J&J posts 1 percent profit rise despite sales drop

October 13, 2009 6:07:01 AM PDT
Health care giant Johnson & Johnson pulls out a 1 percent increase in third-quarter profit and beats Wall Street expectations, even though generic competition reduced its sales.

The maker of Band-Aids, biotech drugs and Acuvue contact lenses says it earned $3.35 billion in the quarter, or $1.20 per share. In last year's third quarter, it had net income of $3.31 billion, or $1.17 per share.

Analysts polled by Thomson Financial were expecting lower earnings per share, at $1.13, and revenue of $15.19 billion in the latest quarter.

J&J just missed the revenue forecast, reporting total sales of $15.08 billion. That's down 5 percent from a year ago.

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