Health
J&J Profit Beats Expectations as Forecast Cut on M&A Costs
- Company is “cautiously optimistic” talc settlement will happen
- Annual view slashed on costs of three recent purchases
Johnson & Johnson offices in California.
Photographer: Mario Tama/Getty ImagesThis article is for subscribers only.
Johnson & Johnson’s second-quarter profit beat Wall Street projections on strong pharmaceutical sales, while the company cut its full-year forecast to account for a spate of recent acquisitions.
Adjusted earnings for the quarter were $2.82 a share, the New Brunswick, New Jersey-based company said Wednesday in a statement, beating analysts’ average estimate by 11 cents. While drug sales were slightly ahead and medical device revenue fell a bit short, spending on research and development was below expectations.