J&J raises full-year profit forecast on quarterly earnings
Bengaluru — On Tuesday, Johnson & Johnson (J&J) raised its full-year profit forecast and reported better-than-expected quarterly earnings, helped by strong demand for its newer products. The diversified healthcare company, which completed its $30bn acquisition of Swiss biotech Actelion last month, raised its 2017 profit forecast range to $7.12 to $7.22 a share, from $7.00 to $7.15. "We are optimistic that the investments we are making will accelerate our sales growth in the second half of this year," CEO Alex Gorsky said in a statement. J&J is banking on newer pharmaceutical products to re-accelerate its growth, to counter slowing demand for some of its key products, including its top-selling Remicade treatment. Sales of Remicade, which is used to treat various autoimmune disorders, fell 14% to $1.53bn in the second quarter, hurt by competition. However, excluding special items, the Band-Aid maker earned $1.83 a share, beating analysts’ estimates by 3c, helped partly by strong deman...
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