Johnson & Johnson reporting quarterly sales well below Wall Street estimates, hurt by the stronger dollar and disappointing demand for some of its drugs.
Disappointing sales at Johnson & Johnson. Quarterly profit and sales fell at the maker of Tylenol and Motrin. To blame? The strong dollar and disappointing demand for some of its drugs. Overseas sales of its best-selling drug, Remicade fell, as did those of hepatitis C drug, Olysio as other companies came out with similar drugs. Revenue would have risen slightly if not for the mighty dollar, which hurts the value of sales outside the United States. But that's where J&J gets nearly half its revenue. Worldwide consumer, pharmaceutical and medical device sales all fell sharply. Despite the weak sales, Johnson & Johnson lifted the bottom range of its earnings outlook for the full year. Separately, the company also said it'll buy back $10 billion worth of shares.