Johnson & Johnson on Tuesday cut its 2020 adjusted profit forecast, as the coronavirus outbreak causes uncertainty across global markets.
REUTERS: Johnson & Johnson on Tuesday beat analysts' estimates for first-quarter profit on higher sales of its cancer drugs and consumer products including Tylenol, while slashing its full-year forecast due to the coronavirus shutdowns.
Shares of the company, which raised its dividend by 6.3per cent to US$1.01 per share, rose 3per cent to US$144 in trading before the bell.The company now expects 2020 adjusted earnings per share of US$7.50 to US$7.90, compared with its prior estimate of US$8.95 to US$9.10. Johnson & Johnson is the first major U.S. drugmaker to report earnings since the coronavirus outbreak forced hospitals to postpone elective surgeries and some patients to cancel appointments, hitting demand for medical devices.However, sales in its consumer health unit jumped 9.2per cent to US$3.63 billion, mainly driven by a surge in demand for products such as Tylenol and Motrin as locked-down customers stocked up on basic medications.Sales in J&J's pharmaceutical unit rose 8.
Net earnings rose to US$5.80 billion, or US$2.17 per share, in the first quarter, from US$3.75 billion, or US$1.39 per share, a year earlier. Excluding items, the maker of Band-Aid and Listerine mouth wash earned US$2.30 per share, beating the average analyst estimate of US$2, according to IBES data from Refinitiv.
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