Health care giant Johnson & Johnson (NYSE:JNJ) is on track to see record high shares after reporting a street-beating 2nd quarter, with shares rising almost 3% in premarket trading.
Johnson & Johnson reported profits of $4 billion, or $1.43 per share, on sales of $18.5 billion for the 3 months ended June 30.
That amounts to a 11.5% bottom-line slide as sales grew approximately 3.9% compared with the same period in 2015.
After adjusting to exclude 1-time items, however, earnings per share were up for the company at $1.74, with sales of $4.9 billion. Analysts on Wall Street were looking for earnings per share of $1.68 and revenue of $17.9 billion, which the company handily topped.
The company’s medical device division saw sales of $6.4 billion, up 0.8% from last year. Domestic sales ticked up 1% while international sales rose a smaller 0.6%. Excluding the impact of acquisitions and divestures, worldwide sales increased 3.9%, domestic sales increased 1.9% and international sales increased 5.8%
“We continue to see good momentum through the first half of 2016, delivering solid results in the second quarter, supported by strong underlying growth across our enterprise. We saw notable strength in our pharmaceuticals business due to the continued success of new products, and also achieved significant clinical milestones, advancing our robust pipeline. In our consumer business, we are executing strategic portfolio decisions to expand our market leadership in key segments, and in medical devices, we are continuing to accelerate our growth driven by new product launches and transforming our commercial models. I am proud of our dedicated and talented employees whose commitment to advancing health and well-being for patients and consumers around the world is fueling our growth,” CEO Alex Gorsky said in prepared remarks.
Shares of the company were up approximately 3% at $127 in premarket trading today, on track to hit a record high at open.
The company adjusted its sales guidance for the full-year 2016 to $71.5 to $72.2 billion, and adjusted earnings guidance up to between $6.63 and $6.73 per share.