Johnson & Johnson beat revenue and earnings estimates for the second quarter of 2018 as sales of pharmaceuticals surged 20 percent year-over-year, CNBC reports.
The healthcare conglomerate's revenue increased 10.6 percent from the previous year, reaching $20.8 billion in the second quarter. Analysts estimated J&J's second-quarter revenue would hit $20.39 billion.
Net income was $4 billion in the second quarter, or $1.45 per share. However, excluding amortization expenses and other special items, the company earned $5.7 billion, or $2.10 per share, 3 cents above analyst estimates.
J&J's successful financial results in the quarter were largely fueled by its pharmaceutical business, namely its cancer drugs. The pharma arm alone posted $10.4 billion in revenue, a 20 percent year-over-year increase. Worldwide sales of its oncology drugs increased 42.2 percent from the same quarter one year prior, to $2.45 billion.
In addition, J&J's medical device unit increased 3.7 percent from the same quarter a year prior, hitting $7 billion.
The company's namesake consumer health business, specifically its baby care line, has been a weakness. Revenue for this line declined 7.7 percent worldwide and 21 percent in the U.S. in the second quarter.
After J&J reported its second-quarter financial results, shares of the company soared 3.2 percent.