Diversified health care giant Johnson & Johnson said today its quarterly profit rose, fueled by strong sales of prescription drugs such as anemia treatment Procrit and Remicade for arthritis.
Johnson & Johnson said second-quarter earnings after certain charges jumped 11.6 per cent, to $1.7 billion or 54 cents per share, compared with $1.48 billion, or 48 cents a share a year ago.
The maker of Tylenol, Band-Aids and Neutrogena skin care products - said its revenue for the quarter rose 11 per cent, to $9.1 billion.
The 116-year old company is among the most profitable of large US health care firms, having boasted 17 per cent earnings growth in 2001. In April, it endorsed Wall Street's estimates that earnings will grow again by nearly 17 per cent in full-year 2002.
"Our double-digit growth in sales and earnings reflects the broad-based strength of each of our business segments in all geographic regions of the world," said Mr William Weldon, chairman and chief executive.
"Of particular note, is the strong performance of the worldwide medical devices and diagnostics business as well as the international pharmaceutical and domestic consumer businesses," he added.
