Johnson & Johnson second-quarter profit drops 20 percent, still beats expectations

The results still topped Wall Street expectations.

The maker of Band-Aids, biologic medicines and birth control pills said its net income was US$2.78 billion, or US$1 per share. That's down from US$3.45 billion, or US$1.23 per share, in the 2010 second quarter.

Revenue rose 8.3 percent, to US$16.6 billion from US$15.33 billion a year ago.

Excluding one-time items, income would have been US$3.55 billion, or US$1.28 per share.

Analysts polled by FactSet, on average, were expecting earnings per share of US$1.24 and sales of US$16.21 billion.

The company, which recently earned approval for three new prescription drugs, noted recent product launches have gone well.

J&J has been under pressure over a string of more than 25 product recalls that have especially cut into consumer product sales.

But the New Brunswick, New Jersey, company maintained its profit forecast for 2011, at US$4.90 to US$5 per share. That excludes the impact of one-time items.

Analysts expect US$4.95 per share, on average.

Sales were up in all three of its businesses, led by prescription drugs, which saw sales jump 12 percent to US$6.23 billion. That was mainly due to higher drug sales overseas and a big benefit from favorable currency exchange rates.

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