For 2012, the maker of surgical products, drugs and medical supplies expects revenue to grow by 1 to 3 percent, compared with earlier forecast of 3 to 5 percent.
For the first quarter ended Dec. 30, 2011, the company reported a net income of $494 million, or $1.02 a share, compared with $427 million, or 87 cents a share, in the year-ago quarter.
Excluding items, it earned $1.13 a share. Revenue rose 5 percent to $2.90 billion.
Sales of medical devices rose 6 percent to $1.98 billion, while pharmaceutical sales increased 4 percent to $490 million.