Johnson & Johnson Reports Gains in 3Q Profit, Revenue
October 13 2020 - 7:29AM
Dow Jones News
By Matt Grossman
Johnson & Johnson Tuesday logged a larger third-quarter
profit on higher sales Tuesday as stronger sales of pharmaceuticals
and consumer-health staples overcame headwinds from the coronavirus
pandemic.
The New Brunswick, N.J.-based health-care company posted a
third-quarter profit of $3.55 billion, or $1.33 a share, compared
with a profit of $1.75 billion, or 66 cents a share, in the same
three-month period a year earlier.
On an adjusted basis, J&J's profit was $2.20 a share.
Analysts surveyed by FactSet had expected adjusted earnings of
$1.98 a share.
Sales were $21.08 billion, up 1.7% from $20.73 billion in last
year's third quarter. Analysts were forecasting sales of $20.21
billion.
Consumer-health adjusted operational sales, which excludes
currency effects and acquisitions and divestitures, grew by 3.1%,
J&J said, boosted by higher sales of Tylenol, digestive-health
products and Listerine mouth wash. The coronavirus pandemic
dampened sales of over-the-counter products in international
markets, J&J said.
Pharmaceutical adjusted operational sales climbed 4.7%, while
medical-devices adjusted operational sales fell by 3.3% as the
Covid-19 pandemic deferred medical procedures that make use of
J&J products.
J&J has paused trials of its candidate Covid-19 vaccine
after a study participant suffered an unexplained illness.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
October 13, 2020 07:14 ET (11:14 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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