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.
On Tuesday, Johnson & Johnson reported their successful Q3 earnings, confirming that they had performed above expectations amid lawsuits and multimillion-dollar legal problems from their products i.e. talc & opioids. The company went on to raise its full-year earnings forecast from $8.53 to $8.63 per share to $8.62 to $8.67 per share resulting in a revenue of range of $81.8 billion to $82.3 billion.
Highlights from the earnings release:
• Adjusted earnings per share of $2.12 and revenue of $20.73 were reported, beating Wall Street estimates at $2.01 and $20.07 billion respectively based on a survey of analysts by Refinitiv.
• J&J’s pharmaceutical business, which contributes to half of the company’s revenue, generated $10.88 billion.
• J&J’s consumer unit, dealing in beauty products such as Neutrogena, noted revenue of $3.46 billion, meeting Wall Street’s expectations.
• The medical device unit recorded a revenue of $6.3 billion, exceeding analysts’ expectations at $6.27 billion.
• Litigation expenses for the third quarter were not reported.
• Shares of J&J increased by 1.8% in premarket trading.
“Our third-quarter results represent strong performance, driven by competitive underlying growth in Pharmaceuticals and Medical Devices, as well as continued optimization in our Consumer business,” stated Alex Gorsky, Chairman, and CEO, J&J.
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