UPDATE (7:45 a.m. EST):
Sales at healthcare giant Johnson & Johnson fell some 0.2 per cent during the first quarter of 2012, the company reported this morning.
Over the first three months of the year, revenue at Johnson fell to $16.1 billion, missing the Street’s expectations by nearly $200 million.
However, excluding one time results, the company saw earnings slightly above consensus, at $3.9 billion, or $1.37 per share.
“We continue to bring meaningful innovations to our patients and customers through the strong performance of our recently launched products,” Johnson & Johnson Chief Executive William Weldon said. “The dedication of the people of Johnson & Johnson gives me great confidence in the prospects of our business to deliver sustainable growth, well into the future.”
The company saw healthy growth in overseas markets, with sales up 4.1 per cent. That growth helped stymie lackluster results in the U.S., where revenue declined 5.1 per cent to $7.2 billion.
Johnson attributed some of that weakness to generic competition to Levaquin and a suspended plant impacting sales of Doxil, an ovarian cancer treatment. Sales of Levaquin and Floxin collapsed 93 per cent to a combined $29 million.
New drug Zytiga, a treatment for prostate cancer, saw sales top $200 million, while Stelara, medication for plaque psoriasis, gained 33 per cent year-on-year to $221 million.
Shares in Johnson & Johnson are slightly higher in pre-market trading.
Healthcare giant Johnson & Johnson is minutes away from reporting quarterly results for the first few months of 2012.
Analysts polled by Bloomberg forecast the Dow component will report earnings of $1.36 per share on revenue of $16.3 billion.
Investors will be looking for commentary on early sales of three new drugs: Incivo for hepatitis C, Zytiga for prostate cancer, and Xarelto to treat blood clotting.
Also in focus: the recent $1.2 billion fine for violating Arkansas’ deceptive practices laws.