8-KOther Events

JOHNSON & JOHNSON 8-K Report (Jul 18, 2003)

Filed July 18, 2003For Securities:JNJ

Summary

Johnson & Johnson (JNJ) filed an 8-K on July 18, 2003, to report its consolidated financial results for the second quarter ended June 29, 2003. The report includes a press release announcing sales and earnings for the period, with specific attention to non-GAAP disclosures designed to offer investors a clearer view of underlying business performance. The company provided supplemental information, including sales growth excluding currency impacts and earnings before taxes, net earnings, and earnings per share (diluted) adjusted to exclude in-process research and development (IPR&D) charges. J&J believes these adjustments are meaningful for evaluating ongoing operations, particularly given that currency fluctuations can obscure business trends and IPR&D charges are associated with business combinations.

Key Highlights

  • 1Announcement of Second Quarter 2003 Sales and Earnings.
  • 2Use of non-GAAP disclosures to provide a clearer view of underlying business performance.
  • 3Presentation of sales growth excluding currency fluctuations, considered a meaningful measure of comparative performance.
  • 4Disclosure of earnings before taxes, net earnings, and EPS excluding in-process R&D (IPR&D) charges.
  • 5Rationale provided for excluding IPR&D charges: to aid in evaluating ongoing business operations as they relate to business combinations.
  • 6Revision to a press release to clarify FDA approval for LEVAQUIN's use in chronic bacterial prostatitis.
  • 7Inclusion of currency percentages in all references to sales growth rates within the press release text.

Frequently Asked Questions

This 8-K filing serves to officially report Johnson & Johnson's consolidated financial results for the second quarter ended June 29, 2003, along with a press release detailing these results.

Johnson & Johnson is providing non-GAAP financial information, such as sales growth excluding currency and earnings excluding IPR&D charges, to offer investors a more meaningful view of the company's underlying business performance. They believe these adjusted figures help to isolate operational trends by removing the impact of currency fluctuations and business combination-related charges.

The company is presenting sales growth rates that exclude the impact of currency fluctuations. Additionally, they are providing earnings before taxes, net earnings, and diluted earnings per share figures that exclude charges related to in-process research and development (IPR&D), which are often associated with business combination transactions.

Yes, the filing mentions a revision to the press release to accurately reflect that the U.S. Food and Drug Administration (FDA) approval for LEVAQUIN was for the treatment of chronic bacterial prostatitis, not chronic acute bacterial prostatitis.