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Shares of J&J, part of the Dow Jones Industrial Average, were up
1.6 percent at $138.3 in premarket trading on Tuesday.
Higher sales of cancer drugs Darzalex and Imbruvica helped the
company post a 15.4 percent rise in pharmaceutical sales in the
third quarter.
The company, which makes everything from Band-Aids to
blockbuster rheumatoid arthritis drug Remicade, said its results
included the impact of the first full quarter of the acquisition
of Actelion, which added 7.9 percent to worldwide operational
sales growth.
The company completed the $30 billion acquisition of Actelion in
June, giving it access to high-price, high-margin treatments for
rare diseases.
J&J raised its 2017 profit forecast to a range of $7.25 to $7.30
per share from a range of $7.12 to $7.22 per share estimated
previously. Revenue forecast is expected to range between $76.1
billion and $76.5 billion, compared with its earlier outlook of
$75.8 billion of $76.1 billion.
Total revenue rose 10.3 percent to $19.65 billion as the
company's other businesses also performed well.
However, the company's net earnings fell to $3.76 billion, or
$1.37 per share, in the quarter from $4.27 billion, or $1.53 per
share, a year earlier.
Excluding special items, J&J earned $1.90 per share
Analysts on average were expecting an adjusted profit of $1.80
per share on revenue of $19.28 billion for the latest quarter,
according to Thomson Reuters I/B/E/S.
(Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by
Anil D'Silva)
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