The company is benefiting from a rebound in demand for nonurgent surgeries among older adults, who deferred those procedures during the Covid pandemic.
Johnson & Johnson reported first-quarter adjusted earnings that topped expectations as sales in its medical devices business surged.
J&J expects adjusted earnings of $10.57 to $10.72 per share. That compares to a previous guidance of $10.55 to $10.75 per share.its quarterly dividend to $1.24 per share, up 4.2% from $1.19 per share. That marks the company's 62nd year of consecutive dividend increases, it said. The dividend is payable on June 4.— part of its push into the cardiovascular space. Both companies have said the deal will make J&J a leader in four quickly growing cardiovascular technology categories.
J&J's medical devices business generated sales of $7.82 billion during the first quarter, up more than 4% year over year. Wall Street was expecting revenue of $7.87 billion, according to estimates compiled by StreetAccount. It was the fourth quarter without any U.S. sales from J&J's Covid vaccine, which brought in $25 million in international revenue.
But first-quarter sales of the company's blockbuster drug Stelara, which is used to treat several chronic and potentially disabling conditions such as Crohn's disease, were relatively flat from the same period a year ago. Those products, which include J&J's namesake baby powder, now fall under Kenvue. But J&J will assume all talc-related liabilities that arise in the U.S. and Canada.
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