Saturday, February 4, 2023

J&J forecasts strong 2023 profit on strength in pharma unit

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Johnson & Johnson on Tuesday forecast annual profit above Wall Street estimates as it bets on stronger demand for its pharmaceuticals products and a recovery in its medical devices business.

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 midpoint.

The healthcare conglomerate also beat estimates for fourth-quarter profit on Tuesday 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.

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