Johnson & Johnson Executive Committee Vice President Dr. Paul Stoffels talks about accelerating the development of the coronavirus vaccine and expanding distribution.
Johnson & Johnson’s second-quarter earnings fell 35 percent from a year earlier as COVID-19 slowed demand for beauty products and medical devices.
The New Brunswick, NJ-based healthcare product maker made $ 3.63 billion, or $ 1.67 per adjusted share, as revenue fell 10.8 percent year-over-year to $ 18 , 3 billion. Wall Street analysts surveyed by Refinitiv anticipated adjusted earnings of $ 1.49 per share on sales of $ 17.6 billion.
Consumer health sales fell 7 percent from a year earlier to $ 3.3 billion, as consumers bought fewer skin health and beauty products while taking refuge in their homes during the COVID pandemic- 19. Medical device sales fell 34 percent to $ 4.29 billion as elective surgeries were discontinued.
“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,” CEO Alex Gorsky said in a statement.
Pharmaceutical sales, which accounted for 59 percent of revenue, were the only positive point, rising 2.1 percent from a year earlier to $ 10.75 billion.
Looking ahead, Johnson & Johnson sees adjusted full-year earnings of $ 7.75 to $ 7.95 per share, above its April forecast of $ 7.50 to $ 7.90. The company also projects that adjusted full-year operating sales will fall to 0.8 percent or rise to 1 percent.
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Johnson & Johnson shares have gained 1.63 percent so far this year through Wednesday, beating the S&P 500’s 1.3 percent decline.
