Johnson & Johnson has posted better financial performance during the first quarter ended March 2008 and raised its earnings guidance for full-year 2008 to $4.40 - $4.45 per share. The company's sales increased by 7.7 per cent to US $16.2 billion with domestic sales up by 2.8 per cent and international sales increased by 13.7 per cent. Net earnings and diluted earnings per share for the first quarter of 2008 were $3.6 billion and $1.26, respectively. Worldwide Pharmaceutical sales of $6.4 billion for the first quarter. Domestic sales increased .9 per cent, while international sales increased 7.9 per cent.
"We achieved solid earnings in the first quarter which reflects our continued focus on profitable growth for Johnson & Johnson," said William C. Weldon, chairman and CEO. "Our strategy of being broadly based remains one of the keys to our consistent long-term performance".
The pharmaceutical sales growth reflects the strong performance of REMICADE, a biologic approved for the treatment of a number of immune mediated inflammatory diseases; Velcade, a treatment for multiple myeloma; Risperdal Consta outside the US, an antipsychotic medication; and Concerta, a treatment for attention deficit hyperactivity disorder.
Growth was negatively impacted by lower sales of Procrit, a product for the treatment of anaemia, due to a decline in the market. Generic competition in certain markets also impacted sales results for Risperdal Oral, an antipsychotic medication, and Duragesic, a transdermal patch for chronic pain. In addition, Aciphex/Pariet, a proton pump inhibitor for gastrointestinal disorders, was negatively impacted by generic launches of competitive products in this market.
During the quarter, the company announced that it received an approvable letter from the US FDA regarding its New Drug Application for ceftobiprole for the treatment of complicated skin and skin structure infections, including diabetic foot infections.
The company also submitted a New Drug Application to the FDA for tapentadol hydrochloride immediate release tablets, an investigational oral analgesic for the relief of moderate to severe acute pain. In addition, the company submitted a marketing authorization application to the European Medicines Agency requesting the approval of golimumab (CNTO 148) as a monthly subcutaneous treatment for adults with rheumatoid arthritis, psoriatic arthritis and ankylosing spondylitis.
Worldwide Medical Devices and Diagnostics sales of $5.7 billion for the first quarter represented a 7.2 per cent increase over the prior year. Domestic sales increased .2 per cent, while international sales increased 13.8 per cent.