Johnson & Johnson Shares Gain After Q3 Earnings Beat Wall Street; Raises FY21 Guidance

Johnson & Johnson JNJ has reported Q3 adjusted earnings of $2.60 per share, up 18% Y/Y over the $2.20 posted a year ago and better than the consensus of $2.36.
Net sales increased 10.6% Y/Y to $23.3 billion, ahead of the consensus of $23.7 billion.
Pharmaceutical contributed $12.9 billion in sales, +13.8%, due to Stelara (ustekinumab), Darzalex (daratumumab), Tremfya (guselkumab), Erleada (apalutamide), Opsumit (macitentan), and paliperidone palmitate.
This growth was partially offset by the decline in sales from Remicade (infliximab) and Invokana (canagliflozin).
Medical Devices grew 7.6% to $6.6 billion, primarily driven by electrophysiology, wound closure, surgical vision, trauma, hips, knees, and biosurgical products. Spine, Sports & Other partially offset growth.
Consumer health segment sales increased 5.7% Y/Y to $3.7 billion, primarily driven by over-the-counter products.
JNJ generated $502 million in sales from COVID-19 vaccine sales during the quarter.
Outlook: JNJ raised FY21 guidance to overall sales of $94.1 billion - $94.6 billion ($93.8 billion - $94.6 billion previously), including $2.5 billion from COVID-19 Vaccine sales.
It expects adjusted EPS of $9.77-$9.82, as against the earlier outlook of $9.60 - $9.70, higher than the consensus of $9.66.
Price Action: JNJ shares are up 1.49% at $162.50 during the premarket session on the last check Tuesday.

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