TheStreet's Debra Borchardt noted that shares of JNJ initially rallied on the news but are currently lower by about 2%. The decline likely stems from management's full-year earnings guidance of $5.75 to $5.85. Analysts were expecting earnings per share of $5.85, she said.
Tylenol, Motrin, Neutrogena, Aveeno and Listerine led Johnson & Johnson's U.S. consumer sales, while Remicade, Zytiga and Prezista led the company's pharmaceutical sales.
Borchardt added that the company lost its exclusivity for Concerta, a drug for ADHD, but gained Food and Drug Administration approval for Olysio and Imbruvica.The company is optimistic about its orthopedic business for replacement hips and knees; knee operations are up 8% from the previous year, she said.
Borchardt concluded that Johnson & Johnson did not appear to be very happy about the medical device tax under the Affordable Care Act, but was careful on the conference call not to say anything that could come back to bite the company later. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell