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Johnson & Johnson (NYSE:JNJ) Q3 2018 After-effects Balance Appointment Alarm October 16, 2018 8:30 AM ET

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Executives

Chris DelOrefice – VP, IR

Joe Wolk – EVP and CFO

Jorge Mesquita – EVP and Common Chairman, Consumer

Jennifer Taubert – EVP and Common Chairman, Pharmaceuticals

Ashley McEvoy – EVP and Common Chairman, Medical Devices

Analysts

David Lewis – Morgan Stanley

Larry Biegelsen – Wells Fargo

Jami Rubin – Goldman Sachs

Chris Schott – JP Morgan

Glenn Novarro – RBC Capital Markets

Joanne Wuensch – BMO Capital Markets

Danielle Antalffy – Leerink Partners

Jason Bedford – Raymond James

Amit Hazan – Citi

Vamil Divan – Credit Suisse

Bob Hopkins – Bank of America

Geoff Meacham – Barclays

Operator

Good morning and acceptable to Johnson & Johnson’s Third Analysis 2018 Balance Appointment Call. All participants will be in listen-only admission until the question-and-answer affair of the conference. This alarm is actuality recorded. If anyone has any objections, you may abstract at this time. [Operator Instructions]

I would now like to about-face the appointment alarm over to Johnson & Johnson. You may begin.

Chris DelOrefice

Hello. This is Chris DelOrefice, Vice President of Broker Relations, and it is my amusement to acceptable you to the broker appointment alarm to analysis Johnson & Johnson’s business after-effects for the third analysis of 2018.

I am admiring to be aing for a altercation today by Joe Wolk, Executive Vice President and Chief Banking Officer, who will accommodate annotation on the quarter’s banking achievement forth with an amend on our advice for 2018. Additionally, I’m admiring to be aing by the leaders of our business segments who will participate in our Q&A session. Aing me today in New Brunswick are Jorge Mesquita, Executive Vice President and Common Chairman, Consumer; Jennifer Taubert, Executive Vice President and Common Chairman, Pharmaceuticals; we additionally via phone, Ashley McEvoy, Executive Vice President and Common Chairman, Medical Devices. Acknowledge you for your absorption in Johnson & Johnson and aing us on today’s call.

Our able third analysis after-effects included areas of backbone beyond all segments of our business. Consumer’s operational advance accelerated beyond all franchises and all aloft regions in our portfolio and additionally benefitted from the relaunch of our iconic Johnson’s Babyish cast in the U.S.

Our Pharmaceutical business accustomed strong, above-market growth, fueled by assorted avant-garde products. We abide to auspiciously cross all-embracing bazaar dynamics and are assured in our accurate business archetypal to accredit us to bear acceptable growth.

Medical Accessories continues to enhance market-leading positions in abounding key platforms and delivered bigger achievement beyond added platforms than above-mentioned abode to bear on our ambition of above-market achievement in 2020. Specifically, adapted for acquisitions and divestitures, we saw accession analysis of bigger advance in hospital Medical Accessories with about a abounding point advance adjoin the added analysis of 2018. As in enterprise, we abide to beat near-term banking expectations, while managing the business for the connected appellation to anniversary patients, barter and shareholders.

A few acumen afore we get into the details. This analysis is actuality fabricated attainable via webcast, attainable through the Broker Relations beyond of the Johnson & Johnson website at investor.jnj.com. There, you can additionally accretion added abstracts including today’s presentation and associated schedules.

Please agenda that this mornings’ presentation includes avant-garde statements. We animate you to analysis this cautionary anniversary apropos annotation included in today’s discussion, as able-bodied as the Company’s Form 10-K which identifies assertive factors that could anniversary the Company’s absolute after-effects to alter materially from those projected.

Our SEC filings, including our 2017 Form 10-K, forth with reconciliations of non-GAAP banking measures activated for today’s altercation to the best commensurable GAAP admeasurement are all attainable at investor.jnj.com.

A cardinal of the articles and compounds discussed today are actuality developed in accord with cardinal ally or accountant from added companies. This advance acknowledges those relationships. We avant-garde today’s webcast to aftermost about 75 minutes.

Now, I’m admiring to allotment our after-effects for the quarter.

Worldwide sales were $20.3 billion for the third analysis of 2018, a 3.6% admission adjoin the third analysis of 2017. On an operational basis, sales were up 5.5% as bill had a abrogating appulse of 1.9%. In the U.S., sales were up 3.6%. In regions alfresco the U.S., our operational advance was 7.5% with the aftereffect of bill barter ante abbreviation our appear OUS after-effects by 4 points. Excluding the net appulse of acquisitions and divestitures, operational sales advance was 6.1% worldwide, 3.9% in the U.S. and 8.5% alfresco the U.S. I will accommodate the aforementioned advertence for anniversary segment.

With anniversary to balance for the quarter, net balance were $3.9 billion and adulterated balance per allotment were $1.44 adjoin $1.37 a year ago. Excluding acquittal amount and adapted items for both periods, adapted net balance for the analysis were $5.6 billion and adapted adulterated balance per allotment were $2.05, apery increases of 7.3% and 7.9% appropriately compared to the aforementioned aeon in 2017. On an operational basis, adapted adulterated balance per allotment grew 9.5%. Joe will altercate balance added in his remarks.

Beginning with Consumer, I’ll now animadversion on anniversary sales achievement by business segment, highlighting items to body aloft the slides that will be presented. Unless contrarily stated, percentages advertence represent operational sales change in allegory to the third analysis of 2017, or in added words, after-effects that exclude the appulse of bill translation.

Worldwide Customer sales totaled $3.4 billion, growing 4.9%. Excluding the net appulse of acquisitions and divestitures, mainly the denial of the Compeed business in the Anguish Care/Other authorization alfresco the U.S., absolute adapted operational sales advance was 6.1% worldwide. Achievement in the analysis was absolutely impacted by the restocking of retail anniversary to abutment the relaunch of our Johnson’s Babyish portfolio in the U.S. that we accent aftermost quarter. Excluding this impact, our adapted operational advance was about 5.4%, apery above-market advance for our Customer articulation this quarter.

Beauty led the Customer articulation achievement growing 6.5% or aloof aloft 8% aback adjusting for divestitures, primarily Nizoral. The U.S. accomplished able class burning and advance including connected able achievement in e-commerce. The NEUTROGENA cast delivered able results, primarily absorption advance in facial moisturizing and allotment assets in sun protection. Additionally, the OGX and Maui Moisture brands delivered able performance, growing allotment globally.

Results alfresco the U.S. were additionally apprenticed by the Asia Pacific arena beyond Dr.Ci:Labo and NEUTROGENA brands had able uptake. OTC additionally delivered able results, growing 6.8%, or hardly aloft 6% adjusting for acquisitions and divestitures, mainly our contempo accretion of Zarbee’s. In the U.S., we grew all-embracing class bazaar allotment by 0.6 credibility adjoin above-mentioned year with able burning beyond abounding key categories such as aerial respiratory, including ZYRTEC for abhorrence relief, IMODIUM for digestive health, and TYLENOL, and MOTRIN in analgesics. We additionally bear able advance alfresco of the U.S. beyond our portfolio, led by achievement in antismoking aids, apprenticed by new artefact innovation.

As avant-garde referenced, we auspiciously relaunched our Johnson’s Babyish artefact band and accomplished advance of 4.3% this quarter. Excluding the anniversary of the retail anniversary restocking, the business was about collapsed adjoin above-mentioned year. While it is early, we’re aflame about the advance of the relaunch as we accomplished able burning in the ages of September.

Moving on to our Pharmaceutical segment. Common Pharmaceutical sales of $10.3 billion grew 8.2% with double-digit advance in nine key products, connected in connected above-market performance. The articulation was led by achievement of the oncology portfolio, growing about 39% globally.

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DARZALEX connected its able performance, growing globally by about 60%. In the U.S., bazaar advance and able barrage uptake of the one above-mentioned band adumbration is connected in allotment gains. Alfresco the U.S., DARZALEX is experiencing added assimilation and allotment assets in the 31 EMEA countries beyond it is commercially attainable as able-bodied as in Latin America and the Asia Pacific arena beyond it acquired approval backward aftermost year. This able broad-based aggregate advance was partially anniversary by a onetime acclimation alfresco the U.S. accompanying to accruals for attendant agreement matters, which abnormally impacted common DARZALEX advance by 16 points.

IMBRUVICA grew about 40% globally with advance in the U.S. of 45%. Based on added analysis data, IMBRUVICA acquired about 3 credibility of bazaar allotment adjoin above-mentioned year, beyond all curve of therapy, abundantly apprenticed by allotment in band one Abiding Lymphocytic Leukemia or CLL. The CLL band one bazaar is estimated to accept developed about 14% in the aforementioned period.

ZYTIGA grew about 45% due to connected able bazaar advance and allotment gains, primarily from the broadcast adumbration in metastatic high-risk castration acute prostate cancer, based on the LATITUDE analytic trial. In non-metastatic castration aggressive prostate cancer, we abide to be admiring with the barrage advance of ERLEADA with the assimilation of prescribers breach analogously amid neurology and oncology practices.

In immunology, we delivered all-around sales advance of 5%, apprenticed by connected able achievement in STELARA of 17% and SIMPONI/SIMPONI ARIA of about 15% anniversary by connected abrasion of REMICADE of 15% due to antagonism from biosimilars.

REMICADE has maintained about 93% of the infliximab aggregate share. We abide absolute admiring with the uptake of STELARA in Crohn’s ache beyond bazaar allotment has added about 7 credibility compared to the third analysis of 2017. Lastly, sales of our anew launched analysis for psoriasis, TREMFYA totaled $171 actor globally. TREMFYA is experiencing able appeal with over 25,000 patients on analysis and accomplished a 5.8% allotment of the crawling bazaar in the U.S.

In neuroscience, our paliperidone palmitate, long-acting, injectable portfolio delivered able all-around advance of about 18%, apprenticed by new accommodating starts and persistency. We did acquaintance abrogating advance in our cardiovascular metaism and added artefact portfolio, primarily apprenticed by declines in INVOKANA. Additionally, XARELTO beneath by 3.6% with connected allotment advance actuality anniversary by added rebates including about 6 credibility of a abrogating appulse from above-mentioned analysis adjustments. Excluding these adjustments, XARELTO’s basal advance would accept been about 2.5%.

Subsequent to the quarter, the U.S. FDA accustomed XARELTO for a new 2.5 milligram vascular dose, authoritative XARELTO the aboriginal and abandoned Factor Xa inhibitor to abate the accident of aloft cardiovascular contest such as CV death, myocardial infarction or achievement in bodies with abiding coronary or borderline avenue disease. This adumbration decidedly increases XARELTO’s treatable accommodating citizenry by about 13 actor patients in the U.S.

In pulmonary hypertension, we accomplished able advance in both OPSUMIT and UPTRAVI. OPSUMIT grew globally about 21% with agnate growth, both central and alfresco the U.S., and UPTRAVI grew 38% globally, both apprenticed by added bazaar assimilation and added share. As accepted TRACLEER is crumbling as generics entered the European bazaar during the added bisected of aftermost year.

I’ll now about-face your absorption to the Medical Accessories segment. Common Medical Accessories sales were $6.6 billion, growing 1.7%. Excluding the net appulse of acquisitions and divestitures, primarily the denial of Codman Neuroscience, adapted operational sales advance was 2.9% worldwide. This advance represents an dispatch adjoin the aboriginal bisected of 2018.

We abide to strengthen our bazaar arch positions in our electrophysiology and eyes businesses while additionally convalescent achievement in aback and keens and our orthopedics portfolio. Advance is partially anniversary by declines in our diabetes affliction business.

Subsequent to the quarter, we appear the achievement of the denial of our LifeScan business, which is connected with our admission to cardinal portfolio optimization.

Interventional Solutions grew 19.4% globally with connected backbone in our electrophysiology business, which grew added than 23% worldwide, fueled by our bazaar administering position in the amplitude from newer artefact offerings in ablation and avant-garde catheters, accidental to atrial fibrillation procedural bazaar growth. This represents the accomplished advance that we accomplished in any analysis over the aftermost nine added years of double-digit growth. Additionally, we accomplished able double-digit advance in our Cerenovus business, fueled by new artefact innovation, including the barrage of EMBOTRAP for the analysis of ischemic stroke.

Moving to our eyes business. The acquaintance lens business connected to abound aloft bazaar at 6.2% common on the backbone of the amaurosis and circadian disposable lenses in the OASYS family. In Eyes Surgical, common advance of 4.1% was apprenticed by all-embracing intraocular lens advance in cataracts.

In orthopedics, excluding the appulse of acquisitions and divestitures, primarily the divestitures of Codman Neuroscience and Prodisc in spine, achievement was collapsed to third analysis 2017. In hips, we grew bazaar share, leveraging our administering position in the antecedent approach, and abide to see able appeal for the primary axis ACTIS.

Trauma was collapsed due to the lower bazaar advance forth with connected appraisement burden in the U.S. market. As the bright bazaar baton in this segment, we abide to see able acceptance of newer accession such as our TFNA Femoral Nail.

Performance bigger in both aback and knees, although we are committed to accomplishing better. Aback achievement bigger for the third beeline quarter, apprenticed by new articles such as the Concorde Lift Expandable Interbody implant and the Viper Prime arrangement for minimally invasive surgery.

Our achievement in knees accelerated to about 1% advance due to the connected able uptake of ATTUNE afterlight arrangement and aided by the onetime appulse of amount legislation in India in 2017.

Pricing burden connected to appulse all categories in orthopedics. For the quarter, U.S. authentic amount was abrogating beyond all platforms by about abrogating 6% in spine, abrogating 3.5% in hips, abrogating 2.5% in knees and abrogating 2% in trauma.

We were absolute admiring with the after-effects for the anaplasty group. The avant-garde anaplasty achievement with strong, led by double-digit advance alfresco the U.S. On a common basis, endocutters grew 10% and action grew 4.5% as new articles are experiencing able demand, abnormally alfresco the U.S. Biosurgery grew over 9%, apprenticed by able demand, fueled by new accession such as SURGICEL powder. In accepted surgery, anguish cease grew 3.5% with advance in all regions as acid and added sutures are experiencing able adoption.

Selling canicule had a negligible appulse on Medical Accessories in Q3. And as avant-garde communicated, we don’t apprehend a absolute appulse globally for the of this year, but there could be some variances by region.

As a final animadversion apropos the U.S. hospital setting, let me accommodate appliance trends. For the added analysis of 2018, we saw an admission in hospital admissions of about 1.5%, surgical procedures were up about 1% and lab procedures were up about 2%. Our basic estimates for the third analysis announce a bashful abatement in hospital admissions advance to 1% with surgical procedures and lab procedures advance connected with the added analysis at about 1% and 2%, respectively.

That concludes the sales highlights for Johnson & Johnson’s 2018 third quarter. For your reference, this advance summarizes notable developments that occurred in the third quarter, some of which were mentioned in my comments.

It is now my amusement to about-face the alarm over to Joe Wolk, who will accommodate added insights on Johnson & Johnson’s anniversary banking results.

Joe Wolk

Thank you, Chris. It is abundant to accept you in the Broker Relations role. Acceptable morning, everyone.

As Chris mentioned, we are absolute admiring with our able third analysis results, a artefact of the accomplishment and the contributions fabricated by our Johnson & Johnson colleagues about the world. Our achievement reflects the advance we’re authoritative adjoin the able-bodied strategies and affairs that we accept put in abode beyond all three segments and that we’ve been administering with you throughout 2018.

I’d additionally like to acceptable Ashley, Jorge and Jennifer to today’s call. These are performance-based leaders who actualize our credo-based culture. We all attending avant-garde to answering your questions about our business afterwards in the call.

Since Chris already provided abounding capacity on sales, I’ll accommodate abandoned a abrupt few comments on acquirement afore absorption the altercation on cash, the assets anniversary and advice for the of 2018.

In Consumer, we’re absolute encouraged by the third analysis results, which are connected with our plan to bear above-market achievement in the year that we aggregate at Analyst Day. Over-the-counter medicines and adorableness connected to thrive, and we are absolute admiring with the aboriginal absolute acknowledgment accompanying to our Johnson’s Babyish relaunch. We launched in the United States, China and India during the quarter, and we plan to abide the abounding all-around rollout into 2019.

Our Medical Accessories achievement is additionally connected with our Analyst Day plans. The third analysis reflected accelerated backbone in already able franchises such as electrophysiology, biosurgery and endocutters, and advance in areas that underperformed in contempo quarters, best conspicuously aback and knees. The third analysis is a absolute footfall adjoin our ambition of abiding to above-market achievement by 2020.

In Pharmaceuticals, we abide to be an industry baton beyond abounding achievement measures, including sales growth, R&D abundance and bartering capabilities. While we’ll face tougher comparisons in the Pharmaceuticals articulation through the of this year as able-bodied as biosimilar and all-encompassing competition, we are assured in the backbone of our business. Our growth, as in above-mentioned quarters, is the aftereffect of our admission to accession and carrying transformational products. Our advance continues to be apprenticed by aggregate rather than price.

Being broadly based in healthcare allows us to abide to seek opportunities and we can abnormally drive amount through our cross-segment accord and alien partnering. One archetype is in the managed affliction ambience beyond we are accumulation our accommodating and provider insights, our behavioral science ability and our animal centered architecture methods to accredit a bloom allowance chump and a retail chump to collectively bear a bigger acquaintance for a antecedence accommodating population. This affectionate of accord is apocalyptic of how we alive into our assumption and our allegation to ensure that acceptable bloom is aural ability for anybody everywhere. We will abide to use our ample abject to accommodate new solutions in healthcare and accommodated the needs of patients and consumers, globally.

Starting with cash, I will now highlight added key banking action for this quarter. At the end of the quarter, we had about $12 billion of net debt which consists of about $19 billion of banknote and bankable balance and about $31 billion of debt.

Regarding our circumscribed anniversary of balance for the third analysis of 2018, amuse absolute your absorption to the box beyond of the schedule. As referenced in the table of non-GAAP measures, the 2018 third analysis net balance are adapted to exclude abstract asset acquittal amount and adapted items of $1.7 billion on an afterwards tax basis, apprenticed by abstract acquittal of $1 billion and an in-process R&D allegation of $900 million, which is primarily accompanying to the fractional write-down of Alios Biopharma, as acclaimed in this morning’s columnist release. Excluding the appulse of those items, our adapted balance per allotment is $2.05, beyond the beggarly of analyst estimates and an admission of 7.9% adjoin the third analysis of 2017. Adapted EPS on a connected bill abject was $2.08, up 9.5% adjoin the third analysis of 2017.

I’d like to now highlight a few noteworthy items that accept afflicted in the anniversary of balance compared to the aforementioned analysis aftermost year. Gross accumulation allowance for the analysis bigger by 280 abject points, primarily apprenticed by favorable business mix as able-bodied as the appulse of the Actelion anniversary accession allegation recorded in 2017.

Our advance in analysis and development as a percent of sales was 12.3%, which is lower than the third analysis of 2017, primarily due to the timing of investments. Added assets and amount was a net amount of $3 actor in the analysis compared to a net accretion of $297 actor in the aforementioned aeon aftermost year. Excluding adapted items recorded in this line, added assets and amount was lower with a net accretion of $32 actor in 2018, compared to a net accretion of $578 actor in the above-mentioned year period, primarily due to the auction of the customer Compeed business in the third analysis of aftermost year.

Excluding adapted items, the able tax amount was 17.6% compared to 20.8% in the aforementioned aeon aftermost year. This amount is connected with our expectations as a basic of the full-year able tax rate. The lower amount compared to the third analysis of aftermost year is the aftereffect of the Tax Cuts and Jobs Act. We avant-garde the U.S. Treasury will affair added authoritative advice afterwards this year, accurately accompanying to adopted tax credits and amount allocation adjoin all-embracing income. Our tax amount guidance, which I will accommodate shortly, reflects these advancing developments.

Let’s now attending at adapted assets afore tax by segment. In the third analysis of 2018, our adapted assets afore tax for the action beneath 20 abject credibility adjoin the third analysis of 2017. Attractive at the adapted pretax assets by segment. Medical Accessories at 27.1% is lower than the antecedent year, primarily due to investments in the business. Pharmaceutical margins bigger by 380 abject credibility to 44.8%, apprenticed by favorable artefact mix and timing of analysis and development spend. Customer margins beneath to 17.1% due to a above-mentioned year denial gain, avant-garde mentioned, partially anniversary by advance spend.

Turning to advice for you to accede as you amend your models. Our sales advice for 2018 continues to accommodate abrasion due to the biosimilar antagonism impacting REMICADE, connected all-encompassing antagonism for CONCERTA and VELCADE, and the accepted all-encompassing and biosimilar antagonism to TRACLEER and PROCRIT, afterwards this year.

Our advice is based on a connected bill basis, absorption our after-effects from operations. This is connected with accomplished advice convenance and the way we administer our business to accommodate the best compassionate of our basal performance. We will additionally accommodate an appraisal of our sales and EPS after-effects for 2018 with the appulse that accepted barter ante could accept on the adaptation of those results.

For the full-year 2018, we are adequate with your models absorption operational sales of 5.5% to 6.0% for the year, an admission over the advice we provided in July. This advance would aftereffect in sales for 2018 on a connected bill abject of about $80.6 billion to $81 billion. We apprehend that operational sales advance excluding the appulse of acquisitions and divestitures will be amid 4.5% and 5.0% for the year, additionally an admission to our antecedent guidance.

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Although we are not admiration the appulse of bill movements, utilizing the euro atom amount about to the U.S. dollar as of aftermost anniversary at 1.15, the absolute appulse of adopted bill adaptation would be about 0.5%. The barter is beneath antecedent guidance, which affected a atom amount of 1.17 and after-effects in a 30 basis-point abridgement in growth, compared to that antecedent guidance. Therefore, beneath this scenario, we apprehend appear sales advance in the ambit of 6.0% to 6.5% or about $81 billion to $81.4 billion. Again, this is college than our antecedent advice due to our operational strength.

Our adapted pretax operating allowance advice charcoal about unchanged. Although year-to-date achievement suggests alike greater improvement, we apprehend investments in the fourth analysis will aftereffect in the full-year pretax operating allowance advance of at atomic 150 abject points.

For purposes of your models, d no aloft acquisitions or added aloft uses of cash, I advance you to accede clay net absorption amount amid $450 actor and $500 million. This is lower than antecedent advice as we anniversary from an admission in absorption assets from college rates.

Regarding added assets and expense. We would be adequate with your 2018 models, absorption net added assets and expense, excluding adapted items as a net gain, alignment from about $1.5 billion to $1.7 billion, which is connected with our antecedent guidance. As a reminder, this is the anniversary beyond we almanac ability assets as able-bodied as assets and losses arising from such items as litigation, investments by our development corporation, divestitures, asset sales and write-offs. This would accommodate the accretion associated with the denial of the LifeScan business appear consecutive to the analysis but does not accommodate the denial of our Avant-garde Sterilization Articles business, which we apprehend to aing in 2019.

Moving on to taxes. Our able tax amount advice for 2018 excluding adapted items is about 17.5% to 18.0%, absorption a abbreviating of the antecedent range. Considering all these factors, we are adequate with adapted EPS advice in the ambit of $7.98 to $8.03 per allotment on a connected bill basis, absorption operational or connected bill advance of about 9% to 10%, which is college than our antecedent guidance, afresh absorption the backbone of our business.

We are not admiration the appulse of bill movements, but to accord you an abstraction of the abeyant appulse on EPS, application contempo barter rates, our appear adapted EPS will be absolutely impacted by about $0.15 per share. Therefore, our appear adapted EPS would ambit from $8.13 to $8.18 per share, absorption advance of about 11.8% at the midpoint, which is additionally college than our antecedent guidance.

That concludes our banking summary. I will now about-face the alarm aback over to Chris for the Q&A allocation of the alarm beyond again, I’m absolute admiring to be aing by Ashley, Jorge and Jennifer. Chris?

Chris DelOrefice

Great. Acknowledge you, Joe. We will now move on to our Q&A allocation of today’s discussion. Rob, can you amuse accommodate instructions for those on the band adulatory to ask a question?

Question-and-Answer Affair

Operator

Sure. [Operator Instructions] Your aboriginal catechism is advancing from David Lewis with Morgan Stanley.

David Lewis

Good morning. Maybe a few questions. Because we accept so abounding bodies on the alarm this morning, I’ll be quick. Joe, I aloof appetite to alpha with banking for you and afresh one for Jennifer and one for Ashley. So, Joe, aloof the advice you gave actuality for the year, I am array of accomplishing some net algebraic here, it seems like margins for the fourth analysis are about about the mid-20s, which is connected with your absolute spending into the fourth quarter. I aloof appetite to get a acumen analysis on that. And if you avant-garde about aing year on added income, is it reasonable to apprehend added assets levels in ‘19 agnate to ‘18? And I accept two quick follow-ups.

Joe Wolk

Yes. So, acceptable morning, David. Acceptable to apprehend from you. I would say with our margins for the fourth quarter, I would angle by the advice that we aloof gave. You ability accept noticed the slight abuse in language. We’ve gone from about 150 abject credibility to at atomic 150 abject points. So, we’ll plan to advance in the fourth analysis abundant as you’ve apparent in antecedent years. With anniversary to added assets and expense, I adopt to authority off till January aback we accord you 2019 guidance. I avant-garde it’s fair to say that we’ve commented in the accomplished for absolutely some time now that aback we do see a abbreviation of added assets on that line, we will acclimatize appropriately with our operating margins.

David Lewis

Okay, absolute clear. And then, I’ll ask my two questions actuality together. Aboriginal for Jennifer. Aloof your advance ex ZYTIGA this analysis was about I avant-garde 6%. Is that a acceptable way to avant-garde about 2019 Pharma growth? And can you aloof accord us an amend on beyond you’re advancing out on, whether the fourth analysis implies any appulse from ZYTIGA? And then, aloof Ashley, and congrats by the way to both you on the new positions. But, the ortho basically was abiding overall, but the U.S. knee authorization acutely charcoal beneath pressure. Can you aloof accord us a faculty of how abundant of this is ATTUNE acumen issues adjoin robotics, and what’s the alleyway to accretion in U.S. knees? Acknowledgment so much.

Jennifer Taubert

Great. Let me alpha in there. Acceptable morning, David. Aboriginal of all, we’re absolutely admiring with our third analysis achievement for the pharmaceuticals sector. So, the 8.2% operational growth, which is aloft the bazaar and advance advancing that’s broadly based beyond the portfolio with nine key brands accomplishing bifold chiffre advance and absolute able achievement as we attending beyond the globe. As you noted, if we absolutely aish ZYTIGA from that mix, our advance was 6.6% operationally, so really, absolutely able performance. And so, I avant-garde what ZYTIGA shows and demonstrates, while we’re admiring with ZYTIGA, we’re absolutely not abased on it.

As Joe indicated, we’re not accouterment any advice adapted now for 2019. And in antecedent sessions, we’ve discussed array of the action and the acknowledged challenges that are underway. Adapted now, we’re in the action of cat-and-mouse for cloister cardinal on ZYTIGA in our break at the end of October, October 28, I believe. So, we’re not action to accomplish any speculations or predictions on that. In fact, we’re very, absolute admiring with the Pharma achievement all-embracing and very, absolute broadly based throughout the portfolio.

Ashley McEvoy

David, acceptable morning. No, I avant-garde for knees, with analysis three, I avant-garde you saw a little bit of a stabilization in analysis three in Arctic America adjoin analysis two. We apprehend that to advance as we abide the rollout of our ATTUNE revision, which has gotten a absolute advantageous uptick. And as we barrage the cementless affairs in 2019, and afresh advance our agenda anaplasty alms in Orthotaxy afterward in 2020, acutely accompanying with absolute able bartering excellence. Acknowledgment for the question.

Operator

Your aing catechism comes from the band of Larry Biegelsen with Wells Fargo.

Larry Biegelsen

Good morning. Acknowledgment for demography the questions. So, aloof Joe, brace of follow-ups on David’s questions earlier. So, I apperceive you’re not giving 2019 advice until January. But, maybe you could advice us avant-garde about some of the headwinds and tailwinds we should be cerebration about, some of the ones that bodies are absorbed in, accurately currency. We estimate, it’s about 100 basis-point headwind adapted now. And REMICADE erosion, how that ability analyze in 2019 to 2018? And I had one chase up.

Joe Wolk

Sure, Larry. Acceptable morning. Acceptable to allege with you. I avant-garde apparently the best way for me to animadversion on bill is to say that we accommodate advice on our operational achievement and afresh aloof an appraisal based on what the accepted atom ante are at the time. This year, it was abundant beneath of a tailwind than we anticipation aback we were speaking with the advance association aback in January, beyond we anticipation it would construe into about $1.5 billion of added acquirement reported. It’s abandoned axis out to be about 25% of that. But, we’ve been able booty up advice based on aloof the solid operational backbone of our basal business. So, I won’t comment, because it’s aloof abundant too abstract as to what aing year may authority with anniversary to a deepening dollar.

And your added catechism with anniversary to REMICADE, I would say that’s — I wouldn’t apprehend any affectionate of footfall change. I avant-garde what you’ve apparent this year is about 18% in the U.S. with biosimilar erosion. We abide to attempt there. Best of that abrasion is accompanying to price. And we’re action to abide to do that. Because we apperceive that that’s what patients and healthcare providers absolutely see as a artefact of best comfort. So, based on the assurance and ability that we’ve accustomed for a cardinal of years and beyond all indications, we feel appealing able that it still has a absolute able abode in the market. And the acceptable news, as we said afore biosimilars launched is, the immunology portfolio with the amplification of the STELARA characterization as able-bodied as the accession of TREMFYA, continues to abound in animosity of REMICADE’s erosion.

Larry Biegelsen

And Joe, you grew organically about 6% year-to-date including about 6% in Q3. Can you airing us through what your advice assumes for amoebic advance in Q4? I’m accepting to about 2% at the midpoint. And I’m apprehensive why you’re d such a deceleration, because you aloof advice us arch that. Acknowledgment for demography the questions.

Joe Wolk

Sure. Thanks, Larry. I apperceive I can calculation on you for a algebraic question. So, let me accord you some things to avant-garde about. Obviously, we don’t accommodate anniversary guidance, but I apprehend we’ve got three abode into the year, so, it becomes somewhat of a plug. But, let me accord you that the qualitative things to accede as you archetypal Q4, which we avant-garde are somewhat acting or cursory in nature. We do apprehend Medical Accessories to abide that bashful advance quarter-on-quarter, deepening in areas beyond we’re already able and afresh convalescent some of those areas that accept underperformed in contempo quarters. We do avant-garde we’ve angry the bend with Consumer. We appetite to see added abstracts credibility with that. But, the advance that belies this analysis of 6% adapted operational, there’s a slight I would say bottomward afterlight for that accustomed some of the babyish stocking. But, you’re still into the mid-5 range. We avant-garde that’s action to abide because it’s underpinned by the babyish authorization actuality formed out beyond the globe. We’re seeing able action for those articles actuality in the U.S., China and India. And then, OTCs and beauty, skincare abide to accomplish at 6% levels.

With Pharmaceutical, you accept some altered adjustments. I would say there’s action to be some new all-encompassing and biosimilars entries with anniversary to TRACLEER and PROCRIT that we avant-garde and is in our cerebration for advice in the fourth quarter. We’ll see connected abrasion that wasn’t about fourth analysis of aftermost year, with anniversary to CONCERTA and VELCADE. We do accept abundant college comps with anniversary to Pharmaceutical business. As you know, in the added bisected of 2017 is absolutely aback that business reaccelerated its strength. And afresh lastly, there’s a gross or net accretion that we’ll be authoritative accompanying to 2019 activity. As we get accessible for the New Year, we accept anniversary at wholesalers and we accumulate on those rebates. And aloof accustomed the admeasurement of our business and some of the affairs that we see advancing through, we avant-garde that’s action to be a little bit of an appulse in the fourth analysis here.

Operator

The aing catechism comes from Jami Rubin with Goldman Sachs.

Jami Rubin

Thank you. Joe, I aloof accept a big account cardinal question. J&J seems to be ashore in a arrangement of Pharma outperforming but MD&D underperforming. And while you are starting to see affirmation of advance in assertive pockets of that business, I avant-garde about to your associate group, J&J’s business has been a appealing arresting underperformer. I was aloof apprehensive — and this is array of a anecdotal that we’ve apparent for many, abounding years now, are you annoyed with that narrative? And if not, what would it booty to jumpstart that anecdotal and what would it booty to jumpstart the MD&D business? Will it crave a ample calibration transformative deal, which I avant-garde you’ve somewhat alluded to, or is it added acceptable that you would stick to tuck-in deals? Is that the adapted way to attending at it or do we aloof charge to be accommodating and delay for new articles to ability the bazaar for that? I avant-garde your advice is that this business would alpha to abound in band or bigger than the bazaar by 2020. Aloof apprehensive if you could abode that.

And then, I accept a aftereffect catechism for the Pharma. Aloof if you exclude REMICADE, I’m aloof analytical if prices or rebates accept afflicted abundant in the immunology franchise, aloof accustomed how awash that amplitude has become. Acknowledgment absolute much.

Joe Wolk

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Thanks for the question, Jamie. Well, I’ll bang off the acknowledgment and afresh maybe bang it over to Ashley to allocution a little bit added about the affairs for action avant-garde in Medical Devices. But, I would say, comparing us to the associate accumulation in Med Accessories can be little bit misleading. I don’t apperceive that anybody is at the beyond or calibration that we accept aback you aloof attending at the akin of revenue. There is maybe one added adversary that’s notable and we outperformed them. That actuality said, we are not annoyed with the achievement in Medical Devices. We’re seeing, improvements. Whether that’s action to booty a transformational accord or constrict in deal, we’re attractive at all of them beyond all segments of our businesses. We appetite to accomplish abiding it’s a acceptable cardinal fit and that we can actualize amount not aloof for the aggregation but for shareholders action forward.

Ashley, maybe you can animadversion on a few things that will abide this advance drive that we started in Medical Devices.

Ashley McEvoy

Jami, acknowledgment for the question. And I assumption I would action arena on affectionate of beyond we appear from and afresh acutely beyond we aim to be. And what we’re advantageous to be is, in a absolute able position with cardinal two in med tech, and we accept bisected of our platforms growing aloft the market, and we’ve got absolute aggressive advantage and absolute aggressive chargeless banknote flow. So, what I’d like to say, absolute able purpose of what we do every day of allowance people. So with that at our back, acutely we are absolute focused on flipping anniversary of this belvedere that we’re annoyed and accept been underperforming the market. And our action to accomplish this has absolutely been through accelerating innovation. You heard us allege about 15 to 20 new products, and abounding of those are accepting absolute able absorption in the marketplace. I use examples like some of the aback innovations accept been enabling some of that accomplished performance. I apprehend some of the innovations in the ATTUNE afterlight and accepting metal-less will advice us with knees. I apprehend some of the innovations that we’re ablution in action and endocutters, decidedly about like the ECHELON FLEX will advice us.

We’ve additionally been accomplishing a lot of altered M&A deals. We’ve done about 26 deals this year, 5 of them accept been acquisitions, 10 disinterestedness investments, 2 of them are divestitures; 1, which will hit in analysis four, which is diabetes, the added one will be ASP, which is aboriginal 2019; and then, several added co-promotes. So, I avant-garde we are absolute focused on accelerating those platforms that are in actuality growing aloft the market. We’re accumbent on that strength, alleviative the ones that are underperforming through innovation, M&A and bartering excellence. And acutely we’re consistently attractive at transformative M&A but we haven’t modeled in any of that.

Joe Wolk

Thank you, Ashley. And Jennifer, maybe you can abode Jami’s catechism apropos appraisement at Pharmaceutical ex REMICADE.

Jennifer Taubert

Yes. And I accept Jami’s catechism additionally was adequately absorption on immunology as well. And so, we absolutely are seeing connected burden on appraisement in immunology as both the payers are alive to abstract greater rebates and discounts, and additionally as there is admission in antagonism in the key categories. However, that actuality said, I avant-garde accustomed our action with actuality a transformational medical innovator, the types of articles that we’re bringing forward, the abstracts that we’re bringing avant-garde and the types of analytics and things that we’re accomplishing in partnering with customers, I avant-garde we’re absolutely well-positioned to abide to attempt and to be able to accomplish in the market.

If you booty a attending at our articles ex-REMICADE in the immunology category, we’ve got absolute able-bodied growth, demography a attending at STELARA with that advance actuality led by our Crohn’s indication; TREMFYA, which is absolutely authoritative cogent adapted in psoriasis; and additionally SIMPONI and SIMPONI ARIA. And so, alike if you accommodate REMICADE, we’re continuing to abound alfresco of that with the others, we’ve got absolute able-bodied growth.

So, action back, our advance absolutely has been apprenticed abundantly by aggregate and accretion our ability and extensive greater cardinal of patients. And I abide to accept that that’s how we’ll be active our advance action forward. So, yes, bazaar is heating up in agreement of discounts and rebates, but I avant-garde that we’re well-positioned to be able to abide to attempt successfully.

Operator

Next catechism comes from Chris Schott with JP Morgan.

Chris Schott

Great. Acknowledgment absolute much. Aloof two here. Maybe aboriginal — accession one on biologic pricing. I guess, as we attending out to 2019, and now you accept a bit added accuracy on some of your contracting, should we apprehend any aloft accouterment in amount dynamics for your Pharma business aing year, based on these conversations or should we avant-garde about absolutely a agnate activating that we saw in 2018?

My added catechism was on DARZALEX. Sales were maybe bit beneath expectations. I avant-garde you mentioned some ex-U.S. amount adjustments impacting results. So, aloof busy little bit added on the trends you’re seeing with the artefact and what’s accurately accident ex-U.S. on pricing? Acknowledge you.

Jennifer Taubert

Sure. So on the appraisement avant-garde overall, I avant-garde as we attending into 2019 and what we’re seeing in the contract, I avant-garde that we’re action to see a connected change in some of the categories beyond there are absolute aerial akin of competitors. But, it’ll be an change in pricing, not a anarchy or a footfall change. But, it absolutely continues to be an beyond of focus for the payers and in that heavily apprenticed categories.

If we booty a attending at DARZALEX, so DARZALEX had absolute able achievement with 60% advance worldwide, sales about $500 million. And it was absolute strong, both based in the U.S. and ex-U.S. What you’re apropos to and what we had mentioned apropos to ex-U.S.is that we did accept a onetime acclimation accompanying to accruals for attendant reimbursement, and that abnormally impacted the DARZALEX common growthby 16 points. This is aloof a accustomed adjustment, as we accommodate with governments to get agreement in some of the ex-U.S.markets. And we see this as a accustomed advance of business and absolutely a onetime adjustment. But DARZALEXoverall is demonstrating very, absolute able advance and accession able quarter.

Operator

The aing catechism comes from Glenn Novarro with RBC Capital Markets.

Glenn Novarro

Hi. Acceptable morning. Two questions for Jennifer on the pipeline. Two key drivers over the aing brace years, ERLEADA which was aloof launched and then, ESKETAMINE, which you are acquisitive to barrage in 2019. So, Jennifer, on ESKETAMINE, I aloof appetite to get your faculty of aplomb in FDA approval. I’m absolutely allurement is, you did bristles Phase 3s, three were positive, I avant-garde two absent their primary endpoints, but nonetheless, absolute acceptable assurance data. So, what’s your aplomb in approval? And do you avant-garde we may charge an FDA console for ESKETAMINE? And then, on ERLEADA, I apperceive you’re not giving the absolute sales numbers, but aback we clue IMS data, ERLEADA is off to a hardly slower alpha than we would accept expected. So, maybe allocution about your expectations for ERLEADA as well? Acknowledge you.

Jennifer Taubert

So, for ESKETAMINE, we’re absolutely aflame about ESKETAMINE’s abeyant for analysis aggressive abasement and additionally hopefully in the future, aloft depressive disorder, and for those patients who are at approaching accident of suicidality. Both of those articles — or programs, alibi me, accept FDA advance designation, which represents the cogent unmet medical need.

We are absolutely assured in the accumulation of our abstracts beyond the ESKETAMINE affairs and what we accept filed both with the U.S. authorities as able-bodied as the EMEA authorities. It’s absolutely difficult in these types of trials to prove success, as you know, as you booty a attending beyond the industry. And we accept that beyond the accumulation of our data, we’ve got a very, absolute able-bodied affairs and able-bodied abstracts and are hopeful and optimistic for approval.

In agreement of an FDA panel, I don’t apperceive if we accept heard from the — aback from the bureau yet, if we will accept one or not. They are about accepted for first-in-class or a new mechanism. So, I think, our aggregation is action to avant-garde and adapt for one. And as anon as — I don’t apperceive if we accept the absolute acknowledgment on that. But that would not be abnormal in any respect. I think, the absence is anybody gets a panel, unless the bureau says no on that.

And the added catechism was on ERLEADA. So we accept launched ERLEADA in the U.S. I accept we’re not yet advertisement sales on that in agreement of numbers. We’re admiring with the uptake. As you apperceive with ERLEADA, this is in the pre-metastatic setting. So, it’s in the beforehand advance of disease, both urologists and oncologists appoint for it. There is absolute strong, both acquaintance and action to the profile, the abstracts and the label. And so, there is absolute able absorption in prescribing. But, we didn’t avant-garde — you wouldn’t avant-garde to see the aforementioned blazon of uptake that you would in a afterwards band of therapy. You absolutely charge to attending at this as added of a abiding blazon of analysis with a abiding uptake ramp. But, what we’ve apparent today in agreement of that provider and accommodating action and uptake, we accept been absolute admiring with ERLEADA. And we’re additionally attractive avant-garde to abstracts hopefully advancing anon or aboriginal in 2019 in aggregate with ZYTIGA abstracts as well.

Operator

Your aing catechism comes from the band of Joanne Wuensch with BMO Capital Markets.

Joanne Wuensch

Good morning, and acknowledge you absolute abundant for demography the questions. In no accurate order, Eyes Care, up 6.2%, growing faster than the market, could you amuse altercate if there is any stocking or onetime items in that and how do you see Johnson & Johnson action avant-garde in agreement of artefact pipeline? If I can aloof abide quickly. Orthopedic appraisement was a little bit worse sequentially about 50 abject points. Is that aloof accustomed ambit or is there annihilation that we charge to avant-garde about that? And then, a aftereffect to David’s question. How abundant do you avant-garde the abridgement of a apprentice in your orthopedic authorization is captivation that back?

Ashley McEvoy

I guess, I’ll alpha with your aboriginal catechism accompanying to vision. So, Chris mentioned the achievement in vision, and it absolutely continues in acquaintance lens. It’s like the 13th analysis that we’ve outperformed the market. Basal advance in acquaintance lenses charcoal about 7%, absolute connected with the aboriginal half. I don’t expect, to Chris’s beforehand point, a lot of added affairs canicule or any stocking contest in Q3.

As it relates to the pipeline, I avant-garde that they accept a advantageous cadence. We mentioned the all-around rollout of OASYS 1-Dat for astigmatism. We are advancing for the adapted administering barrage of a acquaintance lens which automatically adjusts from alfresco ablaze to calm ablaze and additionally advancing aural the aing 24 months for our abhorrence lens. So, I avant-garde there’s a advantageous accent there in vision. I accept your catechism on orthopedics, if you could repeat, Joanne, your catechism on orthopedics?

Joanne Wuensch

Of course. Acknowledge you for demography my acceleration questions. It looks like appraisement is about 50 abject credibility worse beyond the board, this analysis adjoin aftermost quarter, and I aloof didn’t apperceive if I should apprehend annihilation into that.

Jennifer Taubert

I avant-garde what we referenced beforehand with Chris is aback is a little bit softer than some of the added collective businesses; achievement and knees are appealing connected at that 2% to 3%. And we don’t avant-garde cogent about-face in accessible quarters. I do avant-garde it’s a acceptable account that our orthopedics business, I will use the word, counterbalanced in analysis three and the mix bigger with achievement d up 2.4%. We had our Craniomaxillofacial growing 2.4%. you heard Chris acknowledgment that our knees were up 1 point and that aback connected to advance adjoin above-mentioned quarters. Aback was bottomward about 7.5% in the analysis one and was bottomward about 3.2% in analysis two and bottomward about 1.4% in analysis three. So, clearly, advance but still assignment to be done on orthopedics. And I accept your aftermost catechism was accompanying to robots. And I guess, what I would action is we accept a acceptable affluence to adore absolutely absolute able bazaar arch position in accessible surgery, which is about 50% of all surgeries are conducted as able-bodied as minimally invasive laparoscopic surgery. And we intend to accept offerings in agenda anaplasty as able-bodied as offerings in endoluminal surgery. And we absolutely avant-garde that accepting accession in all four of those segments will accredit a approaching anaplasty that J&J can absolutely add a lot of value.

So, acutely robotics are accepting an appulse in today’s market. The penetrations are still low, although growing. And I anticipate Johnson & Johnson has a absolute aggressive alms in the accountable approaching accompanying to agenda surgery.

Operator

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The aing catechism comes from Danielle Antalffy with Leerink Partners. Amuse go avant-garde with your question.

Danielle Antalffy

Hey. Acceptable morning, guys. Acknowledgment so abundant for demography the question. I guess, this catechism is for Ashley. I aloof capital to aftereffect on a animadversion you fabricated beforehand apropos transformative M&A. Aloof analytical what you would ascertain as transformative M&A aural the accessory business. And one aftereffect to that. Acutely transformative M&A would — I mean, presumably, that’ll be a ample deal. So, in the meantime, it feels like the accessory business, while you guys are absolutely been axis the business around, is still beneath bazaar growth. You accent a cardinal of drivers as it relates to new artefact launches. But, it feels like it’s action a little bit slower than maybe some bodies would expect. Are there abate tuck-in deals that can be done amid now and any array of transformative accord that could advance you guys aback to in band with bazaar growth? Acknowledge you so much.

Ashley McEvoy

Joe, I’ll about-face to you aboriginal and I’m blessed to accompaniment with some commentary.

Joe Wolk

Sure. So, acknowledgment for the question, Danielle. With anniversary to transformative deals or truck-in deals, again, we attending at all calibration of deals. Aftermost year abandoned in medical devices, we invested hardly over $1 billion with the 30 tuck-in deals and you’re seeing some of that advance the achievement aural the Medical Accessory articulation adapted now. So, afresh it’s action to appear aback to those amount attempt of authoritative abiding it’s a cardinal fit and afresh creating amount for shareholders.

Ashley McEvoy

I would aloof accompaniment that Danielle with aloof saying, afresh historically, 50% of accession has appear from asleep adjoin organic, and that alloy will continue. As Joe mentioned alike in 2018, we’ve already done 26 deals, some those acquisitions, some of those equity, some of those co-promotes. So, it absolutely has to do with the cardinal fit and the value-creation in anniversary of the platforms that we attempt in.

Operator

Next catechism comes from Jason Bedford with Raymond James.

Jason Bedford

Good morning and acknowledgment for demography the questions. Aloof a brace quickies. Aboriginal on devices, maybe for Ashley. The 23% advance in Biosense Webster is a notable step-up. You mentioned accession from new articles but you additionally talked about able action growth. So, I’m aloof wondering, accept you apparent any auto in bazaar advance from the CABANA after-effects aftermost spring?

Ashley McEvoy

Thank you, Jason. Yes. We did adore 23% advance in analysis three. I avant-garde it’s been a absolute able aggregate of bazaar procedures continuing to admission as able-bodied as a absolute able focus on bartering beheading and bazaar conception on ablation, as able-bodied as very-balanced geographic growth. We enjoyed in our Biosense Webster business advance of 34% in Asia and 11% in EMEA as able-bodied as 20% in Arctic America; again, the aggregate of amount achievement as able-bodied as some of the new articles demography effect.

Jason Bedford

Okay. Acknowledge you.

Joe Wolk

The CABANA data, I would say that’s — it maybe had a slight appulse in agreement of all-embracing procedural bazaar growth, but annihilation that the aggregation alleged out as a cogent driver.

Jason Bedford

Okay. So, there is acutely some allotment abduction actuality in your view? [Audio Gap]

Joe Wolk

Next question, please?

Operator

The aing catechism is from Amit Hazan with Citi.

Amit Hazan

Thanks. Acceptable morning, guys. Aloof maybe alpha with the appliance stats that you guys gave. The U.S. surgical procedures are now up for a added beeline analysis in a row afterwards I avant-garde like 7 beeline bottomward quarters. So, I’m aloof apprehensive if you guys could booty a ache at aggravating to explain what ability be accident with basal surgical procedures in the U.S.?

Joe Wolk

Thanks, Amit for question. So, I think, aback we attending at a able abridgement beyond the apple beyond — is absolutely beyond our backbone has been. If you look, we’re absolutely growing alfresco the U.S. stronger, 2X times what we’ve developed actuality in the U.S. But, a able abridgement does tend to accommodate itself to bigger advantage and bigger healthcare. So, that is allowance affirm some of the procedural advance that we’re seeing.

Amit Hazan

Okay. And then, specifically, with attention to your anaplasty business, the U.S. avant-garde piece, in the U.S. there was acutely a acceptable cardinal this quarter. But, you’re absolutely still trending about 2% advance for the year adjoin about 6% for the accomplished few years. Maybe aloof some blush for you guys on why you’re accepting slower advance in avant-garde this year, and aloof affectionate of a agnate trend in U.S. accepted as well?

Ashley McEvoy

This is Ashley speaking. A brace of things. One, in our Ethicon surgical business, acutely we adore abounding bazaar arch positions. And I’ll appear aback to the next. What I’m admiring to see is that our endocutter business is up 10% in analysis three, our biosurgery up 9%. Connected advance in our anguish cease beyond we adore bazaar leading, absolutely apprenticed by some accession on acid sutures, and a lot of affirmation bearing action accompanying to the antimicrobial aftereffect for infection reduction. We are seeing challenges acutely in reprocessing and robotics in some of our action and endomechanical business.

OUS, our action business is d absolutely well, but we are experiencing some challenges in the U.S. accompanying to robotics and some reprocessing. I do apprehend that aback — the advance of our automatic alms and agenda anaplasty in accessible years that will advice alleviate that. We’ve additionally dialed up the accession agenda and our endomechanical and action business to absolutely stronger — attempt in the handheld market.

Operator

The aing catechism is from the band of Vamil Divan with Credit Suisse.

Vamil Divan

Hi, guys. Acknowledgment for demography my questions. So, aloof a couple, maybe aloof one to chase up on some of the comments about biologic pricing, those — we’ve apparent a lot from the administering yesterday. Acutely the angle came out about affair to include, and some of the TV ads. And I’m aloof analytical that you can maybe accommodate your angle on this affair and aloof do you avant-garde this is article advantageous or not useful? And maybe added broadly, any added array of broader changes that you avant-garde ability be implemented by the administration, I think, that array of played out actuality over the aftermost several months?

And then, added is aloof on DARZALEX. I acknowledge the comments you fabricated about the quarter. I’m aloof analytical about the MAIA study. And I avant-garde that was avant-garde listed as abeyant analytic presentation this year. It’s not on the accustomed advance now. And I’m assuming, you’re still action to get that internally. And aloof I’m allurement if you can analyze absolutely aback you apprehend that data, and should we apprehend some array of top-line columnist absolution aback you accept it? And afresh maybe, again, about how important that abstracts is to the best appellation angle for that product? Thanks.

Jennifer Taubert

So, as it relates bygone to the administration’s proposal, as able-bodied as hopefully you saw as able-bodied that PhRMA put avant-garde some new attempt that the PhRMA associates will be adhering to. We absolutely accept that patients should accept admission to the advice that is accessible and that they can use to accomplish the best decisions apropos their health. And so, this does accommodate greater accuracy about bloom affliction costs. And so, we’ve been a baton in accuracy to-date. That’s why we accommodate advice about how we amount our medicines and how we advance our assets in our anniversary U.S. Accuracy Report.

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So, we are absolutely alive in affiliation with PhRMA about PhRMA’s announcements bygone and what we can do on DTC pricing. This has been done in band with what we abstruse from barter and patients, and what they avant-garde is absolutely action to be helpful, which is not abandoned advice on account pricing, but additionally putting that advice into the adapted context. So, what that absolutely bureau for them, aback account point — account amount is absolutely aloof a starting point. So for patients, what is their acceptable out of abridged costs action to be, what types of banking abetment is attainable in accession to information, like the account price. So, we’re action to acknowledge to the agency’s proposal. There’s 60 canicule we’re action to go avant-garde and acknowledge to that and accommodate our input, in the meantime, go avant-garde and apparatus what we’re active and what we’re accomplishing in band with PhRMA on that.

Again, I avant-garde annihilation that is accessible and advantageous for patients and helps to put all the advice in ambience is action to be absolutely acceptable for them. I think, we aloof charge to be accurate of things such as account amount abandoned is not the abounding admeasurement of the information. And we would anguish about patients not action to their doctor to seek care, not action in for the adapted treatments. So, we accept we’re accomplishing the adapted affair with aloof the PhRMA proposal, and we’ll aloof to accept to delay and see what happens with Secretary Azar’s angle that he appear yesterday.

Joe Wolk

Yes. And apropos DARZALEX, it’s 2019 filing; it’s an accident driven. So, that’s all we’re administering at this point in time.

Jennifer Taubert

And we’re absolute optimistic about that data. And we avant-garde it will be an important added agitator for DARZALEX is that is that abstracts will be the dieting that is best frequently acclimated in the United States. So, we already accept that frontline abstracts and acclimated with VELCADE, ex-U.S. as able-bodied as accustomed in the U.S. We avant-garde the abstracts including REVLIMID is action to be absolutely important action avant-garde for the U.S. market.

Operator

The aing catechism comes from Bob Hopkins with Bank of America.

Bob Hopkins

Thank you absolute abundant and acceptable morning. Joe, if okay, I capital to ask a quick catechism on arising markets. Obviously, arising markets accept been in the columnist absolutely a bit lately, both in agreement of animation of bill and arising bazaar economies. So, I’m aloof curious, can you accord us a sense, in your third agenda quarter, affectionate of what to happened your businesses in arising markets, maybe some acidity by division, if accept aloof in agreement of did annihilation absolutely change in agreement of basal appeal or the advance amount that you accomplished in arising markets in your three big divisions? Acknowledge you.

Joe Wolk

Yes. Acknowledgment for the question, Bob. So in our arising markets, we saw absolute advantageous growth; in total, it’s about on operational abject about 13%. And it was appealing compatible beyond the board, I would say BRIC accurately was absolute able with 15% or bigger advance in Brazil, Russia and China. Maybe I can about-face it over to Jorge, because we did see some accurate backbone out of our customer business and maybe aloof allocution about the customer after-effects at ample in the third quarter. Obviously, that was a cogent footfall change for us, d what we accept is action to be alert the market. And Jorge, maybe if you can allotment a few of those thoughts?

Jorge Mesquita

Sure. Thanks, Joe. Yes, we feel absolute acceptable about our after-effects in the third quarter, growing all-embracing arctic of 6% organically. And as Joe mentioned, the arising markets were contributor to this growth, growing aloft 10% beyond the key geographies. Particularly, we saw a absolute able achievement in the BRIC markets. And we abide to apprehend that over time, the arising apple will abide to abound at alert the amount of all-embracing of our business at a all-around level. Underpinning our achievement was a cogent advance in our babyish affliction business. We’re absolute admiring with the aboriginal after-effects advancing out of our accompaniment bout in the United States. And as Joe mentioned, we’re now action to cycle that out beyond the world, starting with India and China. And we apprehend to complete the all-around rollout beyond the arising apple into 2019. So, we are — admitting the casual animation in some anatomic markets, I avant-garde overall, we’re bullish on the angle for the arising apple as we go forward.

Bob Hopkins

That’s cool helpful. Maybe just, Joe, one quick aftereffect on that. So, it sounds like basal appeal is absolute able beyond the board, abnormally as you mentioned, Consumer. But, accustomed the animation in arising bazaar currencies, maybe aloof qualitatively or quantitatively, as you attending forward, is that a allusive headwind to appear EPS, as we attending forward, accustomed the animation or is that article that’s in your apperception absolute manageable, about to all the altered affective pieces that are complex with the J&J assets statement?

Joe Wolk

Bob, it’s a acceptable question. I would avant-garde it should be a acquiescent headwind, and obviously, it’s action to depend on how abundant currencies fluctuate. But, we’re not ever angry to currencies in arising markets. So, it should be manageable.

Bob Hopkins

Terrific. Acknowledgment for demography the questions.

Joe Wolk

I aloof appetite to booty a moment actuality too and chase up maybe on Jennifer’s comments with anniversary to Secretary Azar’s angle and aloof be absolute bright that with — we abutment the administration’s spirit of accuracy and accepting added advice out there. I avant-garde the position of PhRMA adapted now is we appetite to accomplish abiding that we accommodate that advice in a way that’s allusive and provides accuracy to patients. Accepting account amount on DTC ads could be somewhat ambagious and absolutely act as a bridle to acceptable amenable healthcare. And we aloof appetite to accomplish abiding that that doesn’t comedy out that way. But absolutely attractive to abstract the angle and put it into practice, the best way accessible that’s allusive for patients and the healthcare system.

Operator

The aing catechism is from Geoff Meacham with Barclays.

Geoff Meacham

Good morning, guys. Acknowledgment for the question. Aloof had a few for Jennifer and maybe Joe too. To revisit the 2019 question, you guys haven’t accustomed a academic view, but aloof accustomed the headwind on Pharma amoebic advance from ZYTIGA and the added LOAs. If you’re not aloft bazaar growth, does that change cardinal priorities, either you attitude appear deals or investments beyond altered ameliorative categories?

Joe Wolk

Yes. So, Geoff, maybe the aboriginal affair is to analyze the catechism that we currently accept we are the holder of a able apparent and we plan to avert those rights. We’re attractive avant-garde to the judge’s accommodation afterwards this month. But, as Jennifer indicated, our growth, alike after ZYTIGA was absolute strong. There are some potentially all-encompassing headwinds on the horizon. Should that for some acumen put us beneath market, which is not article that added companies face, accustomed the beyond of our portfolio, we’ve got 12 brands in Pharmaceuticals that bear bigger than $1 billion in revenue. We can blot that. So, we’re not in a bearings beyond we’re action to booty a year or two off from growth. And annihilation that’s at bazaar is apparently abandoned acting because we’ve got acceptable aplomb in our activity action forward.

Geoff Meacham

Okay. That’s helpful, Joe. And then, a few artefact specific questions for Pharma. For DARZALEX, how has the continuance of analysis been tracking? And how do you guys feel the adverse myeloma amplitude evolving aback you attending at the corpuscle therapies for BCMA? And then, on XARELTO, I aloof appetite to get a faculty for the acknowledgment from the acreage afterward MARINER and COMMANDER aback ESC and aloof aggravating to put these abstracts in ambience of the all-embracing brand? Thanks.

Jennifer Taubert

Sure, I can alpha off on the XARELTO piece. So, we aloof got approval aftermost anniversary for a CAD and PAD, and the aggregation is absolutely out ablution it as we speak. So, artefact is in the bazaar and the teams are out in the market, ablution and bringing XARELTO and the 2.5 milligram dosage to patients. And so, we’re absolutely aflame about the befalling to aggrandize XARELTO as the aboriginal Factor 10a inhibitor in the CAD, PAD space, which expands the befalling by I avant-garde 13 actor added patients in the U.S. alone. And the abstracts is absolutely arresting in that indication, 24% abridgement in CV death, acclamation and affection attacks. So, we’re absolutely absolute optimistic about this barrage for XARELTO.

As it relates to MARINER and the abstracts that we accept beyond the medically ill space, we are alive with the bureau on that and do accept that there is a acceptable aisle avant-garde in that amplitude for XARELTO. So, apparently can’t say anymore than that on that adapted now. But, we will be continuing to accompany that with the FDA action forward. So, we accept there is a acceptable affidavit for approaching advance in XARELTO as able-bodied as connected advance in allotment assets in both the AFib and DVT blockage and analysis space. And the added catechism was on array of CAR-T and DARZALEX?

Geoff Meacham

Around DARZALEX and CAR-T, how they ability comedy together?

Jennifer Taubert

Yes. So, we absolutely avant-garde that they’re commutual in the assorted myeloma space. And so, we’re absolute aflame about CAR-T. We’ve dosed our aboriginal accommodating already, which is a very, absolute fast timeline adjoin aback we did that accord with Legend. I avant-garde if you booty a attending at the unmet medical charge in assorted myeloma, there — it still charcoal cogent need. And so, I avant-garde accepting both, DARZALEX as able-bodied as what we got with the BCMA CAR-T calm will be a nice portfolio for patients, which will acquiesce us to abide to grow.

Geoff Meacham

Okay, great. Acknowledge you.

Chris DelOrefice

So, that concludes today’s Q&A portion. Acknowledgment to anybody who asked a catechism today and affliction to those who we could not get to due to time. Amuse don’t alternate to ability out to the Broker Relations aggregation as is bare with any follow-ups. I’ll now about-face the alarm aback to Joe for some closing remarks.

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Joe Wolk

Great. Acknowledgment Chris. Acknowledge you, Ashley, Jorge, Jennifer for administering your insights on our business and carrying your — with your team’s absolute able after-effects for the third quarter. I achievement it is bright to you and the advance association that our business is absolute strong. And we attending avant-garde to active into the new advice that we accept articulate beforehand today for 2018. Acknowledgment for your absorption in Johnson & Johnson. And we attending avant-garde to speaking with you soon. Accept a acceptable day.

Operator

Thank you. This concludes today’s Johnson & Johnson third analysis 2018 balance appointment call. You may now disconnect.

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