Johnson & Johnson reported a higher-than-expected quarterly profit, driven by its pharmaceutical business and its recent acquisition of Swiss biotech Actelion and other businesses.
Shares of J&J, part of the Dow Jones industrial average, were up 1.4 percent at $138 in premarket trading.
The company, which makes everything from Band-Aids to blockbuster rheumatoid arthritis drug Remicade, completed the $30 billion acquisition of Actelion in June, giving it access to high-price, high-margin medicines for rare diseases.
J&J also raised its 2017 profit forecast to a range of $7.25 to $7.30 per share from a range of $7.12 to $7.22 per share estimated previously.
Sales in the company’s pharmaceutical business rose 15.4 percent to $9.7 billion in the third quarter, while its total revenue rose 10.3 percent to $19.65 billion.
However, the company’s net earnings fell to $3.76 billion, or $1.37 per share, from $4.27 billion, or $1.53 per share, a year earlier.
Excluding special items, J&J earned $1.90 per share, beating analysts estimates $1.80 per share, according to Thomson Reuters I/B/E/S.