J&J Q1 results: financial strength to fight Covid-19

Allie Nawrat 14 April 2020 (Last Updated April 14th, 2020 15:05)

Today, Johnson & Johnson (J&J) reported its first quarter (Q1) of 2020 results. The pharma company experienced a 3.3% growth in sales and a 54.6% increase in net earnings, compared to Q1 2019. This strength allowed the pharma giant to increase its quarterly dividend for the 58th consecutive year. This quarter the company increased the divident by 6.3% from $0.95 to $1.01 per share.

J&J chairman and CEO Alex Gorsky linked this strength to the pharma giant's ability to combat Covid-19, saying: “With Johnson & Johnson’s century-plus history of leading in times of great challenge, we are mobilizing our resources across the Company in the fight against the Covid-19 pandemic.

"Johnson & Johnson is built for times like this, and we are leveraging our scientific expertise, operational scale and financial strength in the effort to advance the work on our lead COVID-19 vaccine candidate.

"We are committed to beginning production at risk imminently and bringing an affordable and accessible vaccine to the public on a not-for-profit basis for emergency pandemic use.”