Johnson & Johnson
(NYSE: JNJ)
today posted third-quarter results that beat the overall consensus on Wall Street.
New Brunswick, N.J.-based Johnson & Johnson reported $4.3 billion in profits, or $1.69 per share, and $21.4 billion in sales for the third quarter ended September 30, for a sales growth of 6.78% compared with Q3 2022.
Adjusted to exclude one-time items, earnings per share were $2.66, 14¢ ahead of The Street, where analysts were looking for sales of $21.03 billion.
Johnson & Johnson’s MedTech segment grew sales 10% year-over-year. In Q3, it logged $7.5 billion in sales. For comparison, it had $6.8 billion in sales in Q3 2022.
The company attributed MedTech’s growth to its nearly $17 billion acquisition of Abiomed, which contributed to 4.6% of the segment’s growth.
“Johnson & Johnson delivered strong results and significant pipeline advances in the third quarter, providing a solid foundation for future sustained growth,” CEO Joaquin Duato said in a news release. “With a sharpened focus on Innovative Medicine and MedTech solutions, Johnson & Johnson is innovating across the spectrum of healthcare and is poised to deliver the medical breakthroughs of tomorrow.”
Johnson & Johnson anticipates 7.2-7.5% in adjusted operational sales growth for the fiscal year 2023, representing $84.4-$84.8 billion in operations sales. Estimated reported sales are expected to be in the range of $83.6-$84 billion.
The company also recognized a one-time, non-cash gain of approximately $21 billion in the quarter as part of its discontinued operations related to the separation of the consumer health business.
Shares in JNJ were down more than 1% to $155.22 apiece by the afternoon today. MassDevice‘s MedTech 100 Index was up slightly.
