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JOHNSON & JOHNSON SECOND QUARTER EPS UP 14.8 PERCENT; SALES INCREASE 12.6 PERCENT

 JOHNSON & JOHNSON SECOND QUARTER EPS UP 14.8 PERCENT;
 SALES INCREASE 12.6 PERCENT
 NEW BRUNSWICK, N.J., July 21 /PRNewswire/ -- Johnson & Johnson today announced consolidated sales of $3.41 billion for the second quarter of 1992, an increase of 12.6% over 1991 second quarter sales of $3.03 billion. The effect of the weaker dollar relative to foreign currencies increased second quarter sales by 1.7 percent.
 Consolidated net earnings were $464 million, compared with $406 million for the same period in 1991, an increase of 14.3 percent. Earnings per share for the period were $.70, compared with $.61 per share for the same period a year ago, an increase of 14.8 percent. The common stock of Johnson & Johnson was split 2 for 1 during the second quarter.
 Ralph S. Larsen, Chairman and Chief Executive Officer, stated: "We are pleased with the solid performance in both sales and earnings for the second quarter, reflecting a clear acceleration from the first quarter of this year. We continue to invest heavily in research and development to fuel future growth, with the rate of investment continuing to outpace the percentage increase in revenues. For 1992, Johnson & Johnson expects to spend more than $1.1 billion in research and development."
 "Of particular note were the strong sales performances of our domestic and international professional businesses with revcal business, which registered a sales gain of 24.9 percent," Mr. Larsen continued.
 Professional sales increased 16.2 percent worldwide. Continued progress of the Company's less-invasive surgery business, renewed sales growth in our diagnostics business with the addition of the improved hepatitis C test, strong growth of the ACUVUE disposablecontact lens business, plus the further market penetration of the ONE TOUCH II blood glucose monitoring system contributed to the domestic professional sales growth of 17.2 percent. Strong performances in the diagnostics, contact lens, wound closure, and less- invasive surgery markets accounted for the 14.8 percent sales growth in the international professional business.
 Johnson & Johnson consumer sales increased 4.7 percent worldwide. Strong sales of MONISTAT 7, an over-the-counter remedy for vaginal yeast infections, Johnson & Johnson baby and adult toiletry products, and SERENITY, the female incontinence product, led the domestic sales gain. International consumer sales increased 4.8 percent.
 Pharmaceutical sales for the quarter were up 18.4 percent worldwide. International sales rose 24.9 percent, led by increases in PREPULSID, a gastrointestinal product, EPREX, an anti-anemia drug, and SPORANOX, an antifungal. Domestic pharmaceutical sales increased 8.3 percent for the quarter, led by increased sales of PROCRIT, the anti-anemia drug sold as EPREX in the international market, DURAGESIC, the transdermal patch for chronic cancer pain, and FLOXIN, an antibacterial drug, which was also approved in IV formulation during the quarter.
 The $500 million common stock repurchase program, announced


March 31, 1992, was completed during the second quarter, and outstanding shares as of June 30, 1992 were 655 million. Average shares of common stock outstanding in the first half of 1992 and 1991 were 663.0 million and 666.2 million, respectively.
 Consolidated net earnings for the first six months of 1992 were $928 million, or $1.40 per share, compared with net earnings of $824 million, or $1.24 per share, for the same period a year ago, an increase of 12.6 percent and 12.9 percent, respectively.
 The Company reported consolidated sales of $6.77 billion for its worldwide operations during the first six months of 1992, an increase of 9.5 percent. Consolidated sales for the worldwide manufacturer of health care products were $6.18 billion for the same period a year ago. The strength of the U.S. dollar relative to foreign currencies had a negative effect of .2 percent on sales revenue for the first six months of 1992.
 Domestic sales for the first six months of 1992 were $3.34 billion, an increase of 8.4 percent over 1991 domestic sales of $3.08 billion for the same period. Sales by international subsidiaries were $3.43 billion for the first six months of 1992, compared with $3.10 billion for the same period a year ago, an increase of 10.7 percent. Excluding the negative impact of currency translation, international sales increased 11.2 percent.
 Johnson & Johnson, with over 82,000 employees, is the world's largest and most comprehensive manufacturer of health care products serving the consumer, pharmaceutical, diagnostic, and professional markets. Johnson & Johnson has 166 operating companies in 52 countries around the world, selling products in more than 150 countries. Sales in 1991 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)
 SECOND QUARTER
 Percent
 1992 1991 Increase
 SALES TO CUSTOMERS BY
 SEGMENT OF BUSINESS
 Consumer
 Domestic $601 575 4.5
 International 564 538 4.8
 $1,165 1,113 4.7
 Pharmaceutical
 Domestic $391 361 8.3
 International 692 554 24.9
 $1,083 915 18.4
 Professional
 Domestic $654 558 17.2
 International 511 445 14.8
 $1,165 1,003 16.2
 Domestic $1,646 1,494 10.2
 International 1,767 1,537 15.0
 WORLDWIDE $3,413 3,031 12.6
 JOHNSON & JOHNSON AND SUBSIDIARIES
 SUPPLEMENTARY SALES DATA
 (Unaudited; Dollars in Millions)
 SIX MONTHS
 Percent
 1992 1991 Increase
 SALES TO CUSTOMERS BY
 SEGMENT OF BUSINESS
 Consumer
 Domestic $1,301 1,233 5.5
 International 1,096 1,065 2.9
 $2,397 2,298 4.3
 Pharmaceutical
 Domestic $777 753 3.2
 International 1,337 1,126 18.7
 $2,114 1,879 12.5
 Professional
 Domestic $1,257 1,090 15.3
 International 1,002 913 9.7
 $2,259 2,003 12.8
 Domestic $3,335 3,076 8.4
 International 3,435 3,104 10.7
 WORLDWIDE $6,770 6,180 9.5
 JOHNSON & JOHNSON AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
 (Unaudited; in Millions Except Per Share Figures)
 SECOND QUARTER
 1992
 Percent
 Amount to Sales
 SALES TO CUSTOMERS $3,413 100.0
 Cost of products sold 1,108 32.5
 Selling, marketing and
 administrative expenses 1,382 40.5
 Research expense 266 7.8
 Interest income (34) (1.0)
 Interest expense, net of portion
 capitalized 27 .8
 Other expense 8 .2
 2,757 80.8
 Earnings before provision for
 taxes on income 656 19.2
 Provision for taxes on income 192 5.6
 Net earnings $464 13.6
 Net earnings per share $ .70
 Average shares outstanding 660.8
 Effective tax rate 29.3%
 JOHNSON & JOHNSON AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
 (Unaudited; in Millions Except Per Share Figures)
 SECOND QUARTER
 1991
 Percent Percent
 Amount to Sales Increase
 SALES TO CUSTOMERS $3,031 100.0 12.6
 Cost of products sold 984 32.5 12.6
 Selling, marketing and
 administrative expenses 1,216 40.1 13.7
 Research expense 225 7.4 18.2
 Interest income (23) (.8)
 Interest expense, net of portion
 capitalized 36 1.2
 Other expense 14 .5
 2,452 80.9 12.4
 Earnings before provision for
 taxes on income 579 19.1 13.3
 Provision for taxes on income 173 5.7 11.0
 Net earnings $406 13.4 14.3
 Net earnings per share $ .61 14.8
 Average shares outstanding 666.2
 Effective tax rate 29.9%
 JOHNSON & JOHNSON AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
 (Unaudited; in Millions Except Per Share Figures)
 SIX MONTHS
 1992
 Percent
 Amount to Sales
 SALES TO CUSTOMERS $6,770 100.0
 Cost of products sold 2,224 32.9
 Selling, marketing and
 administrative expenses 2,730 40.3
 Research expense 526 7.8
 Interest income (54) (.8)
 Interest expense, net of portion
 capitalized 48 .7
 Other (income) expense (24) (.4)
 5,450 19.5
 Earnings before provision for
 taxes on income 1,320 80.5
 Provision for taxes on income 392 5.8
 Net earnings $928 13.7
 Net earnings per share $1.40
 Average shares outstanding 663.0
 Effective tax rate 29.7%
 JOHNSON & JOHNSON AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
 (Unaudited; in Millions Except Per Share Figures)
 SIX MONTHS
 1991
 Percent Percent
 Amount to Sales Increase
 SALES TO CUSTOMERS $6,180 100.0 9.5
 Cost of products sold 2,023 32.7 9.9
 Selling, marketing and
 administrative expenses 2,485 40.2 9.9
 Research expense 444 7.2 18.5
 Interest income (42) (.6)
 Interest expense, net of portion
 capitalized 73 1.2
 Other (income) expense 9 .1
 4,992 80.8 9.2
 Earnings before provision for
 taxes on income 1,188 19.2 11.1
 Provision for taxes on income 364 5.9 7.7
 Net earnings $824 13.3 12.6
 Net earnings per share $1.24 12.9
 Average shares outstanding 666.2
 Effective tax rate 30.6 pct.
 -0- 7/21/92
 /CONTACT: F. Robert Kniffin of Johnson & Johnson, 908-5Johnson


ST: New Jersey IN: HEA SU: ERN

TQ -- NY014 -- 1105 07/21/92 08:37 EDT
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Date:Jul 21, 1992
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