Analysts have been anticipating full-year earnings of $4.81 on revenue of $63.24 billion. For the second quarter, J&J reported net earnings of $3.4 billion and earnings per share of $1.21, representing increases of 5.4% and 5.2%, respectively, as compared with the same period last year. These figures excluded an after-tax gain of $67 million representing the net impact of litigation matters. The company reported sales of $15.3 billion, an increase of 0.6% compared with the same period last year. During the quarter, Worldwide Consumer sales fell 5.4%, Worldwide Pharmaceutical sales increased 1% and Worldwide Medical Devices and Diagnostics sales rose 4.1%. Analysts on average had been expecting earnings of $1.21 on revenue of $15.64 billion. >>Search for Highest Dividends by Rate or Yield During the quarter, J&J received clearance from the U.S. Food and Drug Administration to market narafilcon B, the first and only silicone hydrogel daily disposable contact lens in the U.S. Also, in July, the company entered into a definitive agreement to acquire Micrus Endovascular, a global developer and manufacturer of minimally invasive devices to address hemorrhagic and ischemic stroke. Shares of J&J stock have tumbled 2.2% to $58.27 Tuesday morning.
NEW BRUNSWICK, N.J. ( TheStreet) -- Johnson & Johnson ( JNJ) has lowered its full-year earnings guidance to $4.65 to $4.75 a share from $4.80 to $4.90 a share -- after reporting second-quarter earnings that beat expectations -- to reflect its massive over-the-counter drug recalls this year, the suspension of its McNeil Consumer Healthcare manufacturing facility in Fort Washington, Pa., and unfavorable changes in foreign currency exchange rates.
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