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Analysis: J&J Q1 clouded on stent worries.
Byline: STEVE MITCHELL
WASHINGTON, April 17 (UPI) -- Johnson and Johnson's first quarter earnings soundly beat Wall Street's expectations, but analysts expressed concern about the company going forward due to the safety issues revolving around anemia and stent products.
Bank of America analyst Glenn Novarro called the performance "a statement quarter" that reflects the company's broad portfolio.
However, Novarro questioned J&J's failure to update its 2007 earnings guidance.
"We note that investors will be paying particular attention to this update, given the recent concerns over Procrit, the relatively slow launch of Invega and lingering concerns over the contracting drug-eluting stent market," Novarro stated in a research report.
J&J said Tuesday its earnings per share for the first quarter came in at $1.16, an increase of 17 percent and significantly above Wall Street's consensus estimate of $1.05.
Top-line sales totaled $15 billion, also more than the consensus forecast of $14.4 billion. Global pharma sales rose 11 percent to $6.2 billion, with $4 billion of that coming in the United States.
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