Johnson & Johnson products on a shelf in a store in New York.
Lucas Jackson | Reuters
Johnson & Johnson’s second-quarter profit slid 35% from the same time last year as the coronavirus pandemic forced hospitals to postpone elective surgeries, hitting the company’s medical device business hard.
J&J earned $3.63 billion, or $1.36 per share, during the three months ended June 30, a 34.6% drop from $5.6 billion a year earlier as sales in its medical device unit fell, the company said Thursday. The decline in its medical device unit was partially offset by higher sales for its over-the-counter products such as Tylenol and its Listerine mouthwash.
Shares of J&J were less than 1% higher in premarket trading.
Overall, the company beat earnings expectations, reporting adjusted earnings of $1.67 per share, higher than the $1.49 per share expected. Revenue came in at $1.83 billion, higher than the $17.6 billion expected.
“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,” J&J CEO Alex Gorsky said in a press release. “Thanks to the tireless work of our colleagues around the world and our broad range of capabilities, we continue to successfully navigate the external landscape, and we remain focused on advancing the development of a vaccine to help address this pandemic and save lives.”
This is a developing story. Please check back for updates.