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J&J announces Q3 results

This article was originally published in The Rose Sheet

Executive Summary

Despite rosy outlook of many economists, Johnson & Johnson CFO and VP-Finance Dominic J. Caruso believes the recession continues to negatively impact U.S. consumer buying patterns and distributor inventory levels in the consumer products segment. During an Oct. 13 third-quarter call, the exec noted that the firm's "core strategy" for overcoming the slump is to "differentiate our products as well as focus on developing strong consumer brands." J&J's U.S. consumer business in the third quarter declined 4.4 percent to $1.69 billion, while the firm's international consumer product revenue was down 1.4 percent, at $2.3 billion; worldwide sales for the business slipped 2.7 percent to $4 billion. Its Aveeno and Dabao skin-care brands and Listerine mouthrinse performed well in Q3, firm notes. Separately, J&J has terminated its agreement with light-based cosmetic treatment developer Palomar Medical Technologies to develop and commercialize devices for reducing the signs of skin aging and reducing or preventing acne. Palomar intends to continue with the development of its home-use laser device to treat periorbital wrinkles, approved by FDA in June, and anticipates launching it in the second half of 2010 (1"The Rose Sheet" June 8, 2009)

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Palomar Medical Technologies is first company to receive FDA approval for a home-use laser device that treats periorbital wrinkles, the Burlington, Mass. company announces June 5. Developed by Palomar in conjunction with Johnson & Johnson Consumer Companies, the laser is based on years of research and "represents a major breakthrough in the aesthetic device industry," Palomar says. Noting laser treatment for the removal of wrinkles has been proven safe in doctor's offices for years, Palomar CEO Joseph P. Caruso stresses that FDA clearance allows consumers to use the product in their own home "for a fraction of the cost." Palomar is one of a number of companies exploring light-based cosmetic technologies; Home Skinovations recently introduced laser hair removal product Silk'n SensEpil (1"The Rose Sheet" March 30, 2009, p. 6)

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