HomeFinancial MarketsJohnson & Johnson Raises Its 2023 Profit Forecast After Strong Q2

Johnson & Johnson Raises Its 2023 Profit Forecast After Strong Q2

Pharma giant Johnson & Johnson is expecting to have a better 2023 performance after reporting strong second-quarter earnings on Wednesday. The company benefited from a well-performing medical devices business that saw significant sales growth in the first part of the year. It also benefited from the increased demand for its cancer medication Darzalex and over-the-counter drugs. 

Johnson & Johnson beat the Wall Street estimates in Q2, seeing $2.80 in adjusted earnings per share compared to the $2.62 EPS expected by the analysts. Its revenue came at $25.53 billion versus an estimated $24.62 billion, with a net income of $5.14 billion.

The company now expects to reach between $98.80 billion and $99.80 billion in sales, which represents a $1 billion increase compared to the previous estimate after Q1.

It also raised its earnings prediction to $10.70 to $10.80 per share compared to the $10.60 to $10.70 per share forecast in April. The analysts expected the company to have profits of $10.65 per share for the year.

Johnson & Johnson stock saw a slight movement in pre-market trading on Thursday, at one point reaching $159.30 per share compared to Wednesday’s close of $158.65. The company’s shares have been down almost 11% year-to-date.

Warren Buffett to Step Down as Berkshire Hathaway CEO at the End of 2025

Warren Buffett is ready to step down as the CEO of multinational conglomerate Berkshire Hathaway. Buffet announced his decision while speaking at the company’s...

Microsoft Stock Soars on Better-Than-Expected Q3 Earnings

Microsoft reported better-than-expected third-quarter earnings on Wednesday, which caused the company's stock to soar by more than 8% in after-hours trading. Microsoft reported $3.46 in...

Gold Continues to Drop From Record Highs, Dollar Ends Its Slide

After reaching fresh record highs at the beginning of last week, gold has been in the midst of a continuous drop. Meanwhile, the U.S....