Johnson & Johnson Beats Second Quarter Earnings Expectations and Raises Full Year Outlook

Johnson & Johnson shares JNJ,
rose 1.1% in premarket trading Wednesday after the consumer and health company beat second-quarter earnings estimates and raised its full-year expectations. The company said it had net income of $6.278 billion, or $2.35 per share, up from $3.626 billion or $1.36 per share in the same period a year earlier. Adjusted earnings per share came in at $2.48, ahead of the FactSet consensus of $2.29. Revenue rose 27.1% to $23.312 billion, from $18.336 billion, also exceeding the FactSet consensus of $22.490 billion. Chief Executive Alex Gorksy said sales were strong in the company’s medical device, consumer health and pharmaceutical businesses. Consumer health product sales increased 13.5 to $3.735 billion, pharmaceutical sales increased 17.2% to $12.599 billion and medical device sales increased 62.7% to $6.978 billion. The company raised its full-year outlook and now expects adjusted earnings per share to range from $9.50 to $9.60, up from previous guidance of $9.30 to $9.45. It expects sales of $92.5 billion to $93.3 billion, including the COVID-19 vaccine, versus previous expectations of $89.3 billion to $90.3 billion. Shares are up 7% in the past year as the Dow Jones Industrial Average DJIA,
won 12.8%.