Who says giant companies can't be nimble?
Johnson & Johnson's
The decreased revenue mostly stemmed from the currency changes that accompanied a strengthening dollar. With nearly half of its revenue coming from abroad, the 4% hit from currency changes hurt J&J in a way no Band-Aid could soothe.
Revenue from pharmaceuticals was the worst off -- down 11% year over year. Sales of anti-inflammatory Remicade -- normally a substantial grower capable of making up for declining sales of drugs facing new generic competition -- fell 2.4%, because sales by international marketing partner Schering-Plough
Sales of medical devices and diagnostics also slipped, but by a much more reasonable 2% year over year. Drug-eluting stent sales kept getting hammered by new offerings from Abbott, Boston Scientific
Looking ahead, the health-care giant doesn't look quite so nimble. Johnson & Johnson guided for earnings per share of $4.45 to $4.55 this year, compared to adjusted earnings of $4.55 last year. That does include dilution for the recently announced acquisition of Mentor
While I'm sure investors aren't happy about owning a company with potentially flat earnings, the good news is that the stock's price already factors in precious little growth. Any potential upside should be a boon for investors -- and they'll get a nice 3.2% dividend check while they wait for the boom times to return.
We prescribe further Foolishness: