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Johnson & Johnson Reports 2016 Third-Quarter Results sales of $17.8 billion

NEW BRUNSWICK, N.J., (FNN NEWS) By Johnson & Johnson — Johnson & Johnson (NYSE: JNJ) today announced sales of $17.8 billion for the third quarter of 2016, an increase of 4.2% as compared to the third quarter of 2015. Operational sales results increased 4.3% and the negative impact of currency was 0.1%. Domestic sales increased 6.7%. International sales increased 1.5%, reflecting operational growth of 1.7% and a negative currency impact of 0.2%. Excluding the net impact of acquisitions, divestitures and hepatitis C sales, on an operational basis, worldwide sales increased 5.9%, domestic sales increased 7.3% and international sales increased 4.2%.* Operations in Venezuela negatively impacted worldwide operational sales growth by 30 basis points, and international sales growth by 70 basis points.

Net earnings and diluted earnings per share for the third quarter of 2016 were $4.3 billion and $1.53, respectively. Third quarter 2016 net earnings included after-tax intangible amortization expense of approximately $0.2 billion and a charge for after-tax special items of approximately $0.2 billion. Third quarter 2015 net earnings included after-tax intangible amortization expense of approximately $0.4 billion and a charge for after-tax special items of approximately $0.4 billion. Excluding after-tax intangible amortization expense and special items, adjusted net earnings for the current quarter were $4.7 billion and adjusted diluted earnings per share were $1.68, representing increases of 12.2% and 12.8%, respectively, as compared to the same period in 2015.* On an operational basis, adjusted diluted earnings per share also increased 12.8%.* A reconciliation of non-GAAP financial measures is included as an accompanying schedule.

“Our third-quarter results reflect the success of our new product launches and the strength of our core businesses, driven by strong growth in our Pharmaceuticals business. With a number of regulatory approvals, several new drug application submissions and new breakthrough therapy designations from the FDA, we are increasingly confident in our pipeline expectation of filing 10 new pharmaceutical products between 2015 and 2019, each with revenue potential over $1 billion,” said Alex Gorsky, Chairman and Chief Executive Officer. “Our broad-based business model, strategic investments and talented colleagues position us well for continued leadership in health care.”

The Company maintained its sales guidance for the full-year 2016 of $71.5 billion to $72.2 billion. Additionally, the Company increased its adjusted earnings guidance for full-year 2016 to $6.68 – $6.73 per share.*

Worldwide Consumer sales of $3.3 billion for the third quarter 2016 represented a decrease of 1.6% versus the prior year, consisting of an operational increase of 0.1% and a negative impact from currency of 1.7%. Domestic sales increased 1.1%; international sales decreased 3.3%, which reflected an operational decrease of 0.6% and a negative currency impact of 2.7%. Excluding the net impact of acquisitions and divestitures, on an operational basis, worldwide sales decreased 0.4%, domestic sales decreased 1.5% and international sales increased 0.3%*. Operations in Venezuela negatively impacted worldwide Consumer operational sales growth by 110 basis points and international sales growth by 180 basis points.

Worldwide operational results, excluding the net impact of acquisitions and divestitures, were negatively impacted by lower trade inventory levels, primarily in the U.S. Positive contributors to Consumer operational sales results included LISTERINE® oral care products; AVEENO® skin care products and digestive health products and international smoking aids in over-the-counter products.

Worldwide Pharmaceutical sales of $8.4 billion for the third quarter 2016 represented an increase of 9.2% versus the prior year with an operational increase of 9.0% and a positive impact from currency of 0.2%. Domestic sales increased 11.8%; international sales increased 5.4%, which reflected an operational increase of 5.0% and a positive currency impact of 0.4%. Excluding the net impact of acquisitions, divestitures and hepatitis C sales, on an operational basis, worldwide sales increased 10.7%, domestic sales increased 13.0% and international sales increased 7.0%.*

Worldwide operational results, excluding the net impact of acquisitions, divestitures and hepatitis C sales, were driven by new products and the strength of core products. Strong growth in new products include IMBRUVICA® (ibrutinib), an oral, once-daily therapy approved for use in treating certain B-cell malignancies, a type of blood or lymph node cancer; DARZALEX® (daratumumab), for the treatment of patients with multiple myeloma; and XARELTO® (rivaroxaban), an oral anticoagulant.

Additional contributors to operational sales growth included STELARA® (ustekinumab), REMICADE® (infliximab) and SIMPONI®/SIMPONI ARIA® (golimumab), biologics approved for the treatment of a number of immune-mediated inflammatory diseases; and INVEGA®SUSTENNA®/XEPLION®/TRINZA® (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults.

During the quarter, the U.S. Food and Drug Administration (FDA) approved INVOKAMET® XR (canagliflozin/metformin HCl extended-release) for first-line treatment of adults with type 2 diabetes, and STELARA® (ustekinumab) for the treatment of adults with moderately to severely active Crohn’s disease. The Committee for Medicinal Products for Human Use issued a positive opinion recommending approval of STELARA® for the treatment of adults with moderately to severely active Crohn’s disease.

Additionally, regulatory applications for approval were submitted to the FDA and European Medicines Agency (EMA) for DARZALEX® in combination with standard-of-care regimens for patients with multiple myeloma who have received at least one prior therapy.  DARZALEX® also received Breakthrough Therapy Designation from the FDA for this pending indication. The FDA also granted Breakthrough Therapy Designation to esketamine for major depressive disorder with imminent risk for suicide.  Regulatory applications for approval were also submitted to the FDA for sirukumab in rheumatoid arthritis, and to EMA for a darunavir-based single tablet regimen for the treatment of HIV-1.

Worldwide Medical Devices sales of $6.2 billion for the third quarter 2016 represented an increase of 1.1% versus the prior year consisting of an operational increase of 0.7% and a positive currency impact of 0.4%. Domestic sales increased 1.4%; international sales increased 0.7%, which reflected an operational decline of 0.2% and a positive currency impact of 0.9%. Excluding the net impact of acquisitions and divestitures, on an operational basis, worldwide sales increased 3.1%, domestic sales increased 2.3% and international sales increased 3.9%.*

Worldwide operational results, excluding the net impact of acquisitions and divestitures, were driven by electrophysiology products in the Cardiovascular business; endocutters and energy in the Advanced Surgery business; ACUVUE® contact lenses in the Vision Care business; and joint reconstruction and trauma products in the Orthopaedics business.

During the quarter, a definitive agreement was announced to acquire Abbott Medical Optics, a wholly-owned subsidiary of Abbott Laboratories, for $4.325 billion in cash.  Acclarent announced the U.S. launch of ACCLARENT AERA, the first balloon dilation intervention approved by the FDA for Eustachian Tube Dysfunction.

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 126,900 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 does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson’s results computed in accordance with GAAP.

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, 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 CONCERNING FORWARD-LOOKING STATEMENTS

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 and business strategy. 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 research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the company to successfully execute strategic plans, including restructuring plans; market conditions and the possibility that the on-going share repurchase program may be delayed, suspended or discontinued; the impact of business combinations and divestitures; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and 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 January 3, 2016, including in 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 statement as a result of new information or future events or developments.

Johnson & Johnson and Subsidiaries

Supplementary Sales Data

(Unaudited; Dollars in Millions)

THIRD QUARTER

NINE MONTHS

Percent Change

Percent Change

2016

2015

Total

Operations

Currency

2016

2015

Total

Operations

Currency

Sales to customers by

segment of business

Consumer

    U.S.

$   1,291

1,277

1.1

%

1.1

$   4,033

3,991

1.1

%

1.1

    International

1,970

2,037

(3.3)

(0.6)

(2.7)

5,842

6,196

(5.7)

0.1

(5.8)

3,261

3,314

(1.6)

0.1

(1.7)

9,875

10,187

(3.1)

0.4

(3.5)

Pharmaceutical

    U.S.

5,042

4,509

11.8

11.8

15,123

13,423

12.7

12.7

    International

3,358

3,185

5.4

5.0

0.4

10,109

9,943

1.7

4.2

(2.5)

8,400

7,694

9.2

9.0

0.2

25,232

23,366

8.0

9.1

(1.1)

Medical Devices

    U.S.

3,048

3,005

1.4

1.4

9,118

8,980

1.5

1.5

    International

3,111

3,089

0.7

(0.2)

0.9

9,559

9,730

(1.8)

0.5

(2.3)

6,159

6,094

1.1

0.7

0.4

18,677

18,710

(0.2)

1.0

(1.2)

U.S.

9,381

8,791

6.7

6.7

28,274

26,394

7.1

7.1

International

8,439

8,311

1.5

1.7

(0.2)

25,510

25,869

(1.4)

1.8

(3.2)

Worldwide

$ 17,820

17,102

4.2

%

4.3

(0.1)

$ 53,784

52,263

2.9

%

4.5

(1.6)

Johnson & Johnson and Subsidiaries

Supplementary Sales Data

(Unaudited; Dollars in Millions)

THIRD QUARTER

NINE MONTHS

Percent Change

Percent Change

2016

2015

Total

Operations

Currency

2016

2015

Total

Operations

Currency

Sales to customers by

geographic area

U.S.

$   9,381

8,791

6.7

%

6.7

$ 28,274

26,394

7.1

%

7.1

Europe

3,832

3,802

0.8

3.2

(2.4)

11,769

11,993

(1.9)

0.5

(2.4)

Western Hemisphere excluding U.S.

1,396

1,463

(4.6)

(1.3)

(3.3)

4,269

4,603

(7.3)

4.4

(11.7)

Asia-Pacific, Africa

3,211

3,046

5.4

1.4

4.0

9,472

9,273

2.1

2.1

0.0

International

8,439

8,311

1.5

1.7

(0.2)

25,510

25,869

(1.4)

1.8

(3.2)

Worldwide

$ 17,820

17,102

4.2

%

4.3

(0.1)

$ 53,784

52,263

2.9

%

4.5

(1.6)

Johnson & Johnson and Subsidiaries

Condensed Consolidated Statement of Earnings 

(Unaudited; in Millions Except Per Share Figures)

THIRD QUARTER

2016

2015

Percent

Percent

Percent

Increase

Amount

to Sales

Amount

to Sales

(Decrease)

Sales to customers

$         17,820

100.0

$         17,102

100.0

4.2

Cost of products sold

5,486

30.8

5,224

30.5

5.0

Selling, marketing and administrative expenses

4,772

26.8

5,081

29.7

(6.1)

Research and development expense

2,178

12.2

2,154

12.6

1.1

In-process research and development

10

0.1

Interest (income) expense, net

95

0.5

91

0.5

Other (income) expense, net

(54)

(0.2)

420

2.5

Restructuring

62

0.3

Earnings before provision for taxes on income

5,281

29.6

4,122

24.1

28.1

Provision for taxes on income

1,009

5.6

764

4.5

32.1

Net earnings

$           4,272

24.0

$           3,358

19.6

27.2

Net earnings per share (Diluted)

$             1.53

$             1.20

27.5

Average shares outstanding (Diluted)

2,785.4

2,807.2

Effective tax rate

19.1

%

18.5

%

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

Earnings before provision for taxes on income

$           5,831

32.7

$           5,212

30.5

11.9

Net earnings

$           4,683

26.3

$           4,172

24.4

12.2

Net earnings per share (Diluted)

$             1.68

$             1.49

12.8

Effective tax rate

19.7

%

20.0

%

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

Johnson & Johnson and Subsidiaries

Condensed Consolidated Statement of Earnings 

(Unaudited; in Millions Except Per Share Figures)

NINE MONTHS

2016

2015

Percent

Percent

Percent

Increase

Amount

to Sales

Amount

to Sales

(Decrease)

Sales to customers

$         53,784

100.0

$         52,263

100.0

2.9

Cost of products sold

16,151

30.0

15,863

30.4

1.8

Selling, marketing and administrative expenses

14,636

27.2

15,312

29.3

(4.4)

Research and development expense

6,455

12.0

6,182

11.8

4.4

In-process research and development

29

0.1

10

0.0

Interest (income) expense, net

274

0.5

317

0.6

Other (income) expense, net

464

0.9

(859)

(1.6)

Restructuring

296

0.5

Earnings before provision for taxes on income

15,479

28.8

15,438

29.5

0.3

Provision for taxes on income

2,753

5.1

3,244

6.2

(15.1)

Net earnings

$         12,726

23.7

$         12,194

23.3

4.4

Net earnings per share (Diluted)

$             4.55

$             4.33

5.1

Average shares outstanding (Diluted)

2,796.6

2,817.1

Effective tax rate

17.8

%

21.0

%

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

Earnings before provision for taxes on income

$         17,656

32.8

$         17,090

32.7

3.3

Net earnings

$         14,403

26.8

$         13,402

25.6

7.5

Net earnings per share (Diluted)

$             5.15

$             4.76

8.2

Effective tax rate

18.4

%

21.6

%

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

Johnson & Johnson and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

Third Quarter

% Incr. /

Nine Months YTD

% Incr. /

(Dollars in Millions Except Per Share Data)

2016

2015

(Decr.)

2016

2015

(Decr.)

Earnings before provision for taxes on income – as reported

$ 5,281

4,122

28.1

%

$ 15,479

15,438

0.3

%

Intangible asset amortization expense

319

639

927

1,269

Restructuring/Other (1)

109

387

Litigation expense, net

55

409

721

141

DePuy ASR™ Hip program

148

In-process research and development

10

29

10

Other

67

32

113

84

Earnings before provision for taxes on income – as adjusted

$ 5,831

5,212

11.9

%

$ 17,656

17,090

3.3

%

Net Earnings – as reported

$ 4,272

3,358

27.2

%

$ 12,726

12,194

4.4

%

Intangible asset amortization expense

236

437

679

893

Restructuring/Other

76

293

Litigation expense, net

46

348

595

118

DePuy ASR™ Hip program

130

In-process research and development

6

23

6

Other

53

23

87

61

Net Earnings – as adjusted 

$ 4,683

4,172

12.2

%

$ 14,403

13,402

7.5

%

Diluted Net Earnings per share – as reported

$   1.53

1.20

27.5

%

$     4.55

4.33

5.1

%

Intangible asset amortization expense

0.08

0.16

0.24

0.32

Restructuring/Other

0.03

0.11

Litigation expense, net

0.02

0.12

0.21

0.04

DePuy ASR™ Hip program

0.05

In-process research and development

0.01

Other

0.02

0.01

0.03

0.02

Diluted Net Earnings per share – as adjusted 

$   1.68

1.49

12.8

%

$     5.15

4.76

8.2

%

Operational Diluted Net Earnings per share – as adjusted at 2014 foreign currency exchange rates

1.63

5.22

Impact of currency at 2015 foreign currency exchange rates

$       –

(0.14)

$     0.04

(0.46)

Operational Diluted Net Earnings per share – as adjusted at 2015 foreign currency exchange rates

$   1.68

1.49

12.8

%

$     5.19

4.76

9.0

%

(1) Includes $3M recorded in cost of products sold and $44M recorded in other (income) expense for the third quarter. 

    Includes $27M recorded in cost of products sold and $64M recorded in other (income) expense for nine months YTD.

Johnson & Johnson and Subsidiaries

Reconciliation of Non-GAAP Financial Measure

Operational Sales Growth Excluding Acquisitions, Divestitures, and Hepatitis C Sales(1)

 THIRD QUARTER 2016 ACTUAL vs. 2015 ACTUAL 

 Segments 

 Consumer 

 Pharmaceutical 

 Medical Devices 

 Total 

Operational %(2)

 WW As Reported: 

0.1%

9.0%

0.7%

4.3%

 U.S. 

1.1%

11.8%

1.4%

6.7%

 International 

(0.6)%

5.0%

(0.2)%

1.7%

Wound Care/Other

SPLENDA®

2.1

0.4

 U.S. 

4.0

0.6

 International 

1.0

0.2

Cardiovascular

Cordis

2.3

0.9

 U.S. 

1.1

0.4

 International 

3.7

1.4

Skin Care

(2.3)

Vogue

(5.8)

(0.4)

 U.S. 

0.0

(0.8)

 International 

0.0

Other Neuroscience

Controlled Substance Raw Material and API Business

0.7

0.3

 U.S. 

0.9

0.4

 International 

0.4

0.1

All Other Acquisitions and Divestitures

(0.3)

0.0

0.1

0.0

 U.S. 

(0.8)

0.0

(0.2)

(0.2)

 International 

(0.1)

0.0

0.4

0.2

WW Ops excluding Acquisitions and Divestitures

(0.4)%

9.7%

3.1%

5.5%

 U.S. 

(1.5)%

12.7%

2.3%

7.1%

 International 

0.3%

5.4%

3.9%

3.6%

Hepatitis C

1.0

0.4

 U.S. 

0.3

0.2

 International 

1.6

0.6

WW Ops excluding Hepatitis C only

10.0%

4.7%

 U.S. 

12.1%

6.9%

 International 

6.6%

2.3%

WW Ops excluding Acquisitions, Divestitures and Hepatitis C

(0.4)%

10.7%

3.1%

5.9%

 U.S. 

(1.5)%

13.0%

2.3%

7.3%

 International 

0.3%

7.0%

3.9%

4.2%

(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)

 NINE MONTHS 2016 ACTUAL vs. 2015 ACTUAL 

 Segments 

 Consumer 

 Pharmaceutical 

 Medical Devices 

 Total 

Operational %(2)

 WW As Reported: 

0.4%

9.1%

1.0%

4.5%

 U.S. 

1.1%

12.7%

1.5%

7.1%

 International 

0.1%

4.2%

0.5%

1.8%

Wound Care/Other

SPLENDA®

2.2

0.4

 U.S. 

4.3

0.7

 International 

0.9

0.2

Cardiovascular

Cordis

2.4

0.9

 U.S. 

1.1

0.4

 International 

3.5

1.3

Skin Care

(0.7)

Vogue

(1.9)

(0.1)

 U.S. 

0.0

(0.3)

 International 

0.0

All Other Acquisitions and Divestitures

(0.1)

0.4

0.0

0.1

 U.S. 

(0.3)

0.7

(0.1)

0.2

 International 

0.0

0.0

0.1

0.1

WW Ops excluding Acquisitions and Divestitures

1.8%

9.5%

3.4%

5.8%

 U.S. 

3.2%

13.4%

2.5%

8.1%

 International 

1.0%

4.2%

4.1%

3.4%

Hepatitis C

2.4

1.1

 U.S. 

1.1

0.6

 International 

4.2

1.6

WW Ops excluding Hepatitis C only

11.5%

5.6%

 U.S. 

13.8%

7.7%

 International 

8.4%

3.4%

WW Ops excluding Acquisitions, Divestitures, and Hepatitis C

1.8%

11.9%

3.4%

6.9%

 U.S. 

3.2%

14.5%

2.5%

8.7%

 International 

1.0%

8.4%

4.1%

5.0%

(1) Hepatitis C products include OLYSIO®/SOVRIAD®and INCIVO®

(2) Operational growth excludes the effect of translational currency

REPORTED SALES vs. PRIOR PERIOD ($MM)

THIRD QUARTER

NINE MONTHS

% Change

% Change

2016

2015

Reported

Operational(1)

Currency

2016

2015

Reported

Operational(1)

Currency

CONSUMER SEGMENT (2)

BABY CARE

US

$           96

103

-6.8%

-6.8%

$           293

$         318

-7.9%

-7.9%

Intl

370

403

-8.2%

-5.3%

-2.9%

1,124

1,242

-9.5%

-2.5%

-7.0%

WW

466

506

-7.9%

-5.6%

-2.3%

1,417

1,560

-9.2%

-3.6%

-5.6%

ORAL CARE

US

156

154

1.3%

1.3%

485

459

5.7%

5.7%

Intl

227

224

1.3%

3.1%

-1.8%

686

713

-3.8%

1.8%

-5.6%

WW

383

378

1.3%

2.3%

-1.0%

1,171

1,172

-0.1%

3.3%

-3.4%

OTC

US

380

383

-0.8%

-0.8%

1,230

1,154

6.6%

6.6%

Intl

584

580

0.7%

3.5%

-2.8%

1,761

1,776

-0.8%

4.2%

-5.0%

WW

964

963

0.1%

1.8%

-1.7%

2,991

2,930

2.1%

5.1%

-3.0%

SKIN CARE

US

517

435

18.9%

18.9%

1,560

1,418

10.0%

10.0%

Intl

438

428

2.3%

5.3%

-3.0%

1,210

1,242

-2.6%

2.7%

-5.3%

WW

955

863

10.7%

12.2%

-1.5%

2,770

2,660

4.1%

6.6%

-2.5%

WOMEN’S HEALTH

US

3

6

-50.0%

-50.0%

16

19

-15.8%

-15.8%

Intl

266

304

-12.5%

-9.1%

-3.4%

787

898

-12.4%

-5.1%

-7.3%

WW

269

310

-13.2%

-9.9%

-3.3%

803

917

-12.4%

-5.3%

-7.1%

WOUND CARE / OTHER

US

139

196

-29.1%

-29.1%

449

623

-27.9%

-27.9%

Intl

85

98

-13.3%

-13.2%

-0.1%

274

325

-15.7%

-12.0%

-3.7%

WW

224

294

-23.8%

-23.8%

0.0%

723

948

-23.7%

-22.4%

-1.3%

TOTAL CONSUMER

US

1,291

1,277

1.1%

1.1%

4,033

3,991

1.1%

1.1%

Intl

1,970

2,037

-3.3%

-0.6%

-2.7%

5,842

6,196

-5.7%

0.1%

-5.8%

WW

$      3,261

3,314

-1.6%

0.1%

-1.7%

$        9,875

10,187

-3.1%

0.4%

-3.5%

REPORTED SALES vs. PRIOR PERIOD ($MM)

THIRD QUARTER

NINE MONTHS

% Change

% Change

2016

2015

Reported

Operational(1)

Currency

2016

2015

Reported

Operational(1)

Currency

PHARMACEUTICAL SEGMENT (2)

IMMUNOLOGY

US

$      2,294

1,910

20.1%

20.1%

$        6,689

5,541

20.7%

20.7%

Intl

790

704

12.2%

11.6%

0.6%

2,343

2,090

12.1%

15.7%

-3.6%

WW

3,084

2,614

18.0%

17.8%

0.2%

9,032

7,631

18.4%

19.4%

-1.0%

REMICADE

US 

1,222

1,117

9.4%

9.4%

3,669

3,260

12.5%

12.5%

US Exports (3)

255

180

41.7%

41.7%

673

602

11.8%

11.8%

Intl

306

316

-3.2%

-2.9%

-0.3%

1,000

1,019

-1.9%

3.4%

-5.3%

WW

1,783

1,613

10.5%

10.6%

-0.1%

5,342

4,881

9.4%

10.5%

-1.1%

SIMPONI / SIMPONI ARIA

US

256

199

28.6%

28.6%

716

526

36.1%

36.1%

Intl

225

181

24.3%

20.6%

3.7%

603

462

30.5%

31.3%

-0.8%

WW

481

380

26.6%

24.8%

1.8%

1,319

988

33.5%

33.9%

-0.4%

STELARA

US

561

414

35.5%

35.5%

1,631

1,153

41.5%

41.5%

Intl

253

199

27.1%

27.8%

-0.7%

722

579

24.7%

27.2%

-2.5%

WW

814

613

32.8%

33.0%

-0.2%

2,353

1,732

35.9%

36.7%

-0.8%

OTHER IMMUNOLOGY

US

Intl

6

8

-25.0%

-22.6%

-2.4%

18

30

-40.0%

-32.9%

-7.1%

WW

6

8

-25.0%

-22.6%

-2.4%

18

30

-40.0%

-32.9%

-7.1%

INFECTIOUS DISEASES

US

387

379

2.1%

2.1%

1,107

1,172

-5.5%

-5.5%

Intl

455

469

-3.0%

-2.2%

-0.8%

1,340

1,683

-20.4%

-18.5%

-1.9%

WW

842

848

-0.7%

-0.3%

-0.4%

2,447

2,855

-14.3%

-13.2%

-1.1%

EDURANT

US

13

11

18.2%

18.2%

38

29

31.0%

31.0%

Intl

136

100

36.0%

35.4%

0.6%

370

274

35.0%

35.2%

-0.2%

WW

149

111

34.2%

33.7%

0.5%

408

303

34.7%

34.9%

-0.2%

OLYSIO / SOVRIAD

US

13

26

-50.0%

-50.0%

50

174

-71.3%

-71.3%

Intl

8

53

-84.9%

-85.7%

0.8%

46

403

-88.6%

-88.2%

-0.4%

WW

21

79

-73.4%

-73.9%

0.5%

96

577

-83.4%

-83.1%

-0.3%

PREZISTA / PREZCOBIX / REZOLSTA

US

310

285

8.8%

8.8%

860

777

10.7%

10.7%

Intl

183

183

0.0%

2.0%

-2.0%

544

566

-3.9%

-1.1%

-2.8%

WW

493

468

5.3%

6.1%

-0.8%

1,404

1,343

4.5%

5.7%

-1.2%

OTHER INFECTIOUS DISEASES

US

51

57

-10.5%

-10.5%

159

192

-17.2%

-17.2%

Intl

128

133

-3.8%

-3.0%

-0.8%

380

440

-13.6%

-10.6%

-3.0%

WW

179

190

-5.8%

-5.2%

-0.6%

539

632

-14.7%

-12.6%

-2.1%

See footnotes at end of schedule

REPORTED SALES vs. PRIOR PERIOD ($MM)

THIRD QUARTER

NINE MONTHS

% Change

% Change

2016

2015

Reported

Operational(1)

Currency

2016

2015

Reported

Operational(1)

Currency

NEUROSCIENCE

US

622

655

-5.0%

-5.0%

1,997

2,098

-4.8%

-4.8%

Intl

842

821

2.6%

0.0%

2.6%

2,618

2,560

2.3%

3.5%

-1.2%

WW

1,464

1,476

-0.8%

-2.2%

1.4%

4,615

4,658

-0.9%

-0.2%

-0.7%

CONCERTA / METHYLPHENIDATE

US

102

89

14.6%

14.6%

365

317

15.1%

15.1%

Intl

88

89

-1.1%

-2.5%

1.4%

294

291

1.0%

4.4%

-3.4%

WW

190

178

6.7%

6.0%

0.7%

659

608

8.4%

10.0%

-1.6%

INVEGA

US

28

82

-65.9%

-65.9%

70

281

-75.1%

-75.1%

Intl

59

57

3.5%

-1.0%

4.5%

185

179

3.4%

2.7%

0.7%

WW

87

139

-37.4%

-39.2%

1.8%

255

460

-44.6%

-44.9%

0.3%

INVEGA SUSTENNA / XEPLION / INVEGA TRINZA

US

339

277

22.4%

22.4%

983

758

29.7%

29.7%

Intl

217

182

19.2%

18.8%

0.4%

646

548

17.9%

19.8%

-1.9%

WW

556

459

21.1%

20.9%

0.2%

1,629

1,306

24.7%

25.5%

-0.8%

RISPERDAL CONSTA

US

94

103

-8.7%

-8.7%

289

306

-5.6%

-5.6%

Intl

128

132

-3.0%

-3.9%

0.9%

394

430

-8.4%

-7.1%

-1.3%

WW

222

235

-5.5%

-6.0%

0.5%

683

736

-7.2%

-6.4%

-0.8%

OTHER NEUROSCIENCE

US

59

104

-43.3%

-43.3%

290

436

-33.5%

-33.5%

Intl

350

361

-3.0%

-7.3%

4.3%

1,099

1,112

-1.2%

-0.6%

-0.6%

WW

409

465

-12.0%

-15.3%

3.3%

1,389

1,548

-10.3%

-9.9%

-0.4%

ONCOLOGY

US

622

394

57.9%

57.9%

1,740

1,090

59.6%

59.6%

Intl

895

776

15.3%

15.4%

-0.1%

2,605

2,332

11.7%

14.1%

-2.4%

WW

1,517

1,170

29.7%

29.7%

0.0%

4,345

3,422

27.0%

28.7%

-1.7%

IMBRUVICA

US

179

98

82.7%

82.7%

455

253

79.8%

79.8%

Intl

170

86

97.7%

*

**

450

201

*

*

**

WW

349

184

89.7%

92.1%

-2.4%

905

454

99.3%

*

**

VELCADE

US

Intl

304

329

-7.6%

-7.4%

-0.2%

950

1,012

-6.1%

-3.7%

-2.4%

WW

304

329

-7.6%

-7.4%

-0.2%

950

1,012

-6.1%

-3.7%

-2.4%

ZYTIGA

US

282

276

2.2%

2.2%

840

784

7.1%

7.1%

Intl

300

272

10.3%

8.5%

1.8%

901

866

4.0%

5.4%

-1.4%

WW

582

548

6.2%

5.3%

0.9%

1,741

1,650

5.5%

6.3%

-0.8%

OTHER ONCOLOGY

US

161

20

*

*

445

53

*

*

Intl

121

89

36.0%

36.6%

-0.6%

304

253

20.2%

23.0%

-2.8%

WW

282

109

*

*

**

749

306

*

*

**

CARDIOVASCULAR / METABOLISM / OTHER

US

1,117

1,171

-4.6%

-4.6%

3,590

3,522

1.9%

1.9%

Intl

376

415

-9.4%

-7.4%

-2.0%

1,203

1,278

-5.9%

-1.5%

-4.4%

WW

1,493

1,586

-5.9%

-5.4%

-0.5%

4,793

4,800

-0.1%

1.1%

-1.2%

XARELTO

US

529

461

14.8%

14.8%

1,690

1,374

23.0%

23.0%

Intl

WW

529

461

14.8%

14.8%

1,690

1,374

23.0%

23.0%

INVOKANA / INVOKAMET

US

294

322

-8.7%

-8.7%

939

890

5.5%

5.5%

Intl

34

18

88.9%

94.3%

-5.4%

97

46

*

*

**

WW

328

340

-3.5%

-3.2%

-0.3%

1,036

936

10.7%

11.3%

-0.6%

PROCRIT / EPREX

US

168

177

-5.1%

-5.1%

581

519

11.9%

11.9%

Intl

82

86

-4.7%

-4.7%

0.0%

265

289

-8.3%

-5.5%

-2.8%

WW

250

263

-4.9%

-4.9%

0.0%

846

808

4.7%

5.7%

-1.0%

OTHER

US

126

211

-40.3%

-40.3%

380

739

-48.6%

-48.6%

Intl

260

311

-16.4%

-14.1%

-2.3%

841

943

-10.8%

-6.3%

-4.5%

WW

386

522

-26.1%

-24.7%

-1.4%

1,221

1,682

-27.4%

-24.9%

-2.5%

TOTAL PHARMACEUTICAL

US

5,042

4,509

11.8%

11.8%

15,123

13,423

12.7%

12.7%

Intl

3,358

3,185

5.4%

5.0%

0.4%

10,109

9,943

1.7%

4.2%

-2.5%

WW

$      8,400

7,694

9.2%

9.0%

0.2%

$      25,232

23,366

8.0%

9.1%

-1.1%

See footnotes at end of schedule

REPORTED SALES vs. PRIOR PERIOD ($MM)

THIRD QUARTER

NINE MONTHS

% Change

% Change

2016

2015

Reported

Operational(1)

Currency

2016

2015

Reported

Operational(1)

Currency

MEDICAL DEVICES SEGMENT (2) (4)

CARDIOVASCULAR

US

$         235

239

-1.7%

-1.7%

$           701

702

-0.1%

-0.1%

Intl

216

285

-24.2%

-26.8%

2.6%

663

895

-25.9%

-25.6%

-0.3%

WW

451

524

-13.9%

-15.3%

1.4%

1,364

1,597

-14.6%

-14.4%

-0.2%

DIABETES CARE

US

191

205

-6.8%

-6.8%

548

631

-13.2%

-13.2%

Intl

236

265

-10.9%

-11.2%

0.3%

779

817

-4.7%

-2.2%

-2.5%

WW

427

470

-9.1%

-9.2%

0.1%

1,327

1,448

-8.4%

-7.0%

-1.4%

DIAGNOSTICS

US

Intl

7

16

-56.3%

-55.8%

-0.5%

66

62

6.5%

21.1%

-14.6%

WW

7

16

-56.3%

-55.8%

-0.5%

66

62

6.5%

21.1%

-14.6%

ORTHOPAEDICS

US 

1,343

1,312

2.4%

2.4%

4,099

3,942

4.0%

4.0%

Intl

908

869

4.5%

4.5%

0.0%

2,848

2,897

-1.7%

0.9%

-2.6%

WW

2,251

2,181

3.2%

3.2%

0.0%

6,947

6,839

1.6%

2.7%

-1.1%

HIPS

US

190

185

2.7%

2.7%

590

568

3.9%

3.9%

Intl

130

124

4.8%

6.4%

-1.6%

421

410

2.7%

6.5%

-3.8%

WW

320

309

3.6%

4.2%

-0.6%

1,011

978

3.4%

5.0%

-1.6%

KNEES

US

223

214

4.2%

4.2%

696

662

5.1%

5.1%

Intl

132

129

2.3%

4.0%

-1.7%

433

429

0.9%

4.3%

-3.4%

WW

355

343

3.5%

4.1%

-0.6%

1,129

1,091

3.5%

4.8%

-1.3%

TRAUMA

US

389

368

5.7%

5.7%

1,151

1,083

6.3%

6.3%

Intl

248

239

3.8%

3.1%

0.7%

764

801

-4.6%

-2.1%

-2.5%

WW

637

607

4.9%

4.6%

0.3%

1,915

1,884

1.6%

2.7%

-1.1%

SPINE & OTHER

US

541

545

-0.7%

-0.7%

1,662

1,629

2.0%

2.0%

Intl

398

377

5.6%

5.0%

0.6%

1,230

1,257

-2.1%

0.0%

-2.1%

WW

939

922

1.8%

1.6%

0.2%

2,892

2,886

0.2%

1.1%

-0.9%

SURGERY

US

1,002

987

1.5%

1.5%

3,003

2,947

1.9%

1.9%

Intl

1,282

1,233

4.0%

3.9%

0.1%

3,906

3,857

1.3%

4.3%

-3.0%

WW

2,284

2,220

2.9%

2.9%

0.0%

6,909

6,804

1.5%

3.2%

-1.7%

ADVANCED

US

390

357

9.2%

9.2%

1,131

1,046

8.1%

8.1%

Intl

494

438

12.8%

13.0%

-0.2%

1,478

1,359

8.8%

11.9%

-3.1%

WW

884

795

11.2%

11.3%

-0.1%

2,609

2,405

8.5%

10.3%

-1.8%

GENERAL

US

414

427

-3.0%

-3.0%

1,254

1,272

-1.4%

-1.4%

Intl

649

656

-1.1%

-1.1%

0.0%

2,006

2,063

-2.8%

0.0%

-2.8%

WW

1,063

1,083

-1.8%

-1.8%

0.0%

3,260

3,335

-2.2%

-0.5%

-1.7%

SPECIALTY

US

198

203

-2.5%

-2.5%

618

629

-1.7%

-1.7%

Intl

139

139

0.0%

-1.2%

1.2%

422

435

-3.0%

0.3%

-3.3%

WW

337

342

-1.5%

-2.0%

0.5%

1,040

1,064

-2.3%

-1.0%

-1.3%

VISION CARE

US

277

262

5.7%

5.7%

767

758

1.2%

1.2%

Intl

462

421

9.7%

5.3%

4.4%

1,297

1,202

7.9%

7.7%

0.2%

WW

739

683

8.2%

5.5%

2.7%

2,064

1,960

5.3%

5.2%

0.1%

TOTAL MEDICAL DEVICES

US

3,048

3,005

1.4%

1.4%

9,118

8,980

1.5%

1.5%

Intl

3,111

3,089

0.7%

-0.2%

0.9%

9,559

9,730

-1.8%

0.5%

-2.3%

WW

$      6,159

6,094

1.1%

0.7%

0.4%

$      18,677

18,710

-0.2%

1.0%

-1.2%

* Percentage greater than 100%

** Not meaningful

(1) Operational growth excludes the effect of translational currency

(2) Unaudited

(3) Reported as U.S. sales

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

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POLITICS & POWER

The Lady Bird Johnson Environmental Award Presented to Ken Burns

AUSTIN, Texas, (FNN NEWS) -- The 2017 Lady Bird Johnson Environmental Award has been presented to…

Politics Unfiltered: History-Making Political Newcomer Tiffany Dziekan Shares Her Experience

ORLANDO, Fla. (FNN NEWS) - Politics is rife with promises of change and benefits that…

Jonathan Allen and Amie Parnes to Discuss "Shattered: Inside Hillary…

WASHINGTON, (FNN NEWS) -- During Hillary Clinton's 2016 race for the White House, two journalists, Jonathan Allen…

U.S. NEWS

The Lady Bird Johnson Environmental Award Presented to Ken Burns

AUSTIN, Texas, (FNN NEWS) -- The 2017 Lady Bird Johnson Environmental Award has been presented to Ken Burns for reawakening a nation's consciousness to the natural world through his work, including The National Parks: America's Best Idea.  As a direct result of the publicity and broadcast of this documentary, national parks…

Research: Teachers Value Independent Reading Time, but Only 36% Can…

NEW YORK, (FNN NEWS) -- Today, Scholastic (NASDAQ: SCHL), the global children's publishing, education, and media company, released the new Teacher & Principal School Report: Focus on Literacy, which reveals that the overwhelming majority of educators agree that "students should have time during the school day to read a book of…

Autism Society and Ed Asner Honor Ben Affleck & Pixar…

LOS ANGELES, (FNN NEWS) -- Oscar®-winning actor Ben Affleck, Pixar filmmakers Pete Docter and Jonas Rivera, AutFest founder Matt Asner and several filmmakers were honored yesterday for their filmmaking contributions to autism awareness "from spectrum to screen" at the 1st Annual AutFest International Film Festival (April 22-23) in Orange, California. Seven-time Emmy® winner and…

ORLANDO

Politics Unfiltered: History-Making Political Newcomer Tiffany Dziekan Shares Her Experience

ORLANDO, Fla. (FNN NEWS) - Politics is rife with promises of change and benefits that tickle the ears of an elected official's or political candidate's base, depending on his or her political affiliation, but what happens when a political neophyte runs as an independent...and wins, making history as a result? Tiffany Dziekan, newly elected Orange Soil & Water Conservation District Supervisor…

Florida Film Festival held its annual Block Party at Winter…

WINTER PARK, Fla. (FNN NEWS) - The Florida Film Festival held its annual Block Party celebration for Festival ticket and pass holders at the Winter Park Village, Saturday evening. Participants received free drinks and appetizers from select Winter Park Village restaurants and also enjoy live entertainment. Participating vendors include Another Broken Egg Café, Crispers, Brio Tuscan Grille, Firefly Kitchen and Bar, Mitchell’s…

Supervisor Daisy Morales Takes Pine Hills Students on an Earth…

ORLANDO, Fla. (FNN NEWS) - As millions of people around the world plan to celebrate Earth Day on April 22, Orange Soil and Water Conservation District Supervisor Daisy Morales held her 3rd annual Earth Day Awareness Tour by taking students from the Pine Hills community on an environmental adventure at the historic 50-acre Harry P. Leu Gardens Wednesday morning. Supervisor Morales…

MIAMI

Lynn University to break ground on $35 million university center

BOCA RATON, Fla. (FNN NEWS) -  Lynn University will break ground Thursday, April 20, on the Christine E. Lynn University Center. The 11 a.m. ceremony will take place at the heart of campus and will feature guest speakers, food and drink, a unique photo opportunity, virtual reality renderings, and remarks from the namesake donor, Christine…

Famed Miami Doctor Rudy Moise Donates $2,500 To Former Haitian…

MIAMI, Fla (FNN NEWS) -- Former Haitian Prime Minister Laurent Lamothe held a news conference to announce the upcoming 2nd Annual GEM Gala and discuss the Dr. Louis G. Lamothe Foundation's extraordinary humanitarian work in Haiti. The event was held on Wednesday night at The Little Haiti Cultural Center in Miami. Global Empowerment Mission (GEM) [caption id="attachment_13742" align="alignnone"…

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2016 TONY AWARDS

2016 CANNES FILM FEST

WRITERS GUILD AWARDS

2016 GOLDEN TRAILER

2016 ESSENCE FEST

MISS AMERICA 2015

AMERICAN BLACK FILM FEST

MISS UNIVERSE 2015

2016 JAZZ IN THE GARDENS

2016 DAYTONA 500