JnJ's Q2 2009 came up short of Q2 2008 earnings ($1.17 per share) but beat estimates of $1.11 per share to come in at $1.15 per share.
JNJ reported a loss in earnings of 7% but a cost cut of 10% to beat earnings estimates for Q4.
The FDA rejected ceftobiprole, an antibiotic for the treatment of complicated skin and skin-structure infections, including diabetic-foot infections.
Johnson & Johnson's third quarter net income rose by 30% to $3.31 billion compared to $2.55 billion a year ago (which had included restructuring charges). Quarterly sales rose by 6.4 percent to $15.92 billion, of which 3.1 percent was due to favorable exchange rates. Sales of consumer products, such as Band-Aids and Tylenol, were particularly strong, rising by 13.1 percent from last year. Prescription drug sales were stagnant at a 0.2 percent increase, hurt due to the expiration of Risperdal's patent in June of 2008.
An advisory panel to the FDA recommended new restrictions for prescribing anemia drugs, including Johnson & Johnson's Procrit, after studies showed that high doses increased the risk of heart attacks, strokes and death. Johnson & Johnson shares fell $1.61, or 2.5 percent, as a result.
Johnson & Johnson receives subpoenas for three of its marketing practices for three of its drugs: Risperdal, Topamax, and Natrecor. The company is to be investigated for "off-label marketing," or the advertising of drugs for non-approved uses.