UPDATE: Johnson & Johnson Reports Upbeat Q2 Profit

Johnson & Johnson JNJ released its results for the second quarter on Tuesday. JNJ's quarterly earnings dropped to $2.78 billion or $1 per share, from $3.45 billion, or $1.23 per share, in the year-earlier period. Excluding one-time items, JNJ's earnings came in at $3.55 billion, or $1.28 per share, versus $3.38 billion or $1.21 per share. Its total revenue rose 8.3% to $16.6 billion. Analysts were expecting earnings of $1.24 per share on revenue of $16.24 billion. JNJ maintained its 2011 earnings forecast of $4.90 to $5 per share. JNJ shares closed at $67.09 yesterday.