Johnson & Johnson
stock was edging higher after the pharmaceutical and medical-device company shared its long-term financial outlook.
In a release before a meeting with the investment community at the New York Stock Exchange on Tuesday, the company said it expects operational sales growth in the range of 5% to 6% in 2024, which excludes revenue from the Covid-19 vaccine. Analysts had called for sales growth of 3.3%, according to FactSet.
It also expects adjusted operational earnings between $10.55 to $10.75, which includes an approximately 15 cent impact from the previously announced acquisition of Laminar, a medical-device company focused on helping patients with non-valvular atrial fibrillation. Analysts had penciled in adjusted earnings of $10.87 a share.
Johnson & Johnson also presented “key drivers for sustained competitive growth and value creation” via long-term forecasts for its Enterprise, MedTech, and Innovative Medicine divisions.
“With robust free cash flow generation and a healthy balance sheet, the Company intends to continue its focus on its capital allocation strategy including continued investment in R&D, increasing dividends on an annual basis, executing strategic business development initiatives for inorganic growth and assessing share repurchases, when appropriate,” the release reads.
The stock was up 0.3% to $159.33 in premarket trading.
Write to Emily Dattilo at [email protected]
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