J&J raises annual profit forecast on anti-inflammatory drug demand
(Reuters) -Johnson & Johnson on Tuesday raised its 2023 profit forecast, helped by resilient demand for its anti-inflammatory drug Stelara and recorded a $21 billion gain from the spin off of its consumer health unit.
Investors are focused on how Johnson & Johnson (NYSE:JNJ), now a standalone pharmaceutical and medical devices company, will reach its goal of $57 billion in drug sales by 2025. The company is facing a potential slowdown in sales of its arthritis drug Stelara after the launch of biosimilars.
The company reported third-quarter total sales of $21.35 billion, compared with analysts' estimates of $21.04 billion, according to LSEG data.
Excluding its consumer health unit, the company now expects 2023 adjusted profit of $10.07 to $10.13 per share, compared with its previous outlook of $10.00 to $10.10 per share.
J&J posted a third-quarter profit of $1.69 per share, compared with $1.62 per share a year earlier.
The company's shares were up about 1% in premarket trading.
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