The company declared a 6.3% increase in the quarterly dividend.
It lowered its 2020 guidance to reflect the COVID-19 impact and related investments.
But, the company said its long term fundamentals remain intact.
The company lowered its fiscal year 2020 adjusted earnings per share guidance to a range of $7.50 to $7.90 from the prior range of $8.95 to $9.10 per share.
The company also cut its annual adjusted operational earnings per share outlook to range of $7.65 to $8.05 from the previous estimation of $9.00 to $9.15 per share.
Analysts expect annual earnings of $8.08 per share.
The company now expects annual sales to be between $77.5 billion and $80.5 billion, operational sales of $79.2 billion to $82.2 billion.
Previously, the company expected sales of $85.4 billion to $86.2 billion, and operational sales of $85.8 billion to $86.6 billion.
The company reported that its net earnings for the first-quarter grew 54.6 percent to $5.80 billion from last year's $3.75 billion, with earnings per share improving to $2.17 from $1.39 in the previous year.
Adjusted net earnings were $6.15 billion or $2.30 per share compared to $5.66 billion or $2.10 per share in the prior year.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.99 per share for the first-quarter.
Analysts' estimates typically exclude special items.
Sales for the first-quarter rose 3.3 percent to $20.69 billion from $20.02 billion in the prior year.
Operational Sales growth was 4.8 percent.
Consumer Health worldwide operational sales, excluding the net impact of acquisitions and divestitures, grew 11.0% driven primarily by over-the-counter products including TYLENOL and MOTRIN analgesics; upper respiratory products.
Pharmaceutical worldwide operational sales, excluding the net impact of acquisitions and divestitures, grew 10.2% driven by STELARA.
The company has declared a 6.3% increase in the quarterly dividend rate, from $0.95 per share to $1.01 per share.
The quarterly dividend is payable on June 9, 2020 to shareholders of record as of the close of business on May 26, 2020. ■