Johnson & Johnson (JNJ) Q2 Financial Results in Focus

Johnson & Johnson (NYSE:JNJ) traces its roots back to 1886 when Robert Wood Johnson founded the company with his two brothers. It was the first company to manufacture sterile surgical products on a commercial scale. Today, it is one of the world’s biggest healthcare companies, primarily operating in three segments: pharmaceutical, medical devices, and consumer goods.

J&J recently announced its financial results for the second quarter above expectations. The company reported earnings of $6.278 billion, or $2.35 per share, well above $3.626 billion, or $1.36 per share in the comparable period of 2020. J&J earned $2.48 per share on an adjusted basis, ahead of the consensus forecast of $2.29 per share.

Revenue for the quarter jumped 27 percent on a year-over-year basis to $23.312 billion, surpassing analysts’ average estimate of $22.490 billion. If we look at the performance of key segments, revenue from the consumer health segment rose 13.5 percent to $3.735 billion, while pharmaceutical revenue jumped 17.2 percent to $12.599 billion. In comparison, medical device revenue climbed 62.7 percent to $6.978 billion.

Speaking on the quarterly performance, CEO Alex Gorsky said, “Our second-quarter results showcase Johnson & Johnson’s diversified portfolio, driven by strong sales and earnings growth across our Medical Device, Consumer Health and Pharmaceutical businesses. I’m so proud of our 136,000 colleagues who remain focused on delivering our medicines and products to patients and consumers around the world, in addition to advancing our pipeline with new product launches and regulatory submissions.”

J&J also lifted its profit outlook for the full year. The company now expects adjusted earnings in the range of $9.50 per share to $9.60 per share, compared to its previous outlook between $9.30 per share to $9.45 per share.

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