J&J says it can return to growth with pharmaceuticals

Johnson & Johnson (JNJ) has been one of the favorite stocks among investors during the market downturn, often touted as a defensive company with a strong management team that could steer the company remarkably well during these trying times.

But even the diversified health product maker couldn't fully protect itself from macro and sector-specific forces. While J&J investors were used to double digit growth rates, this year, no growth is expected. Right now, J&J's consumer products and medical devices businesses continue to provide balance to the lost sales in its pharmaceutical division -- a division that generated $24.6 billion in sales last year, or 39 percent of the company's total revenue. Today, in its analyst meeting, J&J promised a return to growth already next year, driven again by pharmaceuticals.