http://www.morningstar.com/earnings/54472320-johnson-johnson-jnj-q2-2013.aspx

Johnson & Johnson JNJ
Q2 2013 Earnings Call Transcript

Transcript Call Date 07/16/2013

Operator: Good morning, and welcome to the Johnson & Johnson Second Quarter Earnings Conference Call. All participants will be able to listen-only until the question-and-answer session of the conference. This call is being recorded. If anyone has any objections you may disconnect at this time.

I would now like to turn the call over to Johnson & Johnson, you may begin.

Louise Mehrotra - VP, IR: Good morning, and welcome. I'm Louise Mehrotra, Vice President of Investor Relations for Johnson & Johnson and it is my pleasure this morning to review our business results for the Second Quarter of 2013.

Joining me on the call today are, Alex Gorsky, Chairman of the Board and Chief Executive Officer; and Sandy Peterson, Group Worldwide Chairman; and Dominic Caruso, Vice President, Finance and Chief Financial Officer. A few logistics before we get into the details. This review is being made available to a broader audience via a webcast accessible through the Investor Relations section of the Johnson & Johnson website.

I'll begin by briefly reviewing highlights of the second quarter for the Corporation and highlights for our three business segments.

Following my remarks, Alex will provide some additional commentary on our results and an update on our near term priorities. Sandy will provide an update on our Consumer business and our global supply chain. Please note the presentations that accompany Sandy's and Alex's remarks are available on our website. Dominic will provide some additional commentary on the financial results and guidance for 2013. We will then open the call to your questions.

We expect the call to last approximately one and a half hours. Included with the press release that was issued earlier this morning is a schedule of sales for key products and/or businesses to facilitate updating your models. These schedules are available on the Johnson & Johnson website, as is the press release.

Before I get into the results, let me remind you that some of the statements made during this review may be considered forward-looking statements. The 10-K for the fiscal year 2012 identifies certain factors that could cause the Company's actual results to differ materially from those projected in any forward-looking statements made today. The Company does not undertake to update any forward-looking statements as a result of new information or future events or developments. The 10-K is available through the Company and online.

During the review, non-GAAP financial measures are used to provide information pertinent to ongoing business performance. These non-GAAP financial measures should not be considered replacements for GAAP results. Tables reconciling these measures to the most comparable GAAP measures are available in the press release and on the Investor Relations section of the Johnson & Johnson website at investor.jnj.com.

Now, I would like to review our results for the second quarter of 2013. If you would refer to your copy of the press release, let's begin with the schedule titled, Supplementary Sales Data by Geographic Area. Worldwide sales to customers were $17.9 billion for the second quarter of 2013, up 8.5% as compared to the second quarter of 2012. On an operational basis, sales were up 10% and currency had a negative impact of 1.5%. In the U.S., sales were up 8%. In regions outside the U.S., our operational growth was 11.8%, while the effect of currency exchange rates negatively impacted our reported results by 2.8 points.

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