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Johnson & Johnson Q1 Results Top Estimates

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Johnson & Johnson (JNJ) Tuesday reported a profit for the first-quarter rose 6.9 percent from last year, reflecting continued recovery in medical devices and strength in its pharmaceutical business. Quarterly sales rose 7.9 percent. Both adjusted earnings per share and quarterly revenues topped analysts' expectations.

Looking ahead for fiscal year 2021, the company now expects adjusted earnings per share to be in the range of $9.42 - $9.57, compared to the prior estimation of $9.40 - $9.60. Analysts expect annual earnings of $9.50 per share.

The company now expects annual adjusted operational earnings per share to be between $9.30 - $9.45 compared to the previous outlook of $9.25 - $9.45.

The company now projects sales for fiscal year 2021 to be in the range of $90.6 billion - $91.6 billion compared to the prior guidance of $90.5 billion - $91.7 billion.

The company raised its annual operational sales outlook to a range of $89.3 billion - $90.3 billion from the prior outlook of $88.8 billion - $90.0 billion. Analysts expect annual revenues of $92.23 billion.

Johnson & Johnson reported $100 million in sales for its COVID-19 vaccine, whose use was halted by the U.S. Food and Drug Administration last week after six recipients developed a rare blood clotting disorder.

The company has declared a 5.0% increase in the quarterly dividend, from $1.01 per share to $1.06 per share. The quarterly dividend is payable on June 8, 2021 to shareholders of record as of the close of business on May 25, 2021. The ex-dividend date is May 24, 2021.

At the new rate, the indicated dividend on an annual basis is $4.24 per share compared to the previous rate of $4.04 per share.

Johnson & Johnson's first-quarter net earnings grew 6.9 percent to $6.20 billion or $2.32 per share from $5.80 billion or $2.17 per share in the same quarter last year.

Adjusted earnings for the quarter were $6.92 billion or $2.59 per share compared to $6.15 billion or $2.30 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $2.34 per share for the first-quarter. Analysts' estimates typically exclude special items.

Sales for the first-quarter rose 7.9 percent to $22.32 billion from $20.69 billion in the previous year. Analysts expected revenues of $21.98 billion for the first-quarter.

Consumer Health worldwide operational sales, excluding the net impact of acquisitions and divestitures, declined 2.9 percent primarily driven by negative prior year comparisons related to the COVID-19 pantry loading in the first-quarter 2020, mainly in over-the counter products.

Pharmaceutical worldwide operational sales, excluding the net impact of acquisitions and divestitures, grew 7.4 percent.

Medical Devices worldwide operational sales, excluding the net impact of acquisitions and divestitures, grew 8.8 percent, and reflects the benefit of market recovery from COVID-19 impacts in the prior year.

In Tuesday pre-market trade, JNJ was trading at $161.99 down $0.70 or 0.43 percent.

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