Johnson & Johnson second-quarter profit dropped 49%

NEW YORK (MarketWatch)
Johnson & Johnson said Tuesday its second-quarter profit dropped 49% to $1.41 billion, or 50 cents a share, from $2.78 billion, or $1 a share, in the year-ago period
Adjusted profit in the latest quarter totaled $1.30 a share, after breaking out one-time items
Sales fell 0.7% to $16.48 billion
Wall Street analysts expected the pharmaceutical and health products company to earn $1.29 a share on sales of $16.68 billion, according to a survey by FactSet Research
Looking ahead, J&J expects adjusted 2012 earnings of $5 to $5.07 a share, compared to the analyst forecast of $5.14 a share