Summary Box: J&J 4Q profit drops almost 90 percent

AP News
|
Posted: Jan 24, 2012 3:19 PM
Summary Box: J&J 4Q profit drops almost 90 percent

PROFIT PLUNGE: Johnson & Johnson's net income dropped nearly 90 percent to $218 million, due to $2.9 billion in charges for recalls, product liability, litigation and an acquisition. But after an unprecedented two years of declining sales, they rose last quarter by 4 percent.

RECALL UPDATE: Most of the McNeil Consumer Healthcare products that have been absent from stores due to repeated recalls should return by midyear, with the rest by year's end.

PROFIT FORECAST: J&J expects sales to rise from $65 billion last year to about $68 billion in 2012, and earnings per share to climb from $3.49 to about $5.10.