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