JOHNSON & JOHNSON reported better-than-expected quarterly results yesterday as pharmaceutical sales rebounded with the help of newer products, including treatments for prostate cancer and hepatitis C.
The company earned $3.0 billion in the third quarter compared with $3.2 billion in the year-earlier period.
Sales of recently approved drugs, including Zytiga for prostate cancer, Xarelto for stroke prevention and Stelara for psoriasis, helped push revenue 6.5 per cent to $17.1 billion for the quarter, from $16 billion a year earlier.
The June purchase of Synthes Inc with novel financing that used cash that had accumulated outside the US also bolstered the company’s quarterly earnings.
Excluding special items, the diversified healthcare company earned $1.25 per share. Analysts on average expected $1.21 per share.
Revenue rose 6.5 per cent to $17.1 billion, topping Wall Street expectations of $16.97 billion.
Sales would have risen 10.8 per cent if not for the stronger dollar which hurts the value of revenues in overseas markets. – (Reuters/Bloomberg)
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