Health care and pharmaceuticals giant Johnson & Johnson saw a double-digit decline in its bottom line in the first quarter, the company announced in a filing.

  • Earnings for the quarter stood at $5.1 billion, marking a 16.9% decrease from the $6.2 billion recorded in the same period in 2021. Earnings per share slipped by 16.8% to $1.93 billion from $2.32 billion.
  • Sales for the quarter increased by 5.0% to $23.4 billion from $22.3 billion. This includes $11.4 billion from sales in the United States and $12.0 billion from international sales.
  • The company maintained its adjusted operational earnings per share guidance at $10.60 to $10.80 but decreased the reported earnings per share guidance from $10.15 to $10.35.
  • Johnson & Johnson also maintained its adjusted operational sales guidance between $97.3 billion or $98.3 billion, but suspended guidance for its COVID-19 vaccine sales.

Chief Executive Joaquin Duato welcomed the results, noting that the figures indicate “strong” performance despite macroeconomic headwinds. JNJ is down 0.15% premarket.