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Update: Johnson & Johnson reports Q3 EPS of $2.05 vs. estimate of $2.03

Johnson & Johnson, the world's biggest healthcare company by market value, reported third-quarter earnings per share of $2.05, up 7.9% from the year-earlier period.

That compares to the S&P Global Market Intelligence consensus normalized EPS estimate of $2.03.

The pharmaceutical giant reported third-quarter adjusted net earnings of $5.59 billion, up 7.3% from $5.21 billion in the prior-year period.

J&J said its sales for the quarter grew 3.6% annually to $20.35 billion from $19.65 billion in the same period of 2017.

On a GAAP basis, the drugmaker reported net earnings of $3.93 billion, or $1.44 per share, comparable to $3.76 billion, or $1.37 per share, in the prior-year period.

Outlook for 2018

Johnson & Johnson raised its 2018 adjusted EPS outlook to a range of $8.13 to $8.18, up from $8.07 to $8.17 previously.

J&J expects its full-year sales to fall between $81 billion and $81.4 billion, an increase from its previous expectation of $80.5 billion to $81.3 billion.

The New Brunswick, N.J.-based company makes a range of products from prescription drugs to baby shampoo.