Johnson & Johnson, the world’s biggest healthcare group, boasted rising quarterly sales and lifted its earnings guidance for the full-year after completing a $30bn deal for Swiss rival Actelion earlier this year.
Shares in the group are drifting 1 per cent higher in pre-market trading on Tuesday after J&J said its second-quarter sales rose 1.9 per cent to $18.8bn compared to the same period last year.
The New-Jersey based company said its adjusted full year earnings per share came in at a better than expected $1.83 (estimate: $1.79) in the period, leading it to raise its full-year adjusted EPS to between $7.12 and $7.22 per share.
Sales guidance for 2017 was also raised to a range of $75.8bn-$76.1bn from a previous $74.5bn-$76.1bn.
The maker of Tylenol and Band-Aids – which completed a $30bn deal for Actelion in the quarter – said international sales were up 2.3 per cent, with US sales rising 1.6 per cent in the quarter.
But profits in the quarter slipped, falling to $3.83bn from around $4bn last year. J&J said it took a $800m hit for “after-tax special items” in the quarter.
“We are optimistic that the investments we are making will accelerate our sales growth in the second half of this year”, said Alex Gorsky, chairman and chief executive.
“The Actelion acquisition establishes a new therapeutic area as well as another engine for growth and we are pleased to welcome the Actelion colleagues to the Johnson & Johnson family of companies”, said Mr Gorsky.