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Johnson & Johnson reported a net loss of $68 million in the first quarter to the end of March because of a one-time charge related to its talc baby powder liabilities, costs of the coming spin-off of its consumer health business and Covid-19 vaccine related costs.
This month, the company agreed to pay $8.9 billion to resolve all cancer lawsuits tied to its talc-based powders.
The company reported a net profit of more than $5.1 billion in the same period last year.
Revenue during the first quarter increased 5.6 per cent annually to more than $24.7 billion, exceeding analysts’ expectations of $23.6 billion.
The New Jersey company earned more than half of its revenue, or nearly $12.5 billion, from the US markets and the rest from the international markets in the first quarter.
“Our first quarter results demonstrate strong performance across all three segments of our business,” said Joaquin Duato, chairman and chief executive of the company, said.
More to follow …
Updated: April 18, 2023, 1:45 PM
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