Johnson & Johnson JNJ, +0.28% reported Tuesday first-quarter profit and sales that rose above expectations, citing strength in its pharmaceutical business and continued recovery in medical devices. The drug giant’s stock slipped 0.2% in premarket trading. Net income increased to $6.20 billion, or $2.32 a share, from $5.80 billion, or $2.17 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share grew 12.6% to $2.59, above the FactSet consensus of $2.34. Sales increased 7.9% to $22.32 billion, beating the FactSet consensus of $21.98 billion. Pharmaceutical sales rose 9.6% to $12.20 billion, to top the FactSet consensus of $12.11 billion, while medical devices sales increased 10.9% to $6.58 billion to beat expectations of $6.21 billion. COVID-19 vaccine sales were $100 million. For 2021, the company revised its adjusted EPS guidance range to $9.42 to $9.57 from $9.40 to $9.60. Separately, J&J said it raised its quarterly dividend by 5% to $1.01 a share, with the new dividend payable June 8 to shareholders of record on May 25. The stock has gained 3.4% year to date through Monday, while the Dow Jones Industrial Average DJIA, -0.36% has advanced 11.3%.
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