J&J: raises 2020 guidance, buoyed by pharma unit
(CercleFinance.com) - Johnson & Johnson raised its sales and profit outlook for the year after the healthcare giant saw its pharmaceutical sales rise in the third quarter.
The New Brunswick, New Jersey, company said on Tuesday that it now expects adjusted earnings for the year of 7.95 dollars to 8.05 dollars a share, up from previous guidance for 7.75 dollars to 7.95 dollars a share.
The drugmaker also raised its revenue forecast to a range from 82 to 82.8 billion dollars, up from 81 billion dollars to 82.5 billion dollars.
In the latest quarter, net earnings jumped to 3.5 billion dollars, or 1.33 dollar per share, from 1.7 billion dollars, or 66 cents per share, a year earlier.
Total sales rose by 1.7% to 21.1 billion dollars, from 20.7 billion dollars one year ago.
Excluding the net impact of acquisitions and divestitures, its pharmaceutical sales grew 4.7%, driven, in particular, by Darzalex, a treatment of multiple myeloma.
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