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J&J Q1 net up 8 percent on sales jump, lower costs

Associated Press

Published: Tuesday, April 15 2014 8:05 a.m. MDT

This Oct. 16 2012 photo shows Johnson and Johnson products, including Band Aid brand adhesive bandages, arranged for a photo in St. Petersburg, Fla. Johnson & Johnson reports quarterly financial results before the market opens on Tuesday, April 15, 2014.

Chris O'Meara, Associated Press

Enlarge photo»

NEW BRUNSWICK, N.J. — Johnson & Johnson says its first-quarter profit rose 8 percent, because of restrained costs and a big jump in prescription drug sales. The world's biggest maker of health care products easily beat Wall Street expectations and raised its earnings outlook.

The maker of Tylenol, medical devices and prescription drugs said Tuesday that net income was $4.73 billion, or $1.64 per share, up from $3.5 billion, or $1.22 per share, a year earlier.

Excluding one-time items, income was $4.43 billion, or $1.54 per share. Analysts surveyed by FactSet expected $1.48.

Revenue totaled $18.12 billion, up 3.5 percent. Analysts expected $18.04 billion.

The company, based in New Brunswick, N.J., raised its profit forecast for 2014 to $5.80 to $5.90 per share. In January, J&J forecast $5.75 to $5.85.

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