Johnson & Johnson has a Chinese strategy: long-term thinking. Despite an economic slowdown and regulatory crackdowns--and the example of other multinationals that have scaled back there--CEO Alex Gorsky figures it's worth it to ride out the storm.
Johnson & Johnson CEO Alex Gorsky got a multimillion-dollar pat on the back for 2014. J&J's board upped his pay package to almost $25 million, with more cash, more options, and a much bigger chunk of J&J stock.
Johnson & Johnson CEO Alex Gorsky likes to hint at trouble developing its Chinese sales, but don't expect him to come right out and criticize the prickly Chinese government. In an brief interview with The Wall Street Journal, Gorsky said J&J was looking for new acquisitions in China, with new drugs for lung cancer as one of its topic targets.
Second quarter sales for Johnson & Johnson's ($JNJ) medical devices and diagnostics division mirrored those reported in the first quarter, coming in relatively flat at $7.2 billion as sales in its vision and diabetes lines continued to decline due to price competition.
Long dominated by global behemoths like Johnson & Johnson and Pfizer, this executive-pay ranking now includes almost as many biotechs as pharma companies.
While Johnson & Johnson touts another strong quarter of device and diagnostics sales, subtracting the effects of its blockbuster deal for Synthes, the company charted almost no med tech improvement over the past year.
J&J expects its McNeil Consumer Healthcare division to be set free of a two-year-old FDA consent decree by year's end. That order has kept its main OTC plant in Fort Washington, PA, closed and placed strict oversight on two others.
Johnson & Johnson says that by year's end it can start ticking off the punch list with the FDA at its Fort Washington, PA, manufacturing site, setting the stage for shedding a federal consent decree.
Another Big Pharma CEO is having a pep talk with employees about manufacturing lapses and the need to reflect on quality.
In its first-quarter earnings confab, J&J made good on CEO Alex Gorsky's pledge to get the company's troubled OTC manufacturing plants in shape and return the consumer health business to a growing top line.