Johnson & Johnson Cuts Annual Profit Outlook, Pharma Unit Cushions Fall In Medical Devices - Johnson & Johnson (NYSE:JNJ)

Johnson & Johnson JNJ has reported Q2 FY22 adjusted earnings of $2.59 per share, up 4.4% Y/Y and slightly ahead of the consensus of $2.57.
Net sales increased 3% Y/Y (8% on an operational basis) to $24.02 billion, marginally beating the consensus of $23.81 billion.
Pharmaceuticals contributed $13.32 billion in sales, +12.4%, due to Darzalex, Stelara, Tremfya, Erleada, and paliperidone palmitate and COVID-19 vaccine, offset by lower sales from Remicade and Imbruvica.
Related: Johnson & Johnson Suspends Sales Forecast For COVID-19 Vaccine, Trims FY22 Profit Outlook.
JNJ generated $544 million in COVID-19 vaccine sales during the quarter, with sales down 12% in the U.S. to $45 million.
Medical Devices sales declined 1.1% to $6.89 billion, as COVID-19-related mobility restrictions in certain regions partially offset growth.
Consumer Health segment sales were down 1.3% to $3.8 billion.
Outlook: Johnson & Johnson expects FY22 adjusted EPS of $10.00 - $10.10, lower than the prior forecast of $10.15 - $10.35. The consensus estimate is $10.27.
The company expects sales of $93.3 billion – $94.3 billion, compared to the previous guidance of $93.3 billion – $94.3 billion, versus the consensus of $96.04 billion.
Price Action: JNJ shares are up 0.21% at $174.60 during the premarket session on the last check Tuesday.