Personal care giant Johnson & Johnson has beaten industry expectations with its Q1 results.
The personal care giant reported profits of $4.37 billion, with its Q1 revenue reaching $20.01 billion, beating industry expectations of $19.48 billion.
Adjusted-per-share earnings were one nickel higher than industry expectations at $2.06, with the results sending shares higher in premarket trading.
J&J’s consumer arm also beat industry expectations, generating $3.4 billion in the quarter as opposed to the $3.33 billion predicted – up 1.3 percent year-on-year. Revenues grew 5 percent, said to be boosted by the beauty segment, in particular brands such as Neutrogena, Aveeno and Dr. Ci Labo.
Strong sales in the company’s pharmaceutical arm, which rose 19.4 percent to $9.84 billion, bolstered results due to solid performances from cancer drugs such as Zytiga, which saw a sales increase of 62 percent.
However, baby care sales dipped nearly 3 percent year-on-year, with the company set to relaunch the range later this year.
Alex Gorsky, Chairman and Chief Executive Officer, said, “Our Pharmaceutical business continues to deliver robust growth and we are pleased with the improvement in our Consumer business. In our Medical Devices businesses, we have areas of leadership and continue to make investments and portfolio choices to improve performance.”
The company has adjusted its full year sales guidance to a range of $81bn to $81.8bn, up from a predication of $80.6bn to $81.4bn.