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Johnson & Johnson 1999 EPS Rose 13.8% on Sales Increase of 14.5

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Johnson & Johnson 1999 EPS Rose 13.8% on Sales Increase of 14.5 Johnson & Johnson 1999 EPS Rose 13.8% on Sales Increase of 14.5% Fourth Quarter EPS Rose 12.0% on Sales Increase of 6.3% NEW BRUNSWICK, N.J., Jan. 25 -- Johnson & Johnson (NYSE: JNJ - news) today announced sales for the fourth quarter of $6.9 billion, an increase of 6.3% over sales of $6.5 billion for the same period last year. Domestic sales were up 9.2% while international sales increased 2.9%. Excluding the impact of negative currency, international sales growth for the fourth quarter of 1999 was 10.2%. Worldwide sales for the year 1999 were a record $27.5 billion, an increase of 14.5% over 1998 sales of $24.0 billion. Excluding special charges, earnings per share in the fourth quarter of 1999 were $.56, an increase of 12.0% compared to $.50 for the same period in 1998. The special charges include costs associated with the Centocor merger in 1999 and the reconfiguration of the worldwide manufacturing network and in-process research and development charges in 1998. Excluding these charges, earnings per share were $2.97 for the year, compared with $2.61 per share in 1998, an increase of 13.8%. For the fourth quarter of 1999, including the special charges, the company reported earnings per share of $.53 compared with $.07 for the same period in 1998. For the year, earnings per share were $2.94, compared with $2.12 per share in 1998. Excluding special charges, consolidated net earnings for the fourth quarter were $796 million, compared with $712 million for the same period a year ago, an increase of 11.8%. Consolidated net earnings for the year were a record $4.2 billion, an increase of 13.8% over $3.7 billion in 1998. Including the special charges, fourth quarter consolidated net earnings were $754 million, compared with $102 million for the same period a year ago. Consolidated net earnings for the year were $4.2 billion compared with $3.0 billion in 1998. "The year 1999 was very good for Johnson & Johnson across all segments of the business," said Ralph S. Larsen, Chairman and Chief Executive Officer. "We continue to deliver strong double-digit growth in both sales and earnings. Our investments in a broad range of innovative opportunities, both internally and outside the Company, have allowed us to grow at an accelerated rate and provide a strong platform for growth in the future." On October 6, 1999, the company closed the merger with Centocor, Inc., a leader in monoclonal antibody technology and acute vascular care and immunology products. "Centocor is an important strategic addition to our worldwide pharmaceutical business," said Mr. Larsen. "Centocor will enhance existing Johnson & Johnson growth platforms in biotechnology, cardiology, circulatory diseases and gastrointestinals." Worldwide Pharmaceutical sales of $10.7 billion for 1999 increased 20.2% over 1998, including 28.6% growth in domestic sales. International sales increased 9.4%. Worldwide sales gains in local currency of 22.0% were partially offset by a negative currency impact of 1.8%. Sales growth reflects the strong performance of PROCRIT, for the treatment of anemia; RISPERDAL, an antipsychotic medication; DURAGESIC, a transdermal patch for chronic pain; LEVAQUIN, an anti-infective, and the oral contraceptive line of products. During the fourth quarter, the company received approval from the FDA for ORTHO-PREFEST for hormone replacement therapy and an additional indication for REMICADE (infliximab) for the treatment of rheumatoid arthritis. Worldwide sales of $9.9 billion in the Professional segment represented an increase of 15.7% over 1998. Domestic sales were up 16.9%, while international sales increased 14.3%. Worldwide sales gains in local currency of 16.4% were reduced by .7 points due to the strength of the U.S. dollar. Strong sales growth from Ethicon Endo-Surgery's laparoscopy and mechanical wound closure products, Ethicon's Mitek suture anchors and Gynecare's women's health products -- combined with the acquisition of DePuy's orthopaedic products -- were the primary contributors to the Professional segment growth. In the fourth quarter, Cordis launched the new Bx Velocity coronary stent in Europe, where it has been well received by the medical community. Ethicon also received a fourth quarter approval for Gynecare's Thermachoice II Uterine Balloon Therapy System, the latex-free next generation ablation technology system used for excessive uterine bleeding. Worldwide Consumer sales for 1999 were $6.9 billion, an increase of 5.2% over 1998. Domestic sales increased by 10.4%, while international sales declined by 0.2%. Worldwide sales gains in local currency of 8.7% were offset by a negative currency impact of 3.5%. Consumer sales were led by continued strength in the skin care franchise, which includes the NEUTROGENA, RoC, AVEENO and CLEAN & CLEAR product lines, as well as strong performances from the adult and children's TYLENOL line of analgesic products. In 1999, investment in research and development reached $2.6 billion, or 9.5% of sales, an increase of $264 million, or 11.3%, from 1998. "Our commitment to research and development has never been stronger," said Mr. Larsen. "The keys to our growth in the next century are continued scientific innovation and investing in new opportunities." The company increased its quarterly dividend in 1999 for the 37th consecutive year, from $.25 per quarter in 1998 to $.28 per quarter, an increase of 12.0%. Johnson & Johnson, with approximately 97,800 employees, is the world's most comprehensive and broadly-based manufacturer of health care products, as well as a provider of related services, for the consumer, pharmaceutical and professional markets. Johnson & Johnson has more than 190 operating companies in 51 countries around the world, selling products in more than 175 countries. (This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties which could cause actual outcomes and results to differ materially from these statements. Risks and uncertainties include general industry and market conditions; general domestic and international economic conditions, such as interest rate and currency exchange rate fluctuations; technological advances and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approvals; domestic and foreign healthcare reforms; trends toward managed care and healthcare cost containment, and governmental laws and regulations affecting domestic and foreign operations. A further list and description of these risks, uncertainties and other factors can be found in Exhibit 99(b) of the company's Annual Report on Form 10-K for the fiscal year ended January 3, 1999. Copies of this Form 10-K are available on request from the company. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.) JOHNSON & JOHNSON AND SUBSIDIARIES SUPPLEMENTARY SALES DATA (Unaudited; Dollars in Millions) FOURTH QUARTER Percent 1999 1998 Increase SALES TO CUSTOMERS BY SEGMENT OF BUSINESS Consumer Domestic $948 927 2.3 International 796 804 (1.0) 1,744 1,731 .8 Pharmaceutical Domestic 1,492 1,299 14.9 International 1,060 1,014 4.5 2,552 2,313 10.3 Professional Domestic 1,361 1,255 8.4 International 1,220 1,171 4.2 2,581 2,426 6.4 Domestic 3,801 3,481 9.2 International 3,076 2,989 2.9 WORLDWIDE $6,877 6,470 6.3 JOHNSON & JOHNSON AND SUBSIDIARIES SUPPLEMENTARY SALES DATA (Unaudited; Dollars in Millions) YEAR Percent 1999 1998 Increase SALES TO CUSTOMERS BY SEGMENT OF BUSINESS Consumer Domestic $ 3,670 3,325 10.4 International 3,194 3,201 (.2) 6,864 6,526 5.2 Pharmaceutical Domestic 6,419 4,993 28.6 International 4,275 3,907 9.4 10,694 8,900 20.2 Professional Domestic 5,296 4,530 16.9 International 4,617 4,039 14.3 9,913 8,569 15.7 Domestic 15,385 12,848 19.7 International 12,086 11,147 8.4 WORLDWIDE $27,471 23,995 14.5 JOHNSON & JOHNSON AND SUBSIDIARIES SUPPLEMENTARY SALES DATA (Unaudited; Dollars in Millions) FOURTH QUARTER Percent 1999 1998 Increase SALES TO CUSTOMERS BY GEOGRAPHIC AREA Domestic $3,801 3,481 9.2 Europe 1,669 1,721 (3.0) Western Hemisphere Excluding U.S. 532 530 .4 Asia-Pacific, Africa 875 738 18.6 International 3,076 2,989 2.9 WORLDWIDE $6,877 6,470 6.3 JOHNSON & JOHNSON AND SUBSIDIARIES SUPPLEMENTARY SALES DATA (Unaudited; Dollars in Millions) YEAR Percent 1999 1998 Increase SALES TO CUSTOMERS BY GEOGRAPHIC AREA Domestic $15,385 12,848 19.7 Europe 6,711 6,354 5.6 Western Hemisphere Excluding U.S. 2,023 2,105 (3.9) Asia-Pacific, Africa 3,352 2,688 24.7 International 12,086 11,147 8.4 WORLDWIDE $27,471 23,995 14.5 JOHNSON & JOHNSON AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF EARNINGS (Unaudited; in Millions Except Per Share Figures) FOURTH QUARTER 1999 Percent Amount to Sales Sales to customers $6,877 100.0 Cost of products sold 2,181 31.7 Selling, marketing and administrative expenses 2,861 41.6 Research expense 812 11.8 Interest (income) expense, net (32) (.4) Other (income) expense, net 84 1.2 Earnings from operations before Restr and in-process R&D 971 14.1 Restructuring expense -- -- In-process R&D -- -- Earnings before provision for taxes on income 971 14.1 Provision for taxes on income 217 3.1 Net earnings $754 11.0 Net earnings per share (Diluted) $.53 Average shares outstanding (Diluted) 1,419.5 Effective tax rate 22.3% Earnings
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