Johnson & Johnson Reports 2010 Second-Quarter Results:
Sales of $15.3 Billion Increased 0.6% Versus 2009 Second-Quarter; EPS was $1.23 Excluding Special Items, 2010 Second-Quarter EPS was $1.21, an increase of 5.2%*
NEW BRUNSWICK, N.J., July 20, 2010 /PRNewswire via COMTEX News Network/ -- Johnson & Johnson (NYSE: JNJ) today announced sales of $15.3 billion for the second quarter of 2010, an increase of 0.6% as compared to the second quarter of 2009. Operational results increased 0.1% and the positive impact of currency was 0.5%. Domestic sales declined 2.8%, while international sales increased 4.1%, reflecting operational growth of 3.0% and a positive currency impact of 1.1%.
Net earnings and diluted earnings per share for the second quarter of 2010 were $3.4 billion and $1.23, respectively. Second-quarter 2010 net earnings included an after-tax gain of $67 million representing the net impact of litigation matters. Excluding this special item, net earnings for the current quarter were $3.4 billion and diluted earnings per share were $1.21, representing increases of 5.4% and 5.2%, respectively, as compared to the same period in 2009.*
The Company updated its earnings guidance for full-year 2010 to $4.65 - $4.75 per share, which excludes the impact of special items. The Company's guidance now reflects the impact of the voluntary recalls announced earlier this year of certain over-the-counter medicines and the suspension of manufacturing at the McNeil Consumer Healthcare facility in Fort Washington, Pa., as well as unfavorable changes in foreign currency exchange rates.
"Our second-quarter results include strong growth in a number of our recently launched products which contributed to solid earnings," said William C. Weldon, Chairman and Chief Executive Officer. "Remedial actions to address the product quality issues at McNeil Consumer Healthcare are ongoing and of high importance. At the same time, we continue to make significant investments in acquisitions, strategic partnerships and in advancing our pipeline, positioning us well for future growth."
Worldwide Consumer sales of $3.6 billion for the second quarter represented a decrease of 5.4% versus the prior year consisting of an operational decline of 6.5% and a positive impact from currency of 1.1%. Domestic sales decreased 14.3%; international sales increased 1.8%, which reflected an operational decline of 0.2% and a positive currency impact of 2.0%.