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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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J&J lifts profit outlook on strong demand for top-seller Stelara

The logo of Johnson & Johnson is seen on a Brussels' office of the company in Diegem, Belgi... The logo of Johnson & Johnson is seen on a Brussels' office of the company in Diegem, Belgium September 21, 2023. REUTERS/Yves Herman/File Photo
The logo of Johnson & Johnson is seen on a Brussels' office of the company in Diegem, Belgi... The logo of Johnson & Johnson is seen on a Brussels' office of the company in Diegem, Belgium September 21, 2023. REUTERS/Yves Herman/File Photo

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On Tuesday, the blockbuster anti-inflammatory medicine Stelara’s continued popularity helped Johnson & Johnson (JNJ.N) improve its 2023 profit prediction. The company also realized a $21 billion gain from the spinoff of its consumer health segment.

In premarket trade, the company’s shares were up nearly 1%. Investor attention is centered on Johnson & Johnson’s ability to meet its target of $57 billion in drug sales by 2025 as an independent pharmaceutical and medical device firm. Following the introduction of biosimilars, the business is concerned that sales of the arthritis medication Stelara may slacken. In August, J&J completed the largest reorganization in its 137-year history by exchanging shares with its former consumer health company Kenvue (KVUE.N). As a result, the pharmaceutical giant now owns a smaller 9.5% holding in its former unit.

According to LSEG statistics, Johnson & Johnson reported third-quarter total sales of $21.35 billion, above analysts’ projections of $21.04 billion. Sales for Stelara were $2.86 billion, above predictions of $2.61 billion.

Stelara accounted for over 20% of the company’s innovative pharmaceutical unit’s quarterly sales of $13.89 billion.

Stelara’s copycat competitors won’t be released until 2025 thanks to agreements J&J has made, which might let the medicine continue to make a sizable contribution to the company’s revenues.

The medical device division of Johnson & Johnson reported sales of $7.46 billion for the quarter, falling short of projections of $7.58 billion.

Compared to its earlier expectation of $10.00 to $10.10 per share, J&J now anticipates an adjusted profit in 2023 of between $10.07 and $10.13 per share, excluding its consumer health segment.

The business reported a third-quarter profit of $1.69 per share, up from $1.62 per share in the same period last year. J&J reported a profit of $2.66 per share after adjustments, above projections of $2.52.


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