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J&J Q1 earnings: ‘we feel very good about 2023’

Shares of Johnson & Johnson (NYSE: JNJ) opened down this morning after the consumer health and pharmaceutical company said it swung to a loss in its first financial quarter.

What resulted in a loss this quarter?

J&J faced a one-time $6.9 billion charge this quarter to settle lawsuits that accused is talc containing powders of causing serious illnesses, including cancer and asbestos poisoning.

On the plus side, though, CFO Joseph Wolk confirmed that the consumer wasn’t pushing back on price increases. Speaking with CNBC’s Becky Quick, he added:

We continue to manage our costs and resources in a very practical, efficient way to make sure that we invest heavily in research and development.

Year-to-date J&J stock is down about 10% at writing.

Dividend and future guidance

Also on Tuesday, Johnson & Johnson raised its quarterly dividend by a little over 5.0% to $1.19 a share. Updating on the company’s recent Abiomed acquisition, the finance chief said:

We’ve been able to integrate seamlessly the Abiomed acquisition from last year. That business grew 22% from when it was a standalone a year ago. We continue to make great progress with our consumer health unit separation.

For the full year, the multinational raised its guidance today to between $10.60 and $10.70 of adjusted per-share earnings on up to $98.9 billion in sales.

Wall Street currently has a consensus overweight rating on J&J stock.

Notable figures in JNJ Q1 earnings report

Lost $68 million that translates to 3 cents per share

That compared to $5.149 billion of net income last year

Adjusted EPS printed at $2.68 as per the press release

Sales went up 5.6% year-on-year $24.746 billion

Consensus was $2.50 a share on $23.599 billion revenue

Johnson & Johnson noted meaningful sales growth in all three of its business segments. According to CFO Wolk:

Great scientific innovation continues to produce great financial results for our company. We’ve been able to manage some of the macroeconomic headwinds. We feel very good about 2023 and beyond.

The post J&J Q1 earnings: ‘we feel very good about 2023’ appeared first on Invezz.

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