(AP) — Johnson & Johnson said Tuesday that its second-quarter net income fell by half due to lower sales and charges for litigation and other items. The maker of Band-Aids and prescription drugs, which has been struggling with a series of about three dozen product recalls over lapses in manufacturing quality, also lowered its 2012 profit forecast.
Johnson & Johnson said net income was $1.41 billion, or 50 cents per share, down from $2.78 billion, or $1 per share, a year earlier. Revenue fell by 0.7 percent to $16.48 billion. Excluding one-time items, net income was $3.63 billion, or $1.30 per share. The items included asset writedowns, costs related to its recent $20 billion purchase of Swiss orthopedics device maker Synthes and a charge related to unfavorable currency exchange rates.
Analysts polled by FactSet, on average, expected earnings per share of $1.29 on revenue of $16.71 billion. J&J says it now expects 2012 earnings per share of $5 to $5.07 per share, down from its April forecast of $5.05 to $5.15 per share, excluding special items.