Johnson & Johnson (NYSE:JNJ) shares ticked up in pre-market trading today after the healthcare conglomerate posted second-quarter results that beat expectations and raised its sales outlook for the rest of the year.
New Brunswick, N.J.-based J&J reported profits of $5.61 billion, or $2.08 per share, on sales of $20.56 billion for the three months ended June 30, marking a 41.8% bottom-line gain on a -1.3% sales decline compared with Q2 2018.
Adjusted to exclude one-time items, earnings per share were $2.58, a full 12¢ ahead of the consensus outlook on Wall Street, where analysts were looking for sales of $20.29 billion.
“We delivered solid second-quarter underlying sales growth and strong earnings growth that enables us to make investments in innovation to accelerate performance in each of our businesses,” chairman & CEO Alex Gorsky said in prepared remarks. “Our pipelines continue to progress with the launch of new products and several regulatory submissions and approvals, which positions us well to deliver the next wave of transformational products and solutions. I am proud of our talented colleagues across Johnson & Johnson who continue to deliver significant healthcare advances to improve the lives of patients and consumers around the world.”
Johnson & Johnson stood pat on its forecast for full-year adjusted EPS at $8.53 to $8.63 but raised its 2019 revenue guidance to $80.8 billion to $81.6 billion, up from $80.4 billion to $81.2 billion previously.
JNJ shares, which closed up 0.3% at $134.71 apiece yesterday, were trading at $135.20 each today in pre-market trading, up 0.4%.
J&J said its medical device business, the world’s second-largest, grew operational sales (which exclude the impact of M&A activity) by 3.2% compared with the same period last year. The division logged a $2.0 billion pre-tax gain from the $2.8 billion sale of its Advanced Sterilization Products business, J&J said.