The actions of Johnson & Johnson closed Tuesday in negative, with falls of 2.31%, though the healthcare giant has beaten expectations for the quarter. Specifically, the company had a net profit of $ 3.5 billion, or $ 1.33 per share, in the third quarter of 2020, compared to $ 1.7 billion, or $ 0.66 per share, in the third quarter of 2019.
Adjusted earnings per share for the quarter were $ 2.20, against a FactSet consensus of $ 1.98. The company had $ 21.2 billion of revenue in the quarter, up from $ 20.7 billion in the same period last year, against the FactSet consensus of $ 20.2 billion.
The growth was driven primarily by J & J's pharmaceutical business, which reported $ 11.4 billion in revenue for the third quarter, up from $ 10.8 billion in the same quarter last year.
Its medical device business, which has been adversely affected by the delay or cancellation of medical procedures and surgeries as a result of the COVID-19 pandemic, reached $ 6.1 billion in revenue in the quarter, below the 6.400 million dollars of the same quarter of the previous year. The company also increased its sales outlook for the year to $ 81.2 billion, to $ 82 billion, with adjusted earnings per share from $ 7.95 to $ 8.05.
This Monday it has transpired that J&J has discontinued its late-stage study with 60,000 participants for your COVID-19 vaccine candidate for an unexplained illness in one of the 60,000 participants. J&J shares are up 4.1% for the year, while the S&P 500 SPX, + 1.64% has gained 9.4%.