We expect Johnson & Johnson’s JNJ second-quarter 2021 results, slated on Jul 21, before market open, to beat expectations. In the last reported quarter, the company delivered an earnings surprise of 12.12%.The healthcare bellwether’s performance has been pretty impressive, with the company exceeding earnings expectations in each of the trailing four quarters. It delivered a four-quarter earnings surprise of 9.19%, on average.J&J’s stock has risen 6.8% this year so far against a decrease of 9.8% for the industry.Image Source: Zacks Investment ResearchFactors to ConsiderJ&J’s Pharma segment is expected to have continued to outperform the market led by increased penetration and new indications across key products such as Darzalex, Imbruvica, Stelara and Erleada.The Zacks Consensus Estimate for Imbruvica, Darzalex and Stelara is pegged at $1.15 billion, $1.28 billion and $2.16 billion, respectively.Other core products like Invega Sustenna, J&J’s pulmonary arterial hypertension (PAH) drugs and new drugs, Erleada and Tremfya might have contributed significantly to sales growth.Improvement in sales of some other key drugs like Xarelto seen in the past few quarters is likely to have continued into the second quarter. J&J’s single-dose COVID-19 vaccine, which was approved for emergency use in some countries this year, generated sales of $100 million in the first quarter. Sales of the vaccine are likely to have been higher in the second quarter.Generic/biosimilar competition to drugs like Zytiga and Remicade and some negative impact of COVID-19 are likely to have hurt the top line.The Zacks Consensus Estimate for sales in the Pharma segment are $6.54 billion.With regard to the Medical Devices segment, sales are likely to have benefited from continued market recovery amid ramping up of medical procedures, better execution and new product launches. In fact, the highest quarterly growth of the year is expected to have occurred in the second quarter due to easy comparison to the highly disrupted second quarter of 2020. It also remains to be seen how market variables such as patient willingness to take insurance coverage, and unemployment rates along with the easing of mobility restrictions has influenced the rate of recovery. The Zacks Consensus Estimate for sales in the Medical Devices segment is pegged at $6.54 billion.In the Consumer Healthcare segment, the negative COVID-related sales comparisons, which hurt sales in the first quarter are likely to have reversed in the second quarter. Sales growth is expected to have been normalized in the second quarter. Listerine mouthwash in oral care products and international skin health/beauty products are likely to have done well in the second quarter. The Zacks Consensus Estimate for sales in the Consumer segment is pegged at $3.58 billion.Importantly, investors will also focus on whether J&J updates its financial outlook for 2021.Key Approvals in Q2In May, the FDA granted accelerated approval to J&J’s Rybrevant (amivantamab) for the treatment of non-small cell lung cancer (NSCLC) that targets EGFR exon 20 insertion mutations, as detected by an FDA-approved test. In the same month, the European Commission granted approval to Ponvory (ponesimod), an oral treatment for relapsing forms of multiple sclerosis (RMS). Ponvory was approved by the FDA in March. The company is expected to discuss its commercialization plans for these drugs on the second-quarter conference call.Earnings WhispersOur proven model predicts an earnings beat for J&J in the to-be-reported quarter. A stock needs to have both a positive /www.zacks.com/earnings/earnings-surprise-predictions/" target="_blank" rel="nofollow" rel="nofollow">http://www.zacks.com/earnings/earnings-surprise-predictions/">Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) for a likely positive surprise. This is the case here, as elaborated below.Earnings ESP: J&J’s Earnings ESP is +0.44% as the Most Accurate Estimate of $2.29 is higher than the Zacks Consensus Estimate of $2.28. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.Zacks Rank: J&J has a Zacks Rank #3Other Stocks to ConsiderHere are some other large drug stocks that have the right combination of elements to beat on earnings this time around:GlaxoSmithKline GSK with an Earnings ESP of +2.47% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.Novartis NVS has an Earnings ESP of +1.97% and a Zacks Rank #3.Pfizer PFE has an Earnings ESP of +2.51% and a Zacks Rank #3. 5 Stocks Set to Double Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. Today, See These 5 Potential Home Runs >>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 GlaxoSmithKline plc (GSK): Free Stock Analysis Report Novartis AG (NVS): Free Stock Analysis Report Johnson & Johnson (JNJ): Free Stock Analysis Report Pfizer Inc. (PFE): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research