Categories AlphaGraphs, Earnings, LATEST, Other Industries

Pharmaceuticals unit lifts Johnson & Johnson results in Q3

Medical devices giant Johnson & Johnson (JNJ) reported higher revenue and income in Q3, driven by strong sales of pharmaceuticals products. The company posted earnings of $2.05 per share during the quarter, two cents higher than what analysts had expected. On a reported basis, earnings rose to $3.93 billion, or $1.44 per share, from $3.76 billion, or $1.37 per share in the year-over period.

The company reported net sales of $20.35 billion, up 3.6%. Analysts had, on an average expected $20.05 billion. Pharmaceuticals unit posted a better-than-expected sales of $10.35 billion during the quarter, as cancer drugs — Zytiga and Darzalex — made up for the weakness in the blockbuster arthritis drug Remicade.

Buoyed by the higher sales and income, the New Brunswick, New Jersey-based pharma giant raised its earnings outlook for the full year from a range of $8.07 to $8.17 per share to a range of $8.13 to 8.18 per share. 

The Q3 results and guidance update sent Johnson & Johnson shares up 0.56% during pre-market trading on Tuesday.

Biosimilars might haunt Johnson & Johnson in Q3 as well

Chief Executive Alex Gorsky said, “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.”

JNJ stock has lost 3.7% of its value so far this year, trailing S&P 500 index, which has gained 2.6%.

Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

Tyson Foods (TSN) Q1 2023 Earnings: Key financials and quarterly highlights

Tyson Foods Inc. (NYSE: TSN) reported first quarter 2023 earnings results today. Sales rose 2.5% year-over-year to $13.2 billion. Net income attributable to Tyson was $316 million, or $0.88 per

After weak start to 2023, Apple (AAPL) sees some bright spots

Apple Inc. (NASDAQ: AAPL) this week reported its first revenue decline in more than three years, even as the high inflation continues to squeeze customers’ spending power. Sales of the

Earnings: Qualcomm (QCOM) Q1 profit falls on lower revenues

Chipmaker Qualcomm, Inc. (NASDAQ: QCOM) has reported lower earnings and revenues for the first quarter of 2023. The company also provided guidance for the second quarter of 2023. At $9.5

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top