JNJ Johnson and Johnson

By Matt Grossman

Johnson & Johnson on Thursday recorded a smaller second-quarter profit than last year's as revenue declined, but it beat analysts' expectations on both fronts as the health-products company grappled with the effects of the coronavirus pandemic.

The New Brunswick, N.J.-based company recorded a second-quarter profit of $3.63 billion, or $1.36 a share, compared with a profit of $5.61 billion, or $2.08 a share, for the same three-month period a year earlier.

On an adjusted basis, the company's profit was $1.67 a share. Analysts polled by FactSet had anticipated adjusted earnings of $1.49 a share.

Global revenue was $18.34 billion, an 11% decline from the $20.56 billion of revenue the company reported in last year's second quarter. Analysts were expecting revenue of $17.61 billion.

The company's medical-devices segment suffered as consumers delayed elective medical procedures during the pandemic: adjusted revenue fell 34% to $4.39 billion in the quarter year over year. Revenue in consumer health, which includes beauty products as well as over-the-counter medicine, declined 7%, mainly due to a fall in skin-health and beauty-care products.

Pharmaceutical sales increased by 2.1% to $10.75 billion.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

July 16, 2020 07:12 ET (11:12 GMT)

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