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Johnson & Johnson reports first-quarter sales above expectations

Johnson & Johnson reports first-quarter sales above expectations
FILE PHOTO: Johnson & Johnson products stand on a shelf in a store in New York U.S., July 16, 2018. REUTERS/Lucas Jackson/File Photo   -   Copyright  Lucas Jackson(Reuters)
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(Reuters) – Johnson & Johnson reported first-quarter revenue above analysts’ estimates on Tuesday, driven partly by demand for its Stelara treatment for psoriasis and Crohn’s disease and cancer drugs Darzalex and Imbruvica.

J&J, the first major drugmaker to report first-quarter results, reported a slight rise in quarterly sales to $20.02 billion (£15.31 billion), above the average analyst estimate of $19.61 billion, according to IBES data from Refinitiv.

The U.S. healthcare conglomerate said net profit fell to $3.75 billion, or $1.39 per share, from $4.37 billion, or $1.60 per share, a year earlier.

J&J recorded litigation expense of $423 million in the first quarter. The company not record litigation expense in the year-ago period.

(Reporting by Manas Mishra and Saumya Sibi Joseph in Bengaluru; Editing by Saumyadeb Chakrabarty)

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