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J&J revenue misses on lower-than-expected pharmaceutical sales
[BENGALURU] Johnson & Johnson, which is in the process of completing its US$30 billion acquisition of Swiss biotech Actelion, reported on Tuesday quarterly revenue that missed analysts' estimates, hurt by lower demand for its pharmaceutical products.
The diversified healthcare company's sales rose to US$17.77 billion in the first quarter from US$17.48 billion a year earlier, but came in below analysts' average estimate of US$18.04 billion, according to Thomson Reuters I/B/E/S.
Pharmaceutical sales rose 0.8 per cent to US$8.25 billion, below Barclays estimate of US$8.47 billion.
Net earnings in the quarter were US$4.42 billion, or US$1.61 per share, compared with US$4.46 billion, or US$1.59 per share, in the year-earlier period.
Excluding items, the company earned US$1.83 per share, beating Street expectations of US$1.77 per share.
J&J is the first among major pharmaceutical companies to report quarterly results, a month after the Republican attempt to overhaul the US healthcare system spectacularly failed, although a renewed effort is said to be in the works.