J&J has tough third quarter
This article was originally published in The Rose Sheet
Executive Summary
Firm's U.S. skin-care business declined 15.9% on an operational basis and oral care fell 12.3% over a "disappointing" third quarter, Johnson & Johnson announces Oct. 19. Net sales for the U.S. consumer division decreased 24.5% in the quarter to $1.28 billion, hampered by unavailable OTC drugs included in the firm's April recall of liquid pediatric products. Worldwide, consumer sales fell 10.6% year-over-year to $3.57 billion. Several bright spots in the quarter included "positive" results of the Dabao Chinese skin-care line and the launch of Listerine Zero alcohol-free mouthwash, firm says. J&J's worldwide net sales dipped 0.7% to $14.98 billion for the quarter and net earnings increased 2.2% to $3.42 billion