The bad news doesn't end for Johnson & Johnson as FDA inspectors continue to find problems at the Pennsylvania plant that was the source of a massive recall of children's medicines earlier this year.
Tylenol and Band-Aid maker Johnson & Johnson announced on Tuesday that its sales declined 0.7% to $15 billion in the third quarter, compared to the same quarter last year, as domestic sales were "significantly impacted" by recent successive recalls. Domestic sales declined 2.5%.
In testimony before Congress Thursday, Johnson & Johnson's CEO apologized for the problems that have beset his company, including the quality issues with its children's medicines and the "phantom recall" of a batch of Motrin. He also said new batches of its children's medicines should start shipping next week.
Was Johnson & Johnson aware of problems with its Children's Tylenol months before the recall? The House Oversight Committee has invited an FDA commissioner and Johnson & Johnson chairman to a hearing next week to address this and other questions surrounding the massive recall of children's medicines earlier this year.
The latest quarterly filing from Warren Buffett's Bekshire Hathaway shows what changes the Oracle of Omaha made to his portfolio. What led him to buy into payment processor Fiserv and raise his stake in J&J?
Johnson & Johnson's earnings for the second quarter of 2010 rose 5.4% to $3.4 billion, or $1.23 per share, from $3.2 billion or $1.15 per share, the company announced Tuesday morning. Adjusted earnings, which exclude litigation costs, were $1.21 per share.
Johnson & Johnson subsidiary McNeil recalled another batch of over-the-counter medicines Thursday. The specific lots of Tylenol, Motrin and Benadryl products may have been contaminated with trace amounts of a chemical that gives them a musty or moldy odor.
Johnson & Johnson is being accused of stonewalling a congressional investigation into the recent recall of the company's children's medicines, The New York Times reported.
