J & amp;J Drops in Device Sales for 2019 Earnings
Johnson & Johnson is lagging when it comes down to device sales. The New Brunswick, NJ-based company shared earnings results that show medical device sales dipped about 3.8% from $25 billion to $26 billion for 2019.
However, the firm saw growth in its pharmaceutical sales, which were up 3.6% to $42.2 billion. Overall, J&J reported 2019 Full-Year Sales of $82.1 billion reflecting growth of 0.6%, operational growth of 2.8% and adjusted operational growth of 4.5%.
âWe delivered strong underlying sales and earnings growth in 2019, driven by the strength of our Pharmaceutical business, accelerating performance in our Medical Devices business and improved profitability in our Consumer business,â Alex Gorsky, Chairman and CEO of J&J said in a release. âAs we enter into 2020 and this next decade, our strategic investments focused on advancing our pipelines and driving innovation across our entire product portfolio, position us well to deliver long-term sustainable growth and value to our shareholders.â
Shares of the company were down about 1% trading at $147.9 on Wednesday.
Historically, J&Jâs device businesses have been up and down. In January of 2016, the healthcare giant restructured its medical device unit by slashing about 3,000 jobs. By March of 2016, activist investor Artisan Partners Limited Partnership began to pressure J&J into spinning off its medical device units....
Source: MDDI - Category: Medical Devices Authors: Omar Ford Tags: Business Source Type: news
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