Health care giant Johnson & Johnson (NYSE:JNJ) early today posted better-than-expected third quarter earnings results and lifted its full-year guidance.
The New Brunswick, NJ-based company reported adjusted Q3 EPS of $1.68, beating out Wall Street’s expectations of $1.66. Revenue rose 4.2% from last year to $17.82 billion, also eclipsing analysts’ view of $17.74 billion.
Looking ahead, JNJ lifted its full-year earnings forecast. The company now expects 2016 EPS of $6.68-6.73, up from a prior outlook of $6.63-6.73. Analysts are currently looking for $6.69 per share for the year. Johnson & Johnson expects full-year revenue to range from $71.5-72.2 billion, versus analysts’ view of $72.14 billion.
Other interesting notes from the report included:
From the press release:
“Our third-quarter results reflect the success of our new product launches and the strength of our core businesses, driven by strong growth in our 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,” said Alex Gorsky, Chairman and Chief Executive Officer. “Our broad-based business model, strategic investments and talented colleagues position us well for continued leadership in health care.”
JNJ shares rose $1.10 (+0.93%) to $119.59 in premarket trading Tuesday. Prior to today’s report, JNJ stock had gained 15.35%, easily eclipsing the 4.16% return of the benchmark S&P 500 during the same period.