Five Year Historical Financial Review

2014 Historical
Financial
Review
Historical Financial Review
he Historical Financial Review is

prepared once per year and is
available on line at www.investor.jnj.com.
It is intended to supplement the Annual
Report and other SEC filings and be used
primarily by financial analysts to assist in a
detailed financial analysis. While this
document does include abbreviated
financial statements, it is not a substitute
for the more detailed financial statements

(including footnotes) found in the Annual
Report and other SEC filings.
We appreciate your comments and
suggestions on ways to improve this
document and will attempt to incorporate
them into future editions.
Index
Introduction
Five Year Selected Financial Data
Description of Major Business Franchises
Balance Sheets, Statements of Earnings, Statements of Cash Flows
Segments of Business Information
Geographical Areas
Sales Growth Rates
Quarterly Sales and Earnings Information
Sales and Net Earnings 1887-2014
Stock Split and Share Repurchase Information
Common Stock Information 1944-2014
Reconciliation of Non-GAAP Measures
Corporate and Shareholder/Investor Information
Page
1
2
3
4-6
7-8
9
10
11-14
15
16
17-18
19
20
Johnson & Johnson and Subsidiaries:

Five-Year Selected Financial Data 2010-2014
(Dollars in Millions Except Per Share Figures)
2014
Operating Results
Sales to customers
Earnings before provision for taxes on income
(2)
Net earnings attributable to J&J
Basic net earnings per share
Diluted net earnings per share
(1)
2013
74,331
20,563
16,323
5.80
5.70
(1)
2012
71,312
15,471
13,831
4.92
4.81
(1)
2011
(1)
2010
(1)
67,224
13,775
10,853
3.94
3.86
65,030
12,361
9,672
3.54
3.49
61,587
16,947
13,334
4.85
4.78
20.5
16.1
23.7
17.8
8.9
19.0
14.9
21.8
17.0
8.5
27.5
21.7
21.3
24.9
13.0
Statistics
Before tax margin
Net profit margin (2)
Effective tax rate
Return on average shareholders' equity
Return on total assets
27.7
22.0
20.6
22.7
12.4
21.7
19.4
10.6
19.9
10.4
Capital Structure
Cash and Current Marketable Securities
Debt
Equity
Total capital
Net cash/(debt)
33,089
29,206
21,089
32,261
27,658
18,760
69,752
88,512
14,329
18,180
74,053
92,233
11,026
16,165
64,826
80,991
4,924
19,627
57,080
76,707
12,634
16,773
56,579
73,352
10,885
20.0
25.6
22.9
Total debt/total capital
21.2
19.7
Common Stock Information

Dividends paid per share
Shareholders' equity per share
Market price per share (year end close)
Average shares outstanding (mm) - basic
- diluted
Cash dividends
2.760
25.06
105.06
2,815.2
2,863.9
7,768
2.590
26.25
92.35
2,809.2
2,877.0
7,286
2.400
23.33
69.48
2,753.3
2,812.6
6,614
2.250
20.95
65.58
2,736.0
2,775.3
6,156
2.110
20.66
61.85
2,751.4
2,788.8
5,804
131,119
8,494
3,714
126.5
132,683
8,183
3,595
128.1
121,347
7,665
2,934
127.6
113,644
7,548
2,893
117.9
102,908
6,844
2,384
114.0
Other Data
Total assets
Research & development expense
Capital expenditures
Number of employees (thousands)
(1) For Adjusted earnings (before and after tax) and adjusted earnings per share, see Reconciliation of Non-GAAP Measures on Page 19.
(2) After noncontrolling interests
Description of Major Business Franchises

Consumer Segment
Worldwide Consumer sales of $14.5 billion for the fullyear
2014 represented an operational increase of 1.0 percent.
Excluding the net impact of acquisitions and divestitures, on
an operational basis, worldwide sales increased 2.8 percent.
Positive contributors to operational results were sales of
TYLENOL and MOTRIN analgesics and ZYRTEC allergy overthe-counter products; AVEENO and NEUTROGENA skin care
products; and LISTERINE oral care products.
During the year, we launched several new products including
Womens ROGAINE, ZYRTEC dissolve tabs and several new
formulations of LISTERINE, and re-launched brands such as
TYLENOL PM. Our insight-driven innovation in the Consumer
business is focused on addressing key consumer need states,
led by our 12 megabrands, with 20 new product launches
planned for 2015.
Medical Devices Segment

Worldwide Medical Devices sales of $27.5 billion for the fullyear 2014 represented an operational decrease of
1.6 percent. Excluding the net impact of acquisitions and
divestitures, on an operational basis, worldwide sales
increased 1.6 percent.
The Medical Devices business holds a strong leadership
position in the industry, including 10 platforms with more
than $1 billion in sales. Weve launched over 50 major new
products since 2012, and have more than 30 major new
filings planned by the end of 2016.
Primary contributors to operational growth were our broad
portfolio of Orthopaedic products; Biosense Websters
electrophysiology products in the Cardiovascular Care
business; and biosurgicals and international sales of energy
products in the Specialty Surgery business. Sales results in the
Vision Care and U.S. Diabetes Care businesses were
negatively impacted by competitive pricing dynamics.
Key approvals and launches during the year include
U.S. Food and Drug Administration (FDA) approval for the
Animas Vibe insulin pump and Continuous
Glucose Monitoring system for the management of insulinrequiring diabetes in adults ages 18 and older; the INCRAFT
AAA Stent Graft System was approved and launched for
treatment of abdominal aortic aneurysms (AAA) in Europe
and Canada; the SABER PTA Dilatation Catheter for the
treatment of patients with Peripheral Arterial Disease
received FDA and European Commission approval; and the
FDA approved the THERMOCOOL SMARTTOUCH Catheter
for treatment of patients suffering from drug-resistant

paroxysmal atrial fibrillation.
On June 30, 2014, the Company completed the divestiture of
its Ortho-Clinical Diagnostics business to The Carlyle Group
for approximately $4 billion.
Pharmaceutical Segment
Worldwide Pharmaceutical sales of $32.3 billion for the fullyear 2014 represented operational growth of 16.5 percent.
With 14 new medicines launched since 2009, our
Pharmaceutical segment is the fastest growing of the top 10
pharmaceutical businesses in the U.S., Europe and Japan*,
and our medicines are making a dramatic impact.
The strong sales results were driven by new products and the
strength of our core products. New products include
OLYSIO/SOVRIAD (simeprevir), for combination treatment
of chronic hepatitis C in adult patients; XARELTO
(rivaroxaban), an oral anticoagulant; ZYTIGA (abiraterone
acetate), an oral, once-daily medication for use in
combination with prednisone for the treatment of metastatic,
castration-resistant prostate cancer; INVOKANA
(canagliflozin), for the treatment of adults with type 2
diabetes; and IMBRUVICA (ibrutinib), an oral, once-daily
therapy approved for use in treating certain B-cell
malignancies, or blood cancers. Additional contributors to
operational sales growth were STELARA (ustekinumab), a
biologic approved for the treatment of moderate to severe
plaque psoriasis and psoriatic arthritis; INVEGA
SUSTENNA/XEPLION (paliperidone palmitate), a oncemonthly, long-acting, injectable atypical antipsychotic for the
treatment of schizophrenia in adults; SIMPONI/SIMPONI
ARIA (golimumab) and REMICADE (infliximab), biologics
approved for the treatment of a number of immunemediated
inflammatory diseases.
When it comes to innovation and ensuring we have
continuous access to new ideas and products at their earliest
stages, we expect the best science to prevail regardless of
whether that comes from sources inside or outside of
Johnson & Johnson. In 2014, we made two significant
acquisitions to add to our innovation portfolio: Alios
BioPharma, Inc., a privately-held clinical stage
biopharmaceutical company focused on developing therapies
for viral diseases; and Covagen AG, a privatelyheld
biopharmaceutical company specializing in the development
of multispecific protein therapeutics through the FynomAb
technology platform.

Consolidated Balance Sheets
Assets
Current assets
Cash and cash equivalents
Marketable securities
Accounts receivable trade, less allowance for doubtful accounts
Inventories
Other current assets
Total current assets
2014
$
Liabilities and Shareholders' Equity

Current liabilities
Loans and notes payable
Accounts payable
Accrued liabilities
Accrued taxes on income
Total current liabilities
2012
14,523
18,566
10,985
8,184
7,053
59,311
20,927
8,279
11,713
7,878
7,610
56,407
14,911
6,178
11,309
7,495
6,223
46,116
16,126
49,054
6,628
16,710
50,745
8,821
16,097
51,176
7,958
131,119
132,683
121,347
3,638
7,633
13,314
500
25,085
4,852
6,266
13,787
770
25,675
4,676
5,831
12,691
1,064
24,262
15,122
21,160
61,367
13,328
19,627
58,630
11,489
20,770
56,521
3,120
(10,722)
97,245
89,643
3,120
(2,860)
89,493
89,753
3,120
(5,810)
85,992
83,302
19,891
15,700
18,476
Property, plant and equipment, net

Intangible assets, net and Goodwill
Other non-current assets
Total assets
2013
Long-term debt
Other long-term liabilities
Total liabilities
Shareholders' equity
Common stock
Accumulated other comprehensive income
Retained earnings
Less: common stock held in treasury, at cost

Total shareholders' equity
69,752
74,053
64,826
Total liabilities and shareholders' equity
131,119
132,683
121,347

Consolidated Statements of Earnings
2013 (1)
2014 (1)
Sales to customers
74,331
71,312
2012 (1)
67,224
2011 (1)
65,030
2010 (1)
61,587
Cost of products sold

Gross profit
22,746
51,585
22,342
48,970
21,658
45,566
20,360
44,670
18,792
42,795
Selling, marketing and administrative expenses

Research and development expense
In-process research and development
Interest income
Interest expense, net of portion capitalized
Other (income) expense, net
Restructuring
21,954
8,494
178
(67)
533
(70)
21,830
8,183
580
(74)
482
2,498
-
20,869
7,665
1,163
(64)
532
1,626
-
20,969
7,548
(91)
571
2,743
569
19,424
6,844
(107)
455
(768)
-

Provision for taxes on income
20,563
4,240
15,471
1,640
13,775
3,261
12,361
2,689
16,947
3,613
Net earnings
Add: Net loss attributable to noncontrolling interests
Net earnings attributable to Johnson & Johnson
16,323
16,323
13,831
13,831
10,514
339
10,853
9,672
9,672
13,334
13,334
Basic net earnings per share attributable to J&J

Diluted net earnings per share attributable to J&J
Ratios to Sales
Sales to customers
Cost of products sold
Gross profit
Selling, marketing & administrative expense
Research and development expense
Provision for taxes on income
Net earnings attributable to Johnson & Johnson
$
$
5.80
5.70
100.0%
30.6
69.4
29.5
11.4
27.7
5.7
22.0
$
$
4.92
4.81
100.0%
31.3
68.7
30.6
11.5
21.7
2.3
19.4
$
$
3.94
3.86
100.0%
32.2
67.8
31.0
11.4
20.5
4.9
16.1
$
$
3.54
3.49
100.0%
31.3
68.7
32.3
11.6
19.0
4.1
14.9
$
$
4.85
4.78
100.0%
30.5
69.5
31.5
11.1
27.5
5.8
21.7
(1) For adjusted earnings (before and after tax) and adjusted earnings per share, see Reconciliation of Non-GAAP Measures on Page 19.

Consolidated Statements of Cash Flows
2014
Cash flows from operations

Net earnings
Adjustments to reconcile net earnings to cash flows:
Depreciation and amortization of property and intangibles
Stock Based Compensation
Noncontrolling interest
Venezuela adjustments
Asset write-downs
Net gain on sale of assets/businesses
Net gain on equity investment transactions
Deferred tax provision
Accounts receivable allowances
Changes in assets and liabilities, net of effects from acquisitions:
(Increase) in accounts receivable
(Increase) in inventories
Increase in accounts payable and accrued liabilities
Decrease/(Increase) in other current and non-current assets
(Decrease)/Increase in other current and non-current liabilities
Net cash flows from operating activities
2013
16,323
2012
13,831
10,514
3,895
792
87
410
(2,383)
441
(28)
4,104
728
108
739
(113)
(417)
(607)
(131)
3,666
662
339
2,131
(908)
(39)
92
(247)
(1,120)
955
442
(1,096)
18,471
(632)
(622)
1,821
(1,693)
298
17,414
(9)
(1)
2,768
(1,264)
(2,555)
15,396
Cash flows from investing activities

Additions to property, plant and equipment
Proceeds from the disposal of assets / businesses, net
Acquisitions, net of cash acquired
Purchases of investments
Sales of investments
Other
Net cash used by investing activities
(3,714)
4,631
(2,129)
(34,913)
24,119
(299)
(12,305)
(3,595)
458
(835)
(18,923)
18,058
(266)
(5,103)
(2,934)
1,509
(4,486)
(13,434)
14,797
38
(4,510)
Cash flows from financing activities

Dividends to shareholders
Repurchase of common stock
Proceeds from short-term debt
Retirement of short-term debt
Proceeds from long-term debt
Retirement of long-term debt
Proceeds from the exercise of stock options/excess tax benefits
Other
Net cash used by financing activities
(7,768)
(7,124)
1,863
(1,267)
2,098
(1,844)
1,782
(12,260)
(7,286)
(3,538)
1,411
(1,397)
3,607
(1,593)
2,649
56
(6,091)
(6,614)
(12,919)
3,268
(6,175)
45
(804)
2,720
(83)
(20,562)
Effect of exchange rate changes on cash and cash equivalents

(Decrease)/Increase in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
(310)
(6,404)
20,927
14,523
(204)
6,016
14,911
20,927
45
(9,631)
24,542
14,911
603
488
3,536
596
491
3,155
616
501
2,507
13,335
Supplemental cash flow data

Cash paid during the year for:
Interest
Interest, net of amount capitalized
Income taxes
Supplemental schedule of non-cash investing and financing activities
Issuance of common stock associated with the acquisition of Synthes, Inc.
Treasury stock issued for employee compensation and stock option plans,
net of cash proceeds
Conversion of debt
Acquisition of businesses
Fair value of assets acquired
Fair value of liabilities assumed and noncontrolling interests
Net fair value of acquisitions
Less: Issuance of common stock associated with the acquisition of Synthes, Inc.
Net cash paid for acquisitions
$
$
1,170
17
743
22
615
-
2,167
(38)
2,129
-
1,028
(193)
835
-
19,025
(1,204)
17,821
13,335
2,129
835
4,486

Segments of Business
Sales to Customers
Consumer
United States
International
Total
Pharmaceutical
United States
International
Total
Medical Devices
United States
International
Total
Worldwide
United States
International
Total
Pre-Tax Profit
Consumer
Pharmaceutical
Medical Devices
Segments Total
Less: Expenses not allocated to segments (6)
Worldwide Total
2014 (1)
$
Pre-Tax Profit as % of Segment Sales

Consumer
Pharmaceutical
Medical Devices
Segments Total
Worldwide Total
Identifiable Assets
Consumer
Pharmaceutical
Medical Devices
Segments Total
General corporate (7)
Worldwide Total
2012 (3)
2011 (4)
2010 (5)
5,096
9,400
14,496
5,162
9,535
14,697
5,046
9,401
14,447
5,151
9,732
14,883
5,519
9,071
14,590
17,432
14,881
32,313
13,948
14,177
28,125
12,421
12,930
25,351
12,386
11,982
24,368
12,519
9,877
22,396
12,254
15,268
27,522
12,800
15,690
28,490
12,363
15,063
27,426
11,371
14,408
25,779
11,412
13,189
24,601
34,782
39,549
74,331
31,910
39,402
71,312
29,830
37,394
67,224
28,908
36,122
65,030
29,450
32,137
61,587
1,941
11,696
7,953
21,590
1,027
20,563
1,973
9,178
5,261
16,412
941
15,471
1,693
6,075
7,187
14,955
1,180
13,775
2,096
6,406
5,263
13,765
1,404
12,361
2,342
7,086
8,272
17,700
753
16,947
13.4%
36.2%
28.9%
29.0%
27.7%
2013 (2)
21,813
25,803
41,445
89,061
42,058
131,119
13.4
32.6
18.5
23.0
21.7
23,711
23,783
44,585
92,079
40,604
132,683
11.7
24.0
26.2
22.2
20.5
24,131
23,219
42,926
90,276
31,071
121,347
14.1
26.3
20.4
21.2
19.0
24,210
23,747
23,609
71,566
42,078
113,644
16.1
31.6
33.6
28.7
27.5
23,753
19,961
23,277
66,991
35,917
102,908
(1) 2014 pre-tax profit includes net litigation expense of $1,253 million comprised of $907 million, $259 million and $87 million in the Medical Devices, Pharmaceutical
and Consumer segments, respectively. Includes $178 million of in-process research and development expense, comprised of $147 million and $31 million in the
Pharmaceutical and Medical Devices segments, respectively. The Medical Devices segment includes a net gain of $1,899 million from the divestiture of the OrthoClinical Diagnostics business, Synthes integration costs of $754 million and $126 million expense for the cost associated with the DePuy ASR TM Hip program. Includes
an additional year of the Branded Prescription Drug Fee of $220 million in the Pharmaceutical segment.
(2) 2013 pre-tax profit includes $2,276 million of net litigation expense comprised of $1,975 million and $301 million in the Medical Devices and Pharmaceutical
segments, respectively. Includes $683 million of Synthes integration/transaction costs in the Medical Devices segment. Includes $580 million of in-process research and
development expense, comprised of $514 million and $66 million in the Pharmaceutical and Medical Devices segments, respectively. The Medical Devices segment also
includes $251 million expense for the cost associated with the DePuy ASR TM Hip program. Includes $98 million of income related to other adjustments comprised of $55
million and $43 million in the Consumer and Pharmaceutical segments, respectively.
(3) 2012 pre-tax profit includes $1,218 million of net litigation expense comprised of $658 million and $560 million in the Pharmaceutical and Medical Devices segments,
respectively. Includes $1,163 million of in-process research and development expense, comprised of $1,111 million and $52 million in the Pharmaceutical and Medical
Devices segments, respectively. Includes $795 million of Synthes integration/transaction costs in the Medical Devices segment. Includes $909 million of asset writedowns and other adjustments, comprised of $499 million, $264 million and $146 million in the Pharmaceutical, Consumer and Medical Devices segments, respectively.
The Medical Devices segment also includes $110 million expense for the cost associated with the DePuy ASR Hip program.
(4) 2011 pre-tax profit includes $3,310 million of net litigation expense comprised of $1,741 million and $1,569 million in the Pharmaceutical and Medical Devices
segments, respectively. Includes $656 million of net restructuring expense, comprised of $676 million expense in the Medical Devices segment and a gain of $20 million
in the Pharmaceutical segment. The Medical Devices segment also includes $521 million expense for the cost associated with the DePuy ASR Hip program.
(5) 2010 pre-tax profit includes $397 million of net litigation gain comprised of $447 million expense in the Pharmaceutical segment and a gain of $844 million in the
Medical Devices segment. The Medical Devices segment also includes $280 million expense for the cost associated with the DePuy ASR Hip program.
(6) Amounts not allocated to segments include interest (income) expense, noncontrolling interests and general corporate (income) expense. Includes expense of $0.2
billion and $0.5 billion of currency related expense related to the acquisition of Synthes, Inc. in 2012 and 2011, respectively.
(7) General corporate includes cash, cash equivalents & marketable securities.

Segments of Business
Additions to Property, Plant and Equipment
Consumer
Pharmaceutical
Medical Devices
Segments Total
General corporate
Worldwide Total
2014
2013
2012
2011
2010
581
977
1,807
3,365
349
3,714
533
856
1,724
3,113
482
3,595
468
737
1,230
2,435
499
2,934
670
729
1,095
2,494
399
2,893
526
508
1,113
2,147
237
2,384
577
1,053
1,974
3,604
291
3,895
539
1,075
2,224
3,838
266
4,104
575
1,010
1,857
3,442
224
3,666
631
958
1,331
2,920
238
3,158
532
912
1,270
2,714
225
2,939
629
6,213
1,652
8,494
590
5,810
1,783
8,183
622
5,362
1,681
7,665
659
5,138
1,751
7,548
609
4,432
1,803
6,844
Research Expense as a Percent of Segment Sales

Consumer segment
Pharmaceutical segment
Medical Devices segment
Worldwide total
4.3%
19.2%
6.0%
11.4%
4.0%
20.7%
6.3%
11.5%
4.3%
21.2%
6.1%
11.4%
4.4%
21.1%
6.8%
11.6%
4.2%
19.8%
7.3%
11.1%
Pharmaceutical Research Expense as a Percent of

total J&J WW Sales
8.4%
8.1%
8.0%
7.9%
7.2%
Depreciation & Amortization

Consumer
Pharmaceutical
Medical Devices
Segments Total
General corporate
Worldwide Total
Research Expense and Development

Consumer segment
Pharmaceutical segment
Medical Devices segment
Worldwide total

Geographical Areas
Sales to Customers
United States
Europe
Western Hemisphere excluding U.S.
Asia-Pacific, Africa
Total
Long-Lived Assets
United States
Europe
Western Hemisphere excluding U.S.
Asia-Pacific, Africa
2014
34,782
18,947
7,160
13,442
2013
31,910
18,599
7,421
13,382
2012
29,830
16,945
7,207
13,242
2011
28,908
17,129
6,418
12,575
2010
29,450
15,510
5,550
11,077
74,331
71,312
67,224
65,030
61,587
36,835
21,559
3,210
2,438
35,880
24,868
3,281
2,434
35,115
25,261
3,636
2,362
23,529
19,056
3,517
2,163
23,315
16,791
3,653
2,089
64,042
66,463
66,374
48,265
45,848
1,138
992
899
750
715
65,939
65,228
54,074
64,629
56,345
131,119
132,683
121,347
113,644
102,908
Segments total
General corporate
Other non long-lived assets
Worldwide total

Sales Growth Rates
2014
2013
2012
2011
2010
United States
Operations
9.0%
9.0%
7.0%
7.0%
3.2%
3.2%
-1.8%
-1.8%
-4.7%
-4.7%
International
Operations
Currency
0.4%
3.7%
-3.3%
5.4%
8.2%
-2.8%
3.5%
8.4%
-4.9%
12.4%
7.0%
5.4%
3.6%
1.9%
1.7%
Worldwide
Operations
Currency
4.2%
6.1%
-1.9%
6.1%
7.7%
-1.6%
3.4%
6.1%
-2.7%
5.6%
2.8%
2.8%
-0.5%
-1.3%
0.8%
United States
2.4%
2.3%
International
5.0%
7.3%
Worldwide
3.7%
4.6%
Compound Growth Rates

2009-2014 (5 Yr.)
2004-2014 (10 Yr.)
10

Quarterly Sales by Segment
Year
U.S.
Consumer
Int'l
(Dollars in Millions)
WW
U.S.
Pharmaceutical
Int'l
WW
1Q 2010
2Q 2010
3Q 2010
4Q 2010
2010
1,560
1,463
1,277
1,219
5,519
2,206
2,184
2,290
2,391
9,071
3,766
3,647
3,567
3,610
14,590
3,206
3,110
3,054
3,149
12,519
2,432
2,443
2,441
2,561
9,877
5,638
5,553
5,495
5,710
22,396
1Q 2011
2Q 2011
3Q 2011
4Q 2011
2011
1,345
1,339
1,219
1,248
5,151
2,337
2,454
2,521
2,420
9,732
3,682
3,793
3,740
3,668
14,883
3,391
3,239
2,869
2,887
12,386
2,668
2,994
3,113
3,207
11,982
6,059
6,233
5,982
6,094
24,368
1Q 2012
2Q 2012
3Q 2012
4Q 2012
2012
1,316
1,313
1,214
1,203
5,046
2,279
2,306
2,367
2,449
9,401
3,595
3,619
3,581
3,652
14,447
3,026
3,094
3,288
3,013
12,421
3,107
3,197
3,114
3,512
12,930
6,133
6,291
6,402
6,525
25,351
1Q 2013
2Q 2013
3Q 2013
4Q 2013
2013
1,348
1,326
1,225
1,263
5,162
2,327
2,332
2,386
2,490
9,535
3,675
3,658
3,611
3,753
14,697
3,471
3,377
3,549
3,551
13,948
3,297
3,648
3,487
3,745
14,177
6,768
7,025
7,036
7,296
28,125
1Q 2014
2Q 2014
3Q 2014
4Q 2014
2014
1,309
1,320
1,173
1,294
5,096
2,248
2,424
2,416
2,312
9,400
3,557
3,744
3,589
3,606
14,496
3,740
4,613
4,723
4,356
17,432
3,758
3,896
3,584
3,643
14,881
7,498
8,509
8,307
7,999
32,313
11

Quarterly Sales by Segment
Year
U.S.
Medical Devices
Int'l
WW
U.S.
Total
Int'l
WW
1Q 2010
2Q 2010
3Q 2010
4Q 2010
2010
2,886
2,865
2,800
2,861
11,412
3,341
3,265
3,120
3,463
13,189
6,227
6,130
5,920
6,324
24,601
7,652
7,438
7,131
7,229
29,450
7,979
7,892
7,851
8,415
32,137
15,631
15,330
14,982
15,644
61,587
1Q 2011
2Q 2011
3Q 2011
4Q 2011
2011
2,872
2,869
2,780
2,850
11,371
3,560
3,702
3,503
3,643
14,408
6,432
6,571
6,283
6,493
25,779
7,608
7,447
6,868
6,985
28,908
8,565
9,150
9,137
9,270
36,122
16,173
16,597
16,005
16,255
65,030
1Q 2012
2Q 2012
3Q 2012
4Q 2012
2012
2,877
2,953
3,289
3,244
12,363
3,534
3,612
3,780
4,137
15,063
6,411
6,565
7,069
7,381
27,426
7,219
7,360
7,791
7,460
29,830
8,920
9,115
9,261
10,098
37,394
16,139
16,475
17,052
17,558
67,224
1Q 2013
2Q 2013
3Q 2013
4Q 2013
2013
3,206
3,243
3,151
3,200
12,800
3,856
3,951
3,777
4,106
15,690
7,062
7,194
6,928
7,306
28,490
8,025
7,946
7,925
8,014
31,910
9,480
9,931
9,650
10,341
39,402
17,505
17,877
17,575
18,355
71,312
1Q 2014
2Q 2014
3Q 2014
4Q 2014
2014
3,155
3,199
2,946
2,954
12,254
3,905
4,043
3,625
3,695
15,268
7,060
7,242
6,571
6,649
27,522
8,204
9,132
8,842
8,604
34,782
9,911
10,363
9,625
9,650
39,549
18,115
19,495
18,467
18,254
74,331
12

Quarterly Statement of Earnings (1)
Year
1Q 2014 $
2Q 2014
3Q 2014
4Q 2014
2014 $
Sales
18,115
19,495
18,467
18,254
74,331
(Dollars in Millions except per share figures)
Cost of
Products Sold
5,455
6,039
5,399
5,853
22,746
SM&A
5,183
5,481
5,468
5,822
21,954
R&D
1,831
2,005
2,023
2,635
8,494
In-process
Research and
Development
18
4
156
178
Net Interest
Exp. (Inc.)
Other Exp.
(Inc.)
118
114
112
122
466
86
226
(1,345)
963
(70)
Quarterly Statement of Earnings - as a % of Sales
Year
1Q 2014
2Q 2014
3Q 2014
4Q 2014
2014
Sales
100.0%
100.0%
100.0%
100.0%
100.0%
Cost of
Products Sold Gross Margin
30.1%
31.0%
29.2%
32.1%
30.6%
69.9%
69.0%
70.8%
67.9%
69.4%
SM&A
R&D
28.6%
28.1%
29.6%
31.9%
29.5%
10.1%
10.3%
11.0%
14.4%
11.4%
In-process
Research and
Development
0.1%
0.0%
0.8%
0.3%
Net Interest
Exp. (Inc.)
0.7%
0.6%
0.6%
0.7%
0.6%
(1) Net Earnings are GAAP and therefore, do not exclude special items.
Refer to Page 19, Reconciliation of Non-GAAP Measures, for an analysis of 2010-2014 Full Year Adjusted Earnings
13

Quarterly Statement of Earnings (Continued)
Year
Total Cost &

Expense
1Q 2014 $
2Q 2014
3Q 2014
4Q 2014
2014 $
12,691
13,869
11,657
15,551
53,768
Earnings
Before Taxes
5,424
5,626
6,810
2,703
20,563
(1)
(Dollars in Millions except per share figures)
Provision
for/(Benefit
from) Taxes
on Income
Net Earnings
Basic
Earnings per
Share
697
1,300
2,061
182
4,240
4,727
4,326
4,749
2,521
16,323
1.67
1.53
1.69
0.90
5.80
Basic
Average
Shares
2,826.8
2,826.4
2,814.4
2,795.2
2,815.2
Diluted
Earnings per
Share
1.64
1.51
1.66
0.89
5.70
Diluted
Average
Shares
2,874.7
2,874.2
2,864.3
2,845.3
2,863.9
Quarterly Statement of Earnings - as a % of Sales
Year
1Q 2014
2Q 2014
3Q 2014
4Q 2014
2014
Other Exp.
(Inc.)
Total Cost &

Expense
Earnings
Before Taxes
0.5%
1.1%
-7.3%
5.3%
-0.1%
70.1%
71.1%
63.1%
85.2%
72.3%
29.9%
28.9%
36.9%
14.8%
27.7%
Provision
for/(Benefit
from) Taxes Income Taxes
on Income
(Eff. Rate) Net Earnings
3.8%
6.7%
11.2%
1.0%
5.7%
12.9%
23.1%
30.3%
6.7%
20.6%
26.1%
22.2%
25.7%
13.8%
22.0%
(1) Net Earnings are GAAP and therefore, do not exclude special items.
Refer to Page 19, Reconciliation of Non-GAAP Measures, for an analysis of 2010-2014 Full Year Adjusted Earnings
14

Sales and Net Earnings (2) 1887 - 2014
Year
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
Net Trade
Sales
0.1
0.2
0.3
0.4
0.4
0.5
0.5
0.6
0.6
0.7
0.7
0.9
1.1
1.3
1.4
1.6
1.8
2.0
2.4
2.7
3.0
2.9
3.2
3.9
4.4
4.6
4.8
5.0
5.1
6.2
9.6
13.7
11.2
15.2
12.5
13.7
15.5
16.0
16.2
16.5
16.8
18.4
19.9
18.7
Net
Earnings
$ 0.19
0.13
0.20
0.23
0.23
0.27
0.28
0.36
0.33
0.53
0.77
0.54
0.63
0.67
0.54
1.05
0.75
0.63
0.74
1.11
1.22
1.37
0.83
0.50
1.30
1.90
1.80
1.80
2.10
2.00
1.50
0.80
1.60
1.20
(1)
Year
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
Net Trade
Sales
Net
Earnings
17.4
15.2
17.1
20.7
24.7
28.9
32.3
33.4
35.1
39.1
56.6
78.2
93.1
93.6
96.0
112.6
152.3
165.6
168.3
195.5
227.6
232.2
236.1
243.5
267.5
293.6
315.6
321.2
368.4
384.4
414.5
447.6
462.4
503.3
576.0
660.6
712.3
801.3
901.9
1,002.0
1,140.5
1,317.7
1,611.8
1,937.2
2,224.7
1.3
1.1
0.9
1.0
1.3
2.1
1.7
2.7
3.7
2.4
3.2
2.8
3.1
3.1
3.1
8.3
9.9
12.1
10.0
15.7
12.3
8.8
11.2
12.2
14.0
15.6
16.9
15.1
19.7
20.2
17.7
19.9
21.5
26.8
34.4
40.1
45.9
57.6
69.4
83.7
101.8
120.7
148.4
161.6
183.8
Year
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Net Trade
Sales (1)
Net Earnings
2,522.5
2,914.1
3,497.3
4,211.6
4,837.4
5,399.0
5,760.9
5,972.9
6,124.5
6,421.3
7,003.0
8,011.5
8,999.5
9,829.0
11,365.0
12,210.0
13,600.0
13,877.0
15,454.0
18,537.0
21,387.0
22,522.0
23,811.0
27,357.0
29,172.0
32,317.0
36,298.0
41,862.0
47,348.0
50,514.0
53,324.0
61,095.0
63,747.0
61,897.0
61,587.0
65,030.0
67,224.0
71,312.0
$ 74,331.0
205.4
247.3
299.1
352.1
400.7
467.6
473.0
489.0
514.5
613.7
330.0
833.0
974.0
1,082.0
1,080.0
1,270.0
977.0
1,786.0
1,961.0
2,416.0
2,942.0
3,070.0
3,024.0
4,133.0
4,764.0
5,405.0
6,277.0
6,848.0
8,180.0
10,060.0
11,053.0
10,576.0
12,949.0
12,266.0
13,334.0
9,672.0
10,853.0
13,831.0
$ 16,323.0
(1) Sales restated for EITF change for 1991-2001 only. Net Earnings restated for FAS 123R Share Based Payment for 1996-2005.
(2) Net Earnings attributable to Johnson & Johnson.
Note: 1887-1989 information not restated and may include estimates.
Note: Net Earnings are reported according to GAAP and therefore do not exclude special items.
Refer to Page 19, Reconciliation of Non-GAAP Measures, for an analysis of 2010-2014 Adjusted Earnings.
15

Stock Split and Share Repurchase Information
Stock Splits
Pay Out Date
Action
May 5, 1947
100% Stock Dividend
November 15, 1948
5% Stock Dividend
November 15, 1949
5% Stock Dividend
March 20, 1951
5% Stock Dividend
January 9, 1959
2 1/2 for 1 Split
June 19, 1967
200% Stock Dividend
May 15, 1970
3 for 1 Split
May 18, 1981
3 for 1 Split
May 10, 1989
2 for 1 Split
June 9, 1992
2 for 1 Split
June 11, 1996
2 for 1 Split
June 12, 2001
2 for 1 Split
Share Repurchase Program*

Total Shares
Total Value
Avg. Price
Year
(Millions)
Per Share
1984
160.0
$329
$2.0550
1986
160.0
670
4.1865
1988
97.8
500
5.1230
1992
42.4
500
11.7975
1993
49.6
500
10.0625
2002
83.6
5,000
59.7994
2006
81.8
5,000
61.1247
2007
55.8
3,600
64.5870
2008
69.1
4,500
65.1230
2009
15.5
800
51.6129
2010
17.9
1,100
61.4525
33.7
$3,500
$103.8576
2014
(1)
* Total value may be rounded. In addition, the Company repurchases shares annually for use in employee stock option and
employee incentive plans. In 1990, the Company repurchased 12.8 million shares for a total value of $100 million in connection with
the establishment of an ESOP. All shares and average price per share have been adjusted for stock split.
(1)
On July 21, 2014, the Company announced that is Board of Directors approved a share repurchase program, authorizing the
Company to purchase up to $5.0 billion of the Company's Common Stock.
16

YEARLY
HIGH
YEAR
(Price per share/Shares in Millions)
YEARLY
LOW
YEARLY
AVERAGE
9/25/44 (open)
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
YEAR-END
PRICE
$
0.02
0.03
0.03
0.03
0.03
0.05
0.07
0.08
0.07
0.06
0.07
0.08
0.08
0.09
0.14
0.17
0.18
0.26
0.26
0.29
0.28
0.40
0.47
0.67
0.75
1.26
1.25
2.08
2.77
2.76
2.49
2.08
2.01
1.63
1.86
1.68
2.11
2.46
3.20
3.22
2.68
3.45
4.64
6.59
5.51
7.44
9.27
14.53
14.67
12.60
14.13
23.10
0.01
0.02
0.02
0.02
0.03
0.03
0.04
0.06
0.05
0.05
0.06
0.06
0.06
0.07
0.08
0.11
0.13
0.17
0.14
0.17
0.22
0.26
0.32
0.38
0.52
0.70
0.89
1.18
1.96
2.11
1.52
1.51
1.49
1.30
1.37
1.35
1.38
1.77
2.03
2.44
1.75
2.20
2.86
3.44
4.35
5.19
6.39
8.17
10.75
8.91
9.00
13.41
0.02
0.02
0.02
0.03
0.03
0.03
0.05
0.07
0.06
0.06
0.06
0.07
0.07
0.08
0.11
0.16
0.16
0.22
0.22
0.24
0.25
0.35
0.41
0.50
0.63
0.99
1.06
1.74
2.50
2.47
1.97
1.85
1.84
1.46
1.61
1.52
1.67
2.06
2.55
2.86
2.16
2.78
3.97
5.28
5.06
6.25
7.85
11.19
12.34
10.50
11.54
17.19
0.02
0.01
0.02
0.03
0.02
0.03
0.05
0.07
0.06
0.06
0.06
0.07
0.07
0.07
0.08
0.12
0.14
0.17
0.24
0.17
0.24
0.26
0.40
0.40
0.64
0.74
1.25
1.19
2.05
2.72
2.35
1.69
1.87
1.63
1.60
1.54
1.65
2.08
2.32
3.10
2.55
2.26
3.29
4.10
4.68
5.32
7.42
8.97
14.31
12.63
11.22
13.69
21.38
YEARLY
DIVIDEND
$ 0.00008
0.00012
0.00012
0.00020
0.00067
0.00115
0.00176
0.00102
0.00093
0.00152
0.00152
0.00152
0.00152
0.00167
0.00157
0.00185
0.00231
0.00231
0.00231
0.00255
0.00278
0.00336
0.00382
0.00428
0.00451
0.00590
0.00708
0.00896
0.00932
0.01094
0.01510
0.01771
0.02188
0.02917
0.03542
0.04167
0.04646
0.05313
0.06625
0.06750
0.07375
0.08000
0.08625
0.10063
0.12000
0.14000
0.16375
0.19250
0.22250
0.25250
0.28250
0.32000
NET SHARES
OUTSTANDING*
2,213.6
2,213.6
2,242.7
2,264.0
2,276.0
2,243.1
2,247.9
2,260.2
2,264.1
2,259.8
2,268.4
2,274.9
2,270.4
2,276.6
2,288.0
2,290.3
2,558.8
2,563.5
2,586.3
2,584.8
2,591.9
2,574.6
2,603.0
2,588.2
2,606.1
2,619.4
2,656.4
2,676.3
2,690.8
2,708.1
2,761.1
2,773.6
2,785.7
2,796.1
2,808.3
2,872.9
2,938.2
2,966.6
2,993.0
3,026.0
3,061.3
2,925.5
2,925.6
2,765.6
2,753.5
2,664.6
2,679.4
2,700.4
2,713.4
2,674.2
2,627.8
2,645.0
2,665.6
P/E
RATIO
10
19
7
6
6
12
12
18
15
15
17
15
12
14
22
23
28
31
24
29
27
32
28
33
34
41
43
54
59
41
28
30
22
16
14
12
15
15
16
14
14
15
43
17
16
19
21
30
23
17
19
25
17

YEAR
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
YEARLY
HIGH
27.00
33.66
44.88
53.44
52.97
60.97
65.89
59.08
64.25
64.60
69.41
68.75
72.76
65.41
66.20
68.05
72.74
95.99
109.49
YEARLY
LOW
20.78
24.32
31.69
38.50
33.07
40.25
41.40
48.05
49.25
59.76
56.70
59.72
52.06
46.25
56.86
57.50
61.71
69.18
86.09
(Price per share/Shares in Millions)
YEARLY
AVERAGE
24.29
29.82
37.46
46.99
44.64
51.88
57.67
52.62
55.84
64.70
62.21
63.98
64.91
56.88
62.16
63.56
66.95
85.65
100.82
YEAR-END
PRICE
24.88
32.97
41.94
46.63
52.53
59.86
53.11
50.62
63.42
60.10
66.02
67.38
58.56
64.41
61.85
65.58
69.48
92.35
105.06
YEARLY
DIVIDEND
0.36750
0.42500
0.48500
0.54500
0.62000
0.70000
0.79500
0.92500
1.09500
1.27500
1.45500
1.62000
1.79500
1.93000
2.11000
2.25000
2.40000
2.59000
2.76000
NET SHARES
OUTSTANDING*
2,753.4
2,971.6
2,975.3
2,979.6
3,014.6
3,047.2
2,968.3
2,967.9
2,971.0
2,971.0
2,893.2
2,840.2
2,769.2
2,754.3
2,738.1
2,724.4
2,778.5
2,820.6
2,783.2
P/E
RATIO
25
32
41
34
33
34
25
22
23
18
18
18
13
15
13
19
18
19
18
* Net shares outstanding = shares issued less treasury stock at Johnson & Johnson year-end close.
Note: All data adjusted for prior stock splits; shares outstanding are actual J&J year-end close; year -end share price per
Yahoo Finance at J&J year-end close; P/E ratio based on fiscal year-end closing price.
18

Reconciliation of Non-GAAP Measures
Earnings before provision for taxes on income- as reported

Net litigation loss (gain)
Ortho-Clinical Diagnostics divestiture net gain
Additional year of Branded Prescription Drug Fee
DePuy ASRTM Hip program
Synthes integration/transaction costs and currency related
In-process research & development
Intangible asset write-downs
Restructuring expense
Other
Earnings before provision for taxes on income- as adjusted
2014
$ 20,563
1,253
(1,899)
220
2013
15,471
2,282
-
2012
13,775
1,229
-
2011
12,361
3,310
-
2010
16,947
(397)
-
126
754
178
$ 21,195
251
683
580
(98)
19,169
110
1,028
1,163
939
(30)
18,214
521
491
14
656
17,353
280
16,830
Net Earnings(1) - as reported

Tax benefit associated with Conor Medsystems
$ 16,323
1,225
(1,062)
220
(398)
13,831
1,646
-
10,853
1,052
-
9,672
2,745
-
13,334
(294)
-

Scios Tax Benefit
Other
Net Earnings(1) - as adjusted
111
555
131
$ 17,105
240
483
462
(707)
(79)
15,876
97
899
743
717
(16)
14,345
426
477
11
536
13,331
239
13,279
Diluted net earnings per share(1) - as reported

Tax benefit associated with Conor Medsystems

Scios Tax Benefit
Other
Diluted net earnings per share(1) - as adjusted
(2)
(3)
5.70
0.43
(0.37)
0.08
(0.14)
4.81
0.57
-
3.86
0.37
-
3.49
0.99
-
4.78
(0.11)
-
0.04
0.19
0.04
5.97
0.08
0.17
0.16
(0.25)
(0.02)
5.52
0.03
0.32
0.27
0.26
(0.01)
5.10
0.16
0.17
0.19
5.00
0.09
4.76
(1) Attributable to Johnson & Johnson

(2) Includes adjustment to deferred tax asset related to deductibility by tax jurisdiction
(3) Amount includes in-process research and development charge of $679M related to bapineuzumab IV offset by $339M reported as net loss attributable to noncontrolling
interest
The Company believes investors gain additional perspective of underlying business trends and results by providing a measure of earnings before provision for taxes on
income, net earnings and diluted net earnings per share that excludes special items in order to evaluate ongoing business operations. These non-GAAP financial measures
should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures.
19
Corporate and Shareholder/Investor Information
Principal Office
One Johnson & Johnson Plaza
New Brunswick, New Jersey 08933
(732) 524-0400
Common Stock
Listed on New York Stock Exchange
Stock Symbol: JNJ
Investor Relations Department

One Johnson & Johnson Plaza
New Brunswick, New Jersey 08933
1-800-950-5089
Fax: (732) 524-3867
Louise Mehrotra
Vice President, Investor Relations
(732) 524-6492
Annual Meeting
The Annual Meeting of Shareholders will take
place on Thursday, April 23, 2015, at the
Hyatt Regency Hotel, Two Albany Street, New
Brunswick, New Jersey. The meeting will
convene at 10 a.m. All shareholders as of the
record date of February 24, 2015 are cordially
invited to attend. A formal Notice of Annual
Meeting, Proxy Statement and Proxy have
been sent to shareholders.
Jason Valmore
Senior Director, Investor Relations
(732) 524-3709
Lesley Fishman
(732) 524-3922
Lisa Romanko
Transfer Agent and Registrar

Questions regarding stock holdings, certificate
replacement/transfer, dividends and address
changes should be directed to:
Computershare Trust Company, N.A.
250 Royall St.
Canton, MA 02021
(800) 328-9033 or
(781) 575-2718 (outside the U.S.)
www.computershare.com
Dividend Reinvestment Plan

The Plan allows for full or partial dividend
reinvestment and additional monthly cash
investments up to $50,000 per year in
Johnson & Johnson Common Stock without
brokerage commissions or service charges on
stock purchases. If you are interested in
participating in the Plan and need an
authorization form and/or more information,
please call Computershare Trust Company,
N.A. at (800) 328-9033 or (781) 575-2718
(outside the U.S.).
Shareholder Relations Contact

Douglas K. Chia
Corporate Secretary
(732) 524-2455
(732) 524-2034
Renee McKenna
Senior Analyst
(732) 524-6492
Reports Available
Copies of the Company's 2014 Annual
Report on Form 10-K, Quarterly Reports on
Form 10-Q and Current Reports on Form
8-K to the Securities and Exchange
Commission, Proxy Statement and the
Annual Report are available online
at www.jnj.com or to shareholders without
charge upon written request to the
Secretary at the Company's principal
address or by calling (800) 328-9033 or
(781) 575-2718 (outside the U.S.)
Press Releases
Press releases, including earnings
reports, are available via web
access http://www.jnj.com
Internet Access
Visit the Johnson & Johnson Home
Page on the
Internet: http://www.jnj.com
Johnson & Johnson 2014

Trademarks and service marks of Johnson & Johnson and its affiliated
companies are designated by all capital letters in this publication
20

Five Year Historical Financial Review

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2014 Historical

Historical Financial Review

he Historical Financial Review is

for the more detailed financial statements

Johnson & Johnson and Subsidiaries:

Total debt/total capital

Common Stock Information

Description of Major Business Franchises

Medical Devices Segment

for treatment of patients suffering from drug-resistant

Johnson & Johnson and Subsidiaries:

Liabilities and Shareholders' Equity

Property, plant and equipment, net

Less: common stock held in treasury, at cost

Total liabilities and shareholders' equity

Johnson & Johnson and Subsidiaries:

Cost of products sold

Selling, marketing and administrative expenses

Earnings before provision for taxes on income

Basic net earnings per share attributable to J&J

Johnson & Johnson and Subsidiaries:

Cash flows from operations

Cash flows from investing activities

Cash flows from financing activities

Effect of exchange rate changes on cash and cash equivalents

Supplemental cash flow data

Johnson & Johnson and Subsidiaries:

Pre-Tax Profit as % of Segment Sales

Johnson & Johnson and Subsidiaries:

Research Expense as a Percent of Segment Sales

Pharmaceutical Research Expense as a Percent of

Depreciation & Amortization

Research Expense and Development

Johnson & Johnson and Subsidiaries:

Johnson & Johnson and Subsidiaries:

Compound Growth Rates

Johnson & Johnson and Subsidiaries:

Johnson & Johnson and Subsidiaries:

Johnson & Johnson and Subsidiaries:

(Dollars in Millions except per share figures)

Quarterly Statement of Earnings - as a % of Sales

Johnson & Johnson and Subsidiaries:

Total Cost &

(Dollars in Millions except per share figures)

Quarterly Statement of Earnings - as a % of Sales

Total Cost &

Johnson & Johnson and Subsidiaries:

Johnson & Johnson and Subsidiaries:

100% Stock Dividend

November 15, 1948

November 15, 1949

March 20, 1951

2 1/2 for 1 Split

June 19, 1967

200% Stock Dividend

May 15, 1970

May 18, 1981

May 10, 1989

June 11, 1996

June 12, 2001

Share Repurchase Program*

Johnson & Johnson and Subsidiaries:

(Price per share/Shares in Millions)