Coronavirus helped drive Johnson & Johnson's quarterly profit higher as people stocked up on its over-the-counter drugs. But J&J lowered its full-year forecast due to the hit to its medical device business with hip and knee replacement procedures on hold
) on Tuesday said it expects its medical device business to begin recovering in the fourth quarter as elective medical procedures delayed by the coronavirus pandemic start to resume.
However, investors appeared to take heart that J&J did not simply withdraw its 2020 forecasts over coronavirus uncertainty as the pandemic causes massive business disruptions around the world. It also raised the quarterly dividend to $1.01 per share, and its shares rose 5% to $146.89 Wolk said he expected elective procedures and doctor visits would be largely allowed in the second half of the year, with the business seeing a lingering impact but starting to stabilize in the third quarter.
J&J Chief Executive Alex Gorsky said the company was developing the vaccine on a “not-for-profit” basis for emergency pandemic use.
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