LONDON (ShareCast) - (Sharecast News) - US healthcare giant Johnson & Johnson has upgraded its guidance for the full year after a strong third quarter, which topped analysts' estimates for both sales and profits.
Third-quarter sales rose 6.8% to $21.4bn , beating the $21.04bn expected by the market, despite a strong comparative with previous year's third quarter as a result of Covid-19 vaccine sales. The company booked just $41m in total Covid-19 vaccine sales during the period, compared with $489m the year before.

Excluding the Covid-19 vaccine business, operational growth would have been at 9% year-on-year.

Adjusted net earnings were up 14.1% at $6.8bn, while adjusted earnings per share rose 19.3% to $2.66, ahead of the $2.52 consensus forecast.

J&J said it now expected to deliver between $83.6bn and $84bn in sales in 2023, up from August's guidance of $83.2bn to $84bn, representing growth of around 7.7% on 2022 at the mid-point in the range.

Adjusted EPS guidance has been nudged up to $10.07-10.13, up from $10.00-10.10 previously, representing 13% growth at the mid-point.

"Johnson & Johnson delivered strong results and significant pipeline advances in the third quarter, providing a solid foundation for future sustained growth," said chair and chief executive Joaquin Duato.

These were the first quarterly results since J&J spun off its consumer health division Kenvue in August.

"With a sharpened focus on Innovative Medicine and MedTech solutions, Johnson & Johnson is innovating across the spectrum of healthcare and is poised to deliver the medical breakthroughs of tomorrow," Duato said.

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