Biotech TRENTON, N.J. (AP) – Health care products maker Johnson & Johnson said its first-quarter profit dipped only slightly, beating Wall Street expectations, despite falling sales around the world.The world’s most broadly based health care company said the recession cut into consumer products sales but that the biggest drag on revenue was the stronger dollar, which pulled down overall revenue by six percent.The maker of baby shampoo, contraceptives and biotech drugs – a Dow component that is seen as a bellwether for the overall economy – posted net income of $3.5 billion, or $1.26 per share. That’s down from $3.6 billion in 2008’s first quarter. Earnings per share also amounted to $1.26, because the company has been buying back shares over the past year.Analysts polled by Thomson Financial expected, on average, earnings per share of $1.22 and revenue of $15.47 billion.Revenue fell just over seven percent, to $15 billion. Sales of its consumer health products, prescription drugs, and medical devices all fell.Still, the New Brunswick, N.J.-based company confirmed its previous forecast for a 2009 profit ranging from $4.45 to $4.55 per share, excluding one-time items.Wall Street liked the results, pushing up shares of Johnson & Johnson 85 cents, or 1.7… Read full this story
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