3/7/2017
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`Johnson & Johnson (JNJ) Q3 2015 Results - Earnings Call Transcript | Seeking Alpha
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`Johnson & Johnson (JNJ) Q3 2015 Results - Earnings Call Transcript
`
`Oct. 13, 2015 3:45 PM ET
`by: SA Transcripts
`
`Q3: 10-11-15 Earnings Summary
`
` 8-K
`
` Analysis
`
` News
`
`EPS of $1.49 beats by $0.04 | Revenue of $17.1B (- 7.4% Y/Y) misses by $-350M
`
`Johnson & Johnson (NYSE:JNJ)
`
`Q3 2015 Results Earnings Conference Call
`
`October 13, 2015, 08:30 AM ET
`
`Executives
`
`Louise Mehrotra - VP, IR
`
`Dominic Caruso – VP, Finance and CFO
`
`Gary Pruden - Worldwide Chairman, Medical Devices
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`Analysts
`
`Larry Biegelsen - Wells Fargo
`
`David Lewis - Morgan Stanley
`
`Kristen Stewart - Deutsche Bank
`
`Mike Weinstein - JPMorgan
`
`Vamil Divan - Credit Suisse
`
`Glenn Novarro - RBC Capital Markets
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`JANSSEN EXHIBIT 2149
`Mylan v. Janssen IPR2016-01332
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`3/7/2017
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`Johnson & Johnson (JNJ) Q3 2015 Results - Earnings Call Transcript | Seeking Alpha
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`Danielle Antalffy - Leerink Partners
`
`Jami Rubin - Goldman Sachs
`
`Damien Conover - Morningstar
`
`Jayson Bedford - Raymond James
`
`Jeff Holford - Jefferies
`
`Bob Hopkins - Bank of America
`
`Tony Butler - Guggenheim Partners
`
`Operator
`
`Good morning and welcome to Johnson & Johnson's Third Quarter 2015 Earnings
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`Conference Call. All participants will be in listen-only mode until the question-and-answer
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`session of the conference. This call is being recorded. If anyone has any objections, you
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`may disconnect at this time. [Operator Instructions]
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`I would now like to turn the conference call over to Johnson & Johnson. You may begin.
`
`Louise Mehrotra
`
`Good morning and welcome. I am Louise Mehrotra, Vice President of Investor Relations
`
`for Johnson & Johnson and it is my pleasure this morning to review our business results
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`for the third quarter of 2015.
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`Joining me on the call today are Dominic Caruso, Vice President of Finance and Chief
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`Financial Officer and Gary Pruden, Worldwide Chairman Medical Devices.
`
`A few logistics before we get into the details. This review is being made available via
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`webcast accessible through the Investor Relations section of the Johnson & Johnson
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`website at investor.jnj.com. I will begin by briefly reviewing the third quarter for the
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`corporation and our three business segments.
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`Next Gary will discuss our Medical Device business and the strategy for growth. Lastly,
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`Dominic will provide some additional commentary on the results, review the income
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`statement and discuss guidance for 2015. We will then open the call to your questions.
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`We expect the call to last approximately 90 minutes.
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`Johnson & Johnson (JNJ) Q3 2015 Results - Earnings Call Transcript | Seeking Alpha
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`Included with the press release that was issued earlier this morning is the schedule of
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`sales for key products and/or businesses to facilitate updating your models. These
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`schedules are available on the Johnson & Johnson website as is the press release.
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`Please note we will be using a presentation to complement today's commentary. The
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`presentation is also available on our website.
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`Before we begin, let me remind you that some of the statements made during this review
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`are or may be considered forward-looking statements. The 10-K for the fiscal year 2014
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`and the company's subsequent filings identify certain factors that could cause the
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`company’s actual results to differ materially from those projected in any forward-looking
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`statement made today. The company does not undertake to update any forward-looking
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`statements as a result of new information or future events or developments. Our SEC
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`filings, including the 10-K, are available through the company and on our website.
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`During the review, non-GAAP financial measures are used to provide information pertinent
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`to ongoing business performance. These non-GAAP financial measures should not be
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`considered replacements for and should be read together with GAAP results. Tables
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`reconciling these measures to the most comparable GAAP measures are available in the
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`schedules accompanying the press release and on the Investor Relations section of the
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`Johnson & Johnson website.
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`Now, I would like to review our results for the third quarter of 2015. Worldwide sales to
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`customers were $17.1 billion for the third quarter of 2015, down 7.4% versus third quarter
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`2014. On an operational basis, sales were up 0.8% and currency had a negative impact of
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`8.2%. In the U.S., sales were down 0.6%. In regions outside the U.S., our operational
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`growth was 2.1%, while the effective currency exchange rates negatively impacted our
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`reported results by 15.8%.
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`On an operational basis, both Europe and Western Hemisphere excluding the U.S., grew
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`2.7%, while the Asia Pacific Africa region grew by 1.2%. Growth in all regions was
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`negatively impacted by hepatitis C competition. Excluding the net impact of acquisitions
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`and divestitures, and hepatitis C sales underlying operational growth was 5.6% worldwide,
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`7.7% in the U.S., and 3.8% outside the U.S.
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`Turning now to earnings, net earnings were $3.4 billion and earnings per share were
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`$1.20 versus $1.66 a year ago. As referenced in the table reconciling non-GAAP
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`measures, 2015 third quarter net earnings were adjusted to exclude after-tax amortization
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`Johnson & Johnson (JNJ) Q3 2015 Results - Earnings Call Transcript | Seeking Alpha
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`expense of $437 million and a charge of $377 million for after-tax special items. 2014 third
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`quarter net earnings were adjusted to exclude a net gain of $144 million. Dominic will
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`discuss special items in his remarks.
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`Excluding amortization expense and special items for both periods, adjusted net earnings
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`for the current quarter were $4.2 billion and adjusted diluted earnings per share were
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`$1.49, representing decreases of 9.4% and 7.5% respectively as compared to the same
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`period in 2014.
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`Currency translation significantly impacted net earnings. On an operational basis, adjusted
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`diluted earnings per share grew 1.2%.
`
`Turning now to business segment highlights, please note percentages quoted represent
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`operational sales change in comparison to the third quarter of 2014 unless otherwise
`
`stated and therefore exclude the impact of currency translation. I will begin with the
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`consumer segment.
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`Worldwide consumer segment sales of $3.3 billion increased 3.1%, with the U.S. sales up
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`8.9%, while outside the U.S. sales grew 0.4%. Excluding the net impact of acquisitions
`
`and divestitures, underlying growth was 4% worldwide, 8.9% in the U.S., and 1.5%
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`outside the U.S. Growth was driven by U.S. OTC and Skin Care, Women's Health outside
`
`the U.S. and Oral Care worldwide.
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`OTC sales results were driven by strong U.S. growth of 22.4% with analgesics in the U.S.
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`up nearly 29% due to increased share complemented by the reintroduction of Tylenol
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`Arthritis including initial launch inventory.
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`In the U.S., adult analgesic market share was approximately 12.5%, up from
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`approximately 11% a year ago, while U.S. pediatric share was 44.5%, up from 41% a year
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`ago. Additional contributors to growth in the U.S. were seasonal inventory build for
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`ZYRTEC and in the initial stocking for re-launched digestive health products.
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`Results outside the U.S. were negatively impacted by the timing of the seasonal inventory
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`build for upper respiratory products. As we noted last quarter, the build occurred in the
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`second quarter this year versus the third quarter last year.
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`In U.S. Skin Care market share increases and a seasonal inventory build drove strong
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`growth for AVEENO and NEUTROGENA. New product launches and successful
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`marketing campaigns drove the results for LISTERINE in Oral Care and Women's Health
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`products outside the U.S.
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`Moving now to our Pharmaceutical segment, worldwide sales of $7.7 billion decreased
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`0.3% with U.S. sales down 4.5% and sales outside the U.S. up 5.5%. New competitors in
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`Hepatitis C significantly impacted sales results.
`
`Excluding sales of Hepatitis C products OLYSIO and INCIVO, as well as the impact of
`
`acquisitions and divestitures, underlying growth worldwide U.S. and outside the U.S. was
`
`approximately 10.1%, 11.5% and 8.5% respectively.
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`Important contributors to growth were INVOKANA/INVOKAMET, IMBRUVICA, SIMPONI,
`
`STELARA, INVEGA SUSTENNA or XEPLION, PREZISTA and PREZCOBIX,
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`CONCERTA, XARELTO, and ZYTIGA partially offset by lower export sales of REMICADE.
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`Strong momentum in market share increases drove results for INVOKANA/INVOKAMET.
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`In the U.S., INVOKANA/INVOKAMET achieved 6.3% total prescription share or TRx within
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`the defined market of type-2 diabetes, excluding insulin and metformin, up from 6% in the
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`second quarter of 2015.
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`TRx with endocrinologists was over 13% for the quarter and over 5.5% in primary care.
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`INVOKANA has greater than 80% preferred access across commercial and greater than
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`90% for Part D plans.
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`Strong patient uptake with new indications, approvals and demonstrated efficacy drove
`
`results for IMBRUVICA in the U.S. IMBRUVICA is the leader in both new and total patient
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`regimen share in second line CLL and MCL. Outside the U.S., results were driven
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`primarily by Europe with strong patient uptake, particularly in Germany, France, and the
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`U.K.
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`IMBRUVICA is now approved in 60 countries. STERALA and combine SIMPONI,
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`SIMPONI ARIA achieved strong growth across all the major regions due to robust market
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`growth combined with increased penetration of SIMPONI ARIA.
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`INVEGA SUSTENNA or XEPLION achieved strong results due primarily to increased
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`market share where CONCERTA growth was primarily due to a therapeutic equivalence
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`reclassification of generics by the FDA last November.
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`As expected during the quarter we saw generic entries for INVEGA tablets in the U.S. We
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`have launched an authorized generic of INVEGA.
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`Strong results for PREZISTA were driven by the launch earlier this year of PREZCOBIX.
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`Continued share growth drove results for XARELTO sales with TRx for the quarter in the
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`U.S. anticoagulant market of 15.8% up 1.5 points from a year ago. XARELTO is broadly
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`reimbursed with over 90% of commercial and Medicare Part D patients covered at the
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`lowest branded product co-pay.
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`As an update, during the quarter we received several Paragraph IV notifications from
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`generic manufacturers advising that they filed abbreviated new drug applications with the
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`FDA seeking approval to market a generic version of XARELTO in the U.S. before the
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`expiration of the relevant patents listed in the orange book.
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`The composition of matter patent owned by our partner Bayer is expected to expire in
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`December 2020. However a patent term extension has been filed, which if fully granted
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`with extend the patent to mid-2024.
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`Further if we are granted pediatric exclusivity, this will provide an additional six months to
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`the existing marketing exclusivity or patent term. We together with Bayer will vigorously
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`defend the patents and have filed suit against the generic applicants.
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`Strong growth of the combined metastatic castrate resistant prostate cancer market at
`
`over 12.5% drove the results for ZYTIGA in the U.S. ZYTIGA’s share was 27.1% of that
`
`market down approximately one point on a sequential basis due to increased competition.
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`Outside the U.S., ZYTIGA achieved strong growth in Asia and Latin America, which was
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`partially offset by lower sales in Europe due to increased competition. REMICADE export
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`sales were down over 40% with two-thirds of that decline attributed to sales to our
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`partners in Japan due to an inventory draw down in preparation for our label expansion for
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`a new indication.
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`Additionally, the weakening of the euro and the loss of exclusivity in Europe has negatively
`
`impacted results.
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`I will now review the Medical Devices segment results. Worldwide Medical Devices
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`segment sales of $6.1 billion increased 0.9%. U.S. sales increased 2% while sales outside
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`the U.S. increased 0.1%.
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`Excluding the net impact of acquisitions and divestitures, underlying growth was 1.3%
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`worldwide with the U.S. up 2% and growth of 0.8% outside the U.S. Growth was driven by
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`Vision Care, Specialty Surgery, and Cardiovascular Care partially offset by lower sales in
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`Orthopaedics and price declines in the diabetes care.
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`Vision Care results was strong across the major regions driven by the introduction of new
`
`products. Market growth, share gains in certain segments and new product introduction
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`drove the results for specialty surgery growth with worldwide bio-surgery growth of over
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`9%, energy growth outside the U.S. of approximately 6% and worldwide Mentor growth of
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`nearly 13%. Cardiovascular care growth was driven by 9% worldwide increase in our
`
`electrophysiology business due to strong sales of the THERMOCOOL SMARTTOUCH
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`Catheter.
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`Solid growth in the U.S. for orthopaedics was offset by lower sales outside the U.S. Sales
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`outside the U.S. were negatively impacted by softer demand and a reduction in inventory
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`levels primarily in China.
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`The introduction earlier this year of the TFNA nail drove U.S. trauma growth of
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`approximately 5%. Additional contributors to the U.S. growth were strong double-digit
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`sales of ORTHOVISC and MONOVISC, 3% growth in hips due to our primary stem
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`platform and 2% growth in knees due to the success of the ATTUNE platform. In the U.S.
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`positive mix from new product introductions partially offset negative price in the major
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`categories.
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`That concludes the segment highlights for Johnson & Johnson's third quarter of 2015. It is
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`now my pleasure to turn the call over to Gary Pruden. Gary?
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`Gary Pruden
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`Thanks, Louise. I'm pleased to be here today to share with you the terrific work that's
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`taking place at our Johnson & Johnson Medical Device Group and why we’re excited for
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`the future.
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`As you recall, Sandi Peterson provided an update on our consumer facing Medical
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`Devices in the second quarter, so my discussion today is focused on our surgery,
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`orthopaedics and cardiovascular businesses. I will provide our perspective on the market
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`which we’re operating, our unique advantages, our performance through the third quarter
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`and most important our strategy to win.
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`Before we begin, I thought it will be helpful to provide some framing around the business
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`and the quarter performance overall. Our medical device business excluding the
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`consumer facing medical device business and OCD has grown 1.8% on a year-to-date
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`operational basis.
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`When we adjust for the women's health and Cordis business, in addition to several non-
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`recurring impacts on our business, the underlying year-to-date operational growth was
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`2.8%. Our stated goal is to lead in the categories in which we compete. Today across our
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`portfolio we have strong platforms such as Endocutters and Biosurgery that are
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`outperforming market growth.
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`Johnson & Johnson (JNJ) Q3 2015 Results - Earnings Call Transcript | Seeking Alpha
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`We have substantial platforms which we see growing solely such as wound closure, where
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`we have roughly an 80% share and we've identified areas that require further attention
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`and infusion of innovation.
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`We believe we have sound strategies to achieve our leadership goals. Our driving growth
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`through enhanced innovation and excellence in execution, design to get us two or above
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`market growth in the next 12 to 24 months.
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`In Medical Devices we’ve been on the leading edge of industry consolidation. And our
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`conviction has grown even stronger that our breadth, depth and scale can be leveraged to
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`make it difference to those reserve.
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`Throughout my remarks this morning, I will share examples of how the medical device
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`businesses of Johnson & Johnson are stronger together and how together we will
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`accelerate growth and innovation. We're competing in attractive global market growing at
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`roughly 4% where we hold leadership positions in surgery, orthopaedics and
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`cardiovascular electrophysiology.
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`Demographics favored continued market growth as population's age, the incidence of
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`chronic diseases grow and more people gain access to care globally. As both customers
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`and providers seek to improve efficiency, effectiveness and manage escalating cost,
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`consolidation has accelerated both within our global customer base and the industry.
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`As one Medical Device Group, we enjoy unique market advantages today starting with the
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`broad portfolio of medical offerings, surgery, orthopaedics and cardiovascular. And we
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`have the financial and industry strength of Johnson & Johnson behind us that enables us
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`to invest in growth platforms and bring comprehensive solutions to bear on global
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`healthcare issues.
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`In emerging markets, we have a substantial presence which delivered roughly 20% of our
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`revenue through the third quarter of this year. Our annualized sales in China alone
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`continue to expand and currently exceed $1 billion year-to- date.
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`We have a strong leadership position in categories such as trauma, minimally invasive
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`surgery and sutures that help us facilitate a tip-of-the- sword strategy to establish
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`leadership scale in emerging markets where we can then expand our key growth
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`platforms.
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`And finally, we compete from a position of strength. The number one or two market
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`positions in virtually every category in which we do business. As one Johnson & Johnson
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`Medical Device Group aligned to a common strategy, we will accelerate the benefits of
`
`these advantages going forward
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`Our sales year-to-date were driven by the strong performances our electrophysiology,
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`endocutter, bio-surgery and international energy businesses, complemented by our solid
`
`results in joint reconstruction and sports medicine business.
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`Partially offsetting this growth were lower sales of spine and women's health problems.
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`Our 2015 results continue to be impacted by the relatively soft global market conditions.
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`We are seeing the market in the U.S. improve but EMEA growth remains challenged and
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`the emerging markets have slowed this year.
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`We expect the soft market conditions and pricing challenges across the Board to continue.
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`While we have strong category leaders across surgery, cardiovascular and Orthopaedics,
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`we also have some opportunities to address platform challenges and reallocate resources
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`to high growth opportunities in some of our platforms like trauma.
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`In trauma we have seen mixed results in our performance. This has been an important
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`area of focus since acquisition. However we have seen a lower level of innovation though
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`due to a number of factors including the significant remediation effort to bring some of
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`these up to Johnson & Johnson quality standards and the overall integration efforts during
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`the last few years.
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`Going forward, we are shifting more of our focus and resources to deliver new innovative
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`products and target faster growing categories within the market such as elective foot and
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`ankle. The recent success of our new Femoral Nail System TFN advanced demonstrates
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`receptivity in this category to new and meaningful innovation.
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`We also continue to strengthen the trauma franchise capabilities and high growth market
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`such as U.S. and China. Additionally in trauma as across the entire portfolio, we recognize
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`the value of strategic partnerships and helping us to achieve our aspirations.
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`Through a new five year cooperation agreement between DePuy Synthes and the AO
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`Foundation, we will continue to develop innovative products and solutions, train more
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`surgeons to improve standards of care and treat more patients globally.
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`With respect to the broader portfolio management, earlier this month we completed the
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`divestiture of the Cordis business. Through portfolio of discipline we will continue to exit
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`categories that do not fit our strategy and evaluate our portfolio to identify those growth
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`categories or heavier R&D investment, external partnerships and L&A.
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`In summary, we are sharpening our focus and investment on priority platforms that we
`
`believe will drive the majority of our growth. As I noted earlier, roughly 20% of our growth
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`came from emerging markets and more than 50% of our revenue year-to-date has come
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`from outside the U.S.
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`In line with what you’re hearing broadly about the economic slowdown of emerging
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`markets, we see that too. But we are maintaining nice growth across our business in these
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`markets. Consistent with that, over the next five years we continue to expect emerging
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`markets to drive this proportional growth opportunities as access to quality health care
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`continues to expand.
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`The World Health Organization estimates that nearly a third of the world's global disease
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`burden could be addressed through surgery. Yet nearly 5 billion people continue to lack
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`access to safe, timely and affordable surgical care.
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`Our goal is to reach more patients and restore more lives. We aim to achieve this through
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`meaningful innovation and efforts to expand access to care including continued physician
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`training.
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`We are confident that the results will be improved standards of care for patients around
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`the world and sales growth above industry rates or maintaining industry leading
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`competitive margins.
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`We have a clear strategy to achieve this - accelerate growth in priority platforms through
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`innovation and launch excellence, sustain growth in our core platforms, leverage our
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`breadth and scale through novel commercial models and invest in areas of significant
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`unmet needs. This is a strategy we believe will deliver more value for customers and
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`patients and for our company and shareholders.
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`Our strategy starts with our three industry categories of surgery, orthopaedics and
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`cardiovascular. Across the portfolio, we have identified six priority growth platforms in
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`which we disproportionately invest to accelerate growth. These are the areas where the
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`medical need continues to be significant and our capabilities are strong.
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`In surgery, our priority platforms are endocutters and energy. Not only are we getting good
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`response from our customers on these platforms which you are seeing in the numbers,
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`but we're winning top awards for the design of innovative solutions that benefit the user,
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`the environment and the business.
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`You can see that we flag robotics as one of our key growth platforms here in surgery and
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`I'll provide a little more on that later.
`
`In orthopaedics we are prioritizing our knees and trauma platforms. Knee replacement is
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`the single largest selective procedure in orthopaedics. Over the next six years, worldwide
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`knee market is expected to grow at 3.8% CAGR to around $9 billion.
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`We believe we're well placed for growth with products and instruments from our ATTUNE
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`platform and in cardiovascular, electrophysiology continue to deliver strong growth and is
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`a priority platform for us through our Biosense Webster business.
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`Additionally across these broad categories, we're targeting four core platforms in which
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`we'll sustain growth and continue to divest in innovation. You can see here that in surgery
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`the foundation platforms in the space are bio-surgery and wound closure.
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`In orthopaedics, our hip business is a key platform and finally sterilization and disinfection,
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`a core capability that addresses the still significant unmet need for preventing infection,
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`which drives successive cost and extends healing time for patients.
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`Let me be clear, this focused strategy is not to say that we will not invest in other platforms
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`where we compete. There remain important areas for our future. We expect the
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`combination of our priority and sustained growth platforms to deliver a significant portion
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`of our growth over the next five years.
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`These platforms will be a major contributor to our ability to grow above market in the
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`coming years. We're focusing on the nine key geographies where we believe we can drive
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`the majority of our growth. These markets are being targeted based on strong healthcare
`
`utilization outlook, large unmet need within medical devices and a strong Johnson &
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`Johnson presence footprint within these markets.
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`Last year at our Medical Device Investor Business Review, we discussed 30 significant
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`filings that were planned by the end of 2016. We're well on the way to achieving that goal,
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`which provides a consistent means of product introductions all contributing to growth.
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`Those new product innovations combined with our aggressive reallocation of resources I
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`just discussed complemented by our novel commercial models, positions us well to grow
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`faster than the market.
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`We've identified five disease states, five areas of unmet needs where we think we can
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`make the greatest difference through innovation, internally or externally sourced. They
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`include surgical oncology, obesity, select cardiovascular disease, osteoarthritis and
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`osteoporosis.
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`We're exploring what will take a combination of products and end to end solutions to make
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`the critical difference for physicians and patients addressing these needs and we'll take
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`advantage of our strong balance sheet to invest in innovation that can make a difference
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`in these areas as well as our priority technology platforms.
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`We're taking a comprehensive approach to innovation and we're looking at this across a
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`number of fronts including our go-to-market strategy. We're building novel commercial
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`models that are adapting to market conditions and developing new strategic partnerships
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`with our customers around the world. I'll expand on that area shortly.
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`Our strategies are enhanced by the opportunity to leverage our scale and breadth. That
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`begins with the core selling opportunities like the inclusion of DERMABOND PRINEO, our
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`newest wound closure device designed for joint procedure, now in the bag of our joint
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`reconstruction sales consultants.
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`Needing time to closure in knee and hip replacement procedures, we're also implementing
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`cross portfolio procedural development like the new OsteoView device, which leverages
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`the harmonic technology from Ethicon to provide a soft tissue dissector, exclusively
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`designed for spine procedures and to be sold by the DePuy Spine business.
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`It extends further to our enterprise customer group, which works on key relationships with
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`major hospital systems, who look to leverage unique Johnson & Johnson capabilities and
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`our medical device agreements.
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`Some great examples are a new relationship established with one of Germany's largest
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`private hospital networks where we have a sole source contract for implants. Here in the
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`U.S., we signed a five-year contract with the globally ranked academic medical center at
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`Johns Hopkins. We're also executing an exclusive partnership with a large multinational
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`hospital system to share risk and great value.
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`These are just some of the most recent examples on how our clinical strength and
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`organizational flexibility and scope provide an excellent roadmap for how we're engaging
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`in a new way with customers today.
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`Johnson & Johnson's substantial global footprint provides a foothold in key emerging
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`markets and enables us to expand access to training to more surgeons and care for more
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`patients. We are using that advantage to drive innovations that address unmet medical
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`needs.
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`3/7/2017
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`Johnson & Johnson (JNJ) Q3 2015 Results - Earnings Call Transcript | Seeking Alpha
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`Working with our partners in the pharmaceutical business, we recently announced that
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`China lung center project which will work to bring our medicines, technologies and
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`resources to bear, to address one of that country's leading cause of death and ultimately
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`advance the scientific knowledge and practice of lung surgery around the world.
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`Earlier this year we first shared with you the news about our collaboration with Google Life
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`Sciences and surgical robotics. We continue to make progress on our goal of bringing to
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`market a transformative surgical robotics platform.
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`Our shared vision is to give surgeons advanced analytics and surgical access properly
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`with an improved and flexible work flow dynamics in the OR and ultimately a reduced cost
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`to serve.
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`Through our Ethicon franchise we are contributing surgical know-how and developing
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`advanced tools and instruments for superior, minimally invasive surgical technology. I'm
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`pleased to share that we are in the development phase of the platform now and are
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`working with respected global experts in the field of robotics to advance the effort.
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`Additional information regarding our progress will be communicated in just the next few
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`weeks.
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`The global robotics market is roughly $2 billion and we expect procedures to grow at a
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`double-digit growth rate. That said, today's robotics options are limited and requiring
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`substantial financial and infrastructure investment and we believe that through technology
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`advancements and agile application, our path in surgically assisted robotics is one that will
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`best deliver what surgeons need.
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`Our solution not only aims to give surgeons a better procedural experience by improving
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`comfort and patient proximity, but delivers a superior surgical experience through greater
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`access and precision with the ability to make more informed decisions through the entire
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`procedure.
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`We can see a future in which the surgeon is no longer isolated in the OR, but through our
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`system we'll be able to connect to critical data, imaging and diagnostic information.
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`Information that will help a surgeon make the best, most accurate decisions as and when
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`they are needed.
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`The system is being developed with both the healthcare provider and the economic buyer
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`in mind. As one Johnson & Johnson medical device group, we are well positioned in our
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`largest businesses to build on leadership position as these categories grow in response to
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`changing demographics, evolving unmet medical needs, and expanding access to care.
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`3/7/2017
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`Johnson & Johnson (JNJ) Q3 2015 Results - Earnings Call Transcript | Seeking Alpha
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`Across our portfolio, we are focused on the categories where we will grow and lead. We
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`have exciting pipelines and a renewed focus on launch excellence that will deliver steady
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`cadence of meaningful and differentiated innovation.
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`At the same time, we seek to advocate for patients by advancing the standard of care
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`through strategic partnerships and educational access and pushing the boundaries of
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`medical device product innovation.
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`We are deploying the comprehensive resources of Johnson & Johnson across the group
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`which gives us unique leverage. And we're get