J&J's 1st-qtr profits slip 22% on Conor buy

US health care major Johnson & Johnson says that its net income for the first quarter of 2007 was $2.6 billion, or $0.88 per share, down 22.1% on the comparable period last year. The firm added, however, that it had incurred costs of $807.0 million as a result of its acquisition of Conor Medsystems late last year (Marketletter November 27, 2006) and that, excluding this charge, its earnings per share would have been $1.16.

1st-qtr sales climb 15.7%

J&J said that the impact of acquisition charges had more than offset its record first-quarter sales results, which increased 15.7% to $15.0 billion. The firm added that this growth was based on increased domestic revenues, up 11.9% to $8.2 billion, with pharmaceuticals contributing $4.03 billion, up 9%.