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JOHNSON & JOHNSON FIRST QUARTER EPS UP 11.2 PERCENT; SALES INCREASE 6.6 PERCENT

 JOHNSON & JOHNSON FIRST QUARTER EPS UP 11.2 PERCENT;
 SALES INCREASE 6.6 PERCENT
 NEW BRUNSWICK, N.J., April 23 /PRNewswire/ -- Johnson & Johnson (NYSE: JNJ) today announced consolidated sales of $3.36 billion for the first quarter of 1992, an increase of 6.6 percent over 1991 first quarter sales of $3.15 billion. The effect of the stronger U. S. dollar relative to foreign currencies decreased first quarter sales by 2.1 percent.
 Consolidated net earnings were $464 million, compared with $418 million for the same period in 1991, an increase of 11.0 percent. Earnings per share for the period were $1.39, compared with $1.25 for the same period a year ago, an increase of 11.2 percent.
 Ralph S. Larsen, chairman and chief executive officer, stated: "The strength of the dollar relative to foreign currencies negatively impacted revenue growth for the quarter. Excluding currency, revenue increased 8.7 percent on an operational basis in the first quarter of 1992 compared with 9.0 percent for the same period in 1991." Johnson & Johnson derives approximately 50 percent of its sales from international operations.
 "Of particular note are the performances of our domestic professional business and our international pharmaceutical business, with revenues increasing 13.3 percent and 12.8 percent, respectively," Larsen continued. "Our rapid progress in the emerging less-invasive surgery market, higher sales of the ONE TOUCH II glucose monitoring system, plus the continued growth of the ACUVUE disposable contact lens business contributed significantly to our sales growth in our domestic professional business segment. Strong sales performance for EPREX, an anti-anemia drug, PREPULSID, a gastrointestinal product, and SPORANOX, an antifungal product, led the international pharmaceutical sales growth."
 "Johnson & Johnson continues to invest heavily in research and development to fuel future growth and we expect to spend more than $1.1 billion in 1992 on R&D. Past R&D investments have produced a rich pharmaceutical pipeline, a growing participation in the emerging field of endoscopic surgery, and many other new products awaiting introduction," said Larsen. He noted that research and development expenditures for the quarter increased 18.7 percent, significantly out- pacing the sales growth.
 Pharmaceutical sales for the quarter were up 7.0 percent worldwide. International sales were up 12.8 percent led by increases in EPREX, PREPULSID, and SPORANOX. Domestic pharmaceutical sales decreased 1.5 percent for this quarter versus the same period a year ago. HISMANAL, the only once-a-day less-sedating antihistamine available in the U. S. market; NIZORAL, an antifungal; PROCRIT, the anti-anemia drug; and FLOXIN, an anti-bacterial drug, had strong performances in the quarter versus the same period a year ago.
 Offsetting these gains were inventory adjustments at the distributor level, the significant reduction in MONISTAT prescription sales due to the over-the-counter (OTC) switch last year of this product as a remedy for vaginal yeast infections, and the overall market decline for oral contraceptives. Currently pending before the U. S. Food and Drug Administration, Johnson & Johnson has applications for nine new molecular entities, 33 new drugs in various stages of clinical development and many "new indication" applications for existing drugs.
 Johnson & Johnson Consumer sales increased 4.0 percent worldwide. Domestic consumer sales increased 6.4 percent, with increases of note from the TYLENOL family of products, MONISTAT 7 OTC, and feminine hygiene products, which all showed solid performances in this quarter. International consumer sales were flat for the quarter, increasing only 0.9 percent as the result of the strong U.S. dollar relative to other currencies.
 Sales for the Professional segment increased 9.4 percent. Domestic sales increased 13.3 percent, led by the growing Ethicon endo-surgery business, a strong performance from ACUVUE disposable contact lenses, continued growth from LifeScan's ONE TOUCH II Blood Glucose Monitor, and the introduction this quarter of an improved hepatitis C test. International professional sales posted a 4.9 percent increase for the quarter.
 Domestic sales for the first three months of 1992 were $1.69 billion, an increase of 6.8 percent over 1991 sales of $1.58 billion for the same period. Sales by international subsidiaries were $1.67 billion for this period compared with $1.57 billion for the same period a year ago, an increase of 6.4 percent.
 Average shares of common stock outstanding in the first three months of 1992 were 333.0 compared with 333.1 million in the 1991 period.
 Johnson & Johnson, with over 82,000 employees, is the world's largest and most comprehensive manufacturer of health care products serving the consumer, pharmaceutical and professional markets. Johnson & Johnson has 166 operating companies in 52 countries around the world, selling products in more than 150 countries. 1991 sales were $12.45 billion; net income exceeded $1.4 billion; and the return on average stockholders' equity was 27.8 percent.
 JOHNSON & JOHNSON AND SUBSIDIARIES
 SUPPLEMENTARY SALES DATA
 (Unaudited; Dollars in Millions)
 FIRST QUARTER
 Percent
 Increase
 1992 1991 (Decrease)
 SALES TO CUSTOMERS BY
 SEGMENT OF BUSINESS
 Consumer
 Domestic $700 658 6.4
 International 532 527 .9
 Total $1,232 1,185 4.0
 Pharmaceutical
 Domestic $386 392 (1.5)
 International 645 572 12.8
 Total $1,031 964 7.0
 Professional
 Domestic $603 532 13.3
 International 491 468 4.9
 Total $1,094 1,000 9.4
 Domestic $1,689 1,582 6.8
 International 1,668 1,567 6.4
 WORLDWIDE $3,357 3,149 6.6
 JOHNSON & JOHNSON AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
 (Unaudited; in Millions Except Per Share Figures)
 FIRST QUARTER
 1992
 Percent
 Amount to Sales
 SALES TO CUSTOMERS $3,357 100.0
 Cost of products sold 1,116 33.2
 Selling, marketing and
 administrative expenses 1,348 40.2
 Research expense 260 7.7
 Interest income (20) (.6)
 Interest expense, net of portion
 capitalized 21 .6
 Other income (32) (.9)
 Total 2,693 80.2
 Earnings before provision for
 taxes on income 664 19.8
 Provision for taxes on income 200 6.0
 Net earnings $464 13.8
 Net earnings per share $1.39
 Average shares outstanding 333.0
 Effective tax rate 30.1 pct
 JOHNSON & JOHNSON AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
 (Unaudited; in Millions Except Per Share Figures)
 FIRST QUARTER
 1991
 Percent
 Percent Increase
 Amount to Sales (Decrease)
 SALES TO CUSTOMERS $3,149 100.0 6.6
 Cost of products sold 1,039 33.0 7.4
 Selling, marketing and
 administrative expenses 1,269 40.3 6.2
 Research expense 219 7.0 18.7
 Interest income (19) (.6)
 Interest expense, net of portion
 capitalized 37 1.2
 Other income (5) (.2)
 Total 2,540 80.7 6.0
 Earnings before provision for
 taxes on income 609 19.3 9.0
 Provision for taxes on income 191 6.0 4.7
 Net earnings $418 13.3 11.0
 Net earnings per share $1.25 11.2
 Average shares outstanding 333.1
 Effective tax rate 31.4 pct
 -0- 4/23/92
 /CONTACT: F. Robert Kniffin, 908-524-3535, or home, 609-799-0369; or investor contact, Clarence E. Lockett, 908-524-6491, or home, 215-493-0757, both of Johnson & Johnson/
 (JNJ) CO: Johnson & Johnson ST: New Jersey IN: MTC SU: ERN


KD -- NY008 -- 1607 04/23/92 07:31 EDT
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