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Johnson & Johnson (NYSE:JNJ) CEO Alex Gorsky Attributes 3Q Results To Continued Success Of New Products And Strength In Core Business

Boston, MA 10/15/2014 (wallstreetpr) – Johnson & Johnson (NYSE:JNJ) Chairman and CEO Alex Gorsky, said that its third-quarter financial results reflected the continued success of new products and the strength of core business. He also said that the company was making conscious choice of portfolio thereby positioning itself to achieve its short-term, as well as, long-term growth perspectives.

Outlook

For the third time, Johnson & Johnson (NYSE:JNJ) has lifted its adjusted earnings forecast to $5.92 – $5.97 a share for the current year. While releasing the second quarter financial results, it revised its EPS outlook to $5.85 – $5.92.  The upwardly revised guidance has come in above the analysts’ expectations of $5.92 a share.

Segment Sales

Johnson & Johnson’s overall sales results were benefited more by its strong performance in its worldwide pharmaceutical division. The segment achieved 18.1% growth in sales to $8.3 billion over the last year quarter driven by 33.1% uptick in domestic and 2.8% increase in the international division. Johnson & Johnson (NYSE:JNJ) attributed its strong results to new products such as OLYSIO/SOVRIAD for treatment of hepatitis C in adult patients. Its other products XARELTO and INVOKANA too contributed to sales growth.

Johnson & Johnson (NYSE:JNJ)’s consumer segment revenue slid 60 basis points to $3.59 billion from $3.61 billion dragged down by 4.2% by the U.S., which was partly compensated by International division by 1.3% growth. Similarly, its Medical Devices & Diagnostics division witnessed a 5.2% drop in sales to $6.57 billion from $6.93 billion in the previous year quarter. Both the domestic, as well as, global divisions witnessed a downtick of 6.5% and 4.0% respectively.

Total Sales And Profit

Johnson & Johnson (NYSE:JNJ)’s worldwide sales advanced 5.1% to $18.47 billion from $17.58 billion in the prior year quarter. The domestic circuit delivered 11.6% growth to $8.84 billion from $7.93 billion while global segment witnessed 30 basis points fall to $9.63 billion from $9.65 billion in the same quarter last year.

Johnson & Johnson (NYSE:JNJ)’s net earnings surged 59.3% to $4.75 billion or $1.66 a share from $2.98 billion or $1.04 a share in the year-ago quarter. On an adjusted basis, its net earnings were $4.3 billion or $1.50 a share for the latest quarter indicating a growth of 9.5% and 10.3% respectively.

Published by Flavia Carruth

Hi, I am Flavia and have done my MBA with finance as specialization and a Bachelor in Economics with 4 years of experience as Financial Analyst in leading Software Firm. I have passion for article writing, report making and stock market Analysis.

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