Johnson & Johnson JNJ, the bellwether of healthcare companies, has a strong presence in the pharmaceutical, medical devices and consumer care markets across the world. This New Jersey-based company is well known for its baby-care products and brands like Tylenol in addition to drugs like Remicade and Concerta.However, like many of its peers, JNJ is facing generic competition and pricing pressure for some of the products in its pharmaceutical segment. Moreover, growth rates in the medical devices market have tempered due to headwinds in the form of austerity measures, pricing pressure and a slowdown in elective surgeries. JNJ also had issues with its consumer segment manufacturing facilities. Another headwind is unfavorable currency movement.In this scenario, investor focus remains on late-stage pipeline candidates and their commercial potential, progress in resuming full supply of consumer segment products that had been recalled and performance of new products apart from the usual top-and bottom-line numbers.JNJ has a pretty good earnings track record with the company delivering positive earnings surprises in each of the last four quarters with an average surprise of 1.84%. Estimates have, also been revised upwards for 2016.Currently, JNJ has a Zacks Rank #2 (Buy), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:Earnings Beat: JNJ beat on first quarter earnings - the company reported EPS of $1.68 while our consensus called for EPS of $1.64.Revenues Beat: Revenues were just above expectations. Johnson & Johnson posted revenues of $17.5 billion, compared to our consensus estimate of $17.4 billion.Updates Guidance: J&J updated its 2016 sales guidance to $71.2 billion - $71.9 billion reflecting current foreign currency exchange rates. The company upped its earnings guidance to $6.53 - $6.68 per share (guidance provided with 4Q results: $6.43 - $6.58 per share). The Zacks Consensus Estimate currently stands at $6.52 per share.Check back later for our full write up on this JNJ earnings report later!Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report JOHNSON & JOHNS (JNJ): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research