Johnson lowered its full-year sales and earnings outlook on Tuesday due to a global supply surplus and demand uncertainty.
The guidance provided in January was for sales to be $95.8 billion, but they are now forecasting $94.8 billion to $95.8 billion. The company lowered its full-year adjusted earnings per share by 25 cents to between $10.15 to $10.35, from a previous forecast of $10.40 to $10.60.
J&J reported first-quarter sales of $23.4 billion, slightly missing Wall Street expectations but growing 5% over the same quarter last year. The company's earnings grew 3.1% over the same period of 2021. Net income of J&J was $5.15 billion in the first quarter of 2021.
The average estimates compiled by Refinitiv show how J&J performed compared to what Wall Street expected.
The company sold more than $450 million of its vaccine. The CFO said that developing nations have limited capacity in terms of getting shots in arms, which has created a back up of vaccines. It was unusual to give guidance for a specific product to begin with, as was the case when asked about no longer providing a sales outlook for the shots.
We did it last year because we understood the Street had an expectation or at least an excitement around understanding how vaccine sales might play out, but it was never material. He said that Covid vaccine sales met internal expectations.
J&J reported $12.87 billion in pharmaceutical sales, an increase of 6.3% over the same quarter last year. The medical devices business grew by 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 J&J's consumer health business, which it is spinning off into a separate publicly traded company, had sales of $3.59 billion, a decline of 1.5% compared to the same period last year.
The omicron Covid variant was sweeping the U.S. in February and March, but new prescriptions slowed in January. He said J&J's medical devices business led the company's growth with an increase in general and advanced surgery. During Covid surge, when hospitals are overwhelmed with patients who are sick with the virus, the company's medical devices segment has struggled.
The consumer health was hit by supply constraints for some ingredients and packaging materials. J&J expects skin health and beauty to rebound later in the year, as demand for consumer health products is strong.
The company announced that the board has approved a 6.6% increase to the quarterly dividend.
All Rights Reserved © 2024
