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Shares in leading US pharmaceutical firm Johnson & Johnson are trading higher by around half a percent pre-market on Monday. Stock prices in the company have traded higher across the month,. Prices have extended gains despite a reported Q2 earnings miss.
7% Sales Drop
Johnson & Johnson reported earnings per share of $1.36 over the June quarter. This undershot expectations of a $1.49 EPS. The company posted sales of $18.3 billion over the quarter. This marked a 10.8% decline in global sales versus the same period last year. Total net income was lower by 34.6% over the quarter, moving down to $3.62 billion.
Looking at the breakdown of the company’s businesses, the consumer health division posted revenues of $2.88 billion in Q2. This is a 7% decline on the same quarter a year prior. However, sales in the US were seen rising by 1.3% over the period.
Specific Impact From COVID-19
The company cited the downward drag from the COVID-19 pandemic as the main cause of its loss of earnings...
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