Johnson & Johnson Reports 2014 First-Quarter Results

Johnson & Johnson Reports 2014 First-Quarter Results
 
Sales of $18.1 Billion increased 3.5% Versus 2013 First Quarter;
First-Quarter EPS was $1.64
Excluding Special Items, 2014 First-Quarter EPS of $1.54 increased 6.9%*

NEW BRUNSWICK, N.J.April 15, 2014 /PRNewswire/ -- Johnson & Johnson (NYSE: JNJ) today announced sales of $18.1 billion for the first quarter of 2014, an increase of 3.5% as compared to the first quarter of 2013. Operational results increased 5.3% and the negative impact of currency was 1.8%.  Domestic sales increased 2.2%.  International sales increased 4.5%, reflecting operational growth of 7.9% and a negative currency impact of 3.4%.

Net earnings and diluted earnings per share for the first quarter of 2014 were $4.7 billion and $1.64, respectively. The first-quarter results included a net gain of after-tax special items of approximately$0.3 billion, related to a tax benefit associated with Conor Medsystems partially offset by integration and transaction costs related to the acquisition of Synthes, Inc. and an in-process research and development charge. First quarter 2013 net earnings included a net charge of after-tax special items of approximately $0.6 billion as shown in the accompanying reconciliation of non-GAAP financial measures. Excluding these special items, net earnings for the current quarter were $4.4 billion and diluted earnings per share were $1.54, representing increases of 7.8% and 6.9%, respectively, as compared to the same period in 2013.*  

"Johnson & Johnson delivered strong first-quarter results driven by successful new product launches and the continued growth of key products," said Alex Gorsky, Chairman and Chief Executive Officer. "Our talented colleagues around the world continue to bring meaningful innovations to patients and customers, addressing significant unmet needs. We also advanced our near-term priorities and long-term growth drivers, positioning us well to deliver sustainable results."

The Company increased its earnings guidance for full-year 2014 to $5.80 - $5.90 per share. The Company's guidance excludes the impact of special items.

Worldwide Consumer sales of $3.6 billion for the first quarter represented a decrease of 3.2% versus the prior year consisting of an operational decrease of 0.6% and a negative impact from currency of 2.6%.   

Domestic sales decreased 2.9% reflecting the divestiture of the sanitary protection business that was completed in October 2013. International sales decreased 3.4%, which reflected an operational increase of 0.7% and a negative currency impact of 4.1%.

Positive contributors to operational results were sales of AVEENO® and DABAO® skin care products; international sales of LISTERINE® oral care products; and U.S. sales of ZYRTEC®, an over-the-counter allergy treatment.

Worldwide Pharmaceutical sales of $7.5 billion for the first quarter represented an increase of 10.8% versus the prior year with operational growth of 12.2% and a negative impact from currency of 1.4%.  Domestic sales increased 7.7%. International sales increased 14.0% which reflected an operational increase of 16.9% and a negative currency impact of 2.9%. 

Primary contributors to operational sales growth were STELARA® (ustekinumab), a biologic approved for the treatment of moderate to severe plaque psoriasis and psoriatic arthritis; INVEGA® SUSTENNA®/XEPLION® (paliperidone palmitate), a once-monthly, long-acting, injectable atypical antipsychotic for the treatment of schizophrenia in adults; PREZISTA® (darunavir), a treatment for HIV; VELCADE® (bortezomib), a treatment for multiple myeloma; and sales of new products.

The strong sales results of new products include OLYSIOTM/SOVRIADTM (simeprevir), for combination treatment of chronic hepatitis C in adult patients; ZYTIGA® (abiraterone acetate), an oral, once-daily medication for use in combination with prednisone for the treatment of metastatic, castration-resistant prostate cancer; XARELTO® (rivaroxaban), an oral anticoagulant; and INVOKANA®(canagliflozin) for the treatment of adults with type 2 diabetes.

Sales results were negatively impacted by loss of exclusivity for ACIPHEX® (rabeprazole), a proton pump inhibitor for gastrointestinal disorders and CONCERTA® (methylphenidate HCI) for the treatment of attention deficit hyperactivity disorder.

During the quarter, the U.S. Food and Drug Administration (FDA) granted approval of IMBRUVICA™ (ibrutinib) capsules for the treatment of patients with chronic lymphocytic leukemia who have received at least one prior therapy. In addition, the European Commission granted conditional approval for SIRTURO® (bedaquiline) in the European Union, for use as part of an appropriate combination regimen for pulmonary multi-drug resistant tuberculosis in adult patients.

Also during the quarter, the Committee for Medicinal Products for Human Use adopted several positive opinions recommending Marketing Authorization in the European Union for the use of simeprevir in combination with other medicinal products for the treatment of chronic hepatitis C in adult patients; siltuximab for the treatment of adult patients with multicentric Castleman's disease who are HIV-negative and human herpes virus-8 negative; and VOKANAMET™, a fixed-dose therapy combining canagliflozin and immediate release metformin in a single tablet, intended for the treatment of adults with type 2 diabetes.

In addition, a New Drug Application was submitted to the FDA seeking approval for a once-daily fixed-dose antiretroviral combination tablet containing darunavir, a protease inhibitor developed by Janssen R&D Ireland and marketed as PREZISTA® in the U.S., with cobicistat, an investigational pharmacokinetic enhancer or boosting agent, developed by Gilead Sciences, Inc. for use in combination with other human immunodeficiency virus medicines.

Worldwide Medical Devices and Diagnostics sales of $7.1 billion were flat compared to the prior year consisting of an operational increase of 1.8% offset by a negative currency impact of 1.8%.  Domestic sales decreased 1.6%. International sales increased 1.3%, which reflected an operational increase of 4.6% and a negative currency impact of 3.3%.

Primary contributors to operational growth were sales of products in the Orthopaedics business; the Specialty Surgery business; and Biosense Webster's electrophysiology products in the Cardiovascular Care business.

Sales results in the U.S. Diabetes Care business were negatively impacted by price declines associated with the implementation of Medicare competitive bidding in mail order and retail effective July 1, 2013.

During the quarter, the FDA approved the THERMOCOOL® SMARTTOUCH® Catheter for treatment of patients suffering from drug-resistant paroxysmal atrial fibrillation.

Also during the quarter, a binding offer was accepted from The Carlyle Group to acquire the Ortho-Clinical Diagnostics business for approximately $4.0 billion subject to customary adjustments. The transaction is expected to close toward the middle of the year, upon satisfaction of customary closing conditions.

About Johnson & Johnson 
Caring for the world, one person at a time, inspires and unites the people of Johnson & Johnson. We embrace research and science - bringing innovative ideas, products and services to advance the health and well-being of people. Our approximately 128,300 employees at more than 275 Johnson & Johnson operating companies work with partners in health care to touch the lives of over a billion people every day, throughout the world.

* Net earnings and diluted earnings per share excluding special items are non-GAAP financial measures and should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is included in the financial schedules accompanying this press release and can be found in the Investor Relations section of the Company's website at www.investor.jnj.com.

Johnson & Johnson will conduct a conference call with investors to discuss this news release today at 8:30 a.m., Eastern Time. A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Johnson & Johnson website at www.investor.jnj.com. A replay and podcast will be available approximately two hours after the live webcast by visitingwww.investor.jnj.com

Copies of the financial schedules accompanying this press release are available at www.investor.jnj.com/historical-sales.cfm. These schedules include supplementary sales data, a condensed consolidated statement of earnings, reconciliation of non-GAAP financial measures, and sales of key products/franchises. Additional information on Johnson & Johnson, including a pharmaceutical pipeline of selected compounds in late stage development and a copy of today's earnings call presentation can be found on the Company's website at www.investor.jnj.com.

NOTE TO INVESTORS

(This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approvals; challenges to patents; the impact of patent expirations; significant adverse litigation or government action including related to product liability claims; the impact of business combinations and divestitures; changes in behavior and spending patterns or financial distress of purchasers of health care products and services; changes to governmental laws and regulations and domestic and foreign health care reforms; general industry conditions including trends toward health care cost containment; increased scrutiny of the health care industry by government agencies; financial instability of international economies and sovereign risk; disruptions due to natural disasters; manufacturing difficulties or delays; complex global supply chains with increasing regulatory requirements; and product efficacy or safety concerns resulting in product recalls or regulatory action. A further list and description of these risks, uncertainties and other factors can be found in Johnson & Johnson'sAnnual Report on Form 10-K for the fiscal year ended December 29, 2013, including in Exhibit 99 thereto, and our subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.govwww.investor.jnj.com, or on request from Johnson & JohnsonJohnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.)

 

Johnson & Johnson and Subsidiaries

         

Supplementary Sales Data

                 
                   

(Unaudited; Dollars in Millions)

FIRST QUARTER

         

Percent Change

 

2014

 

2013

 

Total

 

Operations

 

Currency

Sales to customers by

                 

segment of business

                 
                   

Consumer

                 

    U.S.

$     1,309

 

1,348

 

(2.9)

%

(2.9)

 

-

    International

2,248

 

2,327

 

(3.4)

 

0.7

 

(4.1)

 

3,557

 

3,675

 

(3.2)

 

(0.6)

 

(2.6)

                   

Pharmaceutical

                 

    U.S.

3,740

 

3,471

 

7.7

 

7.7

 

-

    International

3,758

 

3,297

 

14.0

 

16.9

 

(2.9)

 

7,498

 

6,768

 

10.8

 

12.2

 

(1.4)

                   

Med Devices & Diagnostics

                 

    U.S.

3,155

 

3,206

 

(1.6)

 

(1.6)

 

-

    International

3,905

 

3,856

 

1.3

 

4.6

 

(3.3)

 

7,060

 

7,062

 

0.0

 

1.8

 

(1.8)

                   

U.S.

8,204

 

8,025

 

2.2

 

2.2

 

-

International

9,911

 

9,480

 

4.5

 

7.9

 

(3.4)

Worldwide

$   18,115

 

17,505

 

3.5

%

5.3

 

(1.8)

 

Johnson & Johnson and Subsidiaries

         

Supplementary Sales Data

                 
                   

(Unaudited; Dollars in Millions)

FIRST QUARTER

         

Percent Change

 

2014

 

2013

 

Total

 

Operations

 

Currency

Sales to customers by

                 

geographic area

                 
                   

U.S.

$                8,204

 

8,025

 

2.2

%

2.2

 

-

                   

Europe

4,885

 

4,481

 

9.0

 

6.6

 

2.4

Western Hemisphere excluding U.S.

1,695

 

1,783

 

(4.9)

 

7.1

 

(12.0)

Asia-PacificAfrica

3,331

 

3,216

 

3.6

 

10.3

 

(6.7)

International

9,911

 

9,480

 

4.5

 

7.9

 

(3.4)

                   

Worldwide

$              18,115

 

17,505

 

3.5

%

5.3

 

(1.8)

 

Johnson & Johnson and Subsidiaries

Condensed Consolidated Statement of Earnings 

                 
                   

(Unaudited; in Millions Except Per Share Figures)

FIRST QUARTER

                   
 

2014

 

2013

 

Percent

     

Percent

     

Percent

 

Increase

 

Amount

 

to Sales

 

Amount

 

to Sales

 

(Decrease)

Sales to customers

$    18,115

 

100.0

 

$    17,505

 

100.0

 

3.5

Cost of products sold

5,455

 

30.1

 

5,554

 

31.7

 

(1.8)

Selling, marketing and administrative expenses

5,183

 

28.6

 

5,223

 

29.8

 

(0.8)

Research and development expense

1,831

 

10.1

 

1,784

 

10.2

 

2.6

In-process research and development

18

 

0.1

 

64

 

0.4

   

Interest (income) expense, net

118

 

0.7

 

104

 

0.6

   

Other (income) expense, net

86

 

0.5

 

515

 

3.0

   

Earnings before provision for taxes on income

5,424

 

29.9

 

4,261

 

24.3

 

27.3

Provision for taxes on income

697

 

3.8

 

764

 

4.3

 

(8.8)

Net earnings

$      4,727

 

26.1

 

$      3,497

 

20.0

 

35.2

                   

Net earnings per share (Diluted)

$        1.64

     

$        1.22

     

34.4

                   

Average shares outstanding (Diluted)

2,874.7

     

2,858.8

       
                   

Effective tax rate

12.9

%

   

17.9

%

     
                   

Adjusted earnings before provision for taxes and net earnings (1)

                 

Earnings before provision for taxes on income

$      5,560

 

30.7

 

$      5,070

 

29.0

 

9.7

Net earnings

$      4,426

 

24.4

 

$      4,107

 

23.5

 

7.8

Net earnings per share (Diluted)

$        1.54

     

$        1.44

     

6.9

Effective tax rate

20.4

%

   

19.0

%

     
                   

(1) See Reconciliation of Non-GAAP Financial Measures.

         

 

Johnson & Johnson and Subsidiaries

                 

Reconciliation of Non-GAAP Financial Measures

                 
                   
       

First Quarter

 

% Incr. /

 

(Dollars in Millions Except Per Share Data)

     

2014

 

2013

 

(Decr.)

 
                   

Earnings before provision for taxes on income - as reported

     

$   5,424

 

4,261

 

27.3

%

                   

Litigation expenses

     

-

 

529

     
                   

Synthes integration/transaction costs 

     

118

 

258

     
                   

In-process research and development

     

18

 

64

     
                   

Other

     

-

 

(42)

     
                   

Earnings before provision for taxes on income - as adjusted

     

$   5,560

 

5,070

 

9.7

%

                   

Net Earnings - as reported

     

$   4,727

 

3,497

 

35.2

%

                   

Litigation expenses

     

-

 

391

     
                   

Synthes integration/transaction costs 

     

84

 

183

     
                   

In-process research and development

     

13

 

42

     
                   

Tax benefit associated with Conor Medsystems

     

(398)

 

-

     
                   

Other

     

-

 

(6)

     
                   

Net Earnings - as adjusted 

     

$   4,426

 

4,107

 

7.8

%

                   

Diluted Net Earnings per share - as reported

     

$    1.64

 

1.22

 

34.4

%

                   

Litigation expenses

     

-

 

0.14

     
                   

Synthes integration/transaction costs 

     

0.03

 

0.06

     
                   

In-process research and development

     

0.01

 

0.02

     
                   

Tax benefit associated with Conor Medsystems

     

(0.14)

 

-

     
                   

Other

     

-

 

-

     
                   

Diluted Net Earnings per share - as adjusted 

     

$    1.54

 

1.44

 

6.9

%

                   
                   

The Company believes investors gain additional perspective of underlying business trends and results by providing a measure of earnings before provision for taxes on income, net earnings and diluted net earnings per share that excludes special items in order to evaluate ongoing business operations.

 

 

REPORTED SALES vs. PRIOR PERIOD ($MM)

 

FIRST QUARTER

         

% Change

   

2014

 

2013

Reported

Operational (1)

Currency

CONSUMER SEGMENT (2)

             

BABY CARE

             

US

 

$          102

 

103

-1.0%

-1.0%

-

Intl

 

443

 

461

-3.9%

2.4%

-6.3%

WW

 

545

 

564

-3.4%

1.7%

-5.1%

ORAL CARE

             

US

 

160

 

158

1.3%

1.3%

-

Intl

 

251

 

245

2.4%

6.9%

-4.5%

WW

 

411

 

403

2.0%

4.7%

-2.7%

OTC

             

US

 

366

 

354

3.4%

3.4%

-

Intl

 

645

 

689

-6.4%

-3.6%

-2.8%

WW

 

1,011

 

1,043

-3.1%

-1.2%

-1.9%

SKIN CARE

             

US

 

457

 

453

0.9%

0.9%

-

Intl

 

457

 

449

1.8%

4.5%

-2.7%

WW

 

914

 

902

1.3%

2.7%

-1.4%

WOMEN'S HEALTH

             

US

 

24

 

81

-70.4%

-70.4%

-

Intl

 

303

 

320

-5.3%

1.0%

-6.3%

WW

 

327

 

401

-18.5%

-13.4%

-5.1%

WOUND CARE/OTHER

             

US

 

200

 

199

0.5%

0.5%

-

Intl

 

149

 

163

-8.6%

-6.4%

-2.2%

WW

 

349

 

362

-3.6%

-2.6%

-1.0%

               

TOTAL CONSUMER

             

US

 

1,309

 

1,348

-2.9%

-2.9%

-

Intl

 

2,248

 

2,327

-3.4%

0.7%

-4.1%

WW

 

$       3,557

 

3,675

-3.2%

-0.6%

-2.6%

               
               

See footnotes at end of schedule

       

 

   

REPORTED SALES vs. PRIOR PERIOD ($MM)

 

FIRST QUARTER

         

% Change

   

2014

 

2013

Reported

Operational (1)

Currency

PHARMACEUTICAL SEGMENT (2) (3)

             

IMMUNOLOGY

             

US

 

$      1,547

 

1,639

-5.6%

-5.6%

-

Intl

 

796

 

565

40.9%

46.6%

-5.7%

WW

 

2,343

 

2,204

6.3%

7.8%

-1.5%

REMICADE

             

US 

 

997

 

970

2.8%

2.8%

-

US Exports (4)

 

167

 

349

-52.1%

-52.1%

-

Intl

 

446

 

281

58.7%

67.3%

-8.6%

WW

 

1,610

 

1,600

0.6%

2.1%

-1.5%

SIMPONI/SIMPONI ARIA

             

US

 

104

 

94

10.6%

10.6%

-

Intl

 

155

 

143

8.4%

12.3%

-3.9%

WW

 

259

 

237

9.3%

11.6%

-2.3%

STELARA

             

US

 

279

 

226

23.5%

23.5%

-

Intl

 

177

 

120

47.5%

48.2%

-0.7%

WW

 

456

 

346

31.8%

32.0%

-0.2%

OTHER IMMUNOLOGY

             

US

 

-

 

-

-

-

-

Intl

 

18

 

21

-14.3%

-5.8%

-8.5%

WW

 

18

 

21

-14.3%

-5.8%

-8.5%

INFECTIOUS DISEASES

             

US

 

561

 

238

*

*

-

Intl

 

639

 

577

10.7%

11.8%

-1.1%

WW

 

1,200

 

815

47.2%

48.0%

-0.8%

EDURANT

             

US

 

5

 

3

66.7%

66.7%

-

Intl

 

76

 

40

90.0%

86.8%

3.2%

WW

 

81

 

43

88.4%

85.4%

3.0%

INCIVO

             

US

 

-

 

-

-

-

-

Intl

 

86

 

162

-46.9%

-47.4%

0.5%

WW

 

86

 

162

-46.9%

-47.4%

0.5%

OLYSIO/SOVRIAD

             

US

 

291

 

-

*

*

-

Intl

 

63

 

-

*

*

0.0%

WW

 

354

 

-

*

*

0.0%

PREZISTA

             

US

 

214

 

167

28.1%

28.1%

-

Intl

 

231

 

200

15.5%

15.5%

0.0%

WW

 

445

 

367

21.3%

21.3%

0.0%

OTHER INFECTIOUS DISEASES

             

US

 

51

 

68

-25.0%

-25.0%

-

Intl

 

183

 

175

4.6%

5.8%

-1.2%

WW

 

234

 

243

-3.7%

-2.8%

-0.9%

 

   

REPORTED SALES vs. PRIOR PERIOD ($MM)

 

FIRST QUARTER

         

% Change

   

2014

 

2013

Reported

Operational (1)

Currency

               

NEUROSCIENCE

             

US

 

601

 

746

-19.4%

-19.4%

-

Intl

 

1,037

 

998

3.9%

7.6%

-3.7%

WW

 

1,638

 

1,744

-6.1%

-4.0%

-2.1%

CONCERTA/METHYLPHENIDATE

             

US

 

35

 

139

-74.8%

-74.8%

-

Intl

 

115

 

117

-1.7%

2.9%

-4.6%

WW

 

150

 

256

-41.4%

-39.3%

-2.1%

INVEGA

             

US

 

86

 

71

21.1%

21.1%

-

Intl

 

79

 

61

29.5%

34.0%

-4.5%

WW

 

165

 

132

25.0%

27.1%

-2.1%

INVEGA SUSTENNA/ XEPLION

             

US

 

182

 

164

11.0%

11.0%

-

Intl

 

191

 

120

59.2%

60.7%

-1.5%

WW

 

373

 

284

31.3%

31.9%

-0.6%

RISPERDAL CONSTA

             

US

 

106

 

106

0.0%

0.0%

-

Intl

 

204

 

229

-10.9%

-9.1%

-1.8%

WW

 

310

 

335

-7.5%

-6.3%

-1.2%

OTHER NEUROSCIENCE

             

US

 

192

 

266

-27.8%

-27.8%

-

Intl

 

448

 

471

-4.9%

0.1%

-5.0%

WW

 

640

 

737

-13.2%

-10.0%

-3.2%

ONCOLOGY

             

US

 

240

 

199

20.6%

20.6%

-

Intl

 

782

 

595

31.4%

33.4%

-2.0%

WW

 

1,022

 

794

28.7%

30.2%

-1.5%

VELCADE

             

US

 

-

 

-

-

-

-

Intl

 

408

 

353

15.6%

18.6%

-3.0%

WW

 

408

 

353

15.6%

18.6%

-3.0%

ZYTIGA

             

US

 

229

 

161

42.2%

42.2%

-

Intl

 

283

 

183

54.6%

54.6%

0.0%

WW

 

512

 

344

48.8%

48.8%

0.0%

OTHER ONCOLOGY

             

US

 

11

 

38

-71.1%

-71.1%

-

Intl

 

91

 

59

54.2%

56.0%

-1.8%

WW

 

102

 

97

5.2%

6.3%

-1.1%

 

   

REPORTED SALES vs. PRIOR PERIOD ($MM)

 

FIRST QUARTER

         

% Change

   

2014

 

2013

Reported

Operational (1)

Currency

TOTAL OTHER

             

US

 

791

 

649

21.9%

21.9%

-

Intl

 

504

 

562

-10.3%

-8.7%

-1.6%

WW

 

1,295

 

1,211

6.9%

7.6%

-0.7%

PROCRIT/EPREX

             

US

 

176

 

233

-24.5%

-24.5%

-

Intl

 

134

 

145

-7.6%

-6.6%

-1.0%

WW

 

310

 

378

-18.0%

-17.6%

-0.4%

XARELTO

             

US

 

319

 

158

*

-

Intl

 

-

 

-

-

-

-

WW

 

319

 

158

*

*

-

OTHER

             

US

 

296

 

258

14.7%

14.7%

-

Intl

 

370

 

417

-11.3%

-9.6%

-1.7%

WW

 

666

 

675

-1.3%

-0.2%

-1.1%

               

TOTAL PHARMACEUTICAL

             

US

 

3,740

 

3,471

7.7%

7.7%

-

Intl

 

3,758

 

3,297

14.0%

16.9%

-2.9%

WW

 

$       7,498

 

6,768

10.8%

12.2%

-1.4%

               
               

Supplemental Sales Information

       
   

2013

   

Q1

 

Q2

Q3

Q4

Full Year

EDURANT

             

US

 

3

 

3

4

5

15

Intl

 

40

 

53

60

68

221

WW

 

43

 

56

64

73

236

OLYSIO/SOVRIAD

             

US

 

-

 

-

-

13

13

Intl

 

-

 

-

-

10

10

WW

 

-

 

-

-

23

23

               

See footnotes at end of schedule

       

 

 

   

REPORTED SALES vs. PRIOR PERIOD ($MM)

 

FIRST QUARTER

         

% Change

   

2014

 

2013

Reported

Operational (1)

Currency

MEDICAL DEVICES AND DIAGNOSTICS (2) (3)

             

CARDIOVASCULAR CARE

             

US

 

$          205

 

198

3.5%

3.5%

-

Intl

 

336

 

315

6.7%

9.4%

-2.7%

WW

 

541

 

513

5.5%

7.2%

-1.7%

DIABETES CARE

             

US

 

192

 

283

-32.2%

-32.2%

-

Intl

 

320

 

317

0.9%

2.9%

-2.0%

WW

 

512

 

600

-14.7%

-13.7%

-1.0%

DIAGNOSTICS

             

US

 

224

 

248

-9.7%

-9.7%

-

Intl

 

219

 

229

-4.4%

-0.9%

-3.5%

WW

 

443

 

477

-7.1%

-5.4%

-1.7%

ORTHOPAEDICS

             

US 

 

1,292

 

1,261

2.5%

2.5%

-

Intl

 

1,129

 

1,124

0.4%

2.9%

-2.5%

WW

 

2,421

 

2,385

1.5%

2.7%

-1.2%

SPECIALTY SURGERY/OTHER (5)

             

US

 

417

 

404

3.2%

3.2%

-

Intl

 

457

 

435

5.1%

9.3%

-4.2%

WW

 

874

 

839

4.2%

6.4%

-2.2%

SURGICAL CARE 

             

US

 

539

 

531

1.5%

1.5%

-

Intl

 

969

 

977

-0.8%

2.2%

-3.0%

WW

 

1,508

 

1,508

0.0%

1.9%

-1.9%

VISION CARE

             

US

 

286

 

281

1.8%

1.8%

-

Intl

 

475

 

459

3.5%

10.0%

-6.5%

WW

 

761

 

740

2.8%

6.8%

-4.0%

               

TOTAL MEDICAL DEVICES AND DIAGNOSTICS

             

US

 

3,155

 

3,206

-1.6%

-1.6%

-

Intl

 

3,905

 

3,856

1.3%

4.6%

-3.3%

WW

 

$       7,060

 

7,062

0.0%

1.8%

-1.8%

               

* Percentage greater than 100%

             

(1) Operational growth excludes the effect of translational currency

       

(2) Unaudited

             

(3) Prior year amounts have been reclassified to conform to current year product disclosure

(4) Reported as U.S. sales

             

(5) Infection Prevention now reflected in Specialty Surgery/Other, previously reported independently

 

 

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