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.
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 said Thursday that the Fort Washington, Pa., facility where it produced children's medications will probably stay shut down for the rest of 2010, meaning that no new supplies of those medicines will be available this year.
Some companies don't realize how important their image is until it's gone. A new survey of corporate directors shows that reputation may account for 70% of a company's value.
At Congress' hearings on Johnson & Johnson's huge drug recall, the company's statements were contradicted by the FDA, and details of its Motrin "phantom recall" were revealed.
Ahead of a Congressional hearing over Johnson & Johnson's big drug recall, internal documents were revealed that showed the drugmaker trying to conduct a stealth recall of Motrin in 2008. That's just one of the series of problems discovered at J&J.