As I pointed out yesterday, diversification is one of Johnson & Johnson's
Consumer sales, including over-the-counter drugs and baby-care products -- you know, stuff people can't live without even in hard economic times -- jumped 13% year over year. Zyrtec, which J&J purchased from Pfizer
Sales of J&J's Cypher drug-eluting stent plunged by 23%, and estimates of its market share got slashed in half, after rivals from Abbott Labs
On the drug side, things looked far less rosy. Global pharmaceutical sales were flat, with the U.S. figure down 6%. Sales of antipsychotic Risperdal plunged after generic competition from Teva Pharmaceuticals
Pharmaceutical sales weren't a complete downer. Anti-inflammatory Remicade saw sales jump 19%, including a 16% boost internationally thanks to marketing partner Schering-Plough
Overall revenue was up 6.4%, split almost equally between organic growth and differences in currency exchange rates. Most of the growth came from outside the U.S., where sales were up 13% -- again, split almost evenly between currency impact and actual growth.
The bottom line looked even better. J&J's $1.17 per share in earnings this quarter was 10% higher year over year, after adjusting for last-year's restructuring charge. That figure got a slight boost from a lower overall share count; Johnson & Johnson has repurchased $7.4 billion worth of shares since August of last year.
However much the world may panic, Johnson & Johnson's diversity, combined with its non-discretionary products, make it a real long-term winner.
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Fool contributor Brian Orelli, Ph.D., doesn't own shares of any company mentioned in this article. Pfizer is a Motley Fool Inside Value pick. The Fool owns shares of Pfizer. The Fool has a disclosure policy.