Johnson and Johnson 2014 Annual Report Download - page 81

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Operational Sales Growth by Segment Excluding Acquisitions
and Divestitures
2014 vs. 2013
Consumer Pharmaceutical Medical Devices Total
Operational%(1)
WW As Reported: 1.0% 16.5% (1.6)% 6.1%
Women's Health
Sanitary Protection 1.4 0.3
Women's Health
K-Y®0.3 0.1
Diagnostics
Ortho-Clinical Diagnostics 3.2 1.4
All Other Acquisitions and Divestitures 0.1 0.1 0.1
WW Ops excluding Acquisitions and Divestitures 2.8% 16.6% 1.6% 8.0%
(1) Operational growth excludes the impact of currency translation
“Operational sales growth excluding the net impact of acquisitions and divestitures” is a non-GAAP financial measure.
Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to,
measures of financial performance prepared in accordance with GAAP. Due to the variable nature of acquisitions and
divestitures and the impact they may have on the analysis of underlying business performance and trends, management
believes that providing this measure enhances an investor’s understanding of the Company’s performance and may assist
in the evaluation of ongoing business operations period over period. This non-GAAP financial measure is presented to
permit investors to more fully understand how management assesses the performance of the Company, including for
internal evaluation of the performance of the Company’s businesses and planning and forecasting for future periods. The
use of this non-GAAP financial measure as a performance measure is limited in that it provides a view of the Company’s
results of operations without including all events during a period and may not provide a comparable view of the Company’s
performance to that of other companies in the health care industry.
Johnson & Johnson 2014 Annual Report •71