Exhibit 99.20
Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)
FIRST QUARTER
Percent Change
Opera-
2007 2006 Total tions Currency
Sales to customers by
segment of business
Consumer
U.S. $1,629 1,150 41.7% 41.7 -
International 1,867 1,205 54.9 49.4 5.5
3,496 2,355 48.5 45.7 2.8
Pharmaceutical
U.S. 4,034 3,701 9.0 9.0 -
International 2,187 1,925 13.6 7.7 5.9
6,221 5,626 10.6 8.6 2.0
Med Devices & Diagnostics
U.S. 2,584 2,520 2.5 2.5 -
International 2,736 2,491 9.8 4.7 5.1
5,320 5,011 6.2 3.7 2.5
U.S. 8,247 7,371 11.9 11.9 -
International 6,790 5,621 20.8 15.4 5.4
Worldwide $15,037 12,992 15.7% 13.3 2.4
Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)
FIRST QUARTER
Percent Change
Opera-
2007 2006 Total tions Currency
Sales to customers by
geographic area
U.S. $8,247 7,371 11.9% 11.9 -
Europe 3,812 3,071 24.1 15.0 9.1
Western Hemisphere
excluding U.S. 1,046 822 27.3 26.9 0.4
Asia-Pacific,
Africa 1,932 1,728 11.8 10.4 1.4
International 6,790 5,621 20.8 15.4 5.4
Worldwide $15,037 12,992 15.7% 13.3 2.4
Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions
Except Per Share Figures)
FIRST QUARTER
2007 2006
Percent Percent Percent
2007 to 2006 to Increase
Amount Sales Amount Sales (Decrease)
Sales to customers $15,037 100.0 $12,992 100.0 15.7
Cost of products
sold 4,385 29.1 3,612 27.8 21.4
Selling, marketing
and administrative
expenses 4,802 31.9 4,095 31.5 17.3
Research expense 1,652 11.0 1,532 11.8 7.8
In-process research &
development 807 5.4 37 0.3
Interest (income)expense,
net (33) (0.2) (181) (1.4)
Other (income)expense,
net (228) (1.5) (718) (5.5)
Earnings before
provision for
taxes on income 3,652 24.3 4,615 35.5 (20.9)
Provision for taxes
on income 1,079 7.2 1,310 10.1 (17.6)
Net earnings $2,573 17.1 $3,305 25.4 (22.1)
Net earnings per share
(Diluted) $0.88 $1.10 (20.0)
Average shares outstanding
(Diluted) 2,924.3 2,992.7
Effective tax rate 29.5% 28.4%
Adjusted earnings
before provision
for taxes and net
earnings(A)
Earnings before
provision for taxes on
income $4,459(1) 29.7 $4,030(2) 31.0 10.6
Net earnings $3,380(1) 22.5 $2,966(2) 22.8 14.0
Net earnings per share
(Diluted) $1.16(1) $0.99(2) 17.2
Effective tax rate 24.2% 26.4%
(1) The difference between as reported earnings before provision
for taxes on income, net earnings and net earnings per share
(diluted) is IPR&D of $807 million with no tax benefit and $0.28
per share, respectively.
(2) The difference between as reported earnings before provision
for taxes on income, net earnings and net earnings per share
(diluted) is the Guidant acquisition agreement termination fee
income of $622 million, $368 million and $0.12 per share,
respectively, and IPR&D of $37 million, $29 million and $0.01 per
share, respectively.
(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.