The Q1 earnings season has kick started and Johnson & Johnson (JNJ) was the first drug company in the healthcare space that reported earnings on April 19 before the opening bell. The world's biggest maker of health care products continued its long streak of earnings beat and topped our estimate on the top line buoyed by strong prescription drug revenues and a weakening dollar. The company also raised its full-year outlook, reflecting confidence in its future growth (read: Q1 Earnings Appear Dull: ETFs & Stocks to Bet On). Q1 Results in Detail Earnings per share came in at $1.68, four cents ahead of the Zacks Consensus Estimate and 7.7% higher than the year-ago earnings. Revenues inched up 0.6% year over year to $17.5 billion and edged past the Zacks Consensus Estimate of $17.42 billion. Healthy sales of new drugs like Darzalex, Invokana, Imbruvica, and Xarelto and the strength of established drugs such as Stelara, Remicade, Imbruvica, Simponi and Invega Sustenna partially offset a steep decline in sales of the hepatitis C medicine – Olysio – which lost its competitive position in the U.S. to its rivals Gilead (GILD) and AbbVie (ABBV). Johnson & Johnson raised its guidance for fiscal 2016. The company now expects revenues in the range of $71.2–$71.9 billion compared with the previous forecast of $70.8–$71.5 billion. Additionally, earnings per share guidance has been raised from $6.43–$6.58 to $6.53–$6.68. The Zacks Consensus Estimate is currently pegged at $71.5 billion for revenues and $6.52 for earnings per share. These are much higher than the mid-point of the company’s current projection. Market Impact Based on robust results, shares of JNJ climbed as much as 2.7% to hit a fresh all-time high of $113.95 during the day but pulled back slightly to close a little lower at $112.98. The smooth trading is likely to continue in the coming days given that the stock has a Zacks Rank #2 (Buy) with a VGM Score of B. In addition, Johnson & Johnson belongs to a solid industry with a Zacks Rank in the top 12%, suggesting continued outperformance (read: ETFs & Stocks from Top-Ranked Sectors to Buy Now). Further, the stock is currently trading relatively cheaper with a P/E ratio of 17.01 versus the industry average of 17.50 and the broad S&P 500 ratio of 17.30. This indicates that the company’s share price has the potential to move higher than the other players in the industry. ETFs to Buy Based on impressive results and solid growth prospects, investors should definitely focus on ETFs that have a double-digit allocation to this diversified drug maker and grab any opportunity from a surge in the JNJ price. For those investors, we have highlighted three ETFs that are poised to outperform following Q1 results and have a top Zacks ETF Rank of 1 or ‘Strong Buy’ rating with a Medium risk outlook (see: all the Healthcare ETFs here). Health Care Select Sector SPDR Fund (XLV) The most popular healthcare ETF, XLV follows the Health Care Select Sector Index. This fund manages nearly $12.3 billion in its asset base and trades in heavy volume of around 13.7 million shares. Expense ratio came in at 0.14% annually. In total, the fund holds 59 securities in its basket with JNJ taking the top spot at 11.4% of the assets. Pharma accounts for 37.9% share from a sector look while biotech, healthcare providers and services, and equipment and supplies make up for a double-digit exposure each. The fund gained about 0.3% yesterday following the results. iShares U.S. Healthcare ETF (IYH) This fund provides exposure to 122 securities by tracking the Dow Jones U.S. Health Care Index. Here again, Johnson & Johnson dominates the fund’s return at 10.9% of total assets. In terms of industrial exposure, pharma takes the top spot at 36.6%, followed by biotech (25.4%), and healthcare equipment (16.0%). The product has amassed nearly $1.8 billion in its asset base while charges 44 bps in annual fees. It trades in solid volume of around 178,000 shares a day and added 0.2% on the day (read: New Tax Inversions Rules: Threats to Healthcare ETFs?). Vanguard Health Care ETF (VHT) This ETF tracks the MSCI US Investable Market Health Care 25/50 Index and holds 336 stocks in its basket. Out of these, Johnson & Johnson takes the top spot with 10% allocation. Pharma takes the largest share at 34.1% while biotech and healthcare equipment round off the top three spots. VHT is also one of the popular and liquid ETFs with AUM of $5.4 billion and average daily volume of about 263,000 shares. It charges 9 bps in annual fees and expenses. The product was up 0.1% the day after the JNJ results were released. 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 GILEAD SCIENCES (GILD): Free Stock Analysis Report ABBVIE INC (ABBV): Free Stock Analysis Report SPDR-HLTH CR (XLV): ETF Research Reports ISHARS-US HLTHC (IYH): ETF Research Reports VIPERS-HLTH CR (VHT): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research 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