Johnson & Johnson expects an increase in demand for its cancer drugs.
On Tuesday, Johnson & Johnson first quarterly report beat analysts’ estimate and raised its full-year sales forecast on the strength of a growing demand for its cancer drugs.
J&J raised its full-year sales forecast from the earlier range of $80.6 billion to $81.4 billion to the newer $81.0 billion to $81.8 billion.
Excluding items, the company earned $2.06 per share against the analysts’ average expectation of $2.02 per share.
Sales in the first quarter jumped to $20.01 billion from $17.77 billion a year earlier, beating analysts’ estimates of $19.46 billion.
Net earnings fell to $4.37 billion, or $1.60 per share, from $4.42 billion, or $1.61 per share, a year earlier.
With the news reaching the market, its shares in the Dow-Jones were up by 1.1% to $133.25.