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In the second quarter of 2018, Johnson and Johnson generated revenue of $20.8 billion, of which global cancer drug sales rose 42 percent to $2.46 billion.
, Johnson and Johnson announced its financial position for the second quarter of 2018, with the pharmaceutical business performing best, well ahead of expectations.
revenue rose 10.6 percent to $20.8 billion in the quarter from the same period in 2017, exceeding analysts' expectations of $20.39 billion. The pharmaceutical business grew the most, with sales of $10.4 billion, up 20 percent from the same period last year, with Utera, which treats Crohn's disease, and the cancer drugs Zytiga, Darzalex and Imbruvica contributing the most. In the quarter, Johnson and Johnson's global cancer drug sales reached $2.46 billion, up 42% from a year earlier. Global revenue from Darzalex, a multiple myeloma drug, jumped 80 percent to $511 million."Johnson's second-quarter results are primarily due to the growth of the pharmaceutical and medical device business, an area that not only has market-leading products, but also a new strategy for sustainable growth,"
Johnson and Johnson CEO Alex Gorsky said in a statement. In
2018, sales of Johnson and Johnson's medical devices business grew 3.7 percent to $7 billion in revenue. Sales of consumer goods rose just 0.7 per cent to $3.5bn, with the baby product line the worst performer, with global revenue down 7.7 per cent. Mr Gorsky said the performance of the consumer goods business had been disappointing, but revealed that in August 2018 Johnson and Johnson would rebrand its baby.
A jury in Missouri recently awarded a record $4.69 billion in damages to 22 women who developed ovarian cancer from the company's talc powder products, including baby powder, containing asbestos. In response, Mr Gorsky said Johnson and Johnson remained confident in their baby powder, saying it was "a trusted product with a history of more than 100 years of selling baby powder".
For the quarter, Johnson and Johnson's net income was $4 billion, or $1.45 per share, or $5.7 billion, or $2.10 per share, after depreciation and other special expenses, higher than Wall Street analysts' forecasts of $2.07 per share. (Health)
