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Johnson & Johnson (JNJ)


Common-Size Income Statement

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Johnson & Johnson, common-size consolidated income statement

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12 months ended Dec 29, 2019 Dec 30, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Sales to customers 100.00 100.00 100.00 100.00 100.00
Cost of products sold -33.58 -33.21 -33.16 -30.16 -30.73
Gross profit 66.42% 66.79% 66.84% 69.84% 69.27%
Selling, marketing and administrative expenses -27.03 -27.63 -28.02 -27.74 -30.26
Research and development expense -13.84 -13.21 -13.81 -12.65 -12.91
In-process research and development -1.08 -1.38 -0.53 -0.04 -0.32
Restructuring -0.32 -0.31 -0.40 -0.68 -0.73
Operating earnings 24.15% 24.27% 24.07% 28.72% 25.05%
Interest income 0.44 0.75 0.50 0.51 0.18
Interest expense, net of portion capitalized -0.39 -1.23 -1.22 -1.01 -0.79
Other income (expense), net -3.08 -1.72 -0.24 -0.67 2.95
Earnings before provision for taxes on income 21.12% 22.06% 23.12% 27.55% 27.39%
Provision for taxes on income -2.69 -3.31 -21.42 -4.54 -5.40
Net earnings 18.42% 18.75% 1.70% 23.01% 21.99%

Based on: 10-K (filing date: 2020-02-18), 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).

Income statement 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 increased from 2017 to 2018 but then slightly decreased from 2018 to 2019 not reaching 2017 level.
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 decreased from 2017 to 2018 and from 2018 to 2019.
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 increased from 2017 to 2018 but then slightly decreased from 2018 to 2019.