Johnson & Johnson beat quarterly profit estimates on Tuesday and raised its adjusted sales growth forecast for the year.
The company said it expects adjusted operational sales for the year to rise between 2.5% and 3.5%, compared with its previous forecast of a 2% to 3% rise.
J&J's pharmaceuticals unit, which has been the primary growth driver in recent years, was again a bright spot for the company, accounting for a little more than half of its total revenue in the first quarter.
Sales from the business rose 4.1% to $10.24 billion (€9.06 billion), above analysts' average estimate of $9.72 billion (€8.6 billion), according to three analysts polled by Refinitiv.
It was driven by demand for its treatment for psoriasis and Crohn's disease, and cancer drugs Darzalex and Imbruvica.
Chairman and chief executive of Johnson & Johnson, Alex Gorsky said, "Our strong first-quarter results reflect continued underlying operational sales and adjusted EPA growth.
"I am proud of our global colleagues' collective efforts to deliver on our long-term goals and our ability to create value for all our stakeholders"
The company's worldwide consumer sales amounted to $3.3 billion, registering a drop of 2.4%, with Tylenol reclaiming the top spot in branded analgesics.
Rise In Quarterly Sales
J&J, the first major drugmaker to report first-quarter results, reported a slight rise in quarterly sales to $20.02 billion, above the average estimate of $19.61 billion, according to IBES data from Refinitiv.
The company's net profit, however, fell 14.2% to $3.75 billion.
Excluding items, the company earned $2.10 per share, beating analysts' estimate of $2.03 per share.
J&J recorded litigation expense of $423 million in the first quarter. The company did not record litigation expense in the year-ago period.