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Home » Johnson & Johnson pharma booms, medtech sinks in COVID-19-affected Q1

Johnson & Johnson pharma booms, medtech sinks in COVID-19-affected Q1

April 30, 2020 By Sean Whooley

Johnson & JohnsonJohnson & Johnson (NYSE:JNJ) shares dipped today despite first-quarter results that topped the consensus forecast.

The New Brunswick, N.J.-based company posted profits of $5.8 billion, or $2.17 per share, on sales of $20.7 billion for the three months ended March 29, 2020, for a 54.6% bottom-line gain on sales growth of 3.3%.

Adjusted to exclude one-time items, earnings per share were $2.30, 27¢ ahead of Wall Street, where analysts were looking for sales of $19.2 billion.

The company’s pharmaceutical business experienced an 8.7% sales increase year-over-year, totaling $11.1 billion, highlighting a positive 1% impact from the COVID-19 pandemic.

On the other side, Johnson & Johnson’s medical devices segment recorded sales of $5.9 billion, an 8.2% decrease year-over-year. The company estimates a negative 7.5%-8% impact on its sales related to COVID-19 and the reduction of several procedures.

Johnson & Johnson did not offer financial guidance for the fiscal year, with estimates potentially heavily impacted by COVID-19. The company has already rescheduled or delayed certain trials as a result of the pandemic.

“While there was not a material impact to the Company’s consolidated financial statements as of and for the quarter ended March 29, 2020, the company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in material impacts to the company’s consolidated financial statements in future reporting periods,” the company said in its SEC filing.

JNJ shares were down -0.7% at $149.16 per share in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was marginally down from 83.17 to 83.15.

Filed Under: Business/Financial News, Clinical Trials, Featured, MassDevice Earnings Roundup, Pharmaceutical, Wall Street Beat Tagged With: coronavirus, COVID-19, Johnson and Johnson

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About Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at [email protected].

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