J&J quarterly sales rise 4.2 percent

J&J quarterly sales rise 4.2 percent

REUTERS: Johnson Johnson , the world’s largest maker of healthcare products, reported third-quarter revenue and profit just ahead of Wall Street estimates, fueled by strong sales in its prescription drugs business.The company’s net earnings rose to US$4.27 billion, or US$1.53 per share, in the third quarter, from US$3.36 billion, or US$1.20 per share, a year earlier.Excluding special items, J J earned US$1.68 per share.Revenue rose to US$17.82 billion from US$17.10 billion.Analysts on average had expected a profit of US$1.66 per share and revenue of US$17.74 billion, according to Thomson Reuters I/B/E/S.Sales of autoimmune drug Remicade, J J’s biggest product, rose 10.5 percent to US$1.78 billion.Pfizer Inc said on Monday it would begin shipping its biosimilar version of Remicade in late November at a 15 percent discount to current wholesale prices.The Pfizer drug, to be sold under the name Inflectra, is already available in Europe and other overseas markets.J J’s forecast for 2016 had assumed no competition from a Remicade biosimilar in the United States this year.However, the maker of a variety of products from Tylenol to Band-Aid bandages to Acuvue contact lenses raised the lower end of its adjusted profit range to…

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