News Summary: J&J 3Q net income down, sales up

The Associated Press

PROFIT DROP: Third-quarter net income dropped 7 percent for health care giant Johnson & Johnson, to $2.97 billion, or $1.05 per share, but after adjusting for one-time charges, it beat Wall Street expectations.

SALES CLIMB: Revenue rose 6.5 percent to $17.05 billion. Revenue from prescription medicines and medical devices increased. Consumer health sales declined due to recalls continuing to keep some nonprescription medicines out of stores.

KEY IMPACT: Most of the sales increase came from the June acquisition of Synthes Inc., which makes surgical trauma equipment and orthopedic implants.