Johnson & Johnson (NYSE:JNJ) reported an impressive first quarter Tuesday, posting earnings that beat forecasts and revenue that topped expectations, helped by increased demand for its pharmaceutical sales on the back of the coronavirus outbreak.
J&J announced earnings per share of $2.30 on revenue of $20.69 billion, compared with expectations of EPS of $1.99 on revenue of $19.86 billion.
The drug and consumer products company also boosted its dividend by 6.3% from $0.95 per share to $1.01 per share. This has offset a downbeat full-year outlook, with the company now expecting 2020 adjusted earnings per share of $7.50 to $7.90, compared with its prior estimate of $8.95 to $9.10.
“Johnson & Johnson is built for times like this, and we are leveraging our scientific expertise, operational scale and financial strength in the effort to advance the work on our lead COVID-19 vaccine candidate," said Alex Gorsky, Chairman and Chief Executive Officer. "We are committed to beginning production at risk imminently and bringing an affordable and accessible vaccine to the public on a not-for-profit basis for emergency pandemic use.”
J&J shares rose over 4% premarket on the back of these figures.
That said, "J&J’s business is facing many uncertainties in the current environment. While demand for certain consumer and pharma categories is rising due to coronavirus, its medical device business is suffering because COVID-19 has upended the whole surgery market," said Haris Anwar, analyst at .
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