On Tuesday, Johnson & Johnson (NYSE:JNJ) reported first-quarter adjusted EPS of $2.71, up 12.4% year over year, beating the consensus of $2.64.
The pharma giant reported sales of $21.38 billion, up 2.3% year over year, almost in line with the consensus of $21.39 billion. Operational growth was 3.9%, and adjusted operational growth was 4.0%.
JNJ reported a net profit of $5.35 billion compared to a net loss of $(491) million a year ago, which included litigation charges of $6.9 billion.
Innovative Medicine segment worldwide operational sales, excluding the COVID-19 Vaccine, grew 8.3% to $13.6 billion.
Sales of its psoriasis drug Stelara were flat at $2.45 billion in the first quarter, while sales of Darzalex jumped about 19% to $2.69 billion.
The company’s cancer cell therapy Carvykti, which recently received expanded use FDA approval for patients with a type of blood cancer, brought in sales of $157 million in the first quarter.
Tecvayli, another blood cancer treatment, accounted for $133 million in quarterly sales.
J&J’s medical devices business generated sales of $7.82 billion during the first quarter, up 4.5% Y/Y, driven primarily by electrophysiology products and Abiomed in Cardiovascular and wound closure products in General Surgery.
Dividend: Johnson & Johnson also raised its quarterly dividend by 4.2% from $1.19 per share to $1.24 per share.
Guidance: Johnson & Johnson forecasts fiscal year 2024 operational sales of $88.7 billion-$89.1 billion versus prior guidance of $88.2 billion–$89.0 billion and consensus of $88.43 billion.
The company expects fiscal year 2024 adjusted EPS of $10.57–$10.72 versus consensus of $10.66 and prior guidance of $10.55–$10.75, with adjusted operational EPS of $10.60–$10.75.
Read Next: Johnson & Johnson’s $13B Shockwave Medical Deal Accelerates MedTech Strategy, Analyst Says.
Price Action: JNJ shares are down 1.69% at $145.10 during the premarket session on the last check Tuesday.
Photo via Wikimedia Commons
“ACTIVE INVESTORS’ SECRET WEAPON” Supercharge Your Stock Market Game with the #1 “news & everything else” trading tool: Benzinga Pro – Click here to start Your 14-Day Trial Now!
Get the latest stock analysis from Benzinga?
This article Johnson & Johnson Q1 Earnings Top Wall Street Estimates On Strong Medical Devices Sales, Drugmaker Boosts Annual Outlook originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.