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J&J Sales Lag, Profit View Cut on Foreign Exchange Factors

“(Reuters) – Johnson & Johnson (JNJ) reported lower-than-expected quarterly sales on Tuesday and cut its full-year 2012 profit forecast, citing negative foreign-exchange factors, but quarterly earnings narrowly beat Wall Street estimates.

The diversified healthcare company said on Tuesday it earned $1.41 billion, or 50 cents per share, in the second quarter. That compared with $2.78 billion, or $1.00 per share, in the year-earlier period, when the company took a big charge for restructuring its Cordis heart-device unit.

Quarterly sales totaled $16.48 billion, falling short of Wall Street expectations of $16.69 billion.”

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