Although facing fierce competition for some of its biggest drugs, sending company shares more than 2 percent, Johnson & Johnson (NYSE: JNJ) beat quarterly earnings estimates for higher sales in the unit his pharmaceuticals.
Business sales, accounting for more than half of the company’s total income, rose 4.1 percent and appraise estimates, largely increased by Stelara’s demand for its treatment of psoriasis and Crohn’s disease and Darzalex cancer drugs and Imbruvica.
Cowen & Co analyst Joshua Jennings said: “J & J’s first quarter results reflect another stellar quarter in pharma despite major general / biosimilar teams and continued progress in medical devices.”
A fall of 4.6 percent in sales but beat analysts’ average estimate for $ 6.44 billion, J & J medical equipment unit reported, the second largest business.
Stelara’s sales rose about 32 percent in the first quarter to $ 1.41 billion, while Zytga’s prostate cancer revenue, which faces competition from cheaper generics, fell 19.6 percent.
Darzalex’s sales, used to treat multiple myeloma, and Imbruvica, which J & J jointly sells with Abbvie Inc., also rose double digits in a percentage.
Overall sales rose slightly to $ 20.02 billion, exceeding the average estimate of $ 19.61 billion, according to IBES data from the Refinishing.
The company’s net profit fell to 14.2 percent to $ 3.75 billion in the first quarter. J & J recorded court expenses of $ 423 million in the first quarter. The company did not record court expenses in the period a year ago.
For the whole year, the company said it expects that adjusted operational sales, which exclude the impact of M & A and a stronger dollar, increase between 2.5 and 3.5 percent, compared to the previous growth forecast of 2 percent to 3 percent.