Johnson & Johnson’s (NYSE:JNJ) reported Tuesday its profit jumped 42% in the second quarter, with all three of the sprawling health-care company’s businesses performing better than Wall Street expected.
Earnings per share came in at $2.58, adjusted, as opposed to the $2.46 expected. Revenue was $20.56 billion vs. $20.29 billion expected
One of the world’s pharmaceutical behemoths, J&J makes everything from Acuvue contacts to cancer drugs like Zytiga to Aveeno lotion.
The company reported second-quarter net income of $5.61 billion, or $2.08 per share, as mentioned, a 42% increase from the $3.95 billion, or $1.45 per share, it posted a year earlier.
Net sales dropped 1.3% to $20.56 billion, yet still came in above analysts’ expectations of $20.29 billion.
J&J’s pharmaceutical business, which accounts for half of the company’s revenue and includes psoriasis drugs like Stelara and Tremfya, posted revenue of $3.54 billion, better than the $3.52 billion analysts expected.
J&J boosted its full-year sales forecast to between $80.8 billion and $81.6 billion, up from the previously guided $80.4 billion to $81.2 billion.
The company did not raise its earnings forecast, reiterating its prior estimate of adjusted earnings in the range of $8.53 to $8.63 per share.
Meanwhile, the company is trying to balance declining sales from some of its top drugs, like Zytiga, while introducing new ones, like Spravato.
Sales of Zytiga declined 23% year-over-year, with the prostate cancer drug facing competition from generic drugs in the U.S. after losing patent protection last fall.
Shares in J&J stumbled $2.81, or 2.1%, to $131.90.
