Exhibit 99.20
Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)
SECOND QUARTER
2006 2005 Percent Percent Percent
Change Change Change
Total Operations Currency
Sales to
customers by
segment of
business
Consumer
U.S. $1,103 1,092 1.0 % 1.0 --
International 1,295 1,186 9.2 7.7 1.5
2,398 2,278 5.3 4.5 0.8
Pharmaceutical
U.S. 3,682 3,595 2.4 2.4 --
International 2,128 2,033 4.7 4.7 0.0
5,810 5,628 3.2 3.2 0.0
Med Device &
Diagnostics
U.S. 2,590 2,378 8.9 8.9 --
International 2,565 2,478 3.5 4.6 (1.1)
5,155 4,856 6.2 6.7 (0.5)
U.S. 7,375 7,065 4.4 4.4 --
International 5,988 5,697 5.1 5.2 (0.1)
Worldwide $13,363 $12,762 4.7 % 4.8 (0.1)
Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)
SIX MONTHS
2006 2005 Percent Percent Percent
Change Change Change
Total Operations Currency
Sales to
customers by
segment of
business
Consumer
U.S. $2,253 2,206 2.1 % 2.1 --
International 2,500 2,352 6.3 6.7 (0.4)
4,753 4,558 4.3 4.5 (0.2)
Pharmaceutical
U.S. 7,383 7,378 0.1 0.1 --
International 4,053 4,005 1.2 3.8 (2.6)
11,436 11,383 0.5 1.4 (0.9)
Med Device &
Diagnostics
U.S. 5,110 4,739 7.8 7.8 --
International 5,056 4,914 2.9 6.8 (3.9)
10,166 9,653 5.3 7.3 (2.0)
U.S. 14,746 14,323 3.0 3.0 --
International 11,609 11,271 3.0 5.7 (2.7)
Worldwide $26,355 25,594 3.0 % 4.2 (1.2)
Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)
SECOND QUARTER
2006 2005 Percent Percent Percent
Change Change Change
Total Operations Currency
Sales to
customers by
geographic area
U.S. $7,375 7,065 4.4 % 4.4 --
Europe 3,295 3,186 3.4 4.3 (0.9)
Western 876 751 16.6 9.4 7.2
Hemisphere
excluding U.S.
Asia-Pacific, 1,817 1,760 3.2 5.2 (2.0)
Africa
International 5,988 5,697 5.1 5.2 (0.1)
Worldwide $13,363 12,762 4.7 % 4.8 (0.1)
Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)
SIX MONTHS
2006 2005 Percent Percent Percent
Change Change Change
Total Operations Currency
Sales to customers
by geographic area
U.S. $14,746 14,323 3.0 % 3.0 --
Europe 6,366 6,362 0.1 4.8 (4.7)
Western Hemisphere 1,698 1,477 15.0 7.5 7.5
excluding U.S.
Asia-Pacific, 3,545 3,432 3.3 6.7 (3.4)
Africa
International 11,609 11,271 3.0 5.7 (2.7)
Worldwide $26,355 25,594 3.0 % 4.2 (1.2)
Johnson & Johnson and Subsidiaries (1)
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)
SECOND QUARTER
2006 2006 2005 2005 Percent
Amount Percent Amount Percent Increase
to Sales to Sales (Decrease)
Sales to
customers $13,363 100.0 $12,762 100.0 4.7
Cost of
products sold 3,788 28.3 3,522 27.6 7.6
Selling,
marketing and
administrative
expenses 4,351 32.6 4,278 33.5 1.7
Research
Expense 1,828 13.7 1,525 11.9 19.9
In-process
research &
development 87 0.6 353 2.8
Interest
(income)
expense, net (196) (1.5) (94) (0.7)
Other
(income)
expense, net (98) (0.7) (88) (0.7)
Earnings
before
provision for
taxes on
income 3,603 27.0 3,266 25.6 10.3
Provision for
taxes on
income 783 5.9 678 5.3 15.5
Net earnings $2,820 21.1 $2,588 20.3 9.0
Net earnings
per share
(Diluted) $0.95 $0.86 10.5
Average
shares
outstanding
(Diluted) 2,974.4 3,024.7
Effective tax
rate 21.7 % 20.8 %
Adjusted
earnings
before
provision for
taxes and net
earnings(A)
Earnings
before
provision for
taxes on
income $3,690(2) 27.6 $3,619(3) 28.4 2.0
Net earnings $2,907(2) 21.7 $2,716(3) 21.3 7.0
Net earnings
per share
(Diluted) $0.98(2) $0.90(3) 8.9
Effective
tax rate 21.2 % 25.0 %
(1) The company has adopted SFAS No. 123 (R), Shared
Based Payment, applying the modified retrospective
transition method. Previously reported financial
statements have been restated accordingly.
(2) The difference between as reported earnings before
provision for taxes on income and net earnings and
adjusted earnings before provision for taxes on income
and net earnings is the exclusion of IPR&D of $87
million before tax with no tax benefit, or $0.03 per
share.
(3) The difference between as reported earnings before
provision for taxes on income and net earnings and
adjusted earnings before provision for taxes on income
and net earnings is the exclusion of IPR&D of $353
million before tax with no tax benefit, or $0.12 per
share, and the exclusion of a $225 million tax gain, or
$0.08 per share, due to the reversal of a tax liability
related to a technical correction associated with the
American Jobs Creation Act of 2004.
Johnson & Johnson and Subsidiaries (1)
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)
SIX MONTHS
2006 2006 2005 2005 Percent
Amount Percent Amount Percent Increase
to Sales to Sales (Decrease)
Sales to
customers $26,355 100.0 $25,594 100.0 3.0
Cost of
products sold 7,400 28.1 7,018 27.4 5.4
Selling,
marketing and
administrative
expenses 8,446 32.0 8,405 32.8 0.5
Research
Expense 3,360 12.7 2,909 11.4 15.5
In-process
research &
development 124 0.5 353 1.4
Interest
(income)
expense, net (377) (1.4) (163) (0.6)
Other
(income)
expense, net (816) (3.1) (121) (0.5)
Earnings
before
provision for
taxes on
income 8,218 31.2 7,193 28.1 14.2
Provision for
taxes on
income 2,093 8.0 1,766 6.9 18.5
Net earnings $6,125 23.2 $5,427 21.2 12.9
Net earnings
per share
(Diluted) $2.05 $1.80 13.9
Average
shares
outstanding
(Diluted) 2,982.5 3,021.8
Effective tax
rate 25.5 % 24.6 %
Adjusted
earnings
before
provision for
taxes and net
earnings(A)
Earnings
before
provision for
taxes on
income $7,720(2) 29.3 $7,546(3) 29.5 2.3
Net earnings $5,873(2) 22.3 $5,555(3) 21.7 5.7
Net earnings
per share
(Diluted) $1.97(2) $1.84(3) 7.1
Effective
tax rate 23.9 % 26.4 %
(1) The company has adopted SFAS No. 123 (R), Shared
Based Payment, applying the modified retrospective
transition method. Previously reported financial
statements have been restated accordingly.
(2) The difference between as reported earnings before
provision for taxes on income and net earnings and net
earnings per share (diluted) is the Guidant acquisition
termination fee of $622 million and $368 million and
$0.12 per share, respectively, and IRP&D of $124
million and $116 million and $0.04 per share,
respectively.
(3) The difference between as reported earnings before
provision for taxes on income and net earnings and
adjusted earnings before provision for taxes on income
and net earnings is the exclusion of IPR&D of $353
million before tax with no tax benefit, or $0.12 per
share, and the exclusion of a $225 million tax gain, or
$0.08 per share, due to the reversal of a tax liability
related to a technical correction associated with the
American Jobs Creation Act of 2004.
(A) NON-GAAP FINANCIAL MEASURES "Adjusted earnings before
provision for taxes on income," "adjusted net earnings,"
"adjusted net earnings per share (diluted)," and "adjusted
effective tax rate" are non-GAAP financial measures and
should not be considered replacements for GAAP results. The
Company provides earnings before provision for taxes on
income, net earnings, net earnings per share (diluted), and
effective tax rate on an adjusted basis because management
believes that these measures provide useful information to
investors. Among other things, they may assist investors in
evaluating the Company's results of operations period over
period. In various periods, these measures may exclude such
items as business development activities (including IPR&D at
acquisition or upon attainment of milestones and any
extraordinary expenses), strategic developments (including
restructuring and product line changes), significant
litigation, and changes in applicable laws and regulations
(including significant accounting or tax matters). Special
items may be highly variable, difficult to predict, and of a
size that sometimes has substantial impact on the Company's
reported results of operations for a period. Management uses
these measures internally for planning, forecasting and
evaluating the performances of the Company's businesses,
including allocating resources and evaluating results
relative to employee performance compensation targets.
Unlike earnings before provision for taxes on income, net
earnings, net earnings per share (diluted), and effective
tax rate prepared in accordance with GAAP, adjusted earnings
before provision for taxes on income, adjusted net earnings,
adjusted net earnings per share (diluted), and adjusted
effective tax rate may not be comparable with the
calculation of similar measures for other companies. These
non-GAAP financial measures are presented solely to permit
investors to more fully understand how management assesses
the performance of the Company. The limitations of using
these non-GAAP financial measures as performance measures
are that they provide a view of the Company's results of
operations without including all events during a period,
such as the effects of an acquisition, merger-related or
other restructuring charges, or amortization of purchased
intangibles, and do not provide a comparable view of the
Company's performance to other companies in the health care
industry. Investors should consider non-GAAP financial
measures in addition to, and not as replacements for, or
superior to, measures of financial performance prepared in
accordance with GAAP.