Meg terrell’s here she’s got the numbers and the breakdown and a special interview meg. Take it away. Well, becky thanks, so much j j reported, adjusted quarterly earnings of 1.86 per share. That was four cents above estimates, revenue also above wall street forecasts joining us now to discuss this. The rest of the year in the upcoming vaccine news, joseph wolck, j, j chief financial officer and member of the cnbc global cfo council, joe great, to see you this morning, let’s start with the quarter. You had a beat it looked like. It was mainly driven by your pharmaceuticals unit. Maybe a slight missing medical devices. Is that so impacted by the pandemic? Tell us about what drove this beat this quarter good morning, meg pleasure to be here with you. Uh yeah 2020 was a certainly an exciting year. On many fronts, one that we’ll never forget and as alex gorsky, our ceo said many times to the audience here at johnson johnson. You know we were built for times like this and i can’t think of i can think of many data points that really symbolize what our 135 000 associates did throughout 2020 to address the pandemic, and the financial results are right in line with that it’s. This great data point we did beat with the pharmaceutical unit uh in terms of our top line revenue, medical devices came in as expected, so we did see some higher case count towards the end of the year hearing some good news recently that hospitalizations are down so That bodes very well, and our consumer group grew very competitively and improved their margin profile.
We’Re very excited about 2021, as you can see. In our guidance, we have significantly raised our revenue projections, probably growing around 10 percent, and then our earnings per share is also anticipated to grow about 18 in the coming year. What was significant in 2020, what i’m particularly proud of is that we were able to invest more in r d than we did in actually 2019, so about 800 million dollars more investment. So we very much despite all the turbulence that happened in 2020 uh and all the short term uncertainty we continue to remain focused on the long term. Well tell us about how you’re modeling for the year ahead. I mean you mentioned some. Some positive news in hospitalization numbers coming down in the fourth quarter, but they are still at these absolutely crazy record levels. Um. How do you model for what the pandemic looks like uh throughout 2021 um, and you know perhaps the effect of these variants with people quite worried. They could affect hospitalizations even more yes, that’s that’s, a great question meg. What i would say is uh. You know we do anticipate a gradual improvement throughout the year as we’ve come to see in 2020. You know great health is important to have a great economy and, as there is more vaccine availability out there uh as we get work our way through the pandemic. We expect a a stabilizing and consistent growth rate. Our pharmaceutical unit had some elevated performance in the first quarter of 2020 because, as you might recall, pharmacy benefit managers extended script durations our consumer business.
You know, tylenol uh and some listerine products were uh significant in the first quarter of 2020. So we’ll see a little bit of abnormality in terms of the smoothness of growth uh medical devices. We expect continued uh improvement with a big second quarter, given some of the uh impacts that were experienced in the second quarter of 2020 really got to give a lot of credit to the health care providers, the health care systems. They are much more adept than the early days of the pandemic in terms of being able to treat covet patients, but also treat other patients who are in need of very, very important procedures. Well, you mentioned increasing vaccine availability as being key to helping the recovery. Of course, you guys are directly involved in that we are expecting your phase 3 data imminently. I want to ask you about supply. There was a story in the new york times january 13th, saying that j j lagged its production targets for the vaccine, but we had mark mcclellan on one of your board members former fda, commissioner, on the shep smith show last week, who said you guys are still Targeting 100 million doses available by april is that right and is there any production lag yeah. So you know meg with the the trial itself right. We plan to report out uh by early next week in terms of our results. Uh, as you know, it’s a a very robust uh, forty five thousand person study across eight countries in three different continents.
Uh. We do have some of these new strains potentially captured in our data, as we had sites in south africa as well as brazil, so we’ll. Let the scientists do their work there in terms of supply, though we’re very confident and on track to meet all of our commitments, which would include 100 million doses to the u.s by the end of june uh about 200 million doses by the end of the year. To the eu with shipments starting in april, and then also to developing countries as well about 200 million doses this year, that will begin shipping in the second half, and our plans are right on track. Our supply chain has done a great job in terms of improving our capacity shepard smith.