UPDATE: Johnson & Johnson Posts Better-Than-Expected Q3 Earnings, Lifts Full-Year Forecast

Johnson & Johnson

reported better-than-expected third-quarter earnings and lifted its earnings forecast for the full year. The New Brunswick, New Jersey-based company reported a quarterly profit of $4.75 billion, or $1.66 per share, versus a year-ago profit of $2.98 billion, or $1.04 per share. Excluding certain items, its earnings climbed 10% to $1.50 per share. Its revenue rose 5.1% to $18.47 billion. However, analysts were estimating a profit of $1.43 per share on revenue of $18.36 billion. Olysio sales declined to $796 million in the quarter from $831 million, while Remicade sales rose 7.1% to $1,782 million. Xarelto sales jumped 68.3% to $414 million, while Stelara sales jumped 46.8% to $370 million. Velcade sales declined 3.7% to $389 million, while Prezista sales rose 8.8% to $446 million in the quarter. J&J's pharmaceutical sales climbed 18% to $8.3 billion in the quarter, while consumer sales fell 0.6% to $3.6 billion. Orthopaedics sales came in at $2.34 billion in the quarter, while RisperdalConsta sales came in at $284 million. Johnson & Johnson now expects full-year 2014 earnings of $5.92 to $5.97 per share. "Our strong third-quarter performance reflects the continued success of our new products and the strength of our core business. We are making deliberate portfolio choices, positioning us well for achieving our near-term priorities and our long-term growth drivers," said Alex Gorsky, Chairman and Chief Executive Officer. Johnson & Johnson shares gained 1.39% to $100.50 in pre-market trading.