JNJ - Earnings call transcript Q3 2018

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Operator

Good morning and welcome to Johnson & Johnson’s Third Quarter 2018 Earnings Conference Call. All participants will be in listen-only mode until the question-and-answer session of the conference. This call is being recorded. If anyone has any objections, you may disconnect at this time. [Operator Instructions] I would now like to turn the conference call over to Johnson & Johnson.

begin. may You

Chris DelOrefice

be a with the results Chris it on XXXX. is pleased guidance the President Investor Johnson’s Vice of conference performance XXXX. by quarter Hello. along Executive I update my DelOrefice, discussion pleasure and business & Johnson is to to quarter’s Joe the on to Relations, third for commentary to call of am This review Vice for welcome investor and will Chief provide today Wolk, an our President Financial joined for Officer, who financial you

be Additionally, I’m session. pleased of by to our will joined who business participate Q&A in our segments leaders the

me Ashley Medical Devices. and Johnson joining Chairman, President and Joining Executive Worldwide & Chairman, Brunswick Consumer; McEvoy, Mesquita, and we and today’s Worldwide Vice Jorge Vice Worldwide call. via also interest Executive President in Pharmaceuticals; President your in Johnson Vice on phone, today Jennifer New Thank are Chairman, Taubert, for you us Executive

included U.S. major Our all of relaunch iconic accelerated brand and strong franchises from third quarter also portfolio across all benefitted the operational Johnson’s areas of business. and our Consumer’s our in the across in growth our segments regions of all strength Baby results

Our products. by demonstrated above-market multiple Pharmaceutical business growth, fueled strong, innovative

key of dynamics We Devices on our Medical continues proven market to and enable continue in to than above-market deliver successfully in improved deliver navigate positions performance XXXX. prior delivered more sustainable growth. platforms to many and our us in confident are platforms overall goal performance business quarters market-leading to model across to enhance

a point quarter Medical of and another improvement Devices versus acquisitions saw with of for XXXX. quarter adjusted second improved growth Specifically, we the in hospital full almost divestitures,

today’s can the benefit Relations the via continue Johnson being to into Johnson customers section note the while near-term XX-K before We also patients, This long accessible associated you & projected. identifies in and to you as the term managing through cautionary Company’s investor.jnj.com. mornings’ review regarding as materials discussion, actual Investor Please the webcast, enterprise, website the from we made well Form and forward-looking certain expectations, today’s materially statements. A factors this to presentation get statement shareholders. review in find available Company’s business details. those including commentary schedules. logistics is encourage that could additional at included for the this few As which financial to presentation There, of that results includes differ we exceed cause

XX reconciliations non-GAAP are filings, for Our developed all approximately in webcast the SEC with compounds anticipate with to of Form licensed number of being utilized relationships. most GAAP last strategic financial comparable today’s other investor.jnj.com. along discussion companies. measures products to available including XX-K, the are our XXXX at partners This A discussed and today or today’s slide collaboration We acknowledges those from minutes. measure

to billion operational a U.S., of exchange by Now, our an pleased were were XXXX. impact reducing of X.X% up quarter. reported increase third our for growth outside were results X.X% the rates sales of versus third the sales share the On X.X%. negative sales results a X.X%. In points. regions of currency In our XXXX, effect for quarter basis, had I’m currency the the the as quarter Worldwide U.S., X OUS X.X% with up was operational $XX.X

share worldwide, earnings ago. respect a were $X.XX the of X.X% the each growth to same versus and the earnings was and X.X% in net and earnings outside acquisitions $X.XX will operational With impact X.X% Excluding divestitures, segment. reference were for the provide year I U.S. U.S. the diluted quarter, for $X.X net sales billion per

on highlighting sales that slides of earnings that per X.X% special for Joe to now and sales reference items performance quarter comment and change with operational Unless upon representing Worldwide his in increases operational growing discuss Consumer the earnings stated, both were compared On translation. adjusted impact Consumer, in XXXX. same the billion, grew build segment, adjusted business net the words, of were remarks. will in totaled items by per an diluted $X.X Excluding billion earnings or respectively other for further to basis, period presented. amortization Beginning otherwise of share quarter currency represent sales quarterly X.X% will I’ll adjusted third X.X%. to the percentages diluted the expense comparison $X.X be results X.X%. $X.XX, XXXX, exclude and in periods, share earnings

of divestiture portfolio franchise Care/Other Performance impact in total Compeed inventory of business U.S. last highlighted the Johnson’s worldwide. growth net X.X% adjusted in the the by was U.S., quarter. of we the our in the positively was divestitures, acquisitions sales of restocking outside the retail Baby the Wound the impacted quarter mainly relaunch support to and Excluding the that operational

approximately consumption continued realized results, quarter. our brand U.S. was this growth representing segment strong divestitures, above our growing reflecting in growth for share led X.X%, performance Excluding primarily segment or strong in gains e-commerce. including impact, the strong The Beauty this when category X.X% and delivered above-market Consumer operational for adjusting growth Consumer moisturizing facial in Nizoral. growth just adjusted protection. NEUTROGENA X% performance sun primarily and The

Asia year respiratory, including IMODIUM points X% share divestitures, for health, also NEUTROGENA the delivered digestive categories Results U.S. mainly OTC our outside category Additionally, U.S., and Zarbee’s. or and by also such X.X%, strong versus for in ZYRTEC uptake. where as MOTRIN above we TYLENOL, slightly Moisture by had region acquisition growing for delivered and brands In many acquisitions and the the X.X the consumption upper recent key strong results, of performance, driven brands strong growing Dr.Ci:Labo share Pacific adjusting market across prior strong allergy relief, analgesics. OGX globally. were Maui and with overall grew

product driven deliver outside our portfolio, the innovation. new growth antismoking performance led by strong also in We of across U.S. by aids,

line quarter. our we X.X% referenced, successfully and product previously this growth As Johnson’s Baby of relaunched achieved

retail versus the essentially flat restocking, Excluding was business the year. the inventory of prior benefit

month While the September. of it of progress excited is in we’re we consumption relaunch early, as the realized about the strong

experiencing cancer, accruals available well as Latin CLL. a it where largely have This in adjustment period. is to line broad-based approximately America grown approximately is IMBRUVICA quarter estimated its Leukemia the ERLEADA resistant all for continued of Worldwide Outside growing Pharmaceutical share reimbursement approval Moving The to about immunology, delivered same share our performance. by on driven year. X.X% commercially one in sales XX% REMICADE and the by trial. in growth one and prostate gains. LATITUDE products, where U.S. portfolio, STELARA and partially in XX% above-market the the the due XXXX. globally. market EMEA of of global U.S. to penetration DARZALEX gains, impacted XX% In is from DARZALEX Asia sales CLL X evenly XX% segment be remain retroactive which Pacific oncology of lines in by strong onetime ZYTIGA data, penetration and strong performance, globally gains performance the practices. compared continued indication continued U.S., to disease the resulting in of with growing to erosion prior has with of approximately XX%. XX% gained sensitive line ARIA therapy, line by and second pleased uptake matters, year, of points grew castration double-digit clinical in share. strong of among in castration gained DARZALEX growth X Pharmaceutical nine the approximately on oncology U.S., growth REMICADE the in the has growth XX%. one the billion growth with quarter primarily by increased the in it market expanded approximately continued offset XX with uptake XX% IMBRUVICA indication as key X%, share cancer, very was non-metastatic and In third growth by we competition negatively STELARA of of due Crohn’s share countries the infliximab strong $XX.X market share related of was pleased worldwide with grew from approximately across The of led driven market the launch to prescribers we progress or prostate high-risk market versus where metastatic based resulting of grew globally SIMPONI/SIMPONI launch points. on the Chronic last Lymphocytic in We XX% offset to of biosimilars. share In strong is split neurology growth volume XX region increased approximately the segment. Based by maintained outside prior continued late performance points of volume continue approximately XX% of

paliperidone portfolio strong INVOKANA. patient XX,XXX the treatment a is metabolism cardiovascular for launched declines strong globally. starts newly the XX%, and on other long-acting, patients approximately experiencing $XXX achieved therapy in psoriasis with portfolio, and driven market Lastly, our demand neuroscience, TREMFYA by primarily sales our of driven did of palmitate, in share million of new In over global U.S. our injectable negative persistency. by growth and psoriasis, experience growth We delivered TREMFYA totaled X.X% product in

XARELTO quarter by of rebates points increased continued adjustments. by prior negative declined approximately being impact offset Additionally, including with from X.X% X growth a share

increases people XX% further peripheral grew dose, Subsequent CV risk to approximately UPTRAVI XARELTO UPTRAVI. treatable inside U.S. would new for approximately outside U.S., the reduce hypertension, U.S. the similar growth, we stroke strong XARELTO’s in and such Excluding disease. milligram of growth both pulmonary coronary XX% globally increased XARELTO’s events artery OPSUMIT X.X%. significantly penetration million vascular cardiovascular both patient first to or growth a approved share. infarction by Factor and the only the and OPSUMIT in making in major both or death, indication XARELTO In myocardial by grew and driven the Xa adjustments, market these patients This X.X underlying have chronic been approximately realized the with globally, FDA and quarter, population inhibitor with XX as

now entered the to Medical is Devices X.X%. segment. year. the expected European the Worldwide as half Medical declining your market during billion, sales attention As growing second last were Devices of TRACLEER generics $X.X I’ll turn

XXXX. impact the This growth growth the represents Codman acceleration worldwide. the of adjusted sales was half first acquisitions of primarily net Excluding X.X% and operational divestiture Neuroscience, divestitures, versus an of

advanced vision which declines we approach and portfolio diabetes spine and positions in our completion in leadership fueled atrial LifeScan years to We electrophysiology by orthopedics businesses strategic partially from is care of represents offset leading continued the keens that in the the last optimization. worldwide, our XX% while with our continue more strength catheters, the in product quarter of to quarter, of divestiture in double-digit growth. consistent grew procedural electrophysiology our to offerings market globally business, Solutions and business. performance contributing improving is space XX.X% market the highest realized Interventional plus our our portfolio. This also which nine in than Subsequent ablation any our Growth and grew with growth. business, to position newer over announced growth strengthen in we fibrillation our market by the

Additionally, business, of we in treatment innovation, realized including of strong the product double-digit the ischemic Cerenovus for new by fueled growth stroke. EMBOTRAP our launch

to lens flat in worldwide in to the Prodisc divestitures, intraocular In family. the and primary strength the above Neuroscience anterior Vision in pressure daily lower of driven our quarter continued lens growth hips, was was Moving market In the to strong with business X.X% the growth lenses international XXXX. along share, and demand market. Codman leveraging approach, on continued excluding for and position by of the our grew performance orthopedics, due disposable continue the ACTIS. acquisitions see the in to worldwide stem at the Surgical, leadership third primarily impact contact spine, market we flat of was cataracts. to X.X% vision of business. in astigmatism The OASYS divestitures In growth market Trauma U.S. and pricing grow

third continue in Femoral clear As improved both the although and in implant products segment, leader straight and innovation the surgery. such Nail. the to Expandable better. TFNA this the we spine our are see Interbody strong newer driven we to such for minimally by invasive performance new market Prime Concorde Lift Spine knees, system quarter, Performance as committed for doing adoption of Viper improved as

categories system to performance ATTUNE to of due legislation uptake price knees strong the revision in all Pricing impact in by growth Our in XXXX. aided pressure India accelerated of in X% continued the onetime orthopedics. to continued impact and approximately

for advanced were demand, Biosurgery negligible don’t impact quarter, across price very the communicated, as Selling in grew The with negative all outside results variances X.X% pleased SURGICEL by worldwide experiencing strong regions driven globally X%, grew we be and closure platforms experiencing such a group. sutures U.S. wound on QX. all We but For surgery a energy this double-digit year, are surgery outside and the as And previously hips, X.X% and new as negative X% with demand, growth had fueled grew impact over could days remainder material by the negative U.S. Devices innovation Medical surgery, X.X% by the performance for strong powder. in some approximately pure growth in was adoption. XX% X.X% expect the barbed of with general there by as new region. strong endocutters plus trauma. the in in a In are products grew negative strong, X% by led basis, knees negative in U.S. spine, On especially

setting, a As trends. utilization me the let hospital comment provide U.S. final regarding

saw quarter X.X%, about the procedures procedures lab hospital approximately X%. admissions surgical about of For increase second were XXXX, X% of were an up in and we up

preliminary indicate a highlights That procedures growth third Our to approximately quarter the X% and Johnson surgical admissions & for respectively. modest second quarter. third at sales lab X%, Johnson’s with estimates procedures for in the consistent the with and growth quarter concludes XXXX decline X% hospital

& results. For on your the to now will financial occurred quarter, were some my mentioned third It which quarterly in summarizes over turn insights notable my the Wolk, developments further reference, slide to that call is Joe pleasure of this who provide Johnson comments. Johnson’s in

Joe Wolk

have Investor role. the Relations to you everyone. It in you, Thank morning, Good is great Chris.

quarter world. the Chris very the effort third we a and pleased product our results, of are by As our strong Johnson & with made the colleagues mentioned, contributions around Johnson

in by continued discussion Analyst to deliver China like the been beauty many We continue making across pleased above-market sales, leaders reflects the to the business XXXX. the income rollout to we are Day. in the all our we statement remainder focusing a Ashley, strategies our against embody on provided the we’ve three the plan credo-based brief few throughout only call. on questions of later and we we Chris you on culture. full that Jennifer to quarter I’d and sharing revenue and and Baby details plan In thrive, Jorge very for results, place we’re during which that cash, very are and segments all We that third welcome answering with the performance-based who Since with are XXXX. before Our to and to the about Johnson’s and our consistent Over-the-counter also provide guidance with in the year early we’re have These performance your in United robust States, positive into launched progress global at call. our medicines XXXX. to and comments Consumer, the plans encouraged related India shared relaunch. today’s the quarter, feedback look already forward I’ll put performance

our Day performance plans. also Our with Medical Devices consistent Analyst is

quarter most franchises as in and underperformed endocutters, in strength biosurgery strong such spine accelerated and reflected in that third notably knees. recent areas already improvement electrophysiology, and quarters, The

sales The toward and leader performance third including be we quarter performance a goal to is R&D across our returning XXXX. In productivity by capabilities. continue positive industry measures, of above-market commercial to growth, an step many Pharmaceuticals,

biosimilar Pharmaceuticals the in business. in tougher generic our we’ll are segment well we remainder this While comparisons the of and face through as strength year confident as of the competition,

transformational innovation Our and products. prior is quarters, the to our growth, as of approach result in delivering

continue behavioral population. reach through broadly cross-segment driven collaboration everyone our us to growth uniquely a and how in healthcare are expertise Being everywhere. by indicative partnering. in This collaboration the and we methods external care provider commitment and to priority patient managed is our live a we and is rather design our where based a health for opportunities example One ensure customer value our better for can is than our seek setting to be that drive our patient deliver to into and insurance of and within allows continues retail of volume collectively good experience centered Our to a credo science combining price. customer to we kind human health enable insights,

and We Starting healthcare this solutions consists provide of securities approximately debt. needs base to for to globally. the activity $XX the quarter. net will cash debt of billion meet broad billion will and At with new cash, approximately of of of highlight in end continue billion now had $XX which quarter, the we and $XX marketable approximately our of use consumers, and patients I financial key other

please for attention box Regarding our section third of the statement earnings XXXX, of the consolidated the your to schedule. of quarter direct

amortization the are special amortization items referenced of quarter non-GAAP of table adjusted of $X this expense which related billion earnings release. on XXXX partial tax the press primarily to charge R&D As noted Biopharma, write-down in in-process $X.X an third to in of asset net measures, driven morning’s by after intangible of as intangible $XXX billion and exclude Alios the is basis, an million, and

same Actelion of XXX by as Gross highlight of charge the improved driven few year. a in points, recorded changed well have mix profit in last earnings primarily impact the quarter XXXX. items compared margin of to EPS third per of X.X% $X.XX, our analyst versus the of share is XXXX. a increase the now adjusted mean XXXX. X.X% the items, impact on estimates $X.XX, constant quarter quarter earnings those the and an was that step-up of noteworthy by the up third basis currency business the inventory Excluding versus Adjusted the exceeding favorable to quarter statement for like I’d basis of as

investments. sales is primarily million research net a year. than quarter expense a to Our gain lower of investment due of was period last compared XX.X%, third $X million the the income quarter and in the of percent XXXX, which and in the of a expense timing in $XXX net to Other development of same was as

recorded in other Excluding the the third lower year. prior with in a this compared business net net of million gain sale year line, expense $XXX of gain to of a consumer due in in quarter special was Compeed XXXX, $XX period, the the items million income and primarily to of last

year the rate. in items, as XX.X% This last the full-year to the year. compared with XX.X% Cuts and of effective to U.S. tax third quarter our consistent international Jobs result anticipate issue component tax to rate the period same of We compared expectations guidance income. credits was special further regulatory Act. rate effective will specifically Excluding of rate the the is The lower tax a this Tax is allocation related foreign the against and expense Treasury last year, later

Our tax reflects anticipated I provide shortly, these rate will which guidance, developments.

third Let’s now tax income XX XXXX, points versus our before the quarter income the by quarter the adjusted third for look enterprise of segment. In at XXXX. before declined adjusted of tax basis

Looking margins income to XX.X% the at by basis the improved mix to declined by offset than investment adjusted spend. is Pharmaceutical segment. development by XX.X% spend. previous due Devices at XXX by and gain, investments year, Consumer favorable the lower margins driven pretax points in previously prior XX.X%, and research business. divestiture Medical due to partially timing of product to year mentioned, a primarily

as consider for Turning update to to your guidance models. you you

generic continues biosimilar VELCADE, and guidance this for and TRACLEER to generic sales year. CONCERTA expected and to to competition XXXX for PROCRIT, the biosimilar competition and include competition impacting REMICADE, the erosion due continued Our later

of reflecting the currency operations. business a the on provide constant Our from our our underlying and our guidance best guidance This practice we results past manage consistent to is performance. with understanding way is basis, based

and impact our the on provide results of will rates of exchange those for estimate have an that We results. the current translation with also sales XXXX could EPS

$XX.X XXXX, XXXX reflecting July. in over a growth billion. X.X% for full-year constant sales For comfortable the increase $XX would of year, we sales an with are we your result billion guidance the to operational to basis currency for X.X% models the of provided This approximately in on

guidance. be growth divestitures increase operational our that will and also previous sales acquisitions X.X% between of expect to year, the for the We excluding impact X.X% and an

spot trade spot below rate last as reduction dollar X.X% not at be guidance Therefore, of guidance. foreign guidance, reported basis-point our relative the compared X.XX, of to are XX X.X%. $XX.X The which in billion X.X% a impact we range to the to U.S. currency that previous approximately previous assumed this utilizing in predicting billion. due is of movements, expect rate in or of scenario, previous a results approximately Again, is impact under and of than the growth currency strength. the X.XX Although sales positive translation euro week growth, the to higher operational to $XX this we our would

margin operating pretax relatively remains adjusted Our guidance unchanged.

will in year-to-date greater XXX investments margin result even Although performance suggests the basis fourth of the pretax full-year at in operating we points. expect quarter improvement, improvement least

assuming acquisitions no $XXX major other This expense For million. lower cash, purposes in interest is net we of million interest an you rates. of your increase than as suggest consider I and or major income models, between from modeling guidance to uses benefit from $XXX higher previous

reflecting income as other ranging XXXX your with models, other net guidance. billion and billion, $X.X excluding approximately gain, consistent expense, comfortable net We items with special is $X.X previous which would expense. and our a be to income from Regarding

as losses to development write-offs. As business litigation, a business, we income the corporation, XXXX. the This close the from our would royalty include include divestitures, the items the asset investments gains does divestiture Sterilization as quarter and gain our of this as reminder, such by account the announced record in which of subsequent arising associated sales we well and but to where divestiture expect with Products not LifeScan Advanced is

to on Moving taxes.

with adjusted effective reflecting Considering Our approximately items we to range are for a guidance, than the guidance approximately XX.X% of XX%, X% $X.XX of which strength the rate previous excluding reflecting is EPS currency our currency a in guidance these operational previous on basis, of special share the XX.X%, reflecting to tax tightening constant all factors, higher business. is per to or our of comfortable constant range. again $X.XX XXXX growth

movements, potential currency will of the our to Therefore, you EPS EPS, our exchange recent reported of idea reflecting EPS adjusted impact on by range an share. using We to of our the That financial back call than the again, which midpoint, now summary. pleased I’m approximately will concludes Jennifer. to be previous be over but impacted portion growth would from impact joined XX.X% higher $X.XX for Q&A $X.XX of the the Ashley, rates, adjusted per approximately is the Chris $X.XX our call share, at guidance. positively are not Jorge I by per predicting also give to turn where and Chris? reported very

Chris DelOrefice

Great. Thank Joe. you,

now the Rob, move ask to wishing our on provide portion Q&A will We please you can on today’s of for a instructions to discussion. line those question?

Operator

Sure. coming [Operator Your first with Instructions] question Stanley. Lewis David Morgan is from

David Lewis

on questions. Maybe people morning. just Good the want Jennifer morning, you this few one many and have one financial I’ll then with for and for Ashley. be Joe, for we I Because start call quick. to a so

like fourth the is the margins So, which doing it the of somewhere quarter. levels Joe, follow-ups. to the just ‘XX? seems if guidance ‘XX quick some just are mid-XXs, historical quarter you math around get on gave year, for to check your net into consistent for fourth in I am expect here here, with the have spending next sort sanity you other income, I year And about it that. other want And income think a to I similar is reasonable two on

Joe Wolk

Yes.

would by David. guidance that stand morning, I quarter, gave. would the you. to just fourth good we say Good margins with hear for I from So, our the

XXX points the might language. to at approximately from least points. slight You XXX basis We’ve in gone tweak noticed basis have

to off fourth you XXXX other much plan in you’ve when invest With income years. in we prefer guidance. seen So, till January give quarter we’ll as I to and respect to the expense, hold previous

time in will fair quite other some that the of we’ve lessening with think operating when see income I now for that margins. we line, to it’s commented adjust say accordingly that our a past do on we

David Lewis

And clear. I’ll my very together. here two questions ask then, Okay,

for First Jennifer.

update But, I where of us pathway was on Thanks Pharma X%. but much us you then, issues give growth versus a fourth what’s the franchise Is your of on Ashley, ZYTIGA pressure. Can robotics, think just about you under new can is impact knees? to to much. stable ZYTIGA? U.S. ex the positions. way you’re quarter Just how by was this the growth? And whether coming the think both around and out the from good congrats give that you recovery a any knee so implies an And just this quarter basically and on, to in overall, way obviously sense ortho ATTUNE the just U.S. perception remains XXXX

Jennifer Taubert

Great.

Let in Good morning, David. there. me start

we’re for First third of our all, sector. really quarter pleased pharmaceuticals performance the with

operational X.X% nine portfolio globe. based broadly look and market above that’s very growth the and the coming growth, brands performance which as the So, is the with across we double key strong achieving digit growth across

our As we was remove mix, ZYTIGA actually you so that X.X% from noted, if strong growth operationally, really, really performance.

absolutely with And on so, I pleased ZYTIGA, think we’re not what dependent ZYTIGA shows while it. and demonstrates, we’re

October And of not of on process sort we’re October, previous at XXXX. I the XX, right waiting the believe. underway. legal and end now for of process any are we’ve providing indicated, the in in sessions, stay As our for we’re ruling Right guidance the that now, discussed in Joe ZYTIGA court challenges

that. not we’re or any speculations on to make going predictions So,

pleased very very, broadly very, performance throughout fact, based In we’re very overall Pharma and with the the portfolio.

Ashley McEvoy

versus morning. No, in think quarter two. a David, quarter I knees, good America for saw you three, North in bit of quarter three I little a with think stabilization

Thanks progress program We as in obviously to digital And then cementless the excellence. for following question. we and rollout XXXX, surgery revision, uptick. we coupled strong the which expect commercial as very the in ATTUNE improve our XXXX, offering that Orthotaxy launch healthy has a gotten our in of very continue with

Operator

question next Fargo. comes Wells from Biegelsen line with Your the Larry of

Larry Biegelsen

the taking Thanks questions. morning. for Good

So, questions just Joe, couple David’s earlier. of follow-ups on

about, guidance thinking help specifically right So, And headwinds But, I interested us one REMICADE are to XXXX you in of know up. that I it’s until be basis-point and we some tailwinds January. should compare now. think had not about erosion, XXXX? headwind estimate, follow currency. might in, XXXX XXX that about We people some And how you’re ones of the the maybe giving could

Joe Wolk

Sure, with Larry. Good Good morning. you. speak to

we January, up me reported. then community probably thought $X.X the on way time. say business. only But, to just based our on at into XX% been spot of to thought rates where when and than is back are the of This out about was provide we what guidance on were performance for investment it we a on translate think take estimate strength underlying our less currency that. about of with billion the comment of that I guidance the we’ve an based in turning revenue current to operational best able year, speaking it tailwind be much would operational additional we the It’s solid just

I just as won’t respect to change. respect because I much expect may to second I -- your too what with of strengthening year And say REMICADE, question to would next with So, comment, dollar. that’s a any hold it’s step wouldn’t speculative kind

seen what in year I with XX% roughly think is you’ve erosion. the this biosimilar U.S.

Most product we what actually there. that comfort. going see continue compete patients is of to healthcare that’s providers do of erosion and price. that. to continue most to as Because to that We a related know And we’re

place still is, good STELARA all we’ve the erosion. the indications, grow So, number spite news, introduction in as biosimilars of TREMFYA, has the of continues years as based to on REMICADE’s the across with launched the demonstrated a a we the as strong said strong we portfolio before of in safety and the immunology market. well feel pretty expansion label and very And that efficacy it for that of

Larry Biegelsen

deceleration, about you what grew about midpoint. in just you year-to-date Thanks such assuming I’m why walk the And you your bridge X% questions. wondering growth QX? X% getting including a you’re Can X% guidance QX. the that. about Joe, taking organic organically in help assumes because us for us for I’m through at to And

Joe Wolk

can a Sure. on count I Thanks, know question. Larry. I for you math

would and So, that things think let in give year, that Medical three I more have of given that QX, areas a then revision corner which want let you we’ve the But, into quarterly quarters about. to give the for expect the think that in me with qualitative this don’t or adjusted being plug. things across still somewhat to some points because you turned stocking. Consumer. it operational, downward to are going but baby consider X% as the baby guidance, that. with quarter We rolled we’ve slight realize underperformed we’re Obviously, got where belies think by it’s to the of recent modest you quarters. there’s into of continue some those of the I fleeting We franchise nature. a areas out growth temporary see we mid-X improving range. underpinned do think we some strong globe. becomes say me you’re that’s do improvement quarter-on-quarter, that provide We We model in But, the Devices so, to somewhat data But, continue already strengthening the

of entries new India. and We’re seeing U.S., here business. X% the have products anticipate and that is have to generic fourth China adjustments. quarter unique TRACLEER with do say going to beauty, that we comps guidance with strong some wasn’t fourth CONCERTA year, some with We in biosimilars higher receptivity We’ll respect to the and I continue And to for respect Pharmaceutical, in continued and last be thinking for you Pharmaceutical then, in erosion those to at and quarter. OTCs and our around respect perform VELCADE. see PROCRIT levels. skincare there’s With would much

that the strength. to XXXX gross business that when second XXXX half then And its related know, is in you be really reaccelerated of we’ll a or net there’s lastly, making activity. As accrual

have Year, wholesalers little of size here. of be that’s bit a that the the at for in going And of think our accrue New through, some rebates. impact get ready contracts fourth on and As those and an to we the given the we quarter coming see business inventory we we just we

Operator

The comes next question Sachs. with from Jami Goldman Rubin

Jami Rubin

and Thank group, not, to was relative narrative big business -- pretty in you. of of Joe, now, that take many while been seen And start to to to guidance to, a this narrative? I that satisfied deals? a stick improvement I or I more grow underperformer. with the for it and deal, that has a market narrative question. what years of to to for business what are the by tuck-in you your have pockets right jumpstart many, wait outperforming Pharma J&J’s pattern underperforming. is if just look for evidence line way think be it stuck would this in but would large market think I at MD&D patient J&J would seems you’ve sort would peer And somewhat it jumpstart picture wondering likely transformative is just you we’ve your visible reach the are a than see Will I that to or that better which starting do products of scale certain we think in business, a alluded you just strategic it or and need it to take MD&D to to require the that? new XXXX. be business? is that that Is

you a Just could the follow-up address wondering Pharma. then, if that. question I for have And

curious just exclude just in that or much. franchise, rebates crowded if you if how Just become. much changed Thanks have REMICADE, the I’m prices very has given immunology space

Joe Wolk

Med Devices. the outperformed question, the That that’s Jamie. the Ashley group little say, have when talk I misleading. to the for in kick or little don’t off about Devices But, the that Well, Devices. we to with peer scale not I’ll to then we can them. is anybody at bit Thanks satisfied in other kick going I Medical the would is said, revenue. look maybe competitor and a performance notable more Medical are one at answer the of just we for and There know you breadth over being us forward that be comparing in it bit plans maybe level

all good all going company just going at tuck for of a for strategic them want to to Whether our forward. it’s improvements. sure shareholders the we’re across create a deal deal, not seeing, can take but value or and We’re of businesses. make segments we in looking transformational We that that’s fit

momentum things Devices. this started comment in few Medical can Ashley, upward we continue that maybe on you that a will

Ashley McEvoy

would to half we very above flow. what And aim come of we the I for thanks got be and fortunate have growing profitability competitive very in a I very competitive be. we’re market, from our question. to position guess clearly is, then med number Jami, and the we And offer platforms with strong and we’ve where free ground tech, two on where cash kind and in of

purpose So, we what I’d strong people. to say, of do what like very every helping day of

of So achieve back, our are been each this with underperforming that we innovation. strategy clearly we’re been accelerating on through the has dissatisfied to very really And our this and have that focused platform market. at flipping

speak I fine endocutters, us hit are co-promotes. divestitures; us. innovations the X of acquisitions, that ECHELON having the I I lot which X, getting been have knees. to the We’ve other and many performance. quarter in are this which of is a XXXX; of doing been some products, X year, us diabetes, which around ASP, and other ATTUNE enabling use deals new the XX of heard the XX several will been early and them in help different like in launching XX done that traction XX like We’ve You some FLEX particularly we’re metal-less innovations of very strong marketplace. the those have investments, is about will then, examples the of will around innovations M&A equity help and some also be of of them one some with deals. revision four, will expect in expect energy spine

fact accelerating are market. those platforms very growing we think above I on are So, focused the that in

on strength, We’re always the underperforming aligned and transformative obviously looking we’re are M&A innovation, M&A of at in commercial but that And any excellence. we through haven’t treating modeled ones that. that

Joe Wolk

at you question regarding Thank you, REMICADE. can Ashley. address Pharmaceutical ex maybe Jami’s And pricing Jennifer,

Jennifer Taubert

Yes. well. believe fairly Jami’s And as was on I question immunology also focusing

both immunology extract categories. in increase also as working discounts, and and seeing the are there payers continued are is definitely we so, to competition rebates And the greater in pressure on as key in pricing

the However, market. forward to the of things continue in to our products said, partnering that innovator, the customers, medical bringing I types able with that with think well-positioned we’re bringing a being that and think being we’re that I data to in compete strategy transformational succeed given we’re doing and forward, of to we’re types be really and analytics the

taking look SIMPONI in a take ex-REMICADE the and category, our robust which look and in indication; got products TREMFYA, growth a also at our that led really by psoriasis; If SIMPONI is we’ve significant ARIA. you making being immunology with very Crohn’s at inroads STELARA growth,

to grow got we’re And others, REMICADE, of so, continuing even that the outside if you include growth. we’ve robust with very

be has really volume patients. we’ll And reaching expanding number driven by largely forward. of reach that growth going greater that’s continue our our been back, and how believe growth our to and I going driving So,

is up and to able rebates, continue be that we’re heating market well-positioned yes, to compete of terms So, successfully. discounts think in but I to

Operator

comes Schott Next question Chris JP from Morgan. with

Chris Schott

much. very Thanks Great.

second Pharma expectations. below bit based XXXX? should your we these guess, Just some Sales have on Maybe as pricing. two question you we conversations maybe dynamic or should about shifts one for out really saw first XXXX, here. of in in major a -- business clarity look to and drug year, expect contracting, dynamics any another were on we My price think that more we similar on a I bit was now your next on DARZALEX.

adjustments you mentioned impacting I some think results. price ex-U.S.

and specifically So, trends with seeing just on the elaborate happening ex-U.S. you. little Thank you’re the bit more what’s on pricing? product

Jennifer Taubert

Sure.

to course with we overall, had a of strong a pricing in pricing, But, But, and look we’re in contract, the sales what strong U.S. in that it so for a of we an high reimbursement a a heavily to So and focus as onetime we not referring we front you’re ex-U.S.is in ex-U.S. And to XXXX of strong, DARZALEXoverall be And be see have evolution XX million. relating an adjustment. really and had some a normal the on just a nearly into to reimbursement, I mentioned there was and But what think growth related look negatively strong some did and where accruals and ex-U.S.markets. XX% DARZALEX, very, or level governments DARZALEX this the area points. a the is quarter. categories. continued If I very normal to categories retroactive very payers that DARZALEX worldwide and change. it growth take that see is worldwide, at going growthby revolution in both performance the in $XXX that This it’ll of based impacted the as What contracted to continues step of very with definitely adjustment we get business we another are for the evolution demonstrating think seeing competitors. onetime very we’re adjustment, as negotiate

Operator

Novarro Glenn Capital RBC next comes with The from Markets. question

Glenn Novarro

next couple which Good Hi. over are launch the pipeline. which hoping for you ERLEADA key years, drivers Two Jennifer XXXX. ESKETAMINE, Two in the and questions morning. to launched on just then, was

positive, of ESKETAMINE, in on your Phase their five really did Xs, get three is, you approval. sense confidence primary to I I’m safety just were So, asking Jennifer, good think data. want missed but FDA I endpoints, nonetheless, very two

slightly data, for confidence what’s So, numbers, is And may you’re do expected. panel start but ERLEADA think on would I IMS FDA off the than when an And sales to know approval? you we ERLEADA, not a track ESKETAMINE? need in then, have actual we your we giving slower

So, well? maybe talk ERLEADA you. Thank your about as expectations for

Jennifer Taubert

future, significant So, and represents and breakthrough those imminent of at major unmet for we’re the risk depressive hopefully medical for -- potential or depression are who designation, excited Both for resistant those also have suicidality. programs, patients ESKETAMINE’s me, disorder, in need. of really excuse products which treatment about the ESKETAMINE, FDA

you as our And for a across the robust look and we very ESKETAMINE optimistic and really data the are types EMEA with have the are program the and our difficult as well very, what a totality and approval. data program of know, hopeful in authorities industry. success, both we’ve across authorities. the confident as really you U.S. to in across totality of believe filed these that we data, as take of trials got We prove robust the It’s

one we not. In mechanism. They know if don’t for if back or we terms have typically an are of I heard or new yet, panel, the -- first-in-class agency from a will from standard FDA the have

So, don’t respect. know team And answer in unusual that not any as have for the our -- I But I as we on that. think, to and soon would prepare anticipate is if going actual one. be

that. default agency says is was I on think, the on unless ERLEADA. everyone the gets a other And the question no panel,

ERLEADA reporting U.S. launched terms we’re yet believe numbers. sales of on have in the we in I So that not

the with pleased uptake. We’re

is with As the setting. you ERLEADA, pre-metastatic know in this

it’s strong, for in both and There profile, course and it. and receptivity the So, oncologists prescribe very both data urologists label. of is the earlier the the disease, awareness to

-- so, line same you would But, uptake didn’t And later is to there of anticipate you very strong prescribing. see the a we anticipate wouldn’t in interest of in type therapy. that

today at looking we what data forward look receptivity to patient And really terms this as in and well. uptake with with type a in XXXX You need early to have we’ve ramp. with of been ERLEADA. in combination But, of uptake, very seen or as therapy more coming a that chronic ZYTIGA chronic of provider data we’re also and pleased soon hopefully

Operator

from comes question with Joanne next of Markets. line Capital BMO Your Wuensch the

Joanne Wuensch

franchise lack X.X%, you that? was a to can much David’s How about see back? the a little I very basis think how question. thank holding or in of that do please orthopedic no you forward Is any for items you taking about is points. stocking just XX there in the think terms bit if Good Johnson continue questions. pricing If just worse Orthopedic quickly. discuss order, a And anything that then, to of and is we than you there that market, do or need pipeline? robot in your could sequentially gyration growing much normal the that follow-up Johnson is morning, up Care, Vision and product going faster onetime particular & In

Ashley McEvoy

I’ll I question to related your with first start guess, vision.

performance the expect, half. that in days outperformed lenses in in continues lens. and consistent a Chris point, So, Underlying earlier It’s growth QX. any events vision, contact to it selling don’t X%, we’ve or first the like with stocking market. XXth of really around mentioned contact lot remains quarter the very in Chris’s additional the I

rollout cadence. of We to for the global they a pipeline, think it OASYS X-Dat that As healthy astigmatism. the relates mentioned have I

months which for and adjusts are a lens. our to XX preparing indoor management automatically next for We the lens of right light contact launch the light also allergy within preparing from outdoor

in question on there’s there repeat, you Joanne, your a vision. orthopedics? think believe I healthy if on I So, question cadence your could orthopedics,

Joanne Wuensch

for speed Of the last course. basis points anything questions. you quarter, worse board, read taking know XX should and Thank I my this across I about like into versus didn’t is quarter if looks It just pricing that.

Jennifer Taubert

up it’s will pretty quarter knees anticipate businesses; was improved that we with we had X.X%. think business, improve performing that growing quarters. three X mention is earlier point news joint softer are to referenced and the And X.X%. around Chris is good upcoming to X.X% Craniomaxillofacial in do X.X% you continued and the that down consistent and prior up little stabilized X%. down versus that in down at X.X% other our Spine word, X% our orthopedics were shift I We Chris our the some three. two don’t hips a spine a I spine about was use about quarters. in mix one than what think quarter knees hips of and the heard with significant bit quarter I quarter and in in

strong about I in orthopedics. really be And to surgery, your really minimally in offer would four was in a future surgeries as as of those all leading I to believe have open surgery question well but digital clearly, in will as So, And enable add market all guess, related really laparoscopic invasive value. as position conducted think endoluminal still lot of a done of offerings that is to what robots. are good work have we a intend which J&J very And on we contribution enjoy last fortune that progress XX% offerings we is segments And I surgery. surgery. surgery having can well to

penetrations robotics future impact envision digital growing. I market. in are related surgery. Johnson offering an to clearly today’s foreseeable are And the in still competitive having & very Johnson although low, The a So, has

Operator

with The Please next ahead question comes your go Partners. Antalffy Leerink from Danielle with question.

Danielle Antalffy

transformative follow-up is guys. comment earlier you I made Ashley. morning, guess, so question. Thanks just regarding M&A. wanted taking for much to Good Hey. for the a I on this question

as you I define M&A Just business. -- that’ll Obviously transformative a would follow-up And transformative M&A to within deal. that. the be large curious device mean, one would what presumably,

So, been the in feels the are business market below meantime, device it guys you around, like while certainly turning business, is still the growth.

launches. feels done like that some people deals new it bit sort could you as there now deal to than that highlighted it’s so between a back slower relates drivers you little much. tuck-in with number can But, and going of it transformative guys maybe expect. Are market any smaller accelerate of in a You product growth? to be would line Thank

Ashley McEvoy

to happy Joe, and first turn some complement you with I’ll to commentary. I’m

Joe Wolk

Sure.

thanks some With we and again, or with slightly So, the medical all now. Last question, transformative deals, over improve respect segment look XX invested within the of tuck-in at in billion we year of devices, Medical alone seeing deals truck-in the to scale Danielle. for performance deals deals. right you’re that the $X Device

shareholders. then creating value for fit going it’s of to back it’s So, sure core and those principles again to come a strategic making

Ashley McEvoy

I will Danielle with has innovation blend would just organic, just that of again complement come that saying, and XX% versus continue. from inorganic historically,

even deals, those As XXXX, equity, Joe co-promotes. of in mentioned XX acquisitions, already some done those we’ve those some of some

of fit has value-creation to do in with platforms the the and really that the So, compete each it strategic we in.

Operator

with Bedford Jason from comes question James. Next Raymond

Jason Bedford

Good thanks questions. the morning and for taking

Just a quickies. couple

on Webster for in The Ashley. a Biosense step-up. maybe growth devices, First notable XX% is

but growth. products strong you talked from mentioned You also procedure about new contribution

seen wondering, I’m growth you the So, last spring? any market just from results pickup have in CABANA

Ashley McEvoy

in enjoy We quarter growth three. Yes. did XX% Jason. you, Thank

XX% very as well as execution the and market been as procedures America; core in EMEA of We our very and ablation, as geographic as Biosense I think Asia Webster some in continuing as a strong commercial effect. combination XX% well of in performance enjoyed the North again, combination growth growth. well products of of on creation it’s new XX% market very-balanced as strong business in a well to taking increase focus on as

Jason Bedford

Okay. you. Thank

Joe Wolk

significant CABANA nothing overall I market driver. of had impact as that The team but that’s it in would the -- a procedural slight maybe a called terms out growth, say data,

Jason Bedford

Okay.

here there share some your clearly view? capture [Audio So, in Gap] is

Joe Wolk

please? question, Next

Operator

is question Hazan Amit next from Citi. with The

Amit Hazan

guys. morning, Good Thanks.

Just straight down in with The now think are a stats utilization the quarter surgical quarters. after you gave. a start straight for procedures I like X up guys maybe second row that U.S.

U.S.? So, a underlying just might to could stab with at if guys take surgical wondering what trying be explain procedures the I’m you happening in

Joe Wolk

Thanks, Amit question. for

a at our globe across the look we really when has think, where I been. -- strength strong where So, is economy

coverage actually XX we’re to a growing the look, U.S. itself and you to we’ve strong better outside in here grown does U.S. the better lend healthcare. stronger, If times But, economy tend what

procedural So, that some we’re the seeing. that is growth underpin helping of

Amit Hazan

business, general the U.S. And about for years. just Okay. and growth trend X% in surgery in there was similar regard slower quarter. for well? still X% Maybe versus growth with trending about But, color kind few having piece, this you’re guys obviously just U.S. for you the of past a this then, a on year, U.S. advanced the in specifically, you’re some to the as good advanced your number actually why year

Ashley McEvoy

next. leading our a clearly in This really infection our Ethicon Ashley effect I’ll that the back antimicrobial for see to biosurgery wound market innovation market our up some we strategy leading, reduction. business growth evidence and in is many quarter Consistent up where enjoy the three, things. I’m of sutures, to couple What lot come barbed on in of closure X%. related enjoy endocutter we our positions. One, generation by And A XX% business, to is speaking. surgical pleased is driven

robotic digital that. in really and advancement offering of some seeing forthcoming business. are our to challenges reprocessing. will ameliorate stronger the in are handheld our reprocessing of We -- energy and challenges dialed energy and business but our U.S. that to and our do also we -- experiencing is the related business help innovation compete endomechanical energy the endomechanical quite robotics robotics OUS, when surgery performing some in We’ve in market. up expect some and clearly I agenda in that years and the well,

Operator

Credit The line Vamil of question with Suisse. from is next the Divan

Vamil Divan

Hi, for guys. my taking Thanks questions.

or provide second the might those drug changes around think, not you last several useful? think can and and implemented outlook just the by on should ads. your of that do product? that just we if administration, I’m comments important asking longer something expect you of of that perspective appreciate then, I -- And is maybe is any Thanks. played some when sort you MAIA DARZALEX. the expect broadly, just study. clinical you And more to couple, I receive about And can curious some then a that just seen clarify on just when to the that data other is think And exactly sort some here term issue over And listed follow months? useful think year. of now. presentation And made this given Obviously about this data, maybe on pricing, yesterday. you I’m that get top-line this generally meeting press maybe It’s broader just the on I that out around slide was of still you’re be assuming, from we’ve it? I’m just up the internally. sort the not include, So, that TV and you the for quarter. comments as the And administration proposal previously the out one release I’m you to going lot the came potential curious how maybe, again, to a

Jennifer Taubert

relates decisions as that regarding PhRMA as make health. that can it that the proposal, to information that some as the We you best helpful they put will their to the patients hopefully believe should saw principles well access to have yesterday adhering be members really use So, and the to. forward as new is that PhRMA administration’s well

does care costs. this around greater health And include so, transparency

in we That’s to-date. we why information how annual U.S. in resources a been provide transparency medicines And and so, our Transparency price Report. we’ve leader invest about how our our we

absolutely we to list are think PhRMA we with information also yesterday been actually announcements going the This that in done what not can putting in on working into So, DTC which only has patients, right but partnership and information learned do is be they pricing, what is what customers PhRMA’s context. with pricing. from helpful, around and we and on line

actually really means for point since is -- just price them, starting So, that what list list point. a

financial is what is to assistance addition So of costs to what for in patients, of pocket be, available types list going their likely price. out information, the like

we’re to respond to days agency’s going helps for for line we’re to PhRMA proposal. input, XX go and ahead in we’re to that I Again, the meantime, helpful with go going doing So, context and and going is to on what respond be think in put and all information the we’re patients useful executing is anything provide good them. our that There’s the and implement in ahead what and really that. to

not be doctor need in such we things extent to as alone would of worry their not think, the for care, we about is the I not going And just information. seek patients to going careful to appropriate the full of treatments. price list

we right the So, Secretary with yesterday. that proposal happens and thing wait the PhRMA doing and with just announced have what Azar’s believe we’re see to he proposal, to we’ll just

Joe Wolk

it’s DARZALEX, driven. event filing; Yes. XXXX regarding it’s an And

all that’s in time. point at we’re sharing this So,

Jennifer Taubert

commonly most important further United we’re be is very data. is DARZALEX that be will States. that for that will And think we is about in used an that the And catalyst regimen data optimistic the it

already have REVLIMID forward going to in VELCADE, used data think as really we be We for well the the as is approved that U.S. going with and important So, ex-U.S. including U.S. the frontline market. data

Operator

comes from Bob America. of Bank question Hopkins next with The

Bob Hopkins

okay, much very and in of I ask volatility emerging emerging if wanted on you lately, Joe, economies. the of to in Thank quick bit terms good both markets. question and press market a morning. markets a been emerging have quite Obviously, currency

if three markets, of flavor So, calendar your kind okay terms in some in sense, achieved maybe you what your I’m divisions? to third of did in the really emerging you us in underlying of you. Thank division, change can by in in rate that just your a just curious, quarter, businesses emerging happened big or anything terms markets give growth demand

Joe Wolk

question, the Bob. for Thanks Yes.

board, in total, see to at and consumer is market. growth business because pretty specifically we So large emerging Obviously, can operational with just the of out talk Brazil, strength growth; going turn in very or Maybe for it Russia very strong a to the few XX% did of be I Jorge, in particular quarter. And about our uniform say we that markets, And China. was almost maybe Jorge, believe twice was what if saw across significant healthy the the results change can consumer it performing would a better thoughts? I about share it’s XX%. basis maybe us, step over some and was BRIC on those you third our in we

Jorge Mesquita

good growing north above of very emerging markets And saw growing the the XX% organically. key our in Thanks, geographies. were the to as Yes, contributor Particularly, Joe this Joe. a very we feel across X% about results quarter, third growth, overall Sure. we strong mentioned, care the we And significant to continue our continue performance business a our was in of Underpinning BRIC in baby grow time, at a rate of to markets. global the emerging will business. improvement twice over at world expect performance that level. the our overall

coming And global India results starting as pleased we expect And the the roll emerging out rollout with world out now the mentioned, States. our across tour to complete state very China. and with Joe we’re United into that the of world, We’re early the XXXX. in across going to

some the So, think the forward. we we’re world -- the for overall, I go on we markets, in outlook volatility despite are occasional bullish as functional emerging

Bob Hopkins

That’s follow-up just, quick on super that. one helpful. Maybe Joe,

relative So, board, reported very or it is are the the sounds maybe headwind in volatility But, meaningful as like volatility that quantitatively, currencies, mentioned, forward, given the with to especially is is that’s or the EPS, forward, mind you look statement? across pieces income involved the different manageable, very that all something J&J your to moving strong you emerging underlying that demand as look Consumer. in we a market qualitatively just given as

Joe Wolk

not we’re overly fluctuate. Bob, headwind, currencies to think would emerging and be it should much good it’s in to obviously, depend how a on question. manageable markets. a But, currencies I tied it’s going

manageable. So, be should it

Bob Hopkins

taking Terrific. questions. Thanks the for

Joe Wolk

be I proposal there. just moment getting up that to and spirit take with more maybe comments very with on -- Azar’s follow want too the just information administration’s transparency here support out to we clear Jennifer’s of respect and a and Secretary

good we now confusing a act the we that’s PhRMA Having make clarity position is want as a And information the in the and provide way and patients. best be and sure somewhat way. on patients to it make responsible But out system. could put that’s meaningful into digest to provides for that just doesn’t price think I healthcare. sure that that that of healthcare and to proposal we certainly possible practice, play actually to meaningful want way right to looking list DTC that deterrent the ads

Operator

with Barclays. Meacham is from question next The Geoff

Geoff Meacham

guys. question. for the Thanks Good morning,

you a maybe given the a question, revisit To organic Jennifer ZYTIGA given just XXXX view, few Joe LOAs. for too. Pharma haven’t the headwind had guys from on and Just but the other growth and formal

investments above that deals change growth, not either you’re different towards market therapeutic strategic priorities, If across does you or categories? attitude

Joe Wolk

Yes.

rights. thing those the and to strong defend So, of are we plan Geoff, maybe holder a patent we to currently that clarify is believe first question the we the

forward month. are that the this judge’s without looking Jennifer There to indicated, We’re some reason generic later the But, some potentially very our Should on for horizon. ZYTIGA even headwinds growth, decision as strong. which better that. absorb brands We that portfolio, got that market, of $X Pharmaceuticals the our other something we’ve given face, billion companies not than deliver breadth in below is can XX revenue. in us was put

year pipeline got in going to confidence going in or a growth. And that’s temporary not forward. a is market we’re off our So, anything where situation only we’ve probably from at good we’re take two because

Geoff Meacham

Okay. for That’s questions Pharma. product few a then, And Joe. specific helpful,

the at therapies For DARZALEX, look the BCMA? And of put been evolving therapy to just when then, tracking? Thanks. the ESC and get how cell has MARINER the XARELTO, COMMANDER guys overall the on how duration feel these of I in feedback a space do for for want to from since you refractory context the just sense And you data following and trying brand? myeloma field

Jennifer Taubert

piece. I Sure, XARELTO on off start the can

just last is CAD got we a we out launching week it for team actually PAD, approval So, and and as the speak.

the in dose is the the in X.X to teams market, and bringing launching product the patients. XARELTO market and milligram are out and So,

the so, XXa inhibitor the attacks. XX% space, U.S. And expand by Factor alone. first heart and PAD we’re the CAD, think death, I really in XX the in data CV is the opportunity quite reduction additional opportunity indication, the in And in excited to that striking million expands about which as XARELTO patients strokes

this XARELTO. we’re for optimistic So, very really about launch

there MARINER XARELTO. space, across that that As the data the is that on are we it do a with and to forward working have space relates good ill the path that and for medically we agency believe in

So, that can’t right FDA on anymore that forward. will be we say than to But, pursue that probably with continuing the going now.

continued on there And believe is future DVT both as was we in of share prevention other as space. treatment question growth for AFib XARELTO well the So, in and and CAR-T in the and good DARZALEX? sort reasons a growth gains

Geoff Meacham

CAR-T, Around how they might play DARZALEX together? and

Jennifer Taubert

Yes.

think complementary in So, myeloma we actually the space. that they’re multiple

which CAR-T. did We’ve so, is And about patient we when already, with deal we’re first excited a that very timeline dosed Legend. our versus very very, fast

need look myeloma, remains in need. if the think medical it a still take -- at there significant unmet multiple I you

BCMA will as having for to with we what us think patients, be And the got which so, nice as CAR-T I grow. portfolio to will both, together well a allow DARZALEX continue

Geoff Meacham

you. Thank great. Okay,

Chris DelOrefice

as turn to any with don’t follow-ups. team who out Thanks apologies reach due asked question the Please a that the today’s those for Q&A Investor closing some back portion. to Relations So, is concludes not hesitate everyone now who to I’ll and to today time. Joe could to needed call we get to to remarks.

Joe Wolk

living we Johnson. we & day. have is new clear your we is our Chris. to Thanks sharing look the the the it today and your forward our to Ashley, business you you, for look your Thanks for quarter. Have Thank delivering Great. team’s in your for guidance soon. community strong that to insights And on third hope Jorge, Johnson XXXX. you I earlier Jennifer that forward very results strong. articulated business for with a investment and very -- with into interest good And speaking

Operator

Johnson Johnson today’s concludes call. This quarter conference XXXX you. Thank third & earnings

You may disconnect. now

Johnson & Johnson (JNJ) 16 Oct 182018 Q3 Earnings call transcript