Investing.com - Johnson & Johnson (N:JNJ) reported a 7.4% fall in quarterly sales as the impact of a strong dollar more than offset higher sales of its older drugs.
Revenue fell to $17.10 billion in the third quarter from $18.47 billion a year earlier.
International sales fell nearly 14% to $8.31 billion in the quarter, including a currency impact of 15.8%, the company said. The company receives nearly half of its revenue from outside the U.S.
Net profit fell to $3.36 billion, or $1.20 per share, from $4.75 billion, or $1.66 per share, a year earlier.
The company said its adjusted profit was $1.49 per share.
The company also said it planned to buy back up to $10 billion worth of shares. Shares rose 1.3% after the buyback announcement but pared some of the gains to trade near its Monday close of $95.80 in premarket trading.