Johnson & Johnson Brendan Batcheller, Maxwell Lynch, Carly
RWM - Group 3: Johnson & Johnson Brendan Batcheller, Maxwell Lynch, Carly Lambertus, Madison Flotteron, Sammuel Kim, Yiwei Wang Final Written Report
Addressing Revenue Losses Through Philanthropy
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Table of Contents
Executive Summary 3 Market and Firm Overview 4 Major SBU’s 5 Future Challenges for Johnson & Johnson 11 Future Opportunities for Johnson & Johnson 12 Financial Analysis 13
Identified Business Challenge 15
Recommended Response 18
Conclusion 21
Works Cited 22
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Executive Summary
Johnson & Johnson is currently facing strong declines in revenue and many of their high revenue-generating pharmaceuticals will be expiring in the next year.
Therefore, J&J's current financial future is not promising. The company is thus faced with a revenue problem.
Our thorough analysis of Johnson & Johnson, as well as the current markets it faces, sheds light onto how the company may be able to succeed beyond a pharmaceutical-heavy revenue stream. Through this document, we expand upon
Johnson and Johnson’s current market and firm standing, the financial analysis, the challenges associated with our financial analysis, and our recommended response to the challenge. Our goal is to highlight the philanthropic work Johnson and
Johnson does across the world through post-purchase consumer interaction, as well as a strong marketing campaign. Though there are high upfront costs to develop a consumer-interaction game as well as an advertising campaign, we believe the consumer goods division of Johnson and Johnson has the highest potential to grow. By creating a higher brand perception of Johnson and Johnson, consumers will be more likely to remain loyal to the brand and consistent to their slogan, “for all you love.”
We go about proposing to solve these challenges through the lense of a consulting agency, who is presenting with the hopes of being hired by Johnson & Johnson to implement our proposed solution.
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Market and Firm Overview In 1886, three brothers, Robert, James, and Edward Johnson, founded Johnson and
Johnson in New Brunswick, New Jersey. Now, Johnson & Johnson is a family of companies of over 250 consumer healthcare products, medical devices, and pharmaceutical companies. Johnson and Johnson has locations in 60 countries, yet retains its headquarters in New Brunswick, NJ, USA (“Company Structure”). In 2015,
Johnson & Johnson totaled $70.0 billion in revenue and $15.4 billion in profit (“Fry”).
Additionally, many of the products Johnson & Johnson sell are created and researched by the company itself. In 2015, 12.9% of sales was invested into research and development (“J&J Annual Report”). Examples of companies included in
Johnson & Johnson are: Acuvue, Aveeno, Band-Aid, Benadryl, Clean and Clear,
Listerine, Lubriderm, Neutrogena, Motrin, Splenda, Tylenol, and many other brands
(“Consumer Healthcare Products”).
Firm’s mission statement
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 wellbeing of people. Employees of the Johnson & Johnson Family of Companies work with partners in health care to touch the lives of over a billion people every day, throughout the world (“Our
Company”).
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Major SBU’s
Johnson & Johnson owns several SBU’s in three different sectors of the market. The first sector, consumer healthcare products, includes companies like Clean & Clear,
Neutrogena, Aveeno, Band-Aid, Neosporin, Listerine, Tylenol, Motrin, Benadryl, and
Lactaid. The second sector, medical devices, includes companies like Acuvue,
LifeScan, Inc., Biosense Webster, Inc., and Ethicon. The final sector, pharmaceuticals, includes only one company, Janssen (“Consumer Healthcare Products”). Although the pharmaceuticals division is the least known to consumers, it is the source for a majority of Johnson & Johnson’s revenue, however, it is also the most volatile of their divisions.
A major industry challenge that pharmaceutical corporations face are government/political legalities. Johnson & Johnson operates inside numerous countries and collaborates with their respective governments. By supplying medications and healthcare products in these countries, the company must consider foreign regulations and policies, and negotiate with governments to receive appropriate permission. The company must also remain attentive to the shift of individual country’s specific policies to prevent legality issues. In addition to that, selling healthcare products in another country could lead to unforeseen implications. Two countries may have different standards for the results and side effects of the same medicine. It is difficult for multinational pharmaceutical corporations to please all.
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To analyze the impacts Johnson & Johnson has accross multiple industries and fields, we have outlined individual aspects the company focuses on.
1. Social: Johnson & Johnson has to consider people’s needs for healthcare
products and medicines based on many factors. Some of these factors
include age, wage, physical condition, occupation, and even preference. Also,
Johnson & Johnson should focus on different kinds of diseases by doing
more research and developing new and effective medicines to expand it’s
market share. People are always caring about health issues, which is why
Johnson & Johnson must keep up its current work.
2. Technological: Johnson & Johnson always spends parts of its revenue on
researching and developing new products. New technologies are desperately
needed in the health field, which is why Johnson & Johnson should keep
putting emphasis on research and development work. Johnson & Johnson’s
leadership in medical devices and diagnostic segments enables the company
to make breakthroughs in new technological fields.
3. Economic: The economic environment is an important factor for Johnson &
Johnson to analyze and predict its future challenges and opportunities. The
world economy is currently rising out of a recessionary period. Johnson &
Johnson was not as affected by the recession nearly as hard as other
companies did, however, the company must still find a balance between the
cost of their consumer goods and what their consumers are able to pay for
those goods.
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4. Sustainability: As many people in developing countries still suffer from
diseases, poverty, and hygiene problems, Johnson & Johnson has spent a
good portion of its revenue to launch philanthropic programs that attempt to
alleviate and solve these social and economic inequalities. Johnson &
Johnson uses its expertise in healthcare products and medicines to provide
benefits to people who have such needs. According to its Citizenship and
Sustainability annual report, Johnson & Johnson has launched more than 170
programs in over 60 countries. According to DoubletheDonation.com,
Johnson & Johnson donates 1% of all pre-tax profits to charitable
organizations, making them one of the world’s lead philanthropic companies.
The three major SBUs for Johnson & Johnson includes Tylenol, Neutrogena, and
Band-Aid. We have broken down these three SBUs by five factors: market description, market size and growth trends, market share, segmentation, and competitors.
Tylenol - SBU1
Tylenol is classified as a nonprescription drug, under the pharmaceutical umbrella of health care. Tylenol is the number one selling branded product in the Health and
Beauty Aid category (https://www.tylenol.com/news/about-us). It began as an alternative pain-relief product that was aspirin-free, which was beneficial to many who were weary of internal bleeding caused by it. Tylenol now owns a multitude of different products under the brand including Tylenol Extra Strength, Arthritis, Cold &
Flu, and Children’s Tylenol. Tylenol has grown to be a leader in analgesics (pain
RWM - Johnson & Johnson 8 relief drugs). Analgesics makes up around 13% of the overall pharmaceutical market.
Johnson & Johnson is a leader in all fields of the pharmaceutical market, however, the company’s different products and brands which fall under the analgesic category allow it to have a strong market share (Statista). According to Statista, the brands which fall under Johnson & Johnson’s umbrella makeup 33.3% of the market share for over-the-counter pain relief in the United States.
The Tylenol brand consists of four different segments of the top ten brands for over-the-counter pain relief, totalling 33.3% of the market. Tylenol positions itself as a family product, with a slogan as “for what matters most.” It brands itself as a product that allows families to be together, longer, and to live happily and healthy. It focuses on age brackets that are more often than others vulnerable: children and the elderly. Johnson & Johnson’s direct competitor in the market of over-the-counter pain relief drugs is Pfizer. Pfizer owns Advil which has a large market share and only trails Tylenol and its subsidiary brands by a small amount. A strength of Advil is its proven potency and consistency as a product, however, its weakness lies in that is it primarily branded as an adult medication. Tylenol’s strength is its consumer loyalty and large array of different products offered.
Band-Aid - SBU2
Band-Aid is one of the leading brands of bandage products. Many people often call a bandage a Band-Aid because it is a widely known brand. Often times when someone gets a cut, they generally ask for a band-aid rather than a bandage, thus the brand is a common product to use. They offer a variety of bandages, which vary
RWM - Johnson & Johnson 9 in size, design, use, and strength. As the largest brand for adhesive bandages,
Band-aid has a wide market that is not exclusive of any particular market, because their goal is to be convenient and used for everyday use.
Band-Aids are used to cover up cuts and injuries.
Johnson & Johnson currently holds an enormous lead in the market for bandages.
According to Statista, Johnson & Johnson holds 43.5% of the entire market, with its top consumer level competitor, 3M, coming in second with a 9% market share.
Band-Aid’s target is the common household person, who requires medical assistance for a cut, bruise, blister, or etc. Because of their target, they positioned themselves in the most convenient way for the consumer, by selling their product to convenience stores.
As a company primarily used by healthcare professionals, Private Label is the closest company to match Band-Aid. Private Label products are marketed towards medical professionals. Due to this specific segmentation of supplying specifically medical professionals, Private Label has a limited target market, and they are not technically a threat to Band-Aids in the shelves of a store.
Neutrogena - SBU3
Neutrogena overlaps health care and cosmetics under Johnson & Johnson.
Neutrogena is a skincare company that offers an array of different soaps, shampoos, cosmetics, and more. It’s focus is on keeping the skin clear and clean. The company takes pride in being the number one dermatologist recommended skincare
RWM - Johnson & Johnson 10 company (“Neutrogena”). Neutrogena is also the highest spending advertiser under
Johnson & Johnson umbrella of SBUs (“Neutrogena: Brand Portfolio”).
In 1994, Johnson & Johnson bought Neutrogena for $924 million. Neutrogena was able to expand its market globally after the company was acquired. Neutrogena entered new markets in over 70 countries such as, India, China, and South Africa.
Johnson & Johnson does not fair as well in this industry, comparatively to that of bandages. The company holds a 13.20% market share in skin care products, behind the 15.30% share of Unilever. It also holds a 1.80% market share in cosmetics, which is an alternate use for Neutrogena. This all according to Statista.
There is not much segmentation in Neutrogena because the company offers the same mission for all of its markets which is to provide clear, clean skin
(“Neutrogena”). Neutrogena targets mainly females and more specifically teenagers because it is common for teens to have acne. However, Neutrogena does offer a sports induced product made primarily for men (“Neutrogena”). Neutrogena has also avoided price wars for most of its existence because it is moderately priced and still a quality product (“Neutrogena Corporation”).
Neutrogena’s main competitor is Proactiv. One of Proactiv’s strengths is that is saves money by its reduced labor costs. However, it lacks in its cost structure, brand portfolio, and future profitability (“Proactiv Enhanced SWOT Analysis”).
Johnson & Johnson’s SBUs have seen a great amount of success in the profitability over the past decades. While they are much more visible to consumers and impact a broader amount of people, the large revenue streams that have allowed J&J to
RWM - Johnson & Johnson 11 grow to the size it is today stem from their pharmaceutical division. There are many challenges and opportunities for pharmaceutical companies in the coming years, but it all depends on how companies react and adapt to market shifts and legality rulings.
Future Challenges for Johnson & Johnson
Johnson & Johnson has had many product recall incidents since it was established, including many aspects of goods such as baby powder and medical equipment. In
2016, a 62-year-old woman, Jackie Fox died from ovarian cancer which was probably caused by Johnson & Johnson’s baby powder. As this company has so many SBUs and holds many different production lines, it will be a constant struggle to maintain a high quality of goods and ensure their safety. Also, Johnson & Johnson has to face the problem of a declining brand perception. Although the sales of
Johnson & Johnson remain high, lawsuits against Johnson & Johnson and recall incidents still makes it lose its reliability.
Another major challenge for Johnson & Johnson is the substitutes of its products.
Johnson & Johnson owns a strong and effective patent systems which contains more than 7,500 patents, however, these patents are beginning to expire, which leaves room for generic drugs to take market share. Generic drugs are bioequivalent to brand-name drugs, but are sold as a steep price decrease. In September 2018,
471 patents relating to J&J’s Remicade will expire while will have a significant impact for the company (“Patents Actions Related to REMICADE”). Furthermore,
Johnson & Johnson has always held a monopoly by selling its brand-name drugs.
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Once its patents expire and more cost-efficient generic drugs can replace them, customers also get more bargaining power and some of them may switch their brand loyalty. Future Opportunities for Johnson & Johnson An aging population has become a serious problem globally and most developed countries are currently facing this challenge. The older population—persons 65 years or older—numbered 46.2 million in 2014 (the latest year for which data is available). They represented 14.5% of the U.S. population, about one in every seven
Americans. By 2060, there will be about 98 million older people (“Aging Statistics”).
However, this problem may present an opportunity for Johnson & Johnson. As the aging population grows larger, people’s needs for health care products will also shift. Johnson & Johnson can put more attention on preventative medicines which will be popular for senior people or even families with elders.
Additionally, Johnson & Johnson can keep working on the development of personalized medicines. Developing personalized medicines requires the use of genetic codes in the DNA of patients, which is known as pharmacogenomics. As a pharmaceutical blockbuster, Johnson & Johnson is capable of implementing such technologies, meanwhile many smaller pharmaceutical companies are not able to compete with them. Also, the potential of personalized medicines can be huge in the next decades as they can reduce costs for customers and get rid of ineffective treatments from other medicines. Personalized medicines increase the efficacy and safety for patients, and also cut down the costs.
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Financial Analysis In terms of financial success, Johnson & Johnson has stayed relatively constant over time. This can be seen by analyzing two key factors. The first factor is total assets, which from 2013 to 2015 increased by only $728 million, or 0.5%. More specifically, between 2013 and 2014 there was a 1.75% decrease in total assets, and during the next year there was a 2.34% increase in total assets. The second factor is total liabilities, which increased by only $3,631 million or 6% from 2013 to 2015. Between years 2013 and 2014 total liabilities increased by 3.37%, and between years 2014 and
2015 total liabilities increased by 2.37%. Both J&J’s total assets and total liabilities changed by well less than 10% from 2013 to 2015. This lack of change is indicative of constant financial stability, rather than improving or worsening financial success over time. This would explain why J&J is one of America’s two only corporations with a AAA-credit rating.
Net income provides a major insight into a company’s financial success. By analyzing net income, the total gains or total losses of all revenues and all expenses can be observed. For Johnson & Johnson, there was an 11% increase or, a $1,578 million gain in net income from 2013 to 2015. This increase signals that revenues were outpacing expenses, and that the company is improving over time.
Johnson & Johnson’s cash flow statements start off well as improvements are made between 2013 and 2014, but comparing 2014 to 2015, the cash flow statement takes a turn for the worse. Operating cash flow shows how much cash is coming from the
J&J’s products and services. The operating cash flow statement between 2013 and
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2014 shows an increase of 6.07%. The operating cash flow increases again between
2014 and 2015, but not as much as the previous year as the increase was only 4.37%.
There were drastic changes made in the investing cash flows and financing cash flows. Both the investing cash flows and financing cash flows had a major increase between 2013 and 2014 to 59.08% and 101.28%, respectively. However, between 2014 and 2015, the investing cash flows decreased by -58.53% and the financing cash flows decreased by -11.53%. This may be an identifiable point to prove they are concerned by declining revenues and may need to save more money for a rainy day.
Johnson & Johnson’s profit margins stayed fairly consistent from 2013 to 2015, with only a slight increase. A high profit margin means that the company is keeping more money from each dollar earned in revenue. In 2013, J&J was keeping 19 cents for every dollar earned in revenue. Then, in 2014 and 2015, this number increased to 22 cents for every dollar earned in revenue (a ratio of 0.22).
Johnson & Johnson had the best accounts payable turnover ratio in 2013. Their ratio was 3.57. Then in 2014, J&J’s accounts payable turnover ratio decreased to 2.98. A decrease in this ratio means that J&J was slower to pay their expenses in 2014, than in 2013. Then, in 2015 Johnson & Johnson managed to bring their accounts payable turnover ratio up to 3.23.
Overall, the company is still financially stable, despite its recent declines in revenue and possibility of major shake-ups coming in 2018.
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Identified Business Challenge Based upon the financial analysis and predictions coming from notable sources such as Bloomberg News and Business Insider, Johnson & Johnson, as well as its competitors, P&G and Pfizer, will all face revenue declines if they do not shift their structures to be less reliant on patented pharmaceutical drugs. Many recent court rulings have leaned towards reducing patents by length as well as by control of the product. This is undoubtedly in response to increasing costs of medications and the power of the insurance lobbyists. The challenge is thus, identifying areas in Johnson
& Johnson’s vast business portfolio to invest and grow in order to fill in large gaps of revenue for the coming years.
Johnson & Johnson is one of the leaders in the healthcare market. According to the company’s annual report in 2015, it has launched over 170 philanthropic programs in over 60 countries, as aforementioned (“Our Performance”). These programs are diversified, and cope with social, economic, and environmental inequalities.
However, there is one large potential problem: Johnson & Johnson spent so much capital on launching these programs, but failed to promote all of this work. Thus, these programs were rarely known by the public and they did not bring notable results for the company.
Searching Johnson & Johnson’s sustainability on Google shows thousands of results.
However, most of the results are information on its own website. It can also not be seen while reviewing Johnson & Johnson’s social media accounts such as
Instagram, Facebook, and Twitter. On these accounts there are not many updates
RWM - Johnson & Johnson 17 about the company’s programs. Consumers do not have many platforms where they can learn about Johnson & Johnson’s social innovation work outside of their company website. Although Johnson & Johnson makes an annual sustainability report like its competitors, this report is not effective enough because consumers do not often search these reports out. Comparing to J&J’s competitor, P&G, Johnson &
Johnson did not create competitive advantages by marketing its programs. P&G has its own program titled Children’s Safe Drinking Water, which has its own website.
The website helps people with potential interests follow and pay attention to the work that the program is doing. Also, P&G invited President Bill Clinton and Chelsea
Clinton to visit Kanombe School in Kigali, Rwanda, to see the P&G Purifier of Water packets at work. This program became incredibly successful and was recognized by
U.S. Department of Commerce as a winner of the Patents for Humanity Award. As for Johnson & Johnson, the company is not doing enough to get the word out about its programs to consumers.
Not branding J&J as a global social innovation leader is a major missed opportunity.
The segment of social innovators and people with change-maker mindsets is rapidly growing. Patrick Struebi, an Ashoka Fellow writes that “this change is clearly related to the maturation of the millennial generation, who for years have been showing a distinct predilection for purpose in their lives and impact in the world”
(Struebi, “Are we becoming…”). Injustice is seen all throughout the media, especially on social media like Facebook and Twitter. Technology is giving people all around the world power to spread ideas and information about what they believe is unjust.
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This segment of of socially innovative and sustainability focused people, upset with the current trends of society, is seeking for a leader that will ease their tensions.
Johnson and Johnson may be able to fill this role. Psychologically, this segment of consumers has a socially purposed belief set that is being disrupted by the current world. If Johnson and Johnson does not brand itself as a social innovation leader, the company will miss out on capturing this entire segment.
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Recommended Response
Our challenge is to build Johnson & Johnson's overall image, and create a loyal customer base to the brand. Our response is to implement an informative commercial campaign, as well as develop a post purchase interaction program to help give back to the non-profit organizations J&J partners with. A code will be available on J&J products that will allow consumers to insert into the J&J Facebook page to donate to a sustainable cause of their choice. Based on the method of
TOMS Shoes, we want to follow a similar tactic in our advertising campaign to get our message across. AZCentral also says that the best way to inform consumers about low involvement products, like J&J, is through informative commercials because it will create more brand awareness for consumers to identify with when making a purchase.
According to Bloomberg, it was inevitable that J&J’s pharmaceutical patents would not last forever and that they needed consumers to be more aware of their social innovation work years ago. Now, with a commercial campaign and a post purchase interaction program, J&J will be able to bridge the gap between their consumers and the socially innovative work that they do.
The implementation strategy consists of three main steps: Facebook game development, advertisement development, and production and distribution.
To start, Johnson & Johnson will have to hire a team of two software developers to create the post purchase interactive game. The duo will have to work closely with
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Facebook staff to gain special developer access and permissions to the site. As per the Facebook for Developers website, “Facebook makes it easy for developers to deliver meaningful connections to their players’ experience, with ways to let them play together and share great content.”
Afterwards, Johnson & Johnson will have to hire a four person video production and digital marketing team. TAR Productions produced a similar structured video to the one that we plan on creating with a crew of four. This team of four will create one video that showcases the postpurchase interactive game, and will also manage the video’s distribution throughout social media and television platforms.
Following ad development, new Johnson & Johnson brand labels that showcase the post purchase game must be created. Once the new labels are finished, J&J will be able to distribute their newly branded Neutrogena, Band-Aid, Aveeno, and various other products to stores across the country. These products will have new labels that briefly describe the post purchase interactive program, as well as display a game code for consumers to use through Facebook.
Finally, after all steps are complete, Johnson & Johnson will be able to release their new Facebook game and advertisements. It is estimated that the Facebook game development and ad development steps will take 3 months, and the production and distribution step will take 3 months, coming to a grand total of 6 months until release.
The estimated cost of the implementation strategy is relatively inexpensive. $10 million is budgeted for the implementation strategy, alongside $10 million for the
RWM - Johnson & Johnson 21 marketing campaign. The first step in implementation is the Facebook game development. The plan is to allocate $3 million dollars for software engineers to generate the best graphics and content. Next, the plan is to allocate $3.5 million on the advertisement development. Finally, the remaining $3.5 million will be allocated for the production and distribution of the game labels.
Johnson & Johnson has the opportunity to create a powerful combination of both its brand and all of the good work that the company is doing. So far, Johnson &
Johnson’s philanthropic work has had no impact on consumer behavior, but with the completion of a few easy steps, J&J will be able to capture and captivate a whole new segment.
The proposed strategy is not conducive to quick measurements or analysis to identify its pros and cons. J&J will have to work diligently to identify where the post-purchase interaction is succeeding and where it is falling behind. The best way to do so will be through the data analytics provided by Facebook. Through this tool, it will act as a survey to identify where the product can improve and what new strategies may need to be developed. The revenue which Johnson & Johnson brings in will also display how well the advertising is succeeding. The goal of the campaign is to boost consumer brand perception and loyalty. The hope is that through advertisements portraying how efficiently and effectively the company uses the revenue they take in, consumers will be more likely to continue purchasing those products and will even attract new consumers. Therefore, Johnson and Johnson will create a loyal customer base to their brands.
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Conclusion Johnson & Johnson is a historical company that generations have relied on to provide them with safe and affordable products for their most basic needs. Today, the company is facing difficult cross-roads which they will have to navigate with the utmost care.
Through this thorough analysis, we discovered that the entire pharmaceuticals industry is going through drastic changes, which for the most part favor consumers.
This shift may benefit Johnson & Johnson in the end. Unlike many of their competitors, J&J has the capability to switch gears and pursue other markets and divisions within its corporate structure. We have identified their consumer goods division to be most profitable in the coming years. Through building brand loyalty and displaying to consumers the benefits of purchasing J&J products, the company will be able to makeup for its projected losses from the pharmaceuticals division.
The method we propose using to build brand loyalty is through displaying the philanthropic work Johnson & Johnson does around the world. Johnson & Johnson sets the standard for corporate giving--yet few consumers know little to anything about all of the work and donations J&J has made over the past half-century. We believe through these responses, Johnson & Johnson can remain one of the world’s top corporations and retain its slogan of “for all you love,” because they produce the basic necessities for everyone, passed down from generation to generation.
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