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  • J&J boosts profit...

J&J boosts profit forecasting as it invests in chemotherapy, medical devices

Kajal RajputWritten by Kajal Rajput Published On 2023-07-21T15:08:19+05:30  |  Updated On 21 July 2023 3:08 PM IST
USFDA nod to JnJ Tremfya for Crohns disease
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New Delhi: Johnson and Johnson raised its 2023 profit forecast on Thursday, banking on the strength in its medical devices business and demand for its cancer drugs such as Darzalex.

Shares of J&J, which recently spun off its consumer health unit to focus on drugs and medical devices, rose about 2% in premarket trading.

Also Read:Baby powder suit: Johnson and Johnson must pay USD 18.8 million to California cancer patient

J&J's blockbuster arthritis drug, Stelara, which is going off patent, is expected to face competition from cheaper copies in 2025, and the company has been leaning on newer drugs such as cancer therapy Carvykti to replace a potential loss in sales.

The company recently signed settlements to delay the launch of biosimilar versions of Stelara.

Sales of its multiple myeloma drug, Darzalex, came in at $2.4 billion, in line with Wall Street estimates, according to an average of two analysts polled by Refinitiv.

Stelara, its top-selling anti-inflammatory drug, also met analysts' expectations with sales of $2.8 billion in the quarter.

J&J said it now expects to earn between $10.70 and $10.80 per share on an adjusted basis for 2023, compared with its prior forecast of $10.60 and $10.70.

Analysts were expecting a profit of $10.65 per share, according to Refinitiv data.

The drugmaker also posted better-than-expected second-quarter earnings of $2.80 per share, compared with analysts' expectations of $2.62.

Also Read:JnJ sues in latest bid to halt Medicare drug price negotiations

Johnson & JohnsonStelaracancer drugsmedical devicescancerDarzalex
Source : Reuters
Kajal Rajput
Kajal Rajput

    Kajal joined Medical Dialogue in 2019 for the Latest Health News. She has done her graduation from the University of Delhi. She mainly covers news about the Latest Healthcare. She can be contacted at editorial@medicaldialogues.in.

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