Johnson & Johnson Tops Estimates on Growth of Newer Medicine
Johnson & Johnson reported quarterly earnings and revenue Tuesday that exceeded Wall Street's expectations as growth of newer medicines for cancer, hepatitis C and blood clots offset declining sales of its treatments for heartburn and attention deficit disorder.
Following the report, the pharmaceutical and medical devices company's shares rose before the opening bell. (Click here to track the company's shares before the opening bell.)
The diversified healthcare company said on Tuesday its net income was $3.5 billion, or $1.22 per share, compared with $3.91 billion, or $1.41 per share, in the year-earlier quarter.
Earnings excluding items related to litigation expenses and costs related to its acquisition of Synthes rose to $4.1 billion, or $1.44 per share, from $3.8 billion, or $1.37 a share in the year-earlier period.
Revenue rose 8 percent to $17.5 billion from $16.14 billion a year ago.
Wall Street had expected Johnson & Johnson to report earnings excluding items of $1.40 a share on $17.42 billion in revenue, according to a consensus estimate from Thomson Reuters.
For the full fiscal year, the company confirmed its earnings guidance of $5.35 to $5.45 per share.