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UPDATE: J&J Q3 earnings beat estimate; 2019 outlook raised

Johnson & Johnson, the world's biggest healthcare company by market value, said its third-quarter earnings increased by 1.5% and raised its guidance for 2019.

The New Brunswick, N.J.-based company booked third-quarter 2019 adjusted net earnings of $5.67 billion, or $2.12 per share, up from $5.59 billion, or $2.05 per share, in the year-ago period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter is $2.01.

Sales for the quarter totaled $20.73 billion, a 1.9% increase from $20.35 billion, a year earlier. Research and development expenses for the period were up 3.6% year over year to $2.60 billion from $2.51 billion.

On a GAAP basis, third-quarter net earnings amounted to $4.83 billion, or $1.81 per share, a year-over-year increase from $3.93 billion, or $1.44 per share.

The company slightly raised its full-year guidance for adjusted EPS to the range of $8.62 to $8.67, from the prior estimate of $8.53 to $8.63. The S&P Global Market Intelligence consensus normalized EPS estimate for 2019 is $8.61.

J&J also increased its estimated reported sales outlook and now expects $81.8 billion to $82.3 billion, compared to the previous range of $80.8 billion to $81.6 billion.

In addition, the company now forecasts adjusted operational EPS in the range of $8.84 to $8.89, up from the prior outlook of $8.73 to $8.83.

J&J makes a range of products from prescription drugs to baby powder.