Johnson & Johnson outperforms financial predictions
Johnson &, Johnson has outperformed Wall Street’s predictions in its first-quarter financial report for this year.
After three years of product recalls resulting from manufacturing contamination, over-the-counter sales returned to health. US OTC sales rose by 14 per cent, contributing to a 2.4 per cent sales growth across the broader consumer products business in the first quarter.
The news has seen J&,J shares rise.
The company’s prescription drugs also outperformed estimates of sales. Among them are newly approved products, including prostate cancer drug Zytiga and stroke prevention product Xarelto.
“We delivered solid first-quarter results led by the success of many of our recently launched pharmaceutical products and the addition of Synthes to our orthopaedics business. Also of note is the growth in our over-the-counter medicines business as we continue to make progress in returning a reliable supply of high-quality products to our customers.”
Alex Gorsky, chairman and chief executive, Johnson &, Johnson.
Last year’s acquisition of devices maker Synthes gave a boost to J&,J’s medical devices and diagnostics arm.
J&,J has reaffirmed its overall financial forecasts for the current year ahead.
J&,J Sales Rise, Helped by Return of Recalled Products (Wall Street Journal)
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