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

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

2013 Fourth-Quarter Sales of $18.4 Billion increased 4.5%; EPS was $1.23

2013 Full-Year Sales of $71.3 Billion increased 6.1%; Full-Year EPS was $4.81

Excluding Special Items, 2013 Fourth-Quarter EPS was $1.24, an increase of 4.2%*

And 2013 Full-Year EPS was $5.52, an increase of 8.2%*

NEW BRUNSWICK, N.J., Jan. 21, 2014 /PRNewswire/ -- Johnson & Johnson (NYSE: JNJ) 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 ASRHip, 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 $1.24, 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® SUSTENNA®/XEPLION® (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 OLYSIO (simeprevir) for combination treatment of chronic hepatitis C.  The FDA also approved IMBRUVICA (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.               

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 128,000 employees at more than 275 Johnson & Johnson operating companies work with partners in health care to touch the lives of over a billion people every day, throughout the world.

* Net earnings** and diluted earnings per share, excluding 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.  A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is included in the financial schedules accompanying this press release and can be found in the Investor Relations section of the Company's website at www.investor.jnj.com.

** Net earnings and diluted earnings per share attributable to Johnson & Johnson.

Johnson & Johnson will conduct a meeting 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, reconciliation of non-GAAP financial measures, and sales of key products/franchises.  Additional information on Johnson & Johnson, including a pharmaceutical pipeline of selected compounds in late stage development can be found on the Company's website at www.investor.jnj.com.

NOTE TO INVESTORS

(This release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. 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 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, general industry conditions and competition; economic factors, such as interest rate and currency exchange rate fluctuations; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approvals; challenges to patents; significant adverse litigation or government action; impact of business combinations; financial distress and bankruptcies experienced by significant customers and suppliers; changes to governmental laws and regulations and domestic and foreign health care reforms; trends toward health care cost containment; increased scrutiny of the health care industry by government agencies; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and sovereign risk; disruptions due to natural disasters; manufacturing difficulties or delays; complex global supply chains with increasing regulatory requirements; and product efficacy or safety concerns resulting in product recalls or regulatory action. A further list and description of these risks, uncertainties and other factors can be found in Exhibit 99 of Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended December 30, 2012.  Copies of this Form 10-K, as well as subsequent filings, are available online at www.sec.gov, www.investor.jnj.com or on request from Johnson & Johnson.   Johnson & Johnson does not undertake to update any forward-looking statements as a result of new information or future events or developments.)

 

Click to view table full screen

Johnson & Johnson and Subsidiaries

                               

Supplementary Sales Data

                               
                                       

(Unaudited; Dollars in Millions)

FOURTH QUARTER

 

TWELVE MONTHS

         

Percent Change

         

Percent Change

 

2013

 

2012

 

Total

 

Operations

 

Currency

 

2013

 

2012

 

Total

 

Operations

 

Currency

Sales to customers by

                                     

segment of business

                                     
                                       

Consumer

                                     

    U.S.

$   1,263

 

1,203

 

5.0

%

5.0

 

-

 

$   5,162

 

5,046

 

2.3

%

2.3

 

-

    International

2,490

 

2,449

 

1.7

 

4.1

 

(2.4)

 

9,535

 

9,401

 

1.4

 

3.1

 

(1.7)

 

3,753

 

3,652

 

2.8

 

4.4

 

(1.6)

 

14,697

 

14,447

 

1.7

 

2.8

 

(1.1)

                                       

Pharmaceutical

                                     

    U.S.

3,551

 

3,013

 

17.9

 

17.9

 

-

 

13,948

 

12,421

 

12.3

 

12.3

 

-

    International

3,745

 

3,512

 

6.6

 

9.0

 

(2.4)

 

14,177

 

12,930

 

9.6

 

11.8

 

(2.2)

 

7,296

 

6,525

 

11.8

 

13.1

 

(1.3)

 

28,125

 

25,351

 

10.9

 

12.0

 

(1.1)

                                       

Med Devices & Diagnostics

                                     

    U.S.

3,200

 

3,244

 

(1.4)

 

(1.4)

 

-

 

12,800

 

12,363

 

3.5

 

3.5

 

-

    International

4,106

 

4,137

 

(0.7)

 

3.7

 

(4.4)

 

15,690

 

15,063

 

4.2

 

8.3

 

(4.1)

 

7,306

 

7,381

 

(1.0)

 

1.5

 

(2.5)

 

28,490

 

27,426

 

3.9

 

6.1

 

(2.2)

                                       

U.S.

8,014

 

7,460

 

7.4

 

7.4

 

-

 

31,910

 

29,830

 

7.0

 

7.0

 

-

International

10,341

 

10,098

 

2.4

 

5.6

 

(3.2)

 

39,402

 

37,394

 

5.4

 

8.2

 

(2.8)

Worldwide

$ 18,355

 

17,558

 

4.5

%

6.3

 

(1.8)

 

$ 71,312

 

67,224

 

6.1

%

7.7

 

(1.6)

 

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Johnson & Johnson and Subsidiaries

                           

Supplementary Sales Data

                             
                                       

(Unaudited; Dollars in Millions)

FOURTH QUARTER

 

TWELVE MONTHS

         

Percent Change

         

Percent Change

 

2013

 

2012

 

Total

 

Operations

 

Currency

 

2013

 

2012

 

Total

 

Operations

 

Currency

Sales to customers by

                                     

geographic area

                                     
                                       

U.S.

$   8,014

 

7,460

 

7.4

%

7.4

 

-

 

$ 31,910

 

29,830

 

7.0

%

7.0

 

-

                                       

Europe

4,968

 

4,603

 

7.9

 

4.8

 

3.1

 

18,599

 

16,945

 

9.8

 

7.7

 

2.1

Western Hemisphere excluding U.S.

1,891

 

1,941

 

(2.6)

 

4.8

 

(7.4)

 

7,421

 

7,207

 

3.0

 

8.9

 

(5.9)

Asia-Pacific, Africa

3,482

 

3,554

 

(2.0)

 

7.0

 

(9.0)

 

13,382

 

13,242

 

1.1

 

8.6

 

(7.5)

International

10,341

 

10,098

 

2.4

 

5.6

 

(3.2)

 

39,402

 

37,394

 

5.4

 

8.2

 

(2.8)

                                       

Worldwide

$ 18,355

 

$ 17,558

 

4.5

%

6.3

 

(1.8)

 

$ 71,312

 

$ 67,224

 

6.1

%

7.7

 

(1.6)

 

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Johnson & Johnson and Subsidiaries

           

Condensed Consolidated Statement of Earnings 

       
                   

(Unaudited; in Millions Except Per Share Figures)

FOURTH QUARTER

                   
 

2013

 

2012

 

Percent

     

Percent

     

Percent

 

Increase

 

Amount

 

to Sales

 

Amount

 

to Sales

 

(Decrease)

Sales to customers

$ 18,355

 

100.0

 

$ 17,558

 

100.0

 

4.5

Cost of products sold

5,955

 

32.5

 

6,003

 

34.2

 

(0.8)

Selling, marketing and administrative expenses

5,917

 

32.2

 

5,661

 

32.2

 

4.5

Research and development expense

2,411

 

13.1

 

2,331

 

13.3

 

3.4

In-process research and development

338

 

1.9

 

55

 

0.3

   

Interest (income) expense, net

116

 

0.6

 

89

 

0.5

   

Other (income) expense, net

868

 

4.7

 

319

 

1.8

   

Earnings before provision for taxes on income

2,750

 

15.0

 

3,100

 

17.7

 

(11.3)

Provision for/(Benefit from) taxes on income

(769)

 

(4.2)

 

533

 

3.1

   

Net earnings

3,519

 

19.2

 

2,567

 

14.6

 

37.1

Add: Net loss attributable to noncontrolling interest

-

 

-

 

-

 

-

   

Net earnings attributable to Johnson & Johnson

$   3,519

 

19.2

 

$   2,567

 

14.6

 

37.1

                   

Net earnings per share attributable to Johnson & Johnson (Diluted)

$     1.23

     

$     0.91

     

35.2

                   

Average shares outstanding (Diluted)

2,872.0

     

2,833.4

       
                   

Effective tax rate

(28.0)

%

   

17.2

%

     
                   

Adjusted earnings before provision for taxes and net earnings attributable to Johnson & Johnson (1)

         

Earnings before provision for taxes on income

$   3,909

 

21.3

 

$   4,115

 

23.4

 

(5.0)

Net earnings attributable to Johnson & Johnson

$   3,561

 

19.4

 

$   3,376

 

19.2

 

5.5

Net earnings per share attributable to Johnson & Johnson (Diluted)

$     1.24

     

$     1.19

     

4.2

Effective tax rate

8.9

%

   

18.0

%

     
                   

(1) See Reconciliation of Non-GAAP Financial Measures.

             

 

Click to view table full screen

Johnson & Johnson and Subsidiaries

             

Condensed Consolidated Statement of Earnings 

           
                   

(Unaudited; in Millions Except Per Share Figures)

TWELVE MONTHS

                   
 

2013

 

2012

 

Percent

     

Percent

     

Percent

 

Increase

 

Amount

 

to Sales

 

Amount

 

to Sales

 

(Decrease)

Sales to customers

$ 71,312

 

100.0

 

$ 67,224

 

100.0

 

6.1

Cost of products sold

22,342

 

31.3

 

21,658

 

32.2

 

3.2

Selling, marketing and administrative expenses

21,830

 

30.6

 

20,869

 

31.0

 

4.6

Research and development expense

8,183

 

11.5

 

7,665

 

11.4

 

6.8

In-process research and development

580

 

0.8

 

1,163

 

1.7

   

Interest (income) expense, net

408

 

0.6

 

468

 

0.7

   

Other (income) expense, net

2,498

 

3.5

 

1,626

 

2.5

   

Earnings before provision for taxes on income

15,471

 

21.7

 

13,775

 

20.5

 

12.3

Provision for taxes on income

1,640

 

2.3

 

3,261

 

4.9

 

(49.7)

Net earnings

13,831

 

19.4

 

10,514

 

15.6

 

31.5

Add: Net loss attributable to noncontrolling interest

-

 

-

 

339

 

0.5

   

Net earnings attributable to Johnson & Johnson

$ 13,831

 

19.4

 

$ 10,853

 

16.1

 

27.4

                   

Net earnings per share attributable to Johnson & Johnson (Diluted)

$     4.81

     

$     3.86

     

24.6

                   

Average shares outstanding (Diluted)

2,877.0

     

2,812.6

       
                   

Effective tax rate

10.6

%

   

23.7

%

     
                   

Adjusted earnings before provision for taxes and net earnings attributable to Johnson & Johnson (1)

         

Earnings before provision for taxes on income

$ 19,169

 

26.9

 

$ 18,214

 

27.1

 

5.2

Net earnings attributable to Johnson & Johnson

$ 15,876

 

22.3

 

$ 14,345

 

21.3

 

10.7

Net earnings per share attributable to Johnson & Johnson (Diluted)

$     5.52

     

$     5.10

     

8.2

Effective tax rate

17.2

%

   

21.2

%

     
                   

(1) See Reconciliation of Non-GAAP Financial Measures.

                 

 

Click to view table full screen

Johnson & Johnson and Subsidiaries

                 

Reconciliation of Non-GAAP Financial Measures

               
                           
 

Fourth Quarter

 

% Incr. /

   

Twelve Months 

 

% Incr. /

 

(Dollars in Millions Except Per Share Data)

2013

 

2012

 

(Decr.)

   

2013

 

2012

 

(Decr.)

 
                           

Earnings before provision for taxes on income - as reported

$ 2,750

 

3,100

 

(11.3)

%

 

$ 15,471

 

13,775

 

12.3

%

                           

Litigation expenses

506

 

471

       

2,282

 

1,229

     
                           

In-process research and development

338

 

55

       

580

 

1,163

     
                           

Synthes integration/transaction costs and currency related

181

 

406

       

683

 

1,028

     
                           

DePuy ASR™ Hip program

134

 

83

       

251

 

110

     
                           

Intangible asset write-downs 

-

 

-

       

-

 

939

     
                           

Other

-

 

-

       

(98)

 

(30)

     
                           

Earnings before provision for taxes on income - as adjusted

$ 3,909

 

4,115

 

(5.0)

%

 

$ 19,169

 

18,214

 

5.2

%

                           

Net Earnings attributable to Johnson & Johnson - as reported

$ 3,519

 

2,567

 

37.1

%

 

$ 13,831

 

10,853

 

27.4

%

                           

Litigation expenses

227

 

371

       

1,646

 

1,052

     
                           

In-process research and development

294

 

59

       

462

 

743

(1)

   
                           

Synthes integration/transaction costs and currency related

110

 

306

       

483

 

899

     
                           

DePuy ASR™ Hip program

118

 

73

       

240

 

97

     
                           

Intangible asset write-downs

-

 

-

       

-

 

717

     
                           

Scios Tax Benefit

(707)

 

-

       

(707)

 

-

     
                           

Other

-

 

-

       

(79)

 

(16)

     
                           

Net Earnings attributable to Johnson & Johnson - as adjusted 

$ 3,561

 

3,376

 

5.5

%

 

$ 15,876

 

14,345

 

10.7

%

                           

Diluted Net Earnings per share attributable to Johnson & Johnson - as reported

$   1.23

 

0.91

 

35.2

%

 

$     4.81

 

3.86

 

24.6

%

                           

Litigation expenses

0.08

 

0.13

       

0.57

 

0.37

     
                           

In-process research and development

0.10

 

0.02

       

0.16

 

0.27

     
                           

Synthes integration/transaction costs and currency related

0.04

 

0.11

       

0.17

 

0.32

     
                           

DePuy ASR™ Hip program

0.04

 

0.02

       

0.08

 

0.03

     
                           

Intangible asset write-downs

-

 

-

       

-

 

0.26

     
                           

Scios Tax Benefit

(0.25)

 

-

       

(0.25)

 

-

     
                           

Other

-

 

-

       

(0.02)

 

(0.01)

     
                           

Diluted Net Earnings per share attributable to Johnson & Johnson - as adjusted 

$   1.24

 

1.19

 

4.2

%

 

$     5.52

 

5.10

 

8.2

%

                           
                           

(1) 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

                           

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.

 

Click to view table full screen
 

REPORTED SALES vs. PRIOR PERIOD ($MM)

   
 

FOURTH QUARTER

 

TWELVE MONTHS

         

% Change

         

% Change

   

2013

 

2012

Reported

Operational (1)

Currency

   

2013

 

2012

Reported

Operational (1)

Currency

CONSUMER SEGMENT (2) (4)

                             

BABY CARE

                             

US

 

$          105

 

103

1.9%

1.9%

-

   

$          413

 

412

0.2%

0.2%

-

Intl

 

480

 

469

2.3%

7.1%

-4.8%

   

1,882

 

1,842

2.2%

5.7%

-3.5%

WW

 

585

 

572

2.3%

6.2%

-3.9%

   

2,295

 

2,254

1.8%

4.7%

-2.9%

ORAL CARE

                             

US

 

153

 

165

-7.3%

-7.3%

-

   

602

 

641

-6.1%

-6.1%

-

Intl

 

265

 

251

5.6%

8.6%

-3.0%

   

1,020

 

983

3.8%

5.9%

-2.1%

WW

 

418

 

416

0.5%

2.3%

-1.8%

   

1,622

 

1,624

-0.1%

1.1%

-1.2%

OTC (3)

                             

US

 

332

 

273

21.6%

21.6%

-

   

1,286

 

1,074

19.7%

19.7%

-

Intl

 

747

 

743

0.5%

1.1%

-0.6%

   

2,742

 

2,692

1.9%

2.3%

-0.4%

WW

 

1,079

 

1,016

6.2%

6.6%

-0.4%

   

4,028

 

3,766

7.0%

7.3%

-0.3%

SKIN CARE

                             

US

 

432

 

385

12.2%

12.2%

-

   

1,752

 

1,699

3.1%

3.1%

-

Intl

 

538

 

509

5.7%

7.4%

-1.7%

   

1,952

 

1,919

1.7%

2.6%

-0.9%

WW

 

970

 

894

8.5%

9.5%

-1.0%

   

3,704

 

3,618

2.4%

2.9%

-0.5%

WOMEN'S HEALTH

                             

US

 

38

 

82

-53.7%

-53.7%

-

   

280

 

336

-16.7%

-16.7%

-

Intl

 

310

 

325

-4.6%

-0.8%

-3.8%

   

1,288

 

1,289

-0.1%

2.9%

-3.0%

WW

 

348

 

407

-14.5%

-11.5%

-3.0%

   

1,568

 

1,625

-3.5%

-1.1%

-2.4%

WOUND CARE/OTHER (3)

                             

US

 

203

 

195

4.1%

4.1%

-

   

829

 

884

-6.2%

-6.2%

-

Intl

 

150

 

152

-1.3%

0.6%

-1.9%

   

651

 

676

-3.7%

-2.8%

-0.9%

WW

 

353

 

347

1.7%

2.6%

-0.9%

   

1,480

 

1,560

-5.1%

-4.7%

-0.4%

                               

TOTAL CONSUMER

                             

US

 

1,263

 

1,203

5.0%

5.0%

-

   

5,162

 

5,046

2.3%

2.3%

-

Intl

 

2,490

 

2,449

1.7%

4.1%

-2.4%

   

9,535

 

9,401

1.4%

3.1%

-1.7%

WW

 

$       3,753

 

3,652

2.8%

4.4%

-1.6%

   

$     14,697

 

14,447

1.7%

2.8%

-1.1%

                               
                               

See footnotes at end of schedule

                           

 

Click to view table full screen
 

REPORTED SALES vs. PRIOR PERIOD ($MM)

   
 

FOURTH QUARTER

 

TWELVE MONTHS

         

% Change

         

% Change

   

2013

 

2012

Reported

Operational (1)

Currency

   

2013

 

2012

Reported

Operational (1)

Currency

PHARMACEUTICAL SEGMENT (2) (4)

                             

IMMUNOLOGY

                             

US

 

$       1,726

 

1,448

19.2%

19.2%

-

   

$       6,591

 

5,972

10.4%

10.4%

-

Intl

 

676

 

528

28.0%

31.9%

-3.9%

   

2,599

 

1,902

36.6%

40.1%

-3.5%

WW

 

2,402

 

1,976

21.6%

22.6%

-1.0%

   

9,190

 

7,874

16.7%

17.5%

-0.8%

     REMICADE

                             

     US 

 

982

 

871

12.7%

12.7%

-

   

3,891

 

3,583

8.6%

8.6%

-

     US Exports (5)

 

367

 

347

5.8%

5.8%

-

   

1,339

 

1,470

-8.9%

-8.9%

-

     Intl

 

363

 

286

26.9%

30.7%

-3.8%

   

1,443

 

1,086

32.9%

36.2%

-3.3%

     WW

 

1,712

 

1,504

13.8%

14.5%

-0.7%

   

6,673

 

6,139

8.7%

9.3%

-0.6%

     SIMPONI

                             

     US

 

112

 

72

55.6%

55.6%

-

   

404

 

292

38.4%

38.4%

-

     Intl

 

142

 

109

30.3%

37.0%

-6.7%

   

528

 

315

67.6%

75.1%

-7.5%

     WW

 

254

 

181

40.3%

44.3%

-4.0%

   

932

 

607

53.5%

57.4%

-3.9%

     STELARA

                             

     US

 

265

 

158

67.7%

67.7%

-

   

957

 

627

52.6%

52.6%

-

     Intl

 

152

 

111

36.9%

37.8%

-0.9%

   

547

 

398

37.4%

38.3%

-0.9%

     WW

 

417

 

269

55.0%

55.4%

-0.4%

   

1,504

 

1,025

46.7%

47.0%

-0.3%

     OTHER IMMUNOLOGY

                             

     US

 

-

 

-

-

-

-

   

-

 

-

-

-

-

     Intl

 

19

 

22

-13.6%

-7.7%

-5.9%

   

81

 

103

-21.4%

-18.5%

-2.9%

     WW

 

19

 

22

-13.6%

-7.7%

-5.9%

   

81

 

103

-21.4%

-18.5%

-2.9%

INFECTIOUS DISEASES

                             

US

 

302

 

236

28.0%

28.0%

-

   

1,077

 

974

10.6%

10.6%

-

Intl

 

642

 

620

3.5%

3.0%

0.5%

   

2,473

 

2,220

11.4%

11.5%

-0.1%

WW

 

944

 

856

10.3%

9.9%

0.4%

   

3,550

 

3,194

11.1%

11.1%

0.0%

     INCIVO

                             

     US

 

-

 

-

-

-

-

   

-

 

-

-

-

-

     Intl

 

107

 

138

-22.5%

-23.6%

1.1%

   

517

 

443

16.7%

17.5%

-0.8%

     WW

 

107

 

138

-22.5%

-23.6%

1.1%

   

517

 

443

16.7%

17.5%

-0.8%

     INTELENCE

                             

     US

 

49

 

46

6.5%

6.5%

-

   

187

 

176

6.3%

6.3%

-

     Intl

 

46

 

38

21.1%

20.2%

0.9%

   

192

 

173

11.0%

10.8%

0.2%

     WW

 

95

 

84

13.1%

12.7%

0.4%

   

379

 

349

8.6%

8.5%

0.1%

     PREZISTA

                             

     US

 

229

 

165

38.8%

38.8%

-

   

807

 

672

20.1%

20.1%

-

     Intl

 

232

 

188

23.4%

22.8%

0.6%

   

866

 

742

16.7%

16.2%

0.5%

     WW

 

461

 

353

30.6%

30.3%

0.3%

   

1,673

 

1,414

18.3%

18.1%

0.2%

     OTHER INFECTIOUS DISEASES

                             

     US

 

24

 

25

-4.0%

-4.0%

-

   

83

 

126

-34.1%

-34.1%

-

     Intl

 

257

 

256

0.4%

0.4%

0.0%

   

898

 

862

4.2%

4.4%

-0.2%

     WW

 

281

 

281

0.0%

0.0%

0.0%

   

981

 

988

-0.7%

-0.5%

-0.2%

                               

 

Click to view table full screen
 

REPORTED SALES vs. PRIOR PERIOD ($MM)

   
 

FOURTH QUARTER

 

TWELVE MONTHS

         

% Change

         

% Change

   

2013

 

2012

Reported

Operational (1)

Currency

   

2013

 

2012

Reported

Operational (1)

Currency

                               

NEUROSCIENCE

                             

US

 

611

 

601

1.7%

1.7%

-

   

2,584

 

2,611

-1.0%

-1.0%

-

Intl

 

1,040

 

1,088

-4.4%

0.1%

-4.5%

   

4,083

 

4,107

-0.6%

3.4%

-4.0%

WW

 

1,651

 

1,689

-2.2%

0.7%

-2.9%

   

6,667

 

6,718

-0.8%

1.6%

-2.4%

     CONCERTA/METHYLPHENIDATE

                             

     US

 

46

 

116

-60.3%

-60.3%

-

   

308

 

609

-49.4%

-49.4%

-

     Intl

 

123

 

127

-3.1%

0.7%

-3.8%

   

474

 

464

2.2%

5.0%

-2.8%

     WW

 

169

 

243

-30.5%

-28.5%

-2.0%

   

782

 

1,073

-27.1%

-25.9%

-1.2%

     INVEGA

                             

     US

 

87

 

76

14.5%

14.5%

-

   

316

 

299

5.7%

5.7%

-

     Intl

 

67

 

71

-5.6%

0.8%

-6.4%

   

267

 

251

6.4%

12.3%

-5.9%

     WW

 

154

 

147

4.8%

7.9%

-3.1%

   

583

 

550

6.0%

8.7%

-2.7%

     INVEGA SUSTENNA/ XEPLION

                             

     US

 

188

 

132

42.4%

42.4%

-

   

690

 

482

43.2%

43.2%

-

     Intl

 

162

 

96

68.8%

69.4%

-0.6%

   

558

 

314

77.7%

76.8%

0.9%

     WW

 

350

 

228

53.5%

53.7%

-0.2%

   

1,248

 

796

56.8%

56.4%

0.4%

     RISPERDAL CONSTA

                             

     US

 

113

 

103

9.7%

9.7%

-

   

440

 

439

0.2%

0.2%

-

     Intl

 

208

 

255

-18.4%

-16.0%

-2.4%

   

878

 

986

-11.0%

-8.7%

-2.3%

     WW

 

321

 

358

-10.3%

-8.6%

-1.7%

   

1,318

 

1,425

-7.5%

-5.9%

-1.6%

     OTHER NEUROSCIENCE

                             

     US

 

177

 

174

1.7%

1.7%

-

   

830

 

782

6.1%

6.1%

-

     Intl

 

480

 

539

-10.9%

-4.8%

-6.1%

   

1,906

 

2,092

-8.9%

-3.3%

-5.6%

     WW

 

657

 

713

-7.9%

-3.3%

-4.6%

   

2,736

 

2,874

-4.8%

-0.7%

-4.1%

ONCOLOGY

                             

US

 

216

 

135

60.0%

60.0%

-

   

848

 

506

67.6%

67.6%

-

Intl

 

897

 

684

31.1%

32.9%

-1.8%

   

2,925

 

2,123

37.8%

39.7%

-1.9%

WW

 

1,113

 

819

35.9%

37.4%

-1.5%

   

3,773

 

2,629

43.5%

45.0%

-1.5%

     VELCADE

                             

     US

 

-

 

-

-

-

-

   

-

 

-

-

-

-

     Intl

 

524

 

502

4.4%

7.4%

-3.0%

   

1,660

 

1,500

10.7%

13.6%

-2.9%

     WW

 

524

 

502

4.4%

7.4%

-3.0%

   

1,660

 

1,500

10.7%

13.6%

-2.9%

     ZYTIGA

                             

     US

 

211

 

114

85.1%

85.1%

-

   

750

 

463

62.0%

62.0%

-

     Intl

 

284

 

150

89.3%

86.5%

2.8%

   

948

 

498

90.4%

88.4%

2.0%

     WW

 

495

 

264

87.5%

85.9%

1.6%

   

1,698

 

961

76.7%

75.6%

1.1%

     OTHER ONCOLOGY

                             

     US

 

5

 

21

-76.2%

-76.2%

-

   

98

 

43

*

*

-

     Intl

 

89

 

32

*

*

-1.8%

   

317

 

125

*

*

-2.2%

     WW

 

94

 

53

77.4%

79.1%

-1.7%

   

415

 

168

*

*

-1.7%

                               
                               
                               
                               

 

Click to view table full screen
 

REPORTED SALES vs. PRIOR PERIOD ($MM)

   
 

FOURTH QUARTER

 

TWELVE MONTHS

         

% Change

         

% Change

   

2013

 

2012

Reported

Operational (1)

Currency

   

2013

 

2012

Reported

Operational (1)

Currency

TOTAL OTHER

                             

US

 

696

 

593

17.4%

17.4%

-

   

2,848

 

2,358

20.8%

20.8%

-

Intl

 

490

 

592

-17.2%

-16.4%

-0.8%

   

2,097

 

2,578

-18.7%

-18.2%

-0.5%

WW

 

1,186

 

1,185

0.1%

0.5%

-0.4%

   

4,945

 

4,936

0.2%

0.5%

-0.3%

     ACIPHEX/PARIET

                             

     US

 

(24)

 

92

*

*

-

   

265

 

372

-28.8%

-28.8%

-

     Intl

 

53

 

94

-43.6%

-43.1%

-0.5%

   

205

 

463

-55.7%

-55.5%

-0.2%

     WW

 

29

 

186

-84.4%

-84.2%

-0.2%

   

470

 

835

-43.7%

-43.6%

-0.1%

     PROCRIT/EPREX

                             

     US

 

168

 

171

-1.8%

-1.8%

-

   

795

 

805

-1.2%

-1.2%

-

     Intl

 

139

 

155

-10.3%

-10.7%

0.4%

   

569

 

657

-13.4%

-14.0%

0.6%

     WW

 

307

 

326

-5.8%

-6.0%

0.2%

   

1,364

 

1,462

-6.7%

-7.0%

0.3%

     XARELTO

                             

     US

 

271

 

95

*

*

-

   

864

 

239

*

*

-

     Intl

 

-

 

-

-

-

-

   

-

 

-

-

-

-

     WW

 

271

 

95

*

*

-

   

864

 

239

*

*

-

     OTHER

                             

     US

 

281

 

235

19.6%

19.6%

-

   

924

 

942

-1.9%

-1.9%

-

     Intl

 

298

 

343

-13.1%

-11.6%

-1.5%

   

1,323

 

1,458

-9.3%

-8.2%

-1.1%

     WW

 

579

 

578

0.2%

1.1%

-0.9%

   

2,247

 

2,400

-6.4%

-5.8%

-0.6%

                               

TOTAL PHARMACEUTICAL

                             

US

 

3,551

 

3,013

17.9%

17.9%

-

   

13,948

 

12,421

12.3%

12.3%

-

Intl

 

3,745

 

3,512

6.6%

9.0%

-2.4%

   

14,177

 

12,930

9.6%

11.8%

-2.2%

WW

 

$       7,296

 

6,525

11.8%

13.1%

-1.3%

   

$     28,125

 

25,351

10.9%

12.0%

-1.1%

                               
 

See footnotes at end of schedule.

 

Click to view table full screen
 

REPORTED SALES vs. PRIOR PERIOD ($MM)

   
 

FOURTH QUARTER

 

TWELVE MONTHS

         

% Change

         

% Change

   

2013

 

2012

Reported

Operational (1)

Currency

   

2013

 

2012

Reported

Operational (1)

Currency

MEDICAL DEVICES AND DIAGNOSTICS (2)

                             

CARDIOVASCULAR CARE

                             

US

 

$          210

 

186

12.9%

12.9%

-

   

$          808

 

752

7.4%

7.4%

-

Intl

 

324

 

320

1.3%

5.7%

-4.4%

   

1,269

 

1,233

2.9%

7.0%

-4.1%

WW

 

534

 

506

5.5%

8.3%

-2.8%

   

2,077

 

1,985

4.6%

7.2%

-2.6%

DIABETES CARE

                             

US

 

219

 

295

-25.8%

-25.8%

-

   

998

 

1,312

-23.9%

-23.9%

-

Intl

 

344

 

349

-1.4%

0.2%

-1.6%

   

1,311

 

1,304

0.5%

1.6%

-1.1%

WW

 

563

 

644

-12.6%

-11.9%

-0.7%

   

2,309

 

2,616

-11.7%

-11.2%

-0.5%

DIAGNOSTICS

                             

US

 

215

 

258

-16.7%

-16.7%

-

   

926

 

1,025

-9.7%

-9.7%

-

Intl

 

251

 

272

-7.7%

-2.5%

-5.2%

   

959

 

1,044

-8.1%

-3.6%

-4.5%

WW

 

466

 

530

-12.1%

-9.4%

-2.7%

   

1,885

 

2,069

-8.9%

-6.6%

-2.3%

INFECTION PREVENTION/OTHER

                             

US

 

90

 

86

4.7%

4.7%

-

   

361

 

399

-9.5%

-9.5%

-

Intl

 

156

 

160

-2.5%

5.2%

-7.7%

   

551

 

553

-0.4%

6.4%

-6.8%

WW

 

246

 

246

0.0%

5.0%

-5.0%

   

912

 

952

-4.2%

-0.3%

-3.9%

ORTHOPAEDICS

                             

US 

 

1,307

 

1,246

4.9%

4.9%

-

   

5,074

 

4,144

22.4%

22.4%

-

Intl

 

1,149

 

1,142

0.6%

3.5%

-2.9%

   

4,435

 

3,655

21.3%

24.6%

-3.3%

WW

 

2,456

 

2,388

2.8%

4.2%

-1.4%

   

9,509

 

7,799

21.9%

23.4%

-1.5%

SPECIALTY SURGERY

                             

US

 

332

 

326

1.8%

1.8%

-

   

1,303

 

1,297

0.5%

0.5%

-

Intl

 

351

 

329

6.7%

10.7%

-4.0%

   

1,289

 

1,229

4.9%

8.1%

-3.2%

WW

 

683

 

655

4.3%

6.3%

-2.0%

   

2,592

 

2,526

2.6%

4.2%

-1.6%

SURGICAL CARE 

                             

US

 

599

 

618

-3.1%

-3.1%

-

   

2,294

 

2,415

-5.0%

-5.0%

-

Intl

 

1,040

 

1,049

-0.9%

3.4%

-4.3%

   

3,975

 

4,068

-2.3%

1.3%

-3.6%

WW

 

1,639

 

1,667

-1.7%

1.0%

-2.7%

   

6,269

 

6,483

-3.3%

-1.0%

-2.3%

VISION CARE

                             

US

 

228

 

229

-0.4%

-0.4%

-

   

1,036

 

1,019

1.7%

1.7%

-

Intl

 

491

 

516

-4.8%

4.0%

-8.8%

   

1,901

 

1,977

-3.8%

4.3%

-8.1%

WW

 

719

 

745

-3.5%

2.6%

-6.1%

   

2,937

 

2,996

-2.0%

3.3%

-5.3%

                               

TOTAL MEDICAL DEVICES AND DIAGNOSTICS

                             

US

 

3,200

 

3,244

-1.4%

-1.4%

-

   

12,800

 

12,363

3.5%

3.5%

-

Intl

 

4,106

 

4,137

-0.7%

3.7%

-4.4%

   

15,690

 

15,063

4.2%

8.3%

-4.1%

WW

 

$       7,306

 

7,381

-1.0%

1.5%

-2.5%

   

$     28,490

 

27,426

3.9%

6.1%

-2.2%

                               
                               

* Percentage greater than 100%