Johnson & Johnson (NYSE:JNJ) Q1 2019 Earnings Conference Call - Final Transcript

Apr 16, 2019 • 08:30 am ET


Johnson & Johnson (NYSE:JNJ) Q1 2019 Earnings Conference Call - Final Transcript


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Good morning, and welcome to Johnson & Johnson's First Quarter 2019 Earnings Conference Call. All participants will be in 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 (Operator Instructions).

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

Christopher DelOrefice

Good morning. This is Chris DelOrefice, Vice President of Investor Relations for Johnson & Johnson. Welcome to our Company's review of business results for the first quarter of 2019. Joining me on today's call is Joe Wolk, Executive Vice President, Chief Financial Officer. Additionally, I'm pleased to be joined by the leaders of our business segments, who will participate in our Q&A session. Joining Joe and I here in New Brunswick are Ashley McEvoy, Executive Vice President, Worldwide Chairman, Medical Devices; Thibaut Mongon, Executive Vice President, Worldwide Chairman, Consumer; Jennifer Taubert, Executive Vice President, Worldwide Chairman, Pharmaceuticals.

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, where you can also find additional materials, including today's presentation and associated schedules.

Please note that today's presentation includes forward-looking statements. We encourage you to review this cautionary statement regarding such statements included in today's presentation, as well as the Company's Form 10-K, which identifies certain factors that may cause the Company's actual results to differ materially from those projected. Our SEC filings, including our 2018 Form 10-K, along with reconciliations of the non-GAAP financial measures utilized for today's discussion to the most comparable GAAP measures, are also available at Several of the products and compounds discussed today are being developed in collaboration with strategic partners or licensed from other companies. This slide acknowledges those relationships.

We've made some enhancements to the earnings materials we posted on our website today, including an updated press release format and some additional information in the presentation that we think you will find helpful. These enhanced materials will also allow us to streamline and focus our comments on today's call with the goal of providing more time for engagement with management during the Q&A session. We hope you'll find these changes useful, and as always we welcome any feedback, so we can continue to provide you with the information in the most effective manner.

Regarding today's agenda, Joe will first provide some perspective on our overall results for the first quarter. I will then review the sales and P&L results for the corporation and the three business segments. Joe will conclude by providing insights on our cash position, capital allocation deployment and our guidance for 2019, along with some considerations for the second quarter. The remaining time will be available for your questions and we anticipate the webcast will last about 75 minutes.

I'm now pleased to turn the call over to Joe wolk.

Joseph J. Wolk

Great, Chris. Good morning, everyone. Thank you for your interest