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
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.
