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Tags: Earns Johnson andJohnson

J&J Profit Falls as Product Recalls Drag on Sales

Tuesday, 25 January 2011 09:01 AM EST

Healthcare giant Johnson & Johnson, hammered by numerous recalls that have kept some products off the market, reports a 12 percent profit decline and a 5.5 percent drop in revenue for the fourth quarter.

The maker of Tylenol, medical devices and biologic drugs said Tuesday net income was $1.94 billion, or 70 cents per share.

But excluding one-time items, its earnings would have been $1.03 per share, matching analysts' expectations.

It says revenue fell to $15.6 billion, slightly below the $16.02 billion expected by analysts.

Sales of consumer products such as Tylenol, Benadryl and Rolaids — all the subject of recalls over product contamination and other problems — were down the most. Sales in that division fell 15 percent.

Its shares slipped 1.5 percent to $61.37 in pre-market trading.

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Healthcare giant Johnson Johnson, hammered by numerous recalls that have kept some products off the market, reports a 12 percent profit decline and a 5.5 percent drop in revenue for the fourth quarter.The maker of Tylenol, medical devices and biologic drugs said Tuesday...
Earns Johnson andJohnson
127
2011-01-25
Tuesday, 25 January 2011 09:01 AM
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