Corporate Bits | BCM opens Iao Hon branch

BCM Bank hosted a Grand Opening Ceremony on Monday for its new Iao Hon Branch located at Rua Um Bairro Iao Hon.

Harold Wong, managing director and chief executive officer of Dah Sing Bank and director of BCM, said that the establishment of the new Iao Hon Branch is in line with the bank’s strategic business expansion, and aims to provide comprehensive and high-quality banking services for both residential and SME customers in the district with a more spacious and comfortable environment, whilst also serving high net worth customers with a dedicated VIP Banking and Wealth Management Centre, Securities Trading Center and Insurance Services Section.

According to a press release issued by the bank, “the continuous investment in the retail branch network also marks the confidence of BCM bank towards the future economic development of the territory, as well as its commitment of best quality service to its customers.”

Johnson & Johnson beats revenue and profit projections

Fueled by a 20 percent sales jump in its prescription drugs business, Johnson & Johnson posted a 3 percent increase in second-quarter profit.

Still, the world’s biggest maker of health care products trimmed its forecast for 2018.

J&J’s prescription medicine business, which had lagged its medical device business until a couple years ago, accounted for half its USD20.83 billion in total revenue.

That business has prospered from wider use of its cancer and immune disorder medicines and its $30 billion acquisition of Swiss drugmaker Actelion last year. That deal brought J&J Opsumit and other drugs for high blood pressure in the lungs, a business that could hit $2.5 billion in sales this year.

The New Brunswick, New Jersey, company yesterday reported net income of $3.95 billion, or $1.45 per share, up from $3.83 billion, or $1.40 per share, a year ago. The $20.83 billion in revenue, up from $18.84 billion in the year-ago quarter, also topped analyst expectations for $20.21 billion.

Prescription drug revenue totaled $10.35 billion, while medical devices and diagnostics products brought in $6.97 billion, up 3.7 percent. That segment is now entering the third year of a restructuring program that’s included several divestitures. Consumer health products such as Tylenol and Johnson’s baby shampoo saw sales edge up nearly 1 percent, to $3.5 billion.