Johnson & Johnson
, a global purveyor of health care products, reported Tuesday that its earnings rose 14.3% in the second quarter, surpassing Wall Street's expectations, as the company benefited from strong pharmaceutical sales.
The New Brunswick, N.J.-based company posted net income of $1.33 billion, or 94 cents a diluted share, compared with net income of $1.16 billion, or 82 cents a share, in the second quarter of 1999. The latest results exceeded the 92 cents a share that had been expected by a consensus of analysts surveyed by
First Call/Thomson Financial
The report, which came on a busy day of earnings announcements, drew only a tepid response among investors. Johnson & Johnson's shares were up 11/32, or 0.36%, at 94 11/16 in Tuesday midmorning trading.
Johnson & Johnson said its revenue rose 7.7%, to $7.51 billion in the latest quarter, from $6.97 billion a year earlier, fueled in part by strong sales of the company's anemia drug, Procrit, and its antipsychotic medication, Risperdal. Domestic sales enjoyed steady growth, but a strong dollar hurt sales abroad, the company said.
Johnson & Johnson, which employs nearly 100,000 people around the world, said it cleared a number of regulatory hurdles in the quarter, most notably European regulatory approval for Remicade with methotrexate, a rheumatoid arthritis treatment.