Johnson & Johnson (JNJ), the world’s second-biggest maker of health-care products, declined after sales growth was limited by the faltering economy and generic competition. Second-quarter net income slipped 20 percent to $2.78 billion, or $1 a share, from $3.45 billion, or $1.23, a year earlier, the New Brunswick, New Jersey-based company said in a statement. Earnings were reduced by a $549 million charge after J&J’s Cordis unit exited the market for drug-coated heart stents, where it had been losing ground to rivals.
