J&J Raises 2011 Profit Forecast After Dollar Boosts Sales
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Johnson & Johnson, the world’s second-biggest seller of health products, increased its annual earnings forecast after quarterly profit beat estimates on drug sales and a weak dollar. The shares rose the most since 2008.
Earnings in 2011 will be $4.90 to $5 a share, above a January forecast of $4.80 to $4.90, New Brunswick, New Jersey-based J&J said in a statement today. Chief Financial Officer Dominic Caruso said he saw signs that a drop-off in medical procedures that hurt sales last year may be easing.