Johnson & Johnson reports $100 million in Q1 sales; consumer unit down YOY

Johnson & Johnson reports $100 million in Q1 sales; consumer unit down YOY

THE WHAT? Johnson & Johnson has reported a Q1 sales increase of 7.9 percent year on year to €18.5bn (U.S. $22.3bn), however, its consumer health division was down 2.3 percent annually.   

THE DETAILS The consumer health division’s dip was put down to an ‘unfavorable comparison’ to last year following consumer stockpiling of over-the-counter products as news of the pandemic travelled across the globe. 

Meanwhile, baby care grew 9.5 percent, with strong growth in Latin America and Asia Pacific, while skin health and beauty also reported gains of 2.8 percent thanks to NPD and a strong e-commerce presence of Neutrogena and Aveeno outside the U.S. 

THE WHY? The sales rise was driven by the personal care giant’s pharmaceutical and medical divisions, which both reported gains. 

Talking about the company’s position, EVP and CFO Joe Wolk said, “We are stronger as a business than before the pandemic, and our first quarter 2021 results give us even more confidence in our ability to continue delivering compelling performance in the future.”

Johnson & Johnson has raised its FY earnings and revenue guidance to a profit of $9.42 to $9.57 per share with revenue expected to be revenue to be between $90.6 billion and $91.6 billion, as opposed to its previous forecast of $90.5 billion to $91.7 billion.