Summary Box: J&J 2Q net falls 20 pct on charges

AP News
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Posted: Jul 19, 2011 2:48 PM
Summary Box: J&J 2Q net falls 20 pct on charges

PROFIT PLUNGE: Johnson & Johnson's second-quarter net income dropped 20 percent, due to ongoing product recalls, flat U.S. sales and one-time charges, partly offset by a big currency exchange benefit.

PROFIT FORECAST: J&J reiterated its 2011 profit forecast for 2011, at $4.90 to $5 a share.

PIPELINE UPDATE: The company expects more revenue growth the rest of 2011, due to recent launches of a prostate cancer pill, a plaque psoriasis drug and a schizophrenia injection. It also just got approval for an HIV pill and an anticlotting drug, and has some medical devices in development.