UPDATE 4-J&J profit jumps, boosted overseas by weak dollar

(Adds analyst comment, tax-credit help to results)

By Ransdell Pierson

NEW YORK, Jan 22 (Reuters) - Johnson & Johnson (JNJ.N: Quote, Profile, Research) said on Tuesday its fourth-quarter earnings rose almost 10 percent, beating estimates, helped by lower taxes and by a weak dollar that propelled overseas sales of its drugs, medical devices and consumer products.

Investors are girding for patent expirations this year on the company's blockbuster Risperdal treatment for schizophrenia and next year on its widely used Topamax medicine for treating epilepsy.

But Chief Executive Officer William Weldon told analysts increasing demand for J&J's vast array of existing products and launch of new J&J brands will help cushion the coming blow of generic competition for Risperdal and Topamax.

"We feel we've gotten ahead of it and will power through it," he said of the looming patent expirations on the two products.

J&J expects full-year 2008 earnings of $4.39 to $4.44 per share, reflecting growth of up to 6.9 percent, in line with Wall Street expectations.

The diversified health-care company earned $2.37 billion, or 82 cents per share, compared with $2.17 billion, or 74 cents per share, in the year-earlier period.

Excluding special items, J&J earned 88 cents per share. Analysts polled by Reuters Estimates, on average, had expected 86 cents per share. The items included a charge of $441 million related to its poorly selling heart-failure drug Natrecor and a $267 million tax credit.