Earnings bulletin: Johnson & Johnson's second quarter of 2019

nyse
J&J sales traded slightly down Tuesday after the company reported second quarter results. (Pixabay)

Johnson & Johnson kicked off the second-quarter earnings season Tuesday, reporting that its pharma unit outperformed struggling consumer healthcare and medical device segments. Pharma posted sales growth of 1.7% and operational growth of 4.4% to hit $10.53 billion in sales.

Across J&J's entire business, the company's revenue sank 1.3% to $20.56 billion. At the same time, earnings jumped 41.8% thanks to a sale in medical devices that brought in about $2 billion before taxes. That revenue figure and adjusted earnings per share of $2.58 both beat analyst estimates.

With the performance, Johnson & Johnson increased its sales guidance for the year to between $82.4 billion and $83.2 billion, up from April's guidance of $82 billion to $82.8 billion.

RELATED: J&J execs have plenty to brag about in pharma. Why downplay Xarelto, Zytiga woes?

Within pharma, blockbuster immunology med Remicade continued to slump thanks to biosimilar pressure; sales for that med sank 16.2% globally to $1.1 billion for the quarter. Zytiga suffered from generic competition, and Xarelto posted a 19% decline in the U.S. thanks to new discounting rules in Medicare.

On the flip side, Stelara, Tremfya, Invega, Darzalex, Imbruvica, Opsumit, Uptravi, and Prezista grew by double digit percentages.

Suggested Articles

As BMS searches for bright spots in its Opdivo-chemo combo fail from June, it’s zeroing in on squamous lung cancer patients who seemed to benefit.

The FDA's ad watchdog served its most serious violation to Alkermes Wednesday—and it took the unusual step of announcing that violation to the world.

Having only just completed an expansion in Illinois, PCI Pharma Services will now expand its solid dose facility in Wales in the U.K.