Johnson & Johnson ups forecast after better than expected results

City A.M. Reporter
JOHNSON & Johnson (J&J) reported better-than-expected third-quarter results yesterday, as strong growth for prescription drugs overshadowed weaker contributions from its medical device and consumer products businesses.

Global drug revenue jumped almost 10 per cent to $7.04bn (£4.4bn), repeating the strong performance seen in the prior quarter, on soaring sales of its Simponi and Remicade treatments for rheumatoid arthritis, Stelara for psoriasis, its Zytiga drug for prostate cancer and other medicines. But sales of the company’s medical devices were hurt by continuing reluctance of patients, hit by the weak economy, to undergo elective surgeries and other procedures. Division sales fell two per cent to $6.93bn.

The diversified healthcare company on reported net earnings of $2.98bn, or $1.04 per share, for the quarter. That compared with $2.97bn, or $1.05 per share, in the year-earlier period. Excluding special items, J&J earned $1.36 per share. Analysts on average, had expected $1.32 per share.