Johnson & Johnson Reports Gains in 3Q Profit, Revenue

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 [e-mail]

(END) Dow Jones Newswires

October 13, 2020 07:14 ET (11:14 GMT)

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