Life sciences giant Johnson & Johnson (J&J) managed to increase first quarter profits by 12.5% despite a decrease in revenue of 0.2%, the company said in a statement.
But the company's profits were sorely depressed by a series of regulatory issues, including recalls, shortages and legal battles, reports The Associated Press.
Among J&J's many issues during Q1:
J&J's problems don't seem to be abating, either. Australian and New Zealand regulators announced 16 April they were recalling the company's MITCH TRH hip components manufactured by subsidiary Finsbury Orthapedics unit. The same product was recalled by UK regulators earlier in April as well.
Bloomberg noted the company is revising profit forecasts for the year upward as increased demand for new medicines were exceeding expectations, easing some of that pressure on the company.
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