Date: 16-Oct-2019

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.