Johnson & Johnson Reports Q3 Revenue of $23.79 Billion, Beats Expectations with 21.6% Net Profit Growth

Johnson & Johnson (JNJ.US) announced its financial results for the third quarter of 2022 on Tuesday before the U.S. stock market opened. The earnings report showed that Johnson & Johnson's Q3 revenue increased by 1.9% year-over-year to $23.791 billion, surpassing market expectations of $23.44 billion. Net income was $4.458 billion, a year-over-year increase of 21.6%. Diluted earnings per share were $1.68, compared to $1.37 in the same period last year.

The adjusted net profit was $6.779 billion, a year-on-year decrease of 2.7%; the adjusted diluted earnings per share were $2.55, compared to $2.60 in the same period last year, but better than the market expectation of $2.49.

By region, sales in the United States were $12.453 billion, an increase of 4.1% year-over-year; international sales were $11.338 billion, a decrease of 0.3% year-over-year.

By business segment, sales of the Consumer Health business were $3.795 billion, a year-on-year decrease of 0.4%; sales of the Pharmaceutical business were $13.214 billion, a year-on-year increase of 2.6%; sales of the Medical Technology business were $6.782 billion, a year-on-year increase of 2.1%.

Looking ahead, Johnson & Johnson forecasts 2022 sales (excluding COVID-19 vaccine revenue) to be $93 billion to $93.5 billion, revised from the previous expectation of $93.3 billion to $94.3 billion. The adjusted earnings per share are expected to be $10.02 to $10.07, compared to the prior outlook of $10.00 to $10.10. Additionally, due to the ongoing impact of inflation, the company anticipates its adjusted pre-tax operating margin will decline by approximately 50 basis points, a reduction from the earlier projection.

As of press time, Johnson & Johnson was up 1.62% in pre-market trading on Tuesday, at $169.29.