Proactive Investors - Johnson & Johnson (NYSE:JNJ) reported better-than-expected first quarter profits driven by strong sales of its cancer drugs, but shares of the pharma giant traded lower as revenue narrowly missed estimates.
For Q1, the company reported that its adjusted earnings per share (EPS) increased by 12.4% to $2.71, topping estimates of $2.64.
However, revenue of $21.38 billion was slightly below expectations of $21.4 billion.
Global oncology sales increased 12.6% from the year-ago quarter, with cancer treatment Darzalex notably jumping 19% to $2.69 billion in sales.
"Johnson & Johnson (NYSE:JNJ)’s solid first quarter performance reflects our sharpened focus and the progress in our portfolio and pipeline," J&J CEO Joaquin Duato commented.
"Our impact across the full spectrum of healthcare is unique in our industry, and the milestones achieved this quarter reinforce our position as an innovation powerhouse."
Shares of J&J were down 1.7% at about $145 mid-morning on Tuesday.