J&J forecast 2011 earnings of $4.80 to $4.90 a share, less than analysts’ average estimate of $4.98. J&J’s McNeil Consumer Healthcare division has recalled more than 40 brands of over- the-counter medicines, including Tylenol and Rolaids, since late 2009, and the company removed orthopedic implants last year. J&J said the consumer recalls cut 2010 sales by about $900 million dollars, about $300 million more the company projected in July.
The recalls made 2010 a “difficult and disappointing” year, Chief Executive Officer William Weldon said on a conference call with analysts. J&J is in the midst of an “uncompromising effort” to improve quality and restore trust in its brands, he said.
“If those reviews reveal any further issues, we will not hesitate to take any action that is needed,” Weldon said.
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