Healthcare giant Johnson & Johnson (NYSE:JNJ) today topped sales and earnings estimates with its second-quarter financial results, posting sales growth of 19.9% for its pharmaceutical segment compared to the same period last year.
The New Brunswick, N.J.-based company reported overall profit growth of 3.1% to $3.95 billion, or $1.45 per share, on sales of $20.83 billion for the three months ended June 30.
Adjusted to exclude one-time items, earnings per share were $2.10, ahead of the consensus on Wall Street, where analysts were looking for sales of $20.39 billion.
Global sales for its pharma unit grew nearly 20% to reach $10.4 billion in the second quarter, Johnson & Johnson reported. The company noted that its domestic sales were up 17.7% and international sales were up 22.9%.
Johnson & Johnson attributed the success of its pharmaceutical segment to a number of products, including Stelara, a biologic indicated to treat immune-mediated inflammatory diseases, and its oral anticoagulant, Xarelto.
The company also nabbed a number of regulatory wins during the quarter. The FDA approved added indications for Johnson & Johnson’s multiple myeloma drug, Darzalex, including its use in combination with a proteasome inhibitor and prednisone. The company also touted that its two-drug regimen, once-daily, single-pill HIV therapy won marketing authorization in the European Union.
“Our strong second-quarter results reflect double-digit growth in our pharmaceutical business and the accelerating sales momentum in our medical devices business, driven by the continued growth of our market leading products and strategic new launches. We remain focused on investing in innovation and meeting the needs of our customers by delivering innovative products and solutions that position the company to deliver long-term, sustainable growth,” chairman & CEO Alex Gorsky said in prepared remarks.
JNJ shares were trading at $125.80 in premarket activity today, up +0.9%.
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