Johnson & Johnson Reports Better Than Expected Q2 2023 Results, JNJ Shares Slightly

Posted on

[ad_1]

The pharmaceutical segment had the highest sales at around $13.71 billion, followed by MedTech with total revenue of around $7.78 billion, and the rest came from the consumer healthcare segment.

One of America’s oldest pharmaceutical and consumer packaged goods companies, Johnson & Johnson (NYSE: JNJ) announced its second quarter (Q2) 2023 results on July 20, which apparently exceeded Wall Street expectations. According to the company’s announcement, second-quarter sales increased approximately 6.3% and operating growth excluding COVID-19 vaccine jumped 8.9%. Meanwhile, Joaquin Duato, chairman of the board and chief executive of the company, pointed out that the future is bright for its vast products, especially as it moves forward to split its shares.

“We enter the second half of the year in a strong position with many catalysts, including becoming a bi-industry company focused on pharmaceutical innovation and MedTech,” Duato said. noted.

Johnson & Johnson Q2 2023 Financial Highlights

During the second quarter of 2023, the company reported adjusted earnings per share of $2.80 versus $2.62 expected by analysts polled by Refinitiv. Additionally, Johnson & Johnson reported revenue of approximately $25.53 billion versus $24.62 billion expected by analysts polled by Refinitiv. Breaking down the sales, the company said it collected around $13.44 billion from the US market and the remaining $22 billion from the international market.

The pharmaceutical segment had the highest sales at around $13.71 billion, followed by MedTech with total revenue of around $7.78 billion, and the rest came from the consumer healthcare segment. . Although the company faces several headwinds, including lawsuits, it stressed that the next few quarters could be just as profitable as the last.

See also  Here's why Mt Gox's biggest creditors want to be paid in Bitcoin: Report

As a result, the company announced it would increase its full-year 2023 median guidance for adjusted operating sales excluding COVID-19 vaccine and adjusted operating earnings per share. Notably, the company forecasts full-year sales to be between $98.80 billion and $99.80 billion, about $1 billion higher than the forecast released in April. Additionally, the company’s full-year earnings outlook is expected to be between $10.70 and $10.80 per share, which is higher than the previous April release of $10.60 to $10.70 per share.

Amid legal litigation most centered on claims that its pharmaceuticals cause cancer to its users, the company has focused on splitting off its pharmaceutical segment and MedTech segment for future growth prospects.

Market Outlook

The company, valued at $413 billion, has been a victim of this over the past two years. According to the latest stock market data, shares of JNJ have fallen approximately 7.3% and 10% over the past year and year-to-date, respectively. Nonetheless, 21 analysts are still optimistic about the company’s future performance, having given the JNJ market an average rating of Over.



Economic news, Market News, News, Shares, Wall Street

Steve Muchoki

Let’s talk about crypto, Metaverse, NFT, CeDeFi and Stocks, and focus on multi-chain as the future of blockchain technology. WIN all!

[ad_2]

See also  Ethereum Aurora Scaling Solution Unveils 'Strategic Partnership' for Web3 Workers

Leave a Reply

Your email address will not be published. Required fields are marked *