Boston, MA 04/17/2014 (wallstreetpr) – Johnson & Johnson (NYSE:JNJ) recently reported an increase of 8% in its first quarter profits attributed to an increase in sales for prescription drugs. Lower costs of operation enabled the company reach a milestone in terms of its net income that came in at $4.73 billion, up from $3.5 billion reported for the same period last year.
Key Medicines beat Estimates
Johnson & Johnson key medicines such as Tylenol and Aveeno, as well as Listerine, reported quarterly revenues of $18.1 billion outpacing consensus estimates of $17.99 billion. Strong results for the quarter was heavily driven by the launch of new products complimented by a growth of key products still in supply.
The company continues to bring meaningful innovations to its wide array of clients. Johnson & Johnson has already advanced its near term priorities, as well as long term drivers that continue to position it strategically for future sustainable growth. Sales for the company’s widely used drugs surged by 11% recording revenues of $7.5 billion.
Johnson & Johnson (NYSE:JNJ) buoyed by its stellar results for the first quarter has consequently raised its forecast for the first quarter it now expects its full year earnings to fall between $5.80 and $5.90 against previously announced estimates of between $5.75 and $5.85.
Poor Weather Conditions Affected Sales
Disappointments on the device segment have been attributed to the Obamacare as well as poor weather conditions that engulfed the month of January and February. Despite the slow nature of this segment, Johnson & Johnson’s cardio division was a bright spot registering a growth of 7% with Biosense growing by 15%.
Band-Aids and Listerine Mouth wash continue to struggle to have registered a drop of 3.2% in product sales .The sale of the sanitary protection business has been cited as the reason behind the decline in sales.
There is still lots of optimism in Johnson & Johnson (NYSE:JNJ) considering it has a solid drug pipeline with impressive products in immunology and oncology.
