Johnson & Johnson (NYSE:JNJ) shares edged higher premarket as the healthcare firm reported an earnings beat for the second quarter and raised its full-year guidance.
For Q2, revenue of $23.74 billion was up 5.8% year-over-year and ahead of estimates of $22.83 billion, driven by strong sales of cancer treatments, notably Darzalex, and medical devices.
Adjusted earnings per share of $2.77, up 18.7% from the year-ago quarter, were ahead of the Street consensus of $2.67.
For the full year, the company now expects to report sales of $94.3 billion at the midpoint, up 5.4%, compared to its earlier guidance of $91.4 billion or 3.1% growth.
Adjusted earnings per share (EPS) are now seen growing by 8.7% to $10.85 at the midpoint, up from earlier guidance of 6.2% growth to $10.60.
“Today’s strong results reflect the depth and strength of Johnson & Johnson’s uniquely diversified business operating across both MedTech and Innovative Medicine,” J&J CEO Joaquin Duato said in a statement.
“Our portfolio and pipeline position us for elevated growth in the second half of the year, with game-changing approvals and submissions anticipated in areas like lung and bladder cancer, major depressive disorder, psoriasis, surgery and cardiovascular, which will extend and improve lives in transformative ways.”
J&J also declared a third quarter dividend of $1.30 per share, payable on September 9 to shareholders of record as of the close of business on August 26.
Shares of J&J added 2.9% at about $160 shortly before US markets opened on Wednesday.