Johnson & Johnson (NYSE: JNJ) released its third-quarter earnings report before the markets opened on Tuesday. The company said that it had $1.68 in earnings per share (EPS) and $17.8 billion in revenue. The third-quarter from last year reportedly had $1.49 in EPS and revenue of $17.1 billion. Thomson Reuters consensus estimates had called for EPS of $1.65 and $17.74 billion in revenue.

Domestic sales increased 6.7%. International sales increased 1.5%, reflecting operational growth of 1.7% and a negative currency impact of 0.2%. However, excluding the net impact of acquisitions, divestitures and hepatitis C sales, on an operational basis, worldwide sales increased 5.9%, domestic sales increased 7.3% and international sales increased 4.2%.

During the quarter, a definitive agreement was announced to acquire Abbott Medical Optics, a wholly-owned subsidiary of Abbott Laboratories, for $4.325 billion in cash.

Johnson & Johnson maintained its sales guidance for the full-year 2016 of $71.5 billion to $72.2 billion. Additionally, the company increased its adjusted earnings guidance for full-year 2016 to the range of $6.68 to $6.73 per share. The consensus estimates for the full year were $6.69 in EPS and $72.16 billion in revenue.

Alex Gorsky, board chair and chief executive, commented:

Our third-quarter results reflect the success of our new product launches and the strength of our core businesses, driven by strong growth in our Pharmaceuticals business. With a number of regulatory approvals, several new drug application submissions and new breakthrough therapy designations from the FDA, we are increasingly confident in our pipeline expectation of filing 10 new pharmaceutical products between 2015 and 2019, each with revenue potential over $1 billion,” “Our broad-based business model, strategic investments and talented colleagues position us well for continued leadership in health care.

Shares closed Monday at $118.49, with a consensus analyst price target of $124.50 and a 52-week trading range of $94.28 to $126.07. After the report was released, shares remained relatively flat in early trading indications Tuesday.

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