On a GAAP basis the company posted EPS of $1.33, which excludes litigation expenses, integration expenses related to the acquisition of Synthes and program costs for the DePuy Hip program.
J&J boosted its earnings guidance for the full year to an adjusted EPS of $5.40 to $5.47. The consensus estimate had called for EPS of $5.41 on revenues of $70.81 billion. For the first six months of the year, the company has posted revenues of $35.38 billion and diluted GAAP EPS of $2.55.
The firm’s CEO said:
Our strong second-quarter results reflect the progress we’ve made against our near-term priorities of delivering on our financial commitments, restoring a reliable supply of over-the-counter products to consumers, continuing the successful integration of Synthes and building on the momentum in our pharmaceutical business
Worldwide consumer sales rose 1.1% year-over-year to $3.7 billion, including a negative currency impact of 0.6%. Pharmaceutical sales rose 11.7% to $7 billion. Medical devices and diagnostics sales rose 9.6% to $7.2 billion.
J&J raised its quarterly dividend to $0.66 a share in May.
Shares are trading about 1% higher in the premarket this morning, at $91.30, a new 52-week and all-time high if it holds. The current 52-week range is $66.85 to $90.81. Thomson Reuters had a consensus analyst price target of around $89.20 before today’s results were announced.
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