Johnson & Johnson 1Q Sales, Profit Improve as Pandemic Impacts Abate

By Matt Grossman

Johnson & Johnson on Tuesday logged growing revenue and profit figures for the first quarter, citing year-over-year comparisons showing a stabilizing business environment compared with the early stages of the Covid-19 pandemic.

The New Brunswick, N.J.-based pharmaceutical and healthcare company logged net earnings of $2.32 a share, compared with $2.17 a share in the first quarter of 2020. Total net earnings grew to $6.2 billion, from $5.8 billion a year ago.

Accounting for one-time items, the company's adjusted earnings were $2.59 a share. Analysts surveyed by FactSet had forecast adjusted earnings of $2.34 a share.

Revenue rose to $22.32 billion, from $20.69 billion in the prior-year quarter. Analysts were expecting revenue of $21.98 billion.

Pharmaceutical sales, Johnson & Johnson's largest revenue contributor, grew 9.6% to $12.2 billion year over year. Medical-device sales increased 11% year over year to $6.58 billion. Consumer-health sales ticked down 2.3% to $3.54 billion.

The company attributed the segment sales trends to normalizing conditions compared with the effects of the coronavirus pandemic as it was taking hold during the first months of 2020.

Write to Matt Grossman at [e-mail]

(END) Dow Jones Newswires

April 20, 2021 07:09 ET (11:09 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.