Johnson & Johnson reported higher earnings per share and lower revenue in the third quarter than Wall Street expected, according to the company's financial results released Oct. 19.
Six things to know:
- Adjusted earnings per share were $2.60 versus the expected $2.35 per share, according to CNBC. The company cited higher sales in its consumer health, pharmaceutical and medical device units as the reason for the better-than expected profit.
- Revenue was $23.34 billion versus an expected $23.72 billion.
- The company increased its full year earnings guidance to between $9.77 per share and $9.82 per share, up from its previous estimate of $9.60 per share to $9.70 per share. It expects sales to range from $94.1 billion to $94.6 billion, up from its previous estimate of $93.8 billion to $94.6 billion, CNBC reported.
- Johnson & Johnson sold $502 million in COVID-19 vaccines in the third quarter. It maintained its outlook to sell a total of $2.5 billion in COVID-19 vaccines this year.
- The consumer health unit generated $3.7 billion in revenue, up 5.3 percent from the previous year. Johnson & Johnson said the increase was driven by sales of over-the-counter products, including Tylenol and Motrin.
- Its pharmaceutical business generated $12.9 billion in the third quarter, up 13.8 percent from the previous year. The company said this was driven by sales of several drugs, including multiple myeloma drug Darzalex, plaque psoriasis drug Tremfya and prostate cancer drug Erleada. The growth was partially offset by a decline in U.S. sales of its biologic drug Remicade and Type 2 diabetes drug Invokana.
Find Johnson & Johnson's full third-quarter financial results here.