Johnson & Johnson Profit Dives

July 19, 2011
Net earnings fell 19.5% from a year ago, to $2.78 billion.

Pharmaceutical and health care products giant Johnson & Johnson said on July 19 profit fell sharply in the second quarter under the weight of restructuring and legal expenses.

Net earnings fell 19.5% from a year ago, to $2.78 billion.

Revenues also exceeded expectations, up 8.3% year-on-year to $16.60 billion.

"Our recently launched pharmaceutical products continued to achieve strong growth and contributed to our solid second-quarter results," said William Weldon, chief executive.

But the second-quarter earnings suffered from a $549 million charge for restructuring subsidiary Cordis and a $223 million charge, including legal expenses and a recall of the DePuy hip replacement product.

The company said global sales of consumer products rose 4% from a year ago, boosted by a weaker dollar.

J&J highlighted strong results from its skin-care consumer brands Neutrogena, Aveeno and Le Petit Marseillais.

The favorable currency factor also underpinned drug sales, which climbed 12.2% to $6.2 billion and pushed the company's international earnings up 22.6%.

Excluding the currency factor, sales of consumer products fell 1.8% and drug sales rose 7%.

Copyright Agence France-Presse, 2011

See Also

Popular Sponsored Recommendations

Global Supply Chain Readiness Report: The Pandemic and Beyond

Sept. 23, 2022
Jabil and IndustryWeek look into how manufacturers are responding to supply chain woes.

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

How Manufacturers Can Optimize Operations with Weather Intelligence

Nov. 2, 2023
The bad news? Severe weather has emerged as one of the biggest threats to continuity and safety in manufacturing. The good news? The intelligence solutions that build weather ...

How Organizations Connect and Engage with Frontline Workers

June 14, 2023
Nearly 80% of the 2.7 billion workers across manufacturing, construction, healthcare, transportation, agriculture, hospitality, and education are frontline. Learn best practices...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!