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Johnson & Johnson Q3 Profit Beats Estimates; Adj. Operational Sales Up 8.2%; Increases Guidance

Johnson & Johnson (JNJ) reported that its third quarter adjusted EPS decreased 1.9% to $2.55. Analysts on average had expected the company to earn $2.48 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Looking forward, the company increased fiscal 2022 adjusted operational EPS performance offsetting continued unfavorable currency impacts. Adjusted operational EPS is now estimated in a range of $10.70 - $10.75, revised from prior guidance of $10.65 - $10.75. Adjusted operational sales are now expected in a range of 6.7% - 7.2%, revised from prior guidance range of 6.5% - 7.5%. The company maintained 2022 full-year guidance midpoints for operational sales and reported adjusted EPS.

Johnson & Johnson said it remains confident in its ability to grow Pharmaceutical sales every year toward goal of $60 billion by 2025. The company expects some improvement in inflationary pressures in 2023, however higher costs of inventory manufactured in 2022 will negatively impact 2023.

Third quarter earnings totaled $4.46 billion, or $1.68 per share compared with $3.67 billion, or $1.37 per share, prior year. Reported sales were up 1.9% to $23.8 billion with operational growth of 8.1% and adjusted operational growth of 8.2%. Consumer Health worldwide adjusted operational sales increased 4.8%. Pharmaceutical worldwide adjusted operational sales were up 9.2%. MedTech worldwide adjusted operational sales increased 8.1%. Analysts on average had estimated $23.34 billion in revenue.

Shares of Johnson & Johnson are up 1% in pre-market trade on Tuesday.

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