Tag: New Jersey

Categories
Business Local News

Church & Dwight Co., Inc. declares 487th regular quarterly dividend

EWING, N.J. — (BUSINESS WIRE) — Church & Dwight Co., Inc. (NYSE:CHD) today reported that its Board of Directors declared a regular quarterly dividend of twenty six and one quarter ($0.2625) cents per share.

This quarterly dividend will be payable December 1, 2022 to stockholders of record at the close of business on November 15, 2022. It is the Company’s 487th regular consecutive quarterly dividend.

 

Church & Dwight Co., Inc. manufactures and markets a wide range of personal care, household and specialty products, under the Arm & Hammer brand name and other well-known trademarks.

Contacts

Church & Dwight Co., Inc.

Rick Dierker, 609-806-1200

Categories
Lifestyle News Now! Regulations & Security Technology Weather & Environment

State of New Jersey expands use of Everbridge platform to enhance citizen safety

New Jersey State Police will broaden use of Everbridge population alerting software to communicate life-saving information to nine million residents

 

BURLINGTON, Mass. — (BUSINESS WIRE) — Everbridge, the global leader in critical event management (CEM) and national public warning software solutions, today announced that the State of New Jersey expanded its use of the company’s Public Safety solutions to communicate with residents across the state in times of emergency. The New Jersey State Police added Everbridge’s Resident Connection and Integrated Public Alert & Warning System IPAWS solutions to maximize the reach of their critical citizen alerts, allowing public safety officials to reach the state’s nine million residents in the event of a crisis such as hurricanes, tornadoes, and flooding.


This year marks the tenth anniversary of Hurricane Sandy, the costliest and most devastating storm to impact New Jersey. As learned during Sandy, and subsequent severe weather events that affected the Garden State, a critical part of any crisis response is the ability to share accurate information in a timely manner to the right population.

 

Resident Connection enables Everbridge customers to target potentially life-saving communications to impacted areas by simply drawing geo-fenced shapes on a map, allowing local, county, and state government leaders to quickly and accurately reach the largest number of people in those zones. Recipients may include the most vulnerable and often underserved populations, such as residents with special needs; dependence on supplemental oxygen or medications; cognitive, visual, or hearing impairment; and those lacking Internet access.

 

Additionally, through Everbridge, New Jersey State Police is now able to access FEMA’s Integrated Public Alert & Warning System (IPAWS), which utilizes several communication pathways to reach the public, including: the Emergency Alert System (EAS) to deliver alerts via AM, FM and satellite radio, as well as broadcast, cable and satellite TV; Wireless Emergency Alerts (WEA) to deliver notifications to cell phones and mobile devices based on location, even if cellular networks are overloaded and can no longer support calls, text and emails; and integration with voice sirens, digital road signs, and emergency telephone networks.

 

“First responders work around the clock to protect citizens from critical events like wildfires, hurricanes and the pandemic,” said Francis Willett, Principal Product Manager for Everbridge Public Safety. “New Jersey is ahead of the curve when it comes to ensuring that the public receives potentially life-saving information, while at the same time improving message timeliness and accuracy when a crisis demands their full attention.”

 

Everbridge serves more than 300 organizations throughout the state of New Jersey, including local and county governments, hospitals, schools, retailers, corporations, and financial services providers. Everbridge also supports the states of Connecticut, Florida, Massachusetts, New York, Vermont, Oregon, and West Virginia; the 18 local jurisdictions comprising the National Capital Region (NCR); and thousands of municipal, territorial, and tribal governments, including 22 of the 25 largest U.S. cities.

 

About Everbridge

Everbridge, Inc. (NASDAQ: EVBG) is a global software company that provides enterprise software applications that automate and accelerate organizations’ operational response to critical events in order to Keep People Safe and Organizations Running™. During public safety threats such as active shooter situations, terrorist attacks or severe weather conditions, as well as critical business events including IT outages, cyber-attacks, product recalls or supply-chain interruptions, over 6,300 customers in 76 countries rely on the Company’s Critical Event Management Platform to quickly and reliably aggregate and assess threat data, locate people at risk and responders able to assist, automate the execution of pre-defined communications processes through the secure delivery to over 100 different communication modalities, and track progress on executing response plans. For more information, visit www.everbridge.com, read the company blog, and follow on Twitter and Facebook.

 

Cautionary Language Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the anticipated opportunity and trends for growth in our critical communications and enterprise safety applications and our overall business, our market opportunity, our expectations regarding sales of our products, our goal to maintain market leadership and extend the markets in which we compete for customers, and anticipated impact on financial results. These forward-looking statements are made as of the date of this press release and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the ability of our products and services to perform as intended and meet our customers’ expectations; our ability to successfully integrate businesses and assets that we may acquire; our ability to attract new customers and retain and increase sales to existing customers; our ability to increase sales of our Mass Notification application and/or ability to increase sales of our other applications; developments in the market for targeted and contextually relevant critical communications or the associated regulatory environment; our estimates of market opportunity and forecasts of market growth may prove to be inaccurate; we have not been profitable on a consistent basis historically and may not achieve or maintain profitability in the future; the lengthy and unpredictable sales cycles for new customers; nature of our business exposes us to inherent liability risks; our ability to attract, integrate and retain qualified personnel; our ability to maintain successful relationships with our channel partners and technology partners; our ability to manage our growth effectively; our ability to respond to competitive pressures; potential liability related to privacy and security of personally identifiable information; our ability to protect our intellectual property rights, and the other risks detailed in our risk factors discussed in filings with the U.S. Securities and Exchange Commission (“SEC”), including but not limited to our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 25, 2022. The forward-looking statements included in this press release represent our views as of the date of this press release. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

All Everbridge products are trademarks of Everbridge, Inc. in the USA and other countries. All other product or company names mentioned are the property of their respective owners.

Contacts

Everbridge Contacts:
Jim Gatta

Media Relations

jim.gatta@everbridge.com
215-290-3799

Jeff Young

Media Relations

jeff.young@everbridge.com
781-859-4116

Categories
Art & Life Culture Lifestyle

Tanishq hosts a festive trunk show in New Jersey, USA

Event features over 2000 pieces of thoughtfully curated designs showcasing the celebrated beauty of authentic Indian heritage and craftsmanship

 

WOODBRIDGE, N.J. — (BUSINESS WIRE) — #ComingSoon — Diwali and Dhanteras are unlike any other time of the year, with every celebration steeped in tradition and jewelry serving as a shining symbol of auspiciousness and prosperity.

 

In celebration of this festive season, Tanishq- India’s largest jewelry retail brand, decided to celebrate with the discerning customers of the region. The brand is hosting a festive trunk show in New Jersey.

 

Taking place at Lake Chateau Banquets, 1002 US.9 North Woodbridge, the event starts from October 18th to 31st and showcases an array of latest collections in gold and diamond, precious gemstones including Polki, rubies, emeralds, and sapphires, set in 18kt and 22kt gold.


From gold jewelry made with traditional art forms like Ras Reva, and Polki jewelry that’s truly stunning to jewelry inspired by Indian paintings, the New Jersey Trunk Show has something for everyone and your every jewelry need. And that’s not all. Tanishq is also giving away exciting offers with every purchase. Now, customers can avail up to 20% off* on making charges of gold jewelry and on diamond jewelry value. *T&C Apply

 

“The festive season is a very special time for us at Tanishq, as it brings together joy, tradition and people. This Trunk Show is our way of showing our customers in the USA just how much we’d like to be a part of their celebrations with a bigger & exquisite range of jewelry,” said Vandana Bhalla, Marketing Head – International Business Division, Titan Company Ltd.

 

“The Trunk Show also showcases the extent of Tanishq’s offering to our customers in the USA and gives them a grand opportunity to shop ahead of our store launch in New Jersey, in time for Diwali. From a wonderful shopping experience to range and the duration of the trunk show itself, everything that makes a Tanishq special is channeled into this exhibit, because we didn’t want to miss any opportunity to interact & celebrate with our customers,” said Amrit Pal Singh, Business Head – North America at Titan Company.

 

New Jersey is all set to get Tanishq USA’s flagship store. Customers can visit and shop at 1429 Oak Tree Road, Iselin, New Jersey as Tanishq brings with them jewelry that captures the essence of Indian heritage.

 

Website : www.tanishq.co.in
Social Media: @tanishqusa

Tanishq New Jersey Trunk Show Address: Tanishq Trunk Show, Lake Chateau Banquets, 1002 US.9 North Woodbridge, New Jersey 07095

*The event is free and open to the public*

 

About Tanishq

Tanishq, India’s largest jewelry retail brand from the TATA Group, has been synonymous with superior craftsmanship, exclusive designs, inimitable customer service and guaranteed product quality for over two decades.

 

At Tanishq, jewelry is not just a product but a manifestation of artistry and our exquisite range of gold & diamond jewelry strikes the perfect balance between traditional charm and contemporary appeal. With designs that capture the beauty and celebration of all special occasions, Tanishq aims to be an integral part of every woman’s journey. Attesting to this commitment towards excellence, in 2019, Tanishq has been awarded the title of The Most Trusted Jewelry Brand in India by the Trust Research Advisory.

 

Tanishq currently has a presence of 350+ stores and is India’s largest jewelry retail brand with an extremely high brand recall.

Contacts

info@mikadointl.com

Categories
Business

AM Best upgrades credit ratings for Guaranty Income Life Insurance Company; affirms credit ratings of United Life Insurance Company and Lincoln Benefit Life Company

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has upgraded the Financial Strength Rating (FSR) to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a-” (Excellent) from “bbb+” (Good) of Guaranty Income Life Insurance Company (GILIC) (headquartered in Baton Rouge, LA). In addition, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of United Life Insurance Company (ULIC) (Cedar Rapids, IA). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Lincoln Benefit Life Company (LBL) (headquartered in Rosemont, IL). The outlook of these ratings is negative.

The ratings of GILIC reflect its balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

 

The ratings of ULIC reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM.

 

The ratings of LBL reflect its balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate ERM.

 

GILIC’s rating upgrades reflect the increased synergies with sister company, ULIC, including common management and business strategies as the retail insurance operations for Kuvare US Holdings, Inc. (Kuvare).

 

This includes recent initiatives currently in motion to realign the organization to remove the institutional markets business out from under the retail business. Also noted are the company’s strong operating improvements over the past several years, including premium growth in its key annuity products, significant distribution expansion and stable operating profile with favorable operating returns.

 

Offsetting rating factors include the impact of new business strain on operating results and capital. Additionally, GILIC’s reserve book is weighted heavily in interest-sensitive reserves with a concentrated product profile. In AM Best’s view, GILIC’s risk-adjusted capitalization is diminished qualitatively due to a high percentage of surplus notes, and increased leverage at Kuvare, which is expected to be managed down in the short to medium term. Kuvare continues to seek ways to increase financial flexibility for implicit and explicit support of the retail and institutional businesses.

 

The negative outlooks for LBL reflect the continued capital support needs at the company when viewed together with its captive reinsurer, Lancaster Re Captive Insurance Company. This is due to deterioration in the company’s capital trends as a result of underperformance in its runoff universal life with secondary guaranty business beyond initial projections. Mitigating factors include the strategic vision for the company, with a plan that includes supporting the liabilities and a suspension of dividends from the organization to improve its capital position.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Edward Kohlberg
Director
+1 908 439 2200, ext. 5664
edward.kohlberg@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Michael Porcelli
Senior Director
+1 908 439 2200, ext. 5548
michael.porcelli@ambest.com

Al Slavin
Communications Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com

Categories
Business Lifestyle Technology

Comcast boosting speeds for more than 20 million Xfinity Internet customers across the country

New Speeds Rolling Out This Week as Xfinity Continues to Deliver a Fast, Reliable and Secure Connectivity Experience that Others Can’t Match

Network Innovation Continues as Xfinity Evolves to a 10G Future

 

PHILADELPHIA — (BUSINESS WIRE) — More than 20 million Xfinity households across the country will soon be waking up to faster Internet, thanks to Xfinity. The country’s largest gigabit network is boosting speeds on its most popular plans beginning this week, providing customers with an even better connectivity experience as they stream the latest 4K blockbuster, game online, videoconference, and more, all at the same time. With this latest round of speed increases, Xfinity continues to provide unparalleled value compared to other providers – including significantly faster speeds and better reliability than mobile and 5G Home Internet.


The announcement comes on the heels of Comcast’s launch of the nation’s largest- and fastest-ever multi-gig deployment that will reach more than 50 million homes and businesses with 2 Gbps speeds before the end of 2025.

 

“The number of devices connected in Xfinity households has skyrocketed 12X since 2018, and the need for fast, reliable, and secure Internet will continue to grow,” said Bill Connors, President of Xfinity, Comcast Cable. “That’s why today, Xfinity is increasing speeds for most of our customers across the country.”

 

Faster Speeds Rolling Out Nationwide

Beginning this week, new and existing customers will be able to take advantage of the following upgraded speeds*:

  • Performance Starter/Connect from 50 Mbps to 75 Mbps
  • Performance/Connect More from 100 Mbps to 200 Mbps
  • Performance Pro/Fast from 300 Mbps to 400 Mbps
  • Blast/Superfast from 600 Mbps to 800 Mbps
  • Extreme Pro/Gigabit (formerly Ultrafast) from 900 Mbps to 1 Gbps

 

Benefits Beyond Speed – Reliability and Security

The benefits of Xfinity go beyond faster speeds. Xfinity’s comprehensive connectivity experience combines a powerful network built to deliver Internet in the home, reliably and securely, with cutting-edge hardware and software.

  • Reliable – Next-generation Xfinity gateways deliver the most advanced WiFi technology, WiFi 6E, with 3x more bandwidth to power hundreds of devices, gigabit speeds over WiFi, and ultra-low latency for those moments when response times matter most like playing video games or using virtual reality. xFi Pods extend that coverage to hard-to-reach areas of the home, when needed.
  • Secure – xFi Advanced Security – included free for customers who lease an Xfinity gateway – protects connected devices from malware and other threats at the gateway before they reach devices and the household members who are using them. Xfinity has stopped billions of cyber security threats since introducing the service a few years ago.

 

A Network Built for the Future

Comcast’s Xfinity Internet service is delivered using Comcast’s existing network architecture and the connections that are already in most customers’ homes – no digging up yards required. Faster speeds will be just one of the consumer benefits made possible through Comcast’s continued efforts to evolve its entire network to 10G.

 

10G is a next-generation technology platform supported by a global collaboration of companies in the Internet industry focused on building networks that stay ahead of consumer demand for connectivity. Recently, Comcast successfully tested the final component needed to deliver multi-gigabit symmetrical speeds – powered by 10G and DOCSIS 4.0 technology – throughout its entire network. In addition to fast speeds, 10G efforts will provide even greater network reliability, lower latency, faster troubleshooting, and increased energy efficiency.

 

To learn more about Xfinity’s Internet and connectivity solutions for customers, click here.

 

About Comcast Corporation

Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company that connects people to moments that matter. We are principally focused on connectivity, aggregation, and streaming with 57 million customer relationships across the United States and Europe. We deliver broadband, wireless, and video through our Xfinity, Comcast Business, and Sky brands; create, distribute, and stream leading entertainment, sports, and news through Universal Filmed Entertainment Group, Universal Studio Group, Sky Studios, the NBC and Telemundo broadcast networks, multiple cable networks, Peacock, NBCUniversal News Group, NBC Sports, Sky News, and Sky Sports; and provide memorable experiences at Universal Parks and Resorts in the United States and Asia. Visit www.comcastcorporation.com for more information.

 

*Performance Starter, Performance, Performance Pro, Blast and Extreme Pro speed tiers are for customers in Comcast’s Northeast Division markets: Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, Washington, D.C., and West Virginia

 

Connect, Connect More, Fast, Superfast, and Gigabit speed tiers are for customers in Comcast’s Central and West Division markets: Alabama, Arizona, Arkansas, California, Colorado, Georgia, Idaho, Illinois, Indiana, Kansas, Louisiana, Michigan, Minnesota, Mississippi, Missouri, New Mexico, Oregon, South Carolina, Tennessee, Texas, Utah, Washington, and Wisconsin

Contacts

Joel Shadle

Comcast Corporate Communications

Joel_Shadle@comcast.com
703-906-2645

Categories
Business Healthcare Science

Merck and the Bill & Melinda Gates Medical Research Institute announce licensing agreement for novel tuberculosis antibiotic candidates

RAHWAY, N.J. & CAMBRIDGE Mass. — (BUSINESS WIRE) — $MRK #MRK–Merck, (NYSE: MRK), known as MSD outside of the United States and Canada, and the Bill & Melinda Gates Medical Research Institute (Gates MRI) today announced a licensing agreement for two preclinical antibacterial candidates for evaluation as potential components of combination regimens for the treatment of tuberculosis (TB). These candidates were discovered by Merck scientists as part of the TB Drug Accelerator (TBDA). The TBDA is a collaboration established among biopharmaceutical companies, research organizations and universities to accelerate the discovery and development of novel therapeutic candidates against TB. The initiative was established with support and leadership from the Bill & Melinda Gates Foundation.

“Tuberculosis is one of the world’s most significant infectious causes of human disease and death,” said Dr. Emilio Emini, chief executive officer, the Bill & Melinda Gates Medical Research Institute. “The development of novel therapies to simplify and more effectively treat TB has been a long-standing goal of scientific and medical research. The two novel compounds discovered by Merck scientists, and now licensed to the Gates MRI for further development and distribution, may represent potentially important constituents of future TB therapeutic regimens.”

 

Under the agreement, Merck has granted the Gates MRI an exclusive global license for MK-7762 and MK-3854. In furtherance of its charitable purpose, Gates MRI will conduct non-clinical and clinical studies of these candidates to determine their potential for inclusion in new affordable combination treatment regimens for TB with the aim of shortening the duration of treatment irrespective of resistance to the currently available TB drugs.

 

“At Merck we have a proud legacy of addressing some of the world’s most challenging infectious diseases,” said Dr. Dean Y. Li, president, Merck Research Laboratories. “With the expertise and capabilities of the Gates MRI, MK-7762 and MK-3854 are positioned for rigorous evaluation of their potential as components of novel TB treatment regimens.”

 

In vitro and in vivo evaluation of MK-7762 and MK-3854 have shown that both candidates have potent antibacterial activity against Mycobacterium tuberculosis, the organism that causes tuberculosis, including some strains known to be resistant to current therapies

 

About Tuberculosis

Tuberculosis is a major global cause of illness, disability, and is one of the leading causes of death from an infectious disease worldwide, responsible for an estimated 1.5 million deaths per year.

 

The most commonly used drug regimen for the treatment of drug-sensitive TB requires patients to take multiple drugs for up to six months with routine clinical monitoring. Patients with drug-resistant forms of the infection can face longer and more complex treatment journeys, often with significant side effects that require increased monitoring. The need for drug-resistance testing prior to treatment initiation is an added challenge. A substantially shorter drug regimen for the treatment of both drug-susceptible and drug-resistant forms of TB could provide a significant benefit to both patients and health systems and may overcome the need for accompanying drug-resistance testing.

 

About the Bill & Melinda Gates Medical Research Institute

The Bill & Melinda Gates Medical Research Institute is a non-profit medical research organization dedicated to the development and effective use of novel biomedical interventions addressing substantial global health concerns, for which investment incentives are limited, including malaria, tuberculosis, enteric and diarrheal diseases, and diseases that impact maternal, newborn, and child health. For further information please visit www.gatesmri.org.

 

About Merck

At Merck, known as MSD outside of the United States and Canada, we are unified around our purpose: We use the power of leading-edge science to save and improve lives around the world. For more than 130 years, we have brought hope to humanity through the development of important medicines and vaccines. We aspire to be the premier research-intensive biopharmaceutical company in the world – and today, we are at the forefront of research to deliver innovative health solutions that advance the prevention and treatment of diseases in people and animals. We foster a diverse and inclusive global workforce and operate responsibly every day to enable a safe, sustainable and healthy future for all people and communities. For more information, visit www.merck.com and connect with us on Twitter, Facebook, Instagram, YouTube and LinkedIn.

 

Forward-Looking Statement of Merck & Co., Inc., Rahway, N.J., USA

This news release of Merck & Co., Inc., Rahway, N.J., USA (the “company”) includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties. There can be no guarantees with respect to pipeline candidates that the candidates will receive the necessary regulatory approvals or that they will prove to be commercially successful. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

 

Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of the global outbreak of novel coronavirus disease (COVID-19); the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

 

The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company’s Annual Report on Form 10-K for the year ended December 31, 2021 and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov).

Contacts

Media Contacts:

Merck

Julie Cunningham

(617) 519-6264

Ian McConnell

(973) 901 5722

Investor Contacts:

Peter Dannenbaum

(908) 740-1037

Steve Graziano

(908) 740-6582

Gates MRI

Lee Bansil

(857) 284 8767

Categories
Business

Johnson & Johnson reports Q3 2022 results

  • Reported sales growth of 1.9% to $23.8 Billion with operational growth of 8.1%* and adjusted operational growth of 8.2%*
  • Earnings per share (EPS) of $1.68 increasing 22.6% and adjusted EPS of $2.55 decreasing by 1.9%*
  • Company is maintaining 2022 full-year guidance midpoints for adjusted operational sales and reported adjusted EPS; increasing adjusted operational EPS performance offsetting continued unfavorable currency impacts

 

NEW BRUNSWICK, N.J. — (BUSINESS WIRE) — Johnson & Johnson (NYSE: JNJ) today announced results for third-quarter 2022. “Our third quarter performance demonstrates our continued strength and resilience across all three of our businesses,” said Joaquin Duato, Chief Executive Officer. “Through the ongoing efforts of our teams around the world, we continue to navigate the dynamic macroeconomic environment and remain focused on delivering transformative healthcare solutions. Looking ahead, I remain confident in our business and ability to continue advancing our innovative portfolio and pipeline.”

OVERALL FINANCIAL RESULTS

Q3
($ in Millions, except EPS)

2022

2021

% Change
Reported Sales

$23,791

$23,338

1.9%
Net Earnings

4,458

3,667

21.6%
EPS (diluted)

$1.68

$1.37

22.6%

Q3
Non-GAAP* ($ in Millions, except EPS)

2022

2021

% Change
Operational Sales1,2

8.1%
Adjusted Operational Sales1,3

8.2%
Adjusted Net Earnings1,4

6,779

6,968

(2.7)%
Adjusted EPS (diluted)1,4

$2.55

$2.60

(1.9)%

1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules

2 Excludes the impact of translational currency

3 Excludes the net impact of acquisitions and divestitures and translational currency

4 Excludes intangible amortization expense and special items

Note: values may have been rounded

REGIONAL SALES RESULTS

Q3

% Change
($ in Millions)

2022

2021

Reported

Operational1,2

Currency

Adjusted

Operational1,3
U.S.

$12,453

$11,963

4.1%

4.1

–

4.2
International

$11,338

$11,375

(0.3)

12.3

(12.6)

12.4
Worldwide

$23,791

$23,338

1.9%

8.1

(6.2)

8.2

1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules

2 Excludes the impact of translational currency

3 Excludes the net impact of acquisitions and divestitures and translational currency

Note: Values may have been rounded

SEGMENT SALES RESULTS

Q3

% Change
($ in Millions)

2022

2021

Reported

Operational1,2

Currency

Adjusted

Operational1,3

Consumer Health4

$3,795

$3,812

(0.4)%

4.7

(5.1)

4.8
Pharmaceutical4

$13,214

$12,882

2.6

9.0

(6.4)

9.2
MedTech

$6,782

$6,644

2.1

8.1

(6.0)

8.1
Worldwide

$23,791

$23,338

1.9%

8.1

(6.2)

8.2

1 Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules

2 Excludes the impact of translational currency

3 Excludes the net impact of acquisitions and divestitures and translational currency

4 Certain international OTC products, primarily in China, were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes

Note: Values may have been rounded

THIRD QUARTER 2022 SEGMENT COMMENTARY:

Adjusted operational sales* reflected below excludes the net impact of acquisitions and divestitures and translational currency.

Consumer Health

Consumer Health worldwide adjusted operational sales increased 4.8%*. Major contributors to growth include upper respiratory and analgesic products in the over-the-counter franchise, NEUTROGENA and AVEENO in Skin Health/Beauty and Women’s Health products outside the United States.

Pharmaceutical

Pharmaceutical worldwide adjusted operational sales grew 9.2%*, driven by DARZALEX (daratumumab), a biologic for the treatment of multiple myeloma, TREMFYA (guselkumab), a biologic for the treatment of adults living with moderate to severe plaque psoriasis, and for adults with active psoriatic arthritis, STELARA (ustekinumab), a biologic for the treatment of a number of immune-mediated inflammatory diseases, ERLEADA (apalutamide), a next-generation androgen receptor inhibitor for the treatment of patients with prostate cancer, and INVEGA SUSTENNA/XEPLION and INVEGA TRINZA/TREVICTA (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults. Also contributing to growth were sales of the Janssen COVID-19 Vaccine (Ad26.COV2.S) for the prevention of the SARS-CoV-2 virus. This growth was partially offset by declines in sales of REMICADE (infliximab), a biologic approved for the treatment of several immune-mediated inflammatory diseases and IMBRUVICA (ibrutinib), an oral, once daily therapy approved for use in treating certain B-cell malignancies, a type of blood or lymph node cancer.

MedTech

MedTech worldwide adjusted operational sales grew 8.1%*, driven primarily by electrophysiology products in Interventional Solutions, contact lenses in Vision, Trauma in Orthopaedics and wound closure products in General Surgery.

NOTABLE NEW ANNOUNCEMENTS IN THE QUARTER:

The information contained in this section should be read in conjunction with Johnson & Johnson’s other disclosures filed with the Securities and Exchange Commission, including its Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. The reader is also encouraged to review all other news releases and information available in the Investors section of the company’s website at news releases, as well as www.factsabouttalc.com, www.factsaboutourprescriptionopioids.com, and www.LTLManagementInformation.com.

Regulatory Decisions

STELARA (ustekinumab) Approved by the U.S. Food and Drug Administration to Treat Pediatric Patients with Active Psoriatic Arthritis

Press Release

European Commission Approves IMBRUVICA (ibrutinib) in a Fixed-Duration Combination Regimen for Adult Patients with Previously Untreated Chronic Lymphocytic Leukaemia (CLL)

Press Release

Janssen Marks First Approval Worldwide for TECVAYLI (teclistamab) with EC Authorisation of First-in-Class Bispecific Antibody for the Treatment of Patients with Multiple Myeloma

Press Release

U.S. FDA Approves IMBRUVICA (ibrutinib) as First and Only BTKi Treatment for Pediatric Patients with Chronic Graft-Versus-Host Disease

Press Release

Data Release

Janssen Announces New Data Supporting Safety and Efficacy of RYBREVANT and Lazertinib Combination for Patients with Non-Small Cell Lung Cancer and EGFR Mutations

Press Release

Final Analysis of Phase 2 GRIFFIN Study Presented for DARZALEX (daratumumab)-based Investigational Quadruplet Regimen in Patients with Newly Diagnosed, Transplant-Eligible Multiple Myeloma

Press Release

TREMFYA (guselkumab) Demonstrates Higher Rates of Complete Skin Clearance with Earlier Treatment in Adults with Moderate to Severe Plaque Psoriasis in Phase 3b GUIDE Study

Press Release

Results of Novel Clinical Study of Guselkumab and Golimumab Combination Therapy Show Adults with Moderately to Severely Active Ulcerative Colitis Maintained Higher Rates of Clinical, Histologic, and Endoscopic Remission at Week 381

Press Release

STELARA (ustekinumab) Demonstrated Sustained Symptomatic and Corticosteroid-Free Remission Through Four Years in Adults with Moderately to Severely Active Ulcerative Colitis1

Press Release

Janssen Announces Late-Breaking Data from Two Gene Therapy Programs at the American Academy of Ophthalmology 2022 Annual Meeting

Press Release

Product Launches

Biosense Webster Launches the OCTARAY Mapping Catheter with TRUEref Technology

Press Release

Johnson & Johnson Vision Introduces All Purpose EDOF, TECNIS Symfony OptiBlue IOL, the Latest PC-IOL Powered by InteliLight Technology

Press Release

Johnson & Johnson Vision Launches New Contact Lens Innovation to Help Meet the Needs of Digitally Intense Lifestyles: ACUVUE OASYS MAX 1-Day

Press Release

Biosense Webster Launches HELIOSTAR in Europe, the First Radiofrequency Balloon Ablation Catheter, Enabling Physicians to Perform More Efficient Cardiac Ablations1

Press Release

Other

Johnson & Johnson Announces $5 Billion Share Repurchase Program

Press Release

Johnson & Johnson Appoints Larry Merlo as Non-Executive Chair Designate of Planned New Consumer Health Company

Press Release

Johnson & Johnson Announces Kenvue as the Name for Planned New Consumer Health Company

Press Release

1 Subsequent to the quarter.

FULL-YEAR 2022 GUIDANCE:

Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson’s results computed in accordance with GAAP.

($ in Billions, except EPS)

October 2022

July 2022

Adjusted Operational Sales1,2,5

Change vs. Prior Year

6.7% – 7.2%

6.5% – 7.5%

Operational Sales2,5/ Mid-point2,5

Change vs. Prior Year / Mid-point

$97.5B – $98.0B / $97.8B

6.7% – 7.2% / 7.0%

$97.3B – $98.3B / $97.8B

6.5% – 7.5% / 7.0%

Estimated Reported Sales3,5/ Mid-point3,5

Change vs. Prior Year / Mid-point

$93.0B – $93.5B / $93.3B

1.8% – 2.3% / 2.1%

$93.3B – $94.3B / $93.8B

2.1% – 3.1% / 2.6%

Adjusted Operational EPS (Diluted)2,4/ Mid-point2,4

Change vs. Prior Year / Mid-point

$10.70 – $10.75 / $10.73

9.2% – 9.7% / 9.5%

$10.65 – $10.75 / $10.70

8.7% – 9.7% / 9.2%

Adjusted EPS (Diluted)3,4 / Mid-point3,4

Change vs. Prior Year / Mid-point

$10.02 – $10.07 / $10.05

2.3% – 2.8% / 2.6%

$10.00 – $10.10 / $10.05

2.1% – 3.1% / 2.6 %

1 Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures

2 Non-GAAP financial measure; excludes the impact of translational currency

3 Calculated using Euro Average Rate: October 2022 = $1.04 and July 2022 = $1.05 (Illustrative purposes only)

4 Non-GAAP financial measure; excludes intangible amortization expense and special items

5 Excludes COVID-19 Vaccine

Note: percentages may have been rounded

Other modeling considerations will be provided on the webcast.

WEBCAST INFORMATION:

Johnson & Johnson will conduct a conference call with investors to discuss this earnings release today at 8:30 a.m., Eastern Time. A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Johnson & Johnson website. A replay and podcast will be available approximately two hours after the live webcast in the Investors section of the company’s website at events-and-presentations.

ABOUT JOHNSON & JOHNSON:

At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That’s why for more than 135 years, we have aimed to keep people well at every age and every stage of life. Today, as the world’s largest and most broadly-based health care company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity.

NON-GAAP FINANCIAL MEASURES:

* “Operational sales growth” excluding the impact of translational currency, “adjusted operational sales growth” excluding the net impact of acquisitions and divestitures and translational currency, as well as “adjusted net earnings”, “adjusted diluted earnings per share” and “adjusted operational diluted earnings per share” excluding after-tax intangible amortization expense and special items, are non-GAAP financial measures and should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Except for guidance measures, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying financial schedules of the earnings release and the Investors section of the company’s website at quarterly results.

Copies of the financial schedules accompanying this earnings release are available on the company’s website at quarterly results. These schedules include supplementary sales data, a condensed consolidated statement of earnings, reconciliations of non-GAAP financial measures, and sales of key products/franchises. Additional information on Johnson & Johnson, including adjusted income before tax by segment, a pharmaceutical pipeline of selected compounds in late stage development and a copy of today’s earnings call presentation can also be found in the Investors section of the company’s website at quarterly results.

NOTE TO INVESTORS CONCERNING FORWARD-LOOKING STATEMENTS:

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things: future operating and financial performance, product development, market position and business strategy, and the anticipated separation of the Company’s Consumer Health business. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products and patents attained by competitors; challenges inherent in new product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new and existing products; challenges to patents; the impact of patent expirations; the ability of the company to successfully execute strategic plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws and global health care reforms; trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and services; financial instability of international economies and legal systems and sovereign risk; increased scrutiny of the health care industry by government agencies; the Company’s ability to satisfy the necessary conditions to consummate the separation of the Company’s Consumer Health business on a timely basis or at all; the Company’s ability to successfully separate the Company’s Consumer Health business and realize the anticipated benefits from the separation; the New Consumer Health Company’s ability to succeed as a standalone publicly traded company; and risks related to the impact of the COVID-19 global pandemic, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response, material delays and cancellations of medical procedures, supply chain disruptions and other impacts to the business, or on the company’s ability to execute business continuity plans, as a result of the COVID-19 pandemic. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended January 2, 2022, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in Johnson & Johnson’s subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Any forward-looking statement made in this release speaks only as of the date of this release. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments.

Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)

THIRD QUARTER

NINE MONTHS

Percent Change

Percent Change

2022

2021

Total

Operations

Currency

2022

2021

Total

Operations

Currency
Sales to customers by
segment of business
Consumer Health (1)
U.S.

$ 1,659

1,625

2.1

%

2.1

–

$ 4,903

4,987

(1.7

)

%

(1.7

)

–

International

2,136

2,187

(2.3

)

6.7

(9.0

)

6,283

6,320

(0.6

)

6.0

(6.6

)

3,795

3,812

(0.4

)

4.7

(5.1

)

11,186

11,307

(1.1

)

2.6

(3.7

)
Pharmaceutical (1)
U.S.

7,438

7,221

3.0

3.0

–

21,229

20,536

3.4

3.4

–

International

5,776

5,661

2.0

16.7

(14.7

)

18,171

16,927

7.3

18.5

(11.2

)

13,214

12,882

2.6

9.0

(6.4

)

39,400

37,463

5.2

10.2

(5.0

)
Pharmaceutical excluding COVID-19 Vaccine (1,3)
U.S.

7,438

6,951

7.0

7.0

–

21,109

20,115

4.9

4.9

–

International

5,287

5,429

(2.6

)

11.3

(13.9

)

16,801

16,582

1.3

11.7

(10.4

)

12,725

12,380

2.8

8.9

(6.1

)

37,910

36,697

3.3

8.0

(4.7

)
MedTech (2)
U.S.

3,356

3,117

7.7

7.7

–

9,932

9,470

4.9

4.9

–

International

3,426

3,527

(2.9

)

8.5

(11.4

)

10,719

10,731

(0.1

)

8.2

(8.3

)

6,782

6,644

2.1

8.1

(6.0

)

20,651

20,201

2.2

6.6

(4.4

)
U.S.

12,453

11,963

4.1

4.1

–

36,064

34,993

3.1

3.1

–

International

11,338

11,375

(0.3

)

12.3

(12.6

)

35,173

33,978

3.5

12.9

(9.4

)
Worldwide

23,791

23,338

1.9

8.1

(6.2

)

71,237

68,971

3.3

7.9

(4.6

)
U.S.

12,453

11,693

6.5

6.5

–

35,944

34,572

4.0

4.0

–

International

10,849

11,143

(2.6

)

9.5

(12.1

)

33,803

33,633

0.5

9.5

(9.0

)
Worldwide excluding COVID-19 Vaccine (3)

$ 23,302

22,836

2.0

%

8.0

(6.0

)

$ 69,747

68,205

2.3

%

6.7

(4.4

)
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(1) Certain international OTC products, primarily in China, were reclassified from the Pharmaceutical segment to the Consumer Health segment based on operational changes.
(2) Previously referred to as Medical Devices
(3) Refer to supplemental sales reconciliation schedule
Johnson & Johnson and Subsidiaries
Supplementary Sales Data
(Unaudited; Dollars in Millions)

THIRD QUARTER

NINE MONTHS

Percent Change

Percent Change

2022

2021

Total

Operations

Currency

2022

2021

Total

Operations

Currency
Sales to customers by
geographic area
U.S.

$ 12,453

11,963

4.1

%

4.1

–

$ 36,064

34,993

3.1

%

3.1

–

Europe

5,524

5,587

(1.1

)

14.5

(15.6

)

17,633

16,669

5.8

18.2

(12.4

)
Western Hemisphere excluding U.S.

1,562

1,500

4.1

9.1

(5.0

)

4,580

4,291

6.7

9.6

(2.9

)
Asia-Pacific, Africa

4,252

4,288

(0.9

)

10.5

(11.4

)

12,960

13,018

(0.4

)

7.2

(7.6

)
International

11,338

11,375

(0.3

)

12.3

(12.6

)

35,173

33,978

3.5

12.9

(9.4

)
Worldwide

$ 23,791

23,338

1.9

%

8.1

(6.2

)

$ 71,237

68,971

3.3

%

7.9

(4.6

)
Note: Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures) THIRD QUARTER

2022

2021

Percent

Percent

Percent

Increase

Amount

to Sales

Amount

to Sales

(Decrease)
Sales to customers

$

23,791

100.0

$

23,338

100.0

1.9

Cost of products sold

7,807

32.8

7,250

31.1

7.7

Gross Profit

15,984

67.2

16,088

68.9

(0.6

)
Selling, marketing and administrative expenses

6,089

25.6

6,000

25.7

1.5

Research and development expense

3,597

15.1

3,422

14.7

5.1

In-process research and development

–

–

900

3.9
Interest (income) expense, net

(99

)

(0.4

)

7

0.0
Other (income) expense, net

493

2.1

1,850

7.9
Restructuring

82

0.3

60

0.2
Earnings before provision for taxes on income

5,822

24.5

3,849

16.5

51.3

Provision for taxes on income

1,364

5.8

182

0.8

649.5

Net earnings

$

4,458

18.7

$

3,667

15.7

21.6

Net earnings per share (Diluted)

$

1.68

$

1.37

22.6

Average shares outstanding (Diluted)

2,661.3

2,674.9
Effective tax rate

23.4

%

4.7

%
Adjusted earnings before provision for taxes and net earnings (1)
Earnings before provision for taxes on income

$

8,073

33.9

$

8,058

34.5

0.2

Net earnings

$

6,779

28.5

$

6,968

29.9

(2.7

)
Net earnings per share (Diluted)

$

2.55

$

2.60

(1.9

)
Effective tax rate

16.0

%

13.5

%
(1) See Reconciliation of Non-GAAP Financial Measures.
Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures) NINE MONTHS

2022

2021

Percent

Percent

Percent

Increase

Amount

to Sales

Amount

to Sales

(Decrease)
Sales to customers

$

71,237

100.0

$

68,971

100.0

3.3

Cost of products sold

23,324

32.7

21,900

31.8

6.5

Gross Profit

47,913

67.3

47,071

68.2

1.8

Selling, marketing and administrative expenses

18,253

25.7

17,505

25.4

4.3

Research and development expense

10,762

15.1

9,994

14.5

7.7

In-process research and development

610

0.9

900

1.3
Interest (income) expense, net

(137

)

(0.2

)

83

0.1
Other (income) expense, net

664

0.9

480

0.7
Restructuring

237

0.3

169

0.2
Earnings before provision for taxes on income

17,524

24.6

17,940

26.0

(2.3

)
Provision for taxes on income

3,103

4.4

1,798

2.6

72.6

Net earnings

$

14,421

20.2

$

16,142

23.4

(10.7

)
Net earnings per share (Diluted)

$

5.41

$

6.04

(10.4

)
Average shares outstanding (Diluted)

2,667.5

2,674.6
Effective tax rate

17.7

%

10.0

%
Adjusted earnings before provision for taxes and net earnings (1)
Earnings before provision for taxes on income

$

24,462

34.3

$

24,125

35.0

1.4

Net earnings

$

20,820

29.2

$

20,517

29.7

1.5

Net earnings per share (Diluted)

$

7.81

$

7.67

1.8

Effective tax rate

14.9

%

15.0

%
(1) See Reconciliation of Non-GAAP Financial Measures.
Johnson & Johnson and Subsidiaries
Reconciliation of Non-GAAP Financial Measures

Third Quarter

Nine Months Ended
(Dollars in Millions Except Per Share Data)

2022

2021

2022

2021
Net Earnings, after tax- as reported

$4,458

$3,667

$14,421

$16,142

Pre-tax Adjustments
Intangible Asset Amortization expense

1,041

1,159

3,244

3,576

Litigation related

219

2,077

604

2,054

IPR&D

–

900

610

900

Restructuring related

123

121

323

333

Acquisition, integration and divestiture related ¹

–

20

–

(504

)
(Gains)/losses on securities

164

(127

)

684

(335

)
Medical Device Regulation 2

78

59

208

161

COVID-19 Vaccine related costs 3

377

–

653

–

Consumer Health separation costs

249

–

619

–

Other

–

–

(7

)

–

Tax Adjustments
Tax impact on special item adjustments 4

(379

)

(849

)

(1,085

)

(1,097

)
Consumer Health separation tax related costs

361

–

459

–

Tax legislation and other tax related

88

(59

)

87

(713

)
Adjusted Net Earnings, after tax

$6,779

$6,968

$20,820

$20,517

Average shares outstanding (Diluted)

2,661.3

2,674.9

2,667.5

2,674.6

Adjusted net earnings per share (Diluted)

$2.55

$2.60

$7.81

$7.67

Operational adjusted net earnings per share (Diluted)

$2.75

$8.25

Notes:

1

 Acquisition, integration and divestiture related for the nine months of 2021 primarily includes the gain on the divestiture of two Pharmaceutical brands outside of the U.S.

2

 European Medical Device Regulation (MDR) costs represent one-time compliance costs for the Company’s previously registered products. MDR is a replacement of the existing European Medical Devices Directive regulatory framework, and manufacturers of currently marketed medical devices were required to comply with EU MDR beginning in May 2021. The Company considers the adoption of EU MDR to be a significant one-time regulatory change and is not indicative of on-going operations. The Company has excluded only external third-party regulatory and consulting costs from its MedTech operating segments’ measures of profit and loss used for making operating decisions and assessing performance which is expected to be completed during 2024.

3

 COVID-19 Vaccine related costs include remaining commitments and obligations, including external manufacturing network exit costs and required clinical trial expenses, associated with the Company’s modification of its COVID-19 vaccine research program and manufacturing capacity to levels that meet all customer contractual requirements.

4

 The tax impact related to special item adjustments reflects the current and deferred income taxes associated with the above pre-tax special items in arriving at adjusted earnings.

Contacts

Press Contacts:

Jake Sargent

(732) 524-1090

Investor Contacts:

Jessica Moore

(732) 524-2955

Sarah Wood

(732) 524-2617

Read full story here

Categories
Business International & World

AM Best downgrades credit ratings of Family Guardian Insurance Company Limited and FamGuard Corporation Limited

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has downgraded the Financial Strength Rating to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” (Good) from “a-” (Excellent) of Family Guardian Insurance Company Limited (Family Guardian). Concurrently, AM Best has downgraded the Long-Term ICR to “bb+” (Fair) from “bbb-” (Good) of FamGuard Corporation Limited. Both Companies are domiciled in Nassau, Bahamas. In addition, AM Best has revised the outlooks of these Credit Ratings (ratings) to stable from negative.

The ratings reflect Family Guardian’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).

 

The balance sheet strength assessment reflects Family Guardian’s risk-adjusted capital at the strong level, as measured by Best’s Capital Adequacy Ratio (BCAR), the elimination of financial leverage and continued good liquidity, which is offset partly by the company’s limited investment options and high concentration of sovereign debt holdings. The company’s BCAR levels declined in the past year due to downgrades of the Bahamas’ sovereign ratings.

 

Family Guardian’s operating performance remains strong, with return on equity levels consistently over 10% and a continued trend of positive net earnings, which have supported capital growth. The business profile assessment considers Family Guardian’s good market position in the Bahamas and creditworthy product offerings offset by its geographic concentration in the Bahamas. The company’s ERM framework and governance structure are appropriate for its risk profile.

 

There are ongoing concerns regarding global economic conditions and their negative impact on the Bahamas. AM Best will continue to monitor the economic conditions in the Bahamas and take appropriate rating actions as they change.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Louis Silvers
Senior Financial Analyst
+1 908 439 2200, ext. 5802
louis.silvers@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Anthony McSwieney
Senior Financial Analyst
+1 908 439 2200, ext. 5715
anthony.mcswieney@ambest.com

Al Slavin
Communications Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com

Categories
Business

AM Best to host IMCA/AM Best Marketing Leader Lunch with Baldwin Risk Partners’ Rich Tallo

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best will host a joint presentation with the Insurance Marketing & Communications Association (IMCA) on Friday, Oct. 28, 2022, at Noon (EDT). In the live, interactive roundtable discussion, Rich Tallo, chief marketing officer at Baldwin Risk Partners, will discuss branding, how marketing is evolving to meet customers’ changing expectations, opportunities and challenges in business-to-business versus business-to-consumer marketing, attracting the next generation of marketing talent to the insurance industry and uncovering the keys to success in digital marketing. Register today: http://www.ambest.com/webinars/BaldwinRiskPartners/index.html

Panelists include:

  • Rich Tallo, chief marketing officer, Baldwin Risk Partners;
  • Peter van Aartrijk, principal, Aartrijk, and IMCA CMO Council member;
  • Lee McDonald, group vice president, AM Best; and
  • Lori Chordas, senior associate editor, AMBestTV.

 

Attendees can submit questions during registration or by emailing webinars@ambest.com. The event will be streamed in video and audio formats, and playback will be available to registered viewers shortly after the event.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2022 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Lee McDonald
Group Vice President, Publication & News Services
+1 908 439 2200, ext. 5561
lee.mcdonald@ambest.com

Categories
Business Healthcare Local News Science

TransPerfect Life Sciences hosts ‘Conversations on Clinical Content’ event series

2022 C3 Summit Program Concludes October 20 in Princeton, New Jersey

 

NEW YORK — (BUSINESS WIRE) — TransPerfect Life Sciences, a leading provider of services and technologies to support global clinical trials and product development for the biopharmaceutical industry, today announced a final call for registration for the 2022 Conversations on Clinical Content (C3) summit. The event is the third in a three-part series and takes place on Oct. 20 in Princeton, NJ. Registration and details can be found at https://thec3summit.com/princeton/.

C3 brings together leading industry executives with expertise in product development and decentralized clinical trials (DCTs) for regional meetings and virtual sessions. The series serves as a platform for industry leaders to share knowledge on important industry trends and topics, including best practices around DCT, patient diversity, patient centricity, and outcome assessments.

 

The 2022 C3 events have been held in Raleigh, North Carolina, and London, England. Speakers included representatives from Walgreens, Pfizer, Parexel, AstraZeneca, Roche, Evidera/PPD, Boehringer Ingelheim, and Red Nucleus.

 

Katja Rudell, Senior Director, COA, CDDS, at Parexel and London C3 Summit panelist, said, “The C3 sessions were packed with great questions. As a panelist, I appreciated the questions and opportunity to share perspectives with others on stage. As an audience member, the event served as an effective forum to demystify a number of topics related to patient centricity.”

 

Scheduled presenters at C3 Princeton include clinical leaders from CVS Health Clinical Trial Services, Bristol Myers Squibb, Decentralized Trials & Research Alliance, Kyowa Kirin, Savvy Cooperative, Exponent, ProofPilot, ObvioHealth, and MANA RBM.

 

“As a solutions provider assisting companies with their increasingly virtual operations, we work every day with thought leaders who have knowledge that can benefit others on similar journeys,” said Michael Smyth, Division President, TransPerfect Life Sciences Solutions. “The enthusiasm and willingness to share shown by our speakers has created many thought-provoking discussions.”

 

TransPerfect President and CEO Phil Shawe stated, “C3 is a unique opportunity for thought leaders in the clinical community to discuss trends, see recent innovations, and better prepare for the future.”

 

For more information on the C3 Summit series, visit https://thec3summit.com/.

 

About TransPerfect Life Sciences

TransPerfect Life Sciences specializes in supporting global development and commercialization of drugs, treatments, and devices designed to improve and save lives. Our comprehensive solutions include eTMF and eClinical technologies, paper TMF migration, pharmacovigilance and safety solutions, translation and language services, and call center support. With offices in over 100 cities worldwide, TransPerfect is the ideal partner to ensure that your global launch makes a global impact. For more information, please visit our website at https://lifesciences.transperfect.com/.

 

About TransPerfect

TransPerfect is the world’s largest provider of language and technology solutions for global business. From offices in over 100 cities on six continents, TransPerfect offers a full range of services in 200+ languages to clients worldwide. More than 6,000 global organizations employ TransPerfect’s GlobalLink® technology to simplify management of multilingual content. With an unparalleled commitment to quality and client service, TransPerfect is fully ISO 9001 and ISO 17100 certified. TransPerfect has global headquarters in New York, with regional headquarters in London and Hong Kong. Visit https://www.transperfect.com for more information on TransPerfect.

 

Contacts

Ryan Simper +1 212.689.5555
mediainquiry@transperfect.com