By Dhirendra Tripathi
Investing.com – Johnson & Johnson (NYSE:) stock was up 1.2% in Wednesday’s premarket trading as the company raised its full-year guidance for sales and earnings after a robust second quarter.
The company benefited a little from its COVID-19 vaccine and much more from its medical devices business, which boomed as hospitals resumed the medical procedures they had delayed during the pandemic.
The company’s consumer health business grew 10%, pharmaceutical operations 14% while medical devices rose 59%.
The company expects full-year sales of $93.8 billion to $94.6 billion including $2.5 billion-contribution from its COVID-19 vaccine. Discounting the COVID-19 jab, it still translates into growth of 10.5%-11.5%.
Overall annual adjusted diluted earnings per share are seen at $9.60-$9.70.
Second-quarter adjusted diluted EPS came at $2.48 on sales of $23.31 billion. Both numbers were higher than the estimated $2.29 and $22.5 billion, respectively.
The company’s forecast of $2.5 billion in revenue from sales of COVID-19 vaccines is in stark contrast to Pfizer ‘s (NYSE:) estimation of $26 billion and Moderna ‘s (NASDAQ:) $19.2 billion.
Both companies have said they expect to profit from their vaccines, while J&J has said it will make its shots available on a not-for-profit basis during the pandemic, according to Reuters.
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