JnJ forecasts strong 2023 profit on pharma boost

Published On 2023-01-26 07:30 GMT   |   Update On 2023-01-26 07:30 GMT
Advertisement

BengaluruJohnson & 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



Tags:    
Article Source : Reuters

Disclaimer: This website is primarily for healthcare professionals. The content here does not replace medical advice and should not be used as medical, diagnostic, endorsement, treatment, or prescription advice. Medical science evolves rapidly, and we strive to keep our information current. If you find any discrepancies, please contact us at corrections@medicaldialogues.in. Read our Correction Policy here. Nothing here should be used as a substitute for medical advice, diagnosis, or treatment. We do not endorse any healthcare advice that contradicts a physician's guidance. Use of this site is subject to our Terms of Use, Privacy Policy, and Advertisement Policy. For more details, read our Full Disclaimer here.

NOTE: Join us in combating medical misinformation. If you encounter a questionable health, medical, or medical education claim, email us at factcheck@medicaldialogues.in for evaluation.

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 .

Similar News