Johnson & Johnson cuts 2020 profit forecast on coronavirus uncertainty

Johnson & Johnson products stand on a shelf in a store in New York U.S.

Johnson & Johnson (JNJ.N) on Tuesday cut its 2020 adjusted profit forecast, as the coronavirus outbreak causes uncertainty across global markets.

The company now expects 2020 adjusted earnings per share of $7.50 to $7.90, compared with its prior estimate of $8.95 to $9.10.

Johnson & Johnson is the first major U.S. drugmaker to report earnings since the coronavirus outbreak forced hospitals to postpone elective surgeries and some patients to cancel appointments, while keeping millions of Americans homebound.

Net earnings rose to $5.80 billion, or $2.17 per share, in the first quarter, from $3.75 billion, or $1.39 per share, a year earlier.

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