NEW YORK (TheStreet) -- Johnson & Johnson (JNJ) announced on Wednesday morning that its pharmaceutical segment is looking to continue driving "above industry growth" by filing over 10 new drugs between 2015 and 2019, each with the potential to bring in over $1 billion in revenue.
The company, which researches, develops, manufactures, and sells a variety of health care related products said it met with industry analysts, adding that senior leaders from its Janssen Pharmaceutical Companies will announce plans to file for regulatory approval of the new drugs as well as over 40 line extensions of existing and new medicines.
"In the past two years, our performance and growth rates have been industry-leading, and we look forward to continuing to drive above-industry growth with our current in-market portfolio and next wave of medicines," Joaquin Duato, Worldwide Chairman, Pharmaceuticals, Johnson & Johnson said in a statement announcing the plan.
"We are working with our partners to advance the innovative products in our pipeline and to deliver significant benefits to patients," Duato continued.
Shares of Johnson & Johnson are up by 0.40% to $103.96 in pre-market trading on Wednesday morning.
Separately, TheStreet Ratings team rates JOHNSON & JOHNSON as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate JOHNSON & JOHNSON (JNJ) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, notable return on equity, reasonable valuation levels, expanding profit margins and increase in stock price during the past year. We feel its strengths outweigh the fact that the company has had sub par growth in net income."