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Johnson & Johnson
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== Financials == === Income Statement === {| class="wikitable" |- !'''USDm''' !'''2020''' !'''2021''' !'''2022''' !'''2023E''' !'''2024E''' !'''2025E''' !'''2026E''' !'''2027E''' |- |Assumptions: | | | | | | | | |- |'''Revenue growth''' | - |14% |1% |7.5% |7.5% |7.5% |7.5% |7.5% |- |'''Cost of sales % revenues''' | - |5% |4% |4.5% |4.5% |4.5% |4.5% |4.5% |- |'''Research and Development as % gross profit''' | - |21% | -1% |9.9% |9.9% |9.9% |9.9% |9.9% |- |'''General and administrative expenses % gross profit''' | - |12% |0% |6.2% |6.2% |6.2% |6.2% |6.2% |- |'''Other operating income as % of gross profit''' | - |300% | -13% |143.5% |143.5% |143.5% |143.5% |143.5% |- |'''Pretax Income %''' | - |43% | -9% |17.2% |17.2% |17.2% |17.2% |17.2% |- |'''Taxes % of profit before tax''' | - |6% |99% |52.7% |52.7% |52.7% |52.7% |52.7% |- |'''% basic net earning per share''' | |42% | -14% |14% |14.0% |14.0% |14.0% |14.0% |- |'''% diluted net earning per share''' | |42% | -14% |14% |14% |14% |14% |14% |- |'''% average share outstanding basic''' | |0% |0% |0% |0% |0% |0% |0% |- |'''% average share outstanding diluted''' | |0% |0% |0% |0% |0% |0% |0% |- | | | | | | | | | |- |'''Total Revenue''' | 82,584 | 93,775 | 94,943 | 102,064 | 109,719 | 117,947 | 126,793 | 136,303 |- |'''Cost of Sales''' | (28,427) | (29,855) | (31,089) | (4,593) | (4,937) | (5,308) | (5,706) | (6,134) |- |'''Gross Profit''' | 54,157 | 63,920 | 63,854 | 97,471 | 104,781 | 112,640 | 121,088 | 130,169 |- | | | | | | | | | |- |'''Operating Expenses''' | (34,243) | (39,373) | (39,368) | 124,132 | 133,442 | 143,450 | 154,209 | 165,775 |- |'''Research & Development''' | (12,159) | (14,714) | (14,603) | (9,681) | (10,407) | (11,187) | (12,026) | (12,928) |- |'''Selling, General & Administrative''' | (22,084) | (24,659) | (24,765) | (6,058) | (6,512) | (7,001) | (7,526) | (8,090) |- |'''Other Operating Income (Expenses)''' | (181) | (900) | (783) | 139,871 | 150,361 | 161,638 | 173,761 | 186,793 |- | | | | | | | | | |- |'''Operating Income''' | 19,914 | 24,547 | 24,486 | 221,603 | 238,223 | 256,090 | 275,297 | 295,944 |- |'''Interest Income''' | (111) | (53) | (490) | | | | | |- |'''Interest expense, net of portion capitalised''' | (210) | (183) | (276) | | | | | |- |'''Other Income/Expenses Net''' | (2,899) | (489) | (1,871) | | | | | |- |'''Restructuring''' | (247) | (252) | (321) | | | | | |- | | | | | | | | | |- |'''Pretax Income''' | 16,447 | 23,570 | 21,528 | 25,220 | 29,545 | 34,612 | 40,548 | 47,502 |- |'''Tax Provision''' | (1,783) | (1,898) | (3,784) | (13,291) | (15,570) | (18,241) | (21,369) | (25,034) |- |'''Net Income from Continuing Operations''' | 14,664 | 21,672 | 17,744 | 11,929 | 13,975 | 16,372 | 19,179 | 22,469 |- | | | | | | | | | |- |'''Gross profit margin %''' |65.6% |68.2% |67.3% |95.5% |95.5% |95.5% |95.5% |95.5% |- |'''Operating profit margin %''' |24.1% |26.2% |25.8% |217.1% |217.1% |217.1% |217.1% |217.1% |- |'''Net profit margin %''' |17.8% |23.1% |18.7% |11.7% |12.7% |13.9% |15.1% |16.5% |- | | | | | | | | | |- |'''Net Earning per Share''' | | | | | | | | |- |'''Basic''' | 5.59 | 7.93 | 6.83 | 7.79 | 8.88 | 10.12 | 11.54 | 13.15 |- |'''Diluted''' | 5.51 | 7.81 | 6.73 | 7.67 | 8.75 | 9.97 | 11.37 | 12.96 |- | | | | | | | | | |- |'''Average Shares Outstanding''' | | | | | | | | |- |'''Basic''' | 2,632.80 | 2,632.10 | 2,625.20 | 2,618.35 | 2,626.20 | 2,619.34 | 2,627.20 | 2,620.33 |- |'''Diluted''' | 2,663.90 | 2,674.00 | 2,670.70 | 2,663.73 | 2,656.76 | 2,649.82 | 2,642.90 | 2,635.99 |} === Cash Flow === {| class="wikitable" |- !'''USDm''' !2020 !2021 !2022 !2023E !2024E !2025E !2026E !2027E |- |'''Assumptions''' | | | | | | | | |- |'''D&A as % of prior year long term assets''' | - |2% | -6% | -1.7% | -1.7% | -1.7% | -1.7% | -1.7% |- |'''Stock based compensation % growth''' | - |7% |75% |41.0% |41.0% |41.0% |41.0% |41.0% |- |'''Common stock repurchased % growth''' | - | -7% |28% |10.5% |10.5% |10.5% |10.5% |10.5% |- |'''Dividend payout ratio''' | - |5% |6% |5.6% |5.6% |5.6% |5.6% |5.6% |- | | | | | | | | | |- | | | | | | | | | |- |'''Cash Flows from operating activities''' | | | | | | | | |- | '''Net Income from Continuing Operations''' | 14,714 | 20,878 | 17,941 | 11,929 | 13,975 | 16,372 | 19,179 | 22,469 |- | '''Depreciation & Amortization''' | 7,231 | 7,390 | 6,970 | (2,298) | (2,398) | (2,505) | (2,621) | (2,746) |- | '''Asset write-downs''' | 233 | 989 | 1,216 | 813 | 813 | 958 | 950 | 883 |- | '''Stock based compensation''' | 1,005 | 1,135 | 1,138 | 1,605 | 2,262 | 3,190 | 4,498 | 6,342 |- | '''Provision & Write off of Assets''' | 63 | (48) | (17) | - | - | - | - | - |- | '''Operating Gains Losses''' | (111) | (617) | (380) | (1,837) | (833) | (952) | (1,083) | (1,226) |- | '''Deferred Tax provision''' | (1,141) | (2,079) | (1,663) | | | | | |- | '''Other non-cash items''' | (1,148) | - | - | | | | | |- | '''Change in working capital''' | 2,690 | (4,238) | (4,011) | | | | | |- | '''Operating Cash Flow''' | 23,536 | 23,410 | 21,194 | 10,211 | 13,819 | 17,062 | 20,923 | 25,722 |- | | | | | | | | | |- | '''Cash Flows from investing activities''' | | | | | | | | |- | '''Investments in property, plant and equipment''' | (3,347) | (3,652) | (4,009) | 535 | 549 | 564 | 579 | 595 |- | '''Business Acquisitions, net''' | (7,323) | (60) | (17,652) | (2,620) | - | - | - | - |- | '''Purchases of investments''' | (8,952) | (5,388) | 9,225 | (2,565) | (2,917) | (3,316) | (3,771) | (4,287) |- | '''Other investing activities''' | (1,203) | 417 | 65 | | | | | |- | '''Investing Cash Flow''' | (20,825) | (8,683) | (12,371) | (4,650) | (2,368) | (2,752) | (3,192) | (3,692) |- | '''Other investing activities''' | - | (11) | 1 | - | - | - | - | - |- | '''Cash Flows from financing activities''' | | | | | | | | |- | '''Debt repayment (increase in debt)''' | 7,095 | (990) | 7,452 | (6,000) | (5,307) | (4,829) | (4,395) | (3,999) |- | '''Common stock issued''' | (3,221) | (3,456) | (6,035) | (8,509) | (11,998) | (16,917) | (23,854) | (33,634) |- | '''Common stock repurchased''' | 1,114 | 1,036 | 1,329 | 1,469 | 1,623 | 1,793 | 1,981 | 2,189 |- | '''Dividends paid''' | (10,481) | (11,032) | (11,682) | (667) | (782) | (916) | (1,073) | (1,257) |- | '''Other financing activities''' | (627) | 395 | 65 | - | - | - | - | - |- | '''Financing Cash Flow''' | (6,120) | (14,047) | (8,871) | (13,708) | (16,464) | (20,870) | (27,340) | (36,701) |- | | | | | | | | | |- | '''Cash''' | | | | | | | | |- | '''Net change in cash''' | 17,238 | 9,304 | 7,329 | (12,798) | (7,381) | (9,313) | (12,800) | (18,363) |- | '''Cash at beginning of period''' | - | 17,238 | 26,542 | 33,871 | 21,073 | 13,692 | 4,380 | (8,420) |- | '''Cash at end of period''' | 17,238 | 26,542 | 33,871 | 21,073 | 13,692 | 4,380 | (8,420) | (26,783) |} === Balance Sheet === {| class="wikitable" |- !'''USDm''' !2020 !2021 !2022 !2023E !2024E !2025E !2026E !2027E |- |'''Cash and Short Term Investments''' | -0.5% |25.0% | -26% | -0.3% | | | | |- |'''Accounts Receivable % Revenues''' | - |13% |26% |19.3% |19.3% |19.3% |19.3% |19.3% |- |'''Inventory % Revenue''' | - |11% |20% |15.6% |15.6% |15.6% |15.6% |15.6% |- |'''Other Current Assets''' | - |18.0% | - |18.0% |18.0% |18.0% |18.0% |18.0% |- |'''Net Property, Plant & Equipment (PPE)''' | - |1% |4% |2.7% |2.7% |2.7% |2.7% |2.7% |- |'''Other Non-Current Assets''' | - |35% | -8% |13.7% |13.7% |13.7% |13.7% |13.7% |- |'''Goodwill''' | - | -9% |15% |2.8% |2.8% |2.8% |2.8% |2.8% |- |'''Accounts Payable % COGS''' | - |4% |5% |4.4% |4.4% |4.4% |4.4% |4.4% |- |'''Other Current Liabilities''' | - |3% | -7% | -2.1% | -2.1% | -2.1% | -2.1% | -2.1% |- |'''Short term debt % LT debt''' | - |43% |239% |141.0% |141.0% |141.0% |141.0% |141.0% |- |'''Long Term Debt''' | - | -8% | -10% | -9.0% | -9.0% | -9.0% | -9.0% | -9.0% |- |'''Other Non-Current Liabilities''' | - | -10% | -15% | -12.5% | -12.5% | -12.5% | -12.5% | -12.5% |- | | | | | | | | | |- |'''Cash and Short Term Investments''' | 25,186 | 31,608 | 23,519 | 23,401 | 23,284 | 23,168 | 23,052 | 22,937 |- |'''Accounts Receivable''' | 13,576 | 15,283 | 19,292 | 19,647 | 21,121 | 22,705 | 24,408 | 26,238 |- |'''Inventory''' | 9,344 | 10,387 | 12,483 | 15,871 | 17,061 | 18,341 | 19,716 | 21,195 |- |'''Other Current Assets''' | 3,132 | 3,701 | - | - | - | - | - | - |- |'''Total Current Assets''' | 51,238 | 60,979 | 55,294 | 58,920 | 61,466 | 64,214 | 67,176 | 70,370 |- |'''Net Property, Plant & Equipment (PPE)''' | 18,766 | 18,962 | 19,803 | 20,338 | 20,887 | 21,451 | 22,030 | 22,625 |- |'''Other Non-Current Assets''' | 15,097 | 20,439 | 18,725 | 21,290 | 24,207 | 27,523 | 31,294 | 35,581 |- |'''Goodwill''' | 89,795 | 81,638 | 93,556 | 96,176 | 98,868 | 101,637 | 104,483 | 107,408 |- |'''Total Non-Current Assets''' | 123,658 | 121,039 | 132,084 | 137,804 | 143,962 | 150,611 | 157,807 | 165,614 |- |'''Total Assets''' | 174,896 | 182,018 | 187,378 | 196,723 | 205,429 | 214,825 | 224,983 | 235,985 |- | | | | | | | | | |- |'''Accounts Payable''' | 36,378 | 37,874 | 39,703 | 41,609 | 43,440 | 45,351 | 47,346 | 49,430 |- |'''Other Current Liabilities''' | 3,484 | 3,586 | 3,328 | 3,260 | 3,193 | 3,127 | 3,063 | 3,001 |- |'''Short term debt''' | 2,631 | 3,766 | 12,771 | 34,500 | 31,395 | 28,569 | 25,998 | 23,658 |- |'''Total Current Liabilities''' | 42,493 | 45,226 | 55,802 | 79,369 | 78,027 | 77,048 | 76,408 | 76,088 |- |'''Long Term Debt''' | 32,635 | 29,985 | 26,888 | 24,468 | 22,266 | 20,262 | 18,438 | 16,779 |- |'''Other Non-Current Liabilities''' | 36,488 | 32,784 | 27,884 | 24,399 | 21,349 | 18,680 | 16,345 | 14,302 |- |'''Total Non-Current Liabilities''' | 69,123 | 62,769 | 54,772 | 48,867 | 43,615 | 38,942 | 34,784 | 31,081 |- |'''Total Liabilities''' | 111,616 | 107,995 | 110,574 | 128,235 | 121,642 | 115,990 | 111,191 | 107,169 |- | | | | | | | | | |- |'''Common Stock Equity''' | 63,278 | 74,023 | 76,804 | 68,488 | 83,787 | 98,835 | 113,792 | 128,815 |- |'''Noncontrolling interests in subsidiaries''' | - | - | - | | | | | |- |'''Equity + Liabilities''' | 174,896 | 182,018 | 187,378 | 196,723 | 205,429 | 214,825 | 224,983 | 235,985 |}
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