08:52 AM EDT, 04/16/2024 (MT Newswires) -- Johnson & Johnson ( JNJ ) tightened its full-year outlook on Tuesday after the healthcare products conglomerate reported first-quarter sales slightly below market expectations.

Adjusted earnings are now set to come in between $10.57 and $10.72 a share for 2024, compared with the company's previous projections of $10.55 to $10.75. Sales excluding the COVID-19 vaccine are pegged at $88 billion to $88.4 billion versus the prior guidance range of $87.8 billion to $88.6 billion.

The consensus among analysts compiled by Capital IQ is for normalized EPS of $10.66 on revenue of $88.42 billion. The stock edged down 0.8% in premarket activity.

For the quarter ended March 31, the pharmaceutical giant's adjusted EPS climbed 12% to $2.71, topping the Street's view for $2.65. Sales rose to $21.38 billion from $20.89 billion the year before, but were just shy of analysts' $21.39 billion estimate.

"Johnson & Johnson's ( JNJ ) solid first quarter performance reflects our sharpened focus and the progress in our portfolio and pipeline," Chief Executive Joaquin Duato said in a statement. "The milestones achieved this quarter reinforce our position as an innovation powerhouse."

Medtech revenue advanced 4.5% to $7.82 billion, boosted by electrophysiology products, wound closure products in general surgery and by its Abiomed unit, a medical device maker acquired for $16.6 billion in 2022. Innovative medicine sales ticked up 1.1% to $13.56 billion driven by products including blood cancer therapy Darzalex and the bone marrow cancer treatment Carvykti.

Revenue in the US grew to $11.62 billion from $10.78 billion in the 2023 quarter, while international sales dropped 3.4% to $9.76 billion due to declines in Europe, Asia Pacific and Africa, according to the maker of Band-Aid brand wound care and Aveeno skin cream. Selling, marketing and administrative expenses widened to $5.26 billion from $4.91 billion year-over-year.

In a separate statement, the company said its board of directors increased its quarterly dividend by 4.2% to $1.24 per share. The dividend is payable June 4 to shareholders of record as of May 21.