Johnson & Johnson (NYSE: JNJ) announced its financial results for the first quarter of 2017. According to the statement, sales in the first quarter was $17.7 billion, missing analysts’ expectations of $18.04 billion. Net earnings dropped from $4.46 billion, or $1.59 per share in the same period last year to $4.42 billion, or $1.61 per share in the first quarter of 2017. Excluding certain items, the company’s EPS was $1.83 per share, beating expectations of $0.06 per share.
“Johnson & Johnson’s first-quarter results are in line with our expectations and we are confident we will achieve the full-year financial guidance we established at the beginning of the year,” Alex Gorsky, the Chairman and Chief Executive Officer of Johnson & Johnson, said in the statement.
“The pending acquisition of Actelion demonstrates our ongoing commitment to bringing innovation to patients with significant unmet needs, and provides a unique opportunity for us to expand our portfolio with leading, differentiated in-market medicines and promising late-stage products. We look forward to the associates from Actelion joining the Johnson & Johnson Family of Companies,” he said.
In the statement, the company adjusted its guidance for sales and earnings for the full-year 2017. The company expected that sales to be between $75.4 billion and $76.1 billion. For earnings, the company increased its guidance to $7.00 to $7.15 per share.