Johnson & Johnson (NYSE: JNJ) released its most recent quarterly results before the markets opened on Tuesday. For the first quarter, the pharmaceutical giant said that it had $2.30 in earnings per share (EPS) and $20.69 billion in revenue, compared with consensus estimates that called for $1.99 in EPS and revenue $19.48 billion. The same period of last year reportedly had EPS of $2.10 on $20.02 billion in revenue.

Consumer Health sales increased 9.2% on an adjusted operational basis to $3.63 billion. This was driven primarily by over-the-counter products, including Tylenol and Motrin analgesics; upper respiratory products, including Zyrtec; digestive health products: and Zarbee’s Naturals.

Pharmaceutical sales increased 10.2% to $11.13 billion. This increase was driven by Stelara (ustekinumab), a biologic for the treatment of a number of immune-mediated inflammatory diseases; Darzalex (daratumumab), for the treatment of multiple myeloma; Imbruvica (ibrutinib), an oral, once-daily therapy approved for use in treating certain B-cell malignancies, a type of blood or lymph node cancer; among other drugs.

Medical Devices worldwide operational sales, excluding the net impact of acquisitions and divestitures, declined by 4.8%, driven by the estimated net negative impact of the COVID-19 pandemic and the associated deferral of medical procedures to its Surgery, Orthopaedics, Interventional Solutions and Vision businesses.

Looking ahead to the 2020 full year, Johnson & Johnson expects to see EPS in the range of $7.65 to $8.05 and adjusted operational sales between $79.2 billion and $82.2 billion. Consensus estimates are calling for $8.08 in EPS and $79.63 billion in revenue for the year.

Alex Gorsky, board chair and chief executive, commented:

With Johnson & Johnson’s century-plus history of leading in times of great challenge, we are mobilizing our resources across the Company in the fight against the COVID-19 pandemic. Johnson & Johnson is built for times like this, and we are leveraging our scientific expertise, operational scale and financial strength in the effort to advance the work on our lead COVID-19 vaccine candidate. We are committed to beginning production at risk imminently and bringing an affordable and accessible vaccine to the public on a not-for-profit basis for emergency pandemic use.

Separately, the board of directors declared a 6.3% increase in the quarterly dividend rate, from $0.95 per share to $1.01 per share. At the new rate, the indicated dividend on an annual basis is $4.04 per share, compared to the previous rate of $3.80 per share.

Johnson & Johnson stock traded up over 4% on Tuesday, at $146.20 in a 52-week range of $109.16 to $154.50. The consensus price target is $155.41.

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