Johnson & Johnson crushed earnings expectations and raised its guidance for the year
Flickr
The pharmaceutical giant posted revenues of $18.5 billion, up 3.9% year-on-year, and more than analysts' median forecast for $18 billion according to Bloomberg.
Adjusted earnings per share came in at $1.74 ($1.68 expected.)
"We saw notable strength in our Pharmaceuticals business due to the continued success of new products, and also achieved significant clinical milestones, advancing our robust pipeline," said CEO Alex Gorsky in the earnings statement.
The company raised its sales guidance for the full year to $72.2 billion from $71.5 billion. It boosted its EPS expectation to $6.63 - $6.73 per share.
Global pharmaceutical sales rose 8.9% to $8.7 billion, driven by new products like Imbruvica, a lymph node cancer treatment, and Invokana, which treats type 2 diabetes.
Johnson & Johnson shares rose as much as 3% in premarket trading.
- I got a $40K raise using this 30-second strategy. It made me realize loud work, not hard work, always wins.
- Qatar Airways' new CEO explains why it's sticking with the Airbus A380 as other airlines retire the costly superjumbo
- Prince Harry and Meghan found out about Kate Middleton's cancer diagnosis on TV like everyone else, report says
- Sustainable Event Planning
- Ambani, Adani collaborate: RIL picks 26% stake in Adani Power project
- As back-to-office avatars turn casual, comfy sneaker sales pick up pace
- Fresh photographs of Milky Way’s black hole Sgr A* reveal strong, twisted magnetic field similar to M87*
- 8 Lesser-known places to explore in Himachal Pradesh