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J&J: raises outlook after earnings beat

( - Johnson & Johnson reported lower revenue and profit for the second quarter, mainly due to the negative impact of the Covid-19 pandemic.

Overall, J&J's quarterly sales dropped 10.8% year-on-year to 18.3 billion dollars.

The US healthcare giant announced net profit of 3.6 billion dollars, or 1.36 dollar a share, compared with 5.6 billion dollars, or 2.08 dollar a share, in the same period last year.

Analysts were expecting less, with EPS about 1.16 dollar.

J&J has raised its full-year earnings forecast, now expecting adjusted EPS of 7.75 dollars to 7.95 dollars for 2020, compared with a previous guidance of 7.50 dollars to 7.90 dollars.

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