Johnson & Johnson 1st-qtr beats expectations despite profits decline

US health care giant Johnson & Johnson (NYSE: JNJ) was first out of the blocks in reporting first-quarter 2015 financial results in the pharma sector, with the downturn in net income and revenues reflecting the strength of the US dollar.

The company reported net income of $4.32 billion, down 8.6% from $4.73 billion, or $1.53 earnings per share. Adjusted for one-time gains and costs, EPS was $1.56 per share, but $0.03 better than the average estimate of analysts surveyed by Zacks Investment Research.

J&J posted revenue of $17.37 billion for the quarter, down 4.1%, also beating Wall Street forecasts of $17.31 billion. Excluding the net impact of acquisitions and divestitures, on an operational basis, worldwide sales increased 5.7%, domestic sales rose 9.1% and international sales were up 3.0%, the company noted.