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Johnson & Johnson (JNJ)


Common-Size Income Statement

Difficulty: Beginner

Johnson & Johnson, Common-Size Consolidated Income Statement

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12 months ended Dec 30, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 28, 2014
Sales to customers 100.00 100.00 100.00 100.00 100.00
Cost of products sold -33.21 -33.16 -30.16 -30.73 -30.60
Gross profit 66.79% 66.84% 69.84% 69.27% 69.40%
Selling, marketing and administrative expenses -27.63 -28.02 -27.74 -30.26 -29.54
Research and development expense -13.21 -13.81 -12.65 -12.91 -11.43
In-process research and development -1.38 -0.53 -0.04 -0.32 -0.24
Restructuring -0.31 -0.40 -0.68 -0.73 0.00
Operating earnings 24.27% 24.07% 28.72% 25.05% 28.20%
Interest income 0.75 0.50 0.51 0.18 0.09
Interest expense, net of portion capitalized -1.23 -1.22 -1.01 -0.79 -0.72
Other income (expense), net -1.72 -0.24 -0.67 2.95 0.09
Earnings before provision for taxes on income 22.06% 23.12% 27.55% 27.39% 27.66%
Provision for taxes on income -3.31 -21.42 -4.54 -5.40 -5.70
Net earnings 18.75% 1.70% 23.01% 21.99% 21.96%

Based on: 10-K (filing date: 2019-02-20), 10-K (filing date: 2018-02-21), 10-K (filing date: 2017-02-27), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-24).

Item Description The company
Operating earnings The net result for the period of deducting operating expenses from operating revenues. Johnson & Johnson’s operating earnings as a percentage of sales to customers declined from 2016 to 2017 but then slightly increased from 2017 to 2018.
Earnings before provision for taxes on income Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Johnson & Johnson’s earnings before provision for taxes on income as a percentage of sales to customers declined from 2016 to 2017 and from 2017 to 2018.
Net earnings The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Johnson & Johnson’s net earnings as a percentage of sales to customers declined from 2016 to 2017 but then increased from 2017 to 2018 not reaching 2016 level.