Managerial Finance – Johnson & Johnson
Company Overview
Johnson & Johnson (NYSE: JNJ) is a global conglomerate of over 250 different companies. The company did $61.1 billion in business in 2007, broken down into three main segments. The largest segment is Pharmaceuticals, which accounted for $24.9 billion, or 41%, of revenue. Medical Devices and Diagnostics earned $21.7 billion in revenue (35%); Consumer Products earned $14.5 billion (24%). The company’s operations are global in scope.
The Pharmaceuticals segment includes the firm’s two largest-selling products, Risperdal and Remicade, which combined account for 11% of total revenues. Within the Consumer Products segment are the company’s best-known brands, such as Johnson & Johnson, Listerine, Neutrogena and Nicorette. This segment sees almost half of its sales from outside the U.S., the highest percentage of any segment. New product launches in Consumer Products totaled almost 600 in 2007, compared with just a handful of new product launches each year in Pharmaceuticals. Pfizer Consumer Healthcare (PCH) was acquired in 2007 to help bolster the Consumer Products segment. The Medical Diagnostics and Devices segment makes JNJ the largest medical technology firm on the planet, with 80% of MD&D sales coming from businesses in the No.1 or No.2 market positions (Johnson & Johnson 2007 Annual Report).
Trend Analysis
Revenue increased by $2.652 billion in 2008, an increase of 4.34%. This represented the lowest percentage increase in revenue in the past five years. In 2007, revenue increased 14.5%; in 2006 it was 5.56% and in 2005 it was 6.68%. The past year was a challenge for many firms because of the slowing economy. Despite operating in an industry where demand is relatively inelastic, JNJ still felt the sting of the economic slowdown. Year-over-year results for Q4 show that revenues declined $775 million, or 4.8%. This indicates a trend not just towards slower sales growth but towards revenue reductions. The revenue decline is historic – the first in 75 years for JNJ. This biggest contributor was generic competition for breadwinner Risperdal, which caused a 41.4% decline in sales of that one-time powerhouse (Associated Press, 2009).
As sales overall saw strong growth in 2007, so too did segment sales. Growth was strongest in the Consumer Healthcare segment, at 48.3%. This growth was from $9.77 billion to $14.5 billion. The strong growth in this segment was the primary reason for the robust growth in overall revenues. The growth driver in 2007 was the acquisition of Pfizer Consumer Healthcare, which accounted for 40.3% growth alone. The other segments also have been on a solid upward trajectory. Pharmaceuticals grew at 6.9%, driven by a handful of strong products, including two that reached the $1 billion sales mark for the first time. Medical Devices & Diagnostics achieved growth of 7.2% in 2007, marking a strong overall growth trend. It will be interesting to see how these segments have performed in 2008, given that the company’s overall revenues have slumped.
Over the past five years, JNJ’s cost of revenue has increased steadily. This is expected, since the revenues have also increased steadily during that time. In 2008, the cost of revenues grew at a slower pace than did revenues, ending a two-year trend where the cost of revenues grew faster than did the revenues. Cost of revenues grew at 4.28% last year, 17.89% the year before, 7.47% in 2006 and 3.97% in 2005. Overall, the cost of revenues has increased 37.38% in the past four years, whereas revenues increased 34.6%.
Sales, General and Administrative expense has increased 32.8% in the past four years. While it is encouraging that this is slower than the rate of revenue increase, the trend in the past couple of years has been that SGA expense has increased faster than revenues. Some of this increase can be attributed to the integration of Pfizer Consumer Healthcare, as evidenced by the steep increase in SGA expense in the year of that acquisition, 2007.
Research and development expense has increased 41.7% in the past four years. The bulk of this increase occurred in fiscal 2005, which saw R&D expenses increase 20.9%. Since then, the trend has been towards slowing growth of R&D expense, to the point where in 2008 R&D expense decreased 1.3%. The acquisition of PCH has allowed for this, as has the move of several products that were in development in the mid-00s into the approval and marketing portion of the pipeline. Many of these have been in the MD&D segment, which has seen a number of key product launches in the past couple of years.
Interest expense has fluctuated in the past five years. For most of this period, JNJ was a net earner of interest, especially in 2005 and 2006. The past couple of years have seen that trend reverse, to the point where in 2008 JNJ incurred a net income expense of $74 million. This is directly attributable to a sharp increase in long-term debt over the past year.
Net Income has fluctuated over the past five years. 2005 and 2008 saw strong increases of 22.9% and 22.4% respectively. Net income leveled off more in the 2006-2007 period. On the strength of the two strong years, net income growth since 2004 has been 58.3%, which is much stronger than revenue growth. Indeed, revenue declined in 2008 but net income increased 22.4%. Further, when unusual items are removed from 2007 figures, that year also showed strong net income growth, indicating a two-year trend. The 2007 growth is expected, but the 2008 growth runs against expectations because of the lower revenues and weak economy.
Johnson & Johnson’s cash position has typically been strong over the past five years. Cash grew in 2005, but declined in 2006 due to acquisitions. Cash strength recovered in 2007, which is expected due the JNJ’s long-term trend towards improving their cash position. The interim 10-Q statements for 2008 reveal that over the first three quarters of the fiscal year, cash levels at JNJ continued to improve, almost to 2005 levels.
JNJ’s long-term debt held relatively steady from 2004 into 2006, but increased significantly during 2007, a reflection of acquisitions and the onset of slowing business. The most recent 10-Q filings show that long-term debt increased through Q2 of 2008, but began to decrease in Q3. Whether or not this represents a reversal of the trend towards increasing leverage at JNJ remains to be seen.
Cash from operating activities has consistently improved over the past four years. From 2004-2007 it increased 37.5%, less than net income but stronger than sales over the same time period. 10-Q filings indicate that JNJ’s cash flow from operations in the first three quarters of 2008 was already 32.9% higher than it was for the entire 2007, indicating a strong upward trend. Again, the improved performance in the face of a slumping economy and a declining top line indicate that JNJ has thus far been able to weather the economic downturn.
Ratio Analysis
The current Price/Earnings ratio for JNJ is 12.4, which is below both the industry and S&P averages. Traditionally, JNJ’s P/E ratio exceeds both of those averages. The present P/E ratio is near the 5-year low of 12.3, whereas industry and market averages are not. In the earlier part of this decade, JNJ’s P/E ratio was consistently above 25. This decline in P/E indicates that investors have less faith in JNJ’s ability to maintain its growth trajectory in the coming years, relative to other firms in the market.
In terms of liquidity, JNJ is a relatively liquid company.
As of Q3, their current ratio stood at 1.61, compared to an industry average of 1.1 and a market average of 1.2. Furthermore, their quick ratio is 0.65. While this is lower than the industry and market averages (both 0.9), it still reflects a liquid company. To further verify the claim that JNJ is liquid, they have an interest coverage of 229.8 times, compared with an industry average of 127.6 and a market average of 55.0.
The debt ratio at JNJ is 47.8% as of the end of Q3. The debt-to-equity ratio is thus 0.91, which compares favorably to the market (1.05) but not to the industry (0.35). Prior to the recent increase in long-term debt, the debt-to-equity ratio was 0.79 (fiscal 2006). This indicates that while JNJ has increased its long-term debt significantly, and this has resulted in an increase in overall leverage, the increase in overall leverage is not unreasonable nor is it dramatic.
Johnson & Johnson has been able to maintain margins in line with, or slightly better than, the industry norms. The gross margin is 71.0%, compared with 71.2% for the industry on average. Typically, JNJ’s gross margin is in line with the industry. In terms of net margin, JNJ has a 20.3% net margin compared with an industry average of 17.8%. This net margin outperformance of the industry is consistent with past results. Net margins for both have declined vs. their five-year averages.
JNJ has recorded a fairly consistent return on average shareholder’s equity over the past several years. According to the 2007 Annual Report (p. 76), ROE has ranged from 21.6% to 28.3% in recent years, with the 2007 figure being 25.6%. This reflects outperformance of both the industry and the market. The ROA has exhibited similar outperformance of both industry and market. The return on assets for JNJ over the past several years has ranged from 13.1% in 2007 to 17.l% in 2005. The industry five-year average is 8.85% and the market five-year average is 7.50%.
SWOT Analysis
Strengths
Net Income increased despite decline in revenues
Growth in each business segment
R&D expense growing slower than revenues
2-year upward trend in net income
Upward trend in cash levels
Upward trend in cash flow from operations
Current ratio 46.36% higher than industry
Interest coverage 80.09% higher than industry
Net margin 14.04% higher than industry
Return on Equity 1414.79% higher than industry
Return on Assets 48.02% higher than industry
Weaknesses
Decline in revenue this year (1st time in 75 years)
Cost of revenue increasing faster than revenue
SGA expense increasing faster than revenue
Incurred income expense for the first time in years
Increase in LT debt
Increase in overall leverage
P/E 10.19% lower than industry
Quick ratio 27.7% lower than industry
Debt-to-equity ratio 160% higher than industry
Gross margin 0.2% lower than industry
Opportunities
Further absorption of PCH can reduce costs
Strong emerging market performance
Geographic expansion of major consumer product lines
New pharmaceutical products, especially in HIV (PRESTIZA, ustekinumab)
7-10 new SEC filings in next 2 years
New MD&D products (REALIZE, ANIMAS insulin pump)
2.8 trillion in untapped health care market segments
Threats
Need for FDA approval for new drugs
Strong competition in most segments
Economic downturn hurts core U.S. market
Economic downturn stunts growth in lucrative emerging markets (especially BRIC)
Dependent on aging population for continued growth
Overall, Johnson & Johnson is a strong company. Their finances are stable and the company has demonstrated that they are able to identify and improve upon areas of financial weakness, such as the recent decline in cash holdings. They are a well-diversified firm, which allows them to weather weakness in any one segment. This does leave them exposed to broader economic downturns, and in 2008 they appear poised to post their first year of declining revenues in 75 years. However profits and cash flow from operations both grew in 2008 despite this. They are an industry leader and there is far more cause for optimism than pessimism given their current financial position. Their low P/E ratio is more indicative of an opportunity to buy than any long-term fundamental weaknesses in their financial statements or their market performance.
Recommendations
The current challenges facing Johnson & Johnson are largely based on struggles in the global economy. JNJ is very well-diversified, but further improvement of diversification will help them to kick start growth in the face of a slowing economy. To that end, the first recommendation is to increase their presence in emerging markets. While some markets are subject to the same slowdown facing the U.S., others such as Russia and Brazil are more insulated. The Chinese and Indian economies are hurting relative to their recent successes but again there are long-term opportunities in each of those nations. JNJ should expand into these countries to gain a measure of economic diversification.
The second recommendation is that Johnson & Johnson should increase research and development expenditures. This will allow them to move into new markets within their core health care and consumer product fields. More importantly it will allow them to have a multitude of quality drugs in the development pipeline when the economy begins to improve and the baby boomers are still in their prime health care spending years. After a couple of years of stabilized R&D expenses and faced with sharply declining sales in core products now subject to competition from generics, the time has come for JNJ to renew its commitment to new product development.
The third recommendation is that Johnson & Johnson should tap into the $2.8 trillion in health care segments in which they do not presently compete. They have strong advantages in terms of cost, brand and distribution that can enable them to be a formidable competitor in any medical product business they enter. They can achieve growth in the face of a slowing economy by expanding the breadth of their product offerings. They can take advantage of rock bottom equity prices and their strong cash position to purchase companies that will help them enter these new markets.
The fourth recommendation is that Johnson & Johnson should continue to pursue the most efficient capital structure. This means that they should continue to take advantage of their low multiple to buy back stock, and that they should increase their debt level. They have ample ability to cover an increased debt load and can be expected to have a very low cost of debt at current interest rate levels.
A fifth recommendation is that JNJ should seek to contain its cost of revenues. This has, in general, been increasing at a faster rate than have revenues. While overall JNJ’s gross margin is in line with past performance and with its performance in relation to the market, the company should take the approach that by being a leader in gross margin, they can increase their profits at a faster rate. Every 0.1% improvement on their gross margin is worth $80 million, so this is an area where JNJ can improve the bottom line rapidly.
The final recommendation is that JNJ should contain the growth in its Selling, General and Administration expense. This has been increasing more rapidly than sales in the past couple of years, which is cause for concern. In tougher economic times, the company should hold the line on this type of expenses and plow their money into more productive areas, such as R&D.
Works Cited
Financial Statements and Ratios from MSN Moneycentral. Retrieved January 27, 2009 at http://moneycentral.msn.com/investor/invsub/results/compare.asp?Symbol=U.S.%3aJNJand http://moneycentral.msn.com/investor/invsub/results/statemnt.aspx?symbol=JNJ
Johnson & Johnson 2007 Annual Report. Retrieved January 27, 2009 at http://files.shareholder.com/downloads/JNJ/531891617x0x171267/057640F8-B2C0-4B0F-9F54-7A24A553C3CE/2007AR.pdf
Ratios also from Reuters. Retrieved January 27, 2009 at http://www.reuters.com/finance/stocks/ratios?symbol=JNJ.N
Associated Press (2009). Profit Rises but Johnson & Johnson Expects a Weak Year. New York Times. Retrieved January 27, 2009 at http://www.nytimes.com/2009/01/21/business/21drug.html?ref=business
Annual Income Statement
Annual
Interim
In Millions of U.S. Dollars except for per share items)
Period Length
12 Months
Restated
Period Length
12 Months
Revenue
Other Revenue, Total
Total Revenue
Cost of Revenue, Total
Gross Profit
Selling/General/Admin. Expenses, Total
Research & Development
Depreciation/Amortization
Interest Expense, Net – Operating
Interest/Investment Income – Operating
Interest Expense (Income) – Net Operating
Unusual Expense (Income)
Other Operating Expenses, Total
Total Operating Expense
Operating Income
Interest Expense, Net Non-Operating
Interest/Invest Income – Non-Operating
Interest Income (Exp), Net Non-Operating
Gain (Loss) on Sale of Assets
Other, Net
Net Income Before Taxes
Provision for Income Taxes
Net Income After Taxes
Minority Interest
Equity in Affiliates
U.S. GAAP Adjustment
Net Income Before Extra. Items Accounting Change
Discontinued Operations
Extraordinary Item
Tax on Extraordinary Items
Net Income
Preferred Dividends
General Partners’ Distributions
Miscellaneous Earnings Adjustment
Pro Forma Adjustment
Interest Adjustment – Primary EPS
Income Available to Com Excl ExtraOrd
Income Available to Com Incl ExtraOrd
Basic Weighted Average Shares
Basic EPS Excluding Extraordinary Items
Basic EPS Including Extraordinary Items
Dilution Adjustment
Diluted Weighted Average Shares
Diluted EPS Excluding ExtraOrd Items
Diluted EPS Including ExtraOrd Items
DPS – Common Stock Primary Issue
Gross Dividends – Common Stock
Total Special Items
Normalized Income Before Taxes
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Annual
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In Millions of U.S. Dollars except for per share items)
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Other Revenue, Total
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Selling/General/Admin. Expenses, Total
Research & Development
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Unusual Expense (Income)
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Interest Expense, Net Non-Operating
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Net Income Before Taxes
Provision for Income Taxes
Net Income After Taxes
Minority Interest
Equity in Affiliates
U.S. GAAP Adjustment
Net Income Before Extra. Items Accounting Change
Discontinued Operations
Extraordinary Item
Tax on Extraordinary Items
Net Income
Preferred Dividends
General Partners’ Distributions
Miscellaneous Earnings Adjustment
Pro Forma Adjustment
Interest Adjustment – Primary EPS
Income Available to Com Excl ExtraOrd
Income Available to Com Incl ExtraOrd
Basic Weighted Average Shares
Basic EPS Excluding Extraordinary Items
Basic EPS Including Extraordinary Items
Dilution Adjustment
Diluted Weighted Average Shares
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Diluted EPS Including ExtraOrd Items
DPS – Common Stock Primary Issue
Gross Dividends – Common Stock
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In Millions of U.S. Dollars except for per share items)
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Cash & Equivalents
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Total Inventory
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Total Long-Term Debt
Total Debt
Deferred Income Tax
Minority Interest
Other Liabilities, Total
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Unrealized Gain (Loss)
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In Millions of U.S. Dollars except for per share items)
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Total Inventory
Prepaid Expenses
Other Current Assets, Total
Total Current Assets
Property/Plant/Equipment, Total – Gross
Accumulated Depreciation, Total
Property/Plant/Equipment, Total – Net
Goodwill, Net
Intangibles, Net
Long-Term Investments
Note Receivable – Long-Term
Other Long-Term Assets, Total
Other Assets, Total
Total Assets
Accounts Payable
Payable/Accrued
Accrued Expenses
Notes Payable/Short-Term Debt
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Other Current liabilities, Total
Total Current Liabilities
Long-Term Debt
Capital Lease Obligations
Total Long-Term Debt
Total Debt
Deferred Income Tax
Minority Interest
Other Liabilities, Total
Total Liabilities
Redeemable Preferred Stock, Total
Preferred Stock – Non-Redeemable, Net
Common Stock, Total
Additional Paid-in Capital
Retained Earnings (Accumulated Deficit)
Treasury Stock – Common
ESOP Debt Guarantee
Unrealized Gain (Loss)
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Total Equity
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Annual Cash Flow Statement
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In Millions of U.S. Dollars except for per share items)
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Reclassified
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Annual
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In Millions of U.S. Dollars except for per share items)
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Deferred Taxes
Non-Cash Items
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Total Cash Dividends Paid
Issuance (Retirement) of Stock, Net
Issuance (Retirement) of Debt, Net
Cash from Financing Activities
Foreign Exchange Effects
Net Change in Cash
Valuation Ratios
Company
Industry
Sector
S&P 500
P/E Ratio (TTM)
P/E High – Last 5 Yrs.
P/E Low – Last 5 Yrs.
Price to Sales (TTM)
Price to Book (MRQ)
Price to Tangible Book (MRQ)
Price to Cash Flow (TTM)
Price to Free Cash Flow (TTM)
Owned Institutions
Dividends
Company
Industry
Sector
S&P 500
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Payout Ratio (TTM)
Growth Rates
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Sales (MRQ) vs. Qtr. 1 Yr. Ago Sales (TTM) vs. TTM 1 Yr. Ago Sales – 5 Yr. Growth Rate
EPS (MRQ) vs. Qtr. 1 Yr. Ago EPS (TTM) vs. TTM 1 Yr. Ago EPS – 5 Yr. Growth Rate
Capital Spending – 5 Yr. Growth Rate
Financial Strength
Company
Industry
Sector
S&P 500
Quick Ratio (MRQ)
Current Ratio (MRQ)
LT Debt to Equity (MRQ)
Total Debt to Equity (MRQ)
Interest Coverage (TTM)
Profitability Ratios
Company
Industry
Sector
S&P 500
Gross Margin (TTM)
Gross Margin – 5 Yr. Avg.
EBITD Margin (TTM)
EBITD – 5 Yr. Avg
Operating Margin (TTM)
Operating Margin – 5 Yr. Avg.
Pre-Tax Margin (TTM)
Pre-Tax Margin – 5 Yr. Avg.
Net Profit Margin (TTM)
Net Profit Margin – 5 Yr. Avg.
Effective Tax Rate (TTM)
Effecitve Tax Rate – 5 Yr. Avg.
Management Effectiveness
Company
Industry
Sector
S&P 500
Return on Assets (TTM)
Return on Assets – 5 Yr. Avg.
Return on Investment (TTM)
Return on Investment – 5 Yr. Avg.
Return on Equity (TTM)
Return on Equity – 5 Yr. Avg.
Efficiency
Company
Industry
Sector
S&P 500
Revenue/Employee (TTM)
Net Income/Employee (TTM)
Receivable Turnover (TTM)
Inventory Turnover (TTM)
Asset Turnover (TTM)
Avg P/E
Price / Sales
Price / Book
Net Profit Margin (%)
Book Value / Share
Debt / Equity
Return on Equity (%)
Return on Assets (%)
Interest Coverage
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When will I get my paper?
You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.
Will anyone find out that I used your services?
We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.
How our Assignment Help Service Works
1. Place an order
You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.
2. Pay for the order
Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.
3. Track the progress
You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.
4. Download the paper
The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.
PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET A PERFECT SCORE!!!
