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Since Orsinger danced around issues causing delays in completion of Synthes acquisition and basically said nothing, I figured I'd give him a real answer.
Keywords: johnson & johnson, JNJ, j&j, matthew dodds, citicorp, financial analyst, orsinger
Date Created/Edited: October 17, 2013
Director Medical Supplies & Technology
399 Park Avenue
New York, New York 10043
RE: Johnson & Johnson 3rd Quarter Teleconference: 14 October 2013
Dear Matthew Dodds,
My name is Emily Patterson. I am the creator of and researcher for a web site called Johnson and Toxin. After reading the transcript of the 3rd quarter 2013 teleconference with Johnson & Johnson Vice President of Finance, Dominic Caruso and Johnson & Johnson Worldwide Chairman of DePuy Synthes companies, Michel Orsinger, I felt your questions required a little more realistic clarification.
You have a very valid concern regarding why the Synthes acquisition, which started in the last quarter of 2012, is costing additional money and continues to drag on almost a year later. I agree that it would be very nice if Johnson & Johnson were able to give a rock-solid time frame for completion of this long, drawn-out process - or at least clarify what is taking so long and costing so much in addition to the original acquisition price.
As you may be aware, not long before the Johnson & Johnson acquisition of Synthes, a major corruption scandal regarding bone cement, a Synthes Norian product, had recently been partially resolved. Michel Orsinger, as president of Norian Corporation, signed the Synthes Norian Settlement Agreement on 20 September, 2010. Four of the indicted managers served prison sentences and $100,000 fines for the scandal.
Lawsuits have begun for the three known dead victims of illegally testing a new procedure on humans when animal studies had already proven the increased risk of death from using the product injected into the spine. I'm sure Mr. Orsinger, as Worldwide Chairman of DePuy Synthes is very busy with Norian, now a subsidy of Kensey Nash, trying to figure out how to handle these lawsuits.
Mr. Orsinger, as Worldwide Chairman of DePuy Synthes, is likely also very busy wrapping up misbranding and customer complaint reporting issues at Synthes. These issues were brought to Mr. Orsigner's attention with a Warning Letter by the United States Food and Drug Administration which states numerous violations in misbranding of currently available Johnson & Johnson DePuy Synthes products. In addition, the FDA Warning Letter clearly shows inadequate handling of customer complaints with regard to registering complaints with the FDA for review in violation of FDA regulations.
It is my hope that these issues will be brought under control as soon as possible. However, litigation, settlements, rebranding and creating an FDA compliant customer complaint process takes an unknown amount time and money to resolve so any forward-thinking completion date or final total cost is unavailable at this time, which is likely why Mr. Orsinger gave you a complete and total non-answer during the 2013 3rd quarter conference call.
I hope this provided a more detailed explanation for your concerns,
1. TRANSCRIPT (2013, October 15). Johnson & Johnson's Management Discusses Q3 2013 Results - Earnings Call Transcript. Seeking Alpha. Retrieved from http://seekingalpha.com/article/1746172-johnson-and-johnsons-management-discusses-q3-2013-results-earnings-call-transcript?page=11&p=qanda&l=last
2. Roslyn Rudolph (2010, September 20). Synthes Norian Settlement Agreement. Scribd. Retrieved from http://www.scribd.com/doc/56855255/Synthes-Norian-Settlement-Agreement
3. David Sell (2011, December 14). Fourth ex-Synthes executive sentenced in illegal use of bone cements. Philly.com. Retrieved from http://www.philly.com/philly/business/20111214_Fourth_ex-Synthes_executive_sentenced_in_illegal_use_of_bone_cements.html
4. Kirk Sooter (2012, March 7). Warning Letter by the United States Food and Drug Administration. United States Food and Drug Administration. Retrieved from www.fda.gov/ICECI/EnforcementActions/WarningLetters/2012/ucm294688.htm