Procter & Gamble Profit Rises 22%

Procter & Gamble Co., the biggest U.S. household-goods maker, said second-quarter profit increased 22%, bolstered by its acquisition of Wella and higher sales of medicines such as heartburn drug Prilosec.

Net income rose to $1.82 billion, or $1.30 a share, from $1.49 billion, or $1.06, in the year-earlier period, the Cincinnati-based company said. Sales in the quarter ended Dec. 31 climbed 20% to $13.2 billion, including a 4% currency gain.

Procter & Gamble, which purchased German hair-care maker Wella in September in the U.S. company’s biggest acquisition, is adding more profitable drugs and beauty products amid competition and slower sales at older units ranging from diapers to snacks.

Shares of Procter & Gamble fell 56 cents to $98.62 on the New York Stock Exchange.