On Tuesday, Johnson & Johnson (NYSE: JNJ) announced its financial results for the third quarter of 2017. The company also adjusted its guidance for full-year 2017 in the statement on Tuesday.
For the third quarter of 2017, the company announced sales of $19.7 billion, rising 10% from $17.8 billion, for the same period last year. The results beat analysts’ estimates of $19.28 billion. Sales of the company’s pharmaceuticals segment, which is the company’s largest unit, increased 15.4% to $9.7 billion for the third quarter.
Net income for the third quarter was $3.76 billion, or $1.37 per share, decreasing from $4.27 billion, or $1.53 per share, for the same period last year. Adjusted earnings per share was $1.90 for the third quarter, beating estimates of $1.80 per share.
“Johnson & Johnson accelerated growth in the third quarter. This is driven by the strong performance of our Pharmaceutical business, and augmented by Actelion and other recent acquisitions across the enterprise that will continue to fuel growth,” Alex Gorsky, the Chairman and Chief Executive Officer of the company, said in the statement on Tuesday.
“Our dedicated colleagues continue to focus on advancing our pipelines to bring innovative solutions to patients and consumers around the globe,” he said.
Based on the results, Johnson & Johnson adjusted its guidance for full-year 2017. The company expected earnings to be between $7.25 and $7.30 per share. Revenue was expected to be in the range of $76.1 billion to $76.5 billion.
Shares of Johnson & Johnson increased 2.4% to $139.37 per share on Tuesday.