Third-quarter sales and earnings for Johnson & Johnson (NYSE:JNJ) topped the consensus forecast, prompting the healthcare giant to raise its outlook for the rest of the year.
New Brunswick, N.J.-based J&J posted profits of $3.93 billion, or $1.44 per share, on sales of $20.35 billion, for a bottom-line gain of 4.5% on sales growth of 3.6%.
Adjusted to exclude one-time items, earnings per share were $2.05, 2¢ ahead of Wall Street, where analysts expected sales of $20.05 billion.
“We are pleased with our strong third-quarter performance, which reflects continued above-market growth in our pharmaceutical business, accelerating sales momentum in our consumer business and consistent progress in our medical devices business,” chairman & CEO Alex Gorsky said in prepared remarks. “I’m confident that with our collaborative and inspired J&J colleagues around the world, unique broad-based business model and strategic investments in innovation, we are well positioned for success today and into the future.”
J&J said it now expects to post adjusted EPS of $8.13 to $8.18, up from $8.07 to $8.17 previously, on sales of $81.0 billion to $81.4 billion, compared with prior guidance of $80.5 billion to $81.3 billion.
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