Johnson & Johnson’s Q2 results top expectations

Johnson & Johnson (NYSE:JNJ) today reported 2nd-quarter results that beat expectations on Wall Street, despite a nearly 9% top-line slide.

The New Brunswick, N.J.-based healthcare conglomerate posted profits of $4.52 billion, or $1.61 per share, on sales of $17.79 billion for the 3 months ended June 30, for bottom-line growth of 4.4% on an -8.8% sales decline.

Adjusted to exclude 1-time items, earnings per share were $1.71. Analysts were looking for adjusted EPS of $1.67 per share on sales of $17.75 billion.

J&J, which boasts the world’s largest medtech business, said sales for its medical device & diagnostics segment were $6.4 billion during the quarter, down 12.2%.

“Our solid sales and earnings results in the quarter reflect the strong underlying growth we’re seeing across the enterprise,” chairman & CEO Alex Gorsky said in prepared remarks. “Our diverse portfolio and scale are enabling this performance, and we’ve continued to invest in building a robust enterprise pipeline that will drive our growth over the long term. Our passion to deliver transformational new medicines and products reflects the ongoing commitment of our dedicated employees to improve health and well-being.”

Johnson & Johnson raised its adjusted EPS guidance for the full year, to $6.10-$6.20 per share, up from its prior outlook of$5.80-$5.90.

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