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Johnson & Johnson Reports 2008 1Q Results

Posted: April 15, 2008
Johnson & Johnson announced record sales of $16.2 billion for the first quarter of 2008, an increase of 7.7% as compared to the first quarter of 2007. Operational growth was 2.6% and currency contributed 5.1%. Domestic sales were up 2.8%, while international sales increased 13.7%, reflecting operational growth of 2.4% and a positive currency impact of 11.3%.

"We achieved solid earnings in the first quarter which reflects our continued focus on profitable growth for Johnson & Johnson," said William C. Weldon, chairman and CEO, J&J. "Our strategy of being broadly based remains one of the keys to our consistent long-term performance."

Net earnings and diluted earnings per share for the first quarter of 2008 were $3.6 billion and $1.26, respectively. The first quarter of 2007 included an after-tax in-process research and development charge of $807 million associated with the acquisition of Conor Medsystems, Inc. Excluding this charge, net earnings for the current quarter and diluted earnings per share represent increases of 6.4% and 8.6%, respectively, as compared to the same period in 2007.

Worldwide consumer division sales of $4.1 billion for the first quarter represented a 16.2% increase over the prior year, with operational growth of 9.9% and a positive impact from currency of 6.3%. Domestic sales increased 11.7%, while international sales increased 20.2% (8.3% from operations and 11.9% from currency). Sales results, according to the company, reflect the strong performance of the U.S. launch of Listerine antiseptic mouthrinse and whitening products; baby care products; and the Neutrogena, Clean & Clear, and Aveeno skin care lines.

The company raised its earnings guidance for full-year 2008 to $4.40 - $4.45 per share, which does not include the impact of any in- process research and development charges or other special items.