Johnson & Johnson (JNJ) reported better-than-expected earnings and revenue for the second quarter of 2023, beating consensus estimates on both counts. The company also raised its full-year outlook, citing strong demand for its cancer drugs and medical devices.
For the second quarter, J&J reported earnings of $2.80 per share on revenue of $24.8 billion. Analysts were expecting earnings of $2.62 per share on revenue of $24.4 billion.
The company's pharmaceutical division was the top performer, with sales increasing 3% to $13.7 billion. The growth was driven by strong demand for its cancer drugs, including Darzalex and Erleada. The company's medical devices division also saw strong growth, with sales increasing 6% to $9.1 billion.
Looking ahead, J&J raised its full-year earnings outlook to $10.70 to $10.80 per share, up from its previous forecast of $10.60 to $10.70 per share. The company also raised its full-year revenue outlook to $98.80 billion to $99.80 billion, up from its previous forecast of $97.80 billion to $98.80 billion.
J&J's earnings report was well-received by investors, with the company's stock price rising more than 6% in pre-market trading. The strong results suggest that J&J is on track to meet its long-term growth goals.
Key Takeaways
- Johnson & Johnson reported better-than-expected earnings and revenue for the second quarter of 2023.
- The company's pharmaceutical division was the top performer, with sales increasing 3% to $13.7 billion.
- J&J raised its full-year earnings outlook to $10.70 to $10.80 per share.
- The company also raised its full-year revenue outlook to $98.80 billion to $99.80 billion.
- J&J's earnings report was well-received by investors, with the company's stock price rising more than 6% in pre-market trading.