Johnson & Johnson Trims FY23 Earnings, Net Sales Outlook

(RTTNews) - Healthcare company Johnson & Johnson (JNJ) on Wednesday updated its first-half financials and fiscal 2023 guidance which reflect its continuing operations as a company focused on transformational innovation in Pharmaceutical and MedTech, following the separation of Kenvue Inc., formerly Johnson & Johnson's Consumer Health business.

For the six-months, net earnings sharply declined to $4.89 billion or $1.86 per share from $8.83 billion or $3.31 per share in the prior-year quarter.

Excluding items, adjusted net earnings for the period were $4.97 per share, compared to $4.66 per share in the year-ago period.

Sales for the six-month period increased 5.9 percent to $42.41 billion from $40.06 billion in the same period last year.

Operational sales, excluding COVID-19 Vaccine, grew 8.0 percent and adjusted operational sales were up 6.4 percent.

Looking ahead to fiscal 2023 excl. Consumer Health, the company now projects adjusted earnings in a range of $10.00 to $10.10 per share and adjusted operational earnings in a range of $9.90 to $10.10 per share.

Additionally, the company now projects reported sales between $83.2 billion and $84.0 billion and operational sales between $83.6 billion and $84.4 billion, with adjusted operational sales growth of 6.2 to 7.2 percent.

Previously, incl. Consumer Health, the company expected adjusted earnings in a range of $10.70 to $10.80 per share and adjusted operational earnings in a range of $10.60 to $10.70 per share.

Additionally, the company now projects reported sales between $98.8 billion and $99.8 billion and operational sales between $99.3 billion and $100.3 billion, with adjusted operational sales growth of 6.0 to 7.0 percent.

The company also said itwill maintain its quarterly dividend of $1.19 per share.

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