2-3 Financial Statement Review

11/29/2019 1 Mergent, Inc.

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Johnson & Johnson General Company Information

Principal Office One Johnson & Johnson Plaza

New Brunswick, NJ 08933 USA

Phone 732 524-0400

Fax 732 214-0332

Auditor PricewaterhouseCoopers LLP

Number of Employees 135,100 (Approximate Full-Time as of 12/30/2018)

Country of Incorporation United States

Exchange And Ticker NYS : JNJ

Primary SIC 2834 : Pharmaceutical preparations

Company Website www.jnj.com

Primary NAICS 325412 : Pharmaceutical Preparation Manufacturing

Closing Stock Price 137.75 (as of 11/27/2019)

Incorporated November 1887 , NJ, United States

Mergent Dividend Achiever No

Number of Shareholders 142,029 (record) (as of 02/15/2019)

Annual Meeting In April

Business Summary

Johnson & Johnson is a holding company engaged in the research and development, manufacture and sale of a range of products in the health care field. Co. has three business segments: Consumer, which includes a range of products used in the baby care, oral care, beauty, over-the-counter pharmaceutical, women's health and wound care markets; Pharmaceutical, which is focused on six therapeutic areas: immunology, infectious diseases and vaccines, neuroscience, oncology, cardiovascular and metabolism and pulmonary hypertension; and Medical Devices, which includes products used in the orthopaedic, surgery, interventional solutions (cardiovascular and neurovascular), and eye health fields.

Johnson & Johnson

11/29/2019 2 Mergent, Inc.

Company Details

Pricing Summary

Time Period: 1 week

Yesterday 5 Days 30 Days Close 137.75 138.07 132.84 Volume N/A N/A 9,626,289.00

52 Week High/Low : 147.84 - 122.84 % Price Change (100 Days) : 4.73 200-Day Moving Avg. : 133.46

Web Volume

Date Value Stock Price 2019-06-02 PDT 42 2019-06-03 PDT 17 2019-06-04 PDT 12 2019-06-05 PDT 18 2019-06-06 PDT 15 2019-06-07 PDT 12 2019-06-08 PDT 4 2019-06-09 PDT 16 2019-06-10 PDT 34 2019-06-11 PDT 20 2019-06-12 PDT 12 2019-06-13 PDT 18 2019-06-14 PDT 9 2019-06-15 PDT 4 2019-06-16 PDT 10 2019-06-17 PDT 24 2019-06-18 PDT 46 2019-06-19 PDT 20

Johnson & Johnson

11/29/2019 3 Mergent, Inc.

2019-06-20 PDT 7 2019-06-21 PDT 0 2019-06-22 PDT 10 2019-06-23 PDT 19 2019-06-24 PDT 16 2019-06-25 PDT 17 2019-06-26 PDT 67 2019-06-27 PDT 0 2019-06-28 PDT 0 2019-06-29 PDT 12 2019-06-30 PDT 15 2019-07-01 PDT 25 2019-07-02 PDT 36 2019-07-03 PDT 9 2019-07-04 PDT 2 2019-07-05 PDT 2 2019-07-06 PDT 5 2019-07-07 PDT 9 2019-07-08 PDT 14 2019-07-09 PDT 13 2019-07-10 PDT 12 2019-07-11 PDT 98 2019-07-12 PDT 10 2019-07-13 PDT 9 2019-07-14 PDT 52 2019-07-15 PDT 21 2019-07-16 PDT 37 2019-07-17 PDT 20 2019-07-18 PDT 51 2019-07-19 PDT 10 2019-07-20 PDT 6 2019-07-21 PDT 28 2019-07-22 PDT 35 2019-07-23 PDT 68 2019-07-24 PDT 25 2019-07-25 PDT 28 2019-07-26 PDT 6 2019-07-27 PDT 8 2019-07-28 PDT 17 2019-07-29 PDT 11 2019-07-30 PDT 24 2019-07-31 PDT 16 2019-08-01 PDT 50 2019-08-02 PDT 14 2019-08-03 PDT 6 2019-08-04 PDT 16 2019-08-05 PDT 15 2019-08-06 PDT 17 2019-08-07 PDT 22 2019-08-08 PDT 8 2019-08-09 PDT 7

Johnson & Johnson

11/29/2019 4 Mergent, Inc.

2019-08-10 PDT 6 2019-08-11 PDT 7 2019-08-12 PDT 31 2019-08-13 PDT 17 2019-08-14 PDT 7 2019-08-15 PDT 20 2019-08-16 PDT 1 2019-08-17 PDT 2 2019-08-18 PDT 11 2019-08-19 PDT 15 2019-08-20 PDT 7 2019-08-21 PDT 8 2019-08-22 PDT 14 2019-08-23 PDT 5 2019-08-24 PDT 2 2019-08-25 PDT 165 2019-08-26 PDT 119 2019-08-27 PDT 33 2019-08-28 PDT 22 2019-08-29 PDT 16 2019-08-30 PDT 4 2019-08-31 PDT 0 2019-09-01 PDT 9 2019-09-02 PDT 21 2019-09-03 PDT 24 2019-09-04 PDT 30 2019-09-05 PDT 11 2019-09-06 PDT 2 2019-09-07 PDT 3 2019-09-08 PDT 25 2019-09-09 PDT 17 2019-09-10 PDT 27 2019-09-11 PDT 9 2019-09-12 PDT 6 2019-09-13 PDT 1 2019-09-14 PDT 6 2019-09-15 PDT 27 2019-09-16 PDT 29 2019-09-17 PDT 27 2019-09-18 PDT 19 2019-09-19 PDT 10 2019-09-20 PDT 7 2019-09-21 PDT 3 2019-09-22 PDT 10 2019-09-23 PDT 12 2019-09-24 PDT 12 2019-09-25 PDT 20 2019-09-26 PDT 25 2019-09-27 PDT 5 2019-09-28 PDT 2 2019-09-29 PDT 31

Johnson & Johnson

11/29/2019 5 Mergent, Inc.

2019-09-30 PDT 58 2019-10-01 PDT 58 2019-10-02 PDT 20 2019-10-03 PDT 29 2019-10-04 PDT 13 2019-10-05 PDT 2 2019-10-06 PDT 27 2019-10-07 PDT 73 2019-10-08 PDT 60 2019-10-09 PDT 32 2019-10-10 PDT 16 2019-10-11 PDT 16 2019-10-12 PDT 5 2019-10-13 PDT 36 2019-10-14 PDT 139 2019-10-15 PDT 37 2019-10-16 PDT 110 2019-10-17 PDT 246 2019-10-18 PDT 30 2019-10-19 PDT 15 2019-10-20 PDT 68 2019-10-21 PDT 67 2019-10-22 PDT 66 2019-10-23 PDT 45 2019-10-24 PDT 28 2019-10-25 PDT 8 2019-10-26 PDT 9 2019-10-27 PDT 46 2019-10-28 PDT 39 2019-10-29 PDT 48 2019-10-30 PDT 32 2019-10-31 PDT 10 2019-11-01 PDT 6 2019-11-02 PDT 12 2019-11-03 PST 31 2019-11-04 PST 15 2019-11-05 PST 28 2019-11-06 PST 47 2019-11-07 PST 38 2019-11-08 PST 13 2019-11-09 PST 8 2019-11-10 PST 15 2019-11-11 PST 11 2019-11-12 PST 28 2019-11-13 PST 31 2019-11-14 PST 30 2019-11-15 PST 11 2019-11-16 PST 15 2019-11-17 PST 18 2019-11-18 PST 20 2019-11-19 PST 37

Johnson & Johnson

11/29/2019 6 Mergent, Inc.

2019-11-20 PST 24 2019-11-21 PST 13 2019-11-22 PST 3 2019-11-23 PST 2 2019-11-24 PST 9 2019-11-25 PST 17 2019-11-26 PST 14 2019-11-27 PST 12 2019-11-28 PST 8

Company News 03:34PM, 29 Nov 2019 - j2 Global: No Slowdown Anytime Soon - Seeking Alpha 12:09PM, 29 Nov 2019 - Joint Reconstruction Devices Market|Rising Growth factors will reach CAGR of 4.74% till 2023 in Medical Devices Sector - Market Watch 06:31AM, 29 Nov 2019 - Johnson & Johnson Vision's Jacksonville expansion could top $30 million - Jacksonville Daily Record 05:37AM, 29 Nov 2019 - Permanent Link to Charles Schwab Trust Co Takes $1.47 Million Position in Johnson & Johnson (NYSE:JNJ) - The Olympia Report 03:12AM, 29 Nov 2019 - Growth in Mental Health Awareness drives Demand in Global Depression Drugs Market - Market Watch 12:30PM, 28 Nov 2019 - Teva and Johnson & Johnson are Facing Thousands of Lawsuits - Benchmark Monitor 10:11AM, 28 Nov 2019 - Hedge Funds Are Standing By Johnson & Johnson (JNJ) - Wall Street Reporter, Inc. 09:45AM, 28 Nov 2019 - Analysis on the World Alzheimer's Therapeutics Market 2019-2025 - Eisai Co, Novartis, Pfizer, Eli Lilly & Company, and Johnson & Johnson are Dominating - PR Newswire 09:09AM, 28 Nov 2019 - New medicine for prostate cancer available in China - China Daily 06:04AM, 28 Nov 2019 - US prosecutors open criminal probe of six drugs companies in opioid investigation - Pharmafile

Corporate Events Earnings Announcement Data - July 14 2015 : On July 14, 2015, Co. announced its 2nd quarter earnings (confirmed). Conference Call Announcements - July 14 2015 : On July 14, 2015, Co. scheduled a conference call at 12:30pm. Conference Call Announcements - April 14 2015 : On Apr. 14, 2015, Co. scheduled a conference call at 12:30pm. Earnings Announcement Data - April 14 2015 : On Apr. 14, 2015, Co. announced its 1st quarter earnings before market (confirmed). Earnings Announcement Data - April 14 2015 : On Apr. 14, 2015, Co. announced its 1st quarter earnings before market (confirmed). Board Meeting Announcements - April 23 2015 : On Apr. 23 2015, Co. scheduled a board meeting. Earnings Announcement Data - January 20 2015

Johnson & Johnson

11/29/2019 7 Mergent, Inc.

: On Jan. 20, 2015, Co. announced its 4th quarter earnings (confirmed). Event Type: Company Meeting Meeting Type: Conference Call Annoucements - Date: October 13 2020 Title: Johnson & Johnson Q3 Earnings 2020 - Conference Call Description: Johnson & Johnson Conference Call Contact Name: Louise Mehrotra Contact Telephone: +1 732 524 6491 Contact Email: [email protected] Columba Systems

Event Type: Company Results Result Type: Earning Annoucement Date - Date: October 13 2020 Title: Johnson & Johnson Q3 Earnings 2020 Description: Johnson & Johnson Q3 Earnings 2020 Result Period: 3rd Quarter (Event Status: confirmed) Columba Systems

Event Type: Company Meeting Meeting Type: Conference Call Annoucements - Date: July 14 2020 Title: Johnson & Johnson Q2 Earnings 2020 - Conference Call Description: Johnson & Johnson Conference Call and Webcast - Webcast: https://johnsonandjohnson.gcs-web.com/events-and-presentations - Replay Webcast: https://johnsonandjohnson.gcs-web.com/events-and-presentations Webcast_URL: https://johnsonandjohnson.gcs-web.com/events-and-presentations Contact Name: Louise Mehrotra Contact Telephone: +1 732 524 6491 Contact Email: [email protected] Columba Systems

Event Type: Company Results Result Type: Earning Annoucement Date - Date: July 14 2020 Title: Johnson & Johnson Q2 Earnings 2020 Description: Johnson & Johnson Q2 Earnings 2020 (Before Market) Result Period: 2nd Quarter Market Status: before market (Event Status: confirmed) Columba Systems

Event Type: Company Meeting Meeting Type: Investor Conference Annoucements - Date: May 13 2020 Title: Johnson & Johnson - Investor Conference Description: Adam Smith Conferences - Russian Pharmaceutical Forum, Moscow, Russia. More details at: http://www.russianpharma.com/ Columba Systems

Event Type: Company Meeting Meeting Type: Conference Call Annoucements - Date: April 14 2020 Title: Johnson & Johnson Q1 Earnings 2020 - Conference Call Description: Johnson & Johnson Conference Call and Webcast - Webcast: https://johnsonandjohnson.gcs-web.com/events-and-presentations - Replay Webcast: https://johnsonandjohnson.gcs-web.com/events-and-presentations Webcast_URL: https://johnsonandjohnson.gcs-web.com/events-and-presentations Contact Name: Louise Mehrotra Contact Telephone: +1 732 524 6491 Contact Email: [email protected] Columba Systems

Event Type: Company Results Result Type: Earning Annoucement Date - Date: April 14 2020 Title: Johnson & Johnson Q1 Earnings 2020 Description: Johnson & Johnson Q1 Earnings 2020 (Before Market) Result Period: 1st Quarter Market Status: before market (Event Status: confirmed)

Johnson & Johnson

11/29/2019 8 Mergent, Inc.

Columba Systems

Key Executives Alex Gorsky Age Salary Chairman,Chief Executive Officer 58 1,642,308

Joaquin Duato Age Salary Vice-Chairman 56 934,046

Peter Fasolo Age Salary Executive Vice President,Chief Human Resources Officer 56 534,769

Joseph (Joe) Wolk Age Salary Executive Vice President,Chief Financial Officer 51 597,542

Paulus Stoffels Age Salary Executive Vice President,Chief Scientific Officer 56 1,178,300

Key Financials (In USD as of 09/29/2019)

Income Statement Revenue 81,706m Net Income 14,151m EPS from Continuing Operations 5.25 EPS - Net Income - Diluted 5.25 Revenue per Share 31.01 Balance Sheet Total Assets 155,521m Total Liabilities 97,311m Shareholders' Equity 58,210m Total Assets per Share 59.11 Net Assets per Share 22.12 Cash Flows Cash from Operations 23,262m Cash from Investing -2,622m Cash from Financing -20,332m Capital Expenditures 3,556m Cash Flow per Share 8.71

Financial Highlights

Financial Highlights as of 12/30/2018 in USD Income Statement (In Thousands) Total Revenue 81,581,000 EBITDA 25,393,000

Johnson & Johnson

11/29/2019 9 Mergent, Inc.

Operating Income 19,798,000 Net Income 15,297,000 Revenue per Share 30.51 EPS from Continuing Operations 5.61 EPS - Net Income - Diluted 5.61 Share Outstanding 2,662,324 Weighted Average Shares Outstanding - Basic 2,681,500 Weighted Average Shares Outstanding - Diluted 2,728,700 Earnings per Share - Basic 5.70 Balance Sheet (In Thousands) Total Assets 152,954,000 Current Assets 46,033,000 Total Liabilities 93,202,000 Long Term Debt 27,684,000 Stockholders' Equity 59,752,000 Total Assets per Share 57.45 Current Liabilities 31,230,000 Net Assets per Share 22.44 Cash Flow Statement (In Thousands) Cash from Operations 22,201,000 Cash from Investing (3,167,000) Cash from Financing (18,510,000) Capital Expenditures 3,670,000 Cash Flow per Share 8.14 Cash & Cash Equivalents, Beginning of Year 17,824,000 Cash & Cash Equivalents, End of Year 18,107,000 Stock Price and Valuation (Data as of 11/27/2019) Market Cap(mil) 362,540 Share Outstanding(000's) 2,631,872 PE Ratio 26.2381 Dividend Per Share(TTM) 3.75 Earning Per Share(TTM) 5.32 Last Closing Price 137.75 Previous Trading Day Range 136.90 - 138.25 52 Week Range 122.84 - 147.84 7 Day Average Closing Price 137.09 30 Day Average Closing Price 133.18 200 Day Average Closing Price 133.46 Beta 0.78 High Price Last 3 Mos. 138.07 Low Price Last 3 Mos. 126.95 Avg Daily Volume Last 3 Mos. 7,359,631.86

Management Effectiveness Revenue per Employee 605,515 Net Income per Employee 113,538 ROA % (Net) 9.89 ROE % (Net) 25.58 ROI % (Operating) 21.47 Profitability Ratios Gross Margin 66.79

Johnson & Johnson

11/29/2019 10 Mergent, Inc.

Operating Margin 24.27 EBITDA Margin % 31.13 Calculated Tax Rate % 15.01 Profit Margin (TTM) 18.75 Valuation Ratios Price/Earnings (TTM) 22.27 Price/Book (TTM) 5.67 Price/Cash Flow(TTM) 15.33 Asset Management Total Asset Turnover 0.53 Receivables Turnover 5.93 Inventory Turnover 3.12 Property Plant & Equip Turnover 4.81 Cash & Equivalents Turnover 4.55 Debt Management Interest Coverage 50.25 Long Term Debt/Equity 0.46 Long Term Debt as % of Invested Capital 30.68 Total Debt/Equity 0.51 Accounts Payable Turnover 11.02 Accrued Expenses Turnover 4.07 Liquidity Indicators Quick Ratio 1.08 Current Ratio 1.47 Net Current Assets as % of Total Assets 9.68 Free Cash Flow per Share 6.93 Revenue to Assets 0.53 Consensus Estimates 2019Ae 2019Q4e 2020Q1e Earnings Per Share 8.67 1.86 2.22 Revenue 82,090.00 20,778.00 20,512.33 EBITDA 28,646.96 6,448.17 7,738.05

Property

Co. maintains its principal executive offices in New Brunswick, NJ.

Co.'s subsidiaries operates 111 manufacturing facilities occupying approx. 20,500,000 sq. ft. of floor space.

The following table sets forth information regarding the manufacturing facilities used by the industry segments of Co.'s business as of Dec. 30, 2018:

Segment [1]Sq. Ft. Consumer 6,503 Pharmaceutical 6,819 Medical Devices 7,183 Total 20,505

[1]In thousands

Within the U.S., five facilities are used by the Consumer segment, five by the Pharmaceutical segment

Johnson & Johnson

11/29/2019 11 Mergent, Inc.

and 27 by the Medical Devices segment. Outside of the U.S., 25 facilities are used by the Consumer segment, 14 by the Pharmaceutical segment and 35 by the Medical Devices segment.

The following table sets forth information regarding the locations of Co.'s manufacturing facilities by geographic areas as of Dec. 30, 2018:

Geographic Area [1]Sq. Ft. U.S. (37) 5,855 Europe (34) 7,587 Western Hemisphere, excluding U.S. (12) 2,800 Africa, Asia and Pacific (28) 4,263 Total (125) 20,505

[1]In thousands

In addition, Co. maintains various office and warehouse facilities throughout the world.

Principal Executive Offices One Johnson & Johnson Plaza New Brunswick, NJ 08933 United States

Long Term Debt Dec. 30, 2018, $30,320,000,000 (including current portion of $2,636,000,000) comprised of:

-- 01 -- $1,139,000,000 4.75% notes, due 2019.

-- 02 -- $494,000,000 1.875% notes, due 2019.

-- 03 -- $300,000,000 0.89% notes, due 2019.

-- 04 -- $699,000,000 1.125% notes, due 2019.

-- 05 -- $51,000,000 3% zero coupon convertible subordinated debentures, due 2020.

-- 06 -- $548,000,000 2.95% debentures, due 2020.

-- 07 -- $499,000,000 1.950% notes, due 2020.

-- 08 -- $449,000,000 3.55% notes, due 2021.

-- 09 -- $349,000,000 2.45% notes, due 2021.

-- 10 -- $998,000,000 1.65% notes, due 2021.

-- 11 -- $1,137,000,000 0.250% notes, due 2022.

-- 12 -- $996,000,000 2.25% notes, due 2022.

Johnson & Johnson

11/29/2019 12 Mergent, Inc.

-- 13 -- $250,000,000 6.73% debentures, due 2023.

-- 14 -- $805,000,000 3.375% notes, due 2023.

-- 15 -- $498,000,000 2.05% notes, due 2023.

-- 16 -- $851,000,000 0.650% notes, due 2024.

-- 17 -- $627,000,000 5.50% notes, due 2024.

-- 18 -- $748,000,000 2.625% notes, due 2025.

-- 19 -- $1,992,000,000 2.45% notes, due 2026.

-- 20 -- $996,000,000 2.95% notes, due 2027.

-- 21 -- $847,000,000 1.150% notes, due 2028.

-- 22 -- $1,493,000,000 2.90% notes, due 2028.

-- 23 -- $297,000,000 6.95% notes, due 2029.

-- 24 -- $498,000,000 4.95% debentures, due 2033.

-- 25 -- $856,000,000 4.375% notes, due 2033.

-- 26 -- $1,693,000,000 1.650% notes, due 2035.

-- 27 -- $988,000,000 3.55% notes, due 2036.

-- 28 -- $991,000,000 5.95% notes, due 2037.

-- 29 -- $1,486,000,000 3.625% notes, due 2037.

-- 30 -- $696,000,000 5.85% debentures, due 2038.

-- 31 -- $990,000,000 3.40% notes, due 2038.

-- 32 -- $538,000,000 4.50% debentures, due 2040.

-- 33 -- $297,000,000 4.85% notes, due 2041.

-- 34 -- $495,000,000 4.50% notes, due 2043.

-- 35 -- $1,972,000,000 3.70% notes, due 2046.

-- 36 -- $991,000,000 3.75% notes, due 2047.

-- 37 -- $742,000,000 3.500% notes, due 2048.

-- 38 -- $24,000,000 other long-term debt.

Johnson & Johnson

11/29/2019 13 Mergent, Inc.

Line of Credit: Co. has access to substantial sources of funds at various banks worldwide. In Sept. 2018, Co. secured a 364-day Credit Facility. Total credit available to Co. approximates $10,000,000,000, which expires on Sept. 12, 2019. Interest charged on borrowings under the credit line agreements is based on either bids provided by banks, the prime rate or London Interbank Offered Rates plus applicable margins.

For details see below.

Expanded Long Term Debt CUSIP Issuer Name Issue Description Ticker 478160AB0 JOHNSON & JOHNSON NT JNJ 478160AA2 JOHNSON & JOHNSON NT JNJ 478160AC8 JOHNSON & JOHNSON NT JNJ 478160AD6 JOHNSON & JOHNSON NT JNJ 218525AA1 CORDIS CORPORATION SUB DEB JNJ 152342AA9 CENTOCOR INCORPORATED SUB NT CONV JNJ 152342AB7 CENTOCOR INCORPORATED SUB DEB CONV JNJ 4781609A0 JOHNSON & JOHNSON NT REG S JNJ 478160AE4 JOHNSON & JOHNSON NT JNJ 421969AC0 HEARTPORT INCORPORATED SUB NT CONV JNJ 421969AA4 HEARTPORT INCORPORATED SUB NT CONV RULE 144A JNJ 152342AE1 CENTOCOR INCORPORATED SUB DEB CONV JNJ 022615AD0 ALZA CORPORATION SUB DEB CONV JNJ 808905AA1 SCIOS INCORPORATED SUB NT CONV RULE 144A JNJ 808905AB9 SCIOS INCORPORATED SUB NT CONV JNJ 478160AK0 JOHNSON & JOHNSON DEB JNJ 022615AB4 ALZA CORPORATION LIQUID YIELD OPT NT JNJ

(LYONS) 478160AP9 JOHNSON & JOHNSON GLOBAL NT JNJ 478160AM6 JOHNSON & JOHNSON GLOBAL DEB JNJ 022615AC2 ALZA CORPORATION SUB NT ZERO CPN CONV JNJ

(LYON) 478160AQ7 JOHNSON & JOHNSON GLOBAL NT JNJ 478160AS3 JOHNSON & JOHNSON EUR$ GLOBAL NT JNJ 02261WAB5 ALZA CORPORATION SUB DEB ZERO CPN CONV JNJ 02261WAA7 ALZA CORPORATION SUB DEB ZERO CPN CONV JNJ

RULE 144A 478160AF1 JOHNSON & JOHNSON DEB JNJ 478160AG9 JOHNSON & JOHNSON DEB JNJ 478160AR5 JOHNSON & JOHNSON GBP$ GLOBAL NT JNJ 478160AJ3 JOHNSON & JOHNSON DEB JNJ 478160AL8 JOHNSON & JOHNSON GLOBAL DEB JNJ 478160AN4 JOHNSON & JOHNSON GLOBAL NT JNJ

CUSIP Coupon Maturity Active 478160AB0 8.87510/15/1990 No 478160AA2 9.12509/15/1992 No 478160AC8 8.508/15/1995 No 478160AD6 809/01/1998 No 218525AA1 12.2506/15/1999 No 152342AA9 7.2502/01/2001 No

Johnson & Johnson

11/29/2019 14 Mergent, Inc.

CUSIP Coupon Maturity Active 152342AB7 6.7502/01/2001 No 4781609A0 607/19/2001 No 478160AE4 7.37506/29/2002 No 421969AC0 7.2505/01/2004 No 421969AA4 7.2505/01/2004 No 152342AE1 4.7502/15/2005 No 022615AD0 505/01/2006 No 808905AA1 5.508/15/2009 No 808905AB9 5.508/15/2009 No 478160AK0 6.62509/01/2009 No 022615AB4 012/21/2010 No

478160AP9 5.1508/15/2012 No 478160AM6 3.805/15/2013 No 022615AC2 007/14/2014 No

478160AQ7 5.5508/15/2017 No 478160AS3 -11/06/2019 No 02261WAB5 007/28/2020 Yes 02261WAA7 007/28/2020 No

478160AF1 6.7311/15/2023 Yes 478160AG9 8.7211/01/2024 No 478160AR5 -11/06/2024 Yes 478160AJ3 6.9509/01/2029 Yes 478160AL8 4.9505/15/2033 Yes 478160AN4 5.9508/15/2037 Yes

Capital Structure Abbreviation Description Structure Type Exchange Ticker Market Cap Com Com Common NYS JNJ 362,540,368,000

Earnings Estimates

Broker Summary Number of Analysts 22 Number of Buy Recommendations 5 Number of Hold Recommendations 1 Number of Sell Recommendations 0

Ratios and Statistics EPS Long-Term Growth 5.40 Forward P/E 15.17 PEG 2.81

Johnson & Johnson

11/29/2019 15 Mergent, Inc.

Average Target Price $150.39 Price Target Raised in the Past 4 Wks - 0 (DOWN) 0 (UP) 0 Price Target Lowered in the Past 4 Wks - 0

Consensus Estimates Summary 2016A 2017A 2018A Q12019E Q22019E Q32019E

Earnings Per Share 6.73 7.30 8.18 - - - Revenue 71,890.00 76,450.00 81,581.00 - - - EBITDA 25,600.00 27,440.00 29,664.00 - - -

Q42019E 2019E 2020E 2021E Earnings Per Share 1.86 8.67 9.12 9.88 Revenue 20,778.00 82,090.00 85,111.99 89,969.50 EBITDA 7,358.81 28,646.96 31,786.26 34,189.64

Business Segments

Business Analysis Revenues Operating Income

Report Date 01/01/2017 01/03/2016 12/28/2014 01/01/2017 Currency USD USD USD USD Scale Millions Millions Millions Millions Consumer 13,307 13,507 14,496 2,441 Pharmaceutical 33,464 31,430 32,313 12,827 Medical Devices & Diagnostics 25,119 25,137 27,522 5,578 Total 71,890 70,074 74,331 20,846

Report Date 01/03/2016 12/28/2014 Currency USD USD Scale Millions Millions Consumer 1,787 1,941 Pharmaceutical 11,734 11,696 Medical Devices & Diagnostics 6,826 7,953 Total 20,347 21,590

Geographic Analysis

Johnson & Johnson

11/29/2019 16 Mergent, Inc.

Revenues Report Date 01/01/2017 Currency USD Scale Millions United States 37,811 Europe 15,770 Western Hemisphere excluding U.S. 5,734 Asia-Pacific, Africa 12,575

Report Date 01/03/2016 Currency USD Scale Millions United States 35,687 Europe 15,995 Western Hemisphere excluding U.S. 6,045 Asia-Pacific, Africa 12,347

Report Date 12/28/2014 Currency USD Scale Millions United States 34,782 Europe 18,947 Western Hemisphere excluding U.S. 7,160 Asia-Pacific, Africa 13,442

Johnson & Johnson

11/29/2019 17 Mergent, Inc.

Identifiable assets Report Date 12/30/2018 Currency USD Scale Millions Europe 51,433 North America 37,117

Report Date 12/31/2017 Currency USD Scale Millions Europe 56,677 North America 38,556

Report Date 01/01/2017 Currency USD Scale Millions Europe 21,996 North America 36,934

Johnson & Johnson

11/29/2019 18 Mergent, Inc.

Report Date 01/03/2016 Currency USD Scale Millions Europe 20,167 North America 36,609

Report Date 12/30/2018 Currency USD Scale Millions Other identifiable assets 2,733

Report Date 12/31/2017 Currency USD Scale Millions Other identifiable assets 2,773

Johnson & Johnson

11/29/2019 19 Mergent, Inc.

Report Date 01/01/2017 Currency USD Scale Millions Other identifiable assets 2,512

Report Date 01/03/2016 Currency USD Scale Millions Other identifiable assets 2,493

Pricing Information

Closing Price As of 11/29/2019 : 137.75

Dividend Yield 2.7223

Johnson & Johnson

11/29/2019 20 Mergent, Inc.

Earning Per Share(TTM) 5.32

Dividend Per Share(TTM) 3.75

Market Cap(mil) 362,540

52 Week Range 122.84 - 147.84

PE Ratio 26.2381

% Price Change (100 Days) 4.73

Company Financials

Income Statement Exchange rate used is that of the Year End reported date

Prelims Annual Income Statement Report Date 01/01/2012 01/02/2011 01/03/2010 Currency USD USD USD Audit Status Not Qualified Not Qualified Not Qualified Consolidated Yes Yes Yes Scale Millions Millions Millions Net sales - - - Sales to customers - - - Total revenues 65,030 61,587 61,897 Cost of products sold 20,360 18,792 18,447 Selling, marketing & administrative 20,969 19,424 19,801 expenses In-process research & development - - - Operating income - - - Earnings (loss) before provision for 12,361 16,947 15,755 taxes on income Provision for taxes on income - - - Net earnings (loss) 9,672 13,334 12,266 Weighted average shares outstanding - 2,775.3 2,788.8 2,789.1 diluted Net earnings (loss) per share - basic - - - Net earnings (loss) per share - diluted 3.49 4.78 4.4 Acquired in-process research & - - - development

Report Date 12/28/2008 12/30/2007 12/31/2006 Currency USD USD USD Audit Status Unaudited Unaudited Unaudited

Johnson & Johnson

11/29/2019 21 Mergent, Inc.

Report Date 12/28/2008 12/30/2007 12/31/2006 Currency USD USD USD Audit Status Unaudited Unaudited Unaudited Consolidated Yes Yes Yes Scale Millions Millions Millions Net sales 63,747 61,095 53,324 Sales to customers - - - Total revenues - - - Cost of products sold 18,511 17,751 15,057 Selling, marketing & administrative - - - expenses In-process research & development 181 807 559 Operating income - - - Earnings (loss) before provision for 16,929 13,283 14,587 taxes on income Provision for taxes on income 3,980 2,707 3,534 Net earnings (loss) 12,949 10,576 11,053 Weighted average shares outstanding - 2,835.6 2,910.7 2,961 diluted Net earnings (loss) per share - basic - - - Net earnings (loss) per share - diluted 4.57 3.63 3.73 Acquired in-process research & - - - development

Report Date 01/01/2006 01/02/2005 12/28/2003 Currency USD USD USD Audit Status Unaudited Unaudited Unaudited Consolidated Yes Yes Yes Scale Millions Millions Millions Net sales - - - Sales to customers - - - Total revenues 50,514 47,348 41,862 Cost of products sold 13,954 13,422 - Selling, marketing & administrative - - - expenses In-process research & development 362 - - Operating income - 12,845 - Earnings (loss) before provision for 13,656 12,838 - taxes on income Provision for taxes on income 3,245 4,329 - Net earnings (loss) 10,411 8,509 7,197 Weighted average shares outstanding - 3,012.5 3,003.5 - diluted Net earnings (loss) per share - basic - - 2.4 Net earnings (loss) per share - diluted 3.46 2.84 - Acquired in-process research & - 18 - development

Report Date 12/31/2000 01/02/2000 01/03/1999 Currency USD USD USD Audit Status Unaudited Unaudited Unaudited

Johnson & Johnson

11/29/2019 22 Mergent, Inc.

Report Date 12/31/2000 01/02/2000 01/03/1999 Currency USD USD USD Audit Status Unaudited Unaudited Unaudited Consolidated Yes Yes Yes Scale Millions Millions Millions Net sales - - - Sales to customers - 27,471 23,657 Total revenues 29,139 - - Cost of products sold - - - Selling, marketing & administrative - - - expenses In-process research & development - - - Operating income - - - Earnings (loss) before provision for - - - taxes on income Provision for taxes on income - - - Net earnings (loss) 4,800 4,167 3,059 Weighted average shares outstanding - 2,834.8 - - diluted Net earnings (loss) per share - basic - - - Net earnings (loss) per share - diluted 1.7 1.47 1.115 Acquired in-process research & - - - development

Balance Sheet Exchange rate used is that of the Year End reported date There is no Prelims Annual financial information available for this company at present.

Cash Flows Exchange rate used is that of the Year End reported date There is no Prelims Annual financial information available for this company at present.

Ratios Exchange rate used is that of the Year End reported date Profitability Ratios 12/30/2018 12/31/2017 01/01/2017 01/03/2016 12/28/2014 ROA % (Net) 9.89 0.87 12.08 11.46 12.41 ROE % (Net) 25.58 2 23.43 21.52 22.76 ROI % (Operating) 21.47 19.2 21.96 19.24 23.26 EBITDA Margin % 31.13 28.81 33.19 33.28 33.54 Calculated Tax Rate % 15.01 92.64 16.48 19.73 20.62 Revenue per Employee 605,515 572,090 570,313 542,413 589,211

Liquidity Ratios 12/30/2018 12/31/2017 01/01/2017 01/03/2016 12/28/2014 Quick Ratio 1.08 1.04 2.04 1.77 1.76 Current Ratio 1.47 1.41 2.47 2.17 2.36 Net Current Assets % TA 9.68 7.98 27.44 24.33 26.1

Debt Management 12/30/2018 12/31/2017 01/01/2017 01/03/2016 12/28/2014

Johnson & Johnson

11/29/2019 23 Mergent, Inc.

Debt Management 12/30/2018 12/31/2017 01/01/2017 01/03/2016 12/28/2014 LT Debt to Equity 0.46 0.51 0.32 0.18 0.22 Total Debt to Equity 0.51 0.57 0.39 0.28 0.27 Interest Coverage 50.25 33.52 57.67 41.41 44.98

Asset Management 12/30/2018 12/31/2017 01/01/2017 01/03/2016 Total Asset Turnover 0.53 0.51 0.53 0.52 Receivables Turnover 5.93 6.09 6.43 6.35 Inventory Turnover 3.12 3 2.68 2.65 Accounts Payable Turnover 11.02 10.78 10.61 9.64 Accrued Expenses Turnover 4.07 4.51 5.01 4.94 Property Plant & Equip Turnover 4.81 4.66 4.53 4.3 Cash & Equivalents Turnover 4.55 4.17 4.41 4.88

Asset Management 12/28/2014 Total Asset Turnover 0.57 Receivables Turnover 6.57 Inventory Turnover 2.83 Accounts Payable Turnover 10.73 Accrued Expenses Turnover 5.25 Property Plant & Equip Turnover 4.54 Cash & Equivalents Turnover 4.21

Per Share 12/30/2018 12/31/2017 01/01/2017 01/03/2016 12/28/2014 Cash Flow per Share 8.3 7.84 6.87 6.84 6.58 Book Value per Share 22.44 22.43 26.02 25.82 25.06