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News Summary: J&J 2Q net, sales up but issues loom

The Associated Press

In this Monday, July 15, 2013 photo, Johnson & Johnson baby products are shown for sale at a pharmacy in Miami. Johnson & Johnson reports quarterly earnings on Tuesday, July 16, 2013. (AP Photo/Lynne Sladky)

STRONG RESULTS: Johnson & Johnson's second-quarter net income more than doubled. Its adjusted net income jumped 18 percent to $4.29 billion, or $1.48 per share. Revenue was $17.88 billion, up 8.5 percent. Both topped analysts' expectations.

THE DRIVERS: Strong sales of prescription drugs and last year's acquisition of orthopedics device maker Synthes boosted revenue. Lower charges took a smaller bite out of profits than a year ago.

THE PROBLEMS: J&J says sales growth is slowing and competition is increasing for its devices and prescription drugs, and that is pushing some prices lower. Also, the manufacturing issues behind about four dozen product recalls since 2009 still aren't resolved.