Johnson & Johnson lifts guidance after beating Q2 forecasts

(Sharecast News) - Johnson & Johnson surpassed expectations with its second-quarter revenue and adjusted earnings on Thursday, after its medtech business experienced a surge in sales. The pharmaceuticals giant's second-quarter reported adjusted earnings per share came in at $2.80, surpassing the $2.62 analysts had pencilled in.

Similarly, its revenue reached $25.53bn, beating an estimated $24.62bn.

The company revealed 6.3% growth in sales for the quarter compared to the same period last year, as net income amounted to $5.14bn, or $1.96 per share, up from $4.8bn or $1.80 per share a year earlier.

On the back of its strong performance, Johnson & Johnson revised its full-year guidance upwards.

It now forecast sales of between $98.8bn and $99.8bn, up around $1bn from its April guidance.

Additionally, Johnson & Johnson adjusted its earnings outlook, expecting a range of $10.70 to $10.80 per share, up from the previous $10.60 to $10.70.

"Our robust performance in the second quarter and first half of 2023 is a testament to the hard work and commitment of our colleagues around the world," said chairman and chief executive officer Joaquin Duato.

"We are entering the back half of the year from a position of strength with numerous catalysts, including becoming a two-sector company focused on Pharmaceutical and MedTech innovation."

At 1134 EDT (1634 BST), shares in Johnson & Johnson were up 5.92% at $168.15.

Reporting by Josh White for Sharecast.com.