Key points:
- Johnson & Johnson reported third-quarter earnings
- The company topped earnings and revenue expectations
- JNJ shares are up 1.5%
Johnson & Johnson (NYSE: JNJ) reported a growth in sales in its third-quarter results on Tuesday.
Reported sales were 1.9% higher at $23.8 billion compared to the prior year. In addition, net earnings jumped a significant 21.6% to $4.5 billion. The pharmaceutical firm reported adjusted EPS of $2.55, a fall from the $2.60 reported in the prior year’s quarter but higher than the expected $2.48.
The group’s MedTech segment sales grew 8.1%, which the company said was driven primarily by electrophysiology products. Meanwhile, its Pharmaceutical division gained 9.2%, and the Consumer Health market jumped 4.8%.
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Elsewhere, the sales of Johnson & Johnson’s cancer drug Darzalex surged 29.8% to $2.05 billion.
“Our third quarter performance demonstrates our continued strength and resilience across all three of our businesses,” said Joaquin Duato, Chief Executive Officer.
Duato added that “through the ongoing efforts of our teams around the world, we continue to navigate the dynamic macroeconomic environment and remain focused on delivering transformative healthcare solutions.”
Following its third-quarter results, the company stated it is maintaining its 2022 full-year guidance for adjusted operational sales and reported adjusted EPS. However, the firm revised its FY22 sales view to $93 billion and $93.5 billion.
Johnson & Johnson shares are currently trading 1.5% higher, although they are down around 2% this year. The company was given an Equal Weight Rating by Barclays on Monday, with analyst Mike Miksic also setting a $175 price target on JNJ shares