Johnson and Johnson cancer drug sales help weather hit from stronger dollar
The company said it was raising prices of some products like painkillers and mouthwash in response to inflation.;
New Delhi: Johnson & Johnson on Tuesday reported quarterly results that beat analysts' estimates on strong demand for cancer drug Darzalex and its COVID-19 vaccine, even as the company cut its full-year adjusted profit forecast due to a stronger dollar.
J&J joins other major U.S. multinationals with sizeable international operations, including Microsoft Corp and IBM, in warning that a stronger dollar would hurt overseas sales.
But J&J's shares rose 1% in morning trading as its strong second-quarter profit helped allay some investor concerns around the impact of the strong dollar, which has been driven by a hawkish Federal Reserve and heightened geopolitical tensions.
Strength across Johnson & Johnson's pharmaceuticals unit, its largest, helped it soften a blow to sales of its medical devices from lockdowns in China, and the impact of inflation and supply shortages at its consumer health unit.
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