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J&J's pharmaceutical segment grew by 17.2%

Johnson&Johnson, stock, J&J\'s pharmaceutical segment grew by 17.2%

Johnson & Johnson (JNJ) reported better than investors' expectations for the second quarter of 2021. EPS was $2.35, exceeding the consensus by 6.8%. The company demonstrated strong operating results and raised its forecast for 2021.

JNJ's revenue amounted to $23.3 billion, 3.7% higher than general market expectations and increased by 4.5% q/q and 27.1% y/y.

All segments of the company's business showed growth both compared to the same period last year and with the previous quarter. In the consumer goods segment, there is a recovery in demand for care and cosmetic products, such as NEUTROGENA, AVEENO and OGX. In addition, sales of over-the-counter drugs, including ZYRTEC, analgesics and gastrointestinal medications, are growing. In addition, the start of the holiday season led to an increase in demand for wound treatment products.

Revenue in the largest c segment – pharmaceutical – increased by 17.2% y/yu and by 3.3% q/q. Among the main growth drivers are the blockbuster STELARA, cancer drugs DARZALEX, IMBRUVICA and ERLEADA, immunological TREMFYA, as well as INVEGA SUSTENNA/XEPLION and INVEGA TRINZA/TREVICTA for the treatment of schizophrenia. The REMICADE drug feels the competitive pressure from generics and biosimilars.

The medical devices segment showed an increase of 62.7% y/y, mainly due to the recovery of the market after the COVID-19 pandemic and the continued impact of the deferred demand effect in the segment of medical procedures, including surgery, orthopedics and ophthalmology.

The management raised the forecast of the company's financial results for 2021. In particular, expectations for revenue growth rates were revised from 9.7-10.9% to 13.5-14.5%, and the volume of annual sales is projected in the range of $93.8-94.6 billion. Expectations for adjusted EPS were also raised from $9.42–9.57 to $9.6-9.7, which is equivalent to an increase of 19.6-20.8% y/y.

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