Johnson & Johnson third quarter beats analysts’ forecasts boosted by new Rx drugs

US health care giant Johnson & Johnson (NYSE: JNJ) kicked off the third-quarter 2013 pharma financial results reporting period, posting sales of $17.6 billion, an increase of 3.1% compared to the third quarter of 2012, beating analysts’ consensus forecasts of $17.4 billion and pushing the firm’s shares up nearly 1% to $90.68 in early trading.

Net earnings and diluted earnings per share for the third quarter of 2013 were $3.0 billion and $1.04, respectively. The third quarter results included after-tax special items of around $900,000 million, primarily related to an increase in the accrual for litigation expenses, in-process research and development expense, and integration and transaction costs related to the acquisition of Synthes. Excluding these special items, net earnings for the current quarter were $3.9 billion and diluted EPS was $1.36, representing increases of 11.3% and 8.8%, respectively, and also beating analysts’ expectations of EPS at $1.32.

"Our third-quarter results reflect the solid, demonstrable results in achieving our near-term priorities while also advancing our longer term strategic growth drivers," said Alex Gorsky, chairman and chief executive (pictured at the 2013 annual shareholders meeting), adding: "Our key products and successful new product launches delivered strong growth. We continue to progress our pipelines with a number of regulatory approvals, the submission of new drug applications, and execution of strategic collaborations. Our investments further strengthen our ability to deliver sustainable growth and bring meaningful innovations to patients and consumers."