Johnson & Johnson (J&J or JnJ) was founded in New Brunswick, New Jersey, in 1887 as the first commercial manufacturer of sterile surgical dressings. Today the company is the largest health care product company in the world and manufacturer of many of the world's best-known consumer health products.
Three Johnson brothers, Robert Wood, James Wood and Edward Mead, all contributed to the growth of Johnson & Johnson, but Robert Wood, a former apothecary apprentice, is credited with founding and running the company until his death in 1910.
J&J introduced numerous health innovations: baby powder, sanitary napkins for women, dental floss, First Aid kits, Band-Aids, aspirin-free pain reliever, disposable contact lenses, and hip and knee replacement implants.
Today, J&J is a holding company with more than 250 companies operating in about 57 countries. J&J is structured around three business segments -- Consumer, Pharmaceutical and Medical Devices and Diagnostics.
At A Glance:
Revenues: $62 billion
Profits: $12 billion
Workforce: 114,000 worldwide
Headquarters: New Brunswick, New Jersey
Chairman of the Board and Chief Executive Officer -- William Weldon
Vice President,Finance and Chief Financial Officer -- Dominic Caruso
Vice President, Human Resources and General Counsel -- Russell Deyo
Worldwide Chairman, Consumer Group -- Colleen Goggins
Worldwide Chairman, Medical Devices and Diagnostics Group -- Alex Gorsky
Worldwide Chairman, Pharmaceuticals Group -- Sherilyn McCoy
The company is listed on the New York Stock Exchange as JNJ.
J&J’s pharmaceutical division focuses on five therapeutic areas -- cardiovascular and metabolic disease, immunology, infectious diseases, neurology and oncology. An investment of $4.6 billion on research and development in 2009 yielded numerous new therapies. Some of the newer drugs that are offsetting losses from older drugs going off-patent include Intelence for HIV, Simponi and Remicade for arthritis, Velcade for cancer and Stelera for plaque psoriasis.
The company’s over-the-counter medicines came under close regulatory scrutiny in 2010 after reports of contamination. J&J’s McNeil Consumer Healthcare division voluntarily recalled pediatric and adult versions of Tylenol, Benadryl, Motrin, Zyrtec and Rolaids.
The company was twice called to appear before a Congressional oversight committee to answer concerns about quality control.
The recalls hurt J&J’s financial results. Sales in the consumer health division declined 25.5 percent in the 3rd quarter of 2010.
Acquisitions and Collaborations:
J&J’s growth strategy since the 1980s has focused on growth and acquisitions.
Johnson & Johnson acquired Elan Corp.’s Alzheimer's immunotherapy program in September 2010. Elan is a biotechnology company based in Dublin, Ireland.
A shareholder in vaccine manufacturer Crucell since 2009, Johnson & Johnson announced plans to complete the purchase of The Netherlands-based company in December 2010. Crucell supplies vaccines to UNICEF and several developing nations.