Johnson & Johnson
2Q Revenues: $16.5 billion (-1%)
2Q Earnings: $1.4 billion (-49%)
YTD Revenues: $32.6 billion (flat)
YTD Earnings: $5.3 billion (-15%)
Comments: Worldwide Pharmaceutical sales were $6.3 billion (+1%) in the quarter with a negative impact from currency of 4.2%. Domestic sales were down 5%. International sales increased 7%. Remicade sales were $1.5 billion, up 11% in the quarter. Levaquin sales were down 90% to $16 million due to generic competition. Worldwide Consumer sales were $3.6 billion in the quarter, down 5%. Worldwide Medical Devices and Diagnostics sales were flat at $6.6 billion. Earnings include after-tax items of $2.2 billion, consisting of charges for in-process R&D and intangible assets related to the Crucell vaccines business, an increase in potential settlement charges for civil litigation matters, and costs related to the acquisition of Synthes, Inc.