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The company, which frequently pledges allegiance to its credo of putting patients, medical providers and employees ahead of profits, conceded its reputation isn't completely restored. "We worked to address several reputational challenges and continue to strive toward regaining the reputational standings that we expect of ourselves and our customers and shareholders expect of us," the proxy stated. Besides the manufacturing quality problems, J&J is under investigation by the U.S. Justice Department over marketing of its hip implants and is being sued by roughly 11,000 people who allege harm from those implants. J&J agreed last August to pay states $181 million to settle charges over marketing anti-psychotic drug Risperdal for non-approved uses, and it was fined $1.2 billion by an Arkansas judge for downplaying risks associated with Risperdal. The candid filing stated that J&J only partially met goals for expanding operations around the world and creating more innovative products. And it noted last year's revenue growth, excluding J&J's mega-acquisition of orthopedics product maker Synthes Inc., was only 3 percent. That was below its goal of 4 percent to 5 percent. The filing cited multiple challenges, including restrained health care spending around the world.
Meanwhile, the maker of everything from "No More Tears" baby shampoo to complex biologic drugs listed several accomplishments last year. Those included successfully integrating surgical trauma equipment and orthopedic implants maker Synthes
-- at $19.7 billion, its biggest acquisition ever -- and boosting earnings per share by 6 percent, excluding one-time items. The filing said the company was a leader in the number of medicines approved last year, met its goal of generating free cash flow of $12.5 billion and worked with government and various partners on issues from regulatory reform to access to health care.
[Associated
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