Johnson & Johnson Inc. (JNJ) – Get report It posted stronger-than-expected second-quarter earnings on Thursday, and increased its year-over-year earnings guidance while confirming its goal to advance the development of a coronavirus vaccine.
Johnson & Johnson said adjusted earnings for the three months ending June were set at $ 1.67 a share, 35.3% less than the same period last year, but firmly ahead of the Street consensus forecast of $ 1.49. per share. The group’s revenue, Johnson & Johnson said, reached $ 18.3 billion, 11.2% less than last year, but again exceeded analyst expectations for a $ 17.6 billion account.
Looking to 2020, J&J said it sees year-round adjusted earnings of between $ 7.75 and $ 7.95, a modest increase from its previous forecast, with operating sales of between $ 81 billion and $ 82.5 billion.
“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,” CEO Alex Gorsky said.
“We are bringing together our best minds, our global footprint, and our sophisticated supply chain technology to fulfill our commitment to provide the nonprofit vaccine for use in an emergency pandemic, globally,” he added. “We know the need is urgent, and we commit ourselves every day to doing our part to find a solution for the global good.”
Johnson & Johnson shares were down 0.8% in early trading after earnings release to switch hands at $ 147.14 each, a cut from the year-to-date gain in stocks to around 0.9 %.
Consumer health sales fell 7% to $ 3.3 billion, the company said, while revenue for the pharmaceutical division increased 2.1% to $ 10.75 billion.
Sales of medical devices, Johnson & Johnson said, fell 34% to $ 4.3 billion, a smaller-than-expected drop, as the coronavirus pandemic pressured the health system triggered postponements and cancellations of elective surgeries and not emergency.
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