NEW YORK, July 17 -- Johnson & Johnson (J&J) on Wednesday reported strong drug sales and profit for the second quarter of 2024, better than expected.

Total sales for the second quarter hit 22.4 billion U.S. dollars, an 4.3 percent increase from a year earlier, exceeding the Wall Street estimate of 22.3 billion dollars.

Adjusted earnings per share jumped 10.2 percent to 2.82 dollars, which also topped analysts' forecasts.

But the New Jersey-based drugmaker cut its full-year earnings outlook, retaining its sales estimate for 88 billion dollars to 88.4 billion dollars.

"We continue to deploy capital that advances our business by investing in R&D and executing strategic acquisitions that fortify our Innovative Medicine and MedTech portfolios, positioning us to deliver long-term sustainable growth," said Joe Wolk, J&J's executive vice president and chief financial officer.

In Wednesday afternoon trading, shares of Johnson & Johnson surged more than 3 percent after the better-than-expected quarterly results. The shares have reached above their 200-day moving average for the first time since late March.

"We expect drug sales growth will slow later in the year as biosimilars launch against immunology drug Stelara, which represents close to 20 percent of (J&J) drug sales," said Damien Conover, CFA analyst.

  - Xinhua