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þ
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended September 28, 2014
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o
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the transition period from to
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NEW JERSEY
(State or other jurisdiction of
incorporation or organization)
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22-1024240
(I.R.S. Employer
Identification No.)
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Large accelerated filer
þ
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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(Do not check if a smaller reporting company)
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Page
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No.
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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EX-10.1
|
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EX-31.1
|
|
EX-32.1
|
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EX-101 INSTANCE DOCUMENT
|
|
EX-101 SCHEMA DOCUMENT
|
|
EX-101 CALCULATION LINKBASE DOCUMENT
|
|
EX-101 LABELS LINKBASE DOCUMENT
|
|
EX-101 PRESENTATION LINKBASE DOCUMENT
|
|
EX-101 DEFINITION LINKBASE DOCUMENT
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|
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September 28, 2014
|
|
December 29, 2013
|
|||
ASSETS
|
|||||||
Current assets:
|
|
|
|
|
|||
Cash and cash equivalents
|
|
$
|
13,818
|
|
|
20,927
|
|
Marketable securities
|
|
19,187
|
|
|
8,279
|
|
|
Accounts receivable, trade, less allowances for doubtful accounts $262 (2013, $333)
|
|
11,615
|
|
|
11,713
|
|
|
Inventories (Note 2)
|
|
8,419
|
|
|
7,878
|
|
|
Deferred taxes on income
|
|
3,827
|
|
|
3,607
|
|
|
Prepaid expenses and other
|
|
3,107
|
|
|
4,003
|
|
|
Total current assets
|
|
59,973
|
|
|
56,407
|
|
|
Property, plant and equipment at cost
|
|
36,448
|
|
|
37,133
|
|
|
Less: accumulated depreciation
|
|
(20,644
|
)
|
|
(20,423
|
)
|
|
Property, plant and equipment, net
|
|
15,804
|
|
|
16,710
|
|
|
Intangible assets, net (Note 3)
|
|
26,304
|
|
|
27,947
|
|
|
Goodwill (Note 3)
|
|
21,636
|
|
|
22,798
|
|
|
Deferred taxes on income
|
|
3,347
|
|
|
3,872
|
|
|
Other assets
|
|
5,033
|
|
|
4,949
|
|
|
Total assets
|
|
$
|
132,097
|
|
|
132,683
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|||||||
Current liabilities:
|
|
|
|
|
|||
Loans and notes payable
|
|
$
|
2,115
|
|
|
4,852
|
|
Accounts payable
|
|
6,603
|
|
|
6,266
|
|
|
Accrued liabilities
|
|
6,188
|
|
|
7,685
|
|
|
Accrued rebates, returns and promotions
|
|
4,208
|
|
|
3,308
|
|
|
Accrued compensation and employee related obligations
|
|
2,333
|
|
|
2,794
|
|
|
Accrued taxes on income
|
|
1,535
|
|
|
770
|
|
|
Total current liabilities
|
|
22,982
|
|
|
25,675
|
|
|
Long-term debt (Note 4)
|
|
13,152
|
|
|
13,328
|
|
|
Deferred taxes on income
|
|
4,063
|
|
|
3,989
|
|
|
Employee related obligations
|
|
7,551
|
|
|
7,784
|
|
|
Other liabilities
|
|
7,758
|
|
|
7,854
|
|
|
Total liabilities
|
|
55,506
|
|
|
58,630
|
|
|
Shareholders’ equity:
|
|
|
|
|
|||
Common stock — par value $1.00 per share (authorized 4,320,000,000 shares; issued 3,119,843,000 shares)
|
|
$
|
3,120
|
|
|
3,120
|
|
Accumulated other comprehensive income (loss) (Note 7)
|
|
(5,382
|
)
|
|
(2,860
|
)
|
|
Retained earnings
|
|
96,560
|
|
|
89,493
|
|
|
Less: common stock held in treasury, at cost
(315,787,000
and 299,215,000 shares)
|
|
17,707
|
|
|
15,700
|
|
|
Total shareholders’ equity
|
|
76,591
|
|
|
74,053
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
132,097
|
|
|
132,683
|
|
|
|
Fiscal Third Quarters Ended
|
||||||||||||
|
|
September 28,
2014 |
|
Percent
to Sales
|
|
September 29,
2013 |
|
Percent
to Sales
|
||||||
Sales to customers (Note 9)
|
|
$
|
18,467
|
|
|
100.0
|
%
|
|
$
|
17,575
|
|
|
100.0
|
%
|
Cost of products sold
|
|
5,399
|
|
|
29.2
|
|
|
5,344
|
|
|
30.4
|
|
||
Gross profit
|
|
13,068
|
|
|
70.8
|
|
|
12,231
|
|
|
69.6
|
|
||
Selling, marketing and administrative expenses
|
|
5,468
|
|
|
29.6
|
|
|
5,314
|
|
|
30.2
|
|
||
Research and development expense
|
|
2,023
|
|
|
11.0
|
|
|
2,042
|
|
|
11.6
|
|
||
In-process research and development
|
|
—
|
|
|
—
|
|
|
178
|
|
|
1.0
|
|
||
Interest income
|
|
(18
|
)
|
|
(0.1
|
)
|
|
(18
|
)
|
|
(0.1
|
)
|
||
Interest expense, net of portion capitalized
|
|
130
|
|
|
0.7
|
|
|
105
|
|
|
0.6
|
|
||
Other (income) expense, net
|
|
(1,345
|
)
|
|
(7.3
|
)
|
|
943
|
|
|
5.4
|
|
||
Earnings before provision for taxes on income
|
|
6,810
|
|
|
36.9
|
|
|
3,667
|
|
|
20.9
|
|
||
Provision for taxes on income (Note 5)
|
|
2,061
|
|
|
11.2
|
|
|
685
|
|
|
3.9
|
|
||
NET EARNINGS
|
|
$
|
4,749
|
|
|
25.7
|
%
|
|
$
|
2,982
|
|
|
17.0
|
%
|
|
|
|
|
|
|
|
|
|
||||||
NET EARNINGS PER SHARE (Note 8)
|
|
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
1.69
|
|
|
|
|
$
|
1.06
|
|
|
|
||
Diluted
|
|
$
|
1.66
|
|
|
|
|
$
|
1.04
|
|
|
|
||
CASH DIVIDENDS PER SHARE
|
|
$
|
0.70
|
|
|
|
|
$
|
0.66
|
|
|
|
||
AVG. SHARES OUTSTANDING
|
|
|
|
|
|
|
|
|
||||||
Basic
|
|
2,814.4
|
|
|
|
|
2,818.4
|
|
|
|
||||
Diluted
|
|
2,864.3
|
|
|
|
|
2,881.2
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Fiscal Nine Months Ended
|
||||||||||||
|
|
September 28,
2014 |
|
Percent
to Sales
|
|
September 29,
2013 |
|
Percent
to Sales
|
||||||
Sales to customers (Note 9)
|
|
$
|
56,077
|
|
|
100.0
|
%
|
|
$
|
52,957
|
|
|
100.0
|
%
|
Cost of products sold
|
|
16,893
|
|
|
30.1
|
|
|
16,387
|
|
|
30.9
|
|
||
Gross profit
|
|
39,184
|
|
|
69.9
|
|
|
36,570
|
|
|
69.1
|
|
||
Selling, marketing and administrative expenses
|
|
16,132
|
|
|
28.8
|
|
|
15,913
|
|
|
30.0
|
|
||
Research and development expense
|
|
5,859
|
|
|
10.5
|
|
|
5,772
|
|
|
10.9
|
|
||
In-process research and development
|
|
22
|
|
|
0.0
|
|
|
242
|
|
|
0.5
|
|
||
Interest income
|
|
(50
|
)
|
|
(0.1
|
)
|
|
(56
|
)
|
|
(0.1
|
)
|
||
Interest expense, net of portion capitalized
|
|
394
|
|
|
0.7
|
|
|
348
|
|
|
0.7
|
|
||
Other (income) expense, net
|
|
(1,033
|
)
|
|
(1.8
|
)
|
|
1,630
|
|
|
3.1
|
|
||
Earnings before provision for taxes on income
|
|
17,860
|
|
|
31.8
|
|
|
12,721
|
|
|
24.0
|
|
||
Provision for taxes on income (Note 5)
|
|
4,058
|
|
|
7.2
|
|
|
2,409
|
|
|
4.5
|
|
||
NET EARNINGS
|
|
$
|
13,802
|
|
|
24.6
|
%
|
|
$
|
10,312
|
|
|
19.5
|
%
|
|
|
|
|
|
|
|
|
|
||||||
NET EARNINGS PER SHARE (Note 8)
|
|
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
4.89
|
|
|
|
|
$
|
3.68
|
|
|
|
||
Diluted
|
|
$
|
4.81
|
|
|
|
|
$
|
3.58
|
|
|
|
||
CASH DIVIDENDS PER SHARE
|
|
$
|
2.06
|
|
|
|
|
$
|
1.93
|
|
|
|
||
AVG. SHARES OUTSTANDING
|
|
|
|
|
|
|
|
|
||||||
Basic
|
|
2,822.0
|
|
|
|
|
2,805.6
|
|
|
|
||||
Diluted
|
|
2,871.2
|
|
|
|
|
2,879.0
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||||
See Notes to Consolidated Financial Statements
|
|
Fiscal Third Quarters Ended
|
|
Fiscal Nine Months Ended
|
|||||||||
|
September 28, 2014
|
|
September 29, 2013
|
|
September 28, 2014
|
|
September 29, 2013
|
|||||
|
|
|
|
|
|
|
|
|||||
Net earnings
|
$
|
4,749
|
|
|
2,982
|
|
|
13,802
|
|
|
10,312
|
|
|
|
|
|
|
|
|
|
|||||
Other comprehensive income (loss), net of tax
|
|
|
|
|
|
|
|
|||||
Foreign currency translation
|
(2,400
|
)
|
|
1,278
|
|
|
(2,499
|
)
|
|
(48
|
)
|
|
|
|
|
|
|
|
|
|
|||||
Securities:
|
|
|
|
|
|
|
|
|||||
Unrealized holding gain (loss) arising during period
|
(35
|
)
|
|
59
|
|
|
6
|
|
|
238
|
|
|
Reclassifications to earnings
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
(289
|
)
|
|
Net change
|
(36
|
)
|
|
59
|
|
|
5
|
|
|
(51
|
)
|
|
|
|
|
|
|
|
|
|
|||||
Employee benefit plans:
|
|
|
|
|
|
|
|
|||||
Prior service cost amortization during period
|
(5
|
)
|
|
—
|
|
|
(14
|
)
|
|
2
|
|
|
Gain (loss) amortization during period
|
101
|
|
|
130
|
|
|
301
|
|
|
390
|
|
|
Net change
|
96
|
|
|
130
|
|
|
287
|
|
|
392
|
|
|
|
|
|
|
|
|
|
|
|||||
Derivatives & hedges:
|
|
|
|
|
|
|
|
|||||
Unrealized gain (loss) arising during period
|
14
|
|
|
41
|
|
|
(139
|
)
|
|
224
|
|
|
Reclassifications to earnings
|
(49
|
)
|
|
(44
|
)
|
|
(176
|
)
|
|
(53
|
)
|
|
Net change
|
(35
|
)
|
|
(3
|
)
|
|
(315
|
)
|
|
171
|
|
|
|
|
|
|
|
|
|
|
|||||
Other comprehensive income (loss)
|
(2,375
|
)
|
|
1,464
|
|
|
(2,522
|
)
|
|
464
|
|
|
|
|
|
|
|
|
|
|
|||||
Comprehensive income
|
$
|
2,374
|
|
|
4,446
|
|
|
11,280
|
|
|
10,776
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
The tax effects in other comprehensive income for the fiscal third quarters were as follows for 2014 and 2013, respectively: Securities: $19 million and $32 million; Employee Benefit Plans: $46 million and $68 million; Derivatives & Hedges: $19 million and $1 million.
|
|
The tax effects in other comprehensive income for the fiscal nine months were as follows for 2014 and 2013, respectively: Securities: $3 million and $28 million; Employee Benefit Plans: $139 million and $204 million; Derivatives & Hedges: $170 million and $92 million.
|
|
JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; Dollars in Millions)
|
|||||||
|
|
Fiscal Nine Months Ended
|
|||||
|
|
September 28,
2014 |
|
September 29,
2013 |
|||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|||
Net earnings
|
|
$
|
13,802
|
|
|
10,312
|
|
Adjustments to reconcile net earnings to cash flows from operating activities:
|
|
|
|
|
|||
Depreciation and amortization of property and intangibles
|
|
2,904
|
|
|
3,002
|
|
|
Stock based compensation
|
|
646
|
|
|
584
|
|
|
Venezuela adjustments
|
|
89
|
|
|
108
|
|
|
Asset write-downs
|
|
259
|
|
|
247
|
|
|
Net gain on sale of assets/businesses
|
|
(2,336
|
)
|
|
(55
|
)
|
|
Net gain on equity investment transactions
|
|
—
|
|
|
(380
|
)
|
|
Deferred tax provision
|
|
297
|
|
|
(224
|
)
|
|
Accounts receivable allowances
|
|
(54
|
)
|
|
(32
|
)
|
|
Changes in assets and liabilities, net of effects from acquisitions:
|
|
|
|
|
|||
Increase in accounts receivable
|
|
(399
|
)
|
|
(971
|
)
|
|
Increase in inventories
|
|
(1,098
|
)
|
|
(799
|
)
|
|
(Decrease)/increase in accounts payable and accrued liabilities
|
|
(827
|
)
|
|
589
|
|
|
Decrease/(increase) in other current and non-current assets
|
|
72
|
|
|
(348
|
)
|
|
Increase in other current and non-current liabilities
|
|
751
|
|
|
1,242
|
|
|
|
|
|
|
|
|||
NET CASH FLOWS FROM OPERATING ACTIVITIES
|
|
14,106
|
|
|
13,275
|
|
|
|
|
|
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|||
Additions to property, plant and equipment
|
|
(2,218
|
)
|
|
(2,166
|
)
|
|
Proceeds from the disposal of assets/businesses, net
|
|
4,481
|
|
|
192
|
|
|
Acquisitions, net of cash acquired
|
|
(291
|
)
|
|
(819
|
)
|
|
Purchases of investments
|
|
(25,784
|
)
|
|
(13,583
|
)
|
|
Sales of investments
|
|
14,576
|
|
|
12,891
|
|
|
Other
|
|
(147
|
)
|
|
(40
|
)
|
|
|
|
|
|
|
|||
NET CASH USED BY INVESTING ACTIVITIES
|
|
(9,383
|
)
|
|
(3,525
|
)
|
|
|
|
|
|
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|||
Dividends to shareholders
|
|
(5,812
|
)
|
|
(5,424
|
)
|
|
Repurchase of common stock
|
|
(4,381
|
)
|
|
(3,050
|
)
|
|
Proceeds from short-term debt
|
|
629
|
|
|
1,770
|
|
|
Retirement of short-term debt
|
|
(1,713
|
)
|
|
(1,416
|
)
|
|
Proceeds from long-term debt
|
|
17
|
|
|
51
|
|
|
Retirement of long-term debt
|
|
(1,787
|
)
|
|
(1,531
|
)
|
|
Proceeds from the exercise of stock options/excess tax benefits
|
|
1,406
|
|
|
2,271
|
|
|
Other
|
|
—
|
|
|
56
|
|
|
|
|
|
|
|
|||
NET CASH USED BY FINANCING ACTIVITIES
|
|
(11,641
|
)
|
|
(7,273
|
)
|
|
|
|
|
|
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
|
(191
|
)
|
|
(184
|
)
|
|
(Decrease)/Increase in cash and cash equivalents
|
|
(7,109
|
)
|
|
2,293
|
|
|
Cash and Cash equivalents, beginning of period
|
|
20,927
|
|
|
14,911
|
|
|
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
|
$
|
13,818
|
|
|
17,204
|
|
|
|
|
|
|
|||
Acquisitions
|
|
|
|
|
|||
Fair value of assets acquired
|
|
$
|
305
|
|
|
1,012
|
|
Fair value of liabilities assumed and noncontrolling interests
|
|
(14
|
)
|
|
(193
|
)
|
|
Net fair value of acquisitions
|
|
291
|
|
|
819
|
|
(Dollars in Millions)
|
|
September 28, 2014
|
|
December 29, 2013
|
|||
Raw materials and supplies
|
|
$
|
1,165
|
|
|
1,224
|
|
Goods in process
|
|
2,303
|
|
|
2,612
|
|
|
Finished goods
|
|
4,951
|
|
|
4,042
|
|
|
Total inventories
|
|
$
|
8,419
|
|
|
7,878
|
|
(Dollars in Millions)
|
|
September 28, 2014
|
|
December 29, 2013
|
|||
Intangible assets with definite lives:
|
|
|
|
|
|||
Patents and trademarks — gross
|
|
$
|
8,991
|
|
|
9,164
|
|
Less accumulated amortization
|
|
4,614
|
|
|
4,146
|
|
|
Patents and trademarks — net
|
|
4,377
|
|
|
5,018
|
|
|
Customer relationships and other intangibles — gross
|
|
18,256
|
|
|
19,027
|
|
|
Less accumulated amortization
|
|
5,075
|
|
|
4,872
|
|
|
Customer relationships and other intangibles — net
|
|
13,181
|
|
|
14,155
|
|
|
Intangible assets with indefinite lives:
|
|
|
|
|
|||
Trademarks
|
|
7,425
|
|
|
7,619
|
|
|
Purchased in-process research and development
|
|
1,321
|
|
|
1,155
|
|
|
Total intangible assets with indefinite lives
|
|
8,746
|
|
|
8,774
|
|
|
Total intangible assets — net
|
|
$
|
26,304
|
|
|
27,947
|
|
(Dollars in Millions)
|
|
Consumer
|
|
Pharm
|
|
Med Dev & Diag
|
|
Total
|
|||||
Goodwill, net at December 29, 2013
|
|
$
|
8,531
|
|
|
2,068
|
|
|
12,199
|
|
|
22,798
|
|
Goodwill, related to acquisitions
|
|
—
|
|
|
92
|
|
|
—
|
|
|
92
|
|
|
Goodwill, related to divestitures
|
|
(101
|
)
|
|
—
|
|
|
(600
|
)
|
|
(701
|
)
|
|
Currency translation/Other
|
|
(446
|
)
|
|
(68
|
)
|
|
(39
|
)
|
|
(553
|
)
|
|
Goodwill, net as of September 28, 2014
|
|
$
|
7,984
|
|
|
2,092
|
|
|
11,560
|
|
|
21,636
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
Gain/(Loss)
Recognized In
Accumulated
OCI
(1)
|
|
Gain/(Loss) Reclassified From
Accumulated OCI
Into Income
(1)
|
|
Gain/(Loss)
Recognized In
Other
Income/Expense
(2)
|
|||||||||||||
(Dollars in Millions)
|
|
Fiscal Third Quarters Ended
|
|||||||||||||||||
Cash Flow Hedges By Income Statement Caption
|
|
September 28, 2014
|
|
September 29, 2013
|
|
September 28, 2014
|
|
September 29, 2013
|
|
September 28, 2014
|
|
September 29, 2013
|
|||||||
Sales to customers
(3)
|
|
$
|
(43
|
)
|
|
25
|
|
|
(2
|
)
|
|
17
|
|
|
—
|
|
|
—
|
|
Cost of products sold
(3)
|
|
(37
|
)
|
|
42
|
|
|
37
|
|
|
51
|
|
|
(2
|
)
|
|
—
|
|
|
Research and development expense
(3)
|
|
25
|
|
|
(20
|
)
|
|
8
|
|
|
(14
|
)
|
|
—
|
|
|
—
|
|
|
Interest (income)/Interest expense, net
(4)
|
|
11
|
|
|
7
|
|
|
(6
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
Other (income) expense, net
(3)
|
|
58
|
|
|
(13
|
)
|
|
12
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
Total
|
|
$
|
14
|
|
|
41
|
|
|
49
|
|
|
44
|
|
|
(2
|
)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
Gain/(Loss)
Recognized In
Accumulated
OCI
(1)
|
|
Gain/(Loss) Reclassified From
Accumulated OCI
Into Income
(1)
|
|
Gain/(Loss)
Recognized In
Other
Income/Expense
(2)
|
|||||||||||||
(Dollars in Millions)
|
|
Fiscal Nine Months Ended
|
|||||||||||||||||
Cash Flow Hedges By Income Statement Caption
|
|
September 28, 2014
|
|
September 29, 2013
|
|
September 28, 2014
|
|
September 29, 2013
|
|
September 28, 2014
|
|
September 29, 2013
|
|||||||
Sales to customers
(3)
|
|
$
|
(73
|
)
|
|
22
|
|
|
6
|
|
|
24
|
|
|
1
|
|
|
—
|
|
Cost of products sold
(3)
|
|
(187
|
)
|
|
220
|
|
|
196
|
|
|
72
|
|
|
(4
|
)
|
|
4
|
|
|
Research and development expense
(3)
|
|
28
|
|
|
(27
|
)
|
|
(5
|
)
|
|
(31
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
Interest (income)/Interest expense, net
(4)
|
|
21
|
|
|
15
|
|
|
(12
|
)
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
Other (income) expense, net
(3)
|
|
72
|
|
|
(6
|
)
|
|
(9
|
)
|
|
(6
|
)
|
|
—
|
|
|
(1
|
)
|
|
Total
|
|
$
|
(139
|
)
|
|
224
|
|
|
176
|
|
|
53
|
|
|
(4
|
)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 28, 2014
|
|
|
|
December 29, 2013
|
||||||||||
(Dollars in Millions)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Total
(1)
|
||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||
Forward foreign exchange contracts
|
|
$
|
—
|
|
|
534
|
|
|
—
|
|
|
534
|
|
|
537
|
|
Interest rate contracts
(2)
|
|
—
|
|
|
111
|
|
|
—
|
|
|
111
|
|
|
169
|
|
|
Total
|
|
—
|
|
|
645
|
|
|
—
|
|
|
645
|
|
|
706
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||
Forward foreign exchange contracts
|
|
—
|
|
|
579
|
|
|
—
|
|
|
579
|
|
|
133
|
|
|
Interest rate contracts
(3)(4)
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|
26
|
|
|
Total
|
|
—
|
|
|
583
|
|
|
—
|
|
|
583
|
|
|
159
|
|
|
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||
Forward foreign exchange contracts
|
|
—
|
|
|
28
|
|
|
—
|
|
|
28
|
|
|
25
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||
Forward foreign exchange contracts
|
|
—
|
|
|
40
|
|
|
—
|
|
|
40
|
|
|
29
|
|
|
Other Investments
(5)
|
|
$
|
396
|
|
|
—
|
|
|
—
|
|
|
396
|
|
|
333
|
|
(1)
|
As of December 29, 2013, these assets and liabilities are classified as Level 2 with the exception of Other investments of
$333 million
, which are classified as Level 1.
|
(2)
|
Includes
$110 million
and
$169 million
of non-current assets for
September 28, 2014
and December 29, 2013, respectively.
|
(3)
|
Includes
$4 million
and
$19 million
of non-current liabilities for
September 28, 2014
and December 29, 2013, respectively.
|
(4)
|
Includes cross currency interest rate swaps and interest rate swaps.
|
(5)
|
Classified as non-current other assets.
|
(Dollars in Millions)
|
|
Carrying Amount
|
|
Estimated Fair Value
|
|||
Financial Assets
|
|
|
|
|
|||
Current Investments
|
|
|
|
|
|||
Cash
|
|
$
|
2,226
|
|
|
2,226
|
|
Government securities and obligations
|
|
19,247
|
|
|
19,249
|
|
|
Reverse repurchase agreements
|
|
8,138
|
|
|
8,138
|
|
|
Corporate debt securities
|
|
1,280
|
|
|
1,281
|
|
|
Money market funds
|
|
1,364
|
|
|
1,364
|
|
|
Time deposits
|
|
750
|
|
|
750
|
|
|
Total cash, cash equivalents and current marketable securities
|
|
$
|
33,005
|
|
|
33,008
|
|
|
|
|
|
|
|||
Fair value of government securities and obligations and corporate debt securities was estimated using quoted broker prices and significant other observable inputs.
|
|||||||
|
|||||||
The Company classifies all highly liquid investments with stated maturities of three months or less from date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months from the date of purchase as current marketable securities.
|
|||||||
The estimated fair value was the same as the amortized cost as of December 29, 2013.
|
|
|
|
|
|||
|
|
|
|
|
|||
Financial Liabilities
|
|
|
|
|
|||
|
|
|
|
|
|||
Current Debt
|
|
$
|
2,115
|
|
|
2,115
|
|
Non-Current Debt
|
|
|
|
|
|||
2.15% Notes due 2016
|
|
898
|
|
|
922
|
|
|
3 month LIBOR+0.07% FRN due 2016
|
|
800
|
|
|
801
|
|
|
0.70% Notes due 2016
|
|
399
|
|
|
398
|
|
|
5.55% Debentures due 2017
|
|
1,000
|
|
|
1,124
|
|
|
5.15% Debentures due 2018
|
|
898
|
|
|
1,026
|
|
|
1.65% Notes due 2018
|
|
598
|
|
|
598
|
|
|
4.75% Notes due 2019 (1B Euro 1.2726)
|
|
1,268
|
|
|
1,534
|
|
|
3% Zero Coupon Convertible Subordinated Debentures due in 2020
|
|
164
|
|
|
288
|
|
|
2.95% Debentures due 2020
|
|
542
|
|
|
564
|
|
|
3.55% Notes due 2021
|
|
446
|
|
|
481
|
|
|
6.73% Debentures due 2023
|
|
250
|
|
|
324
|
|
|
3.375% Notes due 2023
|
|
550
|
|
|
573
|
|
|
5.50% Notes due 2024 (500 MM GBP 1.6332)
|
|
812
|
|
|
993
|
|
|
6.95% Notes due 2029
|
|
296
|
|
|
413
|
|
|
4.95% Debentures due 2033
|
|
500
|
|
|
586
|
|
|
4.375% Notes due 2033
|
|
646
|
|
|
704
|
|
|
5.95% Notes due 2037
|
|
995
|
|
|
1,288
|
|
|
5.85% Debentures due 2038
|
|
700
|
|
|
912
|
|
|
4.50% Debentures due 2040
|
|
539
|
|
|
574
|
|
|
4.85% Notes due 2041
|
|
298
|
|
|
343
|
|
|
4.50% Notes due 2043
|
|
499
|
|
|
545
|
|
|
Other
|
|
54
|
|
|
54
|
|
|
Total Non-Current Debt
|
|
$
|
13,152
|
|
|
15,045
|
|
|
|
Fiscal Third Quarters Ended
|
|||||||||||
|
|
Retirement Plans
|
|
Other Benefit Plans
|
|||||||||
(Dollars in Millions)
|
|
September 28, 2014
|
|
September 29, 2013
|
|
September 28, 2014
|
|
September 29, 2013
|
|||||
Service cost
|
|
$
|
197
|
|
|
204
|
|
|
52
|
|
|
49
|
|
Interest cost
|
|
255
|
|
|
226
|
|
|
50
|
|
|
37
|
|
|
Expected return on plan assets
|
|
(403
|
)
|
|
(360
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
Amortization of prior service cost/(credit)
|
|
1
|
|
|
1
|
|
|
(8
|
)
|
|
(1
|
)
|
|
Recognized actuarial losses
|
|
115
|
|
|
169
|
|
|
33
|
|
|
29
|
|
|
Curtailments and settlements
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net periodic benefit cost
|
|
$
|
154
|
|
|
240
|
|
|
125
|
|
|
113
|
|
|
|
Fiscal Nine Months Ended
|
|||||||||||
|
|
Retirement Plans
|
|
Other Benefit Plans
|
|||||||||
(Dollars in Millions)
|
|
September 28, 2014
|
|
September 29, 2013
|
|
September 28, 2014
|
|
September 29, 2013
|
|||||
Service cost
|
|
$
|
594
|
|
|
615
|
|
|
158
|
|
|
147
|
|
Interest cost
|
|
768
|
|
|
681
|
|
|
149
|
|
|
112
|
|
|
Expected return on plan assets
|
|
(1,212
|
)
|
|
(1,084
|
)
|
|
(5
|
)
|
|
(4
|
)
|
|
Amortization of prior service cost/(credit)
|
|
4
|
|
|
4
|
|
|
(25
|
)
|
|
(2
|
)
|
|
Recognized actuarial losses
|
|
346
|
|
|
509
|
|
|
101
|
|
|
84
|
|
|
Curtailments and settlements
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net periodic benefit cost
|
|
$
|
489
|
|
|
725
|
|
|
378
|
|
|
337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Foreign
|
|
Gain/(Loss)
|
|
Employee
|
|
Gain/(Loss)
|
|
Total Accumulated
|
||||||
|
|
Currency
|
|
On
|
|
Benefit
|
|
On Derivatives
|
|
Other Comprehensive
|
||||||
(Dollars in Millions)
|
|
Translation
|
|
Securities
|
|
Plans
|
|
& Hedges
|
|
Income (Loss)
|
||||||
December 29, 2013
|
|
$
|
(202
|
)
|
|
106
|
|
|
(3,009
|
)
|
|
245
|
|
|
(2,860
|
)
|
Net change
|
|
(2,499
|
)
|
|
5
|
|
|
287
|
|
|
(315
|
)
|
|
(2,522
|
)
|
|
September 28, 2014
|
|
$
|
(2,701
|
)
|
|
111
|
|
|
(2,722
|
)
|
|
(70
|
)
|
|
(5,382
|
)
|
|
|
Fiscal Third Quarters Ended
|
|||||
(Shares in Millions)
|
|
September 28, 2014
|
|
September 29, 2013
|
|||
Basic net earnings per share
|
|
$
|
1.69
|
|
|
1.06
|
|
Average shares outstanding — basic
|
|
2,814.4
|
|
|
2,818.4
|
|
|
Potential shares exercisable under stock option plans
|
|
148.4
|
|
|
154.1
|
|
|
Less: shares which could be repurchased under treasury stock method
|
|
(101.2
|
)
|
|
(107.9
|
)
|
|
Convertible debt shares
|
|
2.7
|
|
|
3.0
|
|
|
Accelerated share repurchase program
|
|
—
|
|
|
13.6
|
|
|
Average shares outstanding — diluted
|
|
2,864.3
|
|
|
2,881.2
|
|
|
Diluted earnings per share
|
|
$
|
1.66
|
|
|
1.04
|
|
|
|
|
|
|
|||
|
|
Fiscal Nine Months Ended
|
|||||
(Shares in Millions)
|
|
September 28, 2014
|
|
September 29, 2013
|
|||
Basic net earnings per share
|
|
$
|
4.89
|
|
|
3.68
|
|
Average shares outstanding — basic
|
|
2,822.0
|
|
|
2,805.6
|
|
|
Potential shares exercisable under stock option plans
|
|
148.8
|
|
|
154.7
|
|
|
Less: shares which could be repurchased under treasury stock method
|
|
(102.3
|
)
|
|
(110.4
|
)
|
|
Convertible debt shares
|
|
2.7
|
|
|
3.0
|
|
|
Accelerated share repurchase program
|
|
—
|
|
|
26.1
|
|
|
Average shares outstanding — diluted
|
|
2,871.2
|
|
|
2,879.0
|
|
|
Diluted earnings per share
|
|
$
|
4.81
|
|
|
3.58
|
|
|
|
|
|
|
|
|
Fiscal Third Quarters Ended
|
||||||||
(Dollars in Millions)
|
|
September 28,
2014 |
|
September 29,
2013 |
|
Percent
Change
|
||||
|
|
|
|
|
|
|
||||
Consumer
|
|
|
|
|
|
|
||||
United States
|
|
$
|
1,173
|
|
|
1,225
|
|
|
(4.2
|
)%
|
International
|
|
2,416
|
|
|
2,386
|
|
|
1.3
|
|
|
Total
|
|
3,589
|
|
|
3,611
|
|
|
(0.6
|
)
|
|
Pharmaceutical
|
|
|
|
|
|
|
||||
United States
|
|
4,723
|
|
|
3,549
|
|
|
33.1
|
|
|
International
|
|
3,584
|
|
|
3,487
|
|
|
2.8
|
|
|
Total
|
|
8,307
|
|
|
7,036
|
|
|
18.1
|
|
|
Medical Devices & Diagnostics
|
|
|
|
|
|
|
||||
United States
|
|
2,946
|
|
|
3,151
|
|
|
(6.5
|
)
|
|
International
|
|
3,625
|
|
|
3,777
|
|
|
(4.0
|
)
|
|
Total
|
|
6,571
|
|
|
6,928
|
|
|
(5.2
|
)
|
|
Worldwide
|
|
|
|
|
|
|
||||
United States
|
|
8,842
|
|
|
7,925
|
|
|
11.6
|
|
|
International
|
|
9,625
|
|
|
9,650
|
|
|
(0.3
|
)
|
|
Total
|
|
$
|
18,467
|
|
|
17,575
|
|
|
5.1
|
%
|
|
|
|
|
|
|
|
||||
|
|
Fiscal Nine Months Ended
|
||||||||
(Dollars in Millions)
|
|
September 28,
2014 |
|
September 29,
2013 |
|
Percent
Change
|
||||
|
|
|
|
|
|
|
||||
Consumer
|
|
|
|
|
|
|
||||
United States
|
|
$
|
3,802
|
|
|
3,899
|
|
|
(2.5
|
)%
|
International
|
|
7,088
|
|
|
7,045
|
|
|
0.6
|
|
|
Total
|
|
10,890
|
|
|
10,944
|
|
|
(0.5
|
)
|
|
Pharmaceutical
|
|
|
|
|
|
|
||||
United States
|
|
13,076
|
|
|
10,397
|
|
|
25.8
|
|
|
International
|
|
11,238
|
|
|
10,432
|
|
|
7.7
|
|
|
Total
|
|
24,314
|
|
|
20,829
|
|
|
16.7
|
|
|
Medical Devices & Diagnostics
|
|
|
|
|
|
|
||||
United States
|
|
9,300
|
|
|
9,600
|
|
|
(3.1
|
)
|
|
International
|
|
11,573
|
|
|
11,584
|
|
|
(0.1
|
)
|
|
Total
|
|
20,873
|
|
|
21,184
|
|
|
(1.5
|
)
|
|
Worldwide
|
|
|
|
|
|
|
||||
United States
|
|
26,178
|
|
|
23,896
|
|
|
9.5
|
|
|
International
|
|
29,899
|
|
|
29,061
|
|
|
2.9
|
|
|
Total
|
|
$
|
56,077
|
|
|
52,957
|
|
|
5.9
|
%
|
|
|
Fiscal Third Quarters Ended
|
||||||||
(Dollars in Millions)
|
|
September 28,
2014 |
|
September 29,
2013 |
|
Percent
Change
|
||||
Consumer
(1)
|
|
$
|
407
|
|
|
467
|
|
|
(12.8
|
)%
|
Pharmaceutical
(2)
|
|
3,247
|
|
|
2,449
|
|
|
32.6
|
|
|
Medical Devices & Diagnostics
(3)
|
|
3,399
|
|
|
956
|
|
|
255.5
|
|
|
Segments operating profit
|
|
7,053
|
|
|
3,872
|
|
|
82.2
|
|
|
Less: Expense not allocated to segments
(4)
|
|
243
|
|
|
205
|
|
|
|
||
Worldwide income before taxes
|
|
$
|
6,810
|
|
|
3,667
|
|
|
85.7
|
%
|
|
|
|
|
|
|
|
||||
|
|
Fiscal Nine Months Ended
|
||||||||
(Dollars in Millions)
|
|
September 28, 2014
|
|
September 29, 2013
|
|
Percent
Change
|
||||
Consumer
(1)
|
|
$
|
1,588
|
|
|
1,525
|
|
|
4.1
|
%
|
Pharmaceutical
(2)
|
|
9,921
|
|
|
7,858
|
|
|
26.3
|
|
|
Medical Devices & Diagnostics
(3)
|
|
7,069
|
|
|
3,991
|
|
|
77.1
|
|
|
Segments operating profit
|
|
18,578
|
|
|
13,374
|
|
|
38.9
|
|
|
Less: Expense not allocated to segments
(4)
|
|
718
|
|
|
653
|
|
|
|
||
Worldwide income before taxes
|
|
$
|
17,860
|
|
|
12,721
|
|
|
40.4
|
%
|
|
|
Fiscal Third Quarters Ended
|
||||||||
(Dollars in Millions)
|
|
September 28, 2014
|
|
September 29, 2013
|
|
Percent
Change
|
||||
United States
|
|
$
|
8,842
|
|
|
7,925
|
|
|
11.6
|
%
|
Europe
|
|
4,446
|
|
|
4,478
|
|
|
(0.7
|
)
|
|
Western Hemisphere, excluding U.S.
|
|
1,820
|
|
|
1,842
|
|
|
(1.2
|
)
|
|
Asia-Pacific, Africa
|
|
3,359
|
|
|
3,330
|
|
|
0.9
|
|
|
Total
|
|
$
|
18,467
|
|
|
17,575
|
|
|
5.1
|
%
|
|
|
|
|
|
|
|
||||
|
|
Fiscal Nine Months Ended
|
||||||||
(Dollars in Millions)
|
|
September 28, 2014
|
|
September 29, 2013
|
|
Percent
Change
|
||||
United States
|
|
$
|
26,178
|
|
|
23,896
|
|
|
9.5
|
%
|
Europe
|
|
14,387
|
|
|
13,631
|
|
|
5.5
|
|
|
Western Hemisphere, excluding U.S.
|
|
5,378
|
|
|
5,530
|
|
|
(2.7
|
)
|
|
Asia-Pacific, Africa
|
|
10,134
|
|
|
9,900
|
|
|
2.4
|
|
|
Total
|
|
$
|
56,077
|
|
|
52,957
|
|
|
5.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
(Dollars in Millions)
|
|
September 28, 2014
|
|
September 29, 2013
|
|
Total
Change |
|
Operations
Change |
|
Currency
Change |
|||||||
OTC
|
|
$
|
3,033
|
|
|
$
|
2,949
|
|
|
2.8
|
%
|
|
3.9
|
%
|
|
(1.1
|
)%
|
Skin Care
|
|
2,802
|
|
|
2,734
|
|
|
2.5
|
|
|
3.2
|
|
|
(0.7
|
)
|
||
Baby Care
|
|
1,715
|
|
|
1,710
|
|
|
0.3
|
|
|
3.6
|
|
|
(3.3
|
)
|
||
Oral Care
|
|
1,233
|
|
|
1,204
|
|
|
2.4
|
|
|
3.8
|
|
|
(1.4
|
)
|
||
Wound Care/Other
|
|
1,113
|
|
|
1,127
|
|
|
(1.2
|
)
|
|
(0.8
|
)
|
|
(0.4
|
)
|
||
Women’s Health
|
|
994
|
|
|
1,220
|
|
|
(18.5
|
)
|
|
(15.0
|
)
|
|
(3.5
|
)
|
||
Total Consumer Sales
|
|
$
|
10,890
|
|
|
$
|
10,944
|
|
|
(0.5
|
)%
|
|
1.1
|
%
|
|
(1.6
|
)%
|
(Dollars in Millions)
|
|
September 28, 2014
|
|
September 29, 2013
|
|
Total
Change |
|
Operations
Change |
|
Currency
Change |
|||||||
OTC
|
|
$
|
1,019
|
|
|
$
|
975
|
|
|
4.5
|
%
|
|
5.7
|
%
|
|
(1.2
|
)%
|
Skin Care
|
|
920
|
|
|
924
|
|
|
(0.4
|
)
|
|
0.0
|
|
|
(0.4
|
)
|
||
Baby Care
|
|
563
|
|
|
560
|
|
|
0.5
|
|
|
1.6
|
|
|
(1.1
|
)
|
||
Oral Care
|
|
409
|
|
|
395
|
|
|
3.5
|
|
|
3.7
|
|
|
(0.2
|
)
|
||
Wound Care/Other
|
|
353
|
|
|
349
|
|
|
1.1
|
|
|
1.1
|
|
|
0.0
|
|
||
Women’s Health
|
|
325
|
|
|
408
|
|
|
(20.3
|
)
|
|
(18.3
|
)
|
|
(2.0
|
)
|
||
Total Consumer Sales
|
|
$
|
3,589
|
|
|
$
|
3,611
|
|
|
(0.6
|
)%
|
|
0.3
|
%
|
|
(0.9
|
)%
|
(Dollars in Millions)
|
|
September 28, 2014
|
|
September 29, 2013
|
|
Total
Change
|
|
Operations
Change
|
|
Currency
Change
|
|||||||
Total Immunology
|
|
$
|
7,615
|
|
|
$
|
6,788
|
|
|
12.2
|
%
|
|
13.1
|
%
|
|
(0.9
|
)%
|
REMICADE
®
|
|
5,196
|
|
|
4,961
|
|
|
4.7
|
|
|
5.7
|
|
|
(1.0
|
)
|
||
SIMPONI
®
/SIMPONI
®
ARIA
™
|
|
841
|
|
|
678
|
|
|
24.0
|
|
|
25.3
|
|
|
(1.3
|
)
|
||
STELARA
®
|
|
1,527
|
|
|
1,087
|
|
|
40.5
|
|
|
40.3
|
|
|
0.2
|
|
||
Other Immunology
|
|
51
|
|
|
62
|
|
|
(17.7
|
)
|
|
(13.8
|
)
|
|
(3.9
|
)
|
||
Total Infectious Diseases
|
|
4,523
|
|
|
2,606
|
|
|
73.6
|
|
|
73.7
|
|
|
(0.1
|
)
|
||
EDURANT
®
|
|
275
|
|
|
163
|
|
|
68.7
|
|
|
66.1
|
|
|
2.6
|
|
||
INCIVO
®
|
|
221
|
|
|
410
|
|
|
(46.1
|
)
|
|
(45.6
|
)
|
|
(0.5
|
)
|
||
OLYSIO
®
/SOVRIAD
®
|
|
1,981
|
|
|
—
|
|
|
**
|
|
|
**
|
|
|
0.0
|
|
||
PREZISTA
®
|
|
1,383
|
|
|
1,212
|
|
|
14.1
|
|
|
13.9
|
|
|
0.2
|
|
||
Other Infectious Diseases
|
|
663
|
|
|
821
|
|
|
(19.2
|
)
|
|
(18.7
|
)
|
|
(0.5
|
)
|
||
Total Neuroscience
|
|
4,836
|
|
|
5,016
|
|
|
(3.6
|
)
|
|
(2.6
|
)
|
|
(1.0
|
)
|
||
CONCERTA
®
/methylphenidate
|
|
430
|
|
|
613
|
|
|
(29.9
|
)
|
|
(28.3
|
)
|
|
(1.6
|
)
|
||
INVEGA
®
|
|
479
|
|
|
429
|
|
|
11.7
|
|
|
12.5
|
|
|
(0.8
|
)
|
||
INVEGA
®
SUSTENNA
®
/XEPLION
®
|
|
1,170
|
|
|
898
|
|
|
30.3
|
|
|
30.1
|
|
|
0.2
|
|
||
RISPERDAL
®
CONSTA
®
|
|
896
|
|
|
997
|
|
|
(10.1
|
)
|
|
(9.9
|
)
|
|
(0.2
|
)
|
||
Other Neuroscience
|
|
1,861
|
|
|
2,079
|
|
|
(10.5
|
)
|
|
(8.6
|
)
|
|
(1.9
|
)
|
||
Total Oncology
|
|
3,245
|
|
|
2,660
|
|
|
22.0
|
|
|
22.5
|
|
|
(0.5
|
)
|
||
VELCADE
®
|
|
1,200
|
|
|
1,136
|
|
|
5.6
|
|
|
7.1
|
|
|
(1.5
|
)
|
||
ZYTIGA
®
|
|
1,642
|
|
|
1,203
|
|
|
36.5
|
|
|
36.1
|
|
|
0.4
|
|
||
Other Oncology
|
|
403
|
|
|
321
|
|
|
25.5
|
|
|
25.9
|
|
|
(0.4
|
)
|
||
Total Other
|
|
4,095
|
|
|
3,759
|
|
|
8.9
|
|
|
9.3
|
|
|
(0.4
|
)
|
||
PROCRIT
®
/EPREX
®
|
|
936
|
|
|
1,057
|
|
|
(11.4
|
)
|
|
(11.3
|
)
|
|
(0.1
|
)
|
||
XARELTO
®
|
|
1,094
|
|
|
593
|
|
|
84.5
|
|
|
84.5
|
|
|
0.0
|
|
||
Other
|
|
2,065
|
|
|
2,109
|
|
|
(2.1
|
)
|
|
(1.5
|
)
|
|
(0.6
|
)
|
||
Total Pharmaceutical Sales
|
|
$
|
24,314
|
|
|
$
|
20,829
|
|
|
16.7
|
%
|
|
17.4
|
%
|
|
(0.7
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Millions)
|
|
September 28, 2014
|
|
September 29, 2013
|
|
Total
Change
|
|
Operations
Change
|
|
Currency
Change
|
|||||||
Total Immunology
|
|
$
|
2,641
|
|
|
$
|
2,343
|
|
|
12.7
|
%
|
|
13.3
|
%
|
|
(0.6
|
)%
|
REMICADE
®
|
|
1,782
|
|
|
1,689
|
|
|
5.5
|
|
|
6.1
|
|
|
(0.6
|
)
|
||
SIMPONI
®
/SIMPONI
®
ARIA
™
|
|
300
|
|
|
266
|
|
|
12.8
|
|
|
13.8
|
|
|
(1.0
|
)
|
||
STELARA
®
|
|
543
|
|
|
370
|
|
|
46.8
|
|
|
47.0
|
|
|
(0.2
|
)
|
||
Other Immunology
|
|
16
|
|
|
18
|
|
|
(11.1
|
)
|
|
(11.8
|
)
|
|
0.7
|
|
||
Total Infectious Diseases
|
|
1,561
|
|
|
821
|
|
|
90.1
|
|
|
90.3
|
|
|
(0.2
|
)
|
||
EDURANT
®
|
|
102
|
|
|
64
|
|
|
59.4
|
|
|
58.8
|
|
|
0.6
|
|
||
INCIVO
®
|
|
38
|
|
|
76
|
|
|
(50.0
|
)
|
|
(49.1
|
)
|
|
(0.9
|
)
|
||
OLYSIO
®
/SOVRIAD
®
|
|
796
|
|
|
—
|
|
|
**
|
|
|
**
|
|
|
0.0
|
|
||
PREZISTA
®
|
|
446
|
|
|
410
|
|
|
8.8
|
|
|
8.9
|
|
|
(0.1
|
)
|
||
Other Infectious Diseases
|
|
179
|
|
|
271
|
|
|
(33.9
|
)
|
|
(32.6
|
)
|
|
(1.3
|
)
|
||
Total Neuroscience
|
|
1,571
|
|
|
1,592
|
|
|
(1.3
|
)
|
|
(0.5
|
)
|
|
(0.8
|
)
|
||
CONCERTA
®
/methylphenidate
|
|
135
|
|
|
142
|
|
|
(4.9
|
)
|
|
(3.3
|
)
|
|
(1.6
|
)
|
||
INVEGA
®
|
|
156
|
|
|
147
|
|
|
6.1
|
|
|
6.8
|
|
|
(0.7
|
)
|
||
INVEGA
®
SUSTENNA
®
/XEPLION
®
|
|
403
|
|
|
324
|
|
|
24.4
|
|
|
24.7
|
|
|
(0.3
|
)
|
||
RISPERDAL
®
CONSTA
®
|
|
284
|
|
|
326
|
|
|
(12.9
|
)
|
|
(12.3
|
)
|
|
(0.6
|
)
|
||
Other Neuroscience
|
|
593
|
|
|
653
|
|
|
(9.2
|
)
|
|
(8.1
|
)
|
|
(1.1
|
)
|
||
Total Oncology
|
|
1,112
|
|
|
981
|
|
|
13.4
|
|
|
14.4
|
|
|
(1.0
|
)
|
||
VELCADE
®
|
|
389
|
|
|
404
|
|
|
(3.7
|
)
|
|
(2.0
|
)
|
|
(1.7
|
)
|
||
ZYTIGA
®
|
|
568
|
|
|
464
|
|
|
22.4
|
|
|
22.8
|
|
|
(0.4
|
)
|
||
Other Oncology
|
|
155
|
|
|
113
|
|
|
37.2
|
|
|
38.3
|
|
|
(1.1
|
)
|
||
Total Other
|
|
1,422
|
|
|
1,299
|
|
|
9.5
|
|
|
9.9
|
|
|
(0.4
|
)
|
||
PROCRIT
®
/EPREX
®
|
|
307
|
|
|
344
|
|
|
(10.8
|
)
|
|
(10.5
|
)
|
|
(0.3
|
)
|
||
XARELTO
®
|
|
414
|
|
|
246
|
|
|
68.3
|
|
|
68.3
|
|
|
0.0
|
|
||
Other
|
|
701
|
|
|
709
|
|
|
(1.1
|
)
|
|
(0.5
|
)
|
|
(0.6
|
)
|
||
Total Pharmaceutical Sales
|
|
$
|
8,307
|
|
|
$
|
7,036
|
|
|
18.1
|
%
|
|
18.7
|
%
|
|
(0.6
|
)%
|
(Dollars in Millions)
|
|
September 28, 2014
|
|
September 29, 2013
|
|
Total
Change
|
|
Operations
Change
|
|
Currency
Change
|
|||||||
Orthopaedics
|
|
$
|
7,234
|
|
|
$
|
7,053
|
|
|
2.6
|
%
|
|
3.0
|
%
|
|
(0.4
|
)%
|
Surgical Care
|
|
4,604
|
|
|
4,630
|
|
|
(0.6
|
)
|
|
0.4
|
|
|
(1.0
|
)
|
||
Specialty Surgery/Other
|
|
2,637
|
|
|
2,575
|
|
|
2.4
|
|
|
3.6
|
|
|
(1.2
|
)
|
||
Vision Care
|
|
2,172
|
|
|
2,218
|
|
|
(2.1
|
)
|
|
(0.1
|
)
|
|
(2.0
|
)
|
||
Cardiovascular Care
|
|
1,650
|
|
|
1,543
|
|
|
6.9
|
|
|
7.8
|
|
|
(0.9
|
)
|
||
Diabetes Care
|
|
1,628
|
|
|
1,746
|
|
|
(6.8
|
)
|
|
(6.1
|
)
|
|
(0.7
|
)
|
||
Diagnostics
|
|
948
|
|
|
1,419
|
|
|
(33.2
|
)
|
|
(32.4
|
)
|
|
(0.8
|
)
|
||
Total Medical Devices and Diagnostics Sales
|
|
$
|
20,873
|
|
|
$
|
21,184
|
|
|
(1.5
|
)%
|
|
(0.6
|
)%
|
|
(0.9
|
)%
|
(Dollars in Millions)
|
|
September 28, 2014
|
|
September 29, 2013
|
|
Total
Change
|
|
Operations
Change
|
|
Currency
Change
|
|||||||
Orthopaedics
|
|
$
|
2,344
|
|
|
$
|
2,283
|
|
|
2.7
|
%
|
|
2.9
|
%
|
|
(0.2
|
)%
|
Surgical Care
|
|
1,521
|
|
|
1,534
|
|
|
(0.8
|
)
|
|
0.0
|
|
|
(0.8
|
)
|
||
Specialty Surgery/Other
|
|
858
|
|
|
846
|
|
|
1.4
|
|
|
2.2
|
|
|
(0.8
|
)
|
||
Vision Care
|
|
704
|
|
|
748
|
|
|
(5.9
|
)
|
|
(4.5
|
)
|
|
(1.4
|
)
|
||
Diabetes Care
|
|
558
|
|
|
557
|
|
|
0.2
|
|
|
1.3
|
|
|
(1.1
|
)
|
||
Cardiovascular Care
|
|
542
|
|
|
501
|
|
|
8.2
|
|
|
9.0
|
|
|
(0.8
|
)
|
||
Diagnostics
|
|
44
|
|
|
459
|
|
|
(90.4
|
)
|
|
(90.1
|
)
|
|
(0.3
|
)
|
||
Total Medical Devices and Diagnostics Sales
|
|
$
|
6,571
|
|
|
$
|
6,928
|
|
|
(5.2
|
)%
|
|
(4.6
|
)%
|
|
(0.6
|
)%
|
Period
|
|
Total Number
of Shares Purchased
(1)
|
|
Avg. Price
Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
(2)
|
|
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
(3)
|
||||
June 30, 2014 through July 27, 2014
|
|
3,892,054
|
|
|
103.69
|
|
|
—
|
|
—
|
||
July 28, 2014 through August 24, 2014
|
|
10,392,381
|
|
|
101.07
|
|
|
7,855,767
|
|
|
—
|
|
August 25, 2014 through September 28, 2014
|
|
9,254,424
|
|
|
104.54
|
|
|
9,226,419
|
|
|
—
|
|
Total
|
|
23,538,859
|
|
|
|
|
17,082,186
|
|
|
30,283,418
|
|
|
JOHNSON & JOHNSON
(Registrant)
|
|
|
Date: October 30, 2014
|
By /s/ D. J. CARUSO
|
|
D. J. CARUSO
|
|
Vice President, Finance; Chief Financial Officer (Principal Financial Officer)
|
|
|
Date: October 30, 2014
|
By /s/ S. J. COSGROVE
|
|
S. J. COSGROVE
|
|
Controller (Principal Accounting Officer)
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
Customers
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|