$JNJ Beats by $0.04, Reaffirms Previous Guidance

“NEW BRUNSWICK, N.J., April 16, 2013 /PRNewswire/ — Johnson & Johnson (JNJ)  today announced sales of $17.5 billion for the first quarter of 2013, an increase of 8.5% as compared to the first quarter of 2012.  Operational results increased 9.8% and the negative impact of currency was 1.3%.  Domestic sales increased 11.2%.  International sales increased 6.3%, reflecting operational growth of 8.7% and a negative currency impact of 2.4%.  Sales included the impact of the acquisition of Synthes, Inc., net of the divestiture of the DePuy trauma business, which contributed 5.7% to worldwide operational sales growth.

Net earnings and diluted earnings per share for the first quarter of 2013 were $3.5 billion and $1.22, respectively.  First quarter 2013 net earnings included after-tax special items of approximately $0.6 billion, primarily related to litigation expenses, as well as integration and transaction costs related to the acquisition of Synthes, Inc.  First quarter 2012 net earnings included a gain from an after-tax special item of approximately $0.1 billion as shown in the accompanying reconciliation of non-GAAP financial measures.  Excluding these special items, net earnings for the current quarter were $4.1 billion and diluted earnings per share were $1.44, representing increases of 8.0% and 5.1%, respectively, as compared to the same period in 2012.*

“We delivered solid first quarter results led by the success of many of our recently launched pharmaceutical products and the addition of Synthes to our orthopaedics business.  Also of note is the growth in our over-the-counter medicines business as we continue to make progress in returning a reliable supply of high quality products to our customers,” said Alex Gorsky, Chairman and Chief Executive Officer.  “Our investments to advance our pipelines and expand our global presence, along with the outstanding efforts of our talented people, will enable us to continue to deliver sustainable growth and meaningful innovations to patients and customers around the world.”

The Company confirmed its earnings guidance for full-year 2013 of $5.35 – $5.45 per share.  The Company’s guidance excludes the impact of special items….”

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