Johnson & Johnson (NYSE:JNJ) posted second-quarter results today that beat the consensus forecast on Wall Street — boosting its outlook for the year even as its medical device sales took a big hit from the COVID-19 pandemic.
The New Brunswick, N.J.–based medical device and pharmaceutical giant reported profits of $3.6 billion, or $1.36 per share, on sales of $18.3 billion for the three months ended June 30, 2020, for a bottom-line decline of –34.6% and a sales decline of –10.8% compared with Q4 2017.
Adjusted to exclude one-time items, earnings per share were $1.67, 19¢ ahead of The Street, where analysts were looking EPS of $1.48 on sales of $17.5 billion.
Most of J&J’s Q2 sales hit came from its medical device business, which saw a year-over-year sales decline of –33.9% as the COVID-19 pandemic caused a deferral in medical procedures. Consumer health was down –7.0%, while pharmaceuticals were up 2.1%.
Johnson & Johnson CEO Alex Gorsky in a news release touted the work the company is doing to develop a COVID-19 vaccine: “We know the need is urgent, and every day we commit to doing our part to find a solution for the global good.”
During today’s earnings call, executives added that they hope to start a late-stage human trial for a potential coronavirus vaccine ahead of schedule — in late September, according to CNBC.
J&J expects to log adjusted EPS of $7.75–$7.95 this year, up from its prior guidance of $7.50–$7.90, and boosted its top-line outlook to $81.0–$82.5 billion, compared with $79.2–$82.2 previously.
JNJ shares were down slightly in late morning trading. So was MassDevice’s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, and the Dow Jones Industrial Average and S&P 500.
"device" - Google News
July 16, 2020 at 09:54PM
https://ift.tt/3j7N4pA
Johnson & Johnson Q2 results beat The Street, medical device sales down a third - Mass Device
"device" - Google News
https://ift.tt/2KSbrrl
https://ift.tt/2YsSbsy
Bagikan Berita Ini
0 Response to "Johnson & Johnson Q2 results beat The Street, medical device sales down a third - Mass Device"
Post a Comment