Johnson & Johnson (NYSE:JNJ) posted a slight increase in 1st-quarter sales in the face of headwinds from the strong dollar and Venezuela’s devaluation of the bolivar, but still managed to top Wall Street’s earnings forecast.
Profits for the New Brunswick, N.J.-based healthcare titan were off by -0.6% at $4.29 billion, or $1.54 per share, on sales of $17.48 billion for the 3 months ended March 31. That’s a top-line gain of 0.6% compared with Q1 2015.
Adjusted to exclude 1-time items, earnings per share were $1.68, 3¢ ahead of The Street’s consensus forecast.
“We are off to a strong start to the year, supported by our 1st-quarter underlying sales growth,” chairman & CEO Alex Gorsky said in prepared remarks. “Our pharmaceuticals business continues to deliver impressive levels of growth, we have steady improvement in our consumer business, and we are seeing momentum in our medical devices businesses, all of which are fueling our optimism for the full year ahead.”
J&J also raised its outlook for the rest of 2016, saying it now expects to post adjusted EPS of $6.53 to $6.68 per share, up from $6.43 to $6.58. Sales are now expected to be $71.2 billion to $71.9 billion, compared with $70.8 billion to $71.5 billion previously.
Sales for Johnson & Johnson’s medical device business, the world’s largest, were off-6.5% overall at $6.11 billion, despite rising 2.2% to $3.03 billion in the U.S. International medical device sales were down -6.5% to $3.08 billion, the company said.
“Primary contributors to operational sales growth were electrophysiology products in the cardiovascular business; joint reconstruction products in the orthopaedics business; endocutters, energy and biosurgical products in the advanced surgery business; and international Acuvue contact lenses in the vision care business,” Johnson & Johnson said.
The post Johnson & Johnson’s Q1 sales tick up appeared first on MassDevice.
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