Johnson & Johnson third quarter profit beats view as drug sales rebound

NEW BRUNSWICK, N.J., Tue Oct 16, 2012 – Johnson & Johnson reported better-than-expected quarterly results on Tuesday, as pharmaceutical sales rebounded with the help of newer products, including treatments for prostate cancer and hepatitis C.

The company earned $3.0 billion, or $1.05 per share, in the third quarter, compared with $3.2 billion, or $1.15 per share, in the year-earlier period.

Excluding special items, the diversified healthcare company earned $1.25 per share. Analysts, on average, expected $1.21 per share, according to Thomson Reuters I/B/E/S.

Revenue rose 6.5 percent to $17.1 billion, topping Wall Street expectations of $16.97 billion. Sales would have risen 10.8 percent if not for the stronger dollar, which hurts the value of revenues in overseas markets.

J&J slightly raised its full-year profit forecast to between $5.05 and $5.10 per share from $5.00 to $5.07 per share.

Company shares rose 1.1 percent to $69.40 in premarket trading.