2011 Fourth-Quarter Sales of $16.3 Billion Increased
3.9%; EPS was $0.08
2011 Full-Year Sales of $65.0 Billion Increased 5.6%;
Full-Year EPS was $3.49
Excluding Special Items, 2011 Fourth-Quarter EPS was $1.13,
an Increase of 9.7%*
And 2011 Full-Year EPS was $5.00, an Increase of 5.0%*
New Brunswick, NJ (January 24, 2012) - Johnson &
Johnson today announced sales of $16.3 billion for the fourth
quarter of 2011, an increase of 3.9% as compared to the
fourth quarter of 2010. Operational sales increased 4.0% and
the negative impact of currency was 0.1%. Domestic sales
declined 3.4%, while international sales increased 10.2%,
reflecting an operational increase of 10.4% and a negative
currency impact of 0.2%. Worldwide sales for the full-year
2011 were $65.0 billion, an increase of 5.6% versus 2010.
Operational sales increased 2.8% and the positive impact of
currency was 2.8%. Domestic sales declined 1.8%, while
international sales increased 12.4%, reflecting operational
growth of 7.0% and a positive currency impact of 5.4%.
Net earnings and diluted earnings per share for the fourth
quarter of 2011 were $0.2 billion and $0.08, respectively.
Fourth-quarter 2011 net earnings reflect after-tax charges of
$2.9 billion, which include product liability expenses, the
net impact of litigation settlements, costs associated with
the DePuy ASR™™ Hip recall program, and an adjustment to the
value of a currency option and costs related to the planned
acquisition of Synthes, Inc. Fourth-quarter 2010 net earnings
included after-tax charges of $922 million representing
product liability expenses, the net impact of litigation
settlements, and costs associated with the DePuy ASR™ Hip
recall program. Excluding these special items for both
periods, net earnings for the current quarter were $3.1
billion and diluted earnings per share were $1.13,
representing increases of 9.3% and 9.7%, respectively, as
compared to the same period in 2010.*
Net earnings and diluted earnings per share for the full-year
2011 were $9.7 billion and $3.49, respectively. Full-year
2011 net earnings reflect after-tax charges of $4.2 billion,
which include product liability expenses, the net impact of
litigation settlements, a previously announced restructuring
charge by Cordis Corporation, costs associated with the DePuy
ASR™ Hip recall program, and an adjustment to the value of a
currency option and costs related to the planned acquisition
of Synthes, Inc. Full-year 2010 net earnings included a net
after-tax gain of $55 million representing product liability
expenses, the net impact of litigation settlements, and costs
associated with the DePuy ASRTMHip
recall program. Excluding these special items in both
periods, net earnings for the full-year 2011 were $13.9
billion and diluted earnings per share were $5.00,
representing increases of 4.4% and 5.0%, respectively, as
compared with the full year of 2010.*
The Company announced earnings guidance for full-year 2012 of
$5.05 to $5.15 per share, which excludes the impact of
special items. This guidance reflects operational growth of
approximately 3.5% to 5.5% partially offset by an estimated
negative impact of currency of approximately 2.5%.
"We delivered solid results for 2011, built on the
strong growth of our recently launched pharmaceutical
products, and continued the steady momentum of new product
approvals across all our businesses," said William C.
Weldon, Chairman and Chief Executive Officer. "Our
talented people are focused on bringing meaningful
innovations to patients and customers to address significant
unmet needs, positioning us well to deliver sustainable
leadership and profitable growth in health care."
Worldwide Consumer sales of $14.9 billion for the full-year
2011 represented an increase of 2.0% over the prior year,
consisting of an operational decline of 0.7% and a positive
impact from currency of 2.7%. Domestic sales decreased 6.7%;
international sales increased 7.3%, which reflected an
operational increase of 2.9% and a positive currency impact
of 4.4%.
Sales in U.S. over-the-counter medicines were significantly
impacted by the suspension of manufacturing at the McNeil
Consumer Healthcare facility in Fort Washington, Pa., as well
as the impact on production volumes related to ongoing
efforts to enhance quality and manufacturing systems.
Positive contributors to operational results were
international sales of over-the-counter medicines;
NEUTROGENA® skin care products; baby care products; and
LISTERINE® antiseptic mouthrinse.
Worldwide Pharmaceutical sales of $24.4 billion for the
full-year 2011 represented an increase of 8.8% versus the
prior year with an operational increase of 6.2% and a
positive impact from currency of 2.6%. Domestic sales
decreased 1.1%; international sales increased 21.3%, which
reflected an operational increase of 15.5% and a positive
currency impact of 5.8%.
Sales results in the U.S. were negatively impacted by generic
competition for LEVAQUIN® (levofloxacin), a treatment for
bacterial infections, which was offset by the strong
performance of recently launched products.
The strong performance of recently launched products include
STELARA® (ustekinumab), a biologic approved for the treatment
of moderate to severe plaque psoriasis; ZYTIGA® (abiraterone
acetate), an oral, once-daily medication for use in
combination with prednisone or prednisolone, for the
treatment of men with metastatic, castration-resistant
prostate cancer; INVEGA® SUSTENNA® (paliperidone palmitate) a
once-monthly, long-acting, injectable atypical antipsychotic
for the acute and maintenance treatment of schizophrenia in
adults; and SIMPONI®(golimumab), a biologic
approved to treat adults with moderate to severe rheumatoid
arthritis, psoriatic arthritis, and ankylosing
spondylitis.
Also contributing to operational sales growth were strong
results for REMICADE® (infliximab), a biologic approved for
the treatment of a number of immune-mediated, inflammatory
diseases, including incremental sales from the amended
distribution agreement with Merck; recently acquired
vaccines, proteins and antibodies from Crucell that prevent
and/or treat infectious diseases; PREZISTA® (darunavir), a
treatment for HIV; and VELCADE® (bortezomib), a treatment for
multiple myeloma.
During the quarter, the U.S. Food and Drug Administration
(FDA) approved an additional indication for XARELTO®
(rivaroxaban) to reduce the risk of stroke and systemic
embolism in patients with nonvalvular atrial fibrillation. In
addition, the European Commission granted marketing
authorization for EDURANT® (rilpivirine) as a once daily
treatment, in combination with other antiretroviral agents
(ARVs), for the treatment of human immunodeficiency virus
type 1 (HIV-1) infection in ARV treatment-naïve adult
patients with a viral load