Johnson & Johnson Raises Outlook, Beats Profit Estimates

By Patrick Thomas

Johnson & Johnson raised its financial forecast for the rest of 2019 as it reported quarterly results ahead of Wall Street estimates, boosted by gains in its consumer and pharmaceuticals divisions.

The New Jersey-based health-products company reported a profit of $4.83 billion, or $1.81 a share, compared with $3.93 billion, or $1.44 a share, a year ago.

Excluding special items, J&J earned $2.12 a share. Analysts surveyed by FactSet were expecting earnings of $1.79 a share, or $2.01 a share on an adjusted basis.

Worldwide sales rose to $20.73 billion from $20.35 billion a year earlier. Analysts had expected $20.08 billion of revenue in the quarter.

Sales in its pharmaceuticals division grew by about 5% to $10.88 billion. Sales in its medical-devices business fell 3% to $6.38 billion, while sales of consumer products, which include products such as Band-Aid bandages and Tylenol medicine, increased nearly 2% to $3.47 billion.

The company now expects reported sales for the year to be between $81.8 billion and $82.3 billion, up from its previous outlook of $80.8 billion to $81.6 billion.

J&J raised its adjusted per-share earnings guidance to between $8.62 and $8.67 from between $8.53 and $8.63.

Write to Patrick Thomas at Patrick.Thomas@wsj.com

(END) Dow Jones Newswires

October 15, 2019 07:23 ET (11:23 GMT)

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