Johnson & Johnson, a US maker of medical devices, drugs and packaged consumer goods, posted second quarter profit that was higher than expected by Wall Street analysts, prompting it to lift its 2017 projections for sales and adjusted earnings per share. Adjusted net earnings, after an amortization expense and special items, were $5.02 billion, or $1.83 per share, compared with $4.89 billion, or $1.74 per share in the same quarter a year earlier, the company said in a statement on Tuesday. The adjusted earnings per share was higher than the average analyst estimate of $1.79 in a Capital IQ survey.
Sales rose 1.9% to $18.84 billion from $18.48 billion a year earlier, falling short of the average prediction by analysts for $18.94 billion in a Capital IQ poll. The sales increase was driven by demand for medical devices with sales rising 4.9% in dollar terms from the year-earlier quarter, and consumer goods with a 1.9% increase, while sales of pharmaceutical products dropped 0.2%, due to falling US demand.