Johnson and Johnson sees further growth in Q1 2014

Johnson and Johnson has announced its financial results for the first quarter of 2014, during which it maintained its recent strong momentum.

The company's sales total of $18.1 billion (10.77 billion pounds) was up by 3.5 percent year on year, thanks to the successful introduction of several key products and the continued growth of existing offerings.

Its pharmaceuticals business saw a double-digit improvement in revenues during the quarter, helping to offset a drop in consumer product sales and the relative flatness of its medical devices and diagnostics unit.

Based on its Q1 success, the group has increased its earnings guidance for the 2014 full-year period to a range of $5.80 to $5.90 per share.

Alex Gorsky, chairman and chief executive officer of Johnson and Johnson, said: "Our talented colleagues around the world continue to bring meaningful innovations to patients and customers, addressing significant unmet needs. We also advanced our near-term priorities and long-term growth drivers, positioning us well to deliver sustainable results."

This comes after the firm was ranked as the most innovative company in the pharmaceutical industry by Idea Pharma in a report compiled earlier this year.