Johnson & Johnson (JNJ) recently released its quarterly earnings which beat market estimates. JNJ also made the decision to raise its dividend from $.95 cents a share to $1.01. The company forecasted 2020 adjusted earnings will reach the $7.50 to $7.90 per share level, much lower than its prior estimate of $8.95 to $9.10 as the Covid-19 pandemic affects the company’s performance.
Chief Financial Officer, Johnson & Johnson Joseph Wolk, said he believes the market is “confident” in the company, and added, “we will get through the pandemic as a society.”
Key Earning Highlights:
- On an adjusted basis, J&J reported $2.30 per share higher than the $2 a share expected by Refinitiv analysts.
- The company generated $20.7 billion in revenue, higher than the $19.47 billion expected.
- Sales in J&J’s medical-device unit plunged by 8.2% to $5.9 billion during the quarter.
- J&J’s pharmaceutical business reported a revenue of $11.13 billion, an 8.7% year-over-year increase.
- J&J’s consumer unit which makes beauty products such as Neutrogena, generated $3.6 billion in revenue, up by 9.2% from a year earlier.
The company earlier informed that the human testing of its experimental vaccine for the coronavirus is expected to begin by September and the company expects to produce between 600M and 900M doses of the potential vaccine by the end of the first quarter of 2021 if human testing succeeds.
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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