Wall Street enthused about the strong second quarter financials reported by Johnson & Johnson July 16, but the subtext was that pharmaceuticals primarily are carrying the ball for the New Jersey firm, as its consumer products division posted a stagnant quarter and medical devices and diagnostics fell short of Street projections.
Worldwide pharmaceutical sales totaled $7.0 billion in the quarter, an 11.7% growth rate year-over-year. Operational growth was 12.9%, offset by...