Johnson & Johnson Edges Past Profit Estimates, Lifts Outlook
Johnson & Johnson has reported slightly better-than-expected quarterly profit, and pushed its full-year forecast higher.
Overall sales for the Band-Aid and Tylenol maker rose 3.6% to $20.35 billion in the quarter, higher than the average estimate 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,” said Alex Gorsky, chairman and chief executive officer.
“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.”
"This is exactly how we want to start the third earnings season," BMO Capital Markets analyst Joanne Wuensch wrote in a note, referring to the overall sales number.
J&J's Chief Financial Officer Joseph Wolk said in a CNBC interview after the results that the company had agreed with a U.S. government proposal requiring companies to include price of medicines in TV ads.