The New Brunswick, N.J.–based pharma, medical device and consumer products giant reported profits of $1.7 billion, or 65¢ per share, on sales of $22.5 billion for the three months ended Dec. 29, 2020, for a bottom-line decline of –56.7% on sales growth of 8.3% compared with Q4 2019.
Adjusted to exclude one-time items, earnings per share were $1.86, 4¢ ahead of The Street, where analysts were looking EPS of $1.82 on sales of $21.7 billion.
Investors reacted by sending JNJ shares up 2.6% to $1.70 apiece today in morning trading.
Pharma business sales were up 16.3% year-over-year, to $12.3 billion, in Q4, driving overall growth. Drugs driving the revenue growth treated diseases ranging from Crohn’s disease to cancer to hypertension.