J&J's 2Q14 earnings top Street

Johnson & Johnson (NYSE:JNJ) reported 2Q14 financial results that beat the Street and posted double-digit growth in worldwide pharmaceutical sales. Global pharma sales for the quarter rose 21% to $8.5 billion from $7 billion in 2Q13. The pharma reported $1.8 billion in sales for its infectious diseases segment, up 82% from the $970 million in sales reported in 2Q13. The increase was driven primarily by sales of HCV drug Olysio simeprevir, which the pharma launched in the U.S., Canada and Japan in December. On a conference call to discuss the earnings, J&J said sales of new products continue to drive growth, with the pharma leading the industry in cumulative U.S. sales of products launched since 2009, with $12.5 billion in sales. J&J also said it was the fastest growing global pharma in the U.S., EU and Japan based on growth vs. the previous year.

Non-GAAP diluted EPS in the quarter was $1.66, beating the Street estimate of $1.55 and up from $1.48 in 2Q13. Total sales for the quarter were $19.5 billion, beating the Street's $19 billion estimate and up 9% from $18 billion in 2Q13. J&J also increased its full-year EPS guidance to $5.85-$5.92, up from $5.80-$5.90. ...