Johnson and Johnson maintains growth momentum in Q1 2013

Johnson and Johnson has announced its financial results for the first quarter of 2013, during which it experienced solid year-on-year growth spanning each of its major divisions.

The company's sales total for the period came to $17.5 billion (11.46 billion pounds), representing an improvement of 8.5 percent on Q1 2012.

Its medical device division's performance was positively impacted by the acquisition of Synthes and the sale of the DePuy trauma business, while the recent launch of several key pharmaceutical and over-the-counter products was another driver of growth.

Alex Gorsky, chairman and chief executive officer at Johnson and Johnson, said: "Our investments to advance our pipelines and expand our global presence … will enable us to continue to deliver sustainable growth and meaningful innovations to patients and customers around the world."

Last month, the company launched a new innovation centre in London to act as a hub for cutting-edge research and development efforts in Europe, with similar facilities also planned in Boston, San Francisco and Shanghai.