Drug major Johnson & Johnson on Wednesday raised its forecast for fiscal 2021 earnings and revenues above market view, after reporting strong growth in second-quarter results. The company's quarterly adjusted earnings and revenues also beat market estimates.
In pre-market activity on the NYSE, JNJ shares were gaining around 1.22 percent to trade at $170.50.
In the second quarter, Johnson & Johnson's Single-Shot COVID-19 Vaccine generated sales of $164 million, including $51 million in the U.S. and $113 million in the international region.
For fiscal 2021, the company now expects adjusted earnings per share, including Covid vaccine, of $9.60 to $9.70, higher than previously expected $9.42 to $9.57, and up 19.6 percent to 20.8 percent from last year.
Adjusted operational earnings per share is now projected to be $9.50 to $9.60, higher than previously expected $9.30 to $9.45, and up 18.4 percent to 19.6 percent from last year. Analysts expect the company to earn $9.52 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Full-year revenue is now expected to be $93.8 billion to $94.6 billion including Covid Vaccine, and $91.3 billion to $92.1 billion from base business, both higher than the prior year. Previously, the company expected full-year sales of $90.6 billion to $91.6 billion.
Analysts expect revenues of $91.3 billion for the year.
In its second quarter, Johnson & Johnson's net earnings climbed 73.1 percent to $6.28 billion, or $2.35 per share from $3.63 billion, or $1.36 per share last year.
Adjusted earnings were $6.63 billion or $2.48 per share, compared to $4.45 billion or $1.67 per share a year ago. The Wall Street estimated earnings of $2.27 per share for the quarter.
The company's revenue for the quarter rose 27.1 percent to $23.31 billion from $18.34 billion last year, while analysts were looking for $22.19 billion.
Operational sales grew 23 percent and adjusted operational sales increased 23.8 percent.
In the U.S., revenues climbed 25 percent from last year to $11.92 billion, and the growth was 29.5 percent in International region to $11.39 billion.
Among segments, revenues grew 13.3 percent in Consumer Health, 17.2 percent in Pharmaceutical and 62.7 percent in Medical Devices segment.
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