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Johnson & Johnson: Q2 2022 Earnings Update

Industry: Healthcare
Current: Company Performance

Johnson & Johnson reported revenue growth of 3% in Q2 2022 on an annual basis and 8% on adjusted operational basis
Johnson & Johnson reported GAAP earnings per share (EPS) of $1.80
Johnson & Johnson maintains its top line guidance of 6.5-7.5% adjusted operational growth but reduced its Non-GAAP EPS guidance to $10.00-$10.10

On July 19, 2022, Johnson & Johnson reported Q2 revenue of $24 billion (an increase of 3% year-over-year) on Non-GAAP earnings per share (EPS) of $2.59.

Summary: Johnson & Johnson’s Q2 2022 revenue grew 3% as compared to the same period in 2021. Johnson & Johnson reports its revenues across three segments: Consumer Health, Pharmaceutical, and MedTech.

Consumer health business’ reported sales decreased 1.3% but adjusted operational sales grew by 2.9% vs 2021 owing to an increased sales of upper respiratory and analgesic products in the international market.
Pharmaceutical business’ reported sales increased 6.7% and adjusted operational sales grew 12.3% vs 2021 due to increased uptake of STELARA, ERLEADA, TREMFYA, INVEGA SUSTENNA/XEPLION and INVEGA TRINZA/TREVICTA and sales of the Janssen COVID-19 Vaccine (Ad26.COV2.S) which amounted to 544 million doses in the quarter.
MedTech business’ reported sales decreased 1.1% but adjusted operational sales grew 3.4% vs 2021 driven by sales of contact lenses, surgical vision products and electrophysiology products.

The company reported Non-GAAP operating income of $16.4 billion during Q2 2022, resulting in an operating margins of 31.8%. On the bottom line, the company reported a GAAP EPS of $1.80, whereas the Non-GAAP earnings came to $2.59 per share.

Guidance: For the full year 2022 Johnson & Johnson expects:

Sales of $93.3 billion to $94.3 billion, 2.1-3.1% year-on-year growth (guidance reduced vs. Q1 2022 due to incremental FX) and 6.5-7.5% adjusted operational growth (guidance maintained vs. Q1 2022).
Non-GAAP operating margins to remain flat vs. previous year (guidance reduced vs. Q1 2022 due to prolonged inflationary pressures).
Non-GAAP EPS of $10.00-$10.10, 2.1-3.1% year-on-year growth (guidance reduced vs. Q1 2022).

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