Johnson & Johnson reported third quarter earnings that topped the Street expectations. The company also boosted its full-year profit outlook, as strength in pharmaceuticals sales offset a decrease in Covid vaccine revenues.
Johnson & Johnson’s adjusted earnings for the three months ending in September fell -1.9% year-over-year to $2.55 per share, but exceeded analysts’ expectations by 7 cents.
Revenues were up +1.9% to $23.8 billion, surpassing analysts' estimates of $23.34 billion.
Pharmaceuticals sales grew +2.6% while Covid vaccine sales, were down -2.2% from last year.
Johnson & Johnson also raised its 2022 earnings outlook by around 5 cents per share, to between $10.70 and $10.75 per share. Its guidance for adjusted operational sales growth is between 6.7% and 7.2%, up from last month's forecast of between 6.5% and 7.5%.