Johnson & Johnson Q2 Profit Up 9 Percent
Posted on: Tuesday, 19 July 2005, 09:01 CDT
NEW BRUNSWICK, N.J. - Diversified health-care products company Johnson & Johnson said Tuesday that second-quarter profit rose 9 percent on strong medical device and consumer product sales.
Quarterly income grew to $2.68 billion, or 89 cents per share, from $2.46 billion, or 82 cents per share, a year ago. Results included a $353 million charge, or 12 cents per share, for the company's recent acquisitions of privately held biopharmaceutical company Peninsula Pharmaceuticals Inc., wound treatment product maker Closure Medical Corp. and TransForm Pharmaceuticals Inc. The company also repatriated about $225 million from abroad through the American Jobs Creation Act.
Without the one-time adjustments, the company posted earnings of $2.8 billion, or 93 cents per share.
Revenue rose 11 percent to $12.76 billion from $11.48 billion last year, with medical device and test sales up 20 percent to $4.86 billion, and consumer product sales up 14 percent to $2.28 billion from a year ago.
The results topped Wall Street expectations for earnings of 91 cents per share on revenue of $12.58 billion, according to a Thomson Financial survey.
Source: Associated Press/AP Online
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