J&J beats estimates, lifts fullyear growth forecast

BENGALURU: Johnson & Johnson on Tuesday reported quarterly profit above estimates and raised its full-year forecast, as demand for its cancer drugs Zytiga and Imbruvica helped offset decline in sales of blockbuster drug, Remicade. J&J said it now expects adjusted 2018 earnings per share to be in the range of $8.13 and $8.18, up from its previous range of $8.07 to $8.17. Sales of rheumatoid arthritis treatment Remicade fell 16.3% to $1.38 billion in the quarter as pressure from biosimilars intensified. Analysts had expected revenue of $1.36 billion, according to Barclays. As Remicade faces increased competition and the company’s consumer and medical health businesses come under pressure, J&J has been inking deals and spending more on its drug pipeline to beef up sales.