The New Jersey-based healthcare conglomerate boosted its profit forecast for the year at the midpoint by 10 cents to US$10.15 per share, excluding a 24-cent charge related to its purchase of medical device maker V-Wave.
The company also said it expected to post sales of between US$89.4 billion and US$89.8 billion for the year, having previously forecast US$89.2 billion to US$89.6 billion.
However, it now expects to earn between US$9.86 and US$9.96 per share for the year, including charges related to mergers and acquisitions, having previously forecast a range of US$10 to US$10.10 per share.
J&J earned US$2.42 per share on an adjusted basis in the third quarter, falling 9% on the previous year but beating analysts’ average estimates of US$2.21, according to LSEG data.
The company’s quarterly sales stood at US$22.5 billion, ahead of analysts’ expectations of US$22.16 billion.
Sales of J&J’s oncology drugs rose nearly 19% worldwide for the quarter, driven by sales of its cancer treatment Darzalex of more than US$3 billion, which rose 20.7% or more than US$500 million on the previous year.
Analysts, who expect Darzalex to bring in revenue of about US$11 billion for J&J this year, had expected the drug to make US$2.92 billion for the quarter.
J&J CFO Joe Wolk said continued adoption of the subcutaneous version of Darzalex, which significantly reduces treatment time, and regulatory approval of further indications for the drug helped drive sales.
Sales of J&J’s blockbuster psoriasis drug Stelara fell 6.6% to US$2.68 billion in the third quarter, but beat analyst estimates of US$2.43 billion, according to LSEG data.
Of this, two-thirds came from sales in the US.
Stelara has long been a key driver of revenue growth for J&J, with analysts forecasting sales of over US$10 billion this year.
But this could fall to about US$7 billion in 2025 when as many as six close copies of the drug launch in the US.
The drug began facing competition from biosimilar rivals earlier this year in markets including Canada, the European Economic Area, and Japan.
The company’s cancer cell therapy, Carvykti, brought in sales of US$286 million, beating estimates of US$239 million.
Tight supply has limited Carvykti sales, with the company working to boost production capacity at its plants in New Jersey and Belgium.
Quarterly sales for J&J’s medtech unit rose 5.8% to nearly US$7.9 billion for the quarter, but fell short of analysts’ expectations of US$8.05 billion, according to LSEG data
J&J said in July that the China market could be a “short term” pain for the company.
Wolk told Reuters that J&J had hoped for “something better” in its medtech performance this quarter but faced headwinds in the Asia Pacific region, including in China and Japan.