Johnson & Johnson (NYSE:JNJ) today reported Q4 results that beat The Street on earnings but missed on revenue amid continued macroeconomic challenges.
The company’s Pharmaceutical business saw sales grow 6.8%. Meanwhile, Johnson & Johnson MedTech — fresh off its $16.6 billion acquisition of Abiomed — was up 6.1%. Electrophysiology products in Interventional Solutions, contact lenses in Vision, and wound closure products in General Surgery drove the growth in the medtech business.
“Our full year 2022 results reflect the continued strength and stability of our three business segments, despite macroeconomic challenges,” CEO Joaquin Duato said in a news release.
“I am inspired by our employees who make a difference in the health and lives of people around the world every day. As we look ahead to 2023, Johnson & Johnson is well-positioned to drive near-term growth, while also investing strategically to deliver long-term value.”
New Brunswick, New Jersey–based J&J earned $3.5 billion, or $1.33 per share, off of $23.7 billion in sales in Q4 2022. The bottom line was down 25.7%, and the top line was down 4.4% compared with Q4 2021.
Adjusted to exclude one-time items, the company earned $2.35, 12¢ ahead of Wall Street analyst projections. On average, analysts had predicted adjusted EPS of $2.23 off of $23.89 billion in revenue.
For 2023, J&J is predicting adjusted operational sales growth, excluding COVID-19 vaccine, of 4.0. It is also projecting adjusted operational EPS of $10.50, reflecting growth of 3.5%.
JNJ shares were down 1% to $166.58 apiece in morning trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical companies, was up more than 9%.
