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J&J Ups Full-Year Guidance

J&J raises its full-year guidance as it posts a third-quarter net earnings increase.
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(JNJ) - Get Johnson & Johnson Report

has raised its full-year guidance as it posted third-quarter net earnings increase.

J&J raised its full-year earnings guidance to $4.70 to $4.80 a share, reflecting recent currency exchange rates, from the previously-expected $4.65 to $4.75 a share. Analysts on average have been expecting earnings of $4.70 a share.

"The company's guidance now reflects the impact of the voluntary recalls announced earlier this year of certain over-the-counter medicines and the suspension of manufacturing at the McNeil Consumer Healthcare facility in Fort Washington, Pa., as well as unfavorable changes in foreign currency exchange rates," the company said. This week, Johnson & Johnson's McNeil Consumer Healthcare division is recalling one product lot of 50-count bottles of Tylenol eight-hour caplets in the U.S. and Puerto Rico, once again due to a strange musty or moldy odor.

For the third quarter, J&J said net earnings increased by 2.2% to $3.417 billion, or $1.23 a share, from $3.345 billion, or $1.20 a share the same time last year. Sales fell 0.7% to $14.982 billion, from $15.081 billion the previous year. The Wall Street consensus estimate for the quarter was earnings of $1.15 on revenue of $15.18 billion.

Worldwide consumer sales for the third quarter decreased 10.6% from the prior year and worldwide pharmaceutical sales increased 4.7%. Meanwhile, worldwide medical devices and diagnostics sales rose 1.3% vs. the prior year. The OTC-nutritionals division saw a 40.2% drop in the U.S. and 20.7% drop worldwide.

J&J shares have tumbled by 1.2% to $63.12 in morning trading.

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-- Written by Andrea Tse in New York.

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