Johnson & Johnson profit
TRENTON, N.J. (AP) - January 20, 2009 The results topped Wall Street forecasts, as big one-time gains
offset slumping sales.
The maker of baby shampoo, contraceptives, medical devices and
other health items forecast weaker results in 2009, blaming the
global recession, unfavorable currency exchange rates and
intensified competition for key products.
Chairman and CEO William Weldon said J&J's fourth-quarter
revenues were reduced across the board by the global recession, as
people worried about unemployment and losing health insurance cut
back on doctor visits, elective surgery and use of prescription
medicines. He noted that sales of consumer items such as contact
lens supplies and diabetes test strips have fallen as "consumers
are becoming more frugal."
