Johnson & Johnson Profit Tumbles 35% as Covid-19 Halts Sales of Medical Devices

Johnson & Johnson reported a 35.3% fall in second-quarter profit on Thursday as demand for its medical devices was hammered by hospitals putting off non-urgent procedures such as knee and hip replacement due to the COVID-19 pandemic.

The company, which is set to begin human trials of its experimental coronavirus vaccine this month, reported net earnings of $3.63 billion, or $1.36 per share, down from $5.61 billion, or $2.08 per share, a year earlier.

However, the company raised its full-year adjusted profit forecast to $7.75 to $7.95 per share, from its prior estimate of $7.50 to $7.90 per share.