Johnson & Johnson on Tuesday said its second-quarter profit rose, but sales growth was hurt by disappointing demand for its anemia drug and its Cypher heart device.
The diversified health-care company, based in New Brunswick, New Jersey, had net profit of $2.5 billion, or 82 cents per share, compared with $1.2 billion, or 40 cents per share, in the year-earlier period.
Analysts, on average, had expected earnings of 79 cents per share, according to a poll taken by Reuters Estimates.
The year-earlier quarter included charges of $900 million related to the acquisitons of Scios Inc. and Link Spinke Group Inc. Excluding the charges, J&J said earnings rose 16.5 percent over the year-earlier quarter.
Revenue rose 11.1 percent to $11.48 billion from $10.33 billion. The benefit from the weak dollar, which increases the value of overseas sales when they are converted into dollars, accounted for 2.6 percent of the growth.
Global revenue from prescription medicines jumped 11.2 percent to $5.4 billion, on stronger sales of arthritis treatment Remicade, Topamax for epilepsy, and the Duragesic skin patch for pain.
Sales of medical devices and diagnostics rose 11.8 percent to $4.1 billion.
