Note: All changes are versus the prior-year period unless otherwise stated
"Our second-quarter results reflect the impact of COVID-19 and the enduring strength of our pharmaceutical business, where we saw continued growth even in this environment," remarked CEO Alex Gorsky. He noted that the company remains focused on advancing the development of a vaccine to help address the COVID-19 pandemic, with plans unveiled on Thursday for a Phase I study to begin next week.
Johnson & Johnson now expects earnings per share this year of between $7.75 and $7.95, lifted from a prior range of $7.50 to $7.90. Meanwhile, full-year sales are predicted to be between $79.9 billion and $81.4 billion, boosted from an earlier forecast of $77.5 billion to $80.5 billion. Analysts are projecting $80.3 billion in sales for 2020.
The company explained that in its prescription drug unit, it has seen a "recent improvement in [the] number of patient interactions with health-care providers."
Mizuho Securities analyst Vamil Divan remarked that "the company sees some encouraging trends overall, with many procedures approaching pre-COVID-19 levels and physician office visits and category growth trends in consumer improving from where they were earlier in the pandemic."
For related analysis, see ViewPoints: Johnson & Johnson greets COVID head-on.
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