Johnson & Johnson (NYSE:JNJ) Q4 2014 Earnings Conference Call - Final Transcript

Jan 20, 2015 • 08:30 am ET


Johnson & Johnson (NYSE:JNJ) Q4 2014 Earnings Conference Call - Final Transcript


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Good morning and welcome to Johnson & Johnson's Fourth Quarter 2014 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 [Operator Instructions].

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

Louise Mehrotra

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 fourth quarter and full-year of 2014. Joining me on the call today, are Alex Gorsky, Chairman of the Board of Directors and Chief Executive Officer, 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 via webcast accessible through the Investor Relations section of the Johnson & Johnson website at I'll begin by briefly reviewing fourth quarter and full-year results for the corporation and for our three business segments. Following my remarks, Alex will comment on the 2014 results and provide a strategic outlook for the Company. Then, Dominic will provide some additional commentary on the business and review the income statement and provide guidance for 2015. We will then open the call to your questions. We expect the call to last approximately 90 minutes.

Included with the press release that was issued earlier this morning is the 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. Please note, we will be using a 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 are or maybe considered forward-looking statements. The 10-K for the fiscal-year 2013 and the Company's subsequent filings identify 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. Our SEC filings including the 10-K are available through the Company and on our website.

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 and should be read together with GAAP results. Tables reconciling these measures to the most comparable GAAP measures are available in the schedules accompanying the press release and on the Investor Relations section of the Johnson & Johnson website. A number of the products and compounds discussed today are being developed in collaboration with strategic partners or license from other companies, this slide lists the acknowledgement of those relationships not otherwise referenced in today's presentations.

Now, I would like to review our results for the fourth quarter of 2014.