These Analysts Revise Their Forecasts On Johnson & Johnson After Q2 Results

Johnson & Johnson JNJ reported better-than-expected second-quarter earnings on Wednesday.

The company posted adjusted EPS of $2.82, up 10.2% year-over-year, beating the consensus of $2.70. The pharma giant reported sales of $22.45 billion, up 4.3% year-over-year, beating the consensus of $22.31 billion, according to data from Benzinga Pro.

"With a robust pipeline, upcoming regulatory milestones for RYBREVANT and TREMFYA, the integration of Shockwave, and continued expansion of newly launched products, including ACUVUE OASYS MAX 1-Day contact lenses and our VARIPULSE platform, we have a strong foundation for near and long-term growth," said Joaquin Duato, Chairman and CEO.

Johnson & Johnson raised fiscal year 2024 operational sales guidance to $89.2 billion-$89.6 billion versus prior guidance of $88.7 billion-$89.1 billion.

The company said it expects fiscal year 2024 adjusted EPS guidance of $9.97–$10.07, down from prior guidance of $10.57–$10.72 versus the consensus of $10.01, to reflect the impact of recent acquisitions of Shockwave Medical, Proteologix, and NM26 Bispecific Antibody.

Johnson & Johnson shares gained 0.1% to trade at $156.72 on Thursday.

These analysts made changes to their price targets on Johnson & Johnson following the announcement.

• Morgan Stanley analyst Terence Flynn maintained Johnson & Johnson with an Equal-Weight rating and boosted the price target from $167 to $169.
• TD Cowen analyst Joshua Jennings maintained the stock with a Buy rating, while cutting the price target from $195 to $185.
• RBC Capital analyst Shagun Singh reiterated Johnson & Johnson with an Outperform rating and maintained a price target of $175.

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