Johnson & Johnson (NYSE:JNJ) shares moved higher after the pharmaceutical giant posted better-than-expected results for the third quarter.
Earnings per share (EPS) of $2.42 were down from $2.66 in the year-ago quarter but topped estimates of $2.22.
Revenue grew 5% year-over-year to $22.5 billion, ahead of estimates of $22.2 billion.
Key progress across its portfolio during the quarter included regulatory approvals for TREMFYA in ulcerative colitis, RYBREVANT + LAZCLUZE in non-small cell lung cancer and the submission of an investigational device exemption for its general surgery robotics system OTTAVA.
The company also increased its full-year 2024 guidance to reflect its recent acquisition of medical device firm V-Wave.
It now expects adjusted operational sales growth of 6% at the midpoint, up from 5.8%.
Adjusted EPS, however, are now expected to be $9.93 at the midpoint, down from its earlier forecast of $10.02.
“Johnson & Johnson (NYSE:JNJ)’s strong results in the third quarter reflect the unique breadth of our business and commitment to delivering the next wave of healthcare innovation,” CEO Joaquin Duato said in a statement.
Shares of J&J added 1.8% at $164.54 in the early afternoon on Tuesday.