Johnson & Johnson Reports Strong 3Q - Drug Discovery and Development

Johnson & Johnson on Tuesday reported third-quarter results which were highlighted by strong pharmaceutical sales.

According to an earnings statement, the company reported net earnings of $4.3 billion, or $1.53 earnings per share, on revenue of $17.8 billion.

Alex Gorsky, Chairman and CEO of Johnson & Johnson, said in a statement that the results reflect the success of new product launches and strong growth in the company’s pharmaceuticals business.

“With a number of regulatory approvals, several new drug application submissions and new breakthrough therapy designations from the FDA, we are increasingly confident in our pipeline expectation of filing 10 new pharmaceutical products between 2015 and 2019, each with revenue potential over $1 billion,” Gorsky said. “Our broad-based business model, strategic investments and talented colleagues position us well for continued leadership in health care.”

Johnson & Johnson reported worldwide Pharmaceutical sales of $8.4 billion for the quarter, which represented an increase of 9.2 percent versus the prior year with an operational increase of 9 percent and a positive impact from currency of 0.2 percent. Domestic sales increased 11.8 percent; international sales increased 5.4 percent, which reflected an operational increase of 5.0 percent and a positive currency impact of 0.4 percent. Excluding the net impact of acquisitions, divestitures and hepatitis C sales, on an operational basis, worldwide sales increased 10.7 percent, domestic sales increased 13 percent and international sales increased 7 percent.

The company maintained its sales guidance for the full-year 2016 of $71.5 billion to $72.2 billion. Additionally, the company increased its adjusted earnings guidance for full-year 2016 to $6.68 – $6.73 per share.