Summary Box: Sales slump across much of J&J in Q3

AP News
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Posted: Oct 19, 2010 3:03 PM
Summary Box: Sales slump across much of J&J in Q3

SALES SLUMP: Quarterly revenue was down across much of Johnson & Johnson, from total sales in Europe to U.S. consumer product sales, hammered by 10 product recalls, a long factory shutdown and wary consumers.

TROUBLING TRENDS: Meanwhile, high unemployment is still holding down spending on consumer items and elective surgeries with big copayments. Austerity measures by European government health plans and bigger discounts required on drugs bought through Medicaid also hurt J&J.

FUTURE FORECAST: J&J slightly raised its 2010 profit expectation, mainly because of improving currency rates.