Johnson and Johnson logo and Covid-19 Vaccine. Image source: ©Volodymyr Kalyniuk © 123RF.com
Johnson & Johnson, the U.S. pharmaceuticals giant, just delivered its earnings report for the first quarter of 2021. The company posted sales of $22.3 billion for Q1, beating the initial expectations. The performance marks a 7.9 per cent growth compared to the same period last year.
Diluted Earnings Per Share (EPS) reached $2.32, up from Q1 2020's EPS of $2.17 and exceeding the consensus forecasts by 0.01 cents. Thus, earnings also grew by 6.9 per cent on a yearly basis. Meanwhile, adjusted diluted EPS were reported at $2.59, underlining the second-best performance on record.
Johnson & Johnson Adjusted Diluted QoQ EPS. Image source: TradingEconomics.com
The revenue obtained from its coronavirus vaccine was revealed to be only $100 million, which represents only a small fraction of the company's overall revenue streams.
$JNJ reports Q1 2021 performance results. See the release for full financial details and non-GAAP reconciliations: https://t.co/PSpRa3Qv8p #earnings pic.twitter.com/dTf3Hu6MRi
— Johnson & Johnson (@JNJNews) April 20, 2021
Alex Gorsky, Chairman and Chief Executive Officer of Johnson & Johnson, had this to say:
"Johnson & Johnson delivered a strong first quarter performance led by the above market growth of or Pharmaceutical business and continued recovery in Medical Devices. The ability to deliver these results while simultaneously advancing our robust pipeline of life-enhancing medicines, products and solutions during these times is a testament to the strength and resilience of our business and the dedication of the 135 000 employees of Johnson & Johnson who strive every day to profoundly change the trajectory of health for humanity and make healthier communities for everyone, everywhere. "
The share price of the company remained relatively unaffected by the news in the pre-open trading session. As can be seen on the daily chart below, JNJ shares continue to consolidate above the 50-day MA (in green), which can be perceived as a strong bullish indication.
The price action is developing a very broad Pennant pattern, which typically entails a likely bullish trend continuation. In other words, if the price manages to break out above the upper boundary of the Pennant, it could then head towards the previous all-time high and attempt to penetrate above the 170.00 resistance.
JNJ 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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