Johnson & Johnson shares
rose 1.1% in premarket trade Wednesday, after the consumer and health company beat earnings estimates for the second quarter and raised its full-year guidance. The company said it had net income of $6.278 billion, or $2.35 a share, up from $3.626 billion, or $1.36 a share, in the year-earlier period. Adjusted per-share earnings came to $2.48, ahead of the $2.29 FactSet consensus. Sales rose 27.1% to $23.312 billion from $18.336 billion, also ahead of the $22.490 billion FactSet consensus. Chief Executive Alex Gorksy said sales were strong across the company’s medical device, consumer health and pharma businesses. Consumer health sales rose 13.5 to $3.735 billion, pharma sales rose 17.2% to $12.599 billion and medical device sales rose 62.7% to $$6.978 billion. The company raised its full-year guidance and now expects adjusted EPS to range from $9.50 to $9.60, up from prior guidance of $9.30 to $9.45. It expects sales of $92.5 billion to $93.3 billion including its COVID-19 vaccine, versus prior guidance of $89.3 billion to $90.3 billion. Shares have gained 7% in the year to date, while the Dow Jones Industrial Average
has gained 12.8%.