Johnson & Johnson (NYSE: JNJ) reported first-quarter 2016 results before markets opened Tuesday. The health care giant reported quarterly adjusted diluted earnings per share (EPS) of $1.68 on revenue of $17.5 billion. In the same period a year ago, it reported EPS of $1.56 on revenue of $17.37 billion. First-quarter results also compare to the consensus estimates for EPS of $1.65 and $17.48 billion in revenue.

On a GAAP, basis the company posted EPS of $1.54, compared with $1.53 in the same period a year ago. Adjustments included after-tax intangible amortization expense of about $200 million and after-tax charge for special items totaling approximately the same amount.

Johnson & Johnson increased its adjusted earnings guidance for 2016 to a new range of $6.53 to $6.68 per share. Revenue guidance was raised to a range of $71.2 billion to $71.9 billion. The company said the new guidance reflects a weaker dollar which should prove a positive impact on revenues and earnings.

The consensus estimate called for full-year EPS of $6.54 on revenue of $71.55 billion. For the second quarter analysts are looking for $1.66 in EPS and revenue of $17.95 billion.

The firm’s CEO said:

Our Pharmaceuticals business continues to deliver impressive levels of growth, we have steady improvement in our Consumer business, and we are seeing momentum in our Medical Devices businesses, all of which are fueling our optimism for the full-year ahead.

Worldwide consumer sales declined by 5.8% year over year to $3.2 billion, including a negative currency impact of 5.6% and a negative operational impact of 0.2%. Pharmaceutical sales rose 5.9% to $8.2 billion on a jump of 12.9% in U.S. sales and a drop of 3.4% in international sales due to a negative currency impact of 6%. Medical devices sales fell 2.4% to $6.1 billion as a result of an operational increase of 0.5% and a negative currency impact of 2.9%.

Shares closed at $110.93 on Monday and were up 0.7% in Tuesday’s premarket trading to $111.83. The stock’s 52-week range is $81.79 to $111.10. The high was posted Monday. Thomson Reuters had a consensus analyst price target of about $111.53 before the results were announced. The dividend yield is 3.0%.

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