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.
© Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.