Johnson & Johnson (NYSE:JNJ) stock is on the move Tuesday following the release of the company’s earnings report for the third quarter of 2022.
The JNJ earnings report starts with adjusted earnings per share (EPS) of $2.55. While that’s a 1.9% decrease year-over-year (YOY), it’s still better than the $2.48 per share Wall Street had expected for the period.
Next up is the company’s revenue of $23.8 billion. In this case, that’s growth of 1.9% YOY. This also came in above analysts’ estimate of $23.34 billion for the quarter.
Johnson & Johnson CEO Joaquin Duato had the following to say in the earnings release:
“Through the ongoing efforts of our teams around the world, we continue to navigate the dynamic macroeconomic environment and remain focused on delivering transformative healthcare solutions. Looking ahead, I remain confident in our business and ability to continue advancing our innovative portfolio and pipeline.”
2022 Guidance Drags JNJ Stock Down
In its latest earnings report, Johnson & Johnson also tightened its guidance for the full-year 2022. This has the company expecting a midpoint adjusted EPS of $10.05 alongside a midpoint revenue of $93.3 billion. To put these figures in perspective, Wall Street estimates an adjusted EPS of $10.03 and revenue of $94.85 billion for the year.
JNJ stock was down roughly 1% when markets opened this morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.