Jawslea
2022-02-20
Johnson & Johnson is a Dividend King
Worried About Inflation? This Dividend King Is a No-Brainer Buy<blockquote>担心通货膨胀？这个股息之王是显而易见的购买</blockquote>
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This Dividend King Is a No-Brainer Buy<blockquote>担心通货膨胀？这个股息之王是显而易见的购买</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143706151","media":"Motley Fool","summary":"KEY POINTSJohnson & Johnson reported double-digit sales and earnings growth in 2021.The healthcare s","content":"<p><html><head></head><body><b>KEY POINTS</b></p><p><blockquote><html><head></head><body><b>要点</b></body></html></blockquote></p><p><ul><li>Johnson & Johnson reported double-digit sales and earnings growth in 2021.</li><li>The healthcare stock has a spectacular balance sheet and low dividend payout ratio.</li><li>Johnson & Johnson is priced at a 20% discount to the S&P 500.</li></ul><b>J&J's dividend growth only scratches the surface of why income investors should buy the stock.</b></p><p><blockquote><ul><li>强生公司报告2021年销售额和盈利实现两位数增长。</li><li>该医疗保健股拥有出色的资产负债表和较低的股息支付率。</li><li>强生的定价是标普500的8折。</li></ul><b>强生的股息增长只是收入投资者应该购买该股票的表面。</b></blockquote></p><p>For investors to achieve and maintain financial independence with dividend investing, they need to make sure that they are buying quality dividend stocks that can keep up with inflation. This is especially important with inflation rising 7.5% in January over the year-ago period, which is the highest reading since February 1982.</p><p><blockquote>为了让投资者通过股息投资实现并保持财务独立，他们需要确保购买的是能够跟上通货膨胀的优质股息股票。这一点尤其重要，因为1月份通胀率同比上涨7.5%，是1982年2月以来的最高水平。</blockquote></p><p><b>Johnson & Johnson</b> is a Dividend King that should be able to offset the decrease in purchasing power that inflation creates. Let's dig into why that's the case and what makes J&J a buy for income investors.</p><p><blockquote><b>强生公司</b>是股息之王，应该能够抵消通货膨胀造成的购买力下降。让我们深入探讨一下为什么会出现这种情况，以及是什么让强生成为收入投资者的买入对象。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/43242d47b860375c9e70c6eaabc0f2cc\"/><span>Image source: Getty Images.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p><b>A great 2021 and promising future</b></p><p><blockquote><b>美好的2021年和充满希望的未来</b></blockquote></p><p>J&J generated impressive revenue and non-GAAP (adjusted) diluted earnings per share growth in 2021. The company reported $93.78 billion in sales, which represented 13.6% growth over 2020. For context, this managed to beat the company's initial revenue guidance of $90.5 billion to $91.7 billion.</p><p><blockquote>强生在2021年创造了令人印象深刻的收入和非公认会计准则（调整后）摊薄每股收益增长。该公司报告销售额为937.8亿美元，比2020年增长13.6%。就背景而言，这成功超出了该公司最初905亿美元至917亿美元的收入指引。</blockquote></p><p>How did J&J produce robust sales growth last year? Well, all three of its business segments grew revenue. The slower-growing consumer health segment that will be spun off in the next year or two grew revenue by mid-single digits, and the medical devices and pharmaceutical segments grew revenue by percentages in the teens.</p><p><blockquote>强生去年是如何实现强劲的销售增长的？嗯，它的三个业务部门的收入都有所增长。将在未来一两年内剥离的增长较慢的消费者健康部门的收入增长了中个位数，医疗设备和制药部门的收入增长了十几个百分点。</blockquote></p><p>But the bulk of the company's sales growth (58.2%) came from the pharmaceutical segment, which grew revenue 14.3% over 2020 to $52.08 billion last year. The largest source of growth within the segment was the company's COVID-19 vaccine, which brought in $2.39 billion during the year. Since J&J's COVID-19 vaccine wasn't granted Emergency Use Authorization by the U.S. Food and Drug Administration until last February, all of the revenue from the product was pure growth over 2020.</p><p><blockquote>但该公司销售额增长的大部分（58.2%）来自制药部门，该部门的收入比2020年增长了14.3%，去年达到520.8亿美元。该部门最大的增长来源是该公司的COVID-19疫苗，该疫苗在这一年带来了23.9亿美元的收入。由于强生的新冠肺炎疫苗没有获得美国的紧急使用授权。美国食品和药物管理局截至去年2月，该产品的所有收入均较2020年实现纯增长。</blockquote></p><p>J&J's multiple myeloma (blood cancer) drug Darzalex was the second-largest sales growth catalyst for the company last year. The drug posted $6.02 billion in revenue, which was a blistering 43.8% growth rate compared to 2020. The third-largest sales growth catalyst for J&J was its immunology drug Stelara. The blockbuster drug's revenue surged 18.3% higher year over year to $9.13 billion in 2021.</p><p><blockquote>强生的多发性骨髓瘤（血癌）药物Darzalex是该公司去年第二大销售增长催化剂。该药物的收入为60.2亿美元，与2020年相比增长率高达43.8%。强生的第三大销售增长催化剂是其免疫学药物Stelara。2021年，该重磅药物的收入同比增长18.3%，达到91.3亿美元。</blockquote></p><p>J&J's higher revenue base and a 200-basis point expansion in non-GAAPnet marginto 27.9% helped catapult its profitability higher. J&J's non-GAAP diluted earnings per share soared 22% higher to $9.80 in 2021.</p><p><blockquote>强生较高的收入基础和非GAAPnet利润率增长200个基点至27.9%，帮助其盈利能力大幅提升。2021年，强生非GAAP摊薄每股收益飙升22%至9.80美元。</blockquote></p><p>Thanks to its solid, existing drug portfolio and pipeline of drugs in clinical trials, analysts are expecting J&J will deliver 6%-plus annual earnings growth in the next five years.</p><p><blockquote>得益于其坚实的现有药物组合和临床试验药物管道，分析师预计强生在未来五年内将实现6%以上的年盈利增长。</blockquote></p><p><b>Inflation-topping dividend growth</b></p><p><blockquote><b>股息增长超过通胀</b></blockquote></p><p>J&J appears positioned to continue its steady earnings growth in the years ahead. This bodes well for the company's ability to build on its 59 consecutive years of dividend increases, which is the longest streak in all of healthcare.</p><p><blockquote>强生似乎有望在未来几年继续稳定的盈利增长。这预示着该公司有能力在连续59年增加股息的基础上再接再厉，这是所有医疗保健行业中最长的股息增长。</blockquote></p><p>J&J's modest 42.8% dividend payout ratio in 2021 should give it the flexibility to grow its dividend slightly ahead of the 6.4% annual earnings growth potential for the medium term. Even with inflation at its current high, J&J should be able to narrowly beat it with its upcoming dividend raise in April. Given J&J's 2.5% dividend yield, this is an attractive combo of yield and dividend growth prospects.</p><p><blockquote>强生2021年42.8%的股息支付率应该使其能够灵活地增加股息，略高于中期6.4%的年盈利增长潜力。即使通胀处于目前的高位，强生公司也应该能够通过即将在四月份提高股息来险胜通胀。鉴于强生2.5%的股息收益率，这是收益率和股息增长前景的有吸引力的组合。</blockquote></p><p><b>A fortress-like balance sheet</b></p><p><blockquote><b>堡垒般的资产负债表</b></blockquote></p><p>J&J also boasts a AAA credit rating, which sets it apart from all other healthcare companies in the U.S. Aside from its consistent earnings growth and sustainable dividend, why is J&J's credit rating unblemished? Here's why.</p><p><blockquote>强生还拥有AAA信用评级，这使其有别于美国所有其他医疗保健公司。除了持续的盈利增长和可持续的股息之外，为什么强生的信用评级完美无瑕？原因如下。</blockquote></p><p>J&J's interest coverage ratio in 2021 was 176.2 ($22.91 billion in earnings before interest and taxes/$130 million in interest costs). J&J's EBIT would have to crash to virtually zero before the company wouldn't be able to cover its interest expenses. While this isn't impossible, it's extremely unlikely when considering how well J&J has held up through numerous recessions, wars, inflationary periods, and the COVID-19 pandemic.</p><p><blockquote>强生2021年的利息覆盖率为176.2（息税前利润229.1亿美元/利息成本1.3亿美元）。强生的息税前利润必须降至几乎为零，才能无法支付利息支出。虽然这并非不可能，但考虑到强生在多次经济衰退、战争、通货膨胀时期和COVID-19大流行中的表现，这是极不可能的。</blockquote></p><p><b>A world-class business at a discount</b></p><p><blockquote><b>打折的世界级企业</b></blockquote></p><p>As is evidenced by its track record and fundamentals, J&J is one of the best businesses in the world. However, the valuation of J&J's stock doesn't reflect that quality.</p><p><blockquote>正如其业绩记录和基本面所证明的那样，强生是世界上最好的企业之一。然而，强生股票的估值并没有反映出这种质量。</blockquote></p><p></p><p>That's because at the current $167 share price, J&J is trading at a price-to-earnings ratio of 15.9. This is well below the <b>S&P 500</b>'s P/E ratio of 19.8. If any stock is worthy of trading at a premium to the S&P 500, it's arguably J&J. That's what currently makes the stock a solid buy for income investors.</p><p><blockquote>这是因为以目前167美元的股价计算，强生的市盈率为15.9。这远低于<b>标普500</b>市盈率为19.8。如果有任何股票值得以高于标普500的价格进行交易，那么可以说是强生。这就是目前该股成为收入投资者可靠买入的原因。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Worried About Inflation? This Dividend King Is a No-Brainer Buy<blockquote>担心通货膨胀？这个股息之王是显而易见的购买</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWorried About Inflation? This Dividend King Is a No-Brainer Buy<blockquote>担心通货膨胀？这个股息之王是显而易见的购买</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2022-02-20 09:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>KEY POINTS</b></p><p><blockquote><html><head></head><body><b>要点</b></body></html></blockquote></p><p><ul><li>Johnson & Johnson reported double-digit sales and earnings growth in 2021.</li><li>The healthcare stock has a spectacular balance sheet and low dividend payout ratio.</li><li>Johnson & Johnson is priced at a 20% discount to the S&P 500.</li></ul><b>J&J's dividend growth only scratches the surface of why income investors should buy the stock.</b></p><p><blockquote><ul><li>强生公司报告2021年销售额和盈利实现两位数增长。</li><li>该医疗保健股拥有出色的资产负债表和较低的股息支付率。</li><li>强生的定价是标普500的8折。</li></ul><b>强生的股息增长只是收入投资者应该购买该股票的表面。</b></blockquote></p><p>For investors to achieve and maintain financial independence with dividend investing, they need to make sure that they are buying quality dividend stocks that can keep up with inflation. This is especially important with inflation rising 7.5% in January over the year-ago period, which is the highest reading since February 1982.</p><p><blockquote>为了让投资者通过股息投资实现并保持财务独立，他们需要确保购买的是能够跟上通货膨胀的优质股息股票。这一点尤其重要，因为1月份通胀率同比上涨7.5%，是1982年2月以来的最高水平。</blockquote></p><p><b>Johnson & Johnson</b> is a Dividend King that should be able to offset the decrease in purchasing power that inflation creates. Let's dig into why that's the case and what makes J&J a buy for income investors.</p><p><blockquote><b>强生公司</b>是股息之王，应该能够抵消通货膨胀造成的购买力下降。让我们深入探讨一下为什么会出现这种情况，以及是什么让强生成为收入投资者的买入对象。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/43242d47b860375c9e70c6eaabc0f2cc\"/><span>Image source: Getty Images.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p><b>A great 2021 and promising future</b></p><p><blockquote><b>美好的2021年和充满希望的未来</b></blockquote></p><p>J&J generated impressive revenue and non-GAAP (adjusted) diluted earnings per share growth in 2021. The company reported $93.78 billion in sales, which represented 13.6% growth over 2020. For context, this managed to beat the company's initial revenue guidance of $90.5 billion to $91.7 billion.</p><p><blockquote>强生在2021年创造了令人印象深刻的收入和非公认会计准则（调整后）摊薄每股收益增长。该公司报告销售额为937.8亿美元，比2020年增长13.6%。就背景而言，这成功超出了该公司最初905亿美元至917亿美元的收入指引。</blockquote></p><p>How did J&J produce robust sales growth last year? Well, all three of its business segments grew revenue. The slower-growing consumer health segment that will be spun off in the next year or two grew revenue by mid-single digits, and the medical devices and pharmaceutical segments grew revenue by percentages in the teens.</p><p><blockquote>强生去年是如何实现强劲的销售增长的？嗯，它的三个业务部门的收入都有所增长。将在未来一两年内剥离的增长较慢的消费者健康部门的收入增长了中个位数，医疗设备和制药部门的收入增长了十几个百分点。</blockquote></p><p>But the bulk of the company's sales growth (58.2%) came from the pharmaceutical segment, which grew revenue 14.3% over 2020 to $52.08 billion last year. The largest source of growth within the segment was the company's COVID-19 vaccine, which brought in $2.39 billion during the year. Since J&J's COVID-19 vaccine wasn't granted Emergency Use Authorization by the U.S. Food and Drug Administration until last February, all of the revenue from the product was pure growth over 2020.</p><p><blockquote>但该公司销售额增长的大部分（58.2%）来自制药部门，该部门的收入比2020年增长了14.3%，去年达到520.8亿美元。该部门最大的增长来源是该公司的COVID-19疫苗，该疫苗在这一年带来了23.9亿美元的收入。由于强生的新冠肺炎疫苗没有获得美国的紧急使用授权。美国食品和药物管理局截至去年2月，该产品的所有收入均较2020年实现纯增长。</blockquote></p><p>J&J's multiple myeloma (blood cancer) drug Darzalex was the second-largest sales growth catalyst for the company last year. The drug posted $6.02 billion in revenue, which was a blistering 43.8% growth rate compared to 2020. The third-largest sales growth catalyst for J&J was its immunology drug Stelara. The blockbuster drug's revenue surged 18.3% higher year over year to $9.13 billion in 2021.</p><p><blockquote>强生的多发性骨髓瘤（血癌）药物Darzalex是该公司去年第二大销售增长催化剂。该药物的收入为60.2亿美元，与2020年相比增长率高达43.8%。强生的第三大销售增长催化剂是其免疫学药物Stelara。2021年，该重磅药物的收入同比增长18.3%，达到91.3亿美元。</blockquote></p><p>J&J's higher revenue base and a 200-basis point expansion in non-GAAPnet marginto 27.9% helped catapult its profitability higher. J&J's non-GAAP diluted earnings per share soared 22% higher to $9.80 in 2021.</p><p><blockquote>强生较高的收入基础和非GAAPnet利润率增长200个基点至27.9%，帮助其盈利能力大幅提升。2021年，强生非GAAP摊薄每股收益飙升22%至9.80美元。</blockquote></p><p>Thanks to its solid, existing drug portfolio and pipeline of drugs in clinical trials, analysts are expecting J&J will deliver 6%-plus annual earnings growth in the next five years.</p><p><blockquote>得益于其坚实的现有药物组合和临床试验药物管道，分析师预计强生在未来五年内将实现6%以上的年盈利增长。</blockquote></p><p><b>Inflation-topping dividend growth</b></p><p><blockquote><b>股息增长超过通胀</b></blockquote></p><p>J&J appears positioned to continue its steady earnings growth in the years ahead. This bodes well for the company's ability to build on its 59 consecutive years of dividend increases, which is the longest streak in all of healthcare.</p><p><blockquote>强生似乎有望在未来几年继续稳定的盈利增长。这预示着该公司有能力在连续59年增加股息的基础上再接再厉，这是所有医疗保健行业中最长的股息增长。</blockquote></p><p>J&J's modest 42.8% dividend payout ratio in 2021 should give it the flexibility to grow its dividend slightly ahead of the 6.4% annual earnings growth potential for the medium term. Even with inflation at its current high, J&J should be able to narrowly beat it with its upcoming dividend raise in April. Given J&J's 2.5% dividend yield, this is an attractive combo of yield and dividend growth prospects.</p><p><blockquote>强生2021年42.8%的股息支付率应该使其能够灵活地增加股息，略高于中期6.4%的年盈利增长潜力。即使通胀处于目前的高位，强生公司也应该能够通过即将在四月份提高股息来险胜通胀。鉴于强生2.5%的股息收益率，这是收益率和股息增长前景的有吸引力的组合。</blockquote></p><p><b>A fortress-like balance sheet</b></p><p><blockquote><b>堡垒般的资产负债表</b></blockquote></p><p>J&J also boasts a AAA credit rating, which sets it apart from all other healthcare companies in the U.S. Aside from its consistent earnings growth and sustainable dividend, why is J&J's credit rating unblemished? Here's why.</p><p><blockquote>强生还拥有AAA信用评级，这使其有别于美国所有其他医疗保健公司。除了持续的盈利增长和可持续的股息之外，为什么强生的信用评级完美无瑕？原因如下。</blockquote></p><p>J&J's interest coverage ratio in 2021 was 176.2 ($22.91 billion in earnings before interest and taxes/$130 million in interest costs). J&J's EBIT would have to crash to virtually zero before the company wouldn't be able to cover its interest expenses. While this isn't impossible, it's extremely unlikely when considering how well J&J has held up through numerous recessions, wars, inflationary periods, and the COVID-19 pandemic.</p><p><blockquote>强生2021年的利息覆盖率为176.2（息税前利润229.1亿美元/利息成本1.3亿美元）。强生的息税前利润必须降至几乎为零，才能无法支付利息支出。虽然这并非不可能，但考虑到强生在多次经济衰退、战争、通货膨胀时期和COVID-19大流行中的表现，这是极不可能的。</blockquote></p><p><b>A world-class business at a discount</b></p><p><blockquote><b>打折的世界级企业</b></blockquote></p><p>As is evidenced by its track record and fundamentals, J&J is one of the best businesses in the world. However, the valuation of J&J's stock doesn't reflect that quality.</p><p><blockquote>正如其业绩记录和基本面所证明的那样，强生是世界上最好的企业之一。然而，强生股票的估值并没有反映出这种质量。</blockquote></p><p></p><p>That's because at the current $167 share price, J&J is trading at a price-to-earnings ratio of 15.9. This is well below the <b>S&P 500</b>'s P/E ratio of 19.8. If any stock is worthy of trading at a premium to the S&P 500, it's arguably J&J. That's what currently makes the stock a solid buy for income investors.</p><p><blockquote>这是因为以目前167美元的股价计算，强生的市盈率为15.9。这远低于<b>标普500</b>市盈率为19.8。如果有任何股票值得以高于标普500的价格进行交易，那么可以说是强生。这就是目前该股成为收入投资者可靠买入的原因。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2022/02/19/worried-about-inflation-this-dividend-king-is-a-no/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JNJ":"强生"},"source_url":"https://www.fool.com/investing/2022/02/19/worried-about-inflation-this-dividend-king-is-a-no/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143706151","content_text":"KEY POINTSJohnson & Johnson reported double-digit sales and earnings growth in 2021.The healthcare stock has a spectacular balance sheet and low dividend payout ratio.Johnson & Johnson is priced at a 20% discount to the S&P 500.J&J's dividend growth only scratches the surface of why income investors should buy the stock.For investors to achieve and maintain financial independence with dividend investing, they need to make sure that they are buying quality dividend stocks that can keep up with inflation. This is especially important with inflation rising 7.5% in January over the year-ago period, which is the highest reading since February 1982.Johnson & Johnson is a Dividend King that should be able to offset the decrease in purchasing power that inflation creates. Let's dig into why that's the case and what makes J&J a buy for income investors.Image source: Getty Images.A great 2021 and promising futureJ&J generated impressive revenue and non-GAAP (adjusted) diluted earnings per share growth in 2021. The company reported $93.78 billion in sales, which represented 13.6% growth over 2020. For context, this managed to beat the company's initial revenue guidance of $90.5 billion to $91.7 billion.How did J&J produce robust sales growth last year? Well, all three of its business segments grew revenue. The slower-growing consumer health segment that will be spun off in the next year or two grew revenue by mid-single digits, and the medical devices and pharmaceutical segments grew revenue by percentages in the teens.But the bulk of the company's sales growth (58.2%) came from the pharmaceutical segment, which grew revenue 14.3% over 2020 to $52.08 billion last year. The largest source of growth within the segment was the company's COVID-19 vaccine, which brought in $2.39 billion during the year. Since J&J's COVID-19 vaccine wasn't granted Emergency Use Authorization by the U.S. Food and Drug Administration until last February, all of the revenue from the product was pure growth over 2020.J&J's multiple myeloma (blood cancer) drug Darzalex was the second-largest sales growth catalyst for the company last year. The drug posted $6.02 billion in revenue, which was a blistering 43.8% growth rate compared to 2020. The third-largest sales growth catalyst for J&J was its immunology drug Stelara. The blockbuster drug's revenue surged 18.3% higher year over year to $9.13 billion in 2021.J&J's higher revenue base and a 200-basis point expansion in non-GAAPnet marginto 27.9% helped catapult its profitability higher. J&J's non-GAAP diluted earnings per share soared 22% higher to $9.80 in 2021.Thanks to its solid, existing drug portfolio and pipeline of drugs in clinical trials, analysts are expecting J&J will deliver 6%-plus annual earnings growth in the next five years.Inflation-topping dividend growthJ&J appears positioned to continue its steady earnings growth in the years ahead. This bodes well for the company's ability to build on its 59 consecutive years of dividend increases, which is the longest streak in all of healthcare.J&J's modest 42.8% dividend payout ratio in 2021 should give it the flexibility to grow its dividend slightly ahead of the 6.4% annual earnings growth potential for the medium term. Even with inflation at its current high, J&J should be able to narrowly beat it with its upcoming dividend raise in April. Given J&J's 2.5% dividend yield, this is an attractive combo of yield and dividend growth prospects.A fortress-like balance sheetJ&J also boasts a AAA credit rating, which sets it apart from all other healthcare companies in the U.S. Aside from its consistent earnings growth and sustainable dividend, why is J&J's credit rating unblemished? Here's why.J&J's interest coverage ratio in 2021 was 176.2 ($22.91 billion in earnings before interest and taxes/$130 million in interest costs). J&J's EBIT would have to crash to virtually zero before the company wouldn't be able to cover its interest expenses. While this isn't impossible, it's extremely unlikely when considering how well J&J has held up through numerous recessions, wars, inflationary periods, and the COVID-19 pandemic.A world-class business at a discountAs is evidenced by its track record and fundamentals, J&J is one of the best businesses in the world. However, the valuation of J&J's stock doesn't reflect that quality.That's because at the current $167 share price, J&J is trading at a price-to-earnings ratio of 15.9. This is well below the S&P 500's P/E ratio of 19.8. If any stock is worthy of trading at a premium to the S&P 500, it's arguably J&J. That's what currently makes the stock a solid buy for income investors.","news_type":1,"symbols_score_info":{"JNJ":0.9}},"isVote":1,"tweetType":1,"viewCount":3629,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["JNJ"],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":30,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/638295580"}
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