Third-quarter sales ticked up 4% and profits grew at a double-digit clip for Johnson & Johnson (NYSE:JNJ), the company said today, and its medical devices business posted sales growth of just more than 1%.
The New Brunswick, N.J.-based healthcare giant said its medtech business – the world’s 2nd-largest after Medtronic (NYSE:MDT) – posted sales of $6.16 billion for the 3 months ended Sept. 30. Domestic medical device sales grew 1.4% to $3.05 billion, with international medtech sales at $3.11 billion, up 0.7%.
Overall profits grew 27.2% to $4.27 billion, or $1.53 per share, on sales of $17.82 billion, for 4.2% top-line growth compared with Q3 2015. Adjusted to exclude 1-time items, profits were up 12.2% to $4.68 billion, or $1.68 per share, 3¢ ahead of expectations on Wall Street. Analysts there were looking for adjusted EPS of $1.65 on sales of $17.74 billion.
“Our 3rd-quarter results reflect the success of our new product launches and the strength of our core businesses, driven by strong growth in our pharmaceuticals business. With a number of regulatory approvals, several new drug application submissions and new breakthrough therapy designations from the FDA, we are increasingly confident in our pipeline expectation of filing 10 new pharmaceutical products between 2015 and 2019, each with revenue potential over $1 billion,” chairman & CEO Alex Gorsky said in prepared remarks. “Our broad-based business model, strategic investments and talented colleagues position us well for continued leadership in health care.”
Johnson & Johnson raised its full-year earnings outlook, saying it expects to post adjusted EPS of $6.68 to $6.73, but stood pat on its forecast for sales of $71.5 billion to $72.2 billion.
JNJ shares closed up 0.8% at $118.49 apiece yesterday, before dipping -0.05% to $117.96.
The post Johnson & Johnson’s Q3 numbers top estimates, medical devices biz grows slightly appeared first on MassDevice.
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