http://www.morningstar.com/earnings/47572288-johnson-johnson-jnj-q4-2012.aspx

Johnson & Johnson JNJ
Q4 2012 Earnings Call Transcript

Transcript Call Date 01/22/2013

It is now my pleasure to turn the meeting over to Alex Gorsky. Alex?

Alex Gorsky - Chairman and CEO: Thank you very much, Louise. She always delivers out with the great deal of precision and consistency, a lot of numbers, lot of nomenclature, but thank you very much for that great start Louise. I want to thank all of you for participating in today's meeting.

So, whether you are with us here in New York or you're logged into the webcast, welcome. I think you'll agree that 2012 was a very important year for Johnson & Johnson, in spite of many challenges around the globe in our markets, meaningful innovation, the breadth of our businesses and the extraordinary achievements and the dedication of our people drove solid business results for the enterprise.

Now as we enter 2013 I believe we are well-positioned to sustain and drive growth in this increasingly dynamic global healthcare market. Now, I'm very pleased to be with you here today to review our 2012 business highlights and to provide you with an overview of the healthcare market, including some of the dynamics and trends affecting our industry and then I'm going to review our strategic outlook for 2013 and beyond.

Now later today the leaders of our MD&D segment were going to update you on their respective businesses and most of you know our MD&D meeting was postponed. It was originally to have taken place last fall but unfortunately Hurricane Sandy disrupted that plan and while in this case the storm may have caused the delay in having us review our plans and our businesses with you, the devastating impact that Hurricane Sandy had in our region really can't be overstated. And as expected, our employees spring into action to help deliver supplies, rebuild communities, and very importantly we’ve committed more than $5 million in products and cash to help the region that our company has called home for more than a century.

Now on a personal note I want to say how fortunate I am to be working alongside the many great people of Johnson & Johnson, and as always I want to start with the comment on our credo. Together there are more than a 128,000 of us around the world with wide ranging responsibilities and capabilities and we’re united by a common purpose. At Johnson & Johnson we’re committed to caring for the world one person at a time. And it’s a testament to this commitment that more than a 1 billion healthcare consumers each day rely upon the use of Johnson & Johnson products.

So let’s start by looking at our performance. We delivered on our financial commitments generating significant free cash flow and maintaining our AAA credit rating. We also advanced our near-term business priorities. First, restoring reliable supply of our OTC products to the markets has been paramount. Key products like children's TYLENOL and children's MOTRIN returned to the shelves. And we’re committed to continue building trust in our OTC products. We also made significant strides in the integration of Synthes, solidifying our leadership position in orthopedics, and later today you’ll hear from our MD&D leaders on some of their new innovations. And we continue building strong momentum in our Pharmaceuticals, with REMICADE, ZYTIGA, INVEGA SUSTENNA, INCIVO. We also strengthened our focus on the future by investing in innovation, progressing some of our enterprise initiatives that I'll take you through and expanding our global presence.

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