Johnson & Johnson misses revenue estimates

Johnson & Johnson on Wednesday posted a rare miss on revenue, marking the first time in at least eight quarters that the healthcare giant fell short on sales expectations.

While sales did rise to $20.75 billion for the quarter, analysts were looking for $20.8 billion.

But intense competition for key drugs like Zytiga, a prostate cancer drug, coupled with pressure on prescription drug prices in the U.S, have weighed on J&J's pharmaceuticals unit...

...which makes up half of the company's overall sales and has powered much of the company's recent growth.

While revenue at the unit rose to $10.55 billion, is still missed Wall Street expectations.

Shares of the healthcare giant - which were trading at a record high - fell after it reported.