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J&J's profit falls as sales increase

Johnson & Johnson’s third quarter profit for 2011 has fallen 6.3 per cent despite an increase in the US-based pharmaceutical company’s sales performance

Johnson & Johnson's (J&J) third quarter profit for 2011 has fallen 6.3 per cent, with net earnings $3.20bn during the period compared to $3.42bn in 2010.

The dip in profit performance contrasted with the company's sales, which increased by 6.8 per cent to $16.01bn.

However, both the cost of products sold and expenses related to selling, marketing and administration increased significantly between 2010 and 2011 for J&J, with the company also affected by a higher tax rate.

William C Weldon, chairman and CEO of J&J, described the company's performance as “solid” and commended the effect recent product launches have had on revenue.

Regionally, US pharmaceutical sales declined 6.1 per cent, while international sales increased 27.5 per cent to $3.11bn, overtaking the company's revenue in the US.

Sales results in the US were negatively impacted by generic competition for Levaquin (levofloxacin), a treatment for bacterial infections.

A webcast is available concerning J&J's financial results for the third quarter of 2011.

19th October 2011

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