ジョンソンエンドジョンソン（JNJ）2017Q4決算一時的な費用を計上

企業概要

ジョンソン・エンド・ジョンソン（Johnson & Johnson）は製薬、医療機器、へルスケア関連製品を取り扱う多国籍企業です。

保湿ローション、シャンプー、綿棒、コンタクトレンズ、ベビーパウダーなど、普段この会社の製品を使っている方も多いのではないでしょうか。業績が安定していて、ヘルスケアセクターでは投資対象として一番に名前が上がる企業だと思います。

サマリー

・発表日 2018/1/23 プレマーケット
・売上 $20.2B +11.5% コンセンサス予想より+$130M
・non-GAAP EPS $1.74 +10.1% コンセンサス予想より+$0.02
・GAAP EPS -$3.99
・GAAP net income -$10.71B
・2018FYの予想売上は$80.6〜81.4B
・2018FYの予想EPSは$8.00〜8.20
・決算発表後の株価終値で-4.26%
・2018FYコンセンサス予想PER 141.83/7.86=18.04
・2019FYコンセンサス予想PER 141.83/8.50=16.68
・http://www.investor.jnj.com/sales-earnings.cfm

売上・EPSとも予想をクリアしました。

税制改革に関わる費用として$13.6Bを計上しています。

Net loss and diluted loss per share for the fourth quarter of 2017 were $10.7 billion and $3.99, respectively. Fourth-quarter 2017 net loss included after-tax intangible amortization expense of approximately $0.9 billion and a net charge for after-tax special items of approximately $14.6 billion. Included in these special items is a provisional amount of approximately $13.6 billion associated with the recent enactment of tax legislation.

http://www.investor.jnj.com/releasedetail.cfm?ReleaseID=1054959

PharmaceuticalセグメントではDARZALEX（多発性骨髄腫治療薬）が好調です。しかし、REMICADE（関節リウマチ等治療薬）は価格下落のため不調となっています。

Moving now to our Pharmaceutical segment. Worldwide sales of $9.7 billion grew 15.5% excluding the net impact of acquisitions and divestitures, adjusted sales growth was 7.6% worldwide, an acceleration of growth over the third quarter of 2017. The therapeutic area with the strongest growth was in oncology at 36%. In Oncology, DARZALEX grew 82% versus the fourth quarter of 2016 and surpassed $1 billion in sales for the year.

...

REMICADE in the U.S. declined more than 8%, as we continued to compete in the phase of biosimilar entries. While this is more of a decline than the modest levels of erosion we experienced during the first three quarters of 2017, demand was relatively stable and the erosion was primarily driven by negative price. REMICADE U.S. export and international businesses declined as erosion from biosimilar competition persists in key markets.

Johnson & Johnson's (JNJ) CEO Alex Gorsky on Q4 2017 Results - Earnings Call Transcript | Seeking Alpha

CAR-T（キメラ抗原受容体T細胞）療法については、中国のLegend Biotechと協業しています。そろそろがん治療のブレークスルーが生まれるといいですね。

We understand that ideas come from everywhere and the collaboration is a critical step in unlocking new treatments for patients and solutions for our consumers and customers. A great example of this is our collaboration with Legend Biotech, a company in China that we are partnering with to develop a truly breakthrough investigational CAR T anti-cancer therapy for multiple myeloma, which remains an incurable disease for many patients.

Johnson & Johnson's (JNJ) CEO Alex Gorsky on Q4 2017 Results - Earnings Call Transcript | Seeking Alpha