Johnson & Johnson 1
A Detailed Analysis of the Company
Johnson & Johnson
Kali Singh
Bailey Schepikoff
Ryan Coates
Business 100
Professor Kim Milnes
April 7 2008
Johnson & Johnson 2
Table of Contents
Title Page ...................................................................................................................................................... 1
Table of Contents .......................................................................................................................................... 2
Executive Summary ...................................................................................................................................... 4
Introduction ................................................................................................................................................... 6
Part 1 ............................................................................................................................................................. 6
Johnson & Johnson’s Introduction............................................................................................................ 6
Globalization ............................................................................................................................................. 7
Ethical and Moral Challenges ................................................................................................................... 8
Part 2 ........................................................................................................................................................... 10
The Board of Directors ........................................................................................................................... 10
Company Shares ..................................................................................................................................... 10
Risks........................................................................................................................................................ 11
Part 3 ........................................................................................................................................................... 13
Credo and Mission Statement ................................................................................................................. 13
Strategic issues ........................................................................................................................................ 13
Labour Coordination ............................................................................................................................... 14
Part 4 ........................................................................................................................................................... 16
Competitor Differentiation...................................................................................................................... 16
Values Measured..................................................................................................................................... 16
Part 5 ........................................................................................................................................................... 18
Skill Sets For Operations ........................................................................................................................ 18
Chief Executive Officer and Compensation ........................................................................................... 18
Labour Relations ..................................................................................................................................... 19
Part 6 ........................................................................................................................................................... 20
Three Major products .............................................................................................................................. 20
Product Mix Review ............................................................................................................................... 21
Brand and Corporate Identity.................................................................................................................. 22
Pricing Objectives and Strategies ........................................................................................................... 23
Distribution Channels ............................................................................................................................. 23
Customer Service .................................................................................................................................... 24
Johnson & Johnson 3
Product Update........................................................................................................................................ 24
Part 7 ........................................................................................................................................................... 26
Financial Difficulties .............................................................................................................................. 26
Profitability ............................................................................................................................................. 26
Fiscal Period............................................................................................................................................ 26
Conclusion .................................................................................................................................................. 27
Bibliography ............................................................................................................................................... 28
Appendices.................................................................................................................................................. 30
Appendix A ............................................................................................................................................. 30
Appendix B ............................................................................................................................................. 30
Appendix C ............................................................................................................................................. 31
Appendix D ............................................................................................................................................. 32
Johnson & Johnson 4
Executive Summary
Johnson & Johnson was founded in 1885 by Brothers James Wood Johnson and Edward
Mead Johnson making ready-to-use surgical bandages in New Brunswick, New Jersey, which
later became publicly traded in 1944. With over 250 subsidiary companies, Johnson & Johnson
markets products for baby and kids care, skin care, oral care, wound care, women’s health care,
nutritional and over-the-counter pharmaceutical products.
There is a board of directors consisting of twelve members with diverse backgrounds as
well as the following committees, Audit Committee, Compensation & Benefits Committee,
Nominating & Corporate Governance Committee and a Public Policy Advisory Committee.
Johnson & Johnson tries to blend individual skills with group needs as well as sharing
information with all the subsidiary companies. All projects encountered by Johnson & Johnson
are done as a cross-functional team.
The Company’s structural base is decentralized management and has an eight-member
executive committee which is the principle management group responsible for operations of the
company. Johnson & Johnson gives their employees performance based incentive programs so
the employees profit from hard work and company success, as well as the option of flexible
benefits. Johnson & Johnson has not faced a single labour problem such as a strike or lockout.
This can be credited in large part to a strong belief in the company’s credo. Johnson & Johnson
has supported their staff very well by providing fully paid medication or any medical product
which is to help reduce risk of cancer as well as banning smoking on company property and in
company vehicles.
Johnson & Johnson operates in different countries which allows it to source labour and
other resources from the most efficient and cost oriented producers. Johnson & Johnson is
regarded as one of the most ethical modern day enterprises. This fame was a result of their
actions following the 1982 Chicago Tylenol murders, when seven people died after ingesting
Tylenol, which was laced with potassium cyanide. Johnson & Johnson responded with the
development of a triple sealed package.
We have reviewed three brands; Clean and Clean® Face wash, Johnson's® Baby Oil and
Tylenol®. All three brands rely on a healthy image of trust and quality with simple product
designs and classic fonts. All three products chosen by us are widely available at most major
distributor outlets. Johnson & Johnson has a main corporate website and all three family brands
each have their own website for the purpose of informing both the public and investors, the
website does not conduct online sales; however it does direct consumers to retailers. Products
presented by Johnson & Johnson provide service to customers by ensuring quality and trust as
well as a high level of effectiveness.
Johnson & Johnson is different from its competitors because it is involved in all aspects
of the healthcare industry. When the company has trouble in one aspect of the business, they
Johnson & Johnson 5
usually have great success in other areas offsetting the losses. Johnson & Johnson measures
value by how positively they affect the environment, local governments, employees and
charities; as well as, how well the products affect the safety of customers lives, priced for the
masses, have ease of distribution, and they must be timely available.
Johnson & Johnson has a steady grasp on the industry but still face many risks. Four
products that are being over depended on for sales and are risk factors are Risperdal®, concerns
related to Procrit® and Eprex®, potential failure to develop follow-up product for Topamax, and
industry consolidation. Johnson & Johnson are greatly affected by the life cycle of patents
expiration and establishment.
Johnson & Johnson is more likely to experience financial difficulty now than in 2002 due
to rising ratios of current assets to current liabilities, for 2002 the ratio was 1.68 and for 2007 it
was 1.51. Profits for Jonson and Johnson have steadily increased from 2002 to 2006 but fell in
2007. Therefore the company has to invest more and work harder to maintain profit levels. In
2002, earnings per share, return on equity, and debt to equity ratios were $7.647, 29.0% and
29.0% and in 2007 they dropped to $3.724, 24.4% and 2.0%. Johnson & Johnson’s most recent
fiscal year was the 2007 year which opened on January 3, 2007 with a stock price of $66.13 and
ended on December 31, 2007 with the closing price of $66.70; thus leading to an increase of
+0.86%. This change is likely due to the attempt to purchase the Pfizer Consumer Healthcare
giant and the cut of 3,600 jobs which is suppose to increase profitability.
Johnson & Johnson are currently trying to acquire Pfizer healthcare, if successful, it
could lead the company to being the dominant force in the market. The company is also working
on price differentiation between competing brands to maximize profits and appeal to all aspects
of the markets. Johnson & Johnson is also lobbying for free trade agreements with third world
governments which are in much need of their products.
Johnson & Johnson 6
Introduction
The purpose of this report was to choose a company and interpret and investigate the
aspects of the company we choose then present it in a formal report structure. The company that
we choose was Johnson & Johnson. The information gathered for Johnson & Johnson was
derived from a number of different websites including the company’s website. The information
collected was then summarized or quoted and included in the report. The information found for
Johnson & Johnson fulfilled the requirements of the questions we were given and was used to
answer and elaborate on them. The questions touched on the subjects of the company’s financial
capabilities, the structure and its products. The report is laid out so that the reader can easily
locate and understand the information being presented to him or her. The reader should be able
to have a good understanding of Johnson & Johnson’s company in the key areas of its industries
characteristics, company structure and the financials.
Part 1
Johnson & Johnson’s Introduction
1. The company we have chosen is Johnson & Johnson. It provides its customers with a
wide range of products for healthcare needs. Brothers James Wood Johnson and Edward Mead
Johnson produced ready-to-use surgical bandages in 1885 which would be the foundations of
Johnson & Johnson. The company’s first president was Robert Wood Johnson who joined the
brothers to create the company in 1886 based out of New Brunswick, New Jersey. Johnson &
Johnson has been an American publicly traded company since 1944. The company’s history
could be found on Johnson &Johnson corporate website in which it stated it “became
incorporated in 1887, in New Brunswick, New Jersey”(Johnson & Johnson) with Robert Wood
Johnson as its chief president. In 2007, Johnson & Johnson was ranked number “36 on the
Fortune 500 list with an annual revenue of $53 billion” (Johnson & Johnson). It is also currently
a component of the Dow Jones Industrial Average. The features of our company are that it
provides pharmaceutical and medical devices to individuals and large businesses. Johnson &
Johnson sell more medical devices than any other company in the world. The products and
services provided are typically used by nurses, physicians, therapists, hospitals, diagnostic
Johnson & Johnson 7
laboratories, and clinics. The basic feature is that Johnson & Johnson provides essential health
care needs to customers.
2. Johnson & Johnson manufactures health care products and provides health care and
related services for the consumer, pharmaceutical, and medical devices and diagnostics markets.
With an abundant number of family operating companies around the world Johnson &Johnson’s
consumer division has developed and marketed products for “baby and kids care, skin care, oral
care, wound care, women’s health care, nutritional and over-the-counter pharmaceutical
products” ( Johnson & Johnson). These products are distributed either through wholesalers or
directly to independent and chain retail outlets. The products typically do not have a restricted
shelf life but for facial products such as Aveeno and Neutrogena there is a maximum of three
years of shelf life. The typical consumer is one whom is middle class and interested in keeping
themselves and their family healthy. Johnson & Johnson have other substitute products in their
industry such as Olay, Pantene, Vicks, Always, ChapStick, Advil and Crest. These products are
seen to be their market competitors within the health care industry.
3. In 2006, Johnson & Johnson was listed as second in the pharmaceutical industry with
the second best reputation in Canada. The company is constantly finding ways to develop itself
into something bigger and better for its customers. A goal for them is to become a leader in the
global environment and better relations between employees and managers. To stay on the leading
edge of its industry, Johnson & Johnson spent $7.1 billion on research and development in 2006.
While Johnson & Johnson is in the top of its industry, competitors include Pfizer from the USA,
GlaxoSmithKline based in the United Kingdom, and Novartis from Switzerland. As a business
expansion, Johnson & Johnson bought Pfizer Consumer Healthcare (PCH) in 2006, which is
expected to make Johnson & Johnson the leader in the consumer products market with shared
revenues of over $500 million by 2009. Johnson & Johnson is a decentralized company with
over 200 operating units across the world, which are independent to each facility.
Globalization
4. The effects of globalization have greatly impacted how Johnson & Johnson do
business. Johnson & Johnson have over 250 companies in 57 different countries, which have
been made possible by the utilities of globalization (Johnson & Johnson). This phenomenon has
greatly cut costs allowing Johnson & Johnson to source labour and other resources from the most
Johnson & Johnson 8
efficient and cost oriented producers. It has many companies which are run independently under
the parent name which greatly relies on modern day telecommunications and shipping
technologies to work in sync with the parent company (Johnson & Johnson).
Ethical and Moral Challenges
5. Being one of the largest companies in the world Johnson & Johnson has faced many
ethical challenges. The challenges it faces occur in most of its subsidiary companies. One of the
biggest ethical challenges was the 1982 Chicago Tylenol murders. Seven people died after
ingesting Tylenol, which was laced with potassium cyanide. The contaminated bottles had come
from different factories said in a report of off the Center for Management Research (CMR) site,
leading investigators to conclude that the bottles were tampered with after production. After
learning of the incident Johnson & Johnson issued warnings to hospitals, distributors and
immediately stopped the production and advertising campaigns for the product. On October 5,
1982, Johnson & Johnson set forth a nationwide recall of Tylenol and alerted the media and the
public not to consume any Tylenol product because of the current threat of tampering. Johnson &
Johnson also offered to exchange the Tylenol capsule with Tylenol tablets, which were proved to
have not been tampered with. The immediate action taken by Johnson & Johnson to recall 31
million bottles of Tylenol was an estimated 100 million dollars. Although there was a great
financial loss the actions were heavily praised by the media and a few years after the incident
Tylenol had completely recovered. Today it is regarded as a product of the highest quality and is
the most popular analgesic. This success can be passed on to Johnson & Johnson’s quick
response and hide nothing attitude (CMR). After the incident Johnson & Johnsons introduced
Tylenol in a new triple seal package.
Another ethical challenge that Johnson & Johnson was fronted with was discrimination in
the workplace and foreign labour. Johnson & Johnson believes in equal employment
opportunities and accommodates all employees regardless of individual's race, religion, gender,
age, disability, or any other characteristic. Johnson & Johnson has also been voted one of the top
ten employers of women, and as of January 1, 2007 all Johnson & Johnson properties are smoke
free environments including buildings and vehicles (Johnson & Johnson). Johnson & Johnson
does not practice child labour and does not hire any person under the age of sixteen, they also
require their supplier’s to abide by their child labour polices as well (Johnson & Johnson).
Johnson & Johnson 9
We believe that Johnson & Johnson has done an excellent job living up to its credo so far.
Above all the company claims their first responsibility to their customers and they proved
exactly that during the Tylenol crisis. They lost over a hundred million dollars due to recalls as
well as spent money redesigning safer bottles to ensure the safety of their customers.
Johnson & Johnson 10
Part 2
The Board of Directors
1. There are twelve members on the board of directors for Johnson & Johnson. Each
member has a specific job, for instance, there is a Chairman, Chief Executive Officer, Vice
President and President, Director and Senior and Advisor and Vice Chairman. The members of
the board have come from many different backgrounds such as a Chief Executive for Delta
Airlines, a former Director of the Social Services Department of Chicago Lying-In Hospital,
another came from the Carnegie Institution of Washington, and another from a Sea Research
Foundation. When the board members come from many different backgrounds it often benefits a
company because it is subject to a diverse set of opinions and views which can be beneficial to
the company in coming up with ideas and making decisions.
The Board of Johnson & Johnson also consists of committees. The company has the
following committees: Audit Committee, Compensation & Benefits Committee, Nominating &
Corporate Governance Committee and a Public Policy Advisory Committee. As mentioned on
the company’s profile by Hoover on Answers, the committee structure of the board is “limited
to those committees which public companies are required to establish and those committees
which focus on areas of critical importance to the Company, like science and
technology”(Hoovers)
Johnson & Johnson’s corporate governance system is very effective because it gives
management enough control to take action quickly and efficiently when something goes wrong
without consulting the higher levels and waiting for a reply. However, this can also be
detrimental because if a decision is made and it does not work or was not the right decision, it
can cost the company.
Company Shares
2. Johnson & Johnson has developed into a fully Common Shared company with its 2007
Common Stock Equity being $43,319 million US found on Google Finance. Johnson & Johnson
has disclosed the amount of shares in which they are allowed to issue but has said that 1,663
institutions do have share holdings in the company, which amounts to 66% of shares which are
held by institutions and mutual fund holders. People who hold shares in Johnson & Johnson have
the right to receive the amount in cash which is equal to the price per share whenever they want
Johnson & Johnson 11
and have full employee compensation programs by the amount of shareholdings they have
received or purchased. Shareholders can participate in the Dividend Reinvestment Plan which
allows them to make additional cash purchases of Johnson & Johnson stock up to $50,000 per
year according to (Johnson & Johnson). By using common stocks, the company paid $4,670
million US in dividends in 2007 mentioned in Hoovers company profile of Johnson & Johnson,
thus leading to the Share Repurchase Program, enabling the Company to buy back $10 billion of
the corporation’s shares in common stock(Johnson & Johnson). In early 2007, the Company
announced that the dividend rate would increase by 10.7% (Johnson & Johnson), which left the
closing share price on Friday February 27, 2007 to be $63.05 on Yahoo Finance.
Risks
3. Four substantial risks that Johnson & Johnson as a company are facing is an
overdependence on sales of Risperdal®, concerns related to Procrit® and Eprex®, potential
failure to develop follow-up product for Topamax and industry consolidation,.
Johnson & Johnson is highly reliant on sales of both Risperdal® and Risperdal
Constant®. These are medications that treat the symptoms of Schizophrenia and Bipolar Mania.
According to EBSCO host business website, Risperdal®’s sales revenues in 2006 were $4.183
billion, an increase of 17.8% over the 2005 numbers (EBSCO host). The sales of these two
drugs accounted for almost a fifth of Johnson & Johnson’s ethical pharmaceutical sales in 2006.
The patent for Risperdal® is scheduled to expire in the United State (US) in December 2007. As
the US contributed to more than half of Risperdal®’s revenues, this expiration of the patent will
result in the loss of market exclusivity. This loss could result in a significant reduction in sales of
Risperdal® and could hinder the growth of the company. To reduce losses Johnson & Johnson
could manufacture the product outside the US where the patent is still existent. Johnson &
Johnson could also engineer a new generation of the drug and establish a new patent for both the
US and globally.
Procrit® and Eprex® were the second highest selling products in 2006 for Johnson &
Johnson with combined sales of 3.18 billion (EBSCO host). Combined the two products had a
decline of 4.3% in sales in 2006 over 2005 due to a competitor’s anticompetitive contracting
strategy in oncology clinics for Procrit®(EBSCO host). In most European markets and retailers
Eprex® patents have expired and have filings which are under review. To maintain a high level
Johnson & Johnson 12
of sales Johnson & Johnson must take similar steps to that of Risperdal® as well as creating
incentives for prescriber’s of the products. The doctors could receive these vacations and retreats
if they write a required number of prescriptions. Johnson & Johnson should follow suit for
products like Procrit® and Eprex®.
Topamax® is another one of Johnson & Johnson’s key products. It generated $2.027
billion in 2006 but the patent has run out like, Risperdal®, and as soon as September 2008 it will
be facing the competition of generic brands (EBSCO host). Johnson & Johnson has released only
limited information on the follow up drugs for Topamax® but the new drugs YKP-509/RWJ333369® are expected to be superior as far as efficacy to both Topamax® and the generic drugs
(EBSCO host). If the generic drugs beat YKP-509/RWJ-333369® to market Johnson & Johnson
could lose valuable market space. Johnson & Johnson must identify possible delays in the
production of YKP-509/RWJ-333369® and work to correct them as well as ensuring proper staff
levels on the project to complete the necessary tasks on time; YKP-509/RWJ-333369® must
beat the generics to market.
Industry consolidation is a major threat to Johnson & Johnson. Johnson & Johnson has
grown substantially over recent years due to the acquisitions of many companies but they have
also failed to acquire many companies were competitor have succeeded. Johnson & Johnson
failed to acquire Guidant Corporation, which was bought by Boston Scientific and Abbott
acquired Guidant’s vascular intervention and endovascular businesses, and AstraZeneca acquired
Arrow Therapeutics and Cambridge Antibody Technology Group (EBSCO host). To combat the
risks associated with Industry Consolidation Johnson & Johnson must be careful in selecting
which companies they acquire and at what cost to ensure a debt to equity ratio, which will satisfy
investors and not adversely affect stock prices.
Overall, we would derive Johnson & Johnson to be a firm faced with moderate risks but
less than the average in the industry. Johnson & Johnson is the second largest company in the
pharmaceutical industry beat by only Pfizer. Johnson & Johnson has many products and patents
which help stabilize the company and reduce risk. Johnson & Johnson is an industry leader with
lots of experience and an established customer base. The majority of risk comes from expiring
patents and Industry Consolidation both of which the company has dealt with.
Johnson & Johnson 13
Part 3
Credo and Mission Statement
1. Johnson & Johnson does not have a vision, mission or value statement; instead they
use a credo. Their Credo was written in 1943 by Robert Wood Johnson (Johnson & Johnson).
The credo had existed eight years prior but it was in the form of a pamphlet that Robert Wood
Johnson called “Try Reality” which he urged his Peers to adhere to (Johnson & Johnson). Today
the credo is published in 36 languages and made available to all employees in Johnson &
Johnson’s factories, offices and to the general public on their corporate website (Johnson &
Johnson). The employees take part in periodic surveys and evaluations of how well the company
performs its responsibilities listed in the credo. Senior management reviews the results of the
surveys and in whichever areas the credo’s values are not being met there are actions taken
(Johnson & Johnson).
We believe that Johnson & Johnson has done an excellent job living up to its credo so far.
The company claims their first responsibility to their customers and they proved exactly that
during the Tylenol crises where they lost over a hundred million dollars due to recalls as well as
redesigning a safer bottle to ensure the safety of their customers. Johnson & Johnson also
provides safe and comfortable working environments free of discrimination. Employees are
given many opportunities for feedback and input as well as helping to shape the company’s
credo. Johnson & Johnson has contributed 544.8 million dollars in cash and products to the
worldwide community in 2006 (Johnson & Johnson).
Strategic issues
2. As hypothetical presidents of Johnson & Johnson, we have found that some strategic
issues that the company is experiencing are horizontal integration with Pfizer Consumer
Healthcare which is one of the leading competitors for Johnson & Johnson, in top companies in
selling over the counter drugs and personal care products (Johnson & Johnson). By purchasing
Pfizer, Johnson & Johnson will gain control of the new company which is in the same market
with similar products. If Johnson & Johnson succeeds in acquiring Pfizer, the company would
become “the world’s premier consumer healthcare company” (Johnson & Johnson) by being the
leader in another nine categories of consumer healthcare products. Other healthcare companies
Johnson & Johnson 14
competing with Johnson & Johnson and Pfizer may oppose this giant merge since it would
substantially decrease the competitive nature of the industry.
As presidents, we would consider a minor price increase so that the smaller companies
would have a better chance at appealing to a different demographic with lower prices. As the
market for healthcare and medical devices increases, Johnson & Johnson has lobbied to the
Government that the company should get free trade agreements with Peru, South Korea, and
other smaller countries since they are in need of such products found on Yahoo Business. This is
an example of growth through geographic expansion by targeting an economy where Johnson &
Johnson’s products would be in great favour of retail purchase. If Johnson & Johnson are able to
succeed in such trade agreements, it could set a whirlwind of other companies to lobby against
the government saying that they should get free trade to since their products are needed in other
countries too. The company needs to produce significant documentation about how the
healthcare in the countries listed need their products in growing as an economy. Pharmaceutical
manufacturing and sales is a massive industry that is highly costly. As a top manufacture,
Johnson & Johnson has had to apply a concentration strategy to stay in the height of the industry.
Since profitability is determined through discovery of new drugs, Johnson & Johnson has to stay
on the cutting edge by hiring highly trained and knowledgeable employees who can stay
focussed on one product for a long duration of time. With this highly focused industry, Johnson
& Johnson has to find a way to pay equal attention to the number of industries they are also
involved in. This can be solved by contracting out their research and development to smaller
companies who are more able to commit fully to a certain drug product.
Labour Coordination
3. Johnson & Johnson’s structure is based upon the decentralised management. It has an
eight-member executive committee which is the principle management group responsible for
“the operations and allocation of resources of the Company” (Johnson & Johnson). They also
oversee and coordinate the activities of the Consumer, Pharmaceutical and Medical Devices and
Diagnostics business segments. Of the eight members of the principle groups several of them
serve as World Wide Chairman of group Operating Committees. These committees consist of
managers who “…represent key operations within the groups, as well as management expertise
in other specialised functions.”Each “family company” owned by Johnson & Johnson is
Johnson & Johnson 15
controlled by a chairman, president, general manager or managing director who reports directly
to a Group Operating Committee. The labour is controlled by these levels of management. If
the country is located oversees, the company is managed by citizens of that country. The
decentralized management structure allows the combined advantages of a significant global
presence with the agility and focus of a smaller company.
Johnson & Johnson provides its employees with compensation programs which are
designed to be competitive and give employees financial stake in the continuing long-term
success of their company. The compensation programs also provide the flexibility of choices,
which allow the employee to choose their benefits that best reflect their personal and long-term
financial goals. The company has set guidelines that guarantee equity across their diverse
business and support the movement of talent within the “Family of Companies” which consists
of Johnson & Johnson’s products and manufacturers. Johnson & Johnson believes that their
compensation programs help them “cultivate a high-performance culture through performancebased salary plans” (Johnson & Johnson). They also offer bonus and incentive programs which
are determined by the employee’s performance and the business results. By offering the benefits
and compensation plans that Johnson & Johnson
does it further supports their credo and their
vision. They believe that their employees should be “considered as an individual(s)…have a
sense of security in their jobs and that the company should …respect their dignity and recognize
their merit” (Johnson & Johnson) Along with respecting its employees it’s also consistent with
its organisational design because the individual is valued. Even though there is an eight-member
executive committee whom is responsible for functioning and primary aspects of the company,
they still give the lower level management and employees the ability to take pride in their
growing business.
Johnson & Johnson 16
Part 4
Competitor Differentiation
1. Johnson & Johnson creates value for the company, its shareholders in operation and
production for its customers by being broadly based company allowing it to have advantages as
an organization. Many people question this because in its Credo Johnson & Johnson puts its
shareholders last, indicating to most that they are the least important. When questioned by
Gartner of The Gartner Fellows website, Johnson & Johnson’s CEO responded with “the way to
put the shareholders first was to put them last so you could take care of you customers” because
you’re share holders are your employees and customers. Johnson & Johnson has many different
products in many diverse areas such as baby care, skin care, medical technologies and
pharmaceuticals.
What differentiates Johnson & Johnson from its competitors is that when one product is
challenged Johnson & Johnson does not take a huge hit to its business because another area of its
business is growing quickly. Johnson & Johnson focuses on building and providing healthcare
where the areas have the highest levels of unmet medical needs or where innovative technology
plays the largest role in a patient’s life. Johnson & Johnson's Medical Devices and Diagnostics
division offers surgical equipment, monitoring devices, orthopaedic products, and contact lenses,
among other things. Its Consumer segment makes over-the-counter drugs and products for skin
and hair care, oral care, first aid, and women's health. Johnson & Johnson competes in the
markets of biotechnology, pharmaceuticals and healthcare. These industries are marketed by
rapid advances in healthcare basing its profit on discovering new drugs or creating new
technologies. The high value of these products an employee working in this competitive
industry can find themselves “earning average revenue of $600,000”
Values Measured
The value created in operations and production is measured much the same as the value
created for customers but with some differences. Value in operations and production is measured
by how well these utilities affect the outcomes of the lives of the people involved. This measure
of value is mainly reflected on how positive their existence is to an area and the community.
Johnson & Johnson strives to positively impact “the environment, local governments, employees
Johnson & Johnson 17
and charities” (Johnson & Johnson). The effect Johnson & Johnson has on these four main
groups is how this value is measured, either positively or negatively.
Johnson & Johnson measures the value it creates for their customers by how the products
meet their needs. Johnson & Johnson believes that for a product to have value for the customer it
must be safe, priced for the masses, have ease of distribution and they must be timely available,
all of which are reflected in the use of K.P.I.s (Johnson & Johnson).
Johnson & Johnson measures the value of operations and production differently than the
value for customers because doing so creates a closer more reliable gauge of value for each
segment, grouping the two segments into one category and one measure would dilute the stock of
value. The tools used by Johnson & Johnson are efficient and provides accurate measure, which
we would recommend to go unchanged.
Johnson & Johnson 18
Part 5
Skill Sets For Operations
1. By operating with a decentralized management system Johnson & Johnson is able to
maintain each individual operating unit. This allows them to maintain responsibility for its
growth and leadership development while reporting to committees and headquarters. Johnson &
Johnson has a staff of “63 including 23 project managers” (Johnson & Johnson) with different
skill sets to operate it global company. The vastly changing markets that Johnson & Johnson
now serves “require different skill sets from our group to support business growth” (Johnson &
Johnson). When the company works on a project, they do it as a cross-functional team. Their
task is to identify a full range of good project business practices then organize them sequentially
into project delivery processes, and hire people who understand the construction business and
know how to put a project together. Johnson & Johnson tries to “blend individual skills with
group needs, creating a service organization that is greater than the sum of its parts” is what one
of Johnson & Johnson’s major family companies Eering. Johnson & Johnson also recognized
the need to share information accurately and quickly from project to project making their
communication efficient across the company.
Chief Executive Officer and Compensation
2. In 2005-2007 Johnson & Johnson’s Chief Executive Officer (CEO), William C.
Weldon, earned a total of 59.1 billion according to the CNN Money website. As the CEO for the
company his base salary per year varies but it is about 1, 037, 308 million (CNN Money). The
other millions came from stocks, compensation and bonuses. Over the last three years net income
for Johnson & Johnson from 2005-2007 has been 32.06 billion dollars. In comparison to
Johnson & Johnson their main competition Pfizer’s Chief Executive Officer, Jeffrey B. Kindler,
earned 24 million from 2005 to 2006, and in 2005 Pfizer’s CEO Henry A. McKinnell made 23.8
million in addition to a $200 million dollar retirement package.
The salaries of William C. Weldon and Henry A. McKinnell are quite similar in 2005 but
in 2007 and 2006 Pfizer’s new CEO Jeffrey B. Kindler made just over half as much as William
C. Weldon mentioned on the Forbes, faces in The News site. The salary for William C. Weldon
is justifiable for 2005 and 2006 but in 2007 the net income for Johnson & Johnson dropped by
$450 million and Weldon’s earnings increased by $2.2 million, this could have been due to an
Johnson & Johnson 19
increase in his compensation. Johnson & Johnson is one of the top 60 largest companies in the
world. Since his first year as CEO William C. Weldon has increased net income from $7.2
billion in 2002 to $10 billion in 2007 and overall sales from $41.9 Billion to $53.32 Billion
which can be found on Google Finance.
Labour Relations
3. Labour relations in the past three years for Johnson & Johnson have seen no labour
disputes that have ended the company in any lockouts or strikes. The website used for the
following information was the International Labour Organisation’s (ILO) in which there was a
company profile done for Johnson & Johnson. In Johnson & Johnson’s company Credo,
employees are meant to be treated as “individuals whose dignity and merit are to be recognized
which can enable them to advance up the company structure and receive employee development
programs” (ILO). Also, employees are to receive “fair and reasonable compensation benefits
with safe, clean, and organized working areas” (ILO). Management also makes a “point to
address any complaints and suggestions from their employees in a just and ethical approach”
(ILO). As a way to show employees that the top managers and middle managers care about all
their employees, in 2006 Johnson & Johnson has joined the program, “CEO Cancer Gold
Standard” (Johnson & Johnson), which is to provide employees with fully paid medication or
any medical product which is to help reduce risk of cancer. The use of tobacco is to be prohibited
on site to protect people from risk of second hand smoke. The program pushes the point of
prevention and risk reduction of any cancer agents that can be helped through the workplace.
Johnson & Johnson has been committed to making their employees feel fairly treated and
represented since the company was established.
Johnson & Johnson 20
Part 6
Three Major products
1. Johnson & Johnson provides industries and customers with a wide variety of products;
however, some of its largest holding products are Risperdal®, Topamax®, and Band Aid®. On
the company website for Risperdal® it is described as an antipsychotic medication that treats
people with schizophrenia, autism, or bipolar disorders. Risperdal®, also known as Risperidone,
is most commonly used for ages 10-18 for treatment in mental disorders. It was the only drug in
August 2007 approved to be used for children 13-18 years old with schizophrenia (Risperdal).
The usage of Risperidone is not recommended for elderly people since it can induce side such as
heart attacks, high blood sugar levels, and trouble breathing (Risperdal). Risperdal® is the only
product like it, so now that the patent valid for it expires in 2008, Johnson & Johnson is closing
the manufacturing plants for it.
Topamax is Johnson & Johnson line of prescription migraine medication. It is one of the
best selling prescription drugs that Johnson & Johnson manufactures. As a leading product for
the company, Topamax is also the United States number one prescribed product to customers
with a way to prevent migraines before they start as mentioned on the Topamax website.
Topamax differs from any other product in this industry by not just treating migraines as they
happen, but by preventing them before occur. The study of the brain is endless, so the reasons
why migraines happen are still being researched. The way Topamax is believed to work is it
calms down the brains overexcited nerve cells so they stop misfiring and not to swell (Topamax).
Band Aids® are one of the first products that Johnson & Johnson came out with in its
early years. It has developed into one of the best known adhesive bandage products in the world.
Band Aids® classic bandage, Comfort-Flex Plastic Bandages, is an all purpose bandage that
comes in three different sizes to fit customer size, all one size, medium, large, and extra large.
They have been designed for different sizes of cuts that need to be covered for example, thin
gauze length, medium sized square gauze, and large sized squared gauze. The website offers an
insight into how Band Aid has customized the product to appeal to younger kids by adding
animated or Disney characters on the bandages and has made the adhesive clear for those who
don’t want to the bandage to be seen against their skin (Band Aid). Since the adhesive can range
Johnson & Johnson 21
on the bandages, the product is also categorized by how much movement can be exerted while
wearing them like Active and Comfort Band Aids® (18).
Product Mix Review
2. Johnson & Johnson produces products across a variety of industries from women’s
toiletries to family pharmaceuticals. As the Vice president of Marketing reviewing Johnson &
Johnson it was easy to choose a variety of different products from their product mix. Being so
we choose Clean and Clean® Face wash, Johnson's® Baby Oil and Tylenol® (see Appendix A
for Marketing Chart).
Clean and Clear face wash is marketed to young women who are chasing after that
perfect “clean and clear” facial complexion. These women would typically be single or married
without kids because of the amount of time that they can dedicate to themselves in the morning.
The face wash industry is very competitive so they market it to an extremely segmented market
of heavy Clean and Clear® face wash users. It is a convenience good because its life is not
reusable and it serves only the purpose of washing your face.
For Johnson's® Baby Oil it is specifically featured in their Johnson’s Baby line making
their target market someone either male or female with a new born child. The oil would be used
to either massage the new born or for an after bath moisturizer. The amount of time that they
used this would depend on whether they were a heavy user or moderate user and also how costconscious they are when purchasing. The person would more than likely be the cost-conscious
shopper because they would go through the oil quickly of the expenses of raising a child which
would also make the baby oil a convenience good.
Tylenol® is brand that has many different target markets and lines of products. The
brand targets the body symptom specifics consisting of head and body, arthritis, allergy and
sinus, cold and cough, pain and sleeplessness and children. The versatility of the product allows
it to be bought by any market segment and age appropriate person. The product is not as
frequently bought by the shopper because it is bought when it is needed. If the product is only
being bought when it is needed we can assume that they will use the product until it is finished
making it a convenience good.
Johnson & Johnson 22
Brand and Corporate Identity
3. The Tylenol® brand is one of reliability and trust; this is created by using simple
marketing tools. The packaging layout has few colors consisting of the trademark red and white,
and is a simple box design. Tylenol relies heavily on the strong personality of Tylenol® by the
use of classical fonts and coloured font to highlight specific features. Bold fonts are used for the
flavour of Tylenol to attract attention from the consumer so when the consumer is in the drug
aisle they may realize a need for a Tylenol® they did not know they had. The Tylenol package is
scarce of symbols and logos other than the Tylenol and flavour logos and trademarked text, and
just recently the Tylenol® packaging has been changed to include a new tagline “Feel better”
which was announced on their corporate website.
The Johnson Baby Oil® brand has a look delicacy and quality created by a clear bottle
showing of the products inside which helps create the trust. Using light colours, particularly
pink, as well as the effect of shading around areas of text create the implication of innocence.
The text used is trademarked by Johnson & Johnson, no symbols exist for Johnson Baby Oil®
and there is no tagline either. Logos include the Johnson & Johnson logo as well as a logo for the
“clinically proven mildness” found on the bottle (Johnson & Johnson).
The Clean and Clear® symbol is one of quality and effectiveness, which is strengthened
by the tagline “Clean and clear and under control” implying that by using the product your acne
problem is under your control and your face is clean and free of blemishes (Clean and Clear).
There are no symbols for this product however there have a few logos, including the Johnson &
Johnson logo and the Clean and Clear logo®. The package uses shading to separate areas of
focus and bold type to highlight the product description.
These brands are all differentiated because they each are marketed to different target
markets and different purposes. By separating these products into different brands it is easier to
market the brands to the target markets as well as managing the brands for the success of each
product. If the brands were grouped together Johnson & Johnson would risk losing small market
share due to some customers not wanting one of the products because it was associated to
another product. Yes the brands are compatible with both the corporate identity and the product
reputations, which is mainly of quality reliability and effectiveness.
Johnson & Johnson 23
Pricing Objectives and Strategies
4. Johnson & Johnson operates through more than 250 companies which have some best
selling products. Clean and Clear® is Johnson & Johnson’s main product line for skin care
which includes facial washes, scrubs, lotions, exfoliates, toners, makeup removers, sun block,
tanning moisturizer, shine control, and body washes (Clean and Clear). A main selling point of
all Clean and Clear® products is that it is “dermatologist recommended” making a it medically
enhanced product but at a cheaper cost than most other medical products (Clean and Clear). The
main target market Clean and Clear® is directed to is, young adult women since they are the
main age group that is the most self conscious about their appearance and have the most acne
problems. As a low cost medical treatment for acne and clean skin, the products have been able
to be marketed to younger people through gimmicks like “get ready for back to school” (Johnson
& Johnson) by buying Johnson & Johnson products. Many commercials for Clean and Clear®
include celebrity endorsements by Jennifer Love Hewitt, Hayden Panettiere, Katherine McPhee,
and Mischa Barton which attract the younger audiences. Johnson & Johnson has based the whole
line on appealing to a certain segment in the market with an approach that can please the
consumers with their needs.
Distribution Channels
5. Since Johnson & Johnson has such a wide variety of products; it has to have
different ways to distribute each product line to their target markets and buyers. Depending on
the product line, for instance Clean & Clear face washes can be purchased at almost any
drugstore and major grocery stores that have a pharmacy section. It is advertised on television
channels which are celebrity endorsed and during programs which would attract their target
markets. Tylenol is a widely used product for all ages depending on the product type. Tylenol is
distributed around the globe for quick and easy access to consumers by being sold at
convenience stores, grocery stores, pharmacies, and gas stations. Johnson & Johnson does
advertise for Tylenol but not as much as other product since it has already built a strong brand
name since people often turn to Tylenol as an anti-inflammatory drug. Compared to Johnson &
Johnsons usually brands relating to healthcare products, a very different product they offer is
Splenda®, a sugar-free food or drink sweetener. The product is available at any grocery store all
over the world and is directed to people with diabetes. Johnson & Johnson has its main website,
www.jnj.com, which lists all its products including the three detailed above. Each product has its
Johnson & Johnson 24
own website since they are tertiary companies to Johnson & Johnson. None of the websites give
customers an option of buying off the website but links for contacting sales representatives who
can direct them to product retailers is provided.
Customer Service
6. With such a wide variety of products, Johnson & Johnson has to take many different
approaches to the marketing of their goods. Every product line or brand provided to the public
and institutions are put through testing in how to market it to all age groups and social categories.
Service to the customers of Johnson & Johnson is to help heal, cure disease, and to better
people’s quality of life found on their company website. Since most of Johnson & Johnsons
products are made to service the public, the quality of it must be good enough for the
continuation of its retail. Basically all the company’s strategies are to successfully market out the
product so that it looks more appealing to other competitors. Developing new products in the
pharmaceutical sector is huge for the company because the competition is extremely high in
having the first product line so it attracts the customers first. Having the most accessible goods at
a cost that is reasonable for Johnson & Johnsons target markets, is how the company has been at
the top of its industries for decades.
Product Update
7. From competitors by creating products with added benefits such as breathable material,
antibiotics, waterproof and blend with skin tones as noted on the boxes. The Band Aid® has
reached the maturity stage of the product life cycle and has been available in the marketplace
since 1920. Band Aid® is under fierce competition but has an extremely large portion of the
market and it is the most recognizable. All adhesive bandages are commonly referred to as Band
Aids® by the public regardless of brand. The product is a one-time use product, which means the
product must satisfy the consumers, needs as well as providing added features to attract
customers and develop consumers who are brand loyal.
Consumers served by Band Aid® brand include everybody around the world; Band Aid®
is a premium brand in a market with products costing very little money, which are a necessity for
all consumers. Band Aid® has chosen a differentiation strategy as well as incorporating a focus
strategy as a business plan. Band-Aid differentiates itself Band Aid® also seeks license
agreements with cartoon companies to put cartoon characters on their products to attract children
Johnson & Johnson 25
and these agreements seek for Band Aid® to be the only company in the industry allowed to use
these cartoons. Band-Aid also focuses on small aspects of the industry such as blister relief in the
form of the Band-Aid brand Blister Block and blister protection s well a liquid Band Aids®.
As the Vice President of Marketing there should not be a change required, however
Band-Aid® could be recommended to approach their focus strategy more aggressively and to
diversify into more niche markets in the industry.
Johnson & Johnson 26
Part 7
Financial Difficulties
1. After reviewing the most recent five years of data on the balance sheet from Google
Finance (see Appendix B for Balance Sheet) we were able to determine that the company is more
likely to experience financial difficulty. In 2002 the total assets for Johnson & Johnson were
“$40, 556” with a total debt of “$4,139” dollars versus the total assets of “$80,954” and the total
debt “$9,537” for 2007. These numbers prove that the total debts of Johnson & Johnson have
grown faster than the total assets from 2002 to 2007. Johnson & Johnson’s current ratio supports
this. There ratio of current assets to current liabilities for 2002 was 1.68 and for 2007 was 1.51.
All of this information was found on the Google Finance website.
Profitability
2. Johnson & Johnson has increased profits and has set record levels for both revenue and
gross profit each year for the past five years. In the last five years gross profit has risen 59.64%
from 2002 to 2007 but over the same time period earnings per share, return on equity and debt to
equity ratios have all decreased according to the income statement on Google Finance. In 2002
earnings per share, return on equity and debt to equity ratios were $7.647, 29.0% and 29.0% and
in 2007 they dropped to $3.724, 24.4% and 2.0% (Google Finance, see Appendix C for Income
Statement). These numbers reveal that over the last five years Johnson & Johnson has made less
money from each dollar invested which reveals the company must invest more and work harder
to maintain or grow profits. If Johnson & Johnson were to do this it could hinder Johnson &
Johnson’s ability to grow and continue to be profitable.
Fiscal Period
3. Johnson & Johnson’s most recent fiscal year was the 2007 year which opened on
January 3 2007 with a stock price of $66.13 and ended on December 31 2007 with the closing
price of $66.70 (See Appendix D for Fiscal Table). Over the course of the company’s most
recent fiscal year, they went through some dramatic changes in the ownership of other
companies and products. Events like the purchase of Pfizer Consumer Healthcare giant and the
cut of 3,600 jobs which is suppose to increase profitability and focus more on the research and
development aspect of the company (Google Finance). Between the opening and closing stock
quotes for the 2007 fiscal year, the increase in percentage was +0.86%. Our group believes that a
minor change like that occurred because of the Pfizer acquisition and worldwide sales grew to a
Johnson & Johnson 27
record $61.1 billion which amounted to an increase of 14.6% (Yahoo finance). With the constant
strategic ideas the company keeps coming up with, they are able to stay at the top of their
industries which allows them to keep a steady stock price. Also, when the prices are taken at the
beginning and end of the fiscal year, they are both in a certain season, like winter because of the
flu and colds, which could provide a constant amount of purchases from consumers. People are
always in need of the services and products Johnson & Johnson provides so there is not a big
drop or increase.
Conclusion
Through our analysis of Johnson & Johnson, we have discovered that the product
diversity of the company in pharmaceutical, medical and diagnostic devices, and consumer
products has put Johnson & Johnson at the top of its industries. Since the company opened in
1886, it has grown into an internationally renowned healthcare company. It survived moral and
ethical issues in the past which left the company shining with brand recognition. Johnson &
Johnson takes into account the employees, shareholders, and customers in how if formulates its
tactics and structure. The company has noted and is taking action to any problems they might
encounter in the future, which has helped in making the Johnson & Johnson the brand name it is.
Johnson & Johnson 28
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Johnson & Johnson 29
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Johnson & Johnson 30
Appendices
Appendix A
Ages 10-16
Ages 17-23
Ages 24 and up
Male
Female
Married with kids
Married
Single
Conservative Shopper
Cost-Conscious Shopper
High-end Shopper
Heavy Users
Moderate Users
Convenience Goods
Shopping goods
Clean and Clear®
Face wash
x
x
Johnson's® Baby
Oil
x
x
x
x
x
x
x
x
Tylenol®
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
Appendix B
In Millions of USD (except for
per share items)
Cash & Equivalents
Short Term Investments
Cash and Short Term
Investments
Accounts Receivable - Trade,
Net
Receivables - Other
Total Receivables, Net
Total Inventory
Prepaid Expenses
Other Current Assets, Total
Total Current Assets
Property/Plant/Equipment, Total
- Gross
Goodwill, Net
Intangibles, Net
Long Term Investments
Other Long Term Assets, Total
Total Assets
Accounts Payable
Accrued Expenses
As of 2007- As of 2006- As of 2006- As of 2005- As of 2003As of
12-30
12-31
01-01
01-02
12-28 2002-12-29
7,770.00
4,083.00
16,055.00
9,203.00
5,377.00
2,894.00
1,545.00
1.00
83.00
3,681.00
4,146.00
4,581.00
9,315.00
4,084.00
16,138.00
12,884.00
9,523.00
7,475.00
9,444.00
8,712.00
7,010.00
6,831.00
6,574.00
5,399.00
9,444.00
5,110.00
3,467.00
2,609.00
29,945.00
8,712.00
4,889.00
3,196.00
2,094.00
22,975.00
7,010.00
3,959.00
2,442.00
1,931.00
31,480.00
6,831.00
3,744.00
2,124.00
1,737.00
27,320.00
6,574.00
3,588.00
1,784.00
1,526.00
22,995.00
5,399.00
3,303.00
1,670.00
1,419.00
19,266.00
26,466.00
24,028.00
19,716.00
18,664.00
17,052.00
14,314.00
14,123.00
14,640.00
2.00
13,340.00
15,348.00
16.00
5,990.00
6,185.00
20.00
5,863.00
5,979.00
46.00
5,390.00
6,149.00
84.00
4,653.00
4,593.00
121.00
8,059.00
5,833.00
4,359.00
3,673.00
3,799.00
3,213.00
80,954.00
6,909.00
10,242.00
70,556.00
5,691.00
8,167.00
58,864.00
4,315.00
6,712.00
53,317.00
5,227.00
6,914.00
48,263.00
4,966.00
6,399.00
40,556.00
3,621.00
5,001.00
Johnson & Johnson 31
Notes Payable/Short Term Debt
Current Port. of LT Debt/Capital
Leases
Other Current liabilities, Total
Total Current Liabilities
Long Term Debt
Capital Lease Obligations
Total Long Term Debt
Total Debt
Deferred Income Tax
Minority Interest
Other Liabilities, Total
Total Liabilities
Redeemable Preferred Stock,
Total
Preferred Stock - Non
Redeemable, Net
Common Stock, Total
Additional Paid-In Capital
Retained Earnings (Accumulated
Deficit)
Treasury Stock - Common
Other Equity, Total
Total Equity
Total Liabilities &
Shareholders' Equity
Shares Outs - Common Stock
Primary Issue
Total Common Shares
Outstanding
2,463.00
4,579.00
668.00
280.00
1,139.00
2,117.00
-
-
-
-
-
-
223.00
19,837.00
7,074.00
7,074.00
9,537.00
1,493.00
9,231.00
37,635.00
724.00
19,161.00
2,014.00
2,014.00
6,593.00
1,319.00
8,744.00
31,238.00
940.00
12,635.00
2,017.00
2,017.00
2,685.00
211.00
5,291.00
20,154.00
1,506.00
13,927.00
2,565.00
2,565.00
2,845.00
403.00
4,609.00
21,504.00
944.00
13,448.00
2,955.00
2,955.00
4,094.00
780.00
4,211.00
21,394.00
710.00
11,449.00
2,022.00
2,022.00
4,139.00
643.00
3,745.00
17,859.00
-
-
-
-
-
-
-
-
-
-
-
-
3,120.00
-
3,120.00
0.00
3,120.00
0.00
3,120.00
-11.00
3,120.00
-18.00
3,120.00
-25.00
55,280.00
49,290.00
42,310.00
35,223.00
30,503.00
26,571.00
-14,388.00
-693.00
43,319.00
-10,974.00
-2,118.00
39,318.00
-5,965.00
-755.00
38,710.00
-6,004.00
-515.00
31,813.00
-6,146.00
-590.00
26,869.00
-6,127.00
-842.00
22,697.00
80,954.00
70,556.00
58,864.00
53,317.00
48,263.00
40,556.00
-
-
-
-
-
-
2,840.22
2,893.23
2,974.48
2,971.02
2,967.97
2,968.30
Appendix C
In Millions of (except for
per share items)
Revenue
Other Revenue, Total
Total Revenue
Cost of Revenue, Total
Gross Profit
Selling/General/Admin.
Expenses, Total
Research & Development
Depreciation/Amortization
Interest Expense(Income) Net Operating
Unusual Expense (Income)
Other Operating Expenses,
Total
Total Operating Expense
Operating Income
12 months
Ending
2007-12-30
61,095.00
61,095.00
17,751.00
43,344.00
12 months
Ending
2006-12-31
53,324.00
53,324.00
15,057.00
38,267.00
12 months
Ending
2006-01-01
50,514.00
50,514.00
14,010.00
36,504.00
12 months
Ending
2005-01-02
47,348.00
47,348.00
13,474.00
33,874.00
12 months
Ending
2003-12-28
41,862.00
41,862.00
12,176.00
29,686.00
12 months
Ending
2002-12-29
36,298.00
36,298.00
10,447.00
25,851.00
20,451.00
17,433.00
17,211.00
16,174.00
14,131.00
12,216.00
7,680.00
-
7,125.00
-
6,462.00
-
5,344.00
-
4,684.00
-
3,957.00
-
-156.00
-766.00
-433.00
-8.00
30.00
-96.00
1,552.00
559.00
362.00
18.00
918.00
189.00
534.00
-671.00
-214.00
15.00
-385.00
294.00
47,812.00
13,283.00
38,737.00
14,587.00
37,398.00
13,116.00
35,017.00
12,331.00
31,554.00
10,308.00
27,007.00
9,291.00
Johnson & Johnson 32
Appendix D
Wednesday, January 02, 2008
Closing Price:
65.91
Open:
66.56