Johnson & Johnson 1Q Sales Rise on U.S. Growth, Narrows Adjusted EPS Outlook

By Sabela Ojea

Johnson & Johnson said sales rose in the latest quarter, mainly boosted by the U.S. market, and narrowed its full-year adjusted earnings per share outlook.

The healthcare giant on Tuesday posted a net profit of $5.35 billion, or $2.20 a share, compared with a loss of $491 million, or 19 cents a share, for the same period a year earlier.

Stripping out one-time items, the company's earnings per share came in at $2.71, coming ahead of analysts expectations of $2.64, according to FactSet.

Sales rose 2.3% to $21.38 billion, boosted by growth across all geographies expect Asia-Pacific and Africa. Analysts polled by FactSet had forecast slightly higher sales of $21.39 billion.

The company said its topline performance in the U.S. rose 7.8% to $11.62 billion.

"Johnson & Johnson's solid first quarter performance reflects our sharpened focus and the progress in our portfolio and pipeline," Chief Executive Joaquin Duato said.

Regarding its outlook, Johnson & Johnson said it now expects full-year sales of $88 billion to $88.4 billion versus a prior range of $87.8 billion to $88.6 billion, and narrowed its full-year adjusted earnings per share views to $10.57 to $10.72 from $10.55 to $10.75 expected previously.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

Corrections & Amplifications

This article was corrected at 12:02 p.m. ET because it incorrectly said the company cut its full-year adjusted earnings per share outlook. Johnson & Johnson narrowed its full-year adjusted earnings per share outlook.

(END) Dow Jones Newswires

April 16, 2024 07:01 ET (11:01 GMT)

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