Today, Johnson & Johnson, the pharmaceutical giant, published better than expected profit for the second quarter of the year. It was partially driven by the company’s recent acquisition of Actelion.
The total sales of the company rose to $20.8 billion for the quarter, a 10.6 percent increase as compared to the same period from the previous year. Meanwhile, the net earnings of the company stood at $4 billion, or approximately $1.45 per share.
The pharmaceutical business particularly stormed ahead by almost 20 percent to $10.4 billion. It represented half of the total sales of Johnson & Johnson for the quarter.
On Tuesday, the most recent results sent the shares of the company up by around four percent to $129.74 during trading.
The chairman and chief executive officer of the company, Alex Gorsky, stated: “Our strong second-quarter results reflect double-digit growth in our pharmaceutical business and the accelerating sales momentum in our medical devices business, driven by the continued growth of our market leading products and strategic new launches.”
He added: “We remain focused on investing in innovation and meeting the needs of our customers by delivering innovative products and solutions that position the company to deliver long-term, sustainable growth.”
Gorsky continued: “Our talented J&J colleagues are united in our efforts to address some of the most critical health and consumer needs of people around the world.”
Johnson & Johnson also slightly lessened its sales guidance for the full year 2018 to between $80.5 billion and $81.3 billion, down from the $81 billion to $81.5 billion. The company said that Currency Effects Earnings are anticipated to come in between $8.07 and $8.17 per share.
The report comes a week after a court in the United States awarded $4.7 billion in damages to 22 women who claimed that that the talc products of Johnson & Johnson had resulted to them developing ovarian cancer.
The firm is involved in around 9,000 legal cases because of its baby powder.
At the time, Johnson & Johnson said that it was “deeply disappointed” in the ruling and that the company planned to appeal the said decision.