UPDATE 1-J&J results beat expectations, as drugs, devices deliver
July 16 (Reuters) - Johnson & Johnson reported higher-than-expected second-quarter earnings as strong sales of prescription drugs and medical devices more than offset anemic growth of its consumer products.
The diversified healthcare company said on Tuesday that it earned $3.8 billion, or $1.33 per share. That compared with $1.41 billion, or 50 cents per share, in the year-earlier period, when J&J took $2.2 billion in charges for the writedown of research assets, litigation expenses and merger-related costs.
Excluding special items such as a gain on the sale of its stake in Elan Corp and expenses from litigation and an acquisition, J&J earned $1.48 per share. Analysts on average expected $1.39, according to Thomson Reuters I/B/E/S.
Revenue rose 8.5 percent to $17.88 billion, while Wall Street had been expecting $17.71 billion.
J&J raised its full-year earnings forecast to between $5.40 and $5.47 per share from an earlier range of $5.35 to $5.45. It earned $5.10 per share last year.
Shares of J&J were up 0.6 percent at $90.94 in trading before the market opened.