Johnson & Johnson, the world’s biggest maker of health-care products, beat analysts’ estimates for third-quarter profit, though sales were slightly weaker than expected for key drugs such as Remicade.
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Despite the disappointing revenue figures, J&J lifted its full-year earnings outlook to $6.15 to $6.20 a share, excluding certain items, up from an earlier range of $6.04 to $6.19. The firm had revenue of $17.10 billion for the quarter, compared to analyst estimates of $17.47 billion. Institutional Investors own 65.09% of Johnson & Johns shares. The stock has dropped 5 percent in the last 12 months. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.44 per share.
Shares of Johnson & Johnson (NYSE:JNJ) opened at 95.37 on Monday. The heightened volatility saw the trading volume jump to 8,957,499 shares. Johnson & Johnson has a 12-month low of $81.79 and a 12-month high of $109.49.
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The repurchase would take away almost 104 million shares of the company’s outstanding shares, according to Thomson Reuters calculations. The transaction was executed at $99.25 per share with total amount equaling $248,125. The Company has more than 265 operating businesses conducting business around the globe. The Company also provides therapeutics for viral infections with the compound AL-8176, an orally administered antiviral therapy now in Phase 2 studies for the treatment of infants with respiratory syncytial virus (RSV). The Organization is organized into three business segments: Consumer, Pharmaceutical and Medical Devices. The main focus of the Company is products linked to human well-being and well-being. The Company’s subsidiary companies operate 134 production facilities occupying approximately 21.5 million square feet of floor space.
