Johnson & Johnson’s quarterly profit fell 35%

Johnson & Johnson, the world’s largest manufacturer of health products, released its second quarter financials . The document notes that the results reflect the impact of the coronavirus pandemic on business. Net profit for the reporting period fell by 35.3% and amounted to $ 3.6 billion, sales decreased by 10.8% compared to the second quarter of 2019, to $ 18.3 billion.

Sales of the medical equipment division fell the most – they fell 33.9% to $ 4.3 billion. Sales of the consumer goods division also declined – by 7%. Sales of the pharmaceutical division, which is also engaged in the development of a vaccine against the coronavirus, grew by 2.1% to $ 10.8 billion. At the same time Johnson & Johnson adjusted its revenue and profit forecasts for the full year. According to the company’s estimates, by the end of the year, revenue can be expected in the range of $ 79.9-81.4 billion, which is slightly higher than forecast in April.

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