Johnson & Johnson Inc. (JNJ) - Get Report posted stronger-than-expected second quarter earnings Thursday, and boosted its full year profit guidance while confirming its goal of advancing the development of a coronavirus vaccine.
Johnson & Johnson said adjusted earnings for the three months ending in June were pegged at $1.67 per share, down 35.3% from the same period last year but firmly ahead of the Street consensus forecast of $1.49 per share. Group revenues, Johnson & Johnson said, came in at $18.3 billion, down 11.2% from last year but again topping analysts' forecasts of a $17.6 billion tally.
Looking into 2020, J&J said it sees full-year adjusted earnings of between $7.75 and $7.95, a modest increase from its prior forecast, with operational sales of between $81 billion and $82.5 billion.
"Thanks to the tireless work of our colleagues around the world and our broad range of capabilities, we continue to successfully navigate the external landscape, and we remain focused on advancing the development of a vaccine to help address this pandemic and save lives," said CEO Alex Gorsky.
"We are bringing together our best minds, our global footprint and our sophisticated supply chain technology to deliver on our commitment to provide the vaccine on a not-for-profit basis for emergency pandemic use, globally," he added. "We know the need is urgent, and every day we commit to doing our part to find a solution for the global good."
Johnson & Johnson shares were marked 0.8% lower in early trading following the earnings release to change hands at $147.14 each, a trim's the stock's year-to-date gain to around 0.9%.
Consumer health sales fell 7% to $3.3 billion, the company said, while pharmaceutical division revenues rose 2.1% to $10.75 billion.
Medical device sales, Johnson & Johnson said, tumbled 34% to $4.3 billion -- a smaller-than-forecast slump -- as the coronavirus pandemic pressured the healthcare system triggered postponements and cancellations of elective and non-emergency surgeries.