Johnson & Johnson (NYSE: JNJ) reported third-quarter 2014 results before markets opened Tuesday. The health care giant reported adjusted diluted earnings per share (EPS) of $1.50 on revenue of $18.47 billion. In the same period a year ago, J&J reported EPS of $1.36 on revenue of $17.58 billion. Third-quarter results also compare to the consensus estimates for EPS of $1.44 on revenue of $18.38 billion.

The company’s adjusted earnings excluded about $500,000 in after-tax benefits driven primarily by the $1.1 billion the company received from the divestiture of its Ortho-Clinical Diagnostics business. On a GAAP basis, J&J reported EPS of $1.66.

In July J&J boosted its earnings guidance for the full year to a new range of $5.92 to $5.97 per share. The consensus estimate now calls for EPS of $5.93 on revenues of $75.01 billion. For the first nine months of the year, the company has posted revenues of $56.08 billion and diluted adjusted EPS of $4.70. The fourth-quarter consensus EPS estimated is $1.28.

The firm’s CEO said:

Our strong third-quarter performance reflects the continued success of our new products and the strength of our core business. We are making deliberate portfolio choices, positioning us well for achieving our near-term priorities and our long-term growth drivers. I am proud of our colleagues around the world who are focused everyday on delivering solutions to address the evolving health care needs.

Worldwide consumer sales slipped 0.6% year-over-year to $3.6 billion, including a negative currency impact of 0.9% and a positive operational impact of 0.3%. Pharmaceutical sales rose 18.1% to $8.3 billion. Medical devices and diagnostics sales fell 5.2% to $6.6 billion.

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Operational results increased 5.8% in the third quarter and the negative impact of currency was 0.7%. Domestic sales increased 11.6% while international sales decreased 0.3%. Excluding the impact of the divestiture, worldwide sales rose 8.4%, domestic sales rose 14.8% and international sales rose 3.1%.

Drug sales are carrying J&J. This will be a good thing until it’s not. The company also announced a $5 billion stock buyback program in July.

Shares were trading about 1.5% higher in the premarket Tuesday morning, at $100.69 in a 52-week range of $86.09 to $108.77. Thomson Reuters had a consensus analyst price target of $109.80 before the results were announced.

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