J&J; Profit Soars on Demand for Drugs
Johnson & Johnson said second-quarter profit doubled because of lower expenses and demand for drugs such as its Remicade arthritis treatment.
Net income climbed to $2.46 billion, or 82 cents a share, from $1.21 billion, or 40 cents, a year earlier, when $900 million in acquisition expenses reduced profit. Sales rose 11% to $11.5 billion, the New Brunswick, N.J.-based company said.
Revenue growth was the slowest in two years, with the company fighting challenges to key products, including its Procrit anemia drug and Cypher drug-coated heart stent.
Second-quarter profit exceeded the 79-cent average estimate of 19 analysts surveyed by Thomson First Call. Sales were in line with the average analyst forecast. Johnson & Johnson said full-year earnings would rise to $3.03 a share, which is 3 cents higher than the average Thomson First Call estimate.
Johnson & Johnson shares rose 49 cents to $55.38 on the NYSE.
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