Diversified health care company Johnson & Johnson (JNJ) reported a better-than-expected rise in quarterly sales, helped by strength in its pharmaceuticals business.
The company’s shares were up about 3% at $127 in premarket trading on Tuesday. Up to Monday’s close, they had gained about 20% this year.
J&J, which is the first major U.S. Drugmaker to announce quarterly earnings, raised its 2016 sales forecast to a range of $71.5 billion to $72.2 billion from $71.2 billion to $71.9 billion.
Sales of the maker of medical devices, drugs and personal care products rose 3.9% to about $18.5 billion in the second quarter.
Pharmaceutical sales rose 8.9% to $8.6 billion due to increased demand for its Imbruvica cancer drug and Xarelto blood thinner.
Sales of Remicade, J&J’s biggest product, rose 6.7% to $1.78 billion.
However, the company’s net earnings fell to $3.997 billion, or $1.43 per share, from $4.516 billion, or $1.61 per share.
Excluding special items, the band-aid maker earned $1.74 per share.
Analysts on average had expected a profit of $1.68 per share on revenue of $17.98 billion, according to Thomson Reuters I/B/E/S.