On Tuesday, Johnson & Johnson (NYSE: JNJ) announced its financial results for the first quarter of 2018. Boosted by strong pharmaceutical growth, both revenue and earnings of the company beat estimates.
According to the company, revenue for the first quarter rose 13% from $17.77 billion for the same period last year to $20 billion, which surpassed analysts’ estimates of $19.46 billion.
For the first quarter, the company reported net income of $4.4 billion, or $1.60 per share. Adjusted earnings for the quarter was $5.6 billion, or $2.06 per share, which also beat analysts’ estimates of $2.02 per share.
In addition, consumer segment of the company generated $3.4 billion for the first quarter, which increased 1.3% from the same period last year. The result also beat analysts’ expectation of $3.33 billion.
“We are pleased with the strong and consistent performance delivered by our colleagues around the world, demonstrated by our sales and EPS growth in the first quarter,” Alex Gorsky, the Chairman and Chief Executive Officer of the company, said in the statement on Tuesday.
“Our Pharmaceutical business continues to deliver robust growth and we are pleased with the improvement in our Consumer business. In our Medical Devices businesses, we have areas of leadership and continue to make investments and portfolio choices to improve performance,” Alex continued.
For the full year 2018, the company increased its expectation of sales from $80.6 billion and $81.4 billion to $81 billion and $81.8 billion. In addition, the company expected its adjusted earnings per share to be in the range of $8.00 and $8.20 per share.