Johnson & Johnson Lifts 2023 Guidance Midpoints For Sales, Adj. EPS

(RTTNews) - Johnson & Johnson (JNJ) said, for fiscal 2023, the company now expects adjusted operational EPS in a range of $10.02 - $10.08, an increase in midpoint of $0.10 from the company's previous guidance range. Adjusted EPS is expected in a range of $10.07 - $10.13, an increase in midpoint of $0.05 from the prior outlook.

The company now expects fiscal 2023 reported sales of $83.6 - $84.0 billion, an increase in midpoint of $0.2 billion from prior guidance range. Operational sales are expected in a range of $84.4 - $84.8 billion, increasing midpoint by $0.6 billion from the prior outlook. Adjusted operational sales are expected in a range of 7.2% - 7.7%, revised from the previous guidance range of 6.2% - 7.2%.

Third quarter earnings from continuing operations totaled $4.31 billion, or $1.69 per share compared with $4.31 billion, or $1.62 per share, a year ago. Adjusted EPS from continuing operations was $2.66, an increase of 19.3% from prior year. Analysts on average had expected the company to earn $2.51 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Third-quarter reported sales were up 6.8% to $21.4 billion with operational growth of 6.4% and adjusted operational growth of 4.9%. Operational growth excluding COVID-19 Vaccine was 9.0%. Analysts on average had estimated $21.04 billion in revenue.

Shares of Johnson & Johnson are up 1% in pre-market trade on Tuesday.

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