Registered users can save articles to their personal articles list. Login here or sign up here

J&J beats estimates on pharma strength, raises sales forecast

Sales were driven by demand for its Stelara treatment for psoriasis and Crohn’s disease and cancer drugs Darzalex and Imbruvica.

Johnson & Johnson beat quarterly profit estimates on Tuesday and raised its adjusted sales growth forecast for the year, driven by demand for its treatment for psoriasis and Crohn’s disease and cancer drugs Darzalex and Imbruvica.

The company said it expects adjusted operational sales for the year to rise between 2.5% and 3.5%, compared with its previous forecast of a 2% to 3% rise.

Shares of the healthcare conglomerate rose about 1% to $137.50 before the opening bell.

J&J’s pharmaceuticals unit, which has been the primary growth driver in recent years, was again a bright spot for the company, accounting for a little more than half of its total revenue in the first quarter.

Sales from the business rose 4.1% to $10.24 billion, above analysts’ average estimate of $9.72 billion, according to three analysts polled by Refinitiv.

J&J, the first major drugmaker to report first-quarter results, reported a slight rise in quarterly sales to $20.02 billion, above the average estimate of $19.61 billion, according to IBES data from Refinitiv.

The company’s net profit, however, fell 14.2% to $3.75 billion.

Excluding items, the company earned $2.10 per share, beating analysts’ estimate of $2.03 per share.

J&J recorded litigation expense of $423 million in the first quarter. The company did not record litigation expense in the year-ago period.

Get access to Moneyweb's financial intelligence and support quality journalism for only
R63/month or R630/year.
Sign up here, cancel at any time.

COMMENTS   0

To comment, you must be registered and logged in.

LOGIN HERE

Don't have an account?
Sign up for FREE

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR

Podcasts

GO TO SHOP CART

Follow us:

Search Articles:Advanced Search
Click a Company:
server: 172.17.0.2