By Dave Sebastian
Becton, Dickinson & Co. said sales of products used for Covid-19 testing and prevention drove its profit up for the fiscal first quarter.
The New Jersey-based medical-technology company Thursday posted net income of $1 billion, compared with $278 million in the prior year.
Earnings were $3.35 a share, compared with 87 cents a share a year earlier.
Adjusted earnings were $4.55 a share. Analysts polled by FactSet were looking for $3.12 a share.
Revenue was $5.32 billion, up 25.8% from the same period a year ago, matching its expectations. Analysts were looking for $4.92 billion.
Covid-19 testing sales were $867 million for the quarter.
Sales in its medical segment grew 8.2% to $2.26 billion due to higher demand for products used in the treatment and prevention of Covid-19, such as prefillable syringes. Life-sciences sales grew 76.2% to $1.98 billion, the company said
Revenue in its biosciences unit fell as the prior year's benefit of licensing revenue eclipsed gains from research and clinical-lab activity and Covid-19 vaccine research. International sales rose 6.2% to $1.08 billion as practitioners worked through patient backlogs for elective care.
Write to Dave Sebastian at email@example.com
(END) Dow Jones Newswires
February 04, 2021 06:42 ET (11:42 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.