“The diabetes market is very price sensitive, and (net) prices have been declining for some time,” Caruso noted. That’s why J&J has been exploring the sale of its diabetes care businesses, which make test strips and insulin pumps, but will continue selling diabetes pill Invokana, whose sales fell 13 percent in the quarter to $284 million. The New Brunswick, New Jersey-based company on Tuesday reported net income of $4.42 billion, or $1.61 per share, down from $4.46 billion, or $1.59 per share, a year earlier. Earnings, adjusted for one-time costs, came to $1.83 per share, six cents above Wall Street expectations. Revenue totaled $17.77 billion, up 1.6 percent but below Street forecasts for $18.01 billion. In late-morning trading, J&J shares dropped $4.62, or 3.7 percent, to $121.10. Sales in J&J’s prescription drug business rose 0.8 percent to $8.3 billion. But top seller Remicade, an injected biologic drug for Crohn’s disease, rheumatoid arthritis and other immune disorders, saw sales decrease 6 percent to $1.7 billion. Near copy, or “biosimilar,” versions of Remicade have cut into its sales in Europe, where they’ve been available for much longer than in the U.S. Caruso said the launch late last year of Pfizer Inc.’s Inflectra, a biosimilar of Remicade, has had little impact on sales in the U.S.
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