Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Financial
Review
Index
Introduction
Five Year Selected Financial Data
Description of Major Business Franchises
Balance Sheets, Statements of Earnings, Statements of Cash Flows
Segments of Business Information
Geographical Areas
Sales Growth Rates
Quarterly Sales and Earnings Information
Sales and Net Earnings 1887-2012
Stock Split and Share Repurchase Information
Common Stock Information 1944-2012
Reconciliation of Non-GAAP Measures
Corporate and Shareholder/Investor Information
Page
1
2
3
4-6
7-8
9
10
11-14
15
16
17-18
19
20
2012
Operating Results
Sales to customers
Earnings before provision for taxes on income
Net earnings attributable to J&J (2)
Basic net earnings per share
Diluted net earnings per share
$
$
(1)
2011
67,224
13,775
10,853
3.94
3.86
(1)
2010
(1)
2009 (1)
2008 (1)
65,030
12,361
9,672
3.54
3.49
61,587
16,947
13,334
4.85
4.78
61,897
15,755
12,266
4.45
4.40
63,747
16,929
12,949
4.62
4.57
19.0
14.9
21.8
17.0
8.5
27.5
21.7
21.3
24.9
13.0
25.4
19.8
22.1
26.4
13.0
26.5
20.3
23.5
30.2
15.2
Statistics
Before tax margin
Net profit margin (2)
Effective tax rate
Return on average shareholders' equity
Return on total assets
20.5
16.1
23.7
17.8
8.9
Capital Structure
Cash and Current Marketable Securities
Debt
Equity
Total capital
Net cash/(debt)
21,089
32,261
27,658
19,425
12,809
16,165
64,826
80,991
4,924
19,627
57,080
76,707
12,634
16,773
56,579
73,352
10,885
14,541
50,588
65,129
4,884
11,852
42,511
54,363
957
25.6
22.9
22.3
21.8
2.400
23.33
69.48
2,753.3
2,812.6
6,614
2.250
20.95
65.58
2,736.0
2,775.3
6,156
2.110
20.66
61.85
2,751.4
2,788.8
5,804
1.930
18.37
64.41
2,759.5
2,789.1
5,327
1.795
15.35
58.56
2,802.5
2,835.6
5,024
121,347
7,665
2,934
127.6
113,644
7,548
2,893
117.9
102,908
6,844
2,384
114.0
94,682
6,986
2,365
115.5
84,912
7,577
3,066
118.7
20.0
$
$
$
Other Data
Total assets
Research & development expense
Capital expenditures
Number of employees (thousands)
$
$
(1) For Adjusted earnings (before and after tax) and adjusted earnings per share, see Reconciliation of Non-GAAP Measures on Page 19.
(2) After noncontrolling interests
Pharmaceutical Segment
The Pharmaceutical segment includes products in the
following therapeutic areas: anti-infective, antipsychotic,
contraceptive, gastrointestinal, hematology, immunology,
infectious diseases, neurology, oncology, pain
management, thrombosis and vaccines. These products
are distributed directly to retailers, wholesalers and
health care professionals for prescription use.
Key products in the Pharmaceutical segment include:
REMICADE (infliximab), a biologic approved for the
treatment of a number of immune- mediated
inflammatory diseases; STELARA (ustekinumab) for the
treatment of moderate to severe plaque psoriasis;
SIMPONI (golimumab), a treatment for adults with
moderate to severe rheumatoid arthritis, psoriatic arthritis
and ankylosing spondylitis; VELCADE (bortezomib), a
treatment for multiple myeloma; ZYTIGA (abiraterone
acetate), a treatment for metastatic castration-resistant
prostate cancer; PREZISTA (darunavir), INTELENCE
(etravine) and EDURANT (rilpivirine), treatments for
HIV/AIDS; INCIVO (telaprevir), for the treatment of
hepatitis C; NUCYNTA ER (tapentadol) extended
release tablets, a treatment for moderate to severe
chronic pain and neuropathic pain associated with
diabetic peripheral neuropathy in adults; INVEGA
SUSTENNA (paliperidone palmitate), for the acute and
maintenance treatment of schizophrenia in adults;
RISPERDAL CONSTA (risperidone), a treatment for
the management of Bipolar I Disorder and schizophrenia;
INVEGA (paliperidone) extended-release tablets for the
treatment of schizophrenia and schizoaffective disorder;
XARELTO (rivaroxaban), an oral anticoagulant for the
prevention of thrombosis following total hip or knee
replacement surgery, for the prevention of stroke in
patients with atrial fibrillation, for the treatment of
pulmonary embolism (PE) or deep vein thrombosis (DVT)
or to reduce the risk of recurrence of DVT or PE following
an initial six months of treatment for acute venous
thromboembolism; PROCRIT (Epoetin alfa, sold
outside the U.S. as EPREX), to stimulate red blood cell
production; LEVAQUIN (levofloxacin) a treatment for
bacterial infections; CONCERTA (methylphenidate HCl)
extended-release tablets CII, a treatment for attention
deficit hyperactivity disorder; ACIPHEX /PARIET, a
proton pump inhibitor co-marketed with Eisai Inc.; and
DURAGESIC / (fentanyl transdermal system) CII, (sold
outside the U.S. as DUROGESIC), a treatment for
chronic pain that offers a novel delivery system.
Assets
Current assets
Cash and cash equivalents
Marketable securities
Accounts receivable trade, less allowance for doubtful accounts
Inventories
Other current assets
Total current assets
2012
$
2010
14,911
6,178
11,309
7,495
6,223
46,116
24,542
7,719
10,581
6,285
5,189
54,316
19,355
8,303
9,774
5,378
4,497
47,307
16,097
51,176
7,958
14,739
34,276
10,313
14,553
32,010
9,038
121,347
113,644
102,908
4,676
5,831
12,691
1,064
24,262
6,658
5,725
9,574
854
22,811
7,617
5,623
9,254
578
23,072
11,489
20,770
56,521
12,969
20,784
56,564
9,156
14,101
46,329
3,120
(5,810)
85,992
83,302
3,120
(5,632)
81,251
78,739
3,120
(3,531)
77,773
77,362
18,476
21,659
20,783
2011
Long-term debt
Other long-term liabilities
Total liabilities
Shareholders' equity
Common stock
Accumulated other comprehensive income
Retained earnings
64,826
57,080
56,579
121,347
113,644
102,908
2012 (1)
Sales to customers
67,224
2011 (1)
65,030
2010 (1)
61,587
2009 (1)
61,897
2008 (1)
63,747
21,658
45,566
20,360
44,670
18,792
42,795
18,447
43,450
18,511
45,236
20,869
7,665
1,163
(64)
532
1,626
-
20,969
7,548
(91)
571
2,743
569
19,424
6,844
(107)
455
(768)
-
19,801
6,986
(90)
451
(526)
1,073
21,490
7,577
181
(361)
435
(1,015)
-
13,775
3,261
12,361
2,689
16,947
3,613
15,755
3,489
16,929
3,980
Net earnings
Add: Net loss attributable to noncontrolling interests
Net earnings attributable to Johnson & Johnson
10,514
339
10,853
9,672
9,672
13,334
13,334
12,266
12,266
12,949
12,949
Ratios to Sales
Sales to customers
Cost of products sold
Gross profit
Selling, marketing & administrative expense
Research expense
Earnings before provision for taxes on income
Provision for taxes on income
Net earnings attributable to Johnson & Johnson
$
$
3.94
3.86
100.0%
32.2
67.8
31.0
11.4
20.5
4.9
16.1
$
$
3.54
3.49
100.0%
31.3
68.7
32.3
11.6
19.0
4.1
14.9
$
$
4.85
4.78
100.0%
30.5
69.5
31.5
11.1
27.5
5.8
21.7
$
$
4.45
4.40
100.0%
29.8
70.2
32.0
11.3
25.4
5.6
19.8
$
$
4.62
4.57
100.0%
29.1
70.9
33.7
11.9
26.5
6.2
20.3
(1) For Adjusted earnings (before and after tax) and adjusted earnings per share, see Reconciliation of Non-GAAP Measures on Page 19.
(Dollars in Millions)
2012
13,334
3,666
662
339
2,131
(39)
92
3,158
621
160
(836)
32
2,939
614
356
12
(9)
(1)
2,768
(2,172)
(2,555)
15,396
(915)
(715)
493
(1,785)
4,413
14,298
(207)
(196)
20
(574)
87
16,385
(2,934)
1,509
(4,486)
(13,434)
14,797
38
(4,510)
(2,893)
1,342
(2,797)
(29,882)
30,396
(778)
(4,612)
(2,384)
524
(1,269)
(15,788)
11,101
(38)
(7,854)
(6,614)
(12,919)
3,268
(6,175)
45
(804)
2,720
(83)
(20,562)
(6,156)
(2,525)
9,729
(11,200)
4,470
(16)
1,246
(4,452)
(5,804)
(2,797)
7,874
(6,565)
1,118
(32)
1,226
(4,980)
45
(9,631)
24,542
14,911
(47)
5,187
19,355
24,542
(6)
3,545
15,810
19,355
616
2,507
576
2,970
491
2,442
13,335
433
1
673
1
19,025
(1,204)
17,821
13,335
3,025
(228)
2,797
-
1,321
(52)
1,269
-
4,486
2,797
1,269
10,514
2010
9,672
2011
615
-
$
$
(1)
(1) Includes repurchase of common stock associated with the acquisition of Synthes, Inc.
Pre-Tax Profit
Consumer
Pharmaceutical
Medical Devices and Diagnostics
Segments Total
Less: Expenses/(Income) not allocated to segments (6)
Worldwide Total
(Dollars in Millions)
2012
$
(1)
(2)
2010
(3)
2009
(4)
2008
(5)
5,046
9,401
14,447
5,151
9,732
14,883
5,519
9,071
14,590
6,837
8,966
15,803
6,937
9,117
16,054
12,421
12,930
25,351
12,386
11,982
24,368
12,519
9,877
22,396
13,041
9,479
22,520
14,831
9,736
24,567
12,363
15,063
27,426
11,371
14,408
25,779
11,412
13,189
24,601
11,011
12,563
23,574
10,541
12,585
23,126
29,830
37,394
67,224
28,908
36,122
65,030
29,450
32,137
61,587
30,889
31,008
61,897
32,309
31,438
63,747
1,693
6,075
7,187
14,955
1,180
13,775
2,096
6,406
5,263
13,765
1,404
12,361
2,342
7,086
8,272
17,700
753
16,947
2,475
6,413
7,694
16,582
827
15,755
2,674
7,605
7,223
17,502
573
16,929
11.7%
24.0%
26.2%
22.2%
20.5%
2011
24,131
23,219
42,926
90,276
31,071
121,347
14.1%
26.3%
20.4%
21.2%
19.0%
24,210
23,747
23,609
71,566
42,078
113,644
16.1%
31.6%
33.6%
28.7%
27.5%
23,753
19,961
23,277
66,991
35,917
102,908
15.7%
28.5%
32.6%
26.8%
25.4%
24,671
21,460
22,853
68,984
25,698
94,682
16.7%
31.0%
31.2%
27.4%
26.5%
23,765
19,544
20,779
64,088
20,824
84,912
(1) 2012 pre-tax profit includes $1,218 million of net litigation expense, which includes product liability, comprised of $658 million and $560 million in the
Pharmaceutical and Medical Devices and Diagnostics segments, respectively. Includes $1,163 million of in-process research and development expense, comprised
of $1,111 million and $52 million in the Pharmaceutical and Medical Devices and Diagnostics segments, respectively. Includes $795 million of Synthes
integration/transaction costs in the Medical Devices and Diagnostics segment. Includes $909 million of asset write-downs and other adjustments, comprised of $499
million, $264 million and $146 million in the Pharmaceutical, Consumer and Medical Devices and Diagnostics segments, respectively. The Medical Devices and
Diagnostics segment also includes $110 million expense for the cost associated with the DePuy ASR Hip program.
(2) 2011 pre-tax profit includes $3,310 million of net litigation expense, which includes product liability, comprised of $1,741 million and $1,569 million in the
Pharmaceutical and Medical Devices and Diagnostics segments, respectively. Includes $656 million of net restructuring expense, comprised of $676 million
expense in the Medical Devices and Diagnostics segment and a gain of $20 million in the Pharmaceutical segment. The Medical Devices and Diagnostics segment
also includes $521 million expense for the cost associated with the DePuy ASR Hip program.
(3) 2010 pre-tax profit includes $397 million of net litigation gain, which includes product liability expense, comprised of $447 million expense in the Pharmaceutical
segment and a gain of $844 million in the Medical Devices and Diagnostics segment. The Medical Devices and Diagnostics segment also includes $280 million
expense for the cost associated with the DePuy ASR Hip program.
(4) 2009 pre-tax profit includes $1,186 million of restructuring expense, comprised of $369 million, $496 million, and $321 million for the Consumer, Pharmaceutical,
and Medical Devices and Diagnostics segments, respectively. Includes $386 million of fourth quarter net litigation gain, comprised of a $92 million expense in the
Pharmaceutical segment and a gain of $478 million in the Medical Devices and Diagnostics segment.
(5) 2008 pre-tax profit includes $7 million and $174 million of In Process Research and Development ( IPR&D) for the Consumer and Medical Devices and
Diagnostics segment, respectively. Includes $379 million of fourth quarter net litigation gain, comprised of $50 million expense in the Consumer segment and a
gain of $429 million in the Medical Devices and Diagnostics segment.
(6) Amounts not allocated to segments include interest (income) expense, noncontrolling interests and general corporate (income) expense. Includes expense of
$0.2 billion and $0.5 billion of currency related expense related to the acquisition of Synthes, Inc. in 2012 and 2011, respectively.
(7) General corporate includes cash & marketable securities.
(Dollars in Millions)
2012
2011
2010
2009
2008
468
737
1,230
2,435
499
2,934
670
729
1,095
2,494
399
2,893
526
508
1,113
2,147
237
2,384
439
535
1,114
2,088
277
2,365
499
920
1,251
2,670
396
3,066
575
1,010
1,857
3,442
224
3,666
631
958
1,331
2,920
238
3,158
532
912
1,270
2,714
225
2,939
513
922
1,124
2,559
215
2,774
489
986
1,146
2,621
211
2,832
622
5,362
1,681
7,665
659
5,138
1,751
7,548
609
4,432
1,803
6,844
632
4,591
1,763
6,986
624
5,095
1,858
7,577
4.3%
21.2%
6.1%
11.4%
4.4%
21.1%
6.8%
11.6%
4.2%
19.8%
7.3%
11.1%
4.0%
20.4%
7.5%
11.3%
3.9%
20.7%
8.0%
11.9%
8.0%
7.9%
7.2%
7.4%
8.0%
Long-Lived Assets
United States
Europe
Western Hemisphere excluding U.S.
Asia-Pacific, Africa
(Dollars in Millions)
2012
29,830
16,945
7,207
13,242
2011
28,908
17,129
6,418
12,575
2010
29,450
15,510
5,550
11,077
2009
30,889
15,934
5,156
9,918
2008
32,309
16,782
5,173
9,483
67,224
65,030
61,587
61,897
63,747
35,115
25,261
3,636
2,362
23,529
19,056
3,517
2,163
23,315
16,791
3,653
2,089
22,399
17,347
3,540
1,868
21,674
14,375
3,328
1,898
66,374
48,265
45,848
45,154
41,275
899
750
715
790
785
Segments total
General corporate
Other non long-lived assets
Worldwide total
54,074
64,629
56,345
48,738
42,852
121,347
113,644
102,908
94,682
84,912
2011
2010
2009
2008
United States
Operations
3.2%
3.2%
-1.8%
-1.8%
-4.7%
-4.7%
-4.4%
-4.4%
-0.4%
-0.4%
International
Operations
Currency
3.5%
8.4%
-4.9%
12.4%
7.0%
5.4%
3.6%
1.9%
1.7%
-1.4%
3.9%
-5.3%
9.7%
4.6%
5.1%
Worldwide
Operations
Currency
3.4%
6.1%
-2.7%
5.6%
2.8%
2.8%
-0.5%
-1.3%
0.8%
-2.9%
-0.3%
-2.6%
4.3%
1.9%
2.4%
United States
-1.7%
2.9%
International
5.5%
10.4%
Worldwide
1.9%
6.4%
10
Year
U.S.
Consumer
Int'l
(Dollars in Millions)
WW
U.S.
Pharmaceutical
Int'l
WW
1Q 2008 $
2Q 2008
3Q 2008
4Q 2008
2008
1,819
1,694
1,769
1,655
6,937
2,245
2,342
2,330
2,200
9,117
4,064
4,036
4,099
3,855
16,054
4,070
3,793
3,538
3,430
14,831
2,359
2,547
2,575
2,255
9,736
6,429
6,340
6,113
5,685
24,567
1Q 2009
2Q 2009
3Q 2009
4Q 2009
2009
1,726
1,708
1,691
1,712
6,837
1,985
2,146
2,298
2,537
8,966
3,711
3,854
3,989
4,249
15,803
3,674
3,172
2,857
3,338
13,041
2,106
2,326
2,392
2,655
9,479
5,780
5,498
5,249
5,993
22,520
1Q 2010
2Q 2010
3Q 2010
4Q 2010
2010
1,560
1,463
1,277
1,219
5,519
2,206
2,184
2,290
2,391
9,071
3,766
3,647
3,567
3,610
14,590
3,206
3,110
3,054
3,149
12,519
2,432
2,443
2,441
2,561
9,877
5,638
5,553
5,495
5,710
22,396
1Q 2011
2Q 2011
3Q 2011
4Q 2011
2011
1,345
1,339
1,219
1,248
5,151
2,337
2,454
2,521
2,420
9,732
3,682
3,793
3,740
3,668
14,883
3,391
3,239
2,869
2,887
12,386
2,668
2,994
3,113
3,207
11,982
6,059
6,233
5,982
6,094
24,368
1Q 2012
2Q 2012
3Q 2012
4Q 2012
2012
1,316
1,313
1,214
1,203
5,046
2,279
2,306
2,367
2,449
9,401
3,595
3,619
3,581
3,652
14,447
3,026
3,094
3,288
3,013
12,421
3,107
3,197
3,114
3,512
12,930
6,133
6,291
6,402
6,525
25,351
11
Year
(Dollars in Millions)
U.S.
Total
Int'l
WW
1Q 2008 $
2Q 2008
3Q 2008
4Q 2008
2008
2,588
2,723
2,648
2,582
10,541
3,113
3,351
3,061
3,060
12,585
5,701
6,074
5,709
5,642
23,126
8,477
8,210
7,955
7,667
32,309
7,717
8,240
7,966
7,515
31,438
16,194
16,450
15,921
15,182
63,747
1Q 2009
2Q 2009
3Q 2009
4Q 2009
2009
2,652
2,776
2,766
2,817
11,011
2,883
3,111
3,077
3,492
12,563
5,535
5,887
5,843
6,309
23,574
8,052
7,656
7,314
7,867
30,889
6,974
7,583
7,767
8,684
31,008
15,026
15,239
15,081
16,551
61,897
1Q 2010
2Q 2010
3Q 2010
4Q 2010
2010
2,886
2,865
2,800
2,861
11,412
3,341
3,265
3,120
3,463
13,189
6,227
6,130
5,920
6,324
24,601
7,652
7,438
7,131
7,229
29,450
7,979
7,892
7,851
8,415
32,137
15,631
15,330
14,982
15,644
61,587
1Q 2011
2Q 2011
3Q 2011
4Q 2011
2011
2,872
2,869
2,780
2,850
11,371
3,560
3,702
3,503
3,643
14,408
6,432
6,571
6,283
6,493
25,779
7,608
7,447
6,868
6,985
28,908
8,565
9,150
9,137
9,270
36,122
16,173
16,597
16,005
16,255
65,030
1Q 2012
2Q 2012
3Q 2012
4Q 2012
2012
2,877
2,953
3,289
3,244
12,363
3,534
3,612
3,780
4,137
15,063
6,411
6,565
7,069
7,381
27,426
7,219
7,360
7,791
7,460
29,830
8,920
9,115
9,261
10,098
37,394
16,139
16,475
17,052
17,558
67,224
12
Year
1Q 2012 $
2Q 2012
3Q 2012
4Q 2012
2012 $
Sales
16,139
16,475
17,052
17,558
67,224
Cost of
Products Sold
4,915
5,143
5,597
6,003
21,658
SM&A
5,015
4,965
5,228
5,661
20,869
R&D
1,645
1,766
1,923
2,331
7,665
In-process
Research and
Development
429
679
55
1,163
Net Interest
Exp. (Inc.)
Other Exp.
(Inc.)
130
129
120
89
468
(611)
2,008
(90)
319
1,626
Year
1Q 2012
2Q 2012
3Q 2012
4Q 2012
2012
Sales
100.0%
100.0%
100.0%
100.0%
100.0%
Cost of
Products Sold Gross Margin
30.4%
31.2%
32.8%
34.2%
32.2%
69.6%
68.8%
67.2%
65.8%
67.8%
SM&A
R&D
In-process
Research and
Development
31.1%
30.1%
30.6%
32.2%
31.0%
10.2%
10.7%
11.3%
13.3%
11.4%
0.0%
2.6%
4.0%
0.3%
1.7%
Net Interest
Exp. (Inc.)
0.8%
0.8%
0.7%
0.5%
0.7%
(1) Net Earnings are GAAP and therefore, do not exclude special items.
Refer to Page 19, Reconciliation of Non-GAAP Measures, for an analysis of 2008-2012 Full Year Adjusted Earnings
13
Year
1Q 2012 $
2Q 2012
3Q 2012
4Q 2012
2012 $
11,094
14,440
13,457
14,458
53,449
(1)
Earnings
Before Taxes
Provision for
Taxes on
Income
Net Earnings
Basic
attributable to Earnings per
Net Earnings
J&J
Share
5,045
2,035
3,595
3,100
13,775
1,135
627
966
533
3,261
3,910
1,408
2,629
2,567
10,514
3,910
1,408
2,968
2,567
10,853
1.43
0.51
1.08
0.93
3.94
Basic
Average
Shares
2,736.9
2,747.4
2,757.4
2,771.2
2,753.3
Diluted
Earnings per
Share
Diluted
Average
Shares
1.41
0.50
1.05
0.91
3.86
2,774.9
2,798.2
2,818.1
2,833.4
2,812.6
Year
1Q 2012
2Q 2012
3Q 2012
4Q 2012
2012
Other Exp.
(Inc.)
Earnings
Before Taxes
-3.8%
12.2%
-0.5%
1.8%
2.5%
68.7%
87.6%
78.9%
82.3%
79.5%
31.3%
12.4%
21.1%
17.7%
20.5%
Provision for
Net Earnings
Taxes on
attributable
Income Taxes
Income
(Eff. Rate)
Net Earnings
to J&J
7.1%
3.9%
5.7%
3.1%
4.9%
22.5%
30.8%
26.9%
17.2%
23.7%
24.2%
8.5%
15.4%
14.6%
15.6%
24.2%
8.5%
17.4%
14.6%
16.1%
(1) Net Earnings are GAAP and therefore, do not exclude special items.
Refer to Page 19, Reconciliation of Non-GAAP Measures, for an analysis of 2008-2012 Full Year Adjusted Earnings
14
Year
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
Net Trade
Sales
$ 0.1
0.2
0.3
0.4
0.4
0.5
0.5
0.6
0.6
0.7
0.7
0.9
1.1
1.3
1.4
1.6
1.8
2.0
2.4
2.7
3.0
2.9
3.2
3.9
4.4
4.6
4.8
5.0
5.1
6.2
9.6
13.7
11.2
15.2
12.5
13.7
15.5
16.0
16.2
16.5
16.8
18.4
19.9
18.7
Net
Earnings
$ 0.19
0.13
0.20
0.23
0.23
0.27
0.28
0.36
0.33
0.53
0.77
0.54
0.63
0.67
0.54
1.05
0.75
0.63
0.74
1.11
1.22
1.37
0.83
0.50
1.30
1.90
1.80
1.80
2.10
2.00
1.50
0.80
1.60
1.20
(1)
Year
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
(Dollars in Millions)
Net Trade
Sales
Net
Earnings
17.4
15.2
17.1
20.7
24.7
28.9
32.3
33.4
35.1
39.1
56.6
78.2
93.1
93.6
96.0
112.6
152.3
165.6
168.3
195.5
227.6
232.2
236.1
243.5
267.5
293.6
315.6
321.2
368.4
384.4
414.5
447.6
462.4
503.3
576.0
660.6
712.3
801.3
901.9
1,002.0
1,140.5
1,317.7
1,611.8
1,937.2
2,224.7
1.3
1.1
0.9
1.0
1.3
2.1
1.7
2.7
3.7
2.4
3.2
2.8
3.1
3.1
3.1
8.3
9.9
12.1
10.0
15.7
12.3
8.8
11.2
12.2
14.0
15.6
16.9
15.1
19.7
20.2
17.7
19.9
21.5
26.8
34.4
40.1
45.9
57.6
69.4
83.7
101.8
120.7
148.4
161.6
183.8
Year
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Net Trade
Sales (1)
Net Earnings
2,522.5
2,914.1
3,497.3
4,211.6
4,837.4
5,399.0
5,760.9
5,972.9
6,124.5
6,421.3
7,003.0
8,011.5
8,999.5
9,829.0
11,365.0
12,210.0
13,600.0
13,877.0
15,454.0
18,537.0
21,387.0
22,522.0
23,811.0
27,357.0
29,172.0
32,317.0
36,298.0
41,862.0
47,348.0
50,514.0
53,324.0
61,095.0
63,747.0
61,897.0
61,587.0
65,030.0
$ 67,224.0
205.4
247.3
299.1
352.1
400.7
467.6
473.0
489.0
514.5
613.7
330.0
833.0
974.0
1,082.0
1,080.0
1,270.0
977.0
1,786.0
1,961.0
2,416.0
2,942.0
3,070.0
3,024.0
4,133.0
4,764.0
5,405.0
6,277.0
6,848.0
8,180.0
10,060.0
11,053.0
10,576.0
12,949.0
12,266.0
13,334.0
9,672.0
$ 10,853.0
(1) Sales restated for EITF change for 1991-2001 only. Net Earnings restated for FAS 123R Share Based Payment for 1996-2005.
(2) Net Earnings attributable to Johnson & Johnson.
Note: 1887-1989 information not restated and may include estimates.
Note: Net Earnings are reported according to GAAP and therefore do not exclude special items.
Refer to Page 19, Reconciliation of Non-GAAP Measures, for an analysis of 2008-2012 Adjusted Earnings.
15
(Dollars in Millions)
Stock Splits
Pay Out Date
Action
May 5, 1947
5% Stock Dividend
5% Stock Dividend
5% Stock Dividend
January 9, 1959
3 for 1 Split
3 for 1 Split
2 for 1 Split
June 9, 1992
2 for 1 Split
2 for 1 Split
2 for 1 Split
Total Value
Avg. Price
Year
(Millions)
(Dollars in Millions)
Per Share
1984
160.0
$329
$2.0550
1986
160.0
670
4.1865
1988
97.8
500
5.1230
1992
42.4
500
11.7975
1993
49.6
500
10.0625
2002
83.6
5,000
59.7994
2006
81.8
5,000
61.1247
55.8
3,600
64.5870
2008
69.1
4,500
65.1230
2009
15.5
800
51.6129
2010
17.9
$1,100
$61.4525
2007
(1)
(1) On July 9, 2007, the Company announced that its Board of Directors approved a stock repurchase program, authorizing the
Company to buy back up to $10.0 billion of the Company's Common Stock. As of January 2, 2011, the current stock repurchase
program was completed. The Company repurchased an aggregate of 158.3 million shares of Johnson & Johnson Common Stock at
a cost of $10.0 billion.
* Total value may be rounded. In addition, the Company repurchases shares annually for use in employee stock option and
employee incentive plans. In 1990, the Company repurchased 12.8 million shares for a total value of $100 million in connection
with the establishment of an ESOP. All shares and average price per share have been adjusted for stock split.
16
YEAR
YEARLY
LOW
YEARLY
AVERAGE
9/25/44 (open)
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
YEAR-END
PRICE
$
0.02
0.03
0.03
0.03
0.03
0.05
0.07
0.08
0.07
0.06
0.07
0.08
0.08
0.09
0.14
0.17
0.18
0.26
0.26
0.29
0.28
0.40
0.47
0.67
0.75
1.26
1.25
2.08
2.77
2.76
2.49
2.08
2.01
1.63
1.86
1.68
2.11
2.46
3.20
3.22
2.68
3.45
4.64
6.59
5.51
7.44
9.27
14.53
14.67
12.60
14.13
23.10
0.01
0.02
0.02
0.02
0.03
0.03
0.04
0.06
0.05
0.05
0.06
0.06
0.06
0.07
0.08
0.11
0.13
0.17
0.14
0.17
0.22
0.26
0.32
0.38
0.52
0.70
0.89
1.18
1.96
2.11
1.52
1.51
1.49
1.30
1.37
1.35
1.38
1.77
2.03
2.44
1.75
2.20
2.86
3.44
4.35
5.19
6.39
8.17
10.75
8.91
9.00
13.41
0.02
0.02
0.02
0.03
0.03
0.03
0.05
0.07
0.06
0.06
0.06
0.07
0.07
0.08
0.11
0.16
0.16
0.22
0.22
0.24
0.25
0.35
0.41
0.50
0.63
0.99
1.06
1.74
2.50
2.47
1.97
1.85
1.84
1.46
1.61
1.52
1.67
2.06
2.55
2.86
2.16
2.78
3.97
5.28
5.06
6.25
7.85
11.19
12.34
10.50
11.54
17.19
0.02
0.01
0.02
0.03
0.02
0.03
0.05
0.07
0.06
0.06
0.06
0.07
0.07
0.07
0.08
0.12
0.14
0.17
0.24
0.17
0.24
0.26
0.40
0.40
0.64
0.74
1.25
1.19
2.05
2.72
2.35
1.69
1.87
1.63
1.60
1.54
1.65
2.08
2.32
3.10
2.55
2.26
3.29
4.10
4.68
5.32
7.42
8.97
14.31
12.63
11.22
13.69
21.38
YEARLY
DIVIDEND
$ 0.00008
0.00012
0.00012
0.00020
0.00067
0.00115
0.00176
0.00102
0.00093
0.00152
0.00152
0.00152
0.00152
0.00167
0.00157
0.00185
0.00231
0.00231
0.00231
0.00255
0.00278
0.00336
0.00382
0.00428
0.00451
0.00590
0.00708
0.00896
0.00932
0.01094
0.01510
0.01771
0.02188
0.02917
0.03542
0.04167
0.04646
0.05313
0.06625
0.06750
0.07375
0.08000
0.08625
0.10063
0.12000
0.14000
0.16375
0.19250
0.22250
0.25250
0.28250
0.32000
NET SHARES
OUTSTANDING*
2,213.6
2,213.6
2,242.7
2,264.0
2,276.0
2,243.1
2,247.9
2,260.2
2,264.1
2,259.8
2,268.4
2,274.9
2,270.4
2,276.6
2,288.0
2,290.3
2,558.8
2,563.5
2,586.3
2,584.8
2,591.9
2,574.6
2,603.0
2,588.2
2,606.1
2,619.4
2,656.4
2,676.3
2,690.8
2,708.1
2,761.1
2,773.6
2,785.7
2,796.1
2,808.3
2,872.9
2,938.2
2,966.6
2,993.0
3,026.0
3,061.3
2,925.5
2,925.6
2,765.6
2,753.5
2,664.6
2,679.4
2,700.4
2,713.4
2,674.2
2,627.8
2,645.0
2,665.6
P/E
RATIO
10
19
7
6
6
12
12
18
15
15
17
15
12
14
22
23
28
31
24
29
27
32
28
33
34
41
43
54
59
41
28
30
22
16
14
12
15
15
16
14
14
15
43
17
16
19
21
30
23
17
19
25
17
YEAR
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
YEARLY
HIGH
27.00
33.66
44.88
53.44
52.97
60.97
65.89
59.08
64.25
64.60
69.41
68.75
72.76
65.41
66.20
68.05
72.74
YEARLY
LOW
20.78
24.32
31.69
38.50
33.07
40.25
41.40
48.05
49.25
59.76
56.70
59.72
52.06
46.25
56.86
57.50
61.71
YEARLY
AVERAGE
24.29
29.82
37.46
46.99
44.64
51.88
57.67
52.62
55.84
64.70
62.21
63.98
64.91
56.88
62.16
63.56
66.95
YEAR-END
PRICE
24.88
32.97
41.94
46.63
52.53
59.86
53.11
50.62
63.42
60.10
66.02
67.38
58.56
64.41
61.85
65.58
69.48
YEARLY
DIVIDEND
0.36750
0.42500
0.48500
0.54500
0.62000
0.70000
0.79500
0.92500
1.09500
1.27500
1.45500
1.62000
1.79500
1.93000
2.11000
2.25000
2.40000
NET SHARES
OUTSTANDING*
2,753.4
2,971.6
2,975.3
2,979.6
3,014.6
3,047.2
2,968.3
2,967.9
2,971.0
2,971.0
2,893.2
2,840.2
2,769.2
2,754.3
2,738.1
2,724.4
2,778.5
P/E
RATIO
25
32
41
34
33
34
25
22
23
18
18
18
13
15
13
19
18
Note: All data adjusted for prior stock splits; shares outstanding are actual J&J year-end close; year -end share price per
Yahoo Finance at J&J year-end close; P/E ratio based on fiscal year-end closing price.
* Net shares outstanding = shares issued less treasury stock at Johnson & Johnson year-end close.
18
2012
$ 13,775
1,229
909
-
2011
12,361
3,310
656
110
1,028
521
491
280
-
1,163
$ 18,214
14
17,353
$ 10,853
1,052
701
97
899
743
$ 14,345
3.86
0.37
0.25
0.03
0.32
0.27
5.10
(2)
2010
16,947
(397)
-
2009
15,755
(386)
1,186
2008
16,929
(379)
-
16,830
16,555
181
16,731
9,672
2,745
536
426
477
11
13,867
13,334
(294)
239
13,279
12,266
(212)
852
12,906
12,949
(229)
181
12,901
3.49
0.99
0.19
0.16
0.17
5.00
4.78
(0.11)
0.09
4.76
4.40
(0.08)
0.31
4.63
4.57
(0.08)
0.06
4.55
(1) In 2009, in accordance with U.S. GAAP for business combinations, purchased in-process research and development is
no longer expensed, but capitalized and tested for impairment.
(2) Amount includes third quarter in-process research and development charge of $679M related to bapineuzumab IV offset by $339M reported as net loss attributable to
noncontrolling interest
(3) Attributable to Johnson & Johnson
The Company believes investors gain additional perspective of underlying business trends and results by providing a measure of earnings before provision for taxes on
income, net earnings and diluted net earnings per share that excludes special items in order to evaluate ongoing business operations. These non-GAAP financial
measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures.
19
Principal Office
One Johnson & Johnson Plaza
New Brunswick, New Jersey 08933
(732) 524-0400
Common Stock
Listed on New York Stock Exchange
Stock Symbol: JNJ
(732) 524-6492
Annual Meeting
The Annual Meeting of Shareholders will take
place on Thursday, April 25, 2013, at the
Hyatt Regency Hotel, Two Albany Street, New
Brunswick, New Jersey. The meeting will
convene at 10 a.m. All shareholders as of the
record date of February 26, 2013 are cordially
invited to attend. A formal Notice of Annual
Meeting, Proxy Statement and Proxy have
been sent to shareholders.
Stan Panasewicz
Senior Director, Investor Relations
(732) 524-2524
Lesley Fishman
Senior Director, Investor Relations
(732) 524-3922
Ellen Sipos
Senior Director, Investor Relations
(732) 524-3709
Lisa Romanko
Senior Director, Investor Relations
(732) 524-2034
Renee McKenna
Executive Assistant
(732) 524-6492
Reports Available
Dividend Reinvestment Plan
The Plan allows for full or partial dividend
reinvestment and additional monthly cash
investments up to $50,000 per year in
Johnson & Johnson Common Stock without
brokerage commissions or service charges on
stock purchases. If you are interested in
participating in the Plan and need an
authorization form and/or more information,
please call Computershare Trust Company,
N.A. at (800) 328-9033 or (781) 575-2718
(outside the U.S.).
Press Releases
Press releases, including earnings
reports, are available via web
access http://www.jnj.com
Internet Access
Visit the Johnson & Johnson Home
Page on the
Internet: http://www.jnj.com
20
2012
Investor
Fact Sheet
Description
Worlds most comprehensive and broadly based manufacturer of health
care products
Serves the Consumer, Pharmaceutical and Medical Devices and
Diagnostics markets with a focus on research-based, technology-driven
products
Approximately
25%
Consistent Performance
29 consecutive years of earnings increases adjusted for special items
51 consecutive years of dividends increases (includes April 2013 dividend
increase)
One Year2
Five Years2
Ten Years2
3.4%
2.0%
7.0%
10.8%
1.9%
4.2%
8.0%
4.4%
6.4%
9.1%
11.5%
5.5%
Sales
Diluted Earnings per Share 1
Dividend Growth
Total Return to Shareholders
1 Non-GAAP
2 Compounded Annual Growth Rates
$10,853
$6,277
2002
2007
2012
2012 Worldwide
Sales $67.2 Billion
Worldwide Market Leadership
Largest Medical Device company
8th largest Pharmaceutical company
globally
6th largest Biotech company globally
Leadership Positions in Major Markets:
Antineoplastic Antibiotics
Antipsychotics (Injectables)
Anti - TNF
Baby Care
Biosurgicals
Blood Glucose Monitoring
Breast Aesthetics
Cytostatic hormone antagonist
Disposable Contact Lenses
Donor Screening
Electrophysiology diagnostics
& catheters
Immunohematology
Infection Prevention
Lo-Cal Sweeteners
Minimally Invasive Surgery
Oral Rinses
Orthopaedics
Sanitary Protection
Sutures
Systemic Antipsoriasis
products
Wound Care
Approximately 70% of sales are derived
from products/businesses that have a
#1 or #2 global market share position
Please visit our Home Page on the Internet at
http://www.jnj.com for requests for Company
Reports, including the 2012 Annual Report
and SEC filings. Questions regarding stock
holdings and the Dividend Reinvestment
Plan, should be directed to: Computershare
Trust Company,N.A. Phone (800) 328-9033
S&P 500
S&P Pharm
S&P H/C Equip
DOLLARS
135
110
85
60
2007
2008
2009
2010
2011
2012
$U.S. Billions
$29.8 U.S.
MD&D
Consumer
$27.4
$14.4
44%
41%
21%
25%
Europe*
$17.0
20%
38%
11%
Investor Information
$13.2
Asia-Pacific
Africa
$7.2
$25.4
Western
Hemisphere
*Rounded for visual accuracy
Pharmaceutical
$67.2
International
U.S.
$61.1
$36.3
2002
Johnson & Johnson 2012
2007
2012