Robert Wood Johnson joined his two brothers, James Wood and Edward Mead Johnson who had formed a partnership in 1885. Operations began in New Brunswick, N.J. in 1886 with 14 employees on the fourth floor of a small building that once was a wallpaper factory. By 1887 the company was incorporated as Johnson & Johnson.
Some of the first products included medicinal plasters containing medical compounds mixed in an adhesive and surgical dressing that could be mass-produced and shipped in quantities.
In 1924 Johnson & Johnson became an international company with the creation of its first overseas affiliate in Great Britain. Also during the 1920's developed on of their best-known products the BAND-AID. As time went on the company continued to grow and as new individual portions of the company grew they were characteristically organized as individual divisions or subsidiaries.
Today Johnson & Johnson has become a worldwide family of 197 companies, marketing health care products in more than 175 countries. Johnson & Johnson is the world's most comprehensive and broadly based manufacturer of health care products as well as a provider of related services, for the consumer, pharmaceutical and professional markets.
The income statement shows a 10.6% increase in sales, which makes 2001 the 69th consecutive year of sales increases. The rest of the statement is in proportion with the increase without any really dramatic changes. The only real notable changes came from interest expense and other income expense.
The balance sheet for 2001 remains strong, with cash generated from worldwide operations totaling a record $8.9 billion. Also 2001 represented the 39th consecutive year of cash dividend increase. The company also remains one of the few companies with a Triple A credit rating.
There were a few noticeable changes on the balance sheet. Cash and cash Equivalents decreased due to the purchase of Marketable securities also the decrease of Current Marketable Securities, which were $3.
