JNJ Earnings: Johnson & Johnson Q3 adj. profit drops despite higher sales

Johnson & Johnson (NYSE: JNJ) reported a decline in adjusted profit for the third quarter of 2022, despite a modest increase in net sales. The pharma giant’s shares declined early Tuesday following the announcement.

Net sales increased 2% year-over-year to $23.8 billion during the third quarter. The core Consumer products sales remained broadly unchanged from last year, while Pharmaceutical and Medtech sales increased by 3% and 2%, respectively.

Third-quarter adjusted earnings decreased to $2.55 per share from $2.60 per share in the prior-year period. Unadjusted profit was $4.46 billion or $1.68 per share, compared to $3.67 billion or $1.37 per share a year earlier.

Check this space to read management/analysts’ comments on Johnson & Johnson’s Q3 2022 earnings

“Through the ongoing efforts of our teams around the world, we continue to navigate the dynamic macroeconomic environment and remain focused on delivering transformative healthcare solutions. Looking ahead, I remain confident in our business and ability to continue advancing our innovative portfolio and pipeline,” said Joaquin Duato, chief executive officer of Johnson & Johnson.

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