EARNINGS ROUNDUP / JOHNSON & JOHNSON

Healthcare products maker Johnson & Johnson posted a 14% increase in fourth-quarter profit, topping Wall Street forecasts, as big one-time gains offset slumping sales.

But the company forecast weaker results in 2009, blaming the global recession, unfavorable currency exchange rates and intensified pressure from both generic drugs and competitors’ new products.

Still, Chief Executive William Weldon said the economic uncertainty and J&J;’s strong cash flow -- $12.2 billion in 2008 -- had put the company “in a great position” to acquire companies or products.

New Brunswick, N.J.-based J&J; earned $2.71 billion, or 97 cents a share, up from $2.37 billion, or 82 cents, a year earlier. Revenue fell 4.9% to $15.18 billion -- the first drop since the end of 2004.

The revenue decline was led by an 11% plunge in pharmaceutical sales to $5.7 billion, partly because of a 66.5% decrease in sales of schizophrenia drug Risperdal, which got generic competition in June.

Excluding charges and gains, J&J; earned 94 cents a share. Analysts polled by Thomson Reuters expected profit of 92 cents a share on revenue of $15.93 billion.

Analysts called it a “decent” quarter but were disappointed by the reduced 2009 forecast.

The company issued a 2009 forecast for earnings of $4.45 to $4.55 a share. That’s below average analyst estimates of $4.61, which J&J; said excluded the 3-cent to 5-cent effect of buying Santa Barbara-based breast implant and cosmetic product maker Mentor Corp., a deal set to close this month. Johnson & Johnson included that amount in its forecasts.

Johnson & Johnson shares fell 69 cents, or 1.2%, to $56.75.