Johnson & Johnson, the US healthcare company, reported a rise in its first-quarter earnings yesterday, even as revenues slipped, thanks to cost-cutting efforts and foreign exchange effects.

However, sales were sluggish in the US and the company continues to feel the impact of a wave of product recalls. Popular recalled products such as Children’s Tylenol have been slow to return to shelves at retailers, holding back progress at J&J’s consumer business.

Overall sales at J&J were down 0.2 per cent from a year ago to $16.1 billion, while net earnings rose 12.5 per cent to $3.9 billion, or $1.41 a share.

J&J has had an eventful quarter, announcing that William Weldon, its long-time chief executive, is stepping down. – (Copyright The Financial Times Limited 2012)