global developer and manufacturer of minimally invasive  devices for hemorrhagic and ischemic stroke. In February  2011,  Johnson & Johnson completed its tender offer for  Crucell N.V., which develops vaccines against infectious  diseases. In addition to strategic acquisitions, we collaborate  and partner with other companies and academic institutions  pursuing exciting discoveries that we can enhance with our  global development capabilities. The source of our enduring strength is a fundamental commitment to Our Credo and an operating model that has served us well for decades. • Growth in Emerging Markets: We continued our strong progress in emerging markets, with sales growing  14  percent operationally in Brazil, Russia, India and China. We continue maximizing research and development centers  in these regions to develop medical devices, pharmaceuticals  and consumer products based on insights in local markets. We have a vast and growing network of medical and surgical  institutes around the world to train and educate the doctors  and nurses who use our products. And with rapid economic  growth in emerging markets, we’re expanding our product  offerings to meet the unique needs of the mass market  comprising billions of people who are now gaining a greater  degree of health care coverage. The opportunity here may reflect more affordable  products or products focused on diseases that are more  common in emerging markets than in developed markets.  Offerings include market-appropriate sutures, consumer  products, staplers, blood glucose meters, knee replacements  and local or regional pharmaceuticals. The objective is  superior outcomes for patients who may not have had access  to such technologies or products. experienced an operational sales decline of  1  percent. Excluding  the impact of generic competition and health care reform,  pharmaceutical sales would have increased by nearly  4  percent  operationally. PEOPLE AND VALUES MANAGED FOR THE LONG TERM BROADLY BASED IN HUMAN HEALTH DECENTRALIZED APPROACH • Talented People: As we look toward the future, a top priority for Johnson & Johnson is continued development of a  leadership team that is well-positioned for sustainable growth.  At the end of  2010 , we announced organizational changes  designed to further long-term succession plans and assure that  we have talented and experienced leaders at all levels of the  organization. Joining me as part of an expanded Office of the  Chairman are Alex Gorsky, previously Worldwide Chairman,  Medical Devices & Diagnostics, and Sheri McCoy, previously  Worldwide Chairman, Pharmaceuticals. Other additions to our senior leadership team are a direct reflection of the strength, depth and diversity of our  talent pipeline. We are committed to giving our people opportunities to work across our various business groups and geographies. And we continue to invest more than ever in  our people. Our objective is simple: to develop employees  with the skills, judgment and integrity to carry on the  Johnson & Johnson legacy. We continued to make significant investments to expand our presence in emerging markets which grew at double- digit rates, as well as in new therapeutic areas like vaccines  and Alzheimer’s disease. We are the leader in the U.S.  immunology market, with three significant brands. Our  flagship product  REMICADE ®  (infliximab), for the treatment  of a number of immune-mediated inflammatory diseases,  grew  7  percent operationally. Newer products  STELARA ® (ustekinumab) and  SIMPONI ®  (golimumab) continued  increasing market share and generated more than a combined  $ 600  million in sales for the year.  REMICADE ®,  STELARA ®  and SIMPONI ®  contributed to  17  percent operational growth for the  Immunology franchise. In long-acting antipsychotics, we grew  14  percent  operationally.  RISPERDAL ® CONSTA ®  (risperidone) Long-  Acting Injection, an atypical antipsychotic administered every two weeks for the treatment of schizophrenia or the  maintenance of bipolar  1  disorder, grew  6  percent operationally.  INVEGA ® SUSTENNA ®  (paliperidone palmitate), for the  treatment of schizophrenia, continued to increase U.S. market  share, contributing to our expanding market leadership. In the HIV area,  PREZISTA ®  (darunavir) and  INTELENCE ® (etravirine) grew sales operationally by  46  percent and  41  percent, respectively, achieving together more than $ 1  billion  in sales for the first time while providing access to markets with  We have the people, products, pipelines and footprints in global markets to sustain long-term growth. And with a continuous focus on addressing unmet needs, we invest in technologies with the potential to significantly improve health care. Our Pharmaceuticals segment focuses on meeting important  patient needs. With sales of $ 22 . 4  billion, we saw rapid growth of recently launched products. For the year, the segment  PHARMACEUTICALS 3 CHAIRMAN’S LETTER