Johnson & Johnson saw its growth initiatives pay off in the third quarter and increased its earnings guidance for 2013.
The company had sales of $17.6 billion for the quarter, an increase of 3.1% as compared to the third quarter of 2012. Operational results increased 4.7% and the negative impact of currency was 1.6%. Domestic sales increased 1.7%. International sales increased 4.2%, reflecting operational growth of 7.1% and a negative currency impact of 2.9%.
Net earnings and diluted earnings per share for the third quarter of 2013 were $3 billion and $1.04, respectively. Net earnings for the quarter, adjusted to exclude after-tax items and acquisitions costs, were $3.9 billion and diluted earnings per share were $1.36, representing increases of 11.3% and 8.8%, respectively, as compared to the same period in 2012.
"Our third-quarter results reflect the solid, demonstrable results in achieving our near-term priorities while also advancing our longer term strategic growth drivers," said Alex Gorsky, chairman and CEO. "Our key products and successful new product launches delivered strong growth. We continue to progress our pipelines with a number of regulatory approvals, the submission of new drug applications, and execution of strategic collaborations. Our investments further strengthen our ability to deliver sustainable growth and bring meaningful innovations to patients and consumers."
Worldwide consumer sales of $3.6 billion for the third quarter represented an increase of 0.8% versus the prior year consisting of an operational increase of 2% and a negative impact from currency of 1.2%. Domestic sales increased 0.9%. International sales increased 0.8%, which reflected an operational increase of 2.6% and a negative currency impact of 1.8%.
Positive contributors to operational results were U.S. sales of Tylenol and Motrin analgesics; upper respiratory over-the-counter medicines; Aveeno skin care products and international baby care products.
Worldwide pharmaceutical sales of $7 billion for the third quarter represented an increase of 9.9% versus the prior year with operational growth of 10.9% and a negative impact from currency of 1%. Domestic sales increased 7.9%. International sales increased 12% which reflected an operational increase of 14% and a negative currency impact of 2%.
The company increased its earnings guidance for full-year 2013 to $5.44-$5.49 per share.