New York - US health and consumer goods company Johnson & Johnson said Tuesday profits increased 1.1 per cent in the third quarter despite the global recession and sinking revenues. Profits rose to 3.3 billion dollars, or 1.20 dollars a share, beating analysts' estimates and prompting the company to increase its earnings predictions for the year.
However revenue fell 5 per cent to 15.1 billion dollars on weaker pharmaceutical sales because of competition from generics and a weaker dollar, the New Brunswick, New Jersey-based company said. It was particularly battered in the US market, where revenue fell 8 per cent compared to a 2.5 per cent decline internationally.
Johnson & Johnson produces pharmaceuticals as well as consumer goods like bandages and mouthwash.
