Johnson & Johnson reported that its second-quarter net earnings were $2.776 billion or $1 per share, down from $3.449 billion or $1.23 per share in the same quarter last year. Adjusted net earnings rose to $3.548 billion or $1.28 per share, from $3.382 billion or $1.21 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $1.23 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter rose to $16.60 billion from $15.33 billion in the prior year quarter. Eleven analysts had consensus revenue estimate of $16.22 billion for the quarter.

The company maintained its earnings guidance for full-year 2011 of $4.90-$5 per share. Analysts expect the company to report earnings of $4.95 per share for fiscal 2011.