As per reports, Johnson & Johnson (JNJ) cut its full-year adjusted profit and sales forecast due to a hit from a stronger dollar, even though the company’s pharmaceuticals unit boosted its second-quarter profit.
The company’s largest unit, pharmaceuticals have helped the company offset the blow from its pandemic-battered medical device business. Sales of cancer drug Darzalex and Crohn’s disease drug Stelara witnessed double-digit growth, pushing second-quarter profits to beat estimates.
Quarter Highlights:
- Total sales increased about 3% to $24.02 billion, with nearly half of the sales coming from outside the United States.
- In the reported quarter, sales at the company’s medical devices unit dropped 1.1% to $6.90 billion, hurt by COVID-19-related mobility restrictions in certain regions.
- J&J also reported $544 million in sales from its COVID-19 vaccine.
- The company’s net earnings fell to $4.81 billion, or $1.80 per share, in the second quarter, from $6.28 billion, or $2.35 per share, a year earlier.
- The company now expects a full-year adjusted profit of $10.00 to $10.10 per share, from its prior forecast of $10.15 to $10.35.
Dow 30 component Johnson & Johnson (JNJ) is a worldwide healthcare-focused company that embraces research and science so that it can provide customers with innovative ideas, products, and services. To learn more about Johnson & Johnson (JNJ) and to continue to track its progress visit the Vista Partners Johnson & Johnson Coverage Page.
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