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Johnson & Johnson Reports 2013 Fourth-Quarter and Full-Year Results

Tue, 01/21/2014 - 7:57am

Johnson & Johnson today announced sales of $18.4 billion for the fourth quarter of 2013, an increase of 4.5% as compared to the fourth quarter of 2012. Operational results increased 6.3% and the negative impact of currency was 1.8%. Domestic sales increased 7.4%, while international sales increased 2.4%, reflecting operational growth of 5.6% and a negative currency impact of 3.2%. Worldwide sales for the full-year 2013 were $71.3 billion, an increase of 6.1% versus 2012. Operational sales increased 7.7% and the negative impact of currency was 1.6%.
Domestic sales increased 7.0%, while international sales increased 5.4%, reflecting operational growth of 8.2% and a negative currency impact of 2.8%. Sales for the full year included the acquisition of Synthes, Inc. which was completed in June 2012.  Excluding this impact, net of the divestiture of the DePuy trauma business, worldwide operational sales growth was 5.2%.
Net earnings** and diluted earnings per share for the fourth quarter of 2013 were $3.5 billion and $1.23, respectively. Fourth-quarter 2013 net earnings included after-tax special items of $42 million, primarily related to an increase in the litigation accrual, an in-process research and development charge, integration and transaction costs related to the acquisition of Synthes, Inc., and program costs associated with the DePuy ASRT Hip, offset by a tax benefit associated with Scios, Inc. Fourth-quarter 2012 net earnings reflect after-tax special items of $0.8 billion as detailed in the accompanying reconciliation of non-GAAP financial measures. Excluding these special items, net earnings for the quarter were $3.6 billion and diluted earnings per share were $1.
4, representing increases of 5.5% and 4.2%, respectively, as compared to the same period in 2012.* Net earnings** and diluted earnings per share for the full-year 2013 were $13.8 billion and $4.81, respectively.  Full-year net earnings reflect after-tax special items of $2.0 billion in 2013 and $3.5 billion in 2012 as detailed in the accompanying reconciliation of non-GAAP financial measures. Excluding these special items in both periods, net earnings for the full-year of 2013 were $15.9 billion and diluted earnings per share were $5.52, representing increases of 10.7% and 8.2%, respectively, as compared with the full year of 2012.* "Johnson & Johnson delivered strong results in 2013 led by the outstanding performance in our Pharmaceutical business, the strength of key brands in our US OTC and other Consumer businesses and continued progress in integrating Synthes into our Medical Devices and Diagnostics business.  We also advanced our longer term growth drivers, bringing innovative solutions to the global healthcare market and executing with excellence", said Alex Gorsky, Chairman and Chief Executive Officer.  "I am proud of our exceptional Johnson & Johnson colleagues for their commitment to leading with purpose and advancing health and well-being for patients and consumers around the world." The Company announced earnings guidance for full-year 2014 of $5.75 to $5.85 per share, which excludes the impact of special items.
Worldwide Consumer sales of $14.7 billion for the full-year 2013 represented an increase of 1.7% versus the prior year, consisting of an operational increase of 2.8% and a negative impact from currency of 1.1%. Domestic sales increased 2.3%; international sales increased 1.4%, which reflected an operational increase of 3.1% and a negative currency impact of 1.7%.
Positive contributors to operational results were U.S. sales of TYLENOL@ and MOTRIN@ analgesics; upper respiratory over-the-counter products; international sales of baby care products; sales of NEUTROGENA and AVEENO skin care products; and international sales of LISTERINE@ oral care products.
Worldwide Pharmaceutical sales of $28.1 billion for the full-year 2013 represented an increase of 10.9% versus the prior year with an operational increase of 12.0% and a negative impact from currency of 1.1%. Domestic sales increased 12.3%; international sales increased 9.6%, which reflected an operational increase of 11.8% and a negative currency impact of 2.2%.
Primary contributors to operational sales growth were REMICADE (infliximab) and SIMPONI@ (golimumab), biologics approved for the treatment of a number of immune-mediated inflammatory diseases; STELARA (ustekinumab), a biologic approved for the treatment of moderate to severe plaque psoriasis and active psoriatic arthritis; INVEGA SUSTENNAXEPLION (paliperidone palmitate), a once-monthly, long-acting, injectable atypical antipsychotic for the treatment of schizophrenia in adults;  PREZISTA@ (darunavir), a treatment for HIV; DOXIL (doxorubicin HCl liposome injection)/CAELYX@ (pegylated liposomal doxorubicin hydrochloride), a medication to treat recurrent ovarian and other cancers; VELCADE (bortezomib), a treatment for multiple myeloma; and sales of new products.
The strong sales results of new products included ZYTIGA (abiraterone acetate), an oral, once-daily medication for use in combination with prednisone for the treatment of metastatic, castration-resistant prostate cancer; XARELTO (rivaroxaban), an oral anticoagulant; the combined sales of COMPLERA@/EVIPLERA (emtricitabine /rilpivirine/tenofovir disoproxil fumarate) and EDURANT@ (rilpivirine) for the treatment of HIV and INVOKANA (canagliflozin) for the treatment of adults with type 2 diabetes.
Sales results were negatively impacted by loss of exclusivity for ACIPHEX/ PARIET (rabeprazole), a proton pump inhibitor for gastrointestinal disorders and CONCERTA (methylphenidate HCI) for the treatment of attention deficit hyperactivity disorder.
During the quarter, the U.S. Food and Drug Administration (FDA) granted approval of OLYSIOT (simeprevir) for combination treatment of chronic hepatitis C.  The FDA also approved IMBRUVICAT (ibrutinib) to treat mantle cell lymphoma for patients who received at least one prior treatment. The European Commission approved INVOKANA (canagliflozin) for the treatment of adults with type 2 diabetes.  In addition, SIRTURO@ (bedaquiline) received a positive opinion from the European Committee for Medicinal Products for use as part of combination therapy to treat adults with pulmonary multi-drug resistant tuberculosis.
A Marketing Authorization Application was submitted to the European Medicines Agency (EMA) for ibrutinib for the treatment of adult patients with relapsed or refractory chronic lymphocytic leukemia/small lymphocytic lymphoma or relapsed or refractory mantle cell lymphoma.  Also filed with the EMA, was a once-daily single tablet fixed-dose antiretroviral combination product containing darunavir, a protease inhibitor developed by Janssen-Cilag International NV marketed as PREZISTA@, with cobicistat, a pharmacokinetic boosting agent, developed by Gilead Sciences, Inc. for use in combination with other HIV medicines.
Worldwide Medical Devices and Diagnostics (MD&D) sales of $28.5 billion for the full-year 2013 represented an increase of 3.9% versus the prior year with an operational increase of 6.1% and a negative impact from currency of 2.2%. Domestic sales increased 3.5%.
International sales increased 4.2%, which reflected an operational increase of 8.3% and a negative currency impact of 4.1%. Sales included the impact of the acquisition of Synthes, Inc., net of the divestiture of the DePuy trauma business. Excluding this impact, worldwide MD&D operational sales growth was 0.1%.
Primary contributors to operational growth were sales from the acquisition of Synthes, Inc. and joint reconstruction products in the Orthopaedics business; Biosense Webster's electrophysiology products in the Cardiovascular Care business; the Vision Care business; as well as biosurgicals and international sales of energy products in the Specialty Surgery business.
 

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