J&J 3Q net rises slightly on higher medicine sales

NEW BRUNSWICK, N.J. — Health care giant Johnson & Johnson says third-quarter profit edged up as a big jump in prescription drug sales and lower research spending made up for slumping sales of medical devices.

Its results beat Wall Street estimates and it nudged up its earnings forecast for the year.

Shares of the maker of baby shampoo, joint replacements and drugs for immune disorders rose modestly in premarket trading.

J&J's beleaguered consumer health business, which is responsible for the lion's share of roughly four dozen product recalls over the past four years, continued a slow but steady recovery as more products return to stores. Sales of nonprescription drugs such as Tylenol and bath and skin care items increased 0.8 percent, to a total of $3.61 billion.

Prescription drug sales jumped 9.9 percent, to $7.04 billion, and device sales dropped 2 percent, to $6.93 billion.

"Our key products and successful new product launches delivered strong growth," CEO Alex Gorsky said in a statement. "Our investments further strengthen our ability to deliver sustainable growth."

J&J said its net income was $2.98 billion, or $1.04 per share, up from $2.97 billion, or $1.05 per share, a year earlier.

Excluding one-time charges, it earned $1.36 per share. That was 4 cents per share better than analysts expected.

The company, based in New Brunswick, N.J., says revenue totaled $17.58 billion, up 3 percent. Analysts expected $17.43 billion.

J&J raised its profit forecast to $5.44 to $5.49 per share. Analysts expect $5.46 per share.

Its shares rose $1.11, or 1.2 percent, to $90.91 in premarket trading an hour before the market opening.

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