Summary
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.
Financial Highlights
29 data points| Revenue | $82.58B |
| Cost of Revenue | $28.43B |
| Gross Profit | $54.16B |
| SG&A Expenses | $22.08B |
| Interest Expense | $201.00M |
| Net Income | $14.71B |
| EPS (Basic) | $5.59 |
| EPS (Diluted) | $5.51 |
| Shares Outstanding (Basic) | 2.63B |
| Shares Outstanding (Diluted) | 2.67B |
Key Highlights
- 1Total sales reached $82.6 billion, a 0.6% increase, primarily driven by the Pharmaceutical segment.
- 2The Pharmaceutical segment demonstrated strong growth, with sales up 8.0% to $45.6 billion, led by key immunology and oncology products.
- 3The Medical Devices segment saw a significant sales decrease of 11.6% to $23.0 billion, primarily due to the impact of COVID-19 on elective procedures.
- 4Consumer Health segment sales grew by 1.1% to $14.1 billion, supported by OTC products and eCommerce, but faced headwinds in other categories.
- 5Research and Development expenses were $12.2 billion, reflecting continued investment in innovation across all segments.
- 6Significant litigation expenses, particularly for talc and opioid settlements, had a material impact on reported earnings.
- 7The company maintained a strong financial position, with $14.0 billion in cash and cash equivalents and continued dividend growth.