J&J; Profit Climbs on Sales of Arthritis Drug
Johnson & Johnson posted a 13% gain in first-quarter profit on higher sales of the rheumatoid arthritis drug Remicade. Revenue from the firm’s biggest seller, the anemia treatment Procrit, rose less than 1%, while sales of Remicade rose 67%.
Procrit sales are facing more competition from Roche Holding’s NeoRecormon and Amgen Inc.’s drug Aranesp. Amgen won U.S. approval in July to market its Aranesp medication for anemia stemming from cancer therapy.
Johnson & Johnson said net income climbed to $2.1 billion, or 69 cents a share, from $1.8 billion, or 59 cents, in the year-ago quarter. Sales rose 12% to $9.8 billion.
Shares of Johnson & Johnson fell $1.80 to $55.98 on the New York Stock Exchange.
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