The New Brunswick, N.J.-based healthcare conglomerate said the foreign currency effect also prompted it to lower its earnings outlook for the rest of the year, saying it now expects to report adjusted EPS of $6.04 to $6.19, down from prior guidance of $6.12 to $6.27.
Johnson & Johnson posted profits of $4.32 billion, or $1.53 per share, on a sales decline of -8.6% to $17.37 billion, compared with Q1 2014. Adjusted to exclude 1-time items, J&J said EPS were $1.56, 2¢ ahead of The Street.
"The company delivered strong underlying growth in the first quarter driven by new products and the strength of the core business. Of note is the continued robust growth of the Pharmaceutical business and the solid performance of our Consumer brands," chairman & CEO Alex Gorsky said in prepared remarks.
Sales for J&J’s medical device business were off -11.4%, including a -6.8% foreign exchange hit, to $6.3 billion. Its consumer products division’s revenues were down -4.7% to $3.4 billion; only pharmaceuticals posted a gain, of 3% to $7.7 billion.
JNJ shares were up 0.7% to $101.20 apiece in pre-market trading today.