8-KOther Events

JOHNSON & JOHNSON 8-K Report (Jul 15, 2004)

Filed July 15, 2004For Securities:JNJ

Summary

Johnson & Johnson (JNJ) filed an 8-K on July 14, 2004, reporting its consolidated financial results for the second quarter ended June 27, 2004, announced on July 13, 2004. The filing's primary purpose is to furnish the earnings press release and supplementary sales data. A key aspect highlighted by the company is its use of non-GAAP financial measures, specifically earnings before provision for taxes on income, net earnings, and earnings per share (diluted) that exclude charges related to in-process research and development (IPR&D). Johnson & Johnson believes that excluding these IPR&D charges, which are associated with business combinations, provides investors with a clearer view of the company's ongoing business operations and underlying performance. Investors should pay close attention to these adjusted figures when evaluating the company's profitability and operational health for the second quarter of 2004.

Key Highlights

  • 1Johnson & Johnson reported its second quarter 2004 financial results on July 13, 2004.
  • 2The 8-K filing includes the earnings press release and supplementary sales data for the quarter ended June 27, 2004.
  • 3The company is providing non-GAAP financial measures to offer a clearer view of its ongoing business operations.
  • 4Specifically, JNJ is presenting results excluding charges for in-process research and development (IPR&D).
  • 5IPR&D charges are noted as being related to business combination transactions.
  • 6The company believes excluding these charges is helpful for investors evaluating ongoing business performance.
  • 7The filing is furnished as Exhibits 99.15 and 99.20.

Frequently Asked Questions

The 8-K filing primarily serves to report that Johnson & Johnson announced its consolidated financial results for the second quarter ended June 27, 2004, on July 13, 2004. The detailed financial figures are contained within the furnished press release (Exhibit 99.15) and supplementary data (Exhibit 99.20).

In-process research and development (IPR&D) charges are costs associated with research and development projects acquired through business combinations that have not yet reached completion. Johnson & Johnson is excluding these charges to provide investors with a measure of earnings that reflects the performance of its ongoing business operations, free from the impact of charges related to acquisitions.

Johnson & Johnson is providing non-GAAP financial measures, specifically by excluding IPR&D charges, to offer investors additional insight into the company's underlying business performance. They believe that by presenting financial information that excludes these acquisition-related charges, investors can better evaluate the operational health and ongoing profitability of the company.

The full financial details are available in the exhibits furnished with this 8-K filing. Specifically, Exhibit 99.15 is the Press Release dated July 13, 2004, for the period ended June 27, 2004, and Exhibit 99.20 contains Unaudited Comparative Supplementary Sales Data and Condensed Consolidated Statement of Earnings for the second quarter.