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 Johnson & Johnson Reports 2015 Fourth-Quarter Results:
   Tuesday, January 26, 2016 6:40:00 AM ET

Johnson & Johnson (JNJ ) today announced sales of $17.8 billion for the fourth quarter of 2015, a decrease of 2.4% as compared to the fourth quarter of 2014. Operational sales results increased 4.4% and the negative impact of currency was 6.8%. Domestic sales increased 8.0%. International sales decreased 11.7%, reflecting operational growth of 1.2% and a negative currency impact of 12.9%. Excluding the net impact of acquisitions, divestitures and hepatitis C sales, on an operational basis, worldwide sales increased 7.8%, domestic sales increased 13.4% and international sales increased 2.9%.*

Worldwide sales for the full-year 2015 were $70.1 billion, a decrease of 5.7% versus 2014. Operational results increased 1.8% and the negative impact of currency was 7.5%. Domestic sales increased 2.6%. International sales decreased 13.1%, reflecting operational growth of 1.1% and a negative currency impact of 14.2%. Excluding the net impact of acquisitions, divestitures and hepatitis C sales, on an operational basis, worldwide sales increased 6.5%, domestic sales increased 10.6% and international sales increased 3.0%.*

Net earnings and diluted earnings per share for the fourth quarter of 2015 were $3.2 billion and $1.15, respectively. Fourth-quarter 2015 net earnings included after-tax intangible amortization expense of approximately $0.2 billion and a charge for after-tax special items of approximately $0.6 billion. Fourth-quarter 2014 net earnings included after-tax intangible amortization expense of approximately $0.3 billion and a charge for after-tax special items of approximately $1.1 billion. A reconciliation of non-GAAP financial measures is included as an accompanying schedule. Excluding after-tax intangible amortization expense and special items, adjusted net earnings for the current quarter were $4.0 billion and adjusted diluted earnings per share were $1.44, representing increases of 4.0% and 5.1%, respectively, as compared to the same period in 2014.* On an operational basis, adjusted diluted earnings per share increased 12.4%.*

Net earnings and diluted earnings per share for the full-year 2015 were $15.4 billion and $5.48, respectively. Full-year net earnings included after-tax intangible amortization expense of approximately $1.1 billion and a net charge for after-tax special items of approximately $0.9 billion. Full-year 2014 net earnings included after-tax intangible amortization expense of approximately $1.2 billion and a net charge for after-tax special items of approximately $0.8 billion. A reconciliation of non-GAAP financial measures is included as an accompanying schedule. Excluding after-tax intangible amortization expense and special items, adjusted net earnings for the full-year of 2015 were $17.4 billion and adjusted diluted earnings per share were $6.20, representing decreases of 4.8% and 3.0%, respectively, as compared to the full year of 2014.* On an operational basis, adjusted diluted earnings per share increased 5.8%.*

"Johnson & Johnson delivered strong underlying growth in 2015, driven by the performance of our Pharmaceutical business and iconic Consumer brands," said Alex Gorsky, Chairman and Chief Executive Officer. "As we enter 2016, our core business is very healthy, and the recent decisive actions we’ve taken in support of each of our businesses position us well to drive sustainable long-term growth, faster than the markets we compete in."

Mr. Gorsky continued, "I want to thank all of our colleagues for contributing to these results through their commitment and dedication to the people around the world who rely on our products."

The company announced its 2016 full-year guidance for sales of $70.8 billion to $71.5 billion reflecting expected operational growth in the range of 2.5% to 3.5%. Excluding the impact of acquisitions, divestitures and hepatitis C sales, operational sales growth is expected to be in the range of 4.5% to 6.0%.* Additionally, the company announced adjusted earnings guidance for full-year 2016 of $6.43 to $6.58 per share reflecting expected operational growth in the range of 5.3% to 7.7%.* Adjusted earnings guidance excludes the impact of after-tax intangible amortization expense and special items.

Worldwide Consumer sales of $13.5 billion for the full-year 2015 represented a decrease of 6.8% versus the prior year, consisting of an operational increase of 2.7% and a negative impact from currency of 9.5%. Domestic sales increased 2.5%; international sales decreased 11.9%, which reflected an operational increase of 2.7% and a negative currency impact of 14.6%. Excluding the net impact of acquisitions and divestitures, on an operational basis, worldwide sales increased 4.1%, domestic sales increased 4.6% and international sales increased 3.8%.*

Positive contributors to Consumer operational results were sales of over-the-counter products including TYLENOL? and MOTRIN? analgesics, upper respiratory products including ZYRTEC? allergy medications, and digestive health products; international feminine protection products; LISTERINE? oral care products; and NEUTROGENA? skin care products.

Worldwide Pharmaceutical sales of $31.4 billion for the full-year 2015 represented a decrease of 2.7% versus the prior year with an operational increase of 4.2% and a negative impact from currency of 6.9%. Domestic sales increased 5.2%; international sales decreased 12.0%, which reflected an operational increase of 3.0% and a negative currency impact of 15.0%. Excluding the net impact of acquisitions, divestitures and hepatitis C sales, on an operational basis, worldwide sales increased 11.0%, domestic sales increased 18.1% and international sales increased 3.3%.*

Worldwide operational sales growth was driven by new products and the strength of core products. New product sales growth was negatively impacted by lower sales of OLYSIO?/SOVRIAD? (simeprevir) due to competitive entrants. Strong growth in new products include INVOKANA?/INVOKAMET? (canagliflozin), for the treatment of adults with type 2 diabetes; IMBRUVICA? (ibrutinib), an oral, once-daily therapy approved for use in treating certain B-cell malignancies, or blood cancers; XARELTO? (rivaroxaban), an oral anticoagulant; and ZYTIGA? (abiraterone acetate), an oral, once-daily medication for use in combination with prednisone for the treatment of metastatic, castration-resistant prostate cancer.

Additional 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?/TRINZA? (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults; CONCERTA? (methylphenidate HCI), for the treatment of attention deficit hyperactivity disorder; and SIMPONI?/SIMPONI ARIA? (golimumab), biologics approved for the treatment of a number of immune-mediated inflammatory diseases.

During the quarter, the U.S. Food and Drug Administration (FDA) approved DARZALEX(TM) (daratumumab) for the treatment of double refractory multiple myeloma. Additionally, the FDA approved YONDELIS? (trabectedin) for the treatment of patients with unresectable or metastatic liposarcoma or leiomyosarcoma. The European Commission approved EDURANT? (rilpiravine) in combination with other anti-retroviral agents, for treatment-na?ve adolescent patients aged 12 to 18 years with human immunodeficiency virus-1 (HIV-1) infection.

In the U.S., a New Drug Application (NDA) was submitted for INVOKAMET? XR, a once-daily therapy combining fixed doses of canagliflozin and metformin hydrochloride extended release for the treatment of adults with type 2 diabetes. Additionally, regulatory applications were submitted for STELARA? (ustekinumab) for the treatment of adult patients with moderately to severely active Crohn’s disease to the FDA and the European Medicines Agency (EMA). Several regulatory submissions were completed for additional indications of IMBRUVICA? (ibrutinib) including for patients with relapsed or refractory chronic lymphocytic leukemia (CLL) or small lymphocytic lymphoma in combination with bendamustine and rituximab in both the U.S. and the European Union (EU) as well as for use in treatment-na?ve patients with CLL and relapsed/refractory patients with mantle cell lymphoma in the EU.

Also in the quarter, the acquisition of Novira Therapeutics, Inc., a privately held clinical-stage biopharmaceutical company developing innovative therapies for curative treatment of chronic hepatitis B virus infection, was completed.

Worldwide Medical Devices sales of $25.1 billion for the full-year represented a decrease of 8.7% versus the prior year consisting of an operational decrease of 1.4% and a negative currency impact of 7.3%. Domestic sales decreased 1.0%; international sales decreased 14.8%, which reflected an operational decrease of 1.7% and a negative currency impact of 13.1%. Excluding the net impact of acquisitions and divestitures, on an operational basis, worldwide sales increased 2.5%, domestic sales increased 3.3% and international sales increased 2.0%.*

Primary contributors to operational growth were sales of endocutters and biosurgical products in the Advanced Surgery business; electrophysiology products in the Cardiovascular business; joint reconstruction products in the Orthopaedics business; and insulin pump products in the Diabetes Care business.

During the quarter, the pediatric indication for the Animas? Vibe? insulin pump was approved by the FDA. Also in the quarter, the acquisition of Coherex Medical, Inc., a privately held medical device company focused on the development of the Coherex WaveCrest? left atrial appendage occlusion system, was completed.

Subsequent to the quarter, the company announced on January 19th, a restructuring of certain Medical Devices businesses. The company’s Consumer Medical Devices businesses, Vision Care and Diabetes Care, are not impacted by these actions. The restructuring is being undertaken to accelerate the pace of innovation, address unmet patient needs and drive growth. The actions are expected to result in ongoing annualized, pre-tax cost savings of $0.8 billion to $1.0 billion, the majority of which is expected to be realized by the end of 2018, including approximately $200 million in 2016.

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 127,000 employees at more than 250 Johnson & Johnson operating companies work with partners in health care to touch the lives of over a billion people every day, throughout the world.

* Operational sales growth excluding the net impact of acquisitions, divestitures and hepatitis C sales, as well as adjusted net earnings, adjusted diluted earnings per share and operational adjusted diluted earnings per share excluding after-tax intangible amortization expense and 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. Except for guidance measures, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying financial schedules of the earnings release and 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 visiting www.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, reconciliations of non-GAAP financial measures, and sales of key products/franchises. Additional information on Johnson & Johnson, including adjusted income before tax by segment, 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 regarding, among other things, future operating and financial performance, product development, market position, business strategy and restructuring plans. 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 and uncertainties inherent in new product development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; impact of business combinations and divestitures; challenges to patents; the impact of patent expirations; the ability of the company to successfully execute strategic plans, including restructuring plans; any required consultation procedures relating to the restructuring workforce actions; the potential that the expected benefits and opportunities related to the restructuring may not be realized or may take longer to realize than expected; market conditions and the possibility that the on-going share repurchase program may be suspended or discontinued; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns or financial distress of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; increased scrutiny of the health care industry by government agencies; and the potential failure to meet obligations in compliance agreements with government bodies. A further list and description of these risks, uncertainties and other factors can be found in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended December 28, 2014, including Exhibit 99 thereto, and the company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.investor.jnj.com, or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statements as a result of new information or future events or developments.

Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)   FOURTH QUARTER                                     TWELVE MONTHS
                                                      Percent Change                                     Percent Change
                                   2015       2014    Total     Operations  Currency  2015       2014    Total     Operations  Currency
Sales to customers by
segment of business
Consumer
U.S.                               $   1,231  1,294   (4.9)  %  (4.9)       -         $   5,222  5,096   2.5    %  2.5         -
International                      2,089      2,312   (9.6)     5.5         (15.1)    8,285      9,400   (11.9)    2.7         (14.6)
                                   3,320      3,606   (7.9)     1.8         (9.7)     13,507     14,496  (6.8)     2.7         (9.5)
Pharmaceutical
U.S.                               4,910      4,356   12.7      12.7        -         18,333     17,432  5.2       5.2         -
International                      3,154      3,643   (13.4)    (0.9)       (12.5)    13,097     14,881  (12.0)    3.0         (15.0)
                                   8,064      7,999   0.8       6.5         (5.7)     31,430     32,313  (2.7)     4.2         (6.9)
Medical Devices
U.S.                               3,152      2,954   6.7       6.7         -         12,132     12,254  (1.0)     (1.0)       -
International                      3,275      3,695   (11.4)    0.6         (12.0)    13,005     15,268  (14.8)    (1.7)       (13.1)
                                   6,427      6,649   (3.3)     3.4         (6.7)     25,137     27,522  (8.7)     (1.4)       (7.3)
U.S.                               9,293      8,604   8.0       8.0         -         35,687     34,782  2.6       2.6         -
International                      8,518      9,650   (11.7)    1.2         (12.9)    34,387     39,549  (13.1)    1.1         (14.2)
Worldwide                          $ 17,811   18,254  (2.4)  %  4.4         (6.8)     $ 70,074   74,331  (5.7)  %  1.8         (7.5)
Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)   FOURTH QUARTER                                     TWELVE MONTHS
                                                      Percent Change                                    Percent Change
                                   2015       2014    Total     Operations  Currency  2015      2014    Total     Operations  Currency
Sales to customers by
geographic area
U.S.                               $   9,293  8,604   8.0    %  8.0         -         $ 35,687  34,782  2.6    %  2.6         -
Europe                             4,002      4,560   (12.2)    0.8         (13.0)    15,995    18,947  (15.6)    1.1         (16.7)
Western Hemisphere excluding U.S.  1,442      1,782   (19.1)    2.8         (21.9)    6,045     7,160   (15.6)    2.6         (18.2)
Asia-Pacific, Africa               3,074      3,308   (7.1)     0.9         (8.0)     12,347    13,442  (8.1)     0.3         (8.4)
International                      8,518      9,650   (11.7)    1.2         (12.9)    34,387    39,549  (13.1)    1.1         (14.2)
Worldwide                          $ 17,811   18,254  (2.4)  %  4.4         (6.8)     $ 70,074  74,331  (5.7)  %  1.8         (7.5)
Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)                 FOURTH QUARTER
                                                                  2015                   2014                   Percent
                                                                               Percent                Percent   Increase
                                                                  Amount       to Sales  Amount       to Sales  (Decrease)
Sales to customers                                                $ 17,811     100.0     $ 18,254     100.0     (2.4)
Cost of products sold                                             5,673        31.8      5,853        32.1      (3.1)
Selling, marketing and administrative expenses                    5,891        33.1      5,822        31.9      1.2
Research and development expense                                  2,864        16.1      2,635        14.4      8.7
In-process research and development                               214          1.2       156          0.8
Interest (income) expense, net                                    107          0.6       122          0.7
Other (income) expense, net                                       (1,205)      (6.8)     963          5.3
Restructuring                                                     509          2.9       -            -
Earnings before provision for taxes on income                     3,758        21.1      2,703        14.8      39.0
Provision for taxes on income                                     543          3.0       182          1.0
Net earnings                                                      $   3,215    18.1      $   2,521    13.8      27.5
Net earnings per share (Diluted)                                  $     1.15             $     0.89             29.2
Average shares outstanding (Diluted)                              2,803.3                2,845.3
Effective tax rate                                                14.4       %           6.7        %
Adjusted earnings before provision for taxes and net earnings (1)
Earnings before provision for taxes on income                     $   4,913    27.6      $   4,296    23.5      14.4
Net earnings                                                      $   4,043    22.7      $   3,887    21.3      4.0
Net earnings per share (Diluted)                                  $     1.44             $     1.37             5.1
Effective tax rate                                                17.7       %           9.5        %
(1) See Reconciliation of Non-GAAP Financial Measures.
Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)                 TWELVE MONTHS
                                                                  2015                   2014                   Percent
                                                                               Percent                Percent   Increase
                                                                  Amount       to Sales  Amount       to Sales  (Decrease)
Sales to customers                                                $ 70,074     100.0     $ 74,331     100.0     (5.7)
Cost of products sold                                             21,536       30.7      22,746       30.6      (5.3)
Selling, marketing and administrative expenses                    21,203       30.3      21,954       29.5      (3.4)
Research and development expense                                  9,046        12.9      8,494        11.4      6.5
In-process research and development                               224          0.3       178          0.3
Interest (income) expense, net                                    424          0.6       466          0.6
Other (income) expense, net                                       (2,064)      (2.9)     (70)         (0.1)
Restructuring                                                     509          0.7       -            -
Earnings before provision for taxes on income                     19,196       27.4      20,563       27.7      (6.6)
Provision for taxes on income                                     3,787        5.4       4,240        5.7       (10.7)
Net earnings                                                      $ 15,409     22.0      $ 16,323     22.0      (5.6)
Net earnings per share (Diluted)                                  $     5.48             $     5.70             (3.9)
Average shares outstanding (Diluted)                              2,812.9                2,863.9
Effective tax rate                                                19.7       %           20.6       %
Adjusted earnings before provision for taxes and net earnings (1)
Earnings before provision for taxes on income                     $ 22,003     31.4      $ 22,825     30.7      (3.6)
Net earnings                                                      $ 17,445     24.9      $ 18,318     24.6      (4.8)
Net earnings per share (Diluted)                                  $     6.20             $     6.39             (3.0)
Effective tax rate                                                20.7       %           19.7       %
(1) See Reconciliation of Non-GAAP Financial Measures.
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
                                                            Fourth Quarter                                  % Incr. /    Twelve Months           % Incr. /
(Dollars in Millions Except Per Share Data)                 2015                    2014                    (Decr.)      2015        2014        (Decr.)
Earnings before provision for taxes on income - as reported $ 3,758                 2,703                   39.0      %  $ 19,196    20,563      (6.6)     %
Intangible asset amortization expense                       301                     371                                  1,570       1,630
Restructuring (1)                                           590                     -                                    590         -
In-process research and development                         214                     156                                  224         178
Synthes integration costs                                   83                      325                                  196         754
DePuy ASR(TM) Hip program                                   -                       -                                    148         126
Litigation expense, net                                     -                       692                                  141         1,253
Ortho-Clinical Diagnostics divestiture net (gain)/expense   (33)                    49                                   (62)        (1,899)
Additional year of Branded Prescription Drug Fee            -                       -                                    -           220
Earnings before provision for taxes on income - as adjusted $ 4,913                 4,296                   14.4      %  $ 22,003    22,825      (3.6)     %
Net Earnings - as reported                                  $ 3,215                 2,521                   27.5      %  $ 15,409    16,323      (5.6)     %
Intangible asset amortization expense                       220                     275                                  1,113       1,213
Restructuring                                               415                     -                                    415         -
In-process research and development                         156                     115                                  162         131
Synthes integration costs                                   59                      237                                  144         555
DePuy ASR(TM) Hip program                                   -                       -                                    130         111
Litigation expense, net                                     -                       652                                  118         1,225   (2)
Ortho-Clinical Diagnostics divestiture net (gain)/expense   (22)                    87                                   (46)        (1,062)
Additional year of Branded Prescription Drug Fee            -                       -                                    -           220
Tax benefit associated with Conor Medsystems                -                       -                                    -           (398)
Net Earnings  - as adjusted                                 $ 4,043                 3,887                   4.0       %  $ 17,445    18,318      (4.8)     %
Diluted Net Earnings per share  - as reported               $   1.15                0.89                    29.2      %  $     5.48  5.70        (3.9)     %
Intangible asset amortization expense                       0.07                    0.10                                 0.39        0.42
Restructuring                                               0.15                    -                                    0.15        -
In-process research and development                         0.06                    0.04                                 0.06        0.04
Synthes integration costs                                   0.02                    0.08                                 0.05        0.19
DePuy ASR(TM) Hip program                                   -                       -                                    0.05        0.04
Litigation expense, net                                     -                       0.23                                 0.04        0.43
Ortho-Clinical Diagnostics divestiture net (gain)/expense   (0.01)                  0.03                                 (0.02)      (0.37)
Additional year of Branded Prescription Drug Fee            -                       -                                    -           0.08
Tax benefit associated with Conor Medsystems                -                       -                                    -           (0.14)
Diluted Net Earnings per share  - as adjusted               $   1.44                1.37                    5.1       %  $     6.20  6.39        (3.0)     %
Operational Diluted Net Earnings per share - as adjusted*   $   1.54                1.37                    12.4      %  $     6.76  6.39        5.8       %
*Excludes the effect of translational currency
(1)Includes $81 million recorded in cost of products sold
(2)Includes adjustment to deferred tax asset related to deductibility by tax jurisdiction
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Operational Sales Growth Excluding Acquisitions, Divestitures and Hepatitis C Sales (1)
FOURTH QUARTER 2015 ACTUAL vs. 2014 ACTUAL
Segments
                                                                      Consumer   Pharmaceutical  Medical Devices  Total
                                                                      Operational % (2)
WW As Reported:                                                       1.8%       6.5%            3.4%             4.4%
U.S.                                                                  (4.9)%     12.7%           6.7%             8.0%
International                                                         5.5%       (0.9)%          0.6%             1.2%
Wound Care/Other
SPLENDA ?                                                             2.6                                         0.5
U.S.                                                                  6.5                                         1.0
International                                                         0.3                                         0.1
Wound Care / Other
BENECOL ?                                                             0.3                                         0.1
U.S.                                                                  0.1                                         0.0
International                                                         0.5                                         0.1
Diagnostics
Ortho-Clinical Diagnostics                                                                       (0.3)            (0.1)
U.S.                                                                                             0.0              0.0
International                                                                                    (0.5)            (0.2)
Cardiovascular
Cordis                                                                                           2.6              0.9
U.S.                                                                                             1.3              0.5
International                                                                                    3.6              1.3
Other Neuroscience
NUCYNTA ?                                                                        0.5                              0.2
U.S.                                                                             1.1                              0.5
International                                                                    0.0                              0.0
All Other Acquisitions and Divestitures                                                          0.1              0.1
U.S.                                                                                             0.0              0.0
International                                                                                    0.2              0.1
WW Ops excluding Acquisitions and Divestitures                        4.7%       7.0%            5.8%             6.1%
U.S.                                                                  1.7%       13.8%           8.0%             10.0%
International                                                         6.3%       (0.9)%          3.9%             2.6%
Hepatitis C                                                                      4.1                              1.7
U.S.                                                                             7.2                              3.4
International                                                                    0.7                              0.3
WW Ops excluding Hepatitis C only                                                10.6%                            6.1%
U.S.                                                                             19.9%                            11.4%
International                                                                    (0.2)%                           1.5%
WW Ops excluding Acquisitions, Divestitures and Hepatitis C           4.7%       11.1%           5.8%             7.8%
U.S.                                                                  1.7%       21.0%           8.0%             13.4%
International                                                         6.3%       (0.2)%          3.9%             2.9%
(1) Hepatitis C products include OLYSIO ?/SOVRIAD ?and INCIVO ?
(2) Operational growth excludes the effect of translational currency
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measure
Operational Sales Growth Excluding Acquisitions, Divestitures and Hepatitis C Sales (1)
TWELVE MONTHS 2015 ACTUAL vs. 2014 ACTUAL
Segments
                                                                      Consumer   Pharmaceutical  Medical Devices  Total
                                                                      Operational % (2)
WW As Reported:                                                       2.7%       4.2%            (1.4)%           1.8%
U.S.                                                                  2.5%       5.2%            (1.0)%           2.6%
International                                                         2.7%       3.0%            (1.7)%           1.1%
Wound Care/Other
SPLENDA ?                                                             0.6                                         0.1
U.S.                                                                  1.7                                         0.2
International                                                         0.1                                         0.0
Women’s Health
K-Y ?                                                                 0.3                                         0.1
U.S.                                                                  0.4                                         0.1
International                                                         0.2                                         0.0
Wound Care / Other
BENECOL ?                                                             0.6                                         0.1
U.S.                                                                  0.0                                         0.0
International                                                         0.9                                         0.2
Diagnostics
Ortho-Clinical Diagnostics                                                                       3.2              1.2
U.S.                                                                                             3.9              1.4
International                                                                                    2.6              1.0
Cardiovascular
Cordis                                                                                           0.6              0.3
U.S.                                                                                             0.4              0.2
International                                                                                    0.9              0.4
Other Neuroscience
NUCYNTA ?                                                                        0.3                              0.2
U.S.                                                                             0.6                              0.3
International                                                                    0.0                              0.0
All Other Acquisitions and Divestitures                               (0.1)                      0.1              0.0
U.S.                                                                  0.0                        0.0              0.0
International                                                         (0.1)                      0.2              0.1
WW Ops excluding Acquisitions and Divestitures                        4.1%       4.5%            2.5%             3.8%
U.S.                                                                  4.6%       5.8%            3.3%             4.8%
International                                                         3.8%       3.0%            2.0%             2.8%
Hepatitis C                                                                      6.5                              2.7
U.S.                                                                             12.3                             5.8
International                                                                    0.3                              0.2
WW Ops excluding Hepatitis C only                                                10.7%                            4.5%
U.S.                                                                             17.5%                            8.4%
International                                                                    3.3%                             1.3%
WW Ops excluding Acquisitions, Divestitures and Hepatitis C           4.1%       11.0%           2.5%             6.5%
U.S.                                                                  4.6%       18.1%           3.3%             10.6%
International                                                         3.8%       3.3%            2.0%             3.0%
(1) Hepatitis C products include OLYSIO ? /SOVRIAD ? and INCIVO ?
(2) Operational growth excludes the effect of translational currency
                                   REPORTED SALES vs. PRIOR PERIOD ($MM)
                                   FOURTH QUARTER                                           TWELVE MONTHS
                                                         % Change                                                  % Change
                                      2015         2014  Reported Operational (1) Currency     2015         2014   Reported Operational (1) Currency
CONSUMER SEGMENT (2)
BABY CARE
US                                    $       103  96    7.3%     7.3%            -            $       421  407    3.4%     3.4%            -
Intl                                  381          428   -11.0%   2.8%            -13.8%       1,623        1,832  -11.4%   0.7%            -12.1%
WW                                    484          524   -7.6%    3.7%            -11.3%       2,044        2,239  -8.7%    1.2%            -9.9%
ORAL CARE
US                                    170          150   13.3%    13.3%           -            629          600    4.8%     4.8%            -
Intl                                  238          264   -9.8%    5.2%            -15.0%       951          1,047  -9.2%    5.5%            -14.7%
WW                                    408          414   -1.4%    8.2%            -9.6%        1,580        1,647  -4.1%    5.2%            -9.3%
OTC
US                                    382          362   5.5%     5.5%            -            1,536        1,357  13.2%    13.2%           -
Intl                                  663          711   -6.8%    9.4%            -16.2%       2,439        2,749  -11.3%   5.5%            -16.8%
WW                                    1,045        1,073 -2.6%    8.2%            -10.8%       3,975        4,106  -3.2%    8.1%            -11.3%
SKIN CARE
US                                    439          471   -6.8%    -6.8%           -            1,857        1,834  1.3%     1.3%            -
Intl                                  432          485   -10.9%   4.6%            -15.5%       1,674        1,924  -13.0%   1.2%            -14.2%
WW                                    871          956   -8.9%    -1.1%           -7.8%        3,531        3,758  -6.0%    1.3%            -7.3%
WOMEN’S HEALTH
US                                    7            7     0.0%     0.0%            -            26           50     -48.0%   -48.0%          -
Intl                                  276          301   -8.3%    7.5%            -15.8%       1,174        1,252  -6.2%    9.8%            -16.0%
WW                                    283          308   -8.1%    7.4%            -15.5%       1,200        1,302  -7.8%    7.6%            -15.4%
WOUND CARE / OTHER
US                                    130          208   -37.5%   -37.5%          -            753          848    -11.2%   -11.2%          -
Intl                                  99           123   -19.5%   -8.4%           -11.1%       424          596    -28.9%   -18.3%          -10.6%
WW                                    229          331   -30.8%   -26.7%          -4.1%        1,177        1,444  -18.5%   -14.1%          -4.4%
TOTAL CONSUMER
US                                    1,231        1,294 -4.9%    -4.9%           -            5,222        5,096  2.5%     2.5%            -
Intl                                  2,089        2,312 -9.6%    5.5%            -15.1%       8,285        9,400  -11.9%   2.7%            -14.6%
WW                                    $    3,320   3,606 -7.9%    1.8%            -9.7%        $  13,507    14,496 -6.8%    2.7%            -9.5%
                                   REPORTED SALES vs. PRIOR PERIOD ($MM)
                                   FOURTH QUARTER                                           TWELVE MONTHS
                                                         % Change                                                  % Change
                                      2015         2014  Reported Operational (1) Currency     2015         2014   Reported Operational (1) Currency
PHARMACEUTICAL SEGMENT (2) (3)
IMMUNOLOGY
US                                    $    2,101   1,816 15.7%    15.7%           -            $    7,642   7,111  7.5%     7.5%            -
Intl                                  670          762   -12.1%   2.0%            -14.1%       2,760        3,082  -10.4%   5.5%            -15.9%
WW                                    2,771        2,578 7.5%     11.7%           -4.2%        10,402       10,193 2.1%     6.9%            -4.8%
REMICADE
US                                    1,193        1,052 13.4%    13.4%           -            4,453        4,155  7.2%     7.2%            -
US Exports (4)                        180          244   -26.2%   -26.2%          -            782          1,078  -27.5%   -27.5%          -
Intl                                  307          376   -18.4%   -3.9%           -14.5%       1,326        1,635  -18.9%   -4.7%           -14.2%
WW                                    1,680        1,672 0.5%     3.8%            -3.3%        6,561        6,868  -4.5%    -1.1%           -3.4%
SIMPONI / SIMPONI ARIA
US                                    204          164   24.4%    24.4%           -            730          544    34.2%    34.2%           -
Intl                                  136          182   -25.3%   -14.8%          -10.5%       598          643    -7.0%    10.2%           -17.2%
WW                                    340          346   -1.7%    3.8%            -5.5%        1,328        1,187  11.9%    21.2%           -9.3%
STELARA
US                                    524          356   47.2%    47.2%           -            1,677        1,334  25.7%    25.7%           -
Intl                                  218          189   15.3%    32.4%           -17.1%       797          738    8.0%     27.0%           -19.0%
WW                                    742          545   36.1%    42.0%           -5.9%        2,474        2,072  19.4%    26.2%           -6.8%
OTHER IMMUNOLOGY
US                                    -            -     -        -               -            -            -      -        -               -
Intl                                  9            15    -40.0%   -27.7%          -12.3%       39           66     -40.9%   -30.6%          -10.3%
WW                                    9            15    -40.0%   -27.7%          -12.3%       39           66     -40.9%   -30.6%          -10.3%
INFECTIOUS DISEASES
US                                    363          564   -35.6%   -35.6%          -            1,535        3,112  -50.7%   -50.7%          -
Intl                                  438          512   -14.5%   -3.6%           -10.9%       2,121        2,487  -14.7%   1.2%            -15.9%
WW                                    801          1,076 -25.6%   -20.4%          -5.2%        3,656        5,599  -34.7%   -27.6%          -7.1%
EDURANT
US                                    12           6     100.0%   100.0%          -            41           24     70.8%    70.8%           -
Intl                                  95           84    13.1%    29.3%           -16.2%       369          341    8.2%     29.2%           -21.0%
WW                                    107          90    18.9%    34.0%           -15.1%       410          365    12.3%    31.9%           -19.6%
OLYSIO / SOVRIAD
US                                    (1)          256   **       **              -            173          1,943  -91.1%   -91.1%          -
Intl                                  45           65    -30.8%   -27.0%          -3.8%        448          359    24.8%    49.1%           -24.3%
WW                                    44           321   -86.3%   -85.5%          -0.8%        621          2,302  -73.0%   -69.2%          -3.8%
PREZISTA / PREZCOBIX / REZOLSTA
US                                    287          243   18.1%    18.1%           -            1,064        930    14.4%    14.4%           -
Intl                                  180          205   -12.2%   -0.2%           -12.0%       746          901    -17.2%   -1.6%           -15.6%
WW                                    467          448   4.2%     9.7%            -5.5%        1,810        1,831  -1.1%    6.6%            -7.7%
OTHER INFECTIOUS DISEASES
US                                    65           59    10.2%    10.2%           -            257          215    19.5%    19.5%           -
Intl                                  118          158   -25.3%   -15.6%          -9.7%        558          886    -37.0%   -26.2%          -10.8%
WW                                    183          217   -15.7%   -8.7%           -7.0%        815          1,101  -26.0%   -17.3%          -8.7%
See footnotes at end of schedule
                                   REPORTED SALES vs. PRIOR PERIOD ($MM)
                                   FOURTH QUARTER                                           TWELVE MONTHS
                                                         % Change                                                  % Change
                                      2015         2014  Reported Operational (1) Currency     2015         2014   Reported Operational (1) Currency
NEUROSCIENCE
US                                    752          645   16.6%    16.6%           -            2,850        2,452  16.2%    16.2%           -
Intl                                  849          1,006 -15.6%   -4.2%           -11.4%       3,409        4,035  -15.5%   -1.8%           -13.7%
WW                                    1,601        1,651 -3.0%    3.9%            -6.9%        6,259        6,487  -3.5%    5.0%            -8.5%
CONCERTA / METHYLPHENIDATE
US                                    117          55    *        *               -            434          152    *        *               -
Intl                                  96           114   -15.8%   -4.0%           -11.8%       387          447    -13.4%   -0.3%           -13.1%
WW                                    213          169   26.0%    33.9%           -7.9%        821          599    37.1%    46.9%           -9.8%
INVEGA / PALIPERIDONE
US                                    58           96    -39.6%   -39.6%          -            339          360    -5.8%    -5.8%           -
Intl                                  55           65    -15.4%   -5.6%           -9.8%        234          280    -16.4%   -2.9%           -13.5%
WW                                    113          161   -29.8%   -25.9%          -3.9%        573          640    -10.5%   -4.6%           -5.9%
INVEGA SUSTENNA / XEPLION / INVEGA
TRINZA
US                                    327          226   44.7%    44.7%           -            1,085        825    31.5%    31.5%           -
Intl                                  197          192   2.6%     17.7%           -15.1%       745          763    -2.4%    14.9%           -17.3%
WW                                    524          418   25.4%    32.4%           -7.0%        1,830        1,588  15.2%    23.5%           -8.3%
RISPERDAL CONSTA
US                                    103          104   -1.0%    -1.0%           -            409          427    -4.2%    -4.2%           -
Intl                                  131          190   -31.1%   -21.2%          -9.9%        561          763    -26.5%   -12.9%          -13.6%
WW                                    234          294   -20.4%   -14.0%          -6.4%        970          1,190  -18.5%   -9.8%           -8.7%
OTHER NEUROSCIENCE
US                                    147          164   -10.4%   -10.4%          -            583          688    -15.3%   -15.3%          -
Intl                                  370          445   -16.9%   -6.3%           -10.6%       1,482        1,782  -16.8%   -4.5%           -12.3%
WW                                    517          609   -15.1%   -7.4%           -7.7%        2,065        2,470  -16.4%   -7.5%           -8.9%
ONCOLOGY
US                                    457          334   36.8%    36.8%           -            1,547        1,157  33.7%    33.7%           -
Intl                                  816          878   -7.1%    6.5%            -13.6%       3,148        3,300  -4.6%    12.2%           -16.8%
WW                                    1,273        1,212 5.0%     14.8%           -9.8%        4,695        4,457  5.3%     17.7%           -12.4%
IMBRUVICA
US                                    122          64    90.6%    90.6%           -            375          145    *        *               -
Intl                                  113          28    *        *               **           314          55     *        *               **
WW                                    235          92    *        *               **           689          200    *        *               **
VELCADE
US                                    -            -     -        -               -            -            -      -        -               -
Intl                                  321          418   -23.2%   -13.5%          -9.7%        1,333        1,618  -17.6%   -4.2%           -13.4%
WW                                    321          418   -23.2%   -13.5%          -9.7%        1,333        1,618  -17.6%   -4.2%           -13.4%
ZYTIGA
US                                    286          255   12.2%    12.2%           -            1,070        971    10.2%    10.2%           -
Intl                                  295          340   -13.2%   0.2%            -13.4%       1,161        1,266  -8.3%    9.0%            -17.3%
WW                                    581          595   -2.4%    5.3%            -7.7%        2,231        2,237  -0.3%    9.5%            -9.8%
OTHER ONCOLOGY
US                                    49           15    *        *               -            102          41     *        *               -
Intl                                  87           92    -5.4%    10.3%           -15.7%       340          361    -5.8%    11.2%           -17.0%
WW                                    136          107   27.1%    40.5%           -13.4%       442          402    10.0%    25.2%           -15.2%
CARDIOVASCULAR / METABOLISM /
OTHER (5)
US                                    1,237        997   24.1%    24.1%           -            4,759        3,600  32.2%    32.2%           -
Intl                                  381          485   -21.4%   -9.8%           -11.6%       1,659        1,977  -16.1%   -3.9%           -12.2%
WW                                    1,618        1,482 9.2%     13.0%           -3.8%        6,418        5,577  15.1%    19.4%           -4.3%
XARELTO
US                                    494          428   15.4%    15.4%           -            1,868        1,522  22.7%    22.7%           -
Intl                                  -            -     -        -               -            -            -      -        -               -
WW                                    494          428   15.4%    15.4%           -            1,868        1,522  22.7%    22.7%           -
INVOKANA / INVOKAMET
US                                    348          193   80.3%    80.3%           -            1,238        569    *        *               -
Intl                                  24           8     *        *               **           70           17     *        *               **
WW                                    372          201   85.1%    87.1%           -2.0%        1,308        586    *        *               **
PROCRIT / EPREX
US                                    173          177   -2.3%    -2.3%           -            692          715    -3.2%    -3.2%           -
Intl                                  87           125   -30.4%   -20.0%          -10.4%       376          523    -28.1%   -15.8%          -12.3%
WW                                    260          302   -13.9%   -9.6%           -4.3%        1,068        1,238  -13.7%   -8.5%           -5.2%
OTHER
US                                                   222               199           11.6%         11.6%           -            961          794    21.0%    21.0%           -
Intl                                                 270               352           -23.3%        -12.1%          -11.2%       1,213        1,437  -15.6%   -4.1%           -11.5%
WW                                                   492               551           -10.7%        -3.5%           -7.2%        2,174        2,231  -2.6%    4.8%            -7.4%
TOTAL PHARMACEUTICAL
US                                                   4,910             4,356         12.7%         12.7%           -            18,333       17,432 5.2%     5.2%            -
Intl                                                 3,154             3,643         -13.4%        -0.9%           -12.5%       13,097       14,881 -12.0%   3.0%            -15.0%
WW                                                   $    8,064        7,999         0.8%          6.5%            -5.7%        $  31,430    32,313 -2.7%    4.2%            -6.9%
See footnotes at end of schedule
                                    REPORTED SALES vs. PRIOR PERIOD ($MM)
                                    FOURTH QUARTER                                                                           TWELVE MONTHS
                                                                                     % Change                                                       % Change
                                                     2015              2014          Reported      Operational (1) Currency     2015         2014   Reported Operational (1) Currency
MEDICAL DEVICES (2) (3)
CARDIOVASCULAR
US                                                   $       229       222           3.2%          3.2%            -            $       931  862    8.0%     8.0%            -
Intl                                                 210               336           -37.5%        -29.4%          -8.1%        1,105        1,346  -17.9%   -5.3%           -12.6%
WW                                                   439               558           -21.3%        -16.4%          -4.9%        2,036        2,208  -7.8%    -0.1%           -7.7%
DIABETES CARE
US                                                   202               206           -1.9%         -1.9%           -            833          864    -3.6%    -3.6%           -
Intl                                                 278               308           -9.7%         5.0%            -14.7%       1,095        1,278  -14.3%   1.3%            -15.6%
WW                                                   480               514           -6.6%         2.2%            -8.8%        1,928        2,142  -10.0%   -0.7%           -9.3%
DIAGNOSTICS (6)
US                                                   -                 -             -             -               -            -            456    **       **              -
Intl                                                 24                14            71.4%         **              **           86           506    -83.0%   **              **
WW                                                   24                14            71.4%         **              **           86           962    -91.1%   **              **
ORTHOPAEDICS
US                                                   1,438             1,339         7.4%          7.4%            -            5,380        5,197  3.5%     3.5%            -
Intl                                                 985               1,102         -10.6%        1.0%            -11.6%       3,882        4,478  -13.3%   -0.3%           -13.0%
WW                                                   2,423             2,441         -0.7%         4.5%            -5.2%        9,262        9,675  -4.3%    1.7%            -6.0%
HIPS
US                                                   213               194           9.8%          9.8%            -            781          745    4.8%     4.8%            -
Intl                                                 141               156           -9.6%         2.3%            -11.9%       551          623    -11.6%   1.1%            -12.7%
WW                                                   354               350           1.1%          6.4%            -5.3%        1,332        1,368  -2.6%    3.2%            -5.8%
KNEES
US                                                   254               236           7.6%          7.6%            -            916          878    4.3%     4.3%            -
Intl                                                 151               165           -8.5%         2.4%            -10.9%       580          655    -11.5%   0.7%            -12.2%
WW                                                   405               401           1.0%          5.5%            -4.5%        1,496        1,533  -2.4%    2.8%            -5.2%
TRAUMA
US                                                   379               352           7.7%          7.7%            -            1,462        1,418  3.1%     3.1%            -
Intl                                                 265               287           -7.7%         4.6%            -12.3%       1,066        1,222  -12.8%   0.6%            -13.4%
WW                                                   644               639           0.8%          6.3%            -5.5%        2,528        2,640  -4.2%    2.0%            -6.2%
SPINE & OTHER
US                                                   592               557           6.3%          6.3%            -            2,221        2,156  3.0%     3.0%            -
Intl                                                 428               494           -13.4%        -2.1%           -11.3%       1,685        1,978  -14.8%   -1.8%           -13.0%
WW                                                   1,020             1,051         -2.9%         2.4%            -5.3%        3,906        4,134  -5.5%    0.7%            -6.2%
SURGERY
US                                                   1,044             992           5.2%          5.2%            -            3,991        3,900  2.3%     2.3%            -
Intl                                                 1,369             1,484         -7.7%         4.4%            -12.1%       5,226        5,817  -10.2%   2.9%            -13.1%
WW                                                   2,413             2,476         -2.5%         4.7%            -7.2%        9,217        9,717  -5.1%    2.7%            -7.8%
ADVANCED
US                                                   384               352           9.1%          9.1%            -            1,430        1,342  6.6%     6.6%            -
Intl                                                 486               497           -2.2%         10.1%           -12.3%       1,845        1,895  -2.6%    10.8%           -13.4%
WW                                                   870               849           2.5%          9.7%            -7.2%        3,275        3,237  1.2%     9.1%            -7.9%
GENERAL
US                                                   430               432           -0.5%         -0.5%           -            1,702        1,717  -0.9%    -0.9%           -
Intl                                                 717               821           -12.7%        -1.3%           -11.4%       2,780        3,253  -14.5%   -1.9%           -12.6%
WW                                                   1,147             1,253         -8.5%         -1.0%           -7.5%        4,482        4,970  -9.8%    -1.5%           -8.3%
SPECIALTY
US                                                   230               208           10.6%         10.6%           -            859          841    2.1%     2.1%            -
Intl                                                 166               166           0.0%          14.6%           -14.6%       601          669    -10.2%   4.3%            -14.5%
WW                                                   396               374           5.9%          12.4%           -6.5%        1,460        1,510  -3.3%    3.1%            -6.4%
VISION CARE
US                                                   239               195           22.6%         22.6%           -            997          975    2.3%     2.3%            -
Intl                                                 409               451           -9.3%         2.3%            -11.6%       1,611        1,843  -12.6%   1.5%            -14.1%
WW                                                   648               646           0.3%          8.4%            -8.1%        2,608        2,818  -7.5%    1.7%            -9.2%
TOTAL MEDICAL DEVICES
US                                                   3,152             2,954         6.7%          6.7%            -            12,132       12,254 -1.0%    -1.0%           -
Intl                                                 3,275             3,695         -11.4%        0.6%            -12.0%       13,005       15,268 -14.8%   -1.7%           -13.1%
WW                                                   $    6,427        6,649         -3.3%         3.4%            -6.7%        $  25,137    27,522 -8.7%    -1.4%           -7.3%
* Percentage greater than 100%
** Not meaningful
(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) Previously referred to as Other
(6) Reflects Diagnostics divestiture June 30, 2014

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/johnson--johnson-reports-2015-fourth-quarter-results-300209690.html

SOURCE Johnson & Johnson

http://rt.prnewswire.com/rt.gif?NewsItemId=NY06878&Transmission_Id=201601260640PR_NEWS_USPR_____NY06878&DateId=20160126



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