Johnson & Johnson (NYSE:JNJ) released its earnings numbers for the three months through June this morning before the market opened in New York. The company showed earnings per share of $1.66 for the quarter, which the company records as its second of 2014, on revenue totaling $19.5 billion. In pre-market trading this morning investors responded to the release by sending the company’s stock up a fraction.

Johnson & Johnson

Before the release of the company’s second quarter report, analysts were looking for earnings per share of $1.54 by consensus. Revenue was expected to come in at $18.9 billion. The consensus figures are taken from a Bloomberg survey of 16 analysts following the pharmaceuticals company. In the same three months of 2013 Johnson & Johnson (NYSE:JNJ) earned $1.48 per share on revenue of $17.9 billion.

New products drive pharmaceutical boom

Much of the increase in profit and revenue at Johnson& Johnson (NYSE:JNJ) came from new pharmaceuticals the company put on the market in recent months. The company’s pharmaceutical segment showed a 21% increase in revenue in the second quarter of 2014, bringing worldwide sales to $8.5 billion. According to the company’s earnings report, the major contributors included hepatitis C drugs Olysio and Sovriad, Imbruvica, which is used to treat lymphoma and leukemia, and Xarelto, an oral anti-coagulant.

Alex Gorsky, the company’s CEO and Chairman said “Our strong second-quarter results reflect the continued success of our new product launches and the progress we have made in achieving our near-term priorities.” According to the executive, “Significant advancements are being made in the treatment options and access to care for patients and customers around the world. Our diversified business model, focus on long-term growth drivers and talented colleagues position us well in this evolving and dynamic global health care market.”

The boom in sales in the company’s pharmaceuticals division was dampened by less than spectacular growth in the Johnson & Johnson (NYSE:JNJ) consumer segment. According to the second quarter earnings report sales in that segment rose by just 2.4% from last year, bringing total revenue to 2.6%. The company’s concentration on prescribed medications has served it well in recent years, with positive earnings surprises becoming a commonality.

Medical devices continue to lag, may cause split

There has been much speculation about the future of Johnson & Johnson (NYSE:JNJ) and, unless the company’s board is able to come up with reasons to resist, the company may be headed toward a break up. In the second quarter sales of medical devices grew just 0.7% to hit $7.2 billion. The business is dampening growth across the board, and it may be damaging the overall value of the company.

Given the large-scale M&A going on in the pharmaceuticals and medical devices businesses at the moment, it’s not unthinkable that the Johnson & Johnson (NYSE:JNJ) medical device business could be sold, though there is no hint of it in the second quarter earnings report.

Despite what could be seen as a segment holding it back, shares in Johnson & Johnson (NYSE:JNJ) have had a good year in 2014. The company’s stock has added more than 15% to its value so far this year, beating S&P 500 gains s of 7%.