Johnson & Johnson beats earnings expectations

Johnson & Johnson reported second quarter earnings Tuesday morning, recording a slump in sales but beating expectations on the top and bottom lines.

The health care giant reported adjusted earnings per share of $US$US1.71, ahead of expectations for $US1.67 according to Bloomberg.

Revenues came in at $US17.8 billion, down 8.8% year-over-year, versus the consensus estimate for $US17.77 billion.

The company noted that it took an 15% currency hit on international sales, which fell 14.3% overall.

Sales fell in nearly every division due to the strong dollar. Global consumer sales came in at $US3.5 billion, down 7%, and pharma sales of $US7.9 billion fell 6.6%.

The company raised its full-year earnings guidance to between $US6.10 and $US6.20 per share.

In the earnings release, CEO Alex Gorsky said: “Our solid sales and earnings results in the quarter reflect the strong underlying growth we’re seeing across the enterprise. Our diverse portfolio and scale are enabling this performance, and we’ve continued to invest in building a robust enterprise pipeline that will drive our growth over the long term.”

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