JNJ Preview: Looking Down the Pipeline By Gary Dvorchak About this article: Even a stable store of value -- a "defensive" stock like Johnson & Johnson -- can rally hard in this bounce-back rally. JNJ is up 9.5% today on the eve of its quarterly earnings report. Under most circumstances, investors could feel confident that the report is going to be good, but in this environment, who knows? Analysts are looking for $1.11 of EPS on $15.7 billion of sales. Analysts never had doubts -- the estimates have been rising steadily all autumn. On the call, investors are going to focus on the earnings impact from generic competition in the near term, but the progress on the pipeline, which promises resurgent earnings a couple years out, will be scrutinized for longer-term trends. Risperdal is off-patent now, so even surging sales of Topamax and stability in Eprex/Procrit and Aciphex are unlikely to result in pharma sales growth. Investors... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200.

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