NEW YORK (TheStreet) -- Johnson & Johnson (JNJ) reported earnings that beat on top- and bottom-line estimates. 

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.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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