J&J reports good quarter and higher full-year forecast
Demand for Johnson & Johnson’s cancer drugs offset falling sales of its arthritis treatment
Bengaluru — Johnson & Johnson (J&J) reported slightly better-than-expected quarterly profit on Tuesday and pushed its full-year forecast higher, as demand for its cancer drugs Zytiga and Imbruvica helped offset falling sales of arthritis treatment Remicade. Shares were unchanged in pre-market trading, with the company forecasting adjusted 2018 earnings per share in the range of $8.13 and $8.18, marginally up from a previous range of $8.07 to $8.17. Overall sales rose 3.6% to $20.35bn in the quarter, higher than the average estimate of $20.05bn. “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. As Remicade faces increased competition and sales of medical devices and some consumer products weaken, J&J has been relying on its new cancer drugs as well as deals such as the $30bn purchase of rare disease specialist Actelion last year. Sales of prostate cancer drug Zytiga surg...
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