Johnson & Johnson Kicks Off Big Pharma’s Q3 Earnings SZN

Big Pharma Earning Season Has Begun, and One of the World’s Largest Pharmaceutical Companies Has Started Things Off With a Bang.

Johnson & Johnson (NYSE: JNJ) reported its Q3 2021 financial results on October 19th and beat EPS estimates by nearly 10%. The company posted EPS of $2.60 against consensus estimates of $2.35.

While the company beat on EPS, it was a slight miss on revenues. Still, up 10.7% over last year, the $23.3 billion brought in by the company fell short of the analysts’ estimate of $23.7, a miss of 1.6%.

Total revenue for the quarter grew 10.7% to $23.3 billion. The company’s revenue growth was buoyed by strong demand in the company’s pharmaceutical and medical devices divisions. The company’s COVID-19 vaccine, in particular, drove significant revenue growth, although it is a not-for-profit product.

Johnson & Johnson’s management team was pleased with the results.

READ MORE: Eat Well Group is a Foundational Piece of the Burgeoning Plant-Based Food Industry

Alex Gorsky, Chairman and Chief Executive Officer, commented:

“Our third-quarter results demonstrate solid performance across Johnson & Johnson, driven by robust above-market results in Pharmaceuticals, ongoing recovery in Medical Devices, and strong growth in Consumer Health. In the face of evolving marketplace dynamics resulting from the effects of COVID-19 and other global trends, we have continued to demonstrate the responsiveness and agility required to meet the needs of our stakeholders while also successfully investing in a pipeline of innovation and key commercial platforms to drive our future growth.”

Mr. Gorsky is due to step down as CEO of the company in January 2022. His replacement, Joaquin Duato, will be tasked with guiding the company through what will hopefully be a post-COVID-19 world.

On a full-year 2021 basis, the company maintained guidance of revenues of $94.1 – $94.6 billion and adjusted EPS of $9.77 – $9.82, an increase of 13.9% – 14.5% and 21.7% – 22.3%, respectively.

Shares of JNJ are currently changing hands at $164.69, up +5% YTD and +19% over the past year.

ALSO READ:

Investors Shift Focus From Vaccine Stocks to COVID Pill Stocks

 Eat Well: The Future of Plant Based Proteins

 Trillion Dollar Bipartisan Infrastructure Bill a Boon to Clean Hydrogen Leader PowerTap Hydrogen

Did you enjoy this article? If so, consider signing up for the Wealthy VC Email Newsletter below to start receiving our weekly newsletter featuring the week’s best articles.

Follow Wealthy VC on Social Media: Facebook | Instagram | Twitter | LinkedIn | GETTR

????Join the Discussion in the Wealthy VC Investor Group

????Have a Stock Tip or News Story Suggestion? Email us at Invest@WealthyVC.com

Wealthy VC does not hold a position in any of the stocks mentioned in this article.