Johnson & Johnson Trades Higher On Q3 Beat-And-Raise, Despite Legal Entanglements

Johnson & Johnson JNJ reported third-quarter earnings of $2.12 per share on Tuesday, beating the $2 Street estimate.

The company's quarterly sales of $20.73 billion beat the analyst consensus estimate of $20.09 billion by 3.19%. 

Johnson & Johnson raised its fiscal year 2019 operational EPS guidance from a range of $8.73-$8.83 to a range of $8.84-$8.89.

"Our third-quarter results represent strong performance, driven by competitive underlying growth in pharmaceuticals and medical devices, as well as continued optimization in our consumer business," CEO Alex Gorsky said in a statement. 

"As we look ahead, we remain confident in the strength of our broad-based business model, which is fueled by our disciplined portfolio management, focus on transformational innovation and dedicated employees around the world who position us for success today and well into the future." 

The company has been facing litigation in courts nationwide. 

Earlier this month, a Philadelphia jury awarded $8 billion to a man who previously won $680,000 over his claims that Johnson & Johnson failed to warn young men using Risperdal that they could grow breasts.

Johnson & Johnson called the sum “grossly disproportionate with the initial compensatory award” and said it was confident it would be overturned, according to Reuters.

Johnson & Johnson shares were up 1.59% at $132.80 in Tuesday's premarket session. The stock has a 52-week high of $148.99 and a 52-week low of $121.

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