Johnson & Johnson posted a 20% increase in earnings and a 18% jump in revenue for the first quarter, driven in part by sales of the Cypher drug-eluting stent manufactured by its Cordis Corp. unit.
The pharmaceutical and healthcare products giant earned $2.5 billion, or 83 cents per share, on revenue of $11.6 billion. That compared with earnings of $3 billion, or 69 cents per share, on revenue of $9.8 billion for the year-ago quarter. Sales of medical devices and diagnostics, totaling $4.1 billion, represented a 23% increase over the year-ago quarter.
Cordis' circulatory disease products, including the Cypher, were key drivers, officials said. Strong results for DePuy's spinal products also contributed to the segment's performance, they said.