J&J raises FY outlook, Q1 beats estimates
Healthcare giant Johnson & Johnson (NYSE: JNJ) raised its full-year outlook and posted first-quarter earnings ahead of estimates despite currency headwinds.
The company now sees full year earnings of $6.53 to $6.68 a share, up from $6.43 to $6.58 a share forecast earlier. J&J also raised its full year revenue estimates to $71.2 billion to $71.9 billion, from the previously estimated $70.8 billion to $71.5 billion
Chief Executive Alex Gorsky said: “We are off to a strong start to the year, supported by our first quarter underlying sales growth. Our pharmaceuticals business continues to deliver impressive levels of growth, we have steady improvement in our consumer business, and we are seeing momentum in our medical devices businesses, all of which are fuelling our optimism for the full-year ahead.”
For the first quarter J&J reported earnings of $4.3 billion with sales of $17.5 billion. Adjusted earnings per share excluding special items stood at $1.68.
J&J’s pharmaceutical business grew 5.9% to $8.18 billion, driven by a 12.9% increase in US pharmaceutical sales. Sales of hepatitis C drug Olysio were impacted by new competition. However, the overall impact was offset by strong sales of the diabetes drug Invokana, blood-cancer drug Imbruvica, blood-thinner Xarelto and multiple myeloma drug Darzalex.
Worldwide medical devices sales at $6.1 billion represented a drop of 2.4% versus the prior year. Domestic sales increased 2.2% while international sales were down 6.5%.
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