Tags: J&J | Johnson | Earnings | Profit

J&J Beats Forecasts, Helped by New Hepatitis C Drug

Tuesday, 15 July 2014 08:47 AM

Johnson & Johnson reported higher-than-expected quarterly revenue and earnings, benefiting from strong sales of its Olysio treatment for hepatitis C.

The diversified healthcare company on Tuesday said it had earned $4.33 billion, or $1.51 per share, in the second quarter. That compared with $3.83 billion, or $1.33 per share.

The company took charges for litigation and acquisitions in both periods.

Excluding special items, J&J earned $1.66 per share in the latest quarter. Analysts on average were expecting $1.55, according to Thomson Reuters I/B/E/S.

Sales jumped 9.1 percent to $19.5 billion, beating Wall Street expectations of $18.99 billion.

J&J slightly boosted its full-year earnings forecast to between $5.85 and $5.92 per share from its earlier outlook of $5.80 to $5.90.

Olysio, which U.S. regulators approved in November, chalked up sales of $831 million for the second quarter and $1.19 billion for the year to date.

Many doctors use the pill with Gilead Sciences Inc.'s Sovaldi, which was approved in December to treat the hepatitis C liver virus and has achieved even higher sales than Olysio.

But many industry analysts believe Olysio's strong sales growth will level off later this year if Gilead wins approval for a pill that combines Sovaldi with another of the company's treatments.

In trading before the market opened, J&J shares edged up to $105.65 from $105.38 at Monday's close.

© 2020 Thomson/Reuters. All rights reserved.


   
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Johnson & Johnson reported higher-than-expected quarterly revenue and earnings, benefiting from strong sales of its Olysio treatment for hepatitis C.
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2014-47-15
Tuesday, 15 July 2014 08:47 AM
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