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JNJ · JOHNSON & JOHNSON

33 filings

10-K

JNJ 10-K Annual Reports

JOHNSON & JOHNSON - 33 annual reports

Filing record · 2016–202610-K1110-Q338-K134

2025
JOHNSON & JOHNSON Annual Report, Year Ended Dec 28, 2025
Johnson & Johnson (JNJ) reported its 2025 fiscal year results, highlighting continued growth across its two primary segments: Innovative Medicine and MedTech. The company's overall sales increased by 6.0% to $94.2 billion, driven by strong volume growth, partially offset by pricing pressures and foreign currency impacts. The Innovative Medicine segment saw a 6.0% sales increase, propelled by strong performance in Oncology products like DARZALEX and ERLEADA, as well as new launches, though the segment experienced a significant decline in STELARA sales due to biosimilar competition. The MedTech segment also reported a 6.1% sales increase, driven by robust growth in Cardiovascular franchises, particularly from the Abiomed and Shockwave acquisitions, and steady performance in Surgery and Vision. However, the Orthopaedics business experienced modest growth, impacted by restructuring efforts and volume-based procurement in China. The company announced its intention to separate its Orthopaedics business, a move expected to be completed within 18-24 months, which may reshape its operational focus. Financially, Johnson & Johnson's earnings before taxes increased significantly, largely due to a favorable litigation outcome reversing a substantial portion of the talc reserve. The company also continues to manage its capital structure, with increased debt to fund strategic acquisitions like Intra-Cellular Therapies, Inc. (CAPLYTA), while also increasing its dividend for the 63rd consecutive year. Key risks remain, including ongoing litigation, increasing regulatory scrutiny, and the competitive landscape for key products.
Feb 11, 2026
2024
JOHNSON & JOHNSON Annual Report, Year Ended Dec 29, 2024
Johnson & Johnson's 2024 10-K filing reveals a company navigating a dynamic healthcare landscape, demonstrating resilience with an increase in total sales to $88.8 billion, a 4.3% rise from the previous year, driven by strong performance in the MedTech segment and growth in specific Innovative Medicine therapeutic areas like Oncology. The company continues to invest heavily in research and development, allocating $17.2 billion to drive innovation across its two core segments: Innovative Medicine and MedTech. Despite facing ongoing challenges such as patent expirations for key products like STELARA and REMICADE, increasing competition, and a complex regulatory environment, Johnson & Johnson is strategically positioning itself for future growth through acquisitions and pipeline advancements. The company also highlights its commitment to human capital management, focusing on attracting, developing, and retaining top talent, underscored by a competitive voluntary turnover rate of 6.3% in 2024.
Feb 13, 2025
2023
JOHNSON & JOHNSON Annual Report, Year Ended Dec 31, 2023
Johnson & Johnson (JNJ) has filed its 10-K for the fiscal year ending December 30, 2023. The report highlights a strategic reorganization into two primary business segments: Innovative Medicine and MedTech, following the separation of its Consumer Health business (Kenvue). Financially, the company demonstrated robust sales growth, driven by strong performance in both segments, particularly in Oncology and MedTech's Interventional Solutions (boosted by the Abiomed acquisition). However, the company also reported a significant charge related to talc litigation, impacting overall earnings before taxes. Despite this, J&J maintained a strong liquidity position and continued its commitment to shareholder returns through dividends and share repurchases. Key risks highlighted include ongoing litigation, patent expirations, pricing pressures in the healthcare industry, and global economic uncertainties.
Feb 16, 2024
2023
JOHNSON & JOHNSON Annual Report, Year Ended Jan 1, 2023
Johnson & Johnson (JNJ) reported strong performance in its 2022 10-K filing, with worldwide sales reaching $94.9 billion, a 1.3% increase driven primarily by operational volume growth, despite negative currency impacts. The company operates across three key segments: Pharmaceutical, MedTech, and Consumer Health. The Pharmaceutical segment saw a 1.7% sales increase, with notable growth in Oncology and Immunology, though offset by declines in Infectious Diseases and Neuroscience. The MedTech segment grew 1.4%, bolstered by strong performance in Interventional Solutions and Vision, though Orthopaedics remained flat operationally. The Consumer Health segment experienced a slight decrease of 0.5%, impacted by supply constraints in Skin Health/Beauty and category declines in Oral Care. Significant investments in R&D, totaling $14.6 billion, underscore the company's commitment to innovation. JNJ's financial health remains robust, with operating cash flow of $21.2 billion. The company is also actively managing its capital structure, including a $5.0 billion share repurchase program and a net debt position of $16.1 billion, largely due to the acquisition of Abiomed. Investors should note the ongoing legal proceedings, particularly those related to talc and opioids, which have ongoing financial implications and reserves. The planned separation of the Consumer Health business into a new publicly traded company (Kenvue) is a significant strategic initiative expected in 2023.
Feb 16, 2023
2022
JOHNSON & JOHNSON Annual Report, Year Ended Jan 2, 2022
Johnson & Johnson (JNJ) reported strong performance in its 2021 fiscal year, with worldwide sales reaching $93.8 billion, a significant increase of 13.6% from the previous year. This growth was primarily driven by robust performance across all three segments: Pharmaceutical, Medical Devices (MedTech), and Consumer Health, with operational growth contributing significantly. The Pharmaceutical segment saw a notable 14.3% increase in sales, fueled by strong performances in Immunology (STELARA®, TREMFYA®) and Oncology (DARZALEX®, ERLEADA®), as well as the substantial contribution from the COVID-19 vaccine. The Medical Devices segment experienced a 17.9% sales increase, reflecting a recovery in global procedural volumes post-COVID-19 impacts, with strong growth in Surgery and Interventional Solutions. Looking ahead, JNJ announced its intention to separate its Consumer Health business into a new, publicly traded company within 18 to 24 months. This strategic move aims to allow each business to pursue its own growth strategies and capital allocation priorities. The company also highlighted its continued commitment to innovation, investing $14.7 billion in R&D, and its focus on human capital management, including diversity, equity, and inclusion. Despite facing ongoing litigation, including significant accruals for talc and opioid-related matters, the company expressed confidence in its financial position and liquidity.
Feb 17, 2022
2021
JOHNSON & JOHNSON Annual Report, Year Ended Jan 3, 2021
Johnson & Johnson's 2021 10-K report highlights a year of resilient sales growth, with total sales reaching $82.6 billion, a 0.6% increase driven by volume despite a negative currency impact. The Pharmaceutical segment was the primary growth driver, increasing sales by 8.0% to $45.6 billion, fueled by strong performance in Immunology (STELARA®, TREMFYA®) and Oncology (DARZALEX®, IMBRUVICA®, ERLEADA®). The Medical Devices segment experienced an 11.6% decline in sales to $23.0 billion, largely attributed to COVID-19 related disruptions and the deferral of elective medical procedures. The Consumer Health segment saw a modest 1.1% increase in sales to $14.1 billion, with OTC medicines benefiting from COVID-19 related demand, while Skin Health/Beauty faced challenges. The company's R&D investment remained robust at $12.2 billion, underscoring its commitment to innovation. Significant litigation expenses, particularly related to talc and opioid settlements, impacted profitability. The company accrued $4.0 billion for talc-related reserves and an additional $1.0 billion for opioid litigation settlements. Despite these challenges, Johnson & Johnson maintained a strong liquidity position and continued its dividend growth, marking its 58th consecutive year of dividend increases.
Feb 22, 2021
2019
JOHNSON & JOHNSON Annual Report, Year Ended Dec 29, 2019
Johnson & Johnson's (JNJ) 2019 10-K filing highlights a robust healthcare conglomerate with a diversified portfolio across Consumer, Pharmaceutical, and Medical Device segments. The company reported total sales of $82.1 billion, with a modest 0.6% increase year-over-year, driven by operational growth partially offset by currency headwinds. The Pharmaceutical segment showed notable growth, particularly from key products like STELARA® and IMBRUVICA®, while the Medical Device segment experienced a slight decline attributed to divestitures and market conditions. The Consumer segment saw minimal growth, with mixed performance across its franchises. The company's financial health remains strong, supported by substantial operating cash flow, though it continues to navigate significant litigation expenses, notably related to opioids and talc-based products. JNJ demonstrated continued commitment to returning value to shareholders through dividends and share repurchases, while also making significant investments in research and development ($11.4 billion) and strategic acquisitions ($5.8 billion) to fuel future growth. The company's financial outlook is influenced by ongoing healthcare reforms, pricing pressures, and the competitive landscape, particularly concerning patent expirations and biosimilar competition for key pharmaceutical products. Despite these challenges, JNJ's diversified business model and ongoing innovation pipeline position it to address evolving healthcare needs.
Feb 18, 2020
2018
JOHNSON & JOHNSON Annual Report, Year Ended Dec 30, 2018
Johnson & Johnson's (JNJ) 2018 10-K filing reveals a solid financial performance driven by strong growth in its Pharmaceutical segment, which benefited from key product launches and expanded indications. The Medical Devices segment showed modest growth, while the Consumer segment experienced a slight increase, impacted by divestitures and brand performance. The company's overall sales increased by 6.7% to $81.6 billion, with pharmaceuticals being the primary growth engine. JNJ continued its commitment to innovation, investing heavily in research and development across all segments. The company also actively managed its portfolio through strategic acquisitions and divestitures, including the significant acquisition of Actelion Ltd. in the pharmaceutical segment and the divestiture of its LifeScan diabetes care business. Despite facing ongoing litigation and regulatory scrutiny, particularly in product liability, JNJ maintained effective internal controls and demonstrated a strong commitment to shareholder returns through consistent dividend payments and share repurchases.
Feb 20, 2019
2017
JOHNSON & JOHNSON Annual Report, Year Ended Dec 31, 2017
Johnson & Johnson (JNJ) reported strong overall sales growth of 6.3% in 2017, reaching $76.5 billion. This growth was driven by significant increases in the Pharmaceutical segment, particularly in Oncology and the newly acquired Pulmonary Hypertension area, alongside solid performance in the Medical Devices segment. The company's R&D investment remained substantial at $10.6 billion, underscoring its commitment to innovation. However, investors should note the impact of significant acquisitions, such as Actelion, which increased intangible assets and goodwill but also contributed to a rise in amortization expense. The pharmaceutical segment faced headwinds from biosimilar competition for REMICADE, leading to sales declines for that specific product, though newer immunology products show promise. Financially, the company saw a substantial one-time charge of $13 billion in the fourth quarter of 2017 due to the U.S. Tax Cuts and Jobs Act, which significantly impacted net earnings and the effective tax rate. Despite this, JNJ continued its history of increasing dividends, highlighting its commitment to returning value to shareholders.
Feb 21, 2018
2017
JOHNSON & JOHNSON Annual Report, Year Ended Jan 1, 2017
Johnson & Johnson's (JNJ) 2016 10-K filing shows a company with strong and diversified healthcare operations across three segments: Consumer, Pharmaceutical, and Medical Devices. The company reported total sales of $71.9 billion, a 2.6% increase year-over-year, driven by operational growth across its segments, particularly in Pharmaceuticals. The Pharmaceutical segment saw robust growth in its immunology portfolio with key drugs like STELARA® and SIMPONI® showing significant increases, while Oncology also performed well with strong uptake of IMBRUVICA® and DARZALEX®. The Medical Devices segment remained relatively flat in sales, impacted by divestitures and competitive pressures, though Vision Care showed positive growth. The Consumer segment experienced a slight sales decline, impacted by the Venezuela operations and divestitures, but saw strong performance in its Beauty and OTC product lines. The company continues to invest heavily in research and development ($9.1 billion in 2016) to fuel future innovation and offset patent expirations. However, a key risk highlighted is the impending biosimilar competition for its major product, REMICADE®, which is expected to impact U.S. sales significantly. Financially, JNJ demonstrated solid performance with net earnings of $16.5 billion. The company maintained a strong cash flow from operations ($18.8 billion) and actively returned capital to shareholders through dividends ($8.6 billion) and share repurchases ($9.0 billion). Despite some segment-specific challenges and ongoing legal proceedings, the company's diversified business model and commitment to innovation appear to position it for continued resilience. Investors should monitor the impact of REMICADE® biosimilar competition and the company's ability to successfully launch new products to mitigate this risk.
Feb 27, 2017
2016
JOHNSON & JOHNSON Annual Report, Year Ended Jan 3, 2016
Johnson & Johnson's 2016 10-K filing reveals a year of transition, with total sales decreasing by 5.7% to $70.1 billion, primarily due to unfavorable currency impacts (7.5%) and the introduction of competitive products in the Hepatitis C market. The company continues to invest heavily in research and development, allocating $9.0 billion (12.9% of sales) to innovation across its three segments: Consumer, Pharmaceutical, and Medical Devices. The Pharmaceutical segment experienced operational growth, largely driven by strong performance in Immunology and Oncology, though impacted by Hepatitis C product competition. The Medical Devices segment saw a decline in sales, partly due to divestitures of the Cordis and Ortho-Clinical Diagnostics businesses, but showed operational resilience in key areas like Orthopaedics and Surgery. The company also announced a significant restructuring initiative within its Medical Devices segment, aiming for annualized pre-tax cost savings of $800 million to $1.0 billion. Financially, the company generated robust operating cash flow of $19.3 billion. Despite a decrease in earnings before taxes due to factors like currency headwinds and restructuring charges, Johnson & Johnson demonstrated a strong commitment to shareholders by increasing its dividend for the 53rd consecutive year and continuing its share repurchase program. The company's financial position remains strong, with significant cash reserves and a manageable debt-to-capital ratio, positioning it to navigate market challenges and invest in future growth.
Feb 24, 2016
2014
JOHNSON & JOHNSON Annual Report, Year Ended Dec 28, 2014
Johnson & Johnson's fiscal 2014 10-K (filed February 24, 2015) shows a company in a strong growth and profitability phase, driven by the Pharmaceutical segment. Worldwide sales rose 4.2% to $74.3 billion, with volume growth of 6.3% partly offset by a 1.9% currency headwind. Pharmaceutical sales grew 14.9% to $32.3 billion, led by Hepatitis C launches (OLYSIO/SOVRIAD and INCIVO), ZYTIGA, STELARA, XARELTO and INVEGA SUSTENNA. Earnings before taxes rose 32.9% to $20.6 billion, and diluted EPS increased 18.5% to $5.70, helped by a $1.9 billion pre-tax gain on the Ortho-Clinical Diagnostics divestiture and lower litigation expense. Reported net earnings were also lifted by a low 20.6% effective tax rate, which was driven partly by one-time items, so investors should separate those effects from the underlying operating trend. The main risk for investors is patent exposure in the Pharmaceutical franchise. REMICADE, the largest product at roughly 9.2% of revenue, faces European loss of exclusivity in February 2015 and biosimilar competition, with U.S. patents under reexamination and litigation. Management also cites ongoing product liability exposure (DePuy ASR hip, pelvic mesh, RISPERDAL), an open McNeil consent decree, and a loss of about $1.1 billion in Medical Devices sales from divestitures and pricing pressure. Medical Devices sales fell 3.4% to $27.5 billion, and Diagnostics fell 49%. Capital returns remained substantial. The company paid $7.8 billion in dividends (a 52nd consecutive annual increase to $2.76 per share), repurchased $7.1 billion of stock, and operated with $33.1 billion of cash and marketable securities against $18.8 billion of total debt, leaving net cash of about $14.3 billion. Operating cash flow was $18.5 billion, and R&D spending reached $8.5 billion, or 11.4% of sales.
Feb 24, 2015
2013
JOHNSON & JOHNSON Annual Report, Year Ended Dec 29, 2013
Johnson & Johnson's FY2013 10-K (filed February 21, 2014) shows a strong year of top-line growth and profitability, led by the Pharmaceutical segment. Worldwide sales rose 6.1% to $71.3 billion, driven by volume growth of 7.6% partially offset by a 1.6% currency headwind. Pharmaceutical sales grew 10.9% to $28.1 billion, with immunology (REMICADE, STELARA, SIMPONI), oncology (ZYTIGA, VELCADE) and infectious disease (PREZISTA) as the main contributors. Medical Devices and Diagnostics grew 3.9% to $28.5 billion, helped by the full-year contribution of the Synthes acquisition, while Consumer grew 1.7% to $14.7 billion. Net earnings attributable to J&J rose to $13.8 billion, or $4.81 diluted EPS, versus $3.86 in 2012, though the 2012 comparison was depressed by large in-process R&D and asset write-downs. Profitability and cash generation were robust. Gross margin expanded to roughly 68.7%, and the effective tax rate fell to 10.6% from 23.7%, largely due to a Scios-related tax benefit, so the EPS increase is flattered by tax items. Operating cash flow was $17.4 billion, which funded $7.3 billion of dividends, $3.6 billion of capex and $3.5 billion of share repurchases. Cash and marketable securities reached $29.2 billion against total debt of $18.2 billion, leaving net cash of $11.0 billion. The Board raised the dividend for the 51st consecutive year to $0.66 per quarter. Key risks remain material. REMICADE represented about 9.4% of revenue and faces patent expiries in Europe (2015) and the U.S. (2018), with biosimilar threats. The DePuy ASR hip recall led to a roughly $2.5 billion U.S. settlement program, and the company faces large product liability and government investigation exposure, including a $1.6 billion civil settlement and $400 million criminal penalty tied to RISPERDAL. Management also announced a binding offer to sell the Ortho-Clinical Diagnostics business to The Carlyle Group for $4.15 billion.
Feb 21, 2014
2012
JOHNSON & JOHNSON Annual Report, Year Ended Dec 30, 2012
Johnson & Johnson's FY2012 10-K (fiscal year ended December 30, 2012) shows a company that grew sales 3.4% to $67.2 billion, with volume up 5.7% offset by a 2.7% currency headwind. Growth was driven by the Synthes acquisition, which closed June 14, 2012 for roughly $20.2 billion in cash and stock, and by strong Pharmaceutical momentum in immunology (REMICADE, STELARA, SIMPONI), oncology (ZYTIGA, VELCADE) and HIV (PREZISTA). Medical Devices and Diagnostics grew 6.4% to $27.4 billion, with Orthopaedics up 34.3% largely on Synthes. Consumer sales fell 2.9% to $14.4 billion, weighed down by generic-driven declines and the McNeil consent decree, which continues to constrain production at key plants. Reported earnings were distorted by one-time charges. Net earnings attributable to J&J were $10.9 billion, or $3.86 diluted EPS, up from $3.49, but the figures include a $1.16 billion IPR&D charge (largely the bapineuzumab Phase III discontinuation and the Crucell vaccine write-down), roughly $1.2 billion of net litigation expense, and about $1.0 billion of acquisition-related costs. Pre-tax margin rose to 20.5% from 19.0%, and the effective tax rate increased to 23.7%. Cash flow from operations was $15.4 billion, and the balance sheet moved materially: total assets rose to $121.3 billion, intangibles and goodwill increased by roughly $19 billion, and cash fell to $14.9 billion. Total debt declined to $16.2 billion, and shareholder equity reached $64.8 billion. The company also returned $12.9 billion through share repurchases (largely the Synthes-linked ASR) and $6.6 billion in dividends, with the quarterly dividend raised to $0.61 (2.40 per year, 50th consecutive annual increase). Key risks flagged in the filing include the LEVAQUIN loss of exclusivity (U.S. sales down about 94%), CONCERTA generic erosion, ongoing product liability exposure (DePuy ASR hip, pelvic mesh, PINNACLE), a $1.2 billion Arkansas RISPERDAL judgment under appeal, the Louisiana and South Carolina RISPERDAL matters, and a pending $593 million Saffran patent judgment against Cordis. The company also reported that new products launched in the past five years accounted for about 25% of 2012 sales, and that R&D spending was $7.7 billion, or 11.4% of sales.
Feb 22, 2013
2012
JOHNSON & JOHNSON Annual Report, Year Ended Jan 1, 2012
Johnson & Johnson's fiscal 2011 10-K shows worldwide sales up 5.6% to $65.0 billion, driven by 3.1% volume growth and a 2.8% currency tailwind, with international sales rising 12.4% to $36.1 billion while U.S. sales fell 1.8% to $28.9 billion. The growth was led by the Pharmaceutical segment (sales up 8.8% to $24.4 billion, with REMICADE up 19.1% to $5.5 billion) and Medical Devices and Diagnostics (up 4.8% to $25.8 billion), while Consumer grew 2.0% to $14.9 billion. Reported earnings were heavily hit by non-operating charges: net earnings fell 27% to $9.7 billion (diluted EPS $3.49 vs. $4.78), with pre-tax earnings down 27.1%, driven by roughly $1.7 billion in net litigation expense, $1.6 billion in product liability charges, DePuy ASR hip recall costs, a $676 million Cardiovascular restructuring, and a $0.5 billion adjustment tied to the pending Synthes acquisition. The balance sheet and cash generation remain strong. Operating cash flow was $14.3 billion, cash and marketable securities totaled $32.3 billion, and total debt rose to $19.6 billion, leaving net cash of $12.6 billion. The dividend was raised for the 49th consecutive year to $2.25 per share, and the company repurchased $2.5 billion of stock in 2011. Management expects operating cash flow, credit facilities and commercial paper access to fund 2012 needs. Key forward risks include LEVAQUIN's loss of exclusivity (sales down 54.1%), the Fort Washington McNeil facility shutdown, the planned Synthes acquisition (~$21.3 billion, expected to close in the first half of 2012), and a large open litigation docket, including a $593 million Saffran judgment against Cordis that the company has not accrued for. For investors, the story is a top-line growth company whose 2011 earnings were depressed by legal and quality-related costs rather than by operating weakness. Whether those charges prove to be recurring is the central question for the 2012 outlook. The CEO transition to Alex Gorsky, effective April 26, 2012, adds a further leadership variable.
Feb 23, 2012
2011
JOHNSON & JOHNSON Annual Report, Year Ended Jan 2, 2011
Johnson & Johnson's fiscal 2010 10-K (fiscal year ended January 2, 2011) shows a company that held sales essentially flat but expanded profitability and cash generation. Worldwide sales fell 0.5% to $61.6 billion, as a steep decline in Consumer (-7.7%, driven by OTC recalls and the suspended McNeil Fort Washington plant) and Pharmaceutical (-0.6%, hurt by TOPAMAX generic erosion and ESA declines) offset growth in Medical Devices and Diagnostics (+4.4% to $24.6 billion). Net earnings rose 8.7% to $13.3 billion and diluted EPS reached $4.78 (up 8.6%), helped by cost containment from the 2009 restructuring, roughly $966 million of net litigation gains, and the Breast Care divestiture gain, partly offset by product liability charges and the DePuy ASR hip recall costs ($280 million). Balance sheet and cash flow remained strong: operating cash flow was $16.4 billion, cash and marketable securities totaled $27.7 billion, and net cash was $10.9 billion. Shareholder returns continued through $5.8 billion in dividends (a $2.11 per share payout, the 48th consecutive annual increase) and $2.8 billion in buybacks; the $10 billion 2007 repurchase program was completed. Management expects 2011 to bring meaningful pressure from loss of exclusivity on LEVAQUIN (June 2011) and an authorized generic of CONCERTA (May 2011), along with health care reform costs of roughly $550 to $700 million. Investors should weigh the company's diversified portfolio and cash strength against a heavy litigation and recall overhang. The filing discloses numerous material matters, including a $482 million CYPHER stent patent verdict, a $257.7 million Louisiana false claims verdict, the McNeil recalls, DePuy ASR hip claims, and multiple government investigations. The 2011 patent expirations on key franchises and the outcome of these legal matters are the main near-term risks to the earnings trajectory.
Feb 25, 2011
2010
JOHNSON & JOHNSON Annual Report, Year Ended Jan 3, 2010
Johnson & Johnson's fiscal 2009 10-K (filed March 1, 2010) shows a company whose top line contracted while its balance sheet and cash generation stayed strong. Worldwide sales fell 2.9% to $61.9 billion, driven largely by a 2.6-point currency headwind and a 0.2% volume decline. The Pharmaceutical segment was the weak spot, with sales down 8.3% as generic competition hit TOPAMAX (down 57.9%) and oral RISPERDAL (down 57.7%). Medical Devices and Diagnostics grew 1.9% to $23.6 billion, and Consumer slipped 1.6% to $15.8 billion. Net earnings fell to $12.3 billion from $12.9 billion, and diluted EPS declined to $4.40 from $4.57, a 3.7% drop. Profitability was pressured by a $1.2 billion pre-tax restructuring charge recorded in Q4 2009, which the company tied to a program expected to deliver $1.4–$1.7 billion in annual pre-tax savings by 2011 and to eliminate roughly 7,500 positions. Segment operating profit fell in Consumer and Pharmaceutical but rose in Medical Devices and Diagnostics, helped by a $478 million net litigation gain there. Management also flagged that the LEVAQUIN patent expires in December 2010, that CONCERTA generic filings are pending, and that REMICADE, at about 7% of revenue, is now the largest product and faces growing competition. Balance sheet and cash flow remain a clear strength. Operating cash flow was $16.6 billion, cash and marketable securities totaled $19.4 billion, and the company retained a triple-A credit rating. Shareholders' equity rose to $50.6 billion. The dividend was raised for the 47th consecutive year to $1.93 per share, and the company repurchased $2.1 billion of stock in 2009 under a program with $8.9 billion executed to date against a $10 billion authorization. The filing itself is brief on risk factors, which it incorporates by reference to Exhibit 99, and it discloses a large volume of ongoing litigation, including a $1.9 billion judgment against Abbott that J&J has not recognized.
Mar 1, 2010
2008
JOHNSON & JOHNSON Annual Report, Year Ended Dec 28, 2008
Johnson & Johnson's fiscal 2008 Form 10-K (filed February 2009) shows a company that grew sales 4.3% to $63.7 billion and expanded operating margins despite a difficult pharmaceutical franchise. Net earnings rose 22.4% to $12.9 billion and diluted EPS reached $4.57, up from $3.63. Earnings before taxes were $16.9 billion, or 26.5% of sales, versus 21.7% in 2007. The improvement was helped by the absence of 2007 charges (the $807 million IPR&D charge and the $745 million restructuring charge), by a $1.5 billion favorable swing in other income (including a $536 million gain on the sale of Ethicon's Professional Wound Care business and a $379 million net litigation gain), and by cost containment. Growth was uneven across segments. Consumer sales rose 10.8% to $16.0 billion, Medical Devices and Diagnostics rose 6.4% to $23.1 billion, and Pharmaceutical sales fell 1.2% to $24.6 billion as RISPERDAL® lost exclusivity and PROCRIT®/EPREX® declined 14.7%. The balance sheet and cash generation remain strong. Operating cash flow was $15.0 billion, the company paid $5.0 billion in dividends and repurchased $6.7 billion of stock, and it ended the year with $10.8 billion in cash and equivalents. Management reports that cash and current marketable securities exceeded debt by $1.0 billion, and it retained its AAA credit rating. The principal investor concern is patent expiry. TOPAMAX® lost U.S. patent protection in September 2008, and LEVAQUIN® faces expiry in December 2010, with pediatric extension protection through June 2011. Several legal matters remain open, including product liability claims, Risperdal-related state actions, and FCPA-related disclosures. Management says none are expected to have a material adverse effect on financial condition. Note that Item 1A Risk Factors is marked 'Not applicable' in this filing, so the risk discussion is limited to the cautionary statements and the MD&A.
Feb 20, 2009
2007
JOHNSON & JOHNSON Annual Report, Year Ended Dec 30, 2007
Johnson & Johnson's fiscal 2007 10-K (filed February 26, 2008) reports worldwide sales up 14.6% to $61.1 billion, driven largely by the late-2006 acquisition of Pfizer's Consumer Healthcare business (volume +10.1%, price +1.4%, currency +3.1%). Diluted EPS fell 2.7% to $3.63, and pre-tax earnings declined to $13.3 billion from $14.6 billion, as the company absorbed an $807 million in-process R&D charge (Conor Medsystems), $745 million in restructuring charges, and a $678 million write-down of the NATRECOR intangible asset. Net earnings were $10.6 billion, and the effective tax rate fell to 20.4% from 24.2%, partly due to a one-time $267 million benefit. Excluding these items, underlying profitability held up reasonably well, though segment margins were pressured. The Pharmaceutical segment faces the most significant forward-looking risk. RISPERDAL lost U.S. patent protection in December 2007 (pediatric exclusivity runs to June 2008), and TOPAMAX faces U.S. patent expiry in September 2008. Combined with eroding ESA (PROCRIT/EPREX) sales, DURAGESIC generic competition, and a drug-eluting stent market contraction hurting Cordis (sales down 16.2%), management announced restructuring initiatives targeting $1.3–$1.6 billion in annual savings for 2008 and elimination of roughly 4,400 positions. Management is planning for a meaningful sales decline from the RISPERDAL and TOPAMAX patent expirations. Balance sheet and capital allocation remain strong. The company retains its AAA credit rating, operating cash flow reached $15.2 billion, and the board authorized a $10 billion share repurchase program in July 2007 (about 86.5 million shares were repurchased in 2007 for $5.6 billion). The dividend was raised for the 45th consecutive year to $1.620 per share, with $0.415 declared for Q1 2008. Total debt rose to $9.5 billion to fund the Pfizer acquisition and buybacks. Note that the filing reports Item 1A Risk Factors as 'Not applicable,' so the patent and generic risks are disclosed mainly through MD&A and the legal proceedings notes rather than a dedicated risk factor section.
Feb 26, 2008
2006
JOHNSON & JOHNSON Annual Report, Year Ended Dec 31, 2006
Johnson & Johnson's 10-K for fiscal 2006 shows a company that grew sales 5.6% to $53.3 billion and expanded earnings, but closed the year with a transformational, debt-funded acquisition. Net earnings rose 9.9% to $11.05 billion (diluted EPS $3.73 vs. $3.35), helped by a $622 million Guidant termination fee gain, while worldwide R&D reached $7.1 billion (13.4% of sales). Operating cash flow was a strong $14.2 billion, and the company returned capital through $4.3 billion in dividends (44th consecutive annual increase, $1.455/share) and completion of a $5 billion buyback. The most significant development is the December 20, 2006 purchase of Pfizer's Consumer Healthcare business for $16.6 billion in cash. This drove total acquisition spending to $18.0 billion, cut year-end cash to $4.1 billion from $16.1 billion, and pushed total borrowings to $6.6 billion. Management reports net debt of $2.5 billion versus net cash of $13.5 billion a year earlier. Because the deal closed so late, its results are excluded from 2006 operations and internal control assessment, and the acquired business represents 26% of total assets. Investors will need to judge whether the Consumer Healthcare brands (LISTERINE, NICORETTE, SUDAFED) can support the growth and margin profile the purchase price implies. The outlook carries clear risks. Several major products face patent expiry or generic pressure: DURAGESIC sales fell 18.3%, RISPERDAL's U.S. compound patent expires in December 2007 (with a pediatric extension pending), and TOPAMAX faces litigation and expiry in 2008. Consumer segment operating margin fell to 14.1% from 17.5% because of IPR&D charges and integration costs. The filing also discloses a February 2007 voluntary disclosure to the DOJ and SEC about possible Foreign Corrupt Practices Act violations, along with extensive product liability, antitrust, and patent litigation.
Feb 21, 2007
2006
JOHNSON & JOHNSON Annual Report, Year Ended Jan 1, 2006
Johnson & Johnson's fiscal 2005 10-K (fiscal year ended January 1, 2006) shows a company growing sales 6.7% to $50.5 billion, with net earnings up 22% to $10.4 billion and diluted EPS of $3.46 (up 21.8%). Growth was driven mainly by Medical Devices and Diagnostics (sales up 13.1% to $19.1 billion, led by the CYPHER drug-eluting stent in Cordis), while the Pharmaceutical segment grew only 0.9% to $22.3 billion amid generic erosion of DURAGESIC and competition for PROCRIT/EPREX. Operating profit in Pharmaceuticals fell 13.1% as R&D spending rose sharply, while the 23.8% effective tax rate, lowered by a $225 million AJCA-related benefit, flattered earnings relative to 2004's 33.7%. Cash generation and balance sheet strength were key positives. Operating cash flow reached $11.9 billion, cash and current marketable securities totaled $16.1 billion against only $2.7 billion of borrowings, and the company retained its AAA rating. R&D expense rose 21.3% to $6.3 billion (12.5% of sales). Management also announced a new $5 billion share repurchase program on March 8, 2006, and reiterated a regular dividend of $0.33 per quarter, with 43 consecutive years of dividend increases. Investors should note several risks flagged in the filing: the RISPERDAL U.S. patent expires in December 2007, with 30-month ANDA stays expiring in 2006 for ORTHO TRI-CYCLEN LO, RISPERDAL and TOPAMAX; NATRECOR sales declined on negative media coverage; and the company faces extensive product liability (PROPULSID), patent (Boston Scientific stent litigation), and government investigation matters. Note that the filing states Item 1A Risk Factors as 'Not applicable,' so these risks are disclosed only in the business and legal sections.
Mar 14, 2006
2005
JOHNSON & JOHNSON Annual Report, Year Ended Jan 2, 2005
Johnson & Johnson's fiscal 2004 10-K (fiscal year ended January 2, 2005) shows a company in strong operating form. Worldwide sales rose 13.1% to $47.3 billion, driven by 8.7% volume growth and 3.4% favorable currency, with U.S. sales up 9.9% and international sales up 18.0%. Pre-tax earnings grew 24.5% to $12.8 billion, and net earnings reached $8.5 billion, or $2.84 diluted EPS, up 18.3% from $2.40. Pre-tax margin expanded to 27.1%, aided by lower IPR&D charges (only $18 million versus $918 million in 2003) and gross margin improvement, though the effective tax rate rose to 33.7% due to an $789 million one-time charge for repatriating $10.8 billion of foreign earnings under the American Jobs Creation Act. Growth was broad across segments. Pharmaceuticals ($22.1 billion, up 13.4%) led on operating profit, which rose 29% to $7.6 billion, with RISPERDAL, REMICADE, DURAGESIC, and TOPAMAX all growing strongly. Medical Devices and Diagnostics ($16.9 billion, up 13.2%) was driven by Cordis (CYPHER stent) and DePuy, and Consumer ($8.3 billion, up 12.1%) benefited from SPLENDA and skin care. Investors should note the concentration risk: PROCRIT/EPREX sales fell 9.9%, and DURAGESIC faces U.S. generic entry in 2005, with the company expecting its sales to decline. The pending $25.4 billion acquisition of Guidant, announced December 15, 2004, is a major forward-looking item, with closing expected in Q3 2005 subject to regulatory and shareholder approvals. Balance sheet strength is a standout feature. Shareholders' equity rose to $31.8 billion, total debt fell to $2.8 billion (8.2% of total capital), cash and marketable securities reached $12.9 billion, and operating cash flow was $11.1 billion. The company retains a Triple-A credit rating and raised its dividend for the 42nd consecutive year to $1.095 per share. Material litigation exposure remains, including PROPULSID product liability cases, VICRYL suit claims, Average Wholesale Price (AWP) litigation, and patent disputes around stents and generic drugs, though management does not expect these to have a material adverse effect on financial position.
Mar 15, 2005
2003
JOHNSON & JOHNSON Annual Report, Year Ended Dec 28, 2003
Johnson & Johnson's fiscal 2003 10-K shows a company that grew sales 15.3% to $41.9 billion, driven by 9.4% volume growth and a 4.6% currency tailwind. Net earnings rose 9.1% to $7.2 billion, and diluted EPS reached $2.40, up 11.1%. Growth was broad: the Pharmaceutical segment reached $19.5 billion, Medical Devices and Diagnostics $14.9 billion (led by the CYPHER drug-eluting stent and DePuy orthopaedics), and Consumer $7.4 billion. Reported earnings were held back by $918 million of acquired in-process R&D charges, mainly from the Scios acquisition, though a $230 million stent-patent arbitration gain partly offset them. Operating cash flow rose to $10.6 billion, and the company held $9.5 billion in cash and current marketable securities against $4.1 billion of borrowings. The key risk for investors is revenue concentration in drugs facing patent expiry or competition. PROCRIT/EPREX sales fell 6.7% on competition and a label change, and the filing flags that EPREX, DURAGESIC and certain contraceptives will face generic competition within about two years, with Mylan planning a DURAGESIC generic launch as early as July 2004. Litigation exposure is also significant, including PROPULSID product liability claims, the VICRYL suture claims, and multiple FCPA and Medicaid/AWP investigations. Management describes the company as one of the few industrial companies with a Triple A credit rating and says it expects to keep paying regular dividends, which rose to $0.925 per share in 2003. Looking ahead, the February 2004 Guidant alliance on the CYPHER stent and the pending competing drug-eluting stent approval are the main near-term swing factors for the Medical Devices segment. The Medicare Prescription Drug Act and pricing pressure from managed care add policy uncertainty for the Pharmaceutical and Consumer businesses. The filing itself does not provide 2004 guidance.
Mar 11, 2004
2002-A
JOHNSON & JOHNSON Annual Report (Amendment), Year Ended Dec 29, 2002
This 10-K/A amendment from Johnson & Johnson (fiscal year ended December 29, 2002) is not a full annual report. Its operative content is limited to the Form 11-K financial statements for four employee savings and retirement plans, which the company files as exhibits. The filing states that Parts I and II are incorporated by reference from the 2002 annual report to shareowners, so the primary business, revenue, earnings, and segment results are not contained in this document. The filing does disclose that roughly 2.97 billion common shares were outstanding as of February 25, 2003, and that the aggregate market value of non-affiliate voting stock was approximately $156 billion as of June 28, 2002. The largest plan, the Johnson & Johnson Savings Plan, held net assets of about $4.19 billion at December 31, 2002, down from $4.37 billion a year earlier, a decline of roughly $185 million. The decrease was driven primarily by net investment depreciation of about $506 million, largely reflecting weak equity markets. Of the plan's assets, the J&J Stock Fund held about $1.57 billion and the ESOP trust fund about $498 million, so company stock remained a major component of employee retirement savings. The Retirement Savings Plan (Puerto Rico) held about $100 million, and the Union Represented Employees plan about $35 million. The ALZA Tax Deferral Investment Plan held about $134 million, reflecting the 2001 merger with ALZA. For investors, the central takeaway is that this filing offers little on the company's operating performance. It mainly documents employee benefit plan balances and shows that the 2002 equity market downturn reduced retirement asset values, with company-stock exposure a notable feature. Investors seeking financial results, guidance, or risk factors should consult the 2002 annual report to shareowners and the original 10-K.
Jun 26, 2003
2002
JOHNSON & JOHNSON Annual Report, Year Ended Dec 29, 2002
Johnson & Johnson closed fiscal 2002 with record sales of $36.3 billion, up 12.3% from $32.3 billion in 2001, extending its streak to 70 consecutive years of positive sales growth. Net earnings rose 16.4% to $6.6 billion, and diluted EPS reached $2.16, up 17.4%. Excluding in-process R&D charges (2002) and merger and IPR&D costs (2001), diluted EPS was $2.23, up 16.8%. Growth was led by the Pharmaceutical segment (sales up 15.5% to $17.2 billion, driven by PROCRIT/EPREX, REMICADE, RISPERDAL, DURAGESIC and TOPAMAX) and Medical Devices & Diagnostics (up 12.9% to $12.6 billion). The Consumer segment grew more modestly, 3.9% to $6.6 billion. Operating cash flow was $8.2 billion, slightly below 2001 mainly because of a roughly $750 million funding of the U.S. pension plan. Balance sheet and capital allocation were central to the year. J&J completed a $5 billion share repurchase program in August 2002, retiring 83.6 million shares, and raised its dividend 13.6% to $0.795 per share, its 40th consecutive annual increase. Total borrowings rose to $4.1 billion, leaving net cash of $3.3 billion, down from $5.2 billion. Shareholders' equity fell to $22.7 billion from $24.2 billion, and the company said it still held a Triple A credit rating. Risks flagged in the filing include the PROPULSID product-liability litigation, the Amgen PROCRIT arbitration (a $150 million award plus $85 million in fees), the Cordis stent patent appeals, competition for PROCRIT, and a pending $2.4 billion acquisition of Scios (NATRECOR), which is expected to bring an approximately $700 million IPR&D charge in 2003.
Mar 18, 2003
2001-A
JOHNSON & JOHNSON Annual Report (Amendment), Year Ended Dec 30, 2001
This filing is an amendment (Form 10-K/A) to Johnson & Johnson's annual report for the fiscal year ended December 30, 2001, filed in June 2002. Its primary purpose is to add the Form 11-K annual reports for the company's employee savings and retirement plans (the Johnson & Johnson Savings Plan, Retirement Savings Plan, Savings Plan for Union Represented Employees, Centocor Qualified Savings and Retirement Plan, and ALZA Corporation Tax Deferral Investment Plan). The filing does not contain the company's core financial statements, which were incorporated by reference from the 2001 annual report to shareowners, so it offers limited insight into J&J's operating results, revenue, or earnings. It reports that about 3.05 billion common shares were outstanding as of February 26, 2002, with a non-affiliate market value of roughly $181 billion. The most material content for investors is the retirement plan data, which shows how heavily employee savings are concentrated in J&J stock. The largest plan, the Johnson & Johnson Savings Plan, held net assets of about $4.37 billion at year-end 2001, up from $4.00 billion, and its J&J Stock Fund alone was about $1.66 billion. The Savings Plan also carried a $100 million ESOP loan from J&J, with about $31.6 million outstanding. The ALZA plan held about $57 million of J&J common stock following the June 2001 merger, in which ALZA holders received 0.98 J&J shares per ALZA share. The filing also notes the October 2001 merger of the Centocor plan into the J&J Savings Plan and the two-for-one stock split effective June 12, 2001. For investors, the key takeaway is that this amendment is largely administrative. The plan disclosures are useful for understanding employee holdings of J&J stock and plan consolidation activity, but investors seeking performance or valuation data would need to consult the original 10-K and the 2001 annual report to shareowners.
Jun 27, 2002
2001
JOHNSON & JOHNSON Annual Report, Year Ended Dec 30, 2001
Johnson & Johnson's fiscal 2001 10-K reports record results, led by the Pharmaceutical and Medical Devices & Diagnostics segments. Worldwide sales rose 10.6% to $33.0 billion (13.2% excluding currency effects), marking the 69th consecutive year of sales growth. Net earnings grew 14.4% to $5.7 billion, or $1.84 diluted EPS. Excluding special charges tied to the ALZA merger and in-process R&D from the Inverness and TERAMed acquisitions, EPS was $1.91, up 17.2%. Operating cash flow reached a record $8.9 billion, and the company held $8.0 billion in cash and current marketable securities against $2.8 billion of total borrowings, leaving a net cash position of $5.2 billion. Growth was concentrated in Pharmaceuticals, whose sales rose 17.3% to $14.9 billion on strong performance from PROCRIT/EPREX, RISPERDAL, DURAGESIC, CONCERTA, REMICADE, and ULTRAM. Medical Devices & Diagnostics grew 8.9% to $11.2 billion, while Consumer was nearly flat at $7.0 billion. Investors should note several risks disclosed in the filing: PROCRIT/EPREX is 10.4% of revenue and subject to an Amgen arbitration over U.S. license rights, with a decision expected around April 2002; roughly 950 PROPULSID lawsuits are pending, including a $100 million jury verdict in Mississippi; and a $5 billion share repurchase program was authorized in February 2002. The company also highlighted upcoming accounting changes (EITF 00-14 and 00-25) that will reduce reported sales by about $678 million annually, though the impact is on presentation rather than earnings.
Mar 20, 2002
1999-A
JOHNSON & JOHNSON Annual Report (Amendment), Year Ended Jan 3, 1999
This Form 10-K/A for fiscal year ended January 3, 1999 is mainly a vehicle for three employee savings plan annual reports (Form 11-K) filed as exhibits. The core 10-K items are incorporated by reference to the 1998 Annual Report to Shareowners, so this document contains no consolidated revenue, earnings, or balance sheet for Johnson & Johnson. Investors seeking operating results should consult the annual report itself. The exhibits show a strong 1998 for the company's retirement plans. The main Johnson & Johnson Savings Plan grew net assets available for benefits about 26%, from $2.53 billion to $3.19 billion, driven by a $659 million net increase that included $352 million of unrealized appreciation and $131 million of realized gains. The J&J Stock Fund alone reached $1.13 billion, up from $863 million, and the plan's total J&J common stock holdings were valued at roughly $1.6 billion at year-end. The plan remains heavily concentrated in company stock, which ties participant retirement wealth closely to the share price. The filing also discloses a $100 million ESOP loan from the company, originally made in 1991 at 9% interest, with $53.5 million outstanding at year-end and final payment due in 2005. The company's cash contributions service this debt. The filing reports a non-exempt transaction in which the plan administrator, Johnson & Johnson, sold no shares but the plan bought $58.8 million of company stock in the savings plan. The Form 10-K/A cover page reports about $117.2 billion in non-affiliate market value and 1,345,589,883 common shares outstanding as of February 23, 1999.
Jun 29, 1999
1999
JOHNSON & JOHNSON Annual Report, Year Ended Jan 3, 1999
Johnson & Johnson's 10-K for the fiscal year ended January 3, 1999 shows record sales of $23.66 billion, up 4.5% (7.0% excluding currency), marking the 66th consecutive year of sales growth. Reported net earnings fell 7.4% to $3.06 billion, or $2.23 diluted EPS, due to $610 million of special charges tied to the fourth-quarter DePuy acquisition ($164 million in-process R&D) and a worldwide manufacturing reconfiguration ($613 million restructuring plan, with $60 million in cost of sales). Excluding these charges, net earnings rose 11.1% to $3.67 billion, diluted EPS was $2.67 (up 10.8%), and the net margin hit a record 15.5%. Growth was led by the Pharmaceutical segment, whose sales rose 11.3% to $8.56 billion on strong performances from RISPERDAL, PROCRIT, DURAGESIC and LEVAQUIN, with segment operating margin reaching 35.2% (36.0% excluding charges). Consumer sales were nearly flat at $6.53 billion, and Professional sales grew only 1.6% to $8.57 billion, with domestic Professional sales declining 2.4% and the Cordis coronary stent business weakening. Research spending reached a record $2.27 billion, or 9.6% of sales. The balance sheet and capital allocation shifted meaningfully. Total assets rose to $26.2 billion from $21.5 billion, largely from intangibles (up to $7.2 billion), and total borrowings climbed to $4.02 billion from $1.84 billion, moving the company from net cash of $1.06 billion to net debt representing 9.6% of net capital. Operating cash flow was $4.89 billion, funding $1.5 billion in capital expenditures, $1.3 billion in dividends (up 14.1%, the 36th consecutive annual increase) and $0.9 billion in share repurchases. Key risks flagged include product liability litigation, the Amgen EPO arbitration (which could materially affect Ortho Biotech's U.S. license), antitrust suits involving pharmacies and contact lenses, and Year 2000 readiness, with remediation costs estimated at about $200 million.
Apr 1, 1999
1995-A2
JOHNSON & JOHNSON Annual Report (Amendment), Year Ended Jan 1, 1995
This filing is a Form 10-K/A amendment for Johnson & Johnson's fiscal year ended December 31, 1995, and it does not contain the company's core financial statements. Those are incorporated by reference from the 1995 annual report to stockholders (Exhibit 13), which was previously filed. Instead, this amendment supplies only the Form 11-K financial statements for three employee savings plans: the J&J Savings Plan, the J&J Retirement Savings Plan (Puerto Rico), and the Savings Plan for Union Represented Employees. Investors should therefore treat this document as a supplemental employee-benefit disclosure rather than a source of operating results, earnings, or balance sheet data for the parent company. The most material figure in the filing is the J&J Savings Plan, which held net plan equity of about $1.59 billion at year-end 1995, up from $1.17 billion in 1994. Roughly $440 million of its participant-directed assets sat in the J&J Stock Fund, and the ESOP Trust held another $261 million in company stock. The plan's J&J stock holdings, roughly 8.1 million shares combined, represent a meaningful source of employee ownership and a modest, supportive demand base for the shares. The company's aggregate market value of non-affiliate common equity was approximately $58.9 billion as of February 29, 1996, with 666.3 million shares outstanding. The filing also notes that the ESOP's $100 million loan from J&J, at 9% interest, is repaid through 2005 using employer contributions and dividends, and that the plans' accountants (Coopers & Lybrand) issued unqualified opinions. Nothing here signals a governance concern, restatement, or material risk to the parent. Investors seeking J&J's 1995 revenue, profit, segment performance, or outlook should consult the stockholder annual report rather than this amendment.
Jun 28, 1996
1995-A
JOHNSON & JOHNSON Annual Report (Amendment), Year Ended Jan 1, 1995
This filing is a Form 10-K/A for Johnson & Johnson's fiscal year ended January 1, 1995, but it contains only the Form 11-K financial statements for three employee savings plans. It omits the operating results, balance sheet, and MD&A, which the company incorporates by reference from its 1994 annual report to stockholders. Investors should therefore treat it as a narrow disclosure on employee retirement assets, not as a picture of J&J's business performance. The largest plan, the Johnson & Johnson Savings Plan, ended 1994 with total plan equity of $1,173.8 million, up about 17.8% from $996.5 million at year-end 1993. Its net assets total $1,264.1 million, and it covered 28,409 active and former employees. The plan is heavily weighted toward J&J stock: the J&J Stock Fund ($250.9 million) and the Employee Stock Ownership Plan trust ($171.2 million) together hold roughly 7.6 million J&J common shares. The plan's 1994 growth was driven largely by $59.8 million of unrealized appreciation and $12.5 million of realized gains, partly offset by $51.7 million of benefit payments. Two smaller plans are also covered. The Puerto Rico Retirement Savings Plan held $20.9 million of assets for 3,112 participants, and the Savings Plan for Union Represented Employees held $3.2 million for 1,153 participants. The Savings Plan also carries an $82.4 million outstanding ESOP loan from J&J at 9% interest, payable through 2005. The filing's only information on the parent company itself is the cover data: 643,101,424 common shares outstanding and about $36.0 billion in non-affiliate market value as of February 28, 1995.
Jun 28, 1995
1994-A
JOHNSON & JOHNSON Annual Report (Amendment), Year Ended Jan 2, 1994
Johnson & Johnson (JNJ) filed this Form 10-K/A (amended annual report) with the SEC on June 30, 1994, covering the period ended January 2, 1994. The copy of this filing on the SEC's EDGAR system contains only the submission header, with no document text, so there is nothing to summarize. The record confirms that the filing was made and when. For Johnson & Johnson's results and disclosures from this period, see its other filings from around June 1994.
Jun 30, 1994
1994
JOHNSON & JOHNSON Annual Report, Year Ended Jan 2, 1994
Johnson & Johnson's 10-K for fiscal 1993 (year ended January 2, 1994) reports record worldwide sales of $14.14 billion, up 2.8% reported but 7.0% excluding currency effects, with net earnings of $1.79 billion, or $2.74 per share, up sharply from $1.56 in 1992. That 1992 figure was depressed by a one-time $595 million after-tax accounting charge. Excluding the charge, net earnings rose 10.0% and EPS rose 11.4%. The Pharmaceutical segment is the profit engine, generating $1.41 billion of operating profit, or about 54% of segment profit, on $4.49 billion of sales. Consumer and Professional segments each generated roughly $4.8 billion in sales, with Professional posting the stronger 4.1% growth. The company's balance sheet is solid but moderately leveraged. Total assets were $12.24 billion, stockholders' equity was $5.57 billion, and total borrowings were about $2.4 billion. Operating cash flow was $2.17 billion against $975 million of capital expenditures. Management continued to return cash to shareholders, paying $1.01 per share in dividends (up 13.5%) and repurchasing about $632 million of stock. The effective tax rate fell to 23.4% from 26.4%, though management warned that changes to Puerto Rico tax benefits will add 2 to 3 percentage points to the rate over time. The filing also flags several risks. European sales declined 5.2% in dollar terms, reflecting the strong dollar and pricing pressure in Germany and Italy. Management cited ongoing cost containment, the U.S. shift toward managed care, and possible federal health reform as headwinds. The company also disclosed that it is substantially uninsured for product liability claims for injuries occurring after January 1, 1986, which is a meaningful contingent exposure given its drug and device portfolio.
Apr 1, 1994