Shares of Johnson & Johnson rallied 1.4% in premarket trade Tuesday, after the drug and consumer products company beat third-quarter earnings expectations and raised its full-year outlook. Net income fell to $3.76 billion, or $1.37 a share, from $4.27 billion, or $1.53 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.90, above the FactSet consensus of $1.80. Revenue rose to $19.65 billion from $17.82 billion, beating the FactSet consensus of $19.29 billion. Pharmaceutical sales increased 15% to $9.7 billion, topping the FactSet consensus of $9.3 billion, while consumer sales growth of 2.9% to $3.4 billion matched expectations. The company raised its 2017 revenue outlook to a range of $76.1 billion to $76.5 billion from $75.8 billion to $76.1 billion and its adjusted EPS outlook to $7.25 to $7.30 from $7.12 to $7.22. The stock has rallied 18.2% year to date through Monday, while the SPDR Health Care Select Sector ETF has climbed 19.0% and the Dow Jones Industrial Average has advanced 16.2%.
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