Johnson & Johnson profit tumbles 35% as Covid-19 slams medical device sales | The Business Standard
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June 05, 2023

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MONDAY, JUNE 05, 2023
Johnson & Johnson profit tumbles 35% as Covid-19 slams medical device sales

Global Economy

Reuters
16 July, 2020, 05:10 pm
Last modified: 16 July, 2020, 05:12 pm

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Johnson & Johnson profit tumbles 35% as Covid-19 slams medical device sales

The company is set to begin human trials of its experimental coronavirus vaccine this month

Reuters
16 July, 2020, 05:10 pm
Last modified: 16 July, 2020, 05:12 pm
FILE PHOTO: The company logo for Johnson & Johnson is displayed on a screen to celebrate the 75th anniversary of the company's listing at the New York Stock Exchange (NYSE) in New York, US, September 17, 2019. REUTERS/Brendan McDermid/File Photo
FILE PHOTO: The company logo for Johnson & Johnson is displayed on a screen to celebrate the 75th anniversary of the company's listing at the New York Stock Exchange (NYSE) in New York, US, September 17, 2019. REUTERS/Brendan McDermid/File Photo

Johnson & Johnson reported a 35.3 percent fall in second-quarter profit on Thursday as demand for its medical devices was hammered by hospitals putting off non-urgent procedures such as knee and hip replacement due to the Covid-19 pandemic.

The company, which is set to begin human trials of its experimental coronavirus vaccine this month, reported net earnings of $3.63 billion, or $1.36 per share, down from $5.61 billion, or $2.08 per share, a year earlier.

However, the company raised its full-year adjusted profit forecast to $7.75 to $7.95 per share, from its prior estimate of $7.50 to $7.90 per share.

Johnson & Johnson

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