Johnson & Johnson (JNJ) - Get Report posted stronger-than-expected second quarter earnings Wednesday, while boosting its full-year profit forecast, as solid rebounds in pharmaceutical and consumer health sales boosted the group's top and bottom lines.
Johnson & Johnson said adjusted earnings for the three months ending in June were pegged at $2.48 cents per share, up 48.5% from the same period last year and well ahead of the Street consensus forecast of $2.27 per share. Group revenues, Johnson & Johnson said, rose 27% to $23.3 billion, again besting analysts' estimates of a $22.2 billion tally.
Vaccine sales, Johnson & Johnson said, reached $164 million, up 64% from the first quarter tally.
Looking into the second half of the year, Johnson & Johnson said it sees adjusted earnings in the region of $9.50 to $9.60 per share, up from a prior forecast of between $9.42 and $9.57, with sales in the region of $92.5 billion to $93.3 billion.
"Our second-quarter results showcase Johnson & Johnson's diversified portfolio, driven by strong sales and earnings growth across our Medical Device, Consumer Health and Pharmaceutical businesses," said CEO Alex Gorsky. "I'm so proud of our 136,000 colleagues who remain focused on delivering our medicines and products to patients and consumers around the world, in addition to advancing our pipeline with new product launches and regulatory submissions."
"These accomplishments exemplify our commitment to advancing transformational innovations that improve the health of people and communities everywhere while continuing to deliver long-term value to all of our stakeholders," he added.
Johnson & Johnson shares were marked 0.3% lower in early trading immediately following the earnings release to change hands at $167.93 each.