The New Brunswick, NJ-based company beat Wall Street Expectations in nearly every unit – except for medical devices in 3Q18.
Johnson & Johnson beat Wall Street expectations in 3Q18, fueled mostly by its pharmaceutical unit, but that doesn’t mean every business from the New Brunswick, NJ-based company is firing on all cylinders. J&J noted its medical device unit was a bit behind and actually missed expectations.
Total medical device sales came in at about $6.59 billion missing expectations of $6.64 billion.
Overall, J&J reported third-quarter net income of $3.93 billion, or $1.44 per share, up from $3.76 billion, or $1.37 per share a year earlier. The performance pushed the company to adjust its overall outlook to an earnings per share of $8.13 to $8.18. This was up from prior guidance of $8.07 to $8.17. Johnson & Johnson said it expected sales of $81 billion to $81.4 billion which differs from earlier guidance of $80.5 billion to $81.3 billion.
“We are pleased with our strong third-quarter performance, which reflects continued above-market growth in our Pharmaceutical business, accelerating sales momentum in our Consumer business and consistent progress in our Medical Devices business,” Alex Gorsky, Chairman and CEO for J&J, said in a release. “I’m confident that with our collaborative and inspired J&J colleagues around the world, unique broad-based business model and strategic investments in innovation, we are well positioned for success today and into the future.”
Image Credit: Johnson & Johnson