09:40 AM EDT, 07/17/2024 (MT Newswires) -- Johnson & Johnson's ( JNJ ) second-quarter results topped estimates while the healthcare products conglomerate lowered its full-year earnings outlook to reflect the impact of recent acquisitions.

Adjusted earnings are now expected in the range of $9.97 and $10.07 a share for 2024, compared with the previous forecast of $10.57 to $10.72. The revised guidance reflects the impact of the company's recent acquisitions of Shockwave Medical, Proteologix and Numab Therapeutics' investigational treatment for atopic dermatitis, an inflammatory skin disease.

The pharmaceutical giant continues to project sales at $88 billion to $88.4 billion for the year, excluding the COVID-19 vaccine. The consensus among analysts compiled by Capital IQ is for normalized EPS of $10.29 on revenue of $88.65 billion.

For the quarter ended June 30, the company's adjusted EPS climbed 10% to $2.82, topping the Street's view for $2.70. Sales rose to $22.45 billion from $21.52 billion in the prior-year quarter, ahead of analysts' estimate of $22.34 billion.

The results show the company's focus on medical innovation, resulting in "strong" sales and adjusted operational EPS growth, Chief Executive Joaquin Duato said in a statement.

Medtech revenue advanced 2.2% year over year to $7.96 billion. Its operational sales were boosted by electrophysiology products, wound closure products in general surgery and Abiomed, a cardiovascular medical technology provider acquired in 2022.

Innovative medicine sales grew 5.5% to $14.49 billion, driven by products including blood cancer therapy Darzalex and prostate cancer medication Erleada.

Revenue in the US grew to $12.57 billion from $11.66 billion last year, while international sales edged 0.2% higher to $9.88 billion.

Price: 150.20, Change: -0.81, Percent Change: -0.54