THE WHAT? Johnson & Johnson has announced its results for the first quarter of fiscal 2023. The company reported sales growth of 5.6 percent bringing total revenue to US$24.746 billion, although net earnings dropped into negative territory due to a one-time charge.
THE DETAILS Consumer Health was the most buoyant segment with sales up 7. 4percent to US$3.852 billion, while MedTech put on 7.3 percent, Pharmaceutical grew 4.2 percent and Worldwide increased 5.6 percent. Neutrogena and Aveeno were both singled out as strong contributors to growth in the Consumer Health segment.
THE WHY? Joaquin Duato, Chairman of the Board and Chief Executive Officer, commented, “Our first quarter results demonstrate strong performance across all three segments of our business and reflect the dedication of Johnson & Johnson colleagues around the world. With this momentum, I look forward to the remainder of the year, one filled with exciting catalysts that will create both near- and long-term value for patients and all of our stakeholders.”