Johnson & Johnson (JNJ) – Get Free Report posted stronger-than-expected third quarter earnings Tuesday, while boosting its full-year profit forecast, thanks in part to solid gains for its new cancer treatments.
Johnson & Johnson said adjusted earnings for the three months ending in September were pegged at $2.66 per share, up 4.3% from the same period last year and firmly ahead of the Street consensus forecast of $2.52 per share. Group revenues, Johnson & Johnson said, nudged 1.5% higher to $21.35 billion, a figure that also topped analysts’ estimates of a $21.04 billion tally.
Pharmaceuticals sales were up 5.1% to $13.9 billion while Medtech sales jumped 10% to $7.46 billion. Consumer health sales were spun-off to Kenvue, the group’s stand-alone entity, earlier this year.
Johnson & Johnson also lifted its 2023 earnings forecast by around 5 cents per share, talking the mid-point to around $10.10 per share, with operational sales expected between $83.6 billion and $84 billion. The new figures exclude the impact of Kenvue.
“Johnson & Johnson delivered strong results and significant pipeline advances in the third quarter, providing a solid foundation for future sustained growth,” said CEO Joaquin Duato. “With a sharpened focus on Innovative Medicine and MedTech solutions, Johnson & Johnson is innovating across the spectrum of healthcare and is poised to deliver the medical breakthroughs of tomorrow.”
Johnson & Johnson shares were marked 1.6% higher in pre-market trading immediately following the earnings release to indicate an opening bell price of $160.01 each.
Action Alerts PLUS offers expert portfolio guidance to help you make informed investing decisions. Sign up now.
