Johnson & Johnson (NYSE:JNJ) shares ticked up today on first-quarter results that were mixed compared to the consensus forecast.
The New Brunswick, New Jersey-based company posted profits of $5.1 billion, or $1.93 per share, on sales of $23.4 billion in the first quarter for a 16.9% bottom-line slide on sales growth of nearly 5%.
Adjusted to exclude one-time items, earnings per share were $2.67, 6¢ ahead of Wall Street, where analysts were looking for sales of $23.7 billion.
Johnson & Johnson’s only segment to see sales decline was its consumer health arm, while pharmaceuticals produced the highest revenue growth, rising 6.3%, with the company’s COVID-19 vaccine contributing to that year-over-year increase.
“Our first-quarter results demonstrate strong performance across the enterprise, despite macro-economic headwinds,” Johnson & Johnson CEO Joaquin Duato said in a news release. “I am incredibly proud of Johnson & Johnson’s 144,000 employees for their relentless passion and Credo-based commitment to delivering transformative healthcare solutions to patients and customers around the world. Looking ahead, I remain confident in the future of Johnson & Johnson as we continue advancing our portfolio and innovative pipeline.”
Johnson & Johnson said now it expects to log adjusted EPS of $10.40 to $10.60, compared with the range of $10.15 to $10.35 previously floated. The company updated its prior sales guidance for between $95.9 billion and $96.9 billion, increasing from the previous projection of $94.8 billion to $95.8 billion.
The company also suspended its COVID-19 vaccine sales guidance (with no impact to adjusted operational earnings per share guidance) amid global supply surplus and demand uncertainty.
JNJ shares were up 2% at $181.27 per share as the market opened today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.3%.