Brozak said the company's growth assumptions are too optimistic, given that government health programs, particularly in debt-laden European countries, are trying to trim their spending.
"They're talking about a pie ... that's only growing in terms of demand, but who's going to pay for that demand?" he said.
For all of 2012, J&J reported net income of $10.85 billion, or $3.86 per share, on revenue of $67.22 billion. The company expects 2013 revenue of about $71 billion.
During a lengthy presentation on the medical device business â¿¿ the world's largest â¿¿ managers of its three divisions said they intend to increase market share, partly by expanding sales into more countries.Other sales-boosting strategies they cited include developing innovative products, such as a new artificial knee with improved range of motion that makes climbing stairs easier. Another is giving customers "both clinical and economic value," as with a program J&J developed to speed up each step in treating patients with new hip fractures â¿¿ so they're sent home from the hospital quicker, saving insurance plans lots of money. ___ Linda A. Johnson can be followed at http://twitter.com/LindaJ_onPharma.