▲ US Stock Focus | Johnson & Johnson fell 0.9% before the market opened. First-quarter profit beat expectations and narrowed full-year sales guidance.
Johnson & Johnson (US: JNJ) announced its first-quarter results on Tuesday (16th). Revenue during the period was US$21.38 billion, an increase of 2.3% year-on-year, slightly worse than the expected US$21.4 billion, and adjusted earnings per share of 2.71 USD, better than the expected USD 2.64. Johnson & Johnson has narrowed its full-year guidance range for 2024, expecting sales to be approximately US$88 billion to US$88.4 billion, compared with the previous forecast of US$87.8 billion to US$88.6 billion.
Johnson & Johnson’s medical device business experienced strong sales growth in the first quarter. Its medical technology division provides surgical, orthopedic and vision equipment. Benefiting from the rebound in demand for non-urgent surgeries among the elderly after the epidemic, segment sales reached US$7.82 billion, a year-on-year increase of more than 4%. Meanwhile, Johnson & Johnson reported drug sales of $13.56 billion, an increase of about 1% from the same period last year.
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