Johnson & Johnson (JNJ) on Wednesday lifted its full-year projections and reported second quarter results that beat estimates.
The medical device and drug maker posted adjusted earnings per share of $2.77 on sales that rose 5.8% from the same time a year ago to $23.74 billion. Both figures were better than analysts had projected, according to estimates compiled by Visible Alpha.
The company lifted its full-year sales forecast to a range of $93.2 billion to $93.6 billion, up from last quarter’s range of $91 billion to $91.8 billion. Adjusted EPS is now projected to come in between $10.80 to $10.90, compared to $10.50 to $10.70 previously.
“Our portfolio and pipeline position us for elevated growth in the second half of the year, with game-changing approvals and submissions anticipated in areas like lung and bladder cancer, major depressive disorder, psoriasis, surgery and cardiovascular,” CEO Joaquin Duato said.
Johnson & Johnson shares were up more than 1% in premarket trading following Wednesday’s results. They entered the day up about 7% this year.
The drugmaker’s CFO said after the company’s first-quarter results Johnson & Johnson was projecting tariff costs of $400 million this year. President Donald Trump has threatened steep tariffs on pharmaceutical imports.
Johnson & Johnson has committed to increasing its investment in U.S. manufacturing earlier this year, with $55 billion in investment expected over the next four years.