Written by Brenda Nakalema

Johnson & Johnson Beat Profit Estimates but Cut Full-Year Outlook

Johnson & Johnson released adjusted second-quarter earnings of $2.59 a share, beating analysts’ estimates; however, the giant of healthcare trimmed …

Johnson & Johnson released adjusted second-quarter earnings of $2.59 a share, beating analysts’ estimates; however, the giant of healthcare trimmed its fiscal-year adjusted earnings outlook.

Johnson & Johnson (ticker: JNJ) shares climbed 0.2% Tuesday, landing at $174.52. Sales in the quarter gained 3% to $24 billion. Pharmaceutical sales climbed 6.7% to $13.3 billion. Revenue earned from Covid-19 vaccines of $544 billion surpassed Wall Street estimates.

Analysts surveyed by FactSet set expectations at $2.54 a share on revenue of $23.8 billion. The previous year saw the company earn $2.48 a share on revenue of $23.3 billion.

Johnson & Johnson announced on Tuesday that it expected adjusted earnings for the full year of $10 to $10.10 a share, a drop from previous guidance of $10.15 to $10.35 a share. Sales forecast for the year stood at $93.3 billion to $94.3 billion, in contrast with the previous expectation of $94.8 billion to $95.8 billion.

The company blamed a stronger dollar for the adjustment in its outlook for 2022.

Since the start of the year, JNJ shares have climbed 1.9%. The S&P 500 has fallen 19.6% this year.