Johnson & Johnson (NYSE:JNJ) said today first quarter earnings fell 23%, to $3.48 billion, or $1.25 per share, from $4.53 billion, or $1.62 per share, in the same quarter last year.
Adjusted earnings of $1.35 billion were well ahead of analyst expectations.
Revenue, which rose 3.5% to $16.2 billion, also exceeded analyst forecasts.
Johnson & Johnson hiked its earnings guidance to a range of $4.90 to $5 per share, ahead of analyst estimates.
Also today, Novartis (NYSE:NVS) posted a dip in first quarter earnings that nevertheless beat analyst expectations.
The Swiss pharma company said earnings attributable to shareholders fell to $2.77 billion, from $2.93 billion last year.
Results were ahead of analyst forecasts.
The company said first quarter sales rose 16%, to $14.03 billion, or 14% in constant currencies, and its predicts double-digit sales growth in 2011.
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