J&J Q2 2021 profit soars – ‘our strategy is working’, says exec

By Kacey Culliney

- Last updated on GMT

Within the company's consumer health division, the skin health beauty franchise had performed particularly well along with baby care [Getty Images]
Within the company's consumer health division, the skin health beauty franchise had performed particularly well along with baby care [Getty Images]

Related tags Johnson & johnson financial results Oral care Skin health

Personal care major Johnson & Johnson (J&J) has reported a significant surge in net earnings for the second quarter (Q2) of 2021, largely propelled by its medical device and pharma divisions, but consumer health also returned to growth.

Yesterday, Johnson & Johnson (J&J) reported sales of €19.61bn ($23.2bn) for Q2 2021, up 27.1% on the previous year, with Europe seeing the largest rise at 39.5%. Net earnings or profit across the whole business stood at €5.3bn ($6.27bn) for the quarter – a 73.1% surge on Q2 2020.

Consumer health division kicks back into growth

Sales in J&J’s consumer health division – which included its oral care and skin health portfolio – generated sales of €3.15 ($3.73bn) in Q2 2021, up 13.3% on the previous year, taking the division into growth after an earlier 2.3% sales dip in Q1 2021​.

J&J said growth in the division had largely been fuelled by sales success in skin health and beauty, including strength under the Neutrogena, Aveeno and OGX brands.

For the first half (H1) of 2021, total sales in consumer health reached €6.15bn ($7.27bn), up 5.2% on the previous year, forming part of J&J’s wider total business sales of €38.6bn ($45.63bn) for H1, up 16.9% on H1 2020.

Speaking to analysts during the company’s Q2 2021 earnings call, Chris DelOrefice, vice president of investor relations at Johnson & Johnson, said the skin health beauty franchise had grown 12.9% globally, with a particularly good rise in the US. The baby care franchise was also up 5% globally.

Oral care grew 2.5% globally in the quarter, “reflecting accelerated category and increased demand from continued successful promotional campaigns”,​ DelOrefice said.

Thibaut Mongon, executive VP and worldwide chairman of consumer health at Johnson & Johnson, said the performance in consumer health was a result of the company’s ongoing strategy to focus on “personal health with science-based, professionally endorsed brands”, ​along with advancement of digital capabilities.

“In a nutshell, consumer health delivered a strong quarter and a solid first half. Our strategy is working and we are confident in our ability to continue to deliver profitable growth in line with the categories and market in which we compete,”​ Mongon said.

‘Poised for further growth’ across all three business divisions

Joseph Wolk, executive VP and CFO at Johnson & Johnson, said all three business units – medical devices, pharmaceuticals and consumer health – beat expectations for the quarter and were anticipated to continue their strong trajectory.

“We continue to be poised for further growth and value creation not just in 2021, but more importantly for 2022 and beyond,”​ Wolk said.

The company was maintaining its full-year forecast suggestion of a 9.5%-10.5% sales rise globally.

Alex Gorsky, chairman and CEO of Johnson & Johnson, said the results showcased the company’s “diversified portfolio”.

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