Johnson & Johnson Bumps Up Sales Target--Update
July 16 2019 - 6:58AM
Dow Jones News
By Kimberly Chin
Johnson & Johnson raised its sales guidance in the latest
quarter as the company continues to expand its pipeline and wins
regulatory approvals.
The New Jersey-based company now expects reported sales for the
year to be between $80.8 billion to $81.6 billion, up from $80.4
billion to $81.2 billion previously forecast.
J&J's profit climbed 42% for the second quarter to $5.61
billion, or $2.08 a share, from the comparable quarter a year ago.
The company received a $1.68 billion net benefit in the quarter
from the sale of its Advanced Sterilization Products business to
industrial-equipment maker Fortive Corp. Analysts polled by FactSet
expected earnings of $2.17 a share. Excluding special items,
J&J made $2.58 a share, beating analysts' estimates of $1.94 a
share.
Sales in its pharmaceuticals division in the U.S slipped by
about 2% to $5.78 billion. Sales in its medical-devices business
also fell 5.6% to $3.08 billion while sales in its U.S. consumer
segment rose 4.1% to $5.78 billion.
Overall world-wide sales declined slightly from a year ago to
$20.56 billion. Analysts expected $20.29 billion in sales.
In the past quarter, the company garnered some regulatory
approvals for Imbruvica, an oral treatment for a type of lymph-node
cancer, and Darzalex, which treats multiple myeloma.
Shares rose 0.8% in premarket trading.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
July 16, 2019 07:43 ET (11:43 GMT)
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