Johnson & Johnson products on a shelf in a store in New York.
Lucas Jackson | Reuters
Johnson & Johnson’s second-quarter earnings fell 35% from the same period last year, as the coronavirus pandemic forced hospitals to postpone elective surgeries, strongly impacting the company’s medical device business.
J&J earned $ 3.63 billion, or $ 1.36 per share, during the three months ending June 30, a 34.6% drop from $ 5.6 billion a year earlier as sales fell at its medical device unit, the company said Thursday. The decline in its medical device unit was partially offset by higher sales of its over-the-counter products such as Tylenol and its Listerine mouthwash.
J&J shares were less than 1% higher in premarket trading.
Overall, the company exceeded earnings expectations, reporting adjusted earnings of $ 1.67 per share, higher than the expected $ 1.49 per share. Revenue reached $ 1.83 billion, more than the expected $ 17.6 billion.
“Our second quarter results reflect the impact of COVID-19 and the enduring strength of our pharmaceutical business, where we saw continued growth even in this environment,” J&J CEO Alex Gorsky said in a press release. “Thanks to the tireless work of our colleagues around the world and our wide range of capabilities, we continue to successfully navigate the external landscape, and remain focused on advancing the development of a vaccine to help tackle this pandemic and save lives.”
This is a developing story. Please check for updates.
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