SEC Form 10-K Annual Report
Total Page:16
File Type:pdf, Size:1020Kb
e10vk 10-K 1 y80744e10vk.htm FORM 10-K Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 3, 2010 Commission file number 1-3215 JOHNSON & JOHNSON (Exact name of registrant as specified in its charter) New Jersey 22-1024240 (State of incorporation) (I.R.S. Employer Identification No.) One Johnson & Johnson Plaza New Brunswick, New Jersey 08933 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (732) 524-0400 SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT Title of each class Name of each exchange on which registered Common Stock, Par Value $1.00 New York Stock Exchange Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes þ No o Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes o No þ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act). Large accelerated filer þ Accelerated filer o Non-accelerated filer o Smaller reporting company o Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ The aggregate market value of the Common Stock held by non-affiliates computed by reference to the price at which the Common Stock was last sold as of the last business day of the registrant’s most recently completed second fiscal quarter was approximately $156 billion. On February 8, 2010 there were 2,751,927,062 shares of Common Stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE Parts I, II and III: Portions of registrant’s annual report to shareholders for fiscal year 2009 (the “Annual Report”). Parts I and III: Portions of registrant’s proxy statement for its 2010 annual meeting of shareholders filed within 120 days after the close of the registrant’s fiscal year (the “Proxy Statement”). Item Page PART I 1. Business 1 General 1 Segments of Business 1 Geographic Areas 2 Raw Materials 2 Patents and Trademarks 2 Seasonality 2 Competition 3 Research and Development 3 Environment 3 Regulation 3 Available Information 4 1A. Risk Factors 4 1B. Unresolved Staff Comments 4 2. Properties 4 3. Legal Proceedings 5 4. Submission of Matters to a Vote of Security Holders 5 Executive Officers of the Registrant 5 PART II 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 6 6. Selected Financial Data 7 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation 7 7A. Quantitative and Qualitative Disclosures About Market Risk 7 8. Financial Statements and Supplementary Data 7 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 8 9A. Controls and Procedures 8 9B. Other Information 8 PART III 10. Directors, Executive Officers and Corporate Governance 9 11. Executive Compensation 9 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 9 13. Certain Relationships and Related Transactions, and Director Independence 10 14. Principal Accountant Fees and Services 10 PART IV http://www.sec.gov/Archives/edgar/data/200406/000095012310019392/y80744e10vk.htm#tocpage[3/20/2010 5:03:37 PM] e10vk 15. Exhibits and Financial Statement Schedules 11 Schedule II — Valuation and Qualifying Accounts 12 Signatures 13 Report of Independent Registered Public Accounting Firm on Financial Statement Schedule 15 Exhibit Index 16 EX-10.W EX-12 EX-13 EX-21 EX-23 EX-31.A EX-31.B EX-32.A EX-32.B EX-99 EX-101 INSTANCE DOCUMENT EX-101 SCHEMA DOCUMENT EX-101 CALCULATION LINKBASE DOCUMENT EX-101 LABELS LINKBASE DOCUMENT EX-101 PRESENTATION LINKBASE DOCUMENT EX-101 DEFINITION LINKBASE DOCUMENT Table of Contents PART I Item 1. BUSINESS General Johnson & Johnson and its subsidiaries have approximately 115,500 employees worldwide engaged in the research and development, manufacture and sale of a broad range of products in the health care field. Johnson & Johnson is a holding company, which has more than 250 operating companies conducting business in virtually all countries of the world. Johnson & Johnson’s primary focus has been on products related to human health and well-being. Johnson & Johnson was incorporated in the State of New Jersey in 1887. The Company’s structure is based on the principle of decentralized management. The Executive Committee of Johnson & Johnson is the principal management group responsible for the operations and allocation of the resources of the Company. This Committee oversees and coordinates the activities of the Consumer, Pharmaceutical and Medical Devices and Diagnostics business segments. Each subsidiary within the business segments is, with some exceptions, managed by citizens of the country where it is located. Segments of Business Johnson & Johnson’s operating companies are organized into three business segments: Consumer, Pharmaceutical and Medical Devices and Diagnostics. Additional information required by this item is incorporated herein by reference to the narrative and tabular (but not the graphic) descriptions of segments and operating results under the captions “Management’s Discussion and Analysis of Results of Operations and Financial Condition” on pages 26 through 35 and Note 18 “Segments of Business and Geographic Areas” under “Notes to Consolidated Financial Statements” on page 55 of the Annual Report, filed as Exhibit 13 to this Report on Form 10-K. Consumer The Consumer segment includes a broad range of products used in the baby care, skin care, oral care, wound care and women’s health care fields, as well as nutritional and over-the-counter pharmaceutical products, and wellness and prevention platforms. The Baby Care franchise includes the JOHNSON’S® Baby line of products. Major brands in the Skin Care franchise include the AVEENO®; CLEAN & CLEAR®; JOHNSON’S® Adult; NEUTROGENA®; RoC®; LUBRIDERM®; Dabao; and Vendôme product lines. The Oral Care franchise includes the LISTERINE® and REACH® oral care lines of products. The Wound Care franchise includes BAND-AID® brand adhesive bandages and PURELL® instant hand sanitizer products. Major brands in the Women’s Health franchise are the CAREFREE® Pantiliners; STAYFREE® sanitary protection products; and Vania Expansion products. The nutritional and over-the-counter lines include SPLENDA®, No Calorie Sweetener; the broad family of TYLENOL® acetaminophen products; SUDAFED® cold, flu and allergy products; ZYRTEC® allergy products; MOTRIN® IB ibuprofen products; and PEPCID® AC Acid Controller from Johnson & Johnson • Merck Consumer Pharmaceuticals Co. These products are marketed to the general public and sold both to retail outlets and distributors throughout the world. Pharmaceutical The Pharmaceutical segment includes products in the following therapeutic areas: anti-infective, antipsychotic, cardiovascular, contraceptive, dermatology, gastrointestinal, hematology, immunology, neurology, oncology, pain management, urology and virology. These products are distributed directly to retailers, wholesalers and health care professionals for prescription use. Key products in the Pharmaceutical segment include: REMICADE® (infliximab), a biologic approved for the treatment of a number of immune mediated inflammatory diseases; PROCRIT® (Epoetin alfa, sold outside the U.S. as EPREX®), a biotechnology-derived product that stimulates red blood cell production; LEVAQUIN® (levofloxacin) in the anti-infective field; RISPERDAL® CONSTA® (risperidone), a long-acting injectable for the treatment of schizophrenia; CONCERTA® (methylphenidate HCl), a product for the treatment of attention deficit hyperactivity disorder; ACIPHEX®/PARIET®, a proton pump inhibitor co-marketed with Eisai Inc.; DURAGESIC®/Fentanyl Transdermal (fentanyl transdermal system, sold outside the U.S. as DUROGESIC®), a treatment for chronic pain that offers a novel delivery system; VELCADE® (bortezomib), a product for the treatment for multiple myeloma; PREZISTA® (darunavir) for the treatment of HIV/AIDS patients; and INVEGA® (paliperidone), a once-daily atypical antipsychotic. Table of Contents Medical Devices and Diagnostics The Medical Devices and Diagnostics segment includes a broad range of