By Senad Karaahmetovic
Johnson & Johnson (NYSE:JNJ) delivered stronger-than-expected Q1 earnings that prompted the healthcare giant to boost its full-year guidance.
JNJ reported a Q1 EPS of $2.68 on revenue of $24.7 billion to top the average analyst estimate for EPS of $2.50 on revenue of $23.61B. Sales rose 5.6% year-over-year with pharma revenue generating $13.41B - up 4.2% YoY.
“Our first quarter results demonstrate strong performance across all three segments of our business and reflect the dedication of Johnson & Johnson colleagues around the world,” said Joaquin Duato, chairman of the Board and chief executive officer.
Following a better-than-expected quarter, JNJ boosted its full-year forecast so it now expects EPS between $10.60 and $10.70, up from the prior range of $10.45-$10.65. Revenue is seen between $97.9B and $98.9B, an upgrade relative to the prior range of $96.9B-$97.9B.
“With this momentum, I look forward to the remainder of the year, one filled with exciting catalysts that will create both near- and long-term value for patients and all of our stakeholders,” Duato added.
Analysts were looking for FY EPS of $10.51 on revenue of $97.71B.
The company also boosted its dividend by 5.3% to $1.19 per share.
JNJ also said it recorded Q1 litigation expenses of $6.9B.