BUSINESS

Johnson & Johnson 2Q profit jumps on higher sales vs. 2012 quarter hurt by huge charges

07/16/2013 08:19 EDT | Updated 09/15/2013 05:12 EDT
NEW BRUNSWICK, N.J. - Johnson & Johnson says its second-quarter profit more than doubled on higher sales of medicines and medical devices

The maker of Tylenol, prescription drugs and medical devices handily beat Wall Street expectation.

New Brunswick, N.J.-based J&J says net income was $3.83 billion, or $1.33 per share, up from $1.41 billion, or 50 cents per share. Last year's quarter was weighed down by big charges.

Excluding one-time items, net income was $4.29 billion, or $1.48 per share.

Revenue was $17.88 billion, up 8.5 per cent from $16.48 billion a year earlier.

Analysts polled by FactSet were expecting earnings per share of $1.39 and sales of $17.72 billion.

The company raised its profit forecast to $5.40 to $5.47 per share, excluding items. In January, J&J predicted earnings of $5.35 to $5.45 per share.