U.S. healthcare company Johnson & Johnson (JNJ) has reported better-than-expected second quarter earnings and raised its full-year guidance as sales in its MedTech business unit surge.
Johnson & Johnson announced earnings per share (EPS) of $2.80 U.S. versus $2.62 U.S. that had been expected on Wall Street.
Revenue in Q2 came in at $25.53 billion U.S. compared to $24.62 billion U.S. that was expected among analysts that follow the company, according to Refinitiv data.
The company said it is also benefitting from a rebound in non-urgent surgeries among older adults who had deferred many procedures during the Covid-19 pandemic.
Johnson & Johnson is now forecasting full-year revenue of $98.8 billion U.S. to $99.8 billion U.S., which is about $1 billion U.S. higher than previous guidance.
The company also raised its 2023 earnings outlook, saying it now expects $10.70 U.S. to $10.80 U.S. per share, up from a previous range of $10.60 U.S. to $10.70 U.S. a share.
Johnson & Johnson’s stock has declined 7% over the last 12 months and currently trades at $158.74 U.S. per share.
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