(Alliance News) - Johnson & Johnson on Tuesday upped its dividend for the first quarter and upgraded its guidance, after swinging to net earnings from a loss.

For the three months ended March 31, the New Brunswick, New Jersey-based pharmaceutical company reported worldwide sales of USD21.38 billion, up 2.3% from USD20.89 billion a year prior.

Of this, worldwide operational sales for the Innovative Medicine segment grew 1.1% to USD13.56 billion from USD13.41 billion, while MedTech sales grew 4.5% to USD7.82 billion from USD7.48 billion.

Net earnings were USD5.35 billion, swung from a net loss of USD491 million in the same quarter the previous year. Earnings per share were USD2.20, swung from a loss per share of USD0.19.

"Johnson & Johnson's solid first quarter performance reflects our sharpened focus and the progress in our portfolio and pipeline," said Chair & Chief Executive Officer Joaquin Duato.

Looking ahead, Johnson & Johnson has upgraded its full-year guidance.

Full-year operational sales are expected to be between USD88.7 billion and USD89.1 billion, compared to guidance of between USD88.2 billion and USD89.0 billion set in January.

Estimated reported sales are expected to be between USD88.0 billion and USD88.4 billion, compared to between USD87.8 billion and USD88.6 billion.

"Our impact across the full spectrum of healthcare is unique in our industry, and the milestones achieved this quarter reinforce our position as an innovation powerhouse."

Johnson & Johnson declared a first quarter dividend of USD1.24 per share, up from USD1.19.

Shares in the company were down 1.7% at USD145.03 in the New York pre-market on Tuesday.

By Holly Beveridge, Alliance News reporter

Comments and questions to newsroom@alliancenews.com