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J&J’s Q1 2024 sales rise 2.3% to $21.4 billion

Bruno T
Latest News
April 16 2024 9:52AM

Johnson & Johnson (NYSE:JNJ) reported a robust start to fiscal 2024, with a 2.3% increase in first-quarter sales, reaching $21.4 billion. This financial uptick comes after the company’s net income hit $5.3 billion over the same period.

In a significant turnaround, J&J’s earnings per share (EPS) surged from a loss of $0.19 last year to a substantial gain of $2.20 this quarter. Further bolstering investor confidence, J&J has revised its full-year 2024 guidance upwards. The company now projects its operational sales will range between $88.7 billion and $89.1 billion, with adjusted estimated reported sales anticipated to be between $88.0 billion and $88.4 billion. The adjusted forecast reflects a new midpoint of $88.2 billion for reported sales, illustrating J&J’s optimistic outlook on its operational performance and earnings growth.

Joaquin Duato, Chairman and Chief Executive Officer, highlighted the company’s strategic advancements, stating, “Johnson & Johnson’s solid first quarter performance reflects our sharpened focus and the progress in our portfolio and pipeline. Our impact across the full spectrum of healthcare is unique in our industry, and the milestones achieved this quarter reinforce our position as an innovation powerhouse.”

Despite these positive developments, J&J shares experienced a decline of 1.40% in premarket trading in New York, illustrating the complex dynamics that can influence investor sentiment and market performance.