Johnson & Johnson beats sales estimates on pharma strength
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Johnson & Johnson on Tuesday beat analysts' estimates for third-quarter sales, helped by strong demand for its cancer drug Darzalex and Crohn's disease drug Stelara.
The U.S. health care conglomerate tightened its full-year adjusted profit forecast range.
J&J is the first drugmaker and medical devices firm to report third-quarter earnings and the maintained forecast could be seen as a sign of demand resiliency.
Sales at pharmaceuticals, the company's largest unit, rose 2.6% to $13.21 billion. That beat estimates of $13.03 billion, according to six analysts polled by Refinitiv.
Sales at J&J's medical devices unit rose 2.1% to $6.78 billion on demand for contact lenses and wound-closure products. The division has been under pressure from extended lockdowns in China and a slow recovery in demand for some non-urgent surgery delayed due to COVID-19.
Total sales for the third quarter rose 1.9% to $23.79 billion, topping estimates of $23.34 billion, according to Refinitiv IBES data.
Shares rose 2% before the opening bell.
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