The pharmaceutical sector recorded the highest sales of about $13.71 billion, followed by MedTech with total sales of about $7.78 billion, and the rest is due from the consumer health sector.
Johnson & Johnson (NYSE:JNJ), one of America’s oldest pharmaceutical and consumer packaged goods companies, reported second-quarter (Q2) 2023 earnings on July 20, which ostensibly beat Wall Street expectations. According to the company’s announcement, second-quarter sales grew about 6.3 percent and operational growth excluding the COVID-19 vaccine jumped 8.9 percent. Meanwhile, Joaquin Duato, Chairman and CEO of the company, affirmed that the future is bright for its massive products, especially as it moves forward to split its shares.
“We are entering the second half of the year from a position of strength with several catalysts, including becoming a two-sector company focused on drug innovation and MedTech,” Duatu said. male.
Johnson & Johnson financial profiles for the second quarter of 2023
During the second quarter of 2023, the company reported adjusted earnings per share of $2.80, compared to the $2.62 that analysts had expected in a Refinitiv survey. In addition, Johnson & Johnson reported revenue of about $25.53 billion compared to the $24.62 billion expected by analysts surveyed by Refinitiv. Breaking down sales, the company announced that it has collected about $13.44 billion from the US market and the remaining $22 billion from the international market.
The pharmaceutical sector recorded the highest sales of about $13.71 billion, followed by MedTech with total sales of about $7.78 billion, and the rest is due from the consumer health sector. Although the company is facing several headwinds including some legal action, it highlighted that the upcoming quarters could be just as profitable as the previous quarter.
As a result, the company announced that it will increase the midpoints of full-year guidance for 2023 for adjusted operating sales excluding the COVID-19 vaccine and adjusted operating earnings per share. Notably, the company expects full-year sales to be between $98.80 billion and $99.80 billion, which is about $1 billion more than guidance issued in April. In addition, the company’s full-year earnings forecast is expected to be in the range of $10.70 to $10.80 per share, which is higher than the previous release issued in April of between $10.60 to $10.70 per share.
Amid legal litigation centered largely on claims that its pharmaceutical products cause cancer in its users, the company has focused on splitting the pharmaceutical segment and the MedTech segment for future growth prospects.
Market forecast
The company valued at $413 billion has been on the receiving end in the past two years. According to the latest stock market data, JNJ shares are down about 7.3 percent and 10 percent in the year-to-date, respectively. However, 21 analysts remain optimistic about the company’s future performance after giving JNJ Market an average rating of over.
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