Johnson & Johnson 1Q Net Drops 2.5% On Falling Sales |
Wall Street Journal - Apr 14, 2009 |
Johnson & Johnson's (JNJ) first-quarter net income slipped 2.5% as a stronger dollar ate into foreign sales and prior-year revenue was boosted by the over-the-counter debut of the allergy drug Zyrtec.
Shares rose 1.2% premarket to $51.75 as earnings topped analysts' expectations and the company reiterated its 2009 earnings forecast.
Like other drug makers, J&J is slashing costs amid generic competition. Last week, it said it would cut its U.S. pharmaceuticals work force by 6% after losing patent protection for epilepsy-treatment Topamax in March and antipsychotic Risperdal last year. Meanwhile, Chief Executive William Weldon acknowledged in January the recession is now hurting all of the company's businesses.
Read Full Article from Wall Street Journal
- Posted: 2009-04-14 07:35:25
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