Medical devices and pharma company, Johnson & Johnson (NYSE: JNJ) were on an upswing in pre-market trading at the time of writing on Thursday after the company announced the second quarter adjusted earnings of $2.80 per share, up by 8.1% year-over-year and above analysts’ estimates of $2.62 per share.
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The company reported revenues of $25.5 billion, an increase of 6.3% year-over-year, beating consensus estimates of $24.6 billion.
Looking forward, the company raised its guidance and now expects to report FY23 sales in the range of $98.8 billion to $99.8 billion versus its prior forecast between $97.9 billion and $98.9 billion. In FY23, JNJ has projected adjusted diluted earnings between $10.70 and $10.80 per share as compared to its prior forecast in the range of $10.60 to $10.70 per share.
Regarding its spin-off of Kenvue, the company stated in its press release that it “intends to ‘split off’ Kenvue shares through an exchange offer as the form of its next step in the separation, subject to market conditions.”
Analysts are cautiously optimistic about JNJ stock with a Moderate Buy consensus rating based on three Buys and four Holds.
