Johnson & Johnson’s Earnings Fall 27%
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Johnson & Johnson, the world’s largest maker of medical devices, said second-quarter earnings dropped 27% on costs for acquisitions and a decline in revenue from its biggest drug, Procrit for anemia.
The company also said it was struggling to meet orders for the Cypher heart stent, a drug-coated mesh tube that keeps blood flowing through arteries.
Net income fell to $1.21 billion, or 40 cents a share, from $1.65 billion, or 54 cents, a year earlier, the New Brunswick, N.J.-based company said. Sales rose 14% to $10.3 billion.
Johnson & Johnson shares declined $1.05 to $52.55 on the NYSE.
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