Johnson & Johnson's 1Q net income falls 23 percent

Tue, 04/19/2011 - 4:17am
The Associated Press

Health care giant Johnson & Johnson says sales rebounded but its profit dropped 23 percent in the first quarter, due to higher expenses, costs of recalls and litigation and a tax gain that boosted results a year ago.

Adjusted earnings topped expectations. J&J also raised its full-year earnings outlook.

The maker of Band-Aids, baby shampoo and birth control pills posted net income of $3.48 billion, or $1.25 per share, down from $4.53 billion, or $1.62 per share, in 2010's first quarter.

But after two years of declines, revenue rose by 3.5 percent to $16.17 billion.

Adjusted income was $4.86 billion, or $1.35 per share. Analysts expected earnings of $1.03 per share and revenue of $15.6 billion.


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