Here are five things to know about the company’s first-quarter financial results.
1. J&J reported revenue of $17.37 billion, which beat forecasts for $17.31 billion. However, the company’s revenue still fell below the $18.12 billion of revenue it reported in the comparable period of fiscal 2014. The company’s net income decreased to $4.32 billion in the first quarter of its fiscal 2015, down from $4.73 billion for the same period of the year prior.
2. The company’s worldwide consumer sales fell by 4.7 percent year-over-year to $3.4 billion, while it’s pharmaceutical sales increased 3 percent to $7.7 billion in the first quarter of fiscal 2015.
3. J&J was significantly impacted by the strong dollar, which reduces the value of products sold in local currencies around the world, according to The New York Times. In the first quarter of fiscal 2015, currency rates reduced the value of overseas sales by 13.2 percent.
4. J&J lowered its earning guidance for the full year to a range of $6.04 to $6.19 per share from a prior range of $6.12 to $6.27 per share.
5. “The company delivered strong underlying growth in the first quarter driven by new products and the strength of the core business. Of note is the continued robust growth of the pharmaceutical business and the solid performance of our consumer brands,” said Alex Gorsky, chairman and CEO of J&J.
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