J&J sees 12.5 pct. profit jump despite sales dip

(AP) NEW BRUNSWICK, N.J. - Johnson & Johnson (JNJ) says first-quarter profit jumped 12.5 percent as lower spending on research, sales and administration more than made up for a slight decrease in sales due to generic competition.

The health care giant says net income was $3.91 billion, or $1.41 per share, up from $3.48 billion, or $1.25 per share, in 2011's first quarter.

Excluding costs related to a pending acquisition and a benefit from currency rates, the company earned $3.8 billion, or $1.37 per share.

Revenue dipped 0.2 percent, to $16.14 billion from $16.17 billion.

Analysts were expecting earnings per share of $1.35 and sales of $16.28 billion.

The company also raised its profit forecast by 2 cents, to $5.07 to $5.17 per share, excluding one-time items.