Johnson & Johnson has had sales of $17.1 billion for the third quarter of 2015, a decrease of 7.4% as compared to the third quarter of 2014.
According to J&J’s press release on Monday, operational sales results increased 0.8% and the negative impact of currency was 8.2%. Furthermore, domestic sales decreased 0.6%, and international sales decreased 13.7%, reflecting operational growth of 2.1% and a negative currency impact of 15.8%.
The company said that, excluding the net impact of acquisitions, divestitures and hepatitis C sales, on an operational basis, worldwide sales increased 5.6%, domestic sales increased 7.7% and international sales increased 3.8%.
Earlier Monday, the Company also announced its Board of Directors has approved the repurchase of up to $10 billion of the company’s common stock.
Alex Gorsky, Chairman and Chief Executive Officer said:
“The Board of Directors and management team believe that the company’s shares are an attractive investment opportunity and repurchasing stock is an important part of our capital allocation strategy.”
Net earnings and diluted earnings per share for the third quarter of 2015 were $3.4 billion and $1.20, respectively.
Third quarter 2015 net earnings included after-tax intangible amortization expense of approximately $0.4 billion and a charge for after-tax special items of approximately $0.4 billion.
Third quarter 2014 net earnings included after-tax intangible amortization expense of approximately $0.3 billion and a net gain for after-tax special items of approximately $0.4 billion.
A reconciliation of non-GAAP financial measures is included as an accompanying schedule. Excluding after-tax intangible amortization expense and special items, adjusted net earnings for the current quarter were $4.2 billion and adjusted diluted earnings per share were $1.49, representing decreases of 9.4% and 7.5%, respectively, as compared to the same period in 2014. On an operational basis, adjusted diluted earnings per share increased 1.2%, J&J has said.
“New and core products drove solid underlying growth for Johnson & Johnson in the quarter,” said Gorsky.
“Consistent with the plans we’ve laid out for the year, we’re focusing our portfolio and are advancing our innovation agenda to expand our leadership position in key categories while seeking new opportunities for growth. Our dedicated employees are committed to improving healthcare and making a difference in the lives of patients and consumers worldwide.”