Johnson & Johnson financials beat expectations

Johnson & Johnson (NYSE:JNJ) stock was up on Wednesday, thanks to second-quarter profit and revenue that exceeded Wall Street estimates.

“[The] second quarter performance reflects our relentless focus on advancing the next wave of medical innovation and resulted in strong sales and adjusted operational earnings per share growth,” chief executive Joaquin Duato said in a statement.

It reported robust sales of its innovative medicines, including its psoriasis treatment Stelara and cancer treatment Darzalex which increased sales by 3.1% to $2.89 billion and 18.4% to $2.88 billion respectively.

Overall, group sales were up 4.3% to $22.45 billion which was slightly better than the predicted $22.33 billion, Net income fell to $4.69 billion, or $1.93 per share, compared to $5.14 billion, or $2.05 per share, a year earlier

Adjusted earnings per share, however, rose to $2.82 from $2.56, and it beat forecasts for $2.71.

J&J raised its full-year sales guidance to $89.2 billion to $89.6 billion, from the previous range of $88.7 billion to $89.1 billion. But, it earnings (adjusted) per share forecast was lowered to $9.97 to $10.07 from $10.57 to $10.72 accounting for the costs tied to acquisitions such as its $13 billion acquisition of Shockwave Medical.

The company noted that its MedTech division was impacted by supply constraints and competition, particularly for its surgical devices, and it continues to face ongoing legal issues related to its talc products.

J&J told investors it will pay a regular cash dividend of $1.24 per share for the third quarter, paid on September 10.

In New York, JNJ stock was up $4.94 or 3.27% changing hands at $155.95.