Johnson & Johnson reported better-than-expected third-quarter earnings as demand for its drugs as well consumer products and equipment increased.
J&J said it earned $5.87 billion, or $2.20 an adjusted share, vs. $5.67 billion, or $2.12 a share a year ago. Analysts polled by FactSet had been expecting earnings of $1.98 a share. Revenue came in at $21.08 billion, above last year’s $20.73 billion and also above analysts’ estimates of $20.21 billion.
“Our third-quarter results reflect solid performance and positive trends across Johnson & Johnson, powered by better-than-expected procedure recovery in medical devices, growth in consumer health, and continued strength in pharmaceuticals,” CEO Alex Gorsky said in a statement.
News broke late Monday that J&J paused its trial of a vaccine for Covid-19, the disease caused by the coronavirus, following an unexplained illness in a patient.
The healthcare giant said the trial participant’s illness was being reviewed and evaluated.
"We are committed to providing transparent updates throughout the clinical development process of our vaccine candidate, in compliance with regulatory standards and our own high ethical and scientific principles," J&J said in a statement.
"Adverse events - illnesses, accidents, etc. - even those that are serious, are an expected part of any clinical study, especially large studies,” the company added.