- Johnson & Johnson beat earnings and sales estimates as pharmaceutical and medical device sales rise while demand for COVID-19 vaccines wanes.
- Pharmaceutical revenue rose to $13.89 billion, of which only $41 million came from COVID-19 shots.
- Pharmaceutical revenues were $13.89 billion, of which only $41 million came from injections against COVID-19.
- Johnson & Johnson raised its EPS and revenue guidance for 2023.
Johnson & Johnson (JNJ) reported better-than-expected results and raised its forecast as sales of pharmaceuticals and medical equipment rose, even as demand for its COVID-19 vaccine wanes.
The company, which spun off its consumer products division into a separate company, Kenvue (KVUE), in August, reported third-quarter fiscal 2023 earnings per share (EPS) of $2.66. Sales increased 6.8% from last year to $21.35 billion. Both exceeded estimates.
Revenue at J&J's Pharmaceutical unit, known as innovative medicine, increased 5.1% year-over-year to $13.89 billion. Of that, only $41 million came from COVID-19 vaccines. Cancer drugs including Darzalex and Erleada have boosted sales.
Unit sales The company's MedTech jumped 10% to $7.5 billion, driven primarily by electrophysiology products.
Johnson & Johnson now forecasts full-year EPS of between $10.07 and $10.13, up from $10 to $10.10 previously. It forecast revenue of between $83.6 billion and $84 billion, up from its previous forecast of $83.2 billion to $84 billion.
After having first climbed on the news, shares of Johnson & Johnson reversed course and was down 0.4% as of 11:30 a.m. ET. They have fallen by more than 11% since the start of the year.
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