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Earnings

J&J sales are hurt by generic market

October 14, 2009|Times Wire Reports

Johnson & Johnson reported a 1.1% increase in third-quarter profit as intensifying generic competition hurt sales of its blockbuster prescription drugs. In addition, the global recession slowed growth for medical devices, the only J&J segment that didn't decline.

The New Brunswick, N.J., maker of Band-Aids, biotech drugs and Acuvue contact lenses said it earned $3.35 billion, or $1.20 a share. In last year's third quarter, it had net income of $3.31 billion, or $1.17 a share. Revenue fell 5.3% to $15.08 billion.

J&J raised its earnings forecast for 2009 to a range of $4.54 to $4.59 a share. The previous forecast was $4.45 to $4.55.

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