Investing.com -- Johnson & Johnson reported third-quarter earnings and revenue that exceeded analyst expectations, prompting the healthcare giant to raise its full-year operational sales outlook. The company's stock rose 1.5% following the announcement.
For the third quarter, Johnson & Johnson (NYSE:JNJ) posted adjusted earnings per share of $2.42, surpassing the analyst consensus of $2.19. Revenue came in at $22.5 billion, beating estimates of $22.17 billion and representing a 5.2% increase YoY.
The company's Innovative Medicine segment saw operational sales growth of 6.3%, driven by strong performance from drugs like DARZALEX, ERLEADA, and TREMFYA. Meanwhile, the MedTech division reported operational sales growth of 6.4%, boosted by cardiovascular products and contact lenses.
"Johnson & Johnson's strong results in the third quarter reflect the unique breadth of our business and commitment to delivering the next wave of healthcare innovation," said Joaquin Duato, Chairman and Chief Executive Officer.
In light of the strong performance, Johnson & Johnson raised its full-year 2024 operational sales guidance. The company now expects operational sales between $89.4 billion and $89.8 billion, up from its prior forecast of $89.2 billion to $89.6 billion.
However, Johnson & Johnson adjusted its full-year 2024 adjusted operational EPS guidance to reflect both improved performance and the acquisition of V-Wave. The company now projects adjusted operational EPS between $9.86 and $9.96, down from the previous guidance of $10 to $10.05, as costs associated with the V-Wave acquisition more than offset the improved outlook.
The healthcare conglomerate also highlighted significant pipeline progress, including regulatory approvals for TREMFYA in ulcerative colitis and RYBREVANT combined with LAZCLUZE in non-small cell lung cancer.