Johnson & Johnson: Recalled drugs delayed again

By Parija Kavilanz, senior writer


NEW YORK (CNNMoney) -- Johnson & Johnson said Tuesday that consumers may have to wait until the end of the year before drugstore shelves start to fill up again with its recalled children's Tylenol, Motrin and Bendryl.

During a meeting with analysts and investors, company executives said J&J (JNJ, Fortune 500) had shipped a small amount - about 4 million bottles of Children's Tylenol - to stores last quarter.

J&J had hoped to restock retailers with all the recalled children's medicines by the middle of 2011. However, executives said Tuesday that retailers wouldn't receive adequate supplies of those medicines until the later half of the year, "slightly later than expected."

J&J halted production at its Ft. Washington Pa. plant in May, where its pediatric pain and cold drugs are manufactured, following a recall of millions of those medicines for quality concerns. Facing shortages, It shifted production to one of its Canadian plants hoping to normalize supplies.

Also on Tuesday, Johnson & Johnson (JNJ, Fortune 500) reported fourth-quarter profits that met analysts' estimates, despite softer-than-expected sales.

The company said sales in the quarter were significantly hurt by its numerous recalls of Tylenol, Motrin and Benadryl products and the suspension of manufacturing at the the Fort Washington plant.

Those recalls, followed by an absence of those medicine in stores, significantly hurt the company's over-the-counter drugs business. Its OTC sales tumbled 53% in the fourth quarter, costing the company $300 million in lost sales in the period as $900 million in lost sales for the year.

Johnson & Johnson also issued a full-year 2011 profit outlook of between $4.80 to $4.90 a share, also weaker than analysts' estimates.

Analysts, on average, had expected the company to earn $4.97 a share on average for the year, according to Thomson Reuters.  To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 16,262.56 89.32 0.55%
Nasdaq 4,034.16 11.47 0.29%
S&P 500 1,842.98 12.37 0.68%
Treasuries 2.63 -0.01 -0.42%
Data as of 7:33am ET
Company Price Change % Change
Bank of America Corp... 16.39 0.00 0.00%
Facebook Inc 59.09 0.20 0.34%
Yahoo! Inc 34.21 0.76 2.29%
The Coca-Cola Co 40.18 1.45 3.74%
Intel Corp 26.77 0.21 0.79%
Data as of Apr 15
Sponsors

Sections

Starbucks will pay more tax in the U.K. after moving its European headquarters to London from Amsterdam at the end of this year. More

Observers are warning that risks of a blow up in China's property market are rising, threatening a slowdown that could hurt global growth. More

Yahoo is still in the midst of its turnaround, but investors liked what they saw in the company's first-quarter results. More

Schwinn, Trek and Cannondale are all iconic American bicycle brands. But none of them are made in the United States. More

Pamela Knighton, a 51-year-old social worker from Cuthbert, Ga. who earns less than $25,000 a year, had been really looking forward to her $4,300 tax refund last year. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.