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Johnson & Johnson reported quarterly earnings yesterday and promptly traded up to a new all-time high, above $185 per share. Almost all Vestact clients own this one, so this is very good news.
Earnings were better than expected, thanks mostly to sales of blood cancer drug Darzalex and psoriasis drug Tremfya. The medical devices unit also did well, racking up sales of $7.0 billion, with contact lenses and artificial-knee replacements notably improved.
The company threw out its prior guidance for sales of Covid-19 vaccines, but group profit forecasts were only slightly changed. It seems that people don't care as much about Covid as they used to.
The dividend pay-out was hiked by 6.6% to $1.13 per share. That's just for the quarter; the annual dividend yield is about 2.4%.
Keep in mind that Johnson & Johnson still plans to separate its consumer-health division into a standalone business, leaving the parent company with its prescription-drug and medical device units. That split will likely come in 2023, and we'll let you know what to do when that happens. For now, just continue to buy and hold!
