Johnson & Johnson reports revenue of Rs 6,623 crore in financial year 2019-20

Pharmaceutical and consumer goods manufacturer Johnson & Johnson reported a revenue of Rs 6,623 crore in the financial year 2019-20, a jump of 5% compared to the previous year, according to financial report accessed by business intelligence platform Tofler.

However, the net profit dropped two percentage points compared to last fiscal and stood at Rs 614 core during the fiscal.

The company’s total expenses for the fiscal were reported as Rs 5,341 crore according to the data.

The company, in its financial report also added that it has been “operating in an environment fraught with external disruption” due to the outbreak of COVID-19 pandemic worldwide and the successive lockdown ordered by the central and state governments.

“A review of the liquidity position, the recoverability and carrying value of all its assets and liabilities as at March 31, 2020 has been conducted, and the Management has concluded that no material adjustments are required in the financial statements as of March 31, 2020. The Company will continue to monitor for material changes, if any, as the situation evolve,” it said.

Johnson & Johnson divested its blood glucose monitoring system, Lifescan, in India in December 2019, as a part of a global plan to sell to Platinum Equity, the company said.

“As a part of global sale of Codman Neurosurgery (‘CNS’) Business to Integra Lifesciences Holding Corporation in 2017, J&J India sold inventory, fixed sssets and intangible assets(goodwill) along with transitioning the customer/distributor contracts to Integra Lifesciences Switzerland SARL.

As a part of the transaction, Dr. Reddy’s Laboratories Limited, the designated Distributor of Integra Lifesciences Switzerland SARL in India, took over the inventory, Fixed Assets and the Customer/Distributor contracts,” the company added.

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