JnJ cancer drugs Darzalex, Imbruvica help it beat profit estimates for third-quarter

JnJ is facing more than 13,000 lawsuits tied to anti-psychotic drug Risperdal as well as a range of lawsuits involving its baby powder, opioids, medical devices and other products.

New Delhi: Johnson & Johnson (JnJ) on Tuesday boosted its full-year adjusted profit forecast, as multi-billion dollar sales of its cancer drugs Darzalex and Imbruvica helped it beat estimates for third-quarter profit.

Shares of the company rose 2% to $133.48 in pre-market trading.

JnJ did not report litigation expenses for the third quarter and its legal expenses over the nine-month period remained at $832 million, as was reported at the end of the second quarter.

JnJ is facing more than 13,000 lawsuits tied to anti-psychotic drug Risperdal as well as a range of lawsuits involving its baby powder, opioids, medical devices and other products.

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JnJ on Tuesday said it now expects full-year adjusted earnings per share in the range $8.62 to $8.67, from its prior forecast of $8.53 to $8.63. Analysts were expecting $8.60 per share.

Net earnings rose to $4.83 billion, or $1.81 per share, in the quarter, from $3.93 billion, or $1.44 per share, a year earlier.

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Excluding items, the company earned $2.12 per share, beating analysts' expectations of $2.01 per share, according to IBES data from Refinitiv. Total sales rose 1.9% to $20.73 billion, above the average analysts' estimate of $20.07 billion.