U.S. healthcare company Johnson & Johnson (JNJ) has issued third-quarter financial results that beat Wall Street forecasts on the top and bottom lines and raised its forward guidance.
The company attributed the strong results to a spike in sales of both its medical devices and pharmaceutical products.
The Q3 print marks Johnson & Johnson’s first quarterly results since it spun-off its consumer health unit into a new publicly traded company called Kenvue (KVUE) in August of this year.
Johnson & Johnson reported Q3 earnings per share (EPS) of $2.66 U.S. versus $2.52 U.S. that was expected on Wall Street.
Revenue in the July through September quarter came in at $21.35 billion U.S. compared to $21.04 billion U.S. that was expected among analysts who cover the company.
The drugmaker also raised its full-year guidance, saying it now expects 2023 sales of $83.6 billion U.S. to $84 billion U.S., up from $83.2 billion U.S. to $84 billion U.S. previously.
The company said it also expects EPS of $10.07 U.S. to $10.13 U.S. for this year, up from a previous forecast of $10.00 U.S. to $10.10 U.S.
Johnson & Johnson, which is viewed as a bellwether for the U.S. health sector, said its sales during Q3 grew 6.8% from a year earlier.
The Q3 results coincide with investor anxiety over the thousands of lawsuits claiming that Johnson & Johnson’s talc-based products were contaminated with asbestos, which caused ovarian cancer and several deaths.
Those products, including the company’s popular baby powder, now fall under Kenvue. But Johnson & Johnson has said it will assume all talc-related legal liabilities that arise in the U.S. and Canada.
The stock of Johnson & Johnson has declined 5% over the last 12 months to trade at $157.53 U.S. per share.
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