Johnson & Johnson Earnings Rise 35%

Johnson & Johnson said its first-quarter earnings rose 35% led by continued sales growth in the health-care company's pharmaceutical business.

For the year, the company lifted its per-share earnings estimate range to $5.80 to $5.90, excluding items, from its previous estimate for per-share profit of $5.75 to $5.85.

New Brunswick, N.J.-based J&J, which makes everything from prescription drugs and medical devices to Band-Aids and Listerine mouthwash, has been shedding slow-growing products and businesses. Late last month J&J accepted Carlyle Group LP's offer to acquire its ortho-clinical diagnostics business for about $4 billion.

The company also has been striving to lower its costs. In January, J&J outlined plans to cut $1 billion in costs over the next three years, in part by consolidating some operations and eliminating jobs.

J&J reported a profit of $4.7 billion, or $1.64 a share, up from $3.5 billion, or $1.22 a share, a year earlier. Excluding certain items, such as tax benefits and research charges, adjusted earnings rose 6.9% to $1.54 a share.

Revenue rose 5.3% in the first quarter to $18.1 billion.

Analysts polled by Thomson Reuters expected per-share profit of $1.47 and revenue of $18 billion.

Write to Tess Stynes at [e-mail]

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