JnJ forecasts strong 2023 profit on pharma boost
Bengaluru: Johnson & Johnson on Tuesday forecast annual profit above Wall Street estimates, as strong demand for its drugs such as cancer treatment Darzalex is expected to ease pressure from inflation and a strong dollar.J&J's large pharmaceuticals business is its major profit engine and the company is betting on it and the devices unit as it prepares to spinoff its consumer...
Login or Register to read the full article
Bengaluru: Johnson & Johnson on Tuesday forecast annual profit above Wall Street estimates, as strong demand for its drugs such as cancer treatment Darzalex is expected to ease pressure from inflation and a strong dollar.
J&J's large pharmaceuticals business is its major profit engine and the company is betting on it and the devices unit as it prepares to spinoff its consumer health business. Pharmaceutical sales came in at $13.16 billion for the fourth quarter, above analysts' average estimates of $13.14 billion.
Quarterly sales of the cancer drug Darzalex were $2.08 billion, beating Wall Street estimates of $2.02 billion, according to average of two analysts polled by Refinitiv.
J&J said it was expecting to earn between $10.45 and $10.65 per share on an adjusted basis for 2023, above analysts' estimates of $10.35 per share profit at the midpoint. The drugmaker expects 2023 sales to grow 3.5 percent to 4.5 percent on an adjusted basis, compared with a year earlier.
Shares of the drugmaker were up nearly 1 percent at $170.28 in trading before the bell. The healthcare conglomerate also beat estimates for fourth-quarter profit as increased sales of pharmaceutical products helped it weather a hit from a stronger dollar.
Excluding items, J&J earned $2.35 per share, above analysts' average estimates of $2.23 per share, according to IBES data from Refinitiv.
Read also: Bombay High Court relief to Johnson & Johnson, company allowed to manufacture, sell baby powder
Our comments section is governed by our Comments Policy . By posting comments at Medical Dialogues you automatically agree with our Comments Policy , Terms And Conditions and Privacy Policy .
Disclaimer: This site is primarily intended for healthcare professionals. Any content/information on this website does not replace the advice of medical and/or health professionals and should not be construed as medical/diagnostic advice/endorsement/treatment or prescription. Use of this site is subject to our terms of use, privacy policy, advertisement policy. © 2024 Minerva Medical Treatment Pvt Ltd