J & J Earnings Up 11% In Q1

Johnson & Johnson (J&J) has reported an increase of 11 per cent in earnings for the first quarter. The US second-biggest drug maker said net income rose to $1.01 billion, or 73 cents a diluted share, in the quarter, from $909 million, or 66 cents a diluted share, a year earlier. Overall company sales rose 1 per cent to $5.78 billion from $5.72 billion. The highly diversified company, which makes Tylenol, Band-Aids and other consumer products, said the strength of the dollar cut first-quarter sales 4.4 per cent. Domestic sales rose 5 per cent in the quarter while international sales fell 2.9 per cent, the New Brunswick-based company said. Worldwide pharma sales grew 7.7 per cent to $2.1 billion in the quarter. But analyst Michael Lachman said sales were disappointing in the company s worldwide consumer segment, which includes Tylenol and its Neutregena, RoC and Clean & Clear skin care products.