J&J 2Q profit drops 20 percent, still beats views

By the Associated Press | July 19, 2011 | 8:14 AM EDT

NEW BRUNSWICK, N.J. (AP) — Health care giant Johnson & Johnson says its second-quarter profit fell nearly 20 percent due to restructuring, recall and litigation costs and higher spending on overhead and research. The results still topped Wall Street expectations.

The maker of Band-Aids, biologic medicines and birth control pills says its net income was $2.78 billion, or $1 per share. That's down from $3.45 billion, or $1.23 per share, in the 2010 second quarter.

Revenue was up 8.3 percent, to $16.6 billion from $15.33 billion a year ago.

Excluding one-time items, income would have been $3.55 billion, or $1.28 per share.

Analysts polled by FactSet, on average, were expecting earnings per share of $1.24 and sales of $16.21 billion.