Johnson & Johnson (NYSE: JNJ) said Tuesday that its first quarter profit dropped to $3.5 billion, or $1.25 from $4.53 billion, or $1.62 per share, in the year-earlier quarter. On an adjusted basis, the company earned $1.35 a share in the latest quarter. Revenue rose to $16.2 billion from $15.63 billion. Analysts, on average, expected the company to report earnings of $1.26 per share on revenue of $15.83 billion.
The company raised its earnings guidance for full-year 2011 to $4.90 to $5.00 per share, reflecting both currency exchange rate changes and recent developments in the business. The company's guidance excludes the impact of special items.
"Our pharmaceuticals business demonstrated strong growth this quarter led by the performance of recently launched products. We delivered solid earnings while making the investments necessary to advance the robust pipelines across our businesses," said William C. Weldon, Chairman and Chief Executive Officer.
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