Johnson & Johnson has reported an increase in sales and net earnings for the first quarter of 2010, which was bolstered by its diabetes care unit.
Net earnings for the first quarter of 2010 were $4.53 billion, compared with $3.51 billion in the comparable quarter of last year, representing a 29 percent increase, the company said. The first quarter 2010 net earnings included an after-tax gain of $910 million, representing the net impact of litigation matters.
According to J &J, the sales were $15.6 billion for the first quarter of 2010, an increase of 4 percent as compared to the first quarter of 2009. Operational results declined 0.1 percent and the positive impact of currency was 4.1 percent. Domestic sales declined 5 percent, while international sales increased 14.4 percent, reflecting operational growth of 5.5 percent and a positive currency impact of 8.9 percent, reported the company.
Cordis, J &J’s subsidiary that produces its coronary stents, catheters and guidewires, reported a U.S. sales increase of 2 percent—representing a $5 million jump. However, the subsidiary booked a decrease in international sales by 0.2 percent—a $1 million reduction from $422 million in the first quarter of 2009, to $421 million in the first quarter 2010. For worldwide sales, the company declared a sales increase of 0.6 percent, for $672 million in the 2010 first quarter.
For its diabetes care unit, J &J reported increases across all markets—7.4 percent in U.S. sales, 13.3 percent in international sales and 10.4 percent in worldwide sales.
“[W]e were able to deliver solid financial results…despite a major product recall and the continued impact of patent expirations,” said William C. Weldon, J &J’s chairman and CEO, based in New Brunswick, N.J.