Johnson & Johnson Raises Profit Outlook Following Higher Sales

By Kimberly Chin 

Johnson & Johnson raised its earnings expectations for the year following strong sales in its third quarter.

The New Jersey-based company said it expects its annual profit to be in the range of $8.13 to $8.18 a share compared with previous guidance of $8.07 to $8.17.

J&J said it now expects sales for the year to be between $81 billion and $81.4 billion, above its previous guidance of $80.5 billion to $81.3 billion.

J&J's third-quarter sales rose 3.6% from a year ago to $20.35 billion. Analysts polled by Refinitiv had expected $20.05 billion.

Sales in the pharmaceuticals division in the U.S. rose 4.8% while J&J's consumer segment sales rose 6.6%.

World-wide sales, which include U.S. sales, in the pharmaceutical and consumer divisions rose 6.7% and 1.8%, respectively.

J&J's profit was $3.93 billion, or $1.44 a share, compared with $3.76 billion, or $1.37 a share, for the same period last year. On an adjusted basis, J&J made $2.05 a share, slightly above analysts' estimates of $2.03.

Shares of J&J, down 4% this year, were flat in premarket trading on low volume.

Write to Kimberly Chin at [e-mail]

(END) Dow Jones Newswires

October 16, 2018 08:03 ET (12:03 GMT)

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