NEW BRUNSWICK, N.J. (AP) — Johnson & Johnson says its first-quarter profit fell by just over 10 percent as increased sales were offset by higher costs for production, marketing and administration.
The maker of Tylenol, prescription drugs and medical devices says it earned $3.5 billion, or $1.22 per share, down 10.6 percent from $3.9 billion, or $1.41 per share, a year earlier.
Excluding litigation and acquisition-related charges totaling $610 million, income would have been $4.1 billion, or $1.44 per share. That beat analysts' forecast by 4 cents per share.
Revenue totaled $17.5 billion, up 8.5 percent from $16.1 billion a year earlier. Analysts expected sales of $17.46 billion.
U.S. sales were up 11.2 percent as the company returned more of its recalled nonprescription drugs to store shelves. International sales grew by 6.3 percent.