Johnson & Johnson on Tuesday said it logged a slimmer than expected rise in quarterly sales, but posted profits that topped Wall Street expectations.
The world’s biggest healthcare company said its revenues climbed 1.6 per cent year on year in the first three months of 2017 to $17.77bn, missing analyst estimates of $18bn.
J&J said its consumer sales ticked up by 1 per cent to $3.2bn, as strong growth in its domestic business offset a fall in international sales. Meanwhile, pharmaceutical revenues rose 0.8 per cent to $8.2bn, helped by a steep rise in its international division.
The New Jersey-based maker of Tylenol and Band-Aids said its net profits fell to $4.42bn from $4.46bn. Adjusted earnings per share, which exclude certain items, of $1.83 topped Wall Street forecasts of $1.77.
J&J’s shares fell 1 per cent in pre-market trading.