Johnson & Johnson reported second-quarter adjusted earnings of $2.59 a share, topping analysts’ estimates, but the healthcare giant trimmed its fiscal-year adjusted earnings outlook.
Johnson & Johnson (ticker: JNJ) shares were up 0.7% in premarket trading Tuesday to $175.42.
Sales in the quarter rose 3% to $24 billion. Pharmaceutical sales rose 6.7% to $13.3 billion. Revenue from Covid-19 vaccines of $544 million beat Wall Street estimates.
Analysts surveyed by FactSet expected the company to earn $2.54 a share on revenue of $23.8 billion. A year earlier, Johnson & Johnson earned $2.48 a share on revenue of $23.3 billion.
The world’s largest healthcare company said Tuesday it expected adjusted earnings for the full year of $10 to $10.10 a share, down from previous guidance of $10.15 to $10.35 a share. Sales for the year were forecast at $93.3 billion to $94.3 billion vs. previous expectations of $94.8 billion to $95.8 billion.
The company cited a stronger dollar for the adjustment to its 2022 outlook.
Johnson & Johnson was one of Barron’s stock picks for 2022. Since the beginning of the year, JNJ shares have risen almost 1.9%. The S&P 500 has dropped 19.6% this year.
Write to Joe Woelfel at [email protected]
