Johnson & Johnson (NYSE:JNJ) has delivered second-quarter earnings that beat expectations and has raised its full-year guidance, sending its shares higher in Thursday pre-marketing trading.
The company reported a 6.3% rise in sales to $25.5 billion for the three months to June 30, 2023. Adjusted operational sales at its MedTech division jumped 9.9%, while Pharmaceutical sales rose 3.9% and sales at Consumer Health came in 7.7% higher as it sold more over-the-counter (OTC) products.
Adjusted earnings per share (EPS) increased by 8.1% to $2.80, beating the $2.61 consensus estimate of seven analysts, according to Zacks Investment Research.
The company now expects full-year adjusted operational sales to come in 6% to 7% higher than in 2022, up from previous guidance of 4.5% to 5.5%.
Adjusted EPS are expected to be 5.5% to 6.5% higher, compared with the 4.5% to 5.5% expected in April.
“We are entering the back half of the year from a position of strength with numerous catalysts, including becoming a two-sector company focused on Pharmaceutical and MedTech innovation,” chairman and CEO Joaquin Duato said in a statement.
The company’s shares were 1.3% up at $160.75 ahead of the market open.
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