Johnson & Johnson on Wednesday posted a rare miss on revenue, marking the first time in at least eight quarters that the healthcare giant fell short on sales expectations.
While sales did rise to $20.75 billion for the quarter, analysts were looking for $20.8 billion.
But intense competition for key drugs like Zytiga, a prostate cancer drug, coupled with pressure on prescription drug prices in the U.S, have weighed on J&J's pharmaceuticals unit... ...which makes up half of the company's overall sales and has powered much of the company's recent growth.
While revenue at the unit rose to $10.55 billion, is still missed Wall Street expectations.
Shares of the healthcare giant - which were trading at a record high - fell after it reported.