J&J; sees profit climb 40%; weak dollar helps lift sales
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Health product maker Johnson & Johnson reported a 40% jump Tuesday in first-quarter profit, mainly because of the weak dollar boosting foreign revenue and a charge that depressed year-earlier results.
The New Brunswick, N.J.-based maker of contraceptives, medical devices, baby-care items and prescription drugs reported profit of $3.6 billion, or $1.26 a share, up from $2.57 billion, or 88 cents, a year earlier. Last year’s quarter included an $807-million charge for research and development related to the acquisition of stent developer Conor Medsystems.
Revenue rose 8% to $16.19 billion, primarily because of higher sales of consumer healthcare products such as baby- and skin-care products and the Listerine line.
Analysts surveyed by Thomson Financial were expecting $1.20 a share on revenue of $15.83 billion.
Despite beating estimates, Johnson & Johnson saw its shares slip 9 cents to $65.65.
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