Johnson & Johnson beats sales estimates on pharma strength
J&J is the first drugmaker and medical devices firm to report third-quarter earnings
Advances in breast cancer detection, treatment have dropped death rates
Mount Sinai Chief of Breast Surgery Dr. Elisa Port raises awareness for breast cancer and discusses how technology has become better to prevent and treat it on 'Mornings with Maria.'
Johnson & Johnson on Tuesday beat analysts' estimates for third-quarter sales, helped by strong demand for its cancer drug Darzalex and Crohn's disease drug Stelara.
The U.S. health care conglomerate tightened its full-year adjusted profit forecast range.
J&J is the first drugmaker and medical devices firm to report third-quarter earnings and the maintained forecast could be seen as a sign of demand resiliency.
Sales at pharmaceuticals, the company's largest unit, rose 2.6% to $13.21 billion. That beat estimates of $13.03 billion, according to six analysts polled by Refinitiv.
Sales at J&J's medical devices unit rose 2.1% to $6.78 billion on demand for contact lenses and wound-closure products. The division has been under pressure from extended lockdowns in China and a slow recovery in demand for some non-urgent surgery delayed due to COVID-19.
Total sales for the third quarter rose 1.9% to $23.79 billion, topping estimates of $23.34 billion, according to Refinitiv IBES data.
Shares rose 2% before the opening bell.