CORRECTED-UPDATE 1-J&J results beat expectations, as drugs, devices deliver

Tue Jul 16, 2013 8:33am EDT

(Corrects third paragraph to show Elan gain is not a special item)

July 16 (Reuters) - Johnson & Johnson reported higher-than-expected second-quarter earnings as strong sales of prescription drugs and medical devices more than offset anemic growth of its consumer products.

The diversified healthcare company said on Tuesday that it earned $3.8 billion, or $1.33 per share. That compared with $1.41 billion, or 50 cents per share, in the year-earlier period, when J&J took $2.2 billion in charges for the writedown of research assets, litigation expenses and merger-related costs.

J&J earned $1.48 per share, excluding special items such as expenses from litigation and an acquisition. Analysts on average expected $1.39, according to Thomson Reuters I/B/E/S.

Revenue rose 8.5 percent to $17.88 billion, while Wall Street had been expecting $17.71 billion.

J&J raised its full-year earnings forecast to between $5.40 and $5.47 per share from an earlier range of $5.35 to $5.45. It earned $5.10 per share last year.

Shares of J&J were up 0.6 percent at $90.94 in trading before the market opened. (Reporting by Ransdell Pierson and Caroline Humer; Editing by Lisa Von Ahn)