J&J sales and profit increases, but so do litigation costs

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Johnson and Johnson (AP Photo)

Healthcare giant Johnson & Johnson reported increases in sales and profit in the third quarter of 2013, but also said it increased the money it set aside to deal with legal bills.

Indications are that J&J and the Justice Department are getting closer to finalizing an agreement related to allegations of improper marketing of its antipsychotic drug Risperdal. J&J also faces patient lawsuits related to multiple products.

J&J is headquartered in New Brunswick, N.J., and has multiple operations around Philadelphia.

The company said its worldwide sales increased from $17.052 billion in the third quarter of 2012 to $17.575 billion in the third quarter of 2013. The profit rose from $2.629 billion in the third quarter of 2012 to $2.982 billion in the same period in 2013.

Meanwhile, the company set aside $872 million to cover litigation costs in the third quarter of 2013. The amount set aside in 2012 was $89 million.

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