Johnson & Johnson


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SKU: JNJ Category:


Despite the global impact of Covid-19, Johnson & Johnson had another strong year in terms of sales and earnings. While the company’s vaccine may not have lived up to expectations its pharma business managed to perform well. Increased brand marketing expense in the consumer health business was mostly offset by expense leveraging in the pharmaceutical business, resulting in relatively flat selling, marketing, and administrative margins. The management continues to invest at a competitive level in R&D as well as an increased medical device investment. The management also intends to separate their consumer health business from their pharmaceuticals and medical device businesses by 2023. This should help advance more targeted business strategies, accelerate growth, and improve patient and consumer outcomes, resulting in greater shareholder value. Overall, we believe Johnson will gain traction over time, and therefore, we give the company’s stock a ‘Hold’ rating with a revised target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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