The 130 years old medical devices, pharmaceutical, and consumer packaged goods developer and innovator,Johnson & Johnson, posted its Q2 financial report.
Compared to the same time last year, the quarterly profit dropped 35%, since hospitals had to delay elective surgeries due to the pandemic. This situation impacted the medical devices business.
In the past three months, J&J had an EPS of $1.36, which totaled $3.63 billion. Last year it reported an income of $5.6 billion.
The revenue came in at $18.3 billion, higher than the expected $17.6 billion. However, it is 10% lower compared to last year's. The EPS was $1.67, higher than $1.49 expected by specialists.
Unlike other companies which didn't provide any further financial guidance, Johnson & Johnson revealed its forecasts. For the whole year, it expects an adjusted EPS of up to $7.95 from a previous high of $7.90. The sales were increased from a high of $80.5 billion to $81.4 billion.
Also, the company generated revenue of $10.7 billion in the pharmaceutical business, a 21% increase from last year. The numbers went up due to the COVID-19 vaccine that it is currently working on. According to J&J’s CEO, the human trial will start next week.
The company’s stock price was less than 1% higher during pre-market trading.
Sources: cnbc.com, finance.yahoo.com