mjn_2010 annual report final
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gwggvyyMead Johnson utrition nnual eport 2010
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tonourishtheworldschildrenfor
thebeststartinlife
tobetheworldsleading
nutritioncoMpanyfor
babiesandchildren
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Driving that perormance is a talented, diverse and efective global
team o nearly 6,500 employees who draw inspiration every day
rom our Mission to nourish the worlds children or the best start
in lie. Underpinning that perormance is a powerul combination o
actors and capabilities that makes Mead Johnson uniquely qualied
to achieve its Vision to be the worlds leading nutrition company
or babies and children:
> the large and dynamic industry in which we operate, withvery avorable demographics and undamentals or prot-
able growth;
> a broad and balanced geographic ootprint, with a particularlystrong emerging-market presence;
> a portolio o leading brands and over 70 products to meet thenutritional needs o inants and children;
> the depth and strength o our science and our innovationpipeline;
> our total commitment to quality and continuous improvement;> a diverse global leadership team and strong organizational
capabilities, including those necessary to operate as a stand-
alone independent company; and
> our nancial strength demonstrated by outstanding marginsand excellent cash ow leading to superior shareholder value.
Across our top measured markets, representing about 95 percent o our
global sales, our singular ocus on pediatric nutrition has enabled us to
achieve the number one position by value in inant ormula and the
number two position by value in childrens nutritional supplements.
In 2010, we delivered another year o record sales and earnings,with both growing at 9 percent, on a non-GAAP, constant dollar
basis, versus 2009. Our sales growth was a particularly notable
achievement, not only because it was the largest dollar increase
over the last ve years, but also because it was based on a solid
5 percent volume gain. This perormance was led by our Asia-Latin
America segment, which grew 16 percent, excluding oreign exchange.
In act, our sales outside the United States accounted or 68 percent
o the Company total in 2010, up rom 65 percent in 2009.
The perormance o our stock reects the trust that investors are
placing in Mead Johnson and their condence in our business model,
our strategies, our brands and our people. In 2010, MJN delivered
just under a 45 percent total return to our shareholders, nearly
triple the return generated by the S&P 500 Index.
InternatIonal Growth enGIne The impressive growth
across Asia and Latin America was led by China and Hong Kong, which
together reported sales o $745 million in 2010, and now account
or nearly a quarter o our global revenues. Strong, double-digit
gains were also recorded across numerous other markets in this
segment, including Malaysia and Singapore, as well key Latin American
countries, including Mexico, Brazil, Colombia and Peru.
Our business beneed signicantly rom our increased invest-
ments behind advertising and promotion and in selective sales orce
expansion. In 2010, we increased our spending on these demand-
generation activities by 13 percent worldwide.
We use a three-pillared demand-generation strategy reaching out
directly to parents, communicating important nutritional science
through healthcare proessionals, and partnering with retailers. We
are communicating with consumers in new ways and through new
media to help ensure that our superior science is well understood.
We also broadened and strengthened our sales and distribution
inrastructure in selected high-growth markets, most notably in China
and Brazil. As a result o our ongoing Step Change Program in
China, we now have ull sales and marketing resources in place in
almost 200 cities nearly triple the number rom 2008, with another
50 cities to be added over the coming year.
Sales in Europe accounted or a small percentage o our globalbusiness and are heavily concentrated in specialty ormulas such
as Nutramigen that are primarily distributed through pharmacies.
These very specialized products reinorce Mead Johnsons reputa-
tion or rigorous scientic research and nutritional expertise among
leading scientists, regulators, healthcare proessionals and parents
providing a solid oundation as we look to build our presence in
the region.
toourShareholderS,ColleaGueS&BuSIneSSPartnerS:
THISPASTEAWASTHESECONDSINCEOUINITIALPUBLICOEINGANDOU
ISTULLEAASACOMPLETELINDEPENDENTPUBLICCOMPANASEVIDENCEDBABOADSETOMEASUESMEADJOHNSONNUTITIONOLLOWED
ITSSTONGDEBUTEAWITHANOUTSTANDINGPEOMANCEIN
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IMProVInG ProSPeCtS In the unIted StateS The United
States remains our largest market, and we were able to stabilize
our ull-year sales there, despite continued declines in births and
overall ormula consumption. Our slight U.S. sales increase or 2010
compares to a decline o 10 percent in 2009, and there was steady
improvement in our business during the second hal o the year.
We were able to grow share in a soer market on the strength o
successul new product launches such as Enamil Premium with
Natural Deense Dual Prebiotics and Enamil Premium Newborn
as well as the introduction o our unique plastic tub and rell pouch
packaging system. We also experienced some additional demand
during the closing months o the year, resulting rom the market-
place recall o a competitors product.
eXPandInG FootPrInt In early 2010, we announced our agree-
ment to partner with Almarai, the leading regional ood and dairy
producer in the Middle East. By June, we had ormally established
our new joint venture the International Pediatric NutritionCompany (IPNC), and by December, IPNC was launching its rst
products into the Kingdom o Saudi Arabia. Although the new
Almarai Enamil A+ is currently being imported, beore the end o
2011, the venture will be producing products or amilies across the
Gul Cooperation Council at a new, local, state-o-the-art production
acility being built by Almarai.
Brazil, another key development market or us, accelerated its growth
in 2010. Due to a combination o our entry into the inant ormula
market and the continuing strength and growth o our Sustagen
brand o childrens nutritional supplements, Brazil was our astest-
growing market on a percentage basis last year, moving into our top
10 countries list and contributing to Latin America being our astest-
growing region.
Another market with tremendous, long-term potential is India.
There, we are actively sharing our credentials and nutritional exper-
tise with the local scientic, medical and regulatory communities,
while also careully learning and gaining consumer insights. Overall,
we remain in an investment mode slowly but steadily building our
presence in the marketplace and looking or the best ways to make
meaningul contributions to the growth and development o Indias
inants and children.
FInanCIal FoCuS and oPeratIonal dISCIPlIne Despite
all this growth, and the substantial investments required to support
it, we did not lose sight o the lean mindset that has served us so
well over many years, paying close aention to operational eciency
and overall cost control.
One area o ocus, where we made solid progress in 2010, was man-
aging controllable working capital. We were able to reduce average
working capital to below 9 percent o sales in 2010, rom 12 percent
in 2009, and almost 15 percent in 2008 signicantly beer than
the 11.4 percent rate averaged by our peer companies.
Another o Mead Johnsons historical strengths has been our ability
to drive growth and productivity hand-in-hand. Although it gets
tougher each year, we have a standing target o 3 percent in annual
cost reductions, through various productivity initiatives and ecien-
cies. In 2010, we were able to remove a record amount over $46
million rom our product costs.
We also beneed rom our November 2009 debt renancing,
which cut our interest expense nearly in hal, as well as tax planning
eforts that helped reduce our efective tax rate rom 30 percent
in 2009 to below 29 percent in 2010.
These nancial and operational eciencies acilitated our record
earnings and helped to ofset a $24 million adverse impact rom two
devaluations o the Venezuelan bolivar, cost increases or a number
o key commodities, an $11 million incremental non-cash pension
expense, and $18 million in cost overlaps or various shared services
resulting rom the ongoing transition o IT, nance, and indirect
procurement rom BMS to IBM.
We completed the design o our Global SAP Technology Platorm
during 2010, and went live with the new system in North America
during the ourth quarter. This work is a critical step toward eliminat-
ing the last o the remaining shared service overlaps by the end o
2011 and ully leveraging the eciencies o our new global inra-
structure in 2012 and beyond.
herItaGe oF QualItY and InnoVatIon or more than a
century, Mead Johnson has led the way in developing sae, high-
quality, innovative products to help nourish the worlds children or
the best start in lie. Ours is a business built on the trust o genera-
tions o parents and healthcare proessionals, which is why we havesuch an uncompromising commitment to product saety and quality.
Over the past ve years, more than $60 million o our capital invest-
ments have been directed toward our quality systems and processes,
and we have rigorous quality control capability at each o our seven
manuacturing locations worldwide. This kind o commitment not
only builds and strengthens the reputation o our products and
brands, but also helps make the Mead Johnson logo a seal o approval
or trust mark or consumers across the globe. Even with our impres-
sive perormance record in this area, we are constantly looking or
ways to urther raise quality standards.
DESPITEALLTHISGOWTH
WEDIDNOTLOSESIGHTOTHE
LEANMINDSETTHATHASSEVED
USSOWELLOVEMANEAS
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Perhaps nothing beer symbolizes our Companys ocus on contin-
uous improvement and the advancement o quality and science in
pediatric nutrition than the development o the Mead Johnson
Pediatric Nutrition Institute (PNI). The PNI builds on our heritage o
quality and innovation connecting the latest in scientic technology
and research with cuing-edge manuacturing and quality processes,
as well as developing powerul nutrition educational programs and
materials or academics and healthcare proessionals.
We have established a growing global network o PNI laboratories
and acilities that put us at the oreront o pediatric nutrition science
and quality. Over the past year, we have dedicated two new PNI
locations one in the United States and one in Mexico and broken
ground or a third in China that will open in November 2011. Together,
these three acilities represent an investment o $50 million, above
and beyond our baseline &D spending.
But the Mead Johnson PNI goes ar beyond brick and mortar. It is
a virtual, global entity through which we:
> collaborate with academic institutions around the worldto conduct ground breaking research on the critical nutrition
issues impacting children;
> develop new products to meet the evolving needs o con-sumers and incorporating the most current nutritional science;
> oster and develop strong relationships with organizationsin public health, pediatric medicine, dietetics and child care
to collaborate on initiatives that positively impact the well-
being o children; and
> help bring experts rom various elds together to supportcontinuing education seminars and materials or health
proessionals, sharing the results o research and teaching
best practices in pediatric nutrition.
eVerYthInG StartS wIth Good PeoPle O course, every-
thing we do and have been able to accomplish begins with the talent
and commitment o our people. We have been steadily increasing
our capabilities and improving our management strength and depth
not only driven by the need to achieve ull separation rom our
ormer parent, but also by our desire to beer position ourselves to
take ull advantage o current and uture business opportunities.
It starts at the top, where we added to the strength and depth o
our experienced Board o Directors, with the additions o KimberlyCasiano, Anna Catalano and, most recently, Celeste Clark. These
three businesswomen bring with them an additional richness o
perspective and global operating expertise that will be invaluable
to our success.
Similarly, as a result o our transition to ull corporate indepen-
dence, we have added expertise in a number o key areas in 2010,
including Tax, inance, External Afairs, Compensation & Benets
among others. This additional bench strength has also acilitated
the Boards and the Management Commiees ability to engage in
more robust senior management development and succession plan-
ning to support the organizations long-term continuity and growth.
Another important step in strengthening the Company culture and
team member engagement was the establishment o a unique set
o Core Values to underpin our powerul Mission and Vision. These
values dene what we stand or and help to guide us in terms o
the kind o people we are seeking to aract, develop and retain in
the Mead Johnson organization:
> passionate pursuit o continuous improvement in all we do,
> uncompromising commitment to scientic rigor and productquality,
> unwavering integrity in every relationship we have andaction we take, and
> an environment o openness, respect and high perormance.
Speaking rom our collectively long experience with the Company,
there has never been a more exciting time to be a part o Mead
Johnson. The potential to grow the business sustainably and prot-
ably and to meaningully advance the state o pediatric nutrition has
never been more compelling.
We sincerely appreciate the hard work and dedication o our Mead
Johnson colleagues, the support o our partners, as well as the
condence o our growing base o shareholders. We are tightly ocused
on excellent execution o our strategic business plan to create addedvalue or all our key constituencies.
Sincerely,
Stephen W. Golsby James M. Cornelius
President and Chairman o the Board
Chie Executive Ocer
THEPOTENTIALTOGOWTHEBUSINESS
SUSTAINABLANDPOITABLAND
TOMEANINGULLADVANCETHESTATE
OPEDIATICNUTITIONHASNEVEBEENMOECOMPELLING
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11%PE EAGrowthrateForMeadJohnSonSSPendInGon
r&dFroM2001throuGh
2010,ContrIButInGto
nearlY50notaBleProduCt,
InGredIentandPaCKaGInG
InnoVatIonSlaunChed
durInGthattIMePerIod
4
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SettInGtheStaGeFornewBreaKthrouGhS
While the establishment o the Mead Johnson Pediatric Nutrition Institute
(PNI) involves signicant investments in acilities and equipment, the
real power o the PNI comes rom its ability to connect a virtual global
network o leading scientic experts, research initiatives, white papers and
data sources to urther enhance understanding o the signicant role
early-lie nutrition plays in long-term health outcomes. The goal is then
to efectively translate that understanding into beer nutritional products
and practices or both current and uture generations.
SCIentIFIC rIGor, unCoMProMISInG QualItYMEADJOHNSONSECOGNITIONASAWOLDWIDELEADEINPEDIATIC
NUTITION ESULTS OM THE COMBINATION O OU PASSIONATE
COMMITMENTTOSCIENCEBASEDESEACHANDOUDEEPINSIGHTS
INTOTHENEEDSOCHILDENANDTHEIPAENTS
In 2010, we introduced close to a dozen signicant
product, packaging and ingredient innovations that helped
advance our mission to nourish the worlds children or
the best start in lie.We were the rst to help inants get the doctor-recom-
mended amount o vitamin D through ormula during the
crucial rst three months o lie with the introduction
o Enamil Premium Newborn in the United States
part o a staged approach that takes into account the
varying nutritional needs o inants and children as they
grow and develop.
Support o healthy immune systems was the driving orce
behind the launch o a new, patented prebiotic blend in
inant ormulas in the United States and Mexico, as well as
the addition o the immune response-enhancing ingre-
dient, beta-glucan, to childrens products in a number
o Asian and Latin American markets.
Also new in 2010 was Enamil Premature High-Protein. This
highly specialized ormulation is based on extensive nutri-
tional research by leading neonatologists and reects our
commitment to provide proper nutrition to the most
ragile and vulnerable among the inant population.
O course, our innovation eforts extend beyond nutri-
tional and health benets. The introduction o our unique
plastic tub and rell pouch packaging system ofers addi-
tional value and convenience to parents, while also
having a positive impact on the environment, as a result
o reduced packaging usage and increased recyclability.Importantly, the driving orce behind all o these cre-
ative eforts is our outstanding &D team. epresenting
a wide range o scientic and medical specialties, they
bring a sophisticated, global perspective as well as
curiosity and passion to their work, as they expand
the potential benets o pediatric nutrition every day.
ully integrated with our innovation activities are rigor-
ous programs designed to ensure the saety and quality
o our products. Mead Johnson embeds quality through-
out the product liecycle rom the lab bench to the
production line and throughout the distribution process.
The rigor begins with ingredient quality review and
continues through technology assessment, specication
development, process qualication and long-term sta-
bility studies. We understand the signicance o the trust
placed in us and our products by healthcare proes-
sionals and parents around the world and recognize
that constant vigilance is required to continue earning
that trust.
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roBuStGrowth,ContInuouSIMProVeMentBEVEOBJECTIVEMEASUESALESEANINGSMAKETSHAE
ETUN TO SHAEHOLDES WAS AN IMPESSIVE EA BUT
MEAD JOHNSONS SUCCESS ETENDED A BEOND THE NUMBES
SIGNIICANT POGESS WAS ALSO MADE INCEASING EICIENCIES
LEVEAGINGESOUCESANDEPANDINGCAPABILITIES
Mead Johnson operates in a highly competitive market-
place and continues to ace a challenging economic
environment. So, as gratiying as the 2010 results were,we recognize the need to continuously raise the bar on
perormance in order to meet the challenges o the
new year, exceed the expectations o customers, and
ully capitalize on identied opportunities.
Success is not just keeping up with the competition it
is about creating and sustaining competitive advantage.
In order to truly win, we need to grow aster than the
category and increase our separation rom competing
brands and companies.
While we must continue ofering high quality products
with superior benets, we also need to nurture thebrands behind them. Mead Johnson is investing at
record levels behind its most important brands like
Ena while striving to make that spend as efective
and ecient as possible.
As we have increased our marketing investments, we
have careully measured the results in order to ensure
that our eforts are impacting their intended targets
efectively, driving consumers to choose our brands
bolstering their image and our sales perormance.
In 1959, Enamil inant ormula was launched; and over the
past ve decades, we have transormed Ena into a
powerhouse brand. By understanding consumers needsand concerns and aligning them with relevant benets
built into our products under the Ena banner we have
extended the brands equity across multiple geographies
and stages o development. Today, Ena is a multi-billion
dollar global brand trusted to deliver brain and immu-
nity benets and healthy growth through supplements
or pregnant and lactating women, inant ormula, ollow-
on ormulas, growing-up milks and school-age milks.
We are constantly looking to enhance the reason to
believe in all our brands including the Mead Johnson
brand to reinorce and extend the trust and preer-
ence they have earned among healthcare proessionals
and parents worldwide. To help us best leverage these
valuable corporate assets, we have added to the capac-
ity and capabilities o our Global Marketing team. They
play a key role in aligning brand and innovation strategy
to help deliver a winning new product pipeline, grounded
in consumer insights and the latest science. Also, in col-
laboration with regional marketing leaders, they cra
powerul messaging across a variety o media to help
ensure that our superior products, benets and science
are widely recognized and well understood.
2006
2007
2008
2009
2010 $2.42
$2.23
$1.90
$1.72
$1.63
6
2006
2007
2008
2009
2010 $3.1
$2.8
$2.8
$2.5
$2.3
netSaleS*[INBILLIONS] earnInGSPerShare*
*Non-GAAPresultsshown.PleaserefertotableonthebackinsidecoverforreconciliationtoGAAPdata.
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17%
SaleSGrowthIn2010
FortheenFaBrand
worldwIde(enFaMIl,
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naturalGaSConSuMPtIon
atMeadJohnSonFaCIlItIeS
worldwIdeFroM2001
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unwaVerInGInteGrItY,CarInGSuPPortEVE DA MEAD JOHNSON NUTITION EMPLOEES WOLDWIDE
LOOK TO THE COMPANS MISSION AND VISIONO INSPIATION
TOEINOCEWHWEAEINBUSINESSANDWHATWEASPIETO
ACHIEVEANDTOOUSETOCOEVALUESTOEINOCEWHAT
WEBELIEVEINANDWHATISESSENTIALOTHELONGTEMGOWTH
ANDSUCCESSOOUBUSINESSANDCULTUE
Linking with and providing a oundation or these CoreValues is the Mead Johnson Standards o Business
Conduct and Ethics, which embody our commitment
to not only complying with the leer o the law, but also
adhering to the highest principles o moral and ethical
behavior. These standards and values guide us and help
ensure that we act with integrity and respect the trust
placed in us by our customers, consumers, ellow employ-
ees, shareholders, regulatory agencies, suppliers, part-
ners and the communities in which we live and work.
Even beyond making these right choices, we are com-
mied to always doing the right thing as a company.
Mead Johnson has been a responsible corporate citizenor more than a century, and we are resolved to build
upon that heritage as we grow our global business
protably and sustainably over time.
As part o our transition to ull corporate independence,
we have been taking a closer look at how beyond
living out our Mission to nourish the worlds children or
the best start in lie we can help ensure that the world
in which they grow up is a lile cleaner, healthier and
beer place to be. As a result o this examination, we
have rened and ormalized our approach to Corporate
Social esponsibility (CS).
awIn-wInForConSuMerSandtheenVIronMent
Our new Enamil reusable tub and rell system not only ofers
increased value and convenience or consumers, but also ofers
the potential or signicant reductions in the carbon ootprint o the
packaging involved. Under a typical scenario, use o our recyclable
tub and environmentally riendly rell boxes involves up to 35 per-
cent less packaging materials, 60 percent less energy usage and
50 percent less greenhouse gas emissions.
OurVs
PASSIONATEPUSUITOCONTINUOUS
IMPOVEMENTINALLWEDO
UNCOMPOMISINGCOMMITMENT
TOSCIENTIICIGOAND
PODUCTUALIT
UNWAVEINGINTEGITIN
EVEELATIONSHIPWEHAVE
ANDACTIONWETAKE
ANENVIONMENTOOPENNESS
ESPECTANDHIGHPEOMANCE
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Our CS strategy is built along three simple elements:
>Svig Mkpcostering trust through our commitment to
the highest business standards and best nutri-
tional quality
>Pcig evimCommied to a more sustainable business in or-
der to preserve resources or uture generations
>nig CmmiisWorking to create communities where amilies
and individuals can grow and prosper
In addition to holding to the standards and values noted
above, Serving the Marketplace includes our commit-
ments to quality assurance, market responsiveness and
responsible marketing, as well as the nutritional scienceand knowledge-sharing initiatives o the Mead Johnson
Pediatric Nutrition Institute.
elative to Protecting the Environment, we have iden-
tied some key ocus areas or our eforts energy
and water utilization, emissions and waste management,
reduction o packaging impact, and responsible sourcing
o raw materials. These are all aspects o our operations
where we have had past success, but still see additional
opportunities or improvement. We are currently in the
process o establishing various corporate multi-year
environmental targets and ensuring that we have the
appropriate systems and measures in place to track our
perormance and progress against those goals over time.
In support o that, over the past year, we have imple-
mented a global waste/resource management strategy;
launched our new Environmental, Health & Saety
Management soware; and ormed a cross-unctional
Eco-Smart Sustainable Packaging Workgroup.
The third pillar o our CS program Nurturing Com-
munities encompasses the way we support people
both inside and outside the organization. Internally,
it reers to our eforts to provide a air and sae work-
place and to encourage employee engagement, diversity
and inclusion. Externally, it addresses how we seek to
maximize the positive impact o local investment across
our broad-based, global enterprise and how we giveback to the communities in which we operate in terms
o philanthropy and volunteer involvement.
Over the past year, we have taken a number o actions to
bolster our philanthropic activities, including the estab-
lishment o the Mead Johnson Nutrition oundation.
We also have launched a program to match charitable
donations by employees with Company contributions.
In general, we are looking to create a more global plat-
orm rom which to carry on our longstanding eforts to
support inants and children in especially ragile and
vulnerable circumstances. We want to build upon our
well-established charitable programs such as eeding
Hope, Helping Hands, aising Lives, One Kilogram o
Hope, Journey o Love, and those addressing metabolic
and rare inant diseases as well as some newer eforts
to support orphanages and children who dont have
parents to provide them with the best start in lie.
We are looking to utilize the ull range o assets we have
at our disposal to make a positive diference in our local
communities and the world leveraging not only nan-
cial contributions, but also our scientic capabilities
and deep insights into pediatric nutritional needs, as well
as our very talented and passionate employees. Like our
global business, we want our positive social impact and
ties to our communities to grow stronger every day.
10
MaKInGadIFFerenCewIthMetaBolICdISorderS
Phenylketonuria (PKU) is a disorder that has been a ocus or MJN around the
world. In China, in cooperation with the Ministry o Health, we initiated a multi-
year, $4-million efort to increase PKU awareness and newborn screening, train
local healthcare proessionals on PKU management, and donate specialty ormula
to help meet the nutritional needs o hundreds o PKU inants rom poverty
stricken amilies. Under the China oundation or Poverty Alleviation, we have
also established and provided initial unding or the Bloom o Hope und to
encourage broader involvement in PKU philanthropy.
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163M I L L I O NtheeStIMatednuMBeroF
orPhanSanddISPlaCed
ChIldrenworldwIdea
PoPulatIonthatFItSSQuarel
IntoMeadJohnSonSPhIlan-
throPICFoCuSoFSuPPortInG
YouthInPartICularlYFraGIle
andVulneraBleCIrCuMStanCe
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MANAGEMENTCOMMITTEE[picturedL-R]
back row
Peter G. Leempue
SeniorVicePresidentandChiefFinancialOcer
William C. PPool
SeniorVicePresident,
GeneralCounselandSecretary
Dirk Hondmann, Ph.D.SeniorVicePresident,
GlobalResearchandDevelopment
James Jefrey Jobe
SeniorVicePresident,GlobalSupplyChain
fron row
Peter Kasper Jakobsen
President,Americas
Stephen W. Golsby
PresidentandChiefExecutiveOcer
Lynn H. Clark
SeniorVicePresident,HumanResources
Charles M. Urbain
President,AsiaandEurope
BOADODIECTOS[picturedL-R]
op row
James M. Cornelius
ChairmanoftheBoard
Chairmanand
FormerChiefExecutiveOcer,
Bristol-MyersSquibb
Steven M. Altschuler, M.D. 2, 4
ChiefExecutiveOcer,
TheChildrensHospitalofPhiladelphia
Howard B. Bernick 1, 2
President,BernickAdvisoryLimited,
FormerPresidentandChiefExecutiveOcer,
AlbertoCulverCompany
Kimberly A. Casiano 1, 3
FormerPresidentandChiefOperatingOcer,
CasianoCommunicationsInc.
Ellio Sigal, M.D., Ph.D. 4
DirectorandExecutiveVicePresident,
ChiefScienticOcerandPresident
ResearchandDevelopment,
Bristol-MyersSquibb
obert S. Singer 1, 3
FormerChiefExecutiveOcer,
BarillaHolding,S.p.A.
1. Audit Commiee
2. Compensation and Management Development Commiee
3. Nominating and Corporate Governance Commiee
4. Nutrition Science and Technology Commiee
Anna C. Catalano 2, 3
FormerPresident,AmocoOrientOilCompany
ChinaandGroupVicePresident
Marketing,BPplc
botom row
Celeste A. Clark 4
SeniorVicePresident
GlobalPublicPolicyandExternalRelations
andChiefSustainabilityOcer
TheKelloggCompany
Stephen W. Golsby
PresidentandChiefExecutiveOcer,
MeadJohnsonNutritionCompany
Peter G. atclife 1, 3
DirectorandFormerChiefExecutiveOcer,
P&OPrincessInternationalDivision,
CarnivalCorporation
12
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Mead Johnson utrition ompan
2701 atriot bouleard, 4th loor
glenie, llinois 60026
847.832.2420
.meadjohnson.com
kxg
Mead Johnson utrition ompan
is listed and traded on the e yor
toc chane under the ticersmol MJ.
vy
iidends on Mead Johnson common
stoc are declared the board of
irectors on a quarterl asis and are
tpicall paid on or aout the rst da
of Januar, pril, Jul and ctoer.
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by Mellon hareoner erices
480 washinton bouleard
Jerse it, e Jerse 07310
ontact enter:
nited tates
866.207.6566
utside the nited tates
201.680.6578
or the hearin impaired ()
800.231.5469
.nmellon.com/shareoner
b
gM
eloie & ouche
1djustment of our 2006 to 2008 results for comparailit to our 2009 results include operatin model chanes primaril in brazil and urope. n brazil, our ailit to operate as a ne stand-alone susidiar as delaed fromeruar 2009 to late eptemer 2009. urin that time, bM distriuted and recorded sales for our products and e conducted maretin actiities. n urope, e hae transitioned to a third-part distriutor model ith bM
temporaril serin as our distriutor. his reduced net sales the amount of the distriutors marin and loered costs for the distriution-related epenses.2djustments for and other separation costs, seerance and other costs, leal, selement and related costs, -related costs and ain on asset sale.3djustments to conform numer of shares outstandin to the post- period.
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(et ales /arnins er hare) $2,345.1 $2,576.4 $2,882.4 $2,826.5 $3,141.6
Operatingmodelchanges1
(35.9) (35.9) (35.9) Specieditemsbeoreincometaxes2
Incometaximpactonitemsabove
Efectonewlyissuedshares3
djusted non-g results $2,309.2 $2,540.5 $2,846.5 $2,826.5 $3,141.6
$2.34 $2.49 $2.32 $1.99$2.20
(0.46) (0.45) (0.1 1 ) 0.400.35
0.14 0.10 0.08 (0.12)(0.13)
(0.39) (0.42) (0.39) (0.04)
$1.63 $1.72 $1.90 $2.23$2.42
n millions ecept per share data)
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EnamilGentlease
EnamilPremature
EnamilAR
EnalacPremature
EnalacAR
Enacare
MJNMetabolics
Nutramigen
NutramigenAA
NutramigenLGG
Olac
Pregestimil
ProSobee
Alacta
Enamil
EnamilPremium
EnamilA+
EnamilNewborn
Enalac
EnalacA+
Enapro
EnaproA+
EnaproPremium
M
*orcommoneedingproblems,allergies,intolerance,prematurity,metabolicdisorders
kyb
My/*
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
Alacta
Cal-C-Tose
ChocoMilk
Enagrow
EnagrowPremium
EnagrowA+
EnakidPremium
EnakidA+
EnaschoolA+
Lactum
Sustagen
gwgMk
Expecta
EnaMamaA+
Poly-Vi-Sol
Tri-Vi-Sol
Fer-In-Sol
D-Vi-Sol
vM/M
-
8/2/2019 MJN_2010 Annual Report Final
16/16
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