(AP) Health care giant Johnson & Johnson says third-quarter profit edged up as a big jump in prescription drug sales and lower research spending made up for slumping sales of medical devices.
Its results beat Wall Street estimates and its shares rose 1.3 percent to $91 in premarket trading.
The maker of baby shampoo, joint replacements and drugs for immune disorders says net income was $2.98 billion, or $1.04 per share, up from $2.97 billion, or $1.05 per share, a year earlier.
Excluding one-time charges, it earned $1.36 per share. That was 4 cents per share better than analysts expected.
The company, based in New Brunswick, N.J., says revenue totaled $17.58 billion, up 3 percent. Analysts expected $17.43 billion.
J&J nudged up its profit forecast to $5.44 to $5.49 per share. Analysts expect $5.46 per share.