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2016 Annual Report

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ANNUAL REPORT 2016 MARCH 2017 TO OUR SHAREHOLDERS ALEX GORSKY Chairman and Chief Executive Officer I’ve worked in the health care industry for Rather, true innovations are the result of WE ARE UNITED nearly 30 years. It’s been both an honor and collaboration. And that collaboration is AND INSPIRED a privilege to work for Johnson & Johnson, driven by a diversity of ideas, individuals BY OUR CREDO, a company that touches the lives of over and disciplines – working together toward WHICH RINGS a billion people every day, around the a common goal. AS TRUE TODAY world. As I look at today’s health care AS IT DID WHEN landscape, it’s incredibly clear that the Today, more than ever, the world needs IT WAS WRITTEN pace of change has never been greater, leaders who are committed to working MORE THAN 70 or frankly, more exciting. together to help bring improved health YEARS AGO. and wellness to every person in every Today’s rapid change brings both corner of the globe. As the world’s largest opportunities and risks for any company and most broadly based health care in health care, and we are prepared company, we are uniquely positioned to help to address both. There are significant transform global health care; to shine a light challenges to overcome, but the tools, the on the most important issues we are facing; insights, the technologies, the innovations to collaborate across boundaries and – both evolutions and revolutions – all borders; to uncover scientific insights and combine to make today one of the most ideas; and to dedicate resources towards promising times for human health and for creating tomorrow’s breakthroughs. Johnson & Johnson. We are united and inspired by Our Credo, For over 130 years, our company has been which rings as true today as it did when inventing the future of health care. From it was written more than 70 years ago. the beginning, we learned that innovation It reminds us that our first responsibility is seldom the product of a solitary genius. is to our customers and patients, and it CHAIRMAN’S LETTER • I compels us to deliver on our responsibilities world’s largest and most comprehensive to our employees, our communities, our health care company, no one is better environment, and our shareholders. positioned than Johnson & Johnson to lead this important work. With that strong foundation, we will continue to use our breadth to In addition to our commitment to advance comprehensively advance human health; health comprehensively, we also employ invest for enduring, long-term impact; disciplined portfolio management to position our businesses to deliver strong, ensure we are focused on solving the consistent and sustainable results; most important medical and consumer hold ourselves accountable for our health needs, investing in promising future responsibilities; and put people first. growth areas and that all of our businesses continue meeting our expectations. During ADVANCING HUMAN HEALTH 2016, we completed 14 acquisitions or WE HAVE TO We believe having a business that significant licensing deals, as well as eight PUT THE PATIENT is broadly based in health care has divestitures, positioning us for continued IN THE CENTER been and will continue to be a major profitable growth. AND REWARD factor in our success. It has allowed us INNOVATIONS to deliver strong and consistent growth, Our acquisition of Abbott Medical Optics, THAT DRIVE as well as return significant value to which closed in early 2017, is an excellent BETTER our shareholders, throughout various example of our flexibility to invest in areas OUTCOMES & economic cycles. of opportunity across the spectrum of LONG-TERM health care. Our consumer expertise, VALUE. Our company’s structure also allows us particularly in the vision care space, to interconnect our breadth and depth to combined with our medical device drive innovation, and to take advantage of expertise, made this opportunity uniquely growth opportunities wherever they may complementary to our portfolio. We be across the dynamic health industry. This are excited about adding a strong and is particularly important as the industry differentiated surgical ophthalmic offering continues to evolve, and as the political – particularly in cataract surgery – to our environment poses new challenges and vision care business. That, coupled with opportunities. In 2016, this was incredibly our world-leading ACUVUE® contact lens clear in the emerging area of HealthTech. business, will help us become a broad- The potential for the intersection of based leader in vision care. This transaction technology and health care to completely is an excellent example of our approach change and disrupt the existing health care to acquisitions – it was the right deal, ecosystem has never been more imminent. at the right time and at the right price, This new HealthTech space is becoming to drive growth and create value for our integral to everything that we do, and as the shareholders. II • CHAIRMAN’S LETTER Our broad base across health care and INVESTING FOR LONG-TERM strong global footprint also gives us unique GROWTH insight and opportunities to work with In the same way that we are driven to OUR BROAD governments and health care systems save and improve lives, we have a very BASE IN HUMAN around the world to influence investments clear perspective on the imperatives for HEALTH CARE in health. The volatility that we see in our financial performance: our objective EXTENDS emerging markets, and the health care cost is for Johnson & Johnson to grow sales OUR REACH, challenges that exist in both developed organically at a faster rate than the market, CAPABILITIES and emerging markets, clearly demonstrate and grow our earnings faster than sales; AND STRATEGIC the importance of advocating for improved an objective we met in 2016. ADVANTAGES access to quality health care, as well as FOR PATIENTS, rewards for innovations that drive better Additionally, our focus on having a strong PROVIDERS AND outcomes and long-term value. We will cash flow ensures we are able to make CONSUMERS continue to be a leading voice in these the appropriate investments in our AROUND THE discussions, advocating for solutions that business, and then capitalize on the right WORLD. are in the best interests of the health and opportunities to create greater long-term wellness of patients and consumers. value for our shareholders. We start by funding our internal growth initiatives, including our investments in research and development. $ In 2016, our R&D After funding our organic growth, investments totaled 9.1B $9.1 billion. we have a strategic capital allocation framework that outlines how we will use our remaining free cash flow. $ In 2016, our free Our first priority is delivering a competitive B cash flow was dividend to our shareholders, which we 15.5 $15.5 billion*. have increased for 54 consecutive years. In 2016, we paid $ B $8.6 billion in 8.6 dividends. After meeting our dividend goals, we target value creating acquisitions. $ In 2016, we invested B approximately $5 billion Finally, we consider other prudent ways to 5 in acquisitions and major return value to shareholders, such as licensing deals. share repurchase programs. $ In 2016, we completed B two-thirds of our 10 $10 billion share repurchase program. CHAIRMAN’S LETTER • III Our total shareholder return for 2016 For 2017, we expect our key catalysts for was a strong 15.3%, significantly exceeding growth will include: our competitor composite, as well as • Continued strong performance of our exceeding most major indices, including in-line products – increasing penetration the S&P 500. This is not only true for 2016, in markets such as anti-coagulants, but I’m proud to say it’s also the case over psoriasis, and long-acting anti-psychotics the last three, five, ten and twenty year • Capitalizing on the early launch success periods. Historically, approximately 70 from key products such as DARZALEX®, percent of our free cash flow deployed IMBRUVICA®, and STELARA® for over the last 10 years has been returned Crohn’s Disease to shareholders in the form of dividends or • Anticipated regulatory approval for two share repurchases. new immunology products, guselkumab ALL THREE OF and sirukumab, each with greater than OUR BUSINESS Our strong record of total shareholder $1 billion in sales potential SECTORS returns is the result of our approach to ARE WELL- managing for the long term, our relentless Further, we will continue to vigorously POSITIONED drive for innovation, our disciplined portfolio defend our patents on REMICADE®, while TO MEET THE management and our capital allocation remaining competitive against at-risk CHANGING strategy – all of which are regularly biosimilar entries, given the product’s long NEEDS OF discussed as part of our ongoing strategic track record of efficacy and safety. PATIENTS AND planning with our Board of Directors. CONSUMERS We are confident in our robust DRIVING STRONG, CONSISTENT, Pharmaceutical pipeline and will continue SUSTAINABLE RESULTS working toward our goal of filing 10 new As the health care landscape continues to products by 2019, each with at least $1 evolve, all three of our business sectors are billion in potential sales, as well as filing an well-positioned to meet the changing needs additional 40 line extensions by 2019, 10 of patients and consumers. In terms of our of which have more than $500 million in financial performance, we expect each potential sales. business segment to grow and contribute to our sales and income growth in 2017. In addition, in January 2017 we announced a definitive agreement to acquire Actelion PHARMACEUTICALS Ltd. for approximately $30 billion. The In our Pharmaceuticals business, our transaction is expected to accelerate priority is to drive continued growth while our near- and long-term revenue and delivering on our near-term pipeline.
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