Johnson & Johnson reported first-quarter adjusted earnings of $2.67 a share on Tuesday, slightly beating Wall Street's expectations, and trimmed its 2022 guidance.
Analysts had expected earnings of $2.58 a share, according to FactSet. Sales for the quarter were $23.4 billion, slightly below the FactSet consensus estimate of $23.6 billion.
The company also said it had suspended guidance on sales of its Covid-19 vaccine, citing "global supply surplus and demand uncertainty." The company's Covid-19 vaccine struggled to compete with mRNA-based vaccines, and faced manufacturing problems. Johnson & Johnson sold its vaccine at a not-for-profit price, so expected vaccine sales had no impact on the company's projected earnings.
In its Tuesday earnings statement , the company cut its estimated reported sales guidance for 2022 to between $94.8 billion and $95.8 billion, from its previous estimate of between $95.9 billion and $96.9 billion.
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It also lowered its overall earnings guidance for 2022, saying it now expects adjusted diluted earnings of between $10.15 and $10.35 a share, down from its earlier guidance of between $10.40 and $10.60.
Johnson & Johnson (ticker: JNJ) shares were down 0.4% in premarket trading on Tuesday. The stock has gained 3.9% this year, and 9.5% over the past 12 months.
Sales were up 5% compared to the same quarter last year, while adjusted earnings were up 3.1%.
Some of the sales increase came from a jump in sales in the company's pharmaceutical division, which were up 9.3%. The company attributed the increase in pharmaceutical sales to its cancer drug Darzalez, its drug Stelara, which treats ulcerative colitis, among other conditions, and its psoriasis drug Tremfya, among other products.
Sales of its consumer health division, which the company has said it intends to spin off, were up 1.6%, while sales of its medtech division were up 8.6%.