J&J sales up despite Propulsid problem

Johnson & Johnson has posted sales of $29.1 billion and net earnings of$4.8 billion (excluding charges for the acquisition of Atrionix; Marketletter January 1 & 8) for 2000, increases of 6.1% and 14.8% respectively over 1999. Worldwide pharmaceutical sales increased 11.8% to $12.00 billion and, while international turnover rose 7.6% in dollar terms, this was offset by a negative currency impact of 8.9%.

The group's performance was a healthy one, according to chief executive Ralph Larsen, who said he was pleased with J&J's ability to overcome the negative impact of the strong dollar, without which total sales would have risen 9.4%. Even more pleasing for Mr Larsen was the way in which the company managed to stave off the decline of revenues from Propulsid (cisapride), which was withdrawn in the USA following a series of cardiovascular events associated with the drug's use (Marketletter April 3, 2000). The loss in Propulsid sales totalled around $600 million, and Mr Larsen noted that total group turnover would have been up 12.1% without that exclusion of funds.

Procrit - main pharma driver