Johnson & Johnson (NYSE:JNJ) on Tuesday reported second-quarter earnings of $1.48 per share, excluding special items such as expenses from litigation and an acquisition, compared to $1.30 per share earnings during the same period in 2012. The results beat Wall Street analysts' expectations of $1.39, according to a Thomson Reuters analyst poll.

Revenue for the New Jersey-based health care conglomeraterose 8.5 percent to $17.88 billion, compared to $16.5 billion in Q2 of last year, as strong sales of prescription drugs and medical devices more than offset slow growth in the consumer sector. The figure is higher than Wall Street's expectation of $17.71 billion.

J&J adjusted its full-year earnings forecast to between $5.40 and $5.47 per share, from earlier figures of $5.35 to $5.45. It earned $5.10 per share in 2012.