Johnson & Johnson (NYSE:JNJ) reported third-quarter results this morning, topping analyst estimates. The company reported adjusted earnings per share of $1.68 on $17.8 billion in revenues. This was an increase in revenues of 4.2% from the same quarter a year-ago. Analysts on average were looking for $1.66 EPS on $17.7 billion in revenues.
Shares of JNJ are trading lower in early trade by 1.05% to $117.24.
From the official earnings 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.”
Global consumer sales fell 1.6% to $3.3 billion from Q3 2015. Domestic sales saw an increase of 1.1%, while international sales fell 3.3%.
Strong global pharmaceutical sales were a solid boost to earnings, rising 9.2% to $8.4 billion from a year-ago. Domestic sales were the main contributor with an increase of 11.8%, while international sales grew 5.4%.
During the third quarter, Johnson and Johnson announced it would acquire Abbott Medical Optics from Abbott Laboratories for $4.325 billion in cash.
The share performance of JNJ has been strong over all time periods. The stock reached a record high in July at over $126 per share. For the year, JNJ stock is up over 14%.