An accelerated rebound in medical device sales helped drive Johnson & Johnson (NYSE:JNJ) second-quarter results that topped the consensus forecast.
The New Brunswick, N.J.-based company posted profits of $6.3 billion, or $2.35 per share, on sales of $23.3 billion for the three months ended June 30, 2021, for a 73.1% bottom-line gain on sales growth of 27.1% year-over-year.
Adjusted to exclude one-time items, earnings per share were $2.48, 21¢ ahead of Wall Street, where analysts were looking for sales of $22.2 billion.
Johnson & Johnson saw the largest revenue increase in its medical device sales, with 57.8% growth attributed mainly to the market’s recovery from the COVID-19 pandemic this time a year ago and the uptick in procedures after many were deferred during the pandemic.
Additionally, the company saw 14.1% growth in its pharmaceutical arm, and 10% growth in consumer health.
“Our second-quarter results showcase Johnson & Johnson’s diversified portfolio, driven by strong sales and earnings growth across our medical device, consumer health and pharmaceutical businesses,” J&J chair & CEO Alex Gorsky said in a news release.
Johnson & Johnson said it now expects to log adjusted EPS of between $9.60 and $9.70 (inclusive of the company’s COVID-19 vaccine), compared with a range of $9.42 to $9.57 previously. The company updated its prior sales guidance to between $93.8 billion and $94.6 billion, rising from its April projection of $90.6 billion to $91.6 billion.
JNJ shares were up slightly to $168.86 apiece by midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down slightly.