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J&J shares jump after profit beats Street


    NEW YORK (Reuters) - Johnson & Johnson on Tuesday said its quarterly earnings fell, hurt by generic competition for its Risperdal schizophrenia drug and the strong dollar, but lower costs enabled the company to beat Wall Street expectations

    The diversified health-care company, whose shares rose more than 3 percent in premarket trading, said it earned $3.51 billion, or $1.26 per share, in the first quarter. That compared with $3.6 billion, or $1.26 per share, in the year-earlier period.

    Analysts on average expected $1.22 per share, according to Reuters Estimates.

    J&J reaffirmed its 2009 profit forecast of $4.45 to $4.55 per share.

    (Reporting by Ransdell Pierson, Editing by Maureen Bavdek)