Operator: Good morning, and welcome to the Johnson & Johnson First Quarter 2014 Earnings Conference Call. All participants will be in a listen-only mode, 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 first quarter of 2014.
Joining me on the call today is Dominic Caruso, Vice President, Finance and Chief Financial Officer.
A few logistics before we get into the details. This review is being made available via webcast accessible through the Investor Relations section of the Johnson & Johnson website.
I'll begin by briefly reviewing first quarter results for the Corporation and for our three business segments. Following my remarks, Dominic will provide commentary on the results including some highlights for the quarter a review of the income statement and guidance for 2014. We will then open the call to your questions. 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. Also please note we will be using a brief presentation to complement today's commentary. The presentation is also available on our website.
Before we begin 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 2013 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.
A number of the products and compounds discussed today are being developed in collaboration with strategic partners or licensed from other companies. This slide lists acknowledgement of those relationships.
Now I would like to review our results for the first quarter of 2014. Worldwide sales to customers were $18.1 billion for the first quarter of 2014, up 3.5%. On an operational basis, sales were up 5.3% and currency had a negative impact of 1.8%. In the U.S., sales were up 2.2%. In regions outside the U.S., our operational growth was 7.9% while the effect of currency exchange rates negatively impacted our reported results by 3.4%. On an operational basis, Asia-Pacific, Africa region grew 10.3%, the western hemisphere excluding the U.S. grew by 7.1% and Europe grew 6.6%.