidance measures, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying financial schedules of the earnings release and the Investor Relations section of the company's website at www.investor.jnj.com.
Johnson & Johnson will conduct a conference call with investors to discuss this news release today at 8:30 a.m., Eastern Time. A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Johnson & Johnson website at www.investor.jnj.com. A replay and podcast will be available approximately two hours after the live webcast by visiting www.investor.jnj.com.
Copies of the financial schedules accompanying this press release are available at www.investor.jnj.com/historical-sales.cfm. These schedules include supplementary sales data, a condensed consolidated statement of earnings, reconciliations of non-GAAP financial measures, and sales of key products/franchises. Additional information on Johnson & Johnson, including adjusted income before tax by segment, a pharmaceutical pipeline of selected compounds in late stage development and a copy of today's earnings call presentation can be found on the company's website at www.investor.jnj.com.
NOTE TO INVESTORS
This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and restructuring plans. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to, economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges and uncertainties inherent in new product development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; impact of business combinations and divestitures; challenges to patents; the impact of patent expirations; the ability of the company to successfully execute strategic plans, including restructuring plans; any required consultation procedures relating to the restructuring workforce actions; the potential that the expected benefits and opportunities related to the restructuring may not be realized or may take longer to realize than expected; market conditions and the possibility that the on-going share repurchase program may be suspended or discontinued; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns or financial distress of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; increased scrutiny of the health care industry by government agencies; and the potential failure to meet obligations in compliance agreements with government bodies. A further list and description of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended December 28, 2014, including Exhibit 99 thereto, and the company's subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.investor.jnj.com, or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statements as a result of new information or future events or developments.
Johnson & Johnson and Subsidiaries
----------------------------------
Supplementary Sales Data
(Unaudited; Dollars in Millions) FOURTH QUARTER TWELVE MONTHS
------------------------------- -------------- -------------
Percent Change Percent Change
2015 2014 Total Operations Currency 2015 2014 Total Operations Currency
---- ---- ----- ---------- -------- ---- ---- ----- ---------- --------
Sales to customers by
segment of business
Consumer
U.S. $1,231 1,294 (4.9)% (4.9) - $5,222 5,096 2.5% 2.5 -
International 2,089 2,312 (9.6) 5.5 (15.1) 8,285 9,400 (11.9) 2.7 (14.6)
3,320 3,606 (7.9) 1.8 (9.7) 13,507 14,496 (6.8) 2.7 (9.5)
----- ----- ---- --- ---- ------ ------ ---- --- ----
Pharmaceutical
U.S. 4,910 4,356 12.7 12.7 - 18,333 17,432 5.2 5.2 -
International 3,154 3,643 (13.4) (0.9) (12.5) 13,097 14,881 (12.0) 3.0 (15.0)
8,064 7,999 0.8 6.5 (5.7) 31,430 32,313 (2.7) 4.2 (6.9)
----- ----- --- --- ---- ------ ------ ---- --- ----
Medical Devices
U.S. 3,152 2,954 6.7 6.7 - 12,132 12,254 (1.0) (1.0) -
International 3,275 3,695 (11.4) 0.6 (12.0) 13,005 15,268 (14.8) (1.7) (13.1)
6,427 6,649 (3.3) 3.4 (6.7) 25,137 27,522 (8.7) (1.4) (7.3)
----- ----- ---- --- ---- ------ ------ ---- ---- ----
U.S. 9,293 8,604 8.0 8.0 - 35,687 34,782 2.6 2.6 -
International 8,518 9,650 (11.7) 1.2 (12.9) 34,387 39,549 (13.1) 1.1 (14.2)
Worldwide $17,811 18,254 (2.4)% 4.4 (6.8) $70,074 74,331 (5.7)% 1.8 (7.5)
--------- ------- ------ ----- --- ---- ------- ------ ----- --- ----
Johnson & Johnson and Subsidiaries
----------------------------------
Supplementary Sales Data
(Unaudited; Dollars in Millions) FOURTH QUARTER TWELVE MONTHS
------------------------------- -------------- -------------
Percent Change Percent Change
2015 2014 Total Operations Currency 2015 2014 Total Operations Currency
---- ---- ----- ---------- -------- ---- ---- ----- ---------- --------
Sales to customers by
geographic area
U.S. $9,293 8,604 8.0% 8.0 - $35,687 34,782 2.6% 2.6 -
---- ------ ----- --- --- --- ------- ------ --- --- ---
Europe 4,002 4,560 (12.2) 0.8 (13.0) 15,995 18,947 (15.6) 1.1 (16.7)
Western Hemisphere excluding U.S. 1,442 1,782 (19.1) 2.8 (21.9) 6,045 7,160 (15.6) 2.6 (18.2)
Asia-Pacific, Africa 3,074 3,308 (7.1) 0.9 (8.0) 12,347 13,442 (8.1) 0.3 (8.4)
International 8,518 9,650 (11.7) 1.2 (12.9) 34,387 39,549 (13.1) 1.1 (14.2)
------------- ----- ----- ----- --- ----- ------ ------ ----- --- -----
Worldwide $17,811 18,254 (2.4)% 4.4 (6.8) $70,074 74,331 (5.7)% 1.8 (7.5)
--------- ------- ------ ----- --- ---- ------- ------ ----- --- ----
Johnson & Johnson and Subsidiaries
----------------------------------
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures) FOURTH QUARTER
------------------------------------------------ --------------
2015 2014 Percent
---- ----
Percent Percent Increase
Amount to Sales Amount to Sales (Decrease)
Sales to customers $17,811 100.0 $18,254 100.0 (2.4)
------------------ ------- ----- ------- ----- ----
Cost of products sold 5,673 31.8 5,853 32.1 (3.1)
Selling, marketing and administrative expenses 5,891 33.1 5,822 31.9 1.2
Research and development expense 2,864 16.1 2,635 14.4 8.7
In-process research and development 214 1.2 156 0.8
Interest (income) expense, net 107 0.6 122 0.7
Other (income) expense, net (1,205) (6.8) 963 5.3
Restructuring 509 2.9 - -
------------- --- --- --- ---
Earnings before provision for taxes on income 3,758 21.1 2,703 14.8 39.0
Provision for taxes on income 543 3.0 182 1.0
Net earnings $3,215 18.1 $2,521 13.8 27.5
------------ ------ ---- ------ ---- ----
Net earnings per share (Diluted) $1.15 $0.89 29.2
Average shares outstanding (Diluted) 2,803.3 2,845.3
Effective tax rate 14.4% 6.7%
Adjusted earnings before provision for taxes and net earnings (1)
Earnings before provision for taxes on income $4,913 27.6 $4,296 23.5 14.4
Net earnings $4,043 22.7 $3,887 21.3 4.0
Net earnings per share (Diluted) $1.44 $1.37 5.1
Effective tax rate 17.7% 9.5%
------------------ ---- ---
(1) See Reconciliation of Non-GAAP Financial Measures.
Johnson & Johnson and Subsidiaries
----------------------------------
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures) TWELVE MONTHS
------------------------------------------------ -------------
2015 2014 Percent
---- ----
Percent Percent Increase
Amount to Sales Amount to Sales (Decrease)
Sales to customers $70,074 100.0 $74,331 100.0 (5.7)
------------------ ------- ----- ------- ----- ----
Cost of products sold 21,536 30.7 22,746 30.6 (5.3)
Selling, marketing and administrative expenses 21,203 30.3 21,954 29.5 (3.4)
Research and development expense 9,046 12.9 8,494 11.4 6.5
In-process research and development 224 0.3 178 0.3
Interest (income) expense, net 424 0.6 466 0.6
Other (income) expense, net (2,064) (2.9) (70) (0.1)
Restructuring 509 0.7 - -
Earnings before provision for taxes on income 19,196 27.4 20,563 27.7 (6.6)
Provision for taxes on income 3,787 5.4 4,240 5.7 (10.7)
-----
Net earnings $15,409 22.0 $16,323 22.0 (5.6)
------------ ------- ---- ------- ---- ----
Net earnings per share (Diluted) $5.48 $5.70 (3.9)
Average shares outstanding (Diluted) 2,812.9 2,863.9
Effective tax rate 19.7% 20.6%
Adjusted earnings before provision for taxes and net earnings (1)
Earnings before provision for taxes on income $22,003 31.4 $22,825 30.7 (3.6)
Net earnings $17,445 24.9 $18,318 24.6 (4.8)
Net earnings per share (Diluted) $6.20 $6.39 (3.0)
Effective tax rate 20.7% 19.7%
------------------ ---- ----
(1) See Reconciliation of Non-GAAP Financial Measures.
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Fourth Quarter % Incr. / Twelve Months % Incr. /
-------------- -------------
(Dollars in Millions Except Per Share Data) 2015 2014 (Decr.) 2015 2014 (Decr.)
------------------------------------------ ---- ---- ------ ---- ---- ------
Earnings before provision for taxes on income - as reported $3,758 2,703 39.0% $19,196 20,563 (6.6)%
Intangible asset amortization expense 301 371 1,570 1,630
Restructuring (1) 590 - 590 -
In-process research and development 214 156 224 178
Synthes integration costs 83 325 196 754
DePuy ASR(TM) Hip program - - 148 126
Litigation expense, net - 692 141 1,253
Ortho-Clinical Diagnostics divestiture net (gain)/expense (33) 49 (62) (1,899)
Additional year of Branded Prescription Drug Fee - - - 220
Earnings before provision for taxes on income - as adjusted $4,913 4,296 14.4% $22,003 22,825 (3.6)%
------ ----- ---- ------- ------ -----
Net Earnings - as reported $3,215 2,521 27.5% $15,409 16,323 (5.6)%
Intangible asset amortization expense 220 275 1,113 1,213
Restructuring 415 - 415 -
In-process research and development 156 115 162 131
Synthes integration costs 59 237 144 555
DePuy ASR(TM) Hip program - - 130 111
Litigation expense, net - 652 118 1,225 (2)
Ortho-Clinical Diagnostics divestiture net (gain)/expense (22) 87 (46) (1,062)
Additional year of Branded Prescription Drug Fee - - - 220
Tax benefit associated with Conor Medsystems - - - (398)
Net Earnings - as adjusted $4,043 3,887 4.0% $17,445 18,318 (4.8)%
------ ----- --- ------- ------ -----
Diluted Net Earnings per share - as reported $1.15 0.89 29.2% $5.48 5.70 (3.9)%
Intangible asset amortization expense 0.07 0.10 0.39 0.42
Restructuring 0.15 - 0.15 -
In-process research and development 0.06 0.04 0.06 0.04
Synthes integration costs 0.02 0.08 0.05 0.19
DePuy ASR(TM) Hip program - - 0.05 0.04
Litigation expense, net - 0.23 0.04 0.43
Ortho-Clinical Diagnostics divestiture net (gain)/expense (0.01) 0.03 (0.02) (0.37)
Additional year of Branded Prescription Drug Fee - - - 0.08
Tax benefit associated with Conor Medsystems - - - (0.14)
Diluted Net Earnings per share - as adjusted $1.44 1.37 5.1% $6.20 6.39 (3.0)%
----- ---- --- ----- ---- -----
Operational Diluted Net Earnings per share - as adjusted* $1.54 1.37 12.4% $6.76 6.39 5.8%
----- ---- ---- ----- ---- ---
*Excludes the effect of translational currency
(1)Includes $81 million recorded in cost of products sold
(2)Includes adjustment to deferred tax asset related to deductibility by tax jurisdiction
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Operational Sales Growth Excluding Acquisitions, Divestitures and Hepatitis C Sales (1)
--------------------------------------------------------------------------------------
FOURTH QUARTER 2015 ACTUAL vs. 2014 ACTUAL
Segments
--------
Consumer Pharmaceutical Medical Devices Total
-------- -------------- --------------- -----
Operational % (2)
----------------
WW As Reported: 1.8% 6.5% 3.4% 4.4%
--------------- --- --- --- ---
U.S. (4.9)% 12.7% 6.7% 8.0%
International 5.5% (0.9)% 0.6% 1.2%
Wound Care/Other
SPLENDA (R) 2.6 0.5
U.S. 6.5 1.0
International 0.3 0.1
Wound Care / Other
BENECOL (R) 0.3 0.1
U.S. 0.1 0.0
International 0.5 0.1
Diagnostics
Ortho-Clinical Diagnostics (0.3) (0.1)
U.S. 0.0 0.0
International (0.5) (0.2)
Cardiovascular
Cordis 2.6 0.9
U.S. 1.3 0.5
International 3.6 1.3
Other Neuroscience
NUCYNTA (R) 0.5 0.2
U.S. 1.1 0.5
International 0.0 0.0
All Other Acquisitions and Divestitures 0.1 0.1
U.S. 0.0 0.0
International 0.2 0.1
WW Ops excluding Acquisitions and Divestitures 4.7% 7.0% 5.8% 6.1%
============================================== === === === ===
U.S. 1.7% 13.8% 8.0% 10.0%
International 6.3% (0.9)% 3.9% 2.6%
Hepatitis C 4.1 1.7
U.S. 7.2 3.4
International 0.7 0.3
WW Ops excluding Hepatitis C only 10.6% 6.1%
================================= ==== ===
U.S. 19.9% 11.4%
International (0.2)% 1.5%
WW Ops excluding Acquisitions, Divestitures and Hepatitis C 4.7% 11.1% 5.8% 7.8%
=========================================================== === ==== === ===
U.S. 1.7% 21.0% 8.0% 13.4%
International 6.3% (0.2)% 3.9% 2.9%
(1) Hepatitis C products include OLYSIO (R)/SOVRIAD (R)and INCIVO (R)
(2) Operational growth excludes the effect of translational currency
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Operational Sales Growth Excluding Acquisitions, Divestitures and Hepatitis C Sales (1)
--------------------------------------------------------------------------------------
TWELVE MONTHS 2015 ACTUAL vs. 2014 ACTUAL
Segments
--------
Consumer Pharmaceutical Medical Devices Total
-------- -------------- --------------- -----
Operational % (2)
----------------
WW As Reported: 2.7% 4.2% (1.4)% 1.8%
--------------- --- --- ----- ---
U.S. 2.5% 5.2% (1.0)% 2.6%
International 2.7% 3.0% (1.7)% 1.1%
Wound Care/Other
SPLENDA (R) 0.6 0.1
U.S. 1.7 0.2
International 0.1 0.0
Women's Health
K-Y (R) 0.3 0.1
U.S. 0.4 0.1
International 0.2 0.0
Wound Care / Other
BENECOL (R) 0.6 0.1
U.S. 0.0 0.0
International 0.9 0.2
Diagnostics
Ortho-Clinical Diagnostics 3.2 1.2
U.S. 3.9 1.4
International 2.6 1.0
Cardiovascular
Cordis 0.6 0.3
U.S. 0.4 0.2
International 0.9 0.4
Other Neuroscience
NUCYNTA (R) 0.3 0.2
U.S. 0.6 0.3
International 0.0 0.0
All Other Acquisitions and Divestitures (0.1) 0.1 0.0
U.S. 0.0 0.0 0.0
International (0.1) 0.2 0.1
WW Ops excluding Acquisitions and Divestitures 4.1% 4.5% 2.5% 3.8%
============================================== === === === ===
U.S. 4.6% 5.8% 3.3% 4.8%
International 3.8% 3.0% 2.0% 2.8%
Hepatitis C 6.5 2.7
U.S. 12.3 5.8
International 0.3 0.2
WW Ops excluding Hepatitis C only 10.7% 4.5%
================================= ==== ===
U.S. 17.5% 8.4%
International 3.3% 1.3%
WW Ops excluding Acquisitions, Divestitures and Hepatitis C 4.1% 11.0% 2.5% 6.5%
=========================================================== === ==== === ===
U.S. 4.6% 18.1% 3.3% 10.6%
International 3.8% 3.3% 2.0% 3.0%
(1) Hepatitis C products include OLYSIO (R) /SOVRIAD (R) and INCIVO (R)
(2) Operational growth excludes the effect of translational currency
REPORTED SALES vs. PRIOR PERIOD ($MM)
------------------------------------
FOURTH QUARTER TWELVE MONTHS
-------------- -------------
% Change % Change
-------- --------
2015 2014 Reported Operational (1) Currency 2015 2014 Reported Operational (1) Currency
---- ---- -------- -------------- -------- ---- ---- -------- -------------- --------
CONSUMER SEGMENT (2)
-------------------
BABY CARE
---------
US $103 96 7.3% 7.3% - $421 407 3.4% 3.4% -
Intl 381 428 -11.0% 2.8% -13.8% 1,623 1,832 -11.4% 0.7% -12.1%
--- --- ----- -----
WW 484 524 -7.6% 3.7% -11.3% 2,044 2,239 -8.7% 1.2% -9.9%
ORAL CARE
---------
US 170 150 13.3% 13.3% - 629 600 4.8% 4.8% -
Intl 238 264 -9.8% 5.2% -15.0% 951 1,047 -9.2% 5.5% -14.7%
--- --- --- -----
WW 408 414 -1.4% 8.2% -9.6% 1,580 1,647 -4.1% 5.2% -9.3%
OTC
---
US 382 362 5.5% 5.5% - 1,536 1,357 13.2% 13.2% -
Intl 663 711 -6.8% 9.4% -16.2% 2,439 2,749 -11.3% 5.5% -16.8%
--- --- ----- -----
WW 1,045 1,073 -2.6% 8.2% -10.8% 3,975 4,106 -3.2% 8.1% -11.3%
SKIN CARE
---------
US 439 471 -6.8% -6.8% - 1,857 1,834 1.3% 1.3% -
Intl 432 485 -10.9% 4.6% -15.5% 1,674 1,924 -13.0% 1.2% -14.2%
--- --- ----- -----
WW 871 956 -8.9% -1.1% -7.8% 3,531 3,758 -6.0% 1.3% -7.3%
WOMEN'S HEALTH
--------------
US 7 7 0.0% 0.0% - 26 50 -48.0% -48.0% -
Intl 276 301 -8.3% 7.5% -15.8% 1,174 1,252 -6.2% 9.8% -16.0%
--- --- ----- -----
WW 283 308 -8.1% 7.4% -15.5% 1,200 1,302 -7.8% 7.6% -15.4%
WOUND CARE / OTHER
------------------
US 130 208 -37.5% -37.5% - 753 848 -11.2% -11.2% -
Intl 99 123 -19.5% -8.4% -11.1% 424 596 -28.9% -18.3% -10.6%
--- --- --- ---
WW 229 331 -30.8% -26.7% -4.1% 1,177 1,444 -18.5% -14.1% -4.4%
TOTAL CONSUMER
--------------
US 1,231 1,294 -4.9% -4.9% - 5,222 5,096 2.5% 2.5% -
Intl 2,089 2,312 -9.6% 5.5% -15.1% 8,285 9,400 -11.9% 2.7% -14.6%
----- ----- ----- -----
WW $3,320 3,606 -7.9% 1.8% -9.7% $13,507 14,496 -6.8% 2.7% -9.5%
====== ===== ======= ======
REPORTED SALES vs. PRIOR PERIOD ($MM)
------------------------------------
FOURTH QUARTER TWELVE MONTHS
-------------- -------------
% Change % Change
-------- --------
2015 2014 Reported Operational (1) Currency 2015 2014 Reported Operational (1) Currency
---- ---- -------- -------------- -------- ---- ---- -------- -------------- --------
PHARMACEUTICAL SEGMENT (2) (3)
-----------------------------
IMMUNOLOGY
----------
US $2,101 1,816 15.7% 15.7% - $7,642 7,111 7.5% 7.5% -
Intl 670 762 -12.1% 2.0% -14.1% 2,760 3,082 -10.4% 5.5% -15.9%
--- --- ----- -----
WW 2,771 2,578 7.5% 11.7% -4.2% 10,402 10,193 2.1% 6.9% -4.8%
REMICADE
--------
US 1,193 1,052 13.4% 13.4% - 4,453 4,155 7.2% 7.2% -
US Exports (4) 180 244 -26.2% -26.2% - 782 1,078 -27.5% -27.5% -
Intl 307 376 -18.4% -3.9% -14.5% 1,326 1,635 -18.9% -4.7% -14.2%
--- --- ----- -----
WW 1,680 1,672 0.5% 3.8% -3.3% 6,561 6,868 -4.5% -1.1% -3.4%
SIMPONI / SIMPONI ARIA
-------------------------
US 204 164 24.4% 24.4% - 730 544 34.2% 34.2% -
Intl 136 182 -25.3% -14.8% -10.5% 598 643 -7.0% 10.2% -17.2%
--- --- --- ---
WW 340 346 -1.7% 3.8% -5.5% 1,328 1,187 11.9% 21.2% -9.3%
STELARA
-------
US 524 356 47.2% 47.2% - 1,677 1,334 25.7% 25.7% -
Intl 218 189 15.3% 32.4% -17.1% 797 738 8.0% 27.0% -19.0%
--- --- --- ---
WW 742 545 36.1% 42.0% -5.9% 2,474 2,072 19.4% 26.2% -6.8%
OTHER IMMUNOLOGY
----------------
US - - - - - - - - - -
Intl 9 15 -40.0% -27.7% -12.3% 39 66 -40.9% -30.6% -10.3%
--- --- --- ---
WW 9 15 -40.0% -27.7% -12.3% 39 66 -40.9% -30.6% -10.3%
INFECTIOUS DISEASES
-------------------
US 363 564 -35.6% -35.6% - 1,535 3,112 -50.7% -50.7% -
Intl 438 512 -14.5% -3.6% -10.9% 2,121 2,487 -14.7% 1.2% -15.9%
--- --- ----- -----
WW 801 1,076 -25.6% -20.4% -5.2% 3,656 5,599 -34.7% -27.6% -7.1%
EDURANT
-------
US 12 6 100.0% 100.0% - 41 24 70.8% 70.8% -
Intl 95 84 13.1% 29.3% -16.2% 369 341 8.2% 29.2% -21.0%
--- --- --- ---
WW 107 90 18.9% 34.0% -15.1% 410 365 12.3% 31.9% -19.6%
OLYSIO / SOVRIAD
-------------------
US (1) 256 ** ** - 173 1,943 -91.1% -91.1% -
Intl 45 65 -30.8% -27.0% -3.8% 448 359 24.8% 49.1% -24.3%
--- --- --- ---
WW 44 321 -86.3% -85.5% -0.8% 621 2,302 -73.0% -69.2% -3.8%
PREZISTA / PREZCOBIX / REZOLSTA
----------------------------------
US 287 243 18.1% 18.1% - 1,064 930 14.4% 14.4% -
Intl 180 205 -12.2% -0.2% -12.0% 746 901 -17.2% -1.6% -15.6%
--- --- --- ---
WW 467 448 4.2% 9.7% -5.5% 1,810 1,831 -1.1% 6.6% -7.7%
OTHER INFECTIOUS DISEASES
-------------------------
US 65 59 10.2% 10.2% - 257 215 19.5% 19.5% -
Intl 118 158 -25.3% -15.6% -9.7% 558 886 -37.0% -26.2% -10.8%
--- --- --- ---
WW 183 217 -15.7% -8.7% -7.0% 815 1,101 -26.0% -17.3% -8.7%
--- --- ----- ---- ---- --- ----- ----- ----- ----
See footnotes at end of schedule
REPORTED SALES vs. PRIOR PERIOD ($MM)
------------------------------------
FOURTH QUARTER TWELVE MONTHS
-------------- -------------
% Change % Change
-------- --------
2015 2014 Reported Operational (1) Currency 2015 2014 Reported Operational (1) Currency
---- ---- -------- -------------- -------- ---- ---- -------- -------------- --------
NEUROSCIENCE
------------
US 752 645 16.6% 16.6% - 2,850 2,452 16.2% 16.2% -
Intl 849 1,006 -15.6% -4.2% -11.4% 3,409 4,035 -15.5% -1.8% -13.7%
--- ----- ----- -----
WW 1,601 1,651 -3.0% 3.9% -6.9% 6,259 6,487 -3.5% 5.0% -8.5%
CONCERTA / METHYLPHENIDATE
-----------------------------
US 117 55 * * - 434 152 * * -
Intl 96 114 -15.8% -4.0% -11.8% 387 447 -13.4% -0.3% -13.1%
--- --- --- ---
WW 213 169 26.0% 33.9% -7.9% 821 599 37.1% 46.9% -9.8%
INVEGA / PALIPERIDONE
------------------------
US 58 96 -39.6% -39.6% - 339 360 -5.8% -5.8% -
Intl 55 65 -15.4% -5.6% -9.8% 234 280 -16.4% -2.9% -13.5%
--- --- --- ---
WW 113 161 -29.8% -25.9% -3.9% 573 640 -10.5% -4.6% -5.9%
INVEGA SUSTENNA / XEPLION / INVEGA
TRINZA
------
US 327 226 44.7% 44.7% - 1,085 825 31.5% 31.5% -
Intl 197 192 2.6% 17.7% -15.1% 745 763 -2.4% 14.9% -17.3%
--- --- --- ---
WW 524 418 25.4% 32.4% -7.0% 1,830 1,588 15.2% 23.5% -8.3%
RISPERDAL CONSTA
----------------
US 103 104 -1.0% -1.0% - 409 427 -4.2% -4.2% -
Intl 131 190 -31.1% -21.2% -9.9% 561 763 -26.5% -12.9% -13.6%
--- --- --- ---
WW 234 294 -20.4% -14.0% -6.4% 970 1,190 -18.5% -9.8% -8.7%
OTHER NEUROSCIENCE
------------------
US 147 164 -10.4% -10.4% - 583 688 -15.3% -15.3% -
Intl 370 445 -16.9% -6.3% -10.6% 1,482 1,782 -16.8% -4.5% -12.3%
--- --- ----- -----
WW 517 609 -15.1% -7.4% -7.7% 2,065 2,470 -16.4% -7.5% -8.9%
ONCOLOGY
--------
US 457 334 36.8% 36.8% - 1,547 1,157 33.7% 33.7% -
Intl 816 878 -7.1% 6.5% -13.6% 3,148 3,300 -4.6% 12.2% -16.8%
--- --- ----- -----
WW 1,273 1,212 5.0% 14.8% -9.8% 4,695 4,457 5.3% 17.7% -12.4%
IMBRUVICA
---------
US 122 64 90.6% 90.6% - 375 145 * * -
Intl 113 28 * * ** 314 55 * * **
--- --- --- ---
WW 235 92 * * ** 689 200 * * **
VELCADE
-------
US - - - - - - - - - -
Intl 321 418 -23.2% -13.5% -9.7% 1,333 1,618 -17.6% -4.2% -13.4%
--- --- ----- -----
WW 321 418 -23.2% -13.5% -9.7% 1,333 1,618 -17.6% -4.2% -13.4%
ZYTIGA
------
US 286 255 12.2% 12.2% - 1,070 971 10.2% 10.2% -
Intl 295 340 -13.2% 0.2% -13.4% 1,161 1,266 -8.3% 9.0% -17.3%
--- --- ----- -----
WW 581 595 -2.4% 5.3% -7.7% 2,231 2,237 -0.3% 9.5% -9.8%
OTHER ONCOLOGY
--------------
US 49 15 * * - 102 41 * * -
Intl 87 92 -5.4% 10.3% -15.7% 340 361 -5.8% 11.2% -17.0%
--- --- --- ---
WW 136 107 27.1% 40.5% -13.4% 442 402 10.0% 25.2% -15.2%
CARDIOVASCULAR / METABOLISM /
OTHER (5)
--------
US 1,237 997 24.1% 24.1% - 4,759 3,600 32.2% 32.2% -
Intl 381 485 -21.4% -9.8% -11.6% 1,659 1,977 -16.1% -3.9% -12.2%
--- --- ----- -----
WW 1,618 1,482 9.2% 13.0% -3.8% 6,418 5,577 15.1% 19.4% -4.3%
XARELTO
-------
US 494 428 15.4% 15.4% - 1,868 1,522 22.7% 22.7% -
Intl - - - - - - - - - -
--- --- --- ---
WW 494 428 15.4% 15.4% - 1,868 1,522 22.7% 22.7% -
INVOKANA / INVOKAMET
-----------------------
US 348 193 80.3% 80.3% - 1,238 569 * * -
Intl 24 8 * * ** 70 17 * * **
--- --- --- ---
WW 372 201 85.1% 87.1% -2.0% 1,308 586 * * **
PROCRIT / EPREX
------------------
US 173 177 -2.3% -2.3% - 692 715 -3.2% -3.2% -
Intl 87 125 -30.4% -20.0% -10.4% 376 523 -28.1% -15.8% -12.3%
--- --- --- ---
WW 260 302 -13.9% -9.6% -4.3% 1,068 1,238 -13.7% -8.5% -5.2%
OTHER
-----
US 222 199 11.6% 11.6% - 961 794 21.0% 21.0% -
Intl 270 352 -23.3% -12.1% -11.2% 1,213 1,437 -15.6% -4.1% -11.5%
--- --- ----- -----
WW 492 551 -10.7% -3.5% -7.2% 2,174 2,231 -2.6% 4.8% -7.4%
TOTAL PHARMACEUTICAL
--------------------
US 4,910 4,356 12.7% 12.7% - 18,333 17,432 5.2% 5.2% -
Intl 3,154 3,643 -13.4% -0.9% -12.5% 13,097 14,881 -12.0% 3.0% -15.0%
----- ----- ------ ------
WW $8,064 7,999 0.8% 6.5% -5.7% $31,430 32,313 -2.7% 4.2% -6.9%
====== ===== ======= ======
See footnotes at end of schedule
REPORTED SALES vs. PRIOR PERIOD ($MM)
------------------------------------
FOURTH QUARTER TWELVE MONTHS
-------------- -------------
% Change % Change
-------- --------
2015 2014 Reported Operational (1) Currency 2015 2014 Reported Operational (1) Currency
---- ---- -------- -------------- -------- ---- ---- -------- -------------- --------
MEDICAL DEVICES (2) (3)
----------------------
CARDIOVASCULAR
--------------
US $229 222 3.2% 3.2% - $931 862 8.0% 8.0% -
Intl 210 336 -37.5% -29.4% -8.1% 1,105 1,346 -17.9% -5.3% -12.6%
--- --- ----- -----
WW 439 558 -21.3% -16.4% -4.9% 2,036 2,208 -7.8% -0.1% -7.7%
DIABETES CARE
-------------
US 202 206 -1.9% -1.9% - 833 864 -3.6% -3.6% -
Intl 278 308 -9.7% 5.0% -14.7% 1,095 1,278 -14.3% 1.3% -15.6%
--- --- ----- -----
WW 480 514 -6.6% 2.2% -8.8% 1,928 2,142 -10.0% -0.7% -9.3%
DIAGNOSTICS (6)
--------------
US - - - - - - 456 ** ** -
Intl 24 14 71.4% ** ** 86 506 -83.0% ** **
--- --- --- ---
WW 24 14 71.4% ** ** 86 962 -91.1% ** **
ORTHOPAEDICS
------------
US 1,438 1,339 7.4% 7.4% - 5,380 5,197 3.5% 3.5% -
Intl 985 1,102 -10.6% 1.0% -11.6% 3,882 4,478 -13.3% -0.3% -13.0%
--- ----- ----- -----
WW 2,423 2,441 -0.7% 4.5% -5.2% 9,262 9,675 -4.3% 1.7% -6.0%
HIPS
----
US 213 194 9.8% 9.8% - 781 745 4.8% 4.8% -
Intl 141 156 -9.6% 2.3% -11.9% 551 623 -11.6% 1.1% -12.7%
--- --- --- ---
WW 354 350 1.1% 6.4% -5.3% 1,332 1,368 -2.6% 3.2% -5.8%
KNEES
-----
US 254 236 7.6% 7.6% - 916 878 4.3% 4.3% -
Intl 151 165 -8.5% 2.4% -10.9% 580 655 -11.5% 0.7% -12.2%
--- --- --- ---
WW 405 401 1.0% 5.5% -4.5% 1,496 1,533 -2.4% 2.8% -5.2%
TRAUMA
------
US 379 352 7.7% 7.7% - 1,462 1,418 3.1% 3.1% -
Intl 265 287 -7.7% 4.6% -12.3% 1,066 1,222 -12.8% 0.6% -13.4%
--- --- ----- -----
WW 644 639 0.8% 6.3% -5.5% 2,528 2,640 -4.2% 2.0% -6.2%
SPINE & OTHER
-------------
US 592 557 6.3% 6.3% - 2,221 2,156 3.0% 3.0% -
Intl 428 494 -13.4% -2.1% -11.3% 1,685 1,978 -14.8% -1.8% -13.0%
--- --- ----- -----
WW 1,020 1,051 -2.9% 2.4% -5.3% 3,906 4,134 -5.5% 0.7% -6.2%
SURGERY
-------
US 1,044 992 5.2% 5.2% - 3,991 3,900 2.3% 2.3% -
Intl 1,369 1,484 -7.7% 4.4% -12.1% 5,226 5,817 -10.2% 2.9% -13.1%
----- ----- ----- -----
WW 2,413 2,476 -2.5% 4.7% -7.2% 9,217 9,717 -5.1% 2.7% -7.8%
ADVANCED
--------
US 384 352 9.1% 9.1% - 1,430 1,342 6.6% 6.6% -
Intl 486 497 -2.2% 10.1% -12.3% 1,845 1,895 -2.6% 10.8% -13.4%
--- --- ----- -----
WW 870 849 2.5% 9.7% -7.2% 3,275 3,237 1.2% 9.1% -7.9%
GENERAL
-------
US 430 432 -0.5% -0.5% - 1,702 1,717 -0.9% -0.9% -
Intl 717 821 -12.7% -1.3% -11.4% 2,780 3,253 -14.5% -1.9% -12.6%
--- --- ----- -----
WW 1,147 1,253 -8.5% -1.0% -7.5% 4,482 4,970 -9.8% -1.5% -8.3%
SPECIALTY
---------
US 230 208 10.6% 10.6% - 859 841 2.1% 2.1% -
Intl 166 166 0.0% 14.6% -14.6% 601 669 -10.2% 4.3% -14.5%
--- --- --- ---
WW 396 374 5.9% 12.4% -6.5% 1,460 1,510 -3.3% 3.1% -6.4%
VISION CARE
-----------
US 239 195 22.6% 22.6% - 997 975 2.3% 2.3% -
Intl 409 451 -9.3% 2.3% -11.6% 1,611 1,843 -12.6% 1.5% -14.1%
--- --- ----- -----
WW 648 646 0.3% 8.4% -8.1% 2,608 2,818 -7.5% 1.7% -9.2%
TOTAL MEDICAL DEVICES
---------------------
US 3,152 2,954 6.7% 6.7% - 12,132 12,254 -1.0% -1.0% -
Intl 3,275 3,695 -11.4% 0.6% -12.0% 13,005 15,268 -14.8% -1.7% -13.1%
----- ----- ------ ------
WW $6,427 6,649 -3.3% 3.4% -6.7% $25,137 27,522 -8.7% -1.4% -7.3%
====== ===== ======= ======
* Percentage greater than 100%
** Not meaningful
(1) Operational growth excludes the effect of translational currency
(2) Unaudited
(3) Prior year amounts have been reclassified to conform to current year product disclosure
(4) Reported as U.S. sales
(5) Previously referred to as Other
(6) Reflects Diagnostics divestiture June 30, 2014
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/johnson--johnson-reports-2015-fourth-quarter-results-300209690.html
SOURCE Johnson & Johnson
