Johnson & Johnson (NYSE:JNJ) are up today on first-quarter results that topped the consensus forecast, with the life sciences giant upping its 2021 earnings forecast.
The New Brunswick, N.J.–based company posted profits of $6.2 billion, or $2.32 per share, on sales of $22.3 billion for the three months ended March 31, 2021, for a 6.9 bottom-line gain on sales growth of 7.9%.
Adjusted to exclude one-time items, earnings per share were $2.59, 25¢ ahead of Wall Street, where analysts were looking for sales of $22 billion.
Johnson & Johnson said the sales growth of 8.8% in its medical device segment reflected the market recovery from the early difficulties during the COVID-19 pandemic. In comparison, its pharmaceutical business saw 7.4% growth as well.
“Johnson & Johnson delivered a strong first-quarter performance led by the above-market growth of our pharmaceutical business and continued recovery in medical devices,” J&J chair & CEO Alex Gorsky said in a news release.
“The ability to deliver these results while simultaneously advancing our robust pipeline of life-enhancing medicines, products and solutions during these times is a testament to the strength and resilience of our business and the dedication of the 135,000 employees of Johnson & Johnson who strive every day to profoundly change the trajectory of health for humanity and make healthier communities for everyone, everywhere.”
Johnson & Johnson said it now expects to log full-year adjusted EPS between $9.42 and $9.57, compared with a range of $9.40 to $9.60 previously. The company updated its prior sales guidance for between $90.6 billion and $91.6 billion, a small shift from the previous estimate of $90.5 billion to $91.7 billion for 2021.
JNJ shares were up nearly 3% at $166.93 apiece by midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down slightly.