J&J reports Q3 results

NEW BRUNSWICK, N.J. Stock prices for drug maker Johnson & Johnson fell in morning trading Tuesday following the company’s release of a lackluster financial report.

J&J’s stock fell by $1.51, to $61.02 late in the morning after the company posted a 5.3% decline in third-quarter 2009 sales, to $15.1 billion, compared with third quarter 2008. Domestic sales decreased by 8.1%, while international sales decreased by 2.5%, though the weakness of the dollar provided a buffer against a steep decline.

Pharmaceutical sales had the steepest decline, falling by 14.1% to $5.3 billion, including a 19.2% decrease in domestic sales and a 7.1% decrease in international sales. Consumer products had sales of $4 billion, a 2.7% decline over the year before.

At the same time, individual products showed strong growth. The autoimmune drug Remicade (infliximab) sold well, as did the HIV drug Prezista (darunavir) and the multiple myeloma drug Velcade (bortezomib). J&J also got several new drug approvals, such as the Food and Drug Administration’s approval of the autoimmune drug Stelara (ustekinumab) and the European Commission’s approval of the arthritis drug Simponi (golimumab).

Among consumer products, the Aveeno line of skin care products and the artificial sweetener Splenda showed strong growth, as well as the mouthwash Listerine and the Le Petit Marseillais line of beauty care products.

“We continue to successfully manage our broad base of businesses and deliver solid earnings despite the impact of patent expirations and challenges posed by the current economic environment,” chairman and CEO William Weldon said in a statement. “We completed multiple acquisitions and strategic collaborations and received several new product approvals in the quarter that will benefit patients worldwide and drive future growth.”