ore January 17, 2018. REUTERS/Thomas White The healthcare conglomerate, whose stock had climbed about 3 percent over the previous six days, reported better-than-expected profit in the first quarter, helped by strong demand for its cancer treatments. J
&J said it was not revising its earnings forecast higher for the year because certain divestments it previously expected to make this year might be pushed into 2019. “I’m definitely surprised by the stock reaction, said Gabelli Funds portfolio manager Je
ff Jonas. “There was some expectation that they would raise EPS guidance this quarter just because foreign exchange has gotten better and the business did do pretty well. Shares were down $1.99 at $1王中王论坛ww 29.63 in late morning tradin
the New York Stock Exchange. Quarterly sales of its cancer treatments surged 45 percent to $2.31 billion, accounting for nearly a quarter of its pharmaceutical unit’s revenue. The company’s blockbuster rheumatoid arthritis drug Remicade has come under pressure from cheaper copies, pushing the company to focus on newer treatments such as c
ancer drugs. Remicade’s first-quarter sales fell 16.9 percent to $1.39 billion. The company said it plans to streamline its global supply chain and expects preta
x savings of $600 million to $800 million by 2022. J&J said it would boost capital expenditure by 15 percent in the Unite
d States, bringing the total to $30 billion over the next four years as it reinvests a windfall from U.S. tax reforms. For the full year, J&J raised its sales forecast to a range of $81.0 billion to $81.8 billion, from $80.6 billion to $81.4 billion estimated previously. Sales at J&J’s consumer products unit, which makes Band-Aids, Neutrogena beauty products and Tylenol, rose 5.3 percent to $3.40 billion. N
gs fell to $4.37 billion, or $1.60 per share, in the latest quarter, from $4.42 billion, or $1.61 per share, a year earlier. Excluding items, th
e company earned $2.06 per share.
Analysts on average were expecting earnings of $2.02 per share, according to Thomson Reuters I/B/E/S. Total sales jumped 12.6 percent to $20.01 billion, beating ana
lysts’ estimates of $19.46 billion.