J&J bumps up full-year profit view on strength of cancer drugs
Johnson & Johnson on Tuesday boosted its full-year adjusted profit forecast, as multi-billion dollar sales of its cancer drugs Darzalex and Imbruvica helped it beat estimates for third-quarter profit.
Shares of the company rose 2% to $133.48 in pre-market trading.
J&J did not report litigation expenses for the third quarter and its legal expenses over the nine-month period remained at $832 million, as was reported at the end of the second quarter.
The company is facing more than 13,000 lawsuits tied to anti-psychotic drug Risperdal as well as a range of lawsuits involving its baby powder, opioids, medical devices and other products.
J&J on Tuesday said it now expects full-year adjusted earnings per share in the range $8.62 to $8.67, from its prior forecast of $8.53 to $8.63. Analysts were expecting $8.60 per share.