Johnson & Johnson beat estimates on earnings per share last quarter, and has raised its full-year guidance.
Adjusted earnings per share were US$2.77, above LSEG estimates of $2.66, but below the $2.82 seen one year ago. Sales grew to $23.74 billion, up from $22.45 billion.
"Today’s strong results reflect the depth and strength of Johnson & Johnson’s uniquely diversified business operating across both MedTech and Innovative Medicine,” said Johnson & Johnson CEO Joaquin Duato.
“Our portfolio and pipeline position us for elevated growth in the second half of the year, with game-changing approvals and submissions anticipated in areas like lung and bladder cancer, major depressive disorder, psoriasis, surgery and cardiovascular, which will extend and improve lives in transformative way.”
The company’s non-GAAP net earnings were US$6.70 billion, down from $6.84 billion year-over-year.
Its United States sales reached US$13.54 billion, rising by 7.8% year-over-year. International sales were $10.20 billion, up 3.2%.
Johnson & Johnson’s innovative Medicine segment saw sales grow by 4.9% to US$15.20 billion, with the company saying the growth was driven by its oncology, immunology, and neuroscience medications. Its MedTech segment’s sales were up 7.3% to $8.54 billion, driven by electrophysiology, circulatory support, and wound closure products.
The company raised its full-year guidance to project US$92.7-93.1 billion in reported sales, compared with $91.6-92.4 billion in its April guidance. Adjusted earnings per share will be $10.80-10.90, Johnson & Johnson expects, up from $10.50-10.70.
Johnson & Johnson’s share price closed at US$164.78, up from its previous close of $155.16. Its market capitalisation is $396.47 billion.
