New York, NYJohnson & Johnson's sales, which were harmed significantly by recalls over Topamax side effects and other quality-control issues, are not likely to substantially increase any time soon due to global economic struggles, according to Reuters.
The news source reports that CEO William Weldon believes that double-digit profit growth is still possible for the long-term.
"I don't see it in the near future, but I don't rule it out by any stretch of the imagination," Weldon told the news provider.
After reporting double-digit growth throughout the majority of its history, Johnson & Johnson has reportedly struggled to do so over the past three years, largely due to a combination of recalls, patent expirations and lower demand for certain products.
Certain lots of Topamax, the company's anti-seizure drug, were recalled in April due to a musty smell coming from the bottles, according to the US Food and Drug Administration. In addition, the drug has been linked to an increased risk of birth defects such as cleft lips and cleft palates.
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