Victory Even In The Downfall For Johnson & Johnson
You may not have wanted to break open the bank for that fashionable new skirt or that snazzy shirt tie that would have had members of the opposite sex going back for a second - or third - glance. But chances are that you didn’t skimp on the really important stuff, in this case apparently, mouthwash and skin cleaners.
So says Johnson & Johnson (NYSE: JNJ) at least, who just reported a net income drop of 3.6% and adjusted earnings of $1.15 a share, which beat analyst estimates by three cents. So yeah, they still had less to show than in previous quarters, but they still managed to pull something together. And considering that they don’t just have the poor economy to battle, that’s pretty impressive.
Ever since generic and therefore less expensive copies of two of their drugs (Topamax used for migraines and Risperdal, a mood stabilizer) hit the market, they’ve had to really work at boosting sales. 13% of the 7.4% revenue reduction from last quarter came from declining sales in JNJ’s pharmaceutical unit.
But according to Joel Levington, director of corporate credit for Hyperion Brookfield Asset Management Inc., that hard work paid off:
“The company did an excellent job of managing its costs to help offset declines in mature pharma products. The company’s balance sheet strength will provide it opportunities to continue making select acquisitions.”
So even while it technically lost out in the past quarter, Johnson & Johnson stands a good chance of pulling through stronger than ever. And that’s why investors are still betting on it as we roll into afternoon trading.
Tuesday, July 14, 2009 - by Jeannette Di Louie, Assistant Editor, Mt. Vernon Research
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