Johnson & Johnson (NYSE:JNJ) released the earnings results from its first fiscal quarter, posting earnings of $1.54 per share, excluding items, on revenue of $18.1 billion—a year over year increase of 3.5%. Those numbers were enough to beat consensus estimates, which were at $1.48 per share in earnings on $18 billion in revenue.
Johnson & Johnson breaks down results
Diluted earnings per share were $1.64, including a net-gain from special items of $.3 billion in connection with Conor Medsystems. That was partially offset by acquisition-related costs for Synthes, Inc. and research and development charges. The company also reported a net charge of around $.6 billion.
Steamboat Capital Partners was up 3.19% net and 4.49% gross for the first quarter, underperforming the S&P 500's 6.17% gain and the Russell 2000's 12.7% return. However, the fund beat the Credit Suisse Hedge Fund Index's 2.85% return for the first quarter. Q1 2021 hedge fund letters, conferences and more Biggest contributors and detractors . Read More
Johnson & Johnson (NYSE:JNJ) reported $3.6 billion in worldwide consumer sales, a 3.2% decline year over year. Domestic sales fell 2.9% as the company divested its sanitary protection business in October. International sales fell 3.4% due to a .7% operational increase and a 4.1% negative impact from currencies. Worldwide
Main contributors to Johnson and Johnson’s results
According to this morning’s results, Johnson & Johnson (NYSE:JNJ) said the main positive contributors were sales of Aveeno and Dabao skin care products and international sales of Listerine, as well as U.S. sales of allergy drug Zyrtec.
Worldwide pharmaceutical sales were $7.5 billion, a 10.8% year over year increase. The main contributors in this division were sales of the biologic medicine Stelara, the schizophrenia treatment Invega Sustenna / Xeplion, HIV treatment Prezista and multiple myeloma drug Velcade.
New products with strong sales during the quarter include sales of hepatitis C drug Olysio / Sovriad and prostate cancer drug Zytiga. Other contributors were the anticoagulant drug Zaraleto and the type 2 diabetes drug Invokana.
Johnson & Johnson looks ahead
Johnson & Johnson (NYSE:JNJ) also increased its guidance for the full year, raising its earnings estimates to between $5.80 and $5.90 per share. This guidance excludes special items.
The Food and Drug Administration approved use of Johnson & Johnson (NYSE:JNJ)’s leukemia drug Imbruvica. The FDA also approved the company’s Thermocool Smarttouch catheter. The European Commission also granted conditional approval for tuberculosis drug Sirturo. The company also accepted The Carlyle Group LP (NASDAQ:CG)’s bid for its Ortho-Clinical Diagnostics business for about $4 billion.