Johnson & Johnson (NYSE:JNJ) reported adjusted earnings and revenue that topped Wall Street’s expectations on Tuesday, and lifted its full-year forecast as it cited strong growth across all business units led by its pharmaceutical arm.
J&J, whose financial results are considered a bellwether for many health companies, said its first-quarter sales grew 5.6% over the same quarter last year.
The consumer staples giant reported a net loss of $68 million, or three cents per share, related to its talc baby powder liabilities and costs tied to the upcoming spin-off of its consumer health business. That compares to a net income of $5.2 billion, or $1.93 per share, for the same period a year ago. Excluding certain items, adjusted earnings per share were $2.68 for the period.
Earnings per share came in at $2.68 adjusted, vs. $2.50 expected, on revenue of $24.75 billion, vs. $23.67 billion expected.
J&J is now forecasting 2023 sales of $97.9 billion to $98.9 billion, about $1 billion higher than the guidance provided in January. The company raised its full-year adjusted earnings outlook to $10.60 to $10.70 per share, from a previous forecast of $10.45 to $10.65.
The company’s shares dropped about 2% in early trading. The stock is down more than 6% for the year through Monday’s close, putting the company’s market value at roughly $430 billion.
JNJ shares dived $3.93, or 2.4%, to $161.74.
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